**UNITED
      STATES**


******SECURITIES AND EXCHANGE COMMISSION**


Washington,
      D.C. 20549




**FORM
      10-KSB**




(Mark
      one)


**x** ANNUAL
      REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934




For
      the
      fiscal year ended **September
      30, 2006**




OR




** ̈** TRANSITION
      REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934




Commission
      file number: **0-32749**




**TRIMAX
      CORPORATION**


(Exact
      name of small business issuer in its charter)




**Nevada**
            
            **76-0616468**(State
                or other jurisdiction
            
            (I.R.S.
                Employerof
                incorporation or organization)
            
            Identification
                No.)




**2
      Lombard St. Suite 204**


**Toronto
      Ontario, M5C-1M1**


(Address
      of principal executive offices)




Registrant's
      telephone number: **(416)
      368-4060**




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




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


**Common
      Stock, par value $0.001 per share**


(Title
      of
      class)




Check
      whether the Issuer (1) filed all reports required to be filed by Section 13
      or
      15(d) of the Securities


Exchange
      Act during the past 12 months (or for such shorter period that the registrant
      was required to file such


reports),
      and (2) has been subject to such filing requirements for the past 90 days.


Yes ** ̈** No **x** Yes **x** No ** ̈**




Check
      if
      there is no disclosure of delinquent filers in response to Item 405 of
      Regulation S-B contained in this


form,
      and
      no disclosure will be contained, to the best of registrant's knowledge, in
      definitive proxy or


information
      statements incorporated by reference in Part III of this Form 10-KSB or any
      amendment to this


Form
      10-KSB. ** ̈**




Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act). Yes  ̈  **No** **x**




Registrant’s
      revenues for its most recent fiscal year: $nil




As
      of
      January 15, 2007, the aggregate market value of the voting common equity held
      by
      non-affiliates of the


registrant
      was approximately $5,815,382 based on the closing trade reported on the NASD
      Over-the-Counter


Bulletin
      Board National Quotation System.




On
      January 15, 2007 the registrant had 37,040,651 of Common Stock, par value
      $0.001, and no shares of preferred


stock,
      par value $0.001 issued and outstanding.




Documents
      incorporated by reference: None




Transitional
      Small Business Disclosure Format: Yes ** ̈** No **x**












**Trimax
      Corporation**




Index
      to


Annual
      Report on Form 10-KSB


For
      the
      Year Ended September 30, 2006




Part
                I
            
            PageItem
                1
            Description
                of Business
            3Item
                2
            Description
                of Property
            8Item
                3
            Legal
                Proceedings
            8Item
                4
            Submission
                of Matters to a Vote of Security
                Holders
            8Part
                IIItem
                5
            Market
                for Common Equity and Related Stockholder Matters
            9Item
                6
            Management's
                Discussion and Analysis or Plan of
                Operation
            10Item
                7
            Financial
                Statements
            F-1Item
                8
            Changes
                In and Disagreements With Accountants on Accounting and
                Financial Disclosure
            13Item
                8A
            Controls
                and Procedures
            13Item
                8B
            Other
                Information
            14Part
                IIIItem
                9
            Directors,
                Executive Officers, Promoters and Control Persons;
                Compliance With Section 16(a) of the Exchange Act
            14Item
                10
            Executive
                Compensation
            14Item
                11
            Security
                Ownership of Certain Beneficial Owners and Management
                and Related Stockholder Matters
            15Item
                12
            Certain
                Relationships and Related
                Transactions
            15Item
                13
            Exhibits
            15Item
                14
            Principal
                Accountants Fees and Services
            16Signatures
            17









**PART
      I**




**ITEM
      1. DESCRIPTION OF BUSINESS**




**Nature
      of Operations**





Urbanesq.com
      Inc. (“Urbanesq”) was incorporated August 25, 2000 under the laws of the
      Province of Canada.





Effective
      October 18, 2001, Urbanesq completed a merger with Koala International Wireless
      Inc. (“Koala”), a public company incorporated in the State of Nevada on August
      18, 1999. This merger constituted a reverse takeover of Urbanesq by Koala
      resulting in the period of operations being reported from the commencement
      of
      operations of Urbanesq.





The
      Company changed its name to KIWI Network Solutions Inc. on December 23, 2003.





On
      November 4, 2004 the Company announced a reverse stock split of one of the
      Corporation’s common stock for each one hundred shares outstanding in the name
      of such shareholder; and authorized any fractional shares to be rounded to
      one
      share.





On
      February 11, 2005, the Company approved its Amended and Restated Articles of
      Incorporation, changed the name of the Company to Trimax Corporation (“Trimax”or
      the “Company”), and increased the number of its authorized stock by 95,000,000
      shares of common stock and 19,000,000 shares of preferred stock, both with
      a par
      value of $0.01 per share.





On
      August
      17, 2005, pursuant to a reorganization agreement by and among PLC Network
      Solutions Inc. (“PLC”), a private company incorporated in the Province of
      Ontario under the Ontario Business Corporations Act and Trimax, Trimax
      Corporation acquired all of the outstanding common stock of PLC.





On
      July
      29, 2005, the Company entered into an Exclusive Supply agreement with a
      technology partner (the "Partner"), a privately-held corporation based in
      Toronto, Ontario. This agreement provided the Company with the exclusive right
      to sell Switzerland based Ascom broadband over power line communication access
      products ("Products") in Canada and non-exclusive rights world wide, which
      the
“Partner” represented that it had secured itself from Ascom. In accordance with
      the agreement, the Partner agreed not to sell or supply Products to any other
      person or legal entity in Canada with the exception of any hydro organizations.
      In consideration for these rights the Company agreed to pay the Partner an
      annual license fee of $100,000 in Canadian dollars for five years commencing
      on
      August 1, 2005.





Subsequent
      to the signing and the advancement of funds for the “Exclusive Supply Agreement”
the company was made aware that the product supplier had no right to grant
      a
      sub-license from Ascom. Furthermore, the supplier was previously in default
      and
      was never in any position to grant any sub-license on its own license. Due
      to
      these events, Trimax has since developed relationships with other vendors for
      BPL products, whom the Company considers to be more cost effective while
      possessing similar performance characteristics. As well, no annual license
      fees
      are required to be paid by Trimax.


On
      March
      22, 2006 Trimax filed an action in The Superior Court of Ontario against
      Electrolinks Corporation for fraud and fraudulent misrepresentation alleging
      damages of $1,250,000. Subsequently, Trimax received a court ordered judgment,
      and is awaiting payment of $107,000 plus applicable legal fees and interest.





On
      June
      1, 2006, pursuant to a reorganization agreement by and among Multi-Source Inc.
      (“MSI”), a private company incorporated in the Province of Ontario under the
      Ontario Business Corporations Act and Trimax, Trimax Corporation acquired all
      of
      the outstanding common stock of MSI.





**Overview**




Trimax
      is
      a leading broadband over powerline (“BPL”) integrator and service provider.
      Using existing powerline infrastructures, it delivers innovative data, voice
      and
      video communications to commercial, residential and other markets at very low
      cost, while providing exceptional performance. The company’s entrepreneurial
      spirit and ability to adapt to changing market conditions remain key strengths
      in a rapidly evolving industry. BPL technology has exponentially evolved over
      the last twelve months from 85 mbps to where new generation chip sets now
      deliver triple-play applications at 225 mbps transfer rates. New intellectual
      properties (“IP”) applications such as video streaming, online gaming and IPTV
      need sufficient bandwidth to operate. BPL’s fiber-like speeds are now
      considerably faster than cable or DSL without the corresponding capex
      costs.




A
      hydro
      utilities main asset, its electrical distribution infrastructure, is in most
      cases used only to deliver power. New Millennium Research recently reported
      that
      approximately 20 percent of U.S. utilities are considering investments in BPL
      technology. Utilities are implementing Automatic Meter Reading (“AMR”) and other
      real-time performance monitoring services to create a ‘smart electrical
      grid’.




Through
      its public trading instrument, acquisitions, joint ventures and organic
      development, Trimax has positioned itself with a potential for rapid growth
      and
      long term value. Trimax has acquired key companies (PLC Network Solutions and
      Multi-Source Inc.) and is increasing its resources to accomplish its short
      term
      and long term goals. The Company’s anticipated contracts for large scale
      communications infrastructure deployments will have long-term service agreement
      commitments from utilities and governments, creating recurring revenue streams
      for future shareholder value.





3




**Risk
      Factors**




The
      risks
      and uncertainties described below are those that the Company currently deems
      to
      be material and that it believes are specific to the Company and the industry
      in
      which it competes. In addition to these risks, the Company’s business may be
      subject to risks currently unknown to the Company.




The
      Company has a history of operating losses and an accumulated deficit and expects
      to continue to incur losses for the foreseeable future.




Since
      inception through September 30, 2006, the Company has incurred cumulative losses
      of $ 10,683,471 and
      has
      never generated enough funds through operations to support its business. The
      Company expects to continue to incur operating losses through 2007. The
      Company’s losses to date have resulted principally from:





-
            research
                and development costs relating to the development of its previous
                technologies which was categorized as aPersonal
                DigitalAssistancedevice


-
            costs
                and expenses associated with distribution and marketing of the
                Company’s products;


-
            Costs
                associated with the marketing and acceptance of its products within
                developed and emerging
                markets


-
            Costs
                associated with deploying test pilots for potential customers and
                clients within various markets around the
                world;


-
            general
                and administrative costs relating to the Company’s
                operations;




The
      Company is currently unprofitable and the possibility exists that it may never
      become profitable. Since inception, the Company has funded its research and
      development activities primarily from private placements of equity and debt
      securities, a bank loan and short term shareholder advances from
      certain executive officers. As a result of its substantial research and
      development expenditures and limited product revenues, the Company has incurred
      substantial net losses. The Company’s ability to achieve profitability will
      depend primarily on its ability to successfully commercialize its BPL solutions.




Potential
      fluctuations in operating results could have a negative effect on the price
      of
      the Company’s common stock.




*The
      Company’s operating results may fluctuate significantly in the future as a
      result of a variety of factors, most of which are outside the Company’s control,
      including:*





-
            The
                level of use of the Internet;


-
            the
                acceptance of BPL to be a viable alternative to existing
                technologies;


-
            the
                demand for high-tech goods; and


-
            the
                amount and timing of capital expenditures and other costs relating
                to the
                expansion of the Company’s
                operations.




Ninety-six
      percent of the world’s population is connected by a common ubiquitous network -
      the electric powerline infrastructure. BPL has proven to be a very competitive
      alternative to communications technology for the Telecommunications and Cable
      communications sectors that use Digital Subscriber Line (“DSL”) and cable modem
      technologies for last mile delivery of high-speed internet. Trimax is
      positioning itself to gain first-to-market traction in this relatively untapped
      new market place in both the developed and developing world.





4




Trimax’s
      core business is providing best-of-breed hybrid communications solutions to
      end
      users. Through its independent and cohesive wholly owned profit oriented
      divisions, PLC Network Solutions Inc. and Multi-Source Inc., Trimax is
      positioned to grow organically and by way of partnerships and acquisitions.
      It
      has established a corporate infrastructure that is flexible and capable of
      handling rapid growth with both national and international programs. This
      corporate structure can effectively deal with the new recurring revenue streams
      as opportunities present.




Trimax
      is
      well positioned to profitably leverage and capture market share in the expanding
      Broadband over Powerline (“BPL”) application and equipment markets. Initial
      target markets include hydro utility grid monitoring, last-mile broadband access
      and home networking provisioning. Trimax is ahead of plan and competitively
      placed with a strong best-of-breed BPL product offering and sales and marketing
      platform.




The
      Company’s strategy is to create recognition, nationally and internationally, of
      the Trimax brand. Specifically, to identify Trimax as a leading edge BPL
      integrator and provider of broadband over powerline services for residential,
      commercial, industrial, hospital, government, and utility
      applications.




The
      Company anticipates securing agreements for the distribution of its products
      through value added resellers and electrical and networking contractors in
      certain targeted areas of the world. As well, in these targeted areas, the
      company has retained the services of local consultants for the purpose of
      project management, marketing and the procurement of further contracts.




**Restatement
      of Financial Statements**





The
      Company has restated its comparative consolidated financial statements for
      the
      year ended September 30, 2005 due to an accounting change based on new events
      and transactions, which occurred during the quarter, ended March 31, 2006.





On
      August
      17, 2005 Trimax acquired all of the outstanding common stock of PLC Network
      Solutions Inc. (“PLC”) whereby each share of the 21,900,000 issued and
      outstanding common stock of PLC were converted into the right to receive one
      share of Trimax stock. Originally for accounting purposes, the acquisition
      had
      been treated as a recapitalization of PLC with PLC as the acquirer (reverse
      acquisition). However, on March 16, 2006 the Company effectively cancelled
      16,000,000 common shares for reason of non payment and no consideration. Enough
      shares were cancelled, so that the remaining shareholders were not sufficient
      enough to take control of Trimax and therefore the original accounting treatment
      for the acquisition as reverse merger was no longer appropriate. Consequently,
      the Company has restated the comparative figures and accounted for the
      acquisition using the purchase method whereby Trimax acquired 100% of PLC.




As
      a
      result of the restatement of the September 30, 2005 consolidated financial
      statements, additional paid-in capital and accumulated deficit balances have
      been reclassified to include the historical financial statements of Trimax
      since
      August 25, 2000 (inception). The historical financial statements previously
      reported were those of PLC.





The
      effect on the accompanying consolidated balance sheet as of September 30, 2005
      was an increase in additional paid-in capital of $9,230,593 and an increase
      in
      accumulated deficit of $9,202,808. The effect on the consolidated statements
      of
      operations for the period from inception (August 25, 2000) to September 30,
      2005
      was an increase in the net loss of $9,830,312. This change had no effect on
      the
      earnings subsequent to the acquisition. This change had no effect on the
      earnings per share for the year ended September 30, 2005.




5





**Acquisitions**





*Multi-Source
      Inc.*





On
      June
      1, 2006 Trimax entered into a Reorganization Agreement with the shareholders
      of
      Multi Source Inc. (“MSI”), a company incorporated in the Province of Ontario,
      Canada. Under the terms of the Reorganization Agreement, the shareholders of
      MSI
      conveyed all of the issued and outstanding shares of MSI to Trimax in exchange
      for up to 5,000,000 shares of Trimax’s common stock. The acquisition was
      accounted for under the purchase method of accounting. Accordingly, the
      financial position and results of operations of MSI have been consolidated
      subsequent to the acquisition date. Trimax allocated the purchase price to
      the
      acquired tangible net assets and liabilities. In addition the company allocated
      $1,557,327 to the acquired intangible assets. The intangible assets have been
      amortized over a five year period on a straight-line basis. Of the exchange
      for
      up to 5,000,000 shares, 3,000,000 shares of common stock of Trimax were issued
      at closing on June 1, 2006. 750,000 shares of this 3,000,000 were issued to
      a
      third party subscriber for transaction costs. Up to 2,000,000 additional shares
      may be issued to the principal shareholder of MSI, subsequent to the
      acquisition, upon the achievement of certain milestones by the MSI business
      within 18 months of the closing date.





The
      purchase price was allocated as follows:





**At June
                1, 2006**Consideration
                exchanged:3,000,000
                shares of common stock valued at the average price two days before
                and
                after the measurement date
            
            $
            1,530,000Transaction
                costs - 750,000 shares of common stock valued at the average price
                two
                days before and after the measurement date
            
            
            (382,500
            )Purchase
                price
            
            $
            1,147,500Liabilities
                assumed
            
            
            (442,540
            )Estimated
                fair value of tangible assets acquired
            
            
            32,713Estimated
                fair value of identifiable intangible assets acquired— completed
                technology
            
            
            1,557,327Goodwill
            
            $
            -








Intangible
      assets, net, consisted of the following:





**Estimated Useful Life and Amortization Basis**
            
            **Gross
                Intangible Asset**
            
            **Accumulated
                Amortization**
            
            **Net Intangible
                Asset**Completed
                technology
            
            
            5
                years using straight-line basis
            
            $
            1,557,327
            
            $
            103,822
            
            $
            1,453,505




6





*3One
      Networks Inc.*





On
      May
      17, 2006, Trimax entered into a purchase and sale agreement with 3One
      Networks Inc. (“3One”). 3One is
      a technology and service company that has commercialized BPL technologies that
      transmit digital signals through the electrical power line infrastructure.





3One
      markets products for (Industrial) Power Grid Management and (Commercial)
      In-building Broadband Access. 3One’s energy saving BPL Power Grid Management
      Solutions combine advanced hardware and software to enable the remote and real-
      time monitoring and control of electrical power grids. 3One’s BPL In-Building
      Access products provide low cost methods to deliver broadband Internet to
      end-users within commercial and multi-tenant buildings.





Trimax
      is purchasing the High Speed Internet Access (“HSIA”) service business,
      including a portfolio of 50 Hotels consisting of approximately 4,600 rooms
      and
      all existing service contracts and related assets for providing HSIA services
      to
      these hotels, motels and resorts. The purchase price was $220,230 CDN. Trimax
      has paid initial deposits and payments totaling $94,600 USD. The company has
      halted further payments while in negotiations with 3One for possible mutually
      beneficial changes in its relationship on a going forward basis. Therefore,
      remaining, payments pertaining to the purchase and sale agreement have yet
      to be
      fulfilled and the rights to these assets do not transfer to the company until
      fully paid, the deposits and payments paid as of September 30, 2006 have been
      reflected in the balance sheet under prepaid expenses and deposits. No
      additional deposits and payments have been paid subsequent to year end. The
      agreement also provides for 3One to deliver certain BPL equipment based on
      normal distribution pricing. The agreement called for the acquisition of
      the service book for 50 Hotels, which represents recurring revenue
      stream from 4,600 rooms in total. The acquisition allows for the potential
      to upgrade the services, technology, IP applications and broadband provisioning
      to these hotel sites.




**Intellectual
      Property**




The
      nature of patent and trademark registration is very complex and requires legal
      expertise. To date, no applications have been prepared to patent any of the
      Company’s assets or concepts.




**Government
      Regulation**




The
      FCC
      has ruled that BPL-enabled internet access services have been classified as
      an
      information service in the US instead of its previous telecommunications service
      label. The CRTC in Canada has taken a similar stance with
      telecommunication regulation with the intent to reduce barriers to competition. This
      promotes Trimax's BPL technology and applications on an equal regulatory footing
      as enjoyed by the cable and DSL companies.




**Employees**




The
      Company currently has ten consultants and contractors on staff. The Company
      also
      looks to its directors and officers for their combined entrepreneurial skills
      and talents, and to outside subcontracted consultants. Management plans to
      use
      consultants, attorneys and accountants as necessary. A portion of any employee
      compensation package likely would include the right to acquire stock in the
      Company, which would dilute the ownership interest of holders of existing shares
      of the Company's common stock.




7




**ITEM
      2. DESCRIPTION OF PROPERTY**




The
      Company has for the past year been leasing a 2,000 square foot office facility
      with principal address located at 2 Lombard Street, Suite 204, Toronto, Ontario,
      M5C-1M1. Currently the lease is month-to-month and there is no
      commitment.




**ITEM
      3. LEGAL PROCEEDINGS**




On
      June
      27, 2005 a complaint was filed in the Circuit Court of the Seventeenth Judicial
      Circuit In And For Broward County, State Of Florida Civil Division. The
      complaint alleges that Trimax Corporation failed to tender 400,000 shares of
      its
      common stock in consideration for services provided by the Plaintiff, of which
      300,000 were to be delivered no later than December 15, 2004. The Plaintiff
      was
      asking for $457,500 in damages. On February 3, 2006 both Trimax Corporation
      (the
      defendant) and the Plaintiff entered into a settlement for the claim filed
      on
      June 27, 2005 in the Circuit Court Of The Seventeenth Judicial Circuit In And
      For Broward County, State Of Florida Civil Division. On February 6, 2006 the
      Company issued 75,000 shares in settlement of this matter. The common shares
      issued have been valued at their market value of $59,407, which is the amount
      that would have been received if the shares had been issued for cash.





On
      March
      22, 2006 Trimax filed an action in The Superior Court of Ontario against
      Electrolinks Corporation for fraud and fraudulent misrepresentation alleging
      damages of $1,250,000. Subsequently, Trimax received a court ordered judgment,
      and is awaiting payment of $107,000 plus applicable legal fees and interest.




On
      May
      22, 2006 Trimax was notified of an action out of the district court of Clark
      County Nevada whereby 16 plaintiffs registered an action exceeding $50,000.
      The
      Company has been in negotiations and both parties have agreed to settle the
      matter for $120,000 USD in total to be paid out over an eight month period.
      The
      first payment is expected to be remitted commencing February 1, 2007.




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




None.





8




**PART
      II**




**ITEM
      5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS**




The
      Company's common shares, par value $0.001 (the “Shares”) were
      approved for trading on the Over-the-Counter Bulletin Board (OTC-BB) under
      the
      symbol KTLR on August 24, 2001. In connection with the change of the Company's
      name to Koala International Wireless Inc., the Company's trading symbol was
      changed to KIWI on December 10, 2001. The Company changed its name in January
      2004 to Trimax Corporation. The Company completed a 1 for 100 reverse split
      on
      November 5, 2004 at which time the Company’s trading symbol was changed to TXMO.




The
      table
      set forth below reflects the reported high and low bid prices of the Common
      Stock for each quarter for the period indicated. These prices are all on the
      basis of the pre reverse stock split. Such prices are interdealer prices without
      retail markups, markdowns or commissions and may not represent actual
      transactions.




QUARTER
                ENDED
            
            HIGH
            
            LOWDecember
                31, 2002
            
            $
            .11
            
            $
            .11March
                31, 2003
            
            $
            .38
            
            $
            .32June
                30, 2003
            
            $
            .135
            
            $
            .135September
                30, 2003
            
            $
            .16
            
            $
            .13December
                31, 2003
            
            $
            .12
            
            $
            .11March
                31, 2004
            
            $
            .08
            
            $
            .07June
                30, 2004
            
            $
            .06
            
            $
            .05September
                30, 2004
            
            $
            .01
            
            $
            .01December
                31, 2004
            
            $
            .15
            
            $
            .15March
                31, 2005
            
            $
            1.09
            
            $
            .95June
                30, 2005
            
            $
            .30
            
            $
            .30September
                30, 2005
            
            $
            1.07
            
            $
            1.01December
                31, 2005
            
            $
            1.47
            
            $
            0.71March
                31, 2006
            
            $
            0.93
            
            $
            0.35June
                30, 2006
            
            $
            0.66
            
            $
            0.36September
                30, 2006
            
            $
            0.57
            
            $
            0.18




The
      Company has not paid dividends in prior years and has no plans to pay dividends
      in the near future. The Company intends to reinvest its earnings, if any are
      achieved, in the continued development and operation of its business. Any
      payment of dividends would depend upon the Company's pattern of growth,
      profitability, financial condition, and such other factors as the Board of
      Directors may deem relevant.




**RECENT
      SALES OF UNREGISTERED SECURITIES**




In
      September 2004, the Board of Directors approved a 1-for-100 reverse stock split
      of our outstanding shares of capital stock. The reverse stock split became
      effective on 5 November 2004. All share and per share information included
      in
      these consolidated financial statements have been adjusted to reflect this
      reverse stock split.




On
      20
      July 2005 the Company issued 21,900,000 of common shares at par value to the
      Company's founders.




On
      17
      August 2005 Trimax acquired the net liabilities of PLC. This was accounted
      for
      as a recapitalization of PLC into Trimax and resulted in the issuance of
      19,183,718 shares, further described in note 1.




In
      August
      2005 the Company's Board of Directors approved the issuance 100,000 common
      stock
      in exchange for the settlement of $18,446 in debt of the Company.




On
      31
      August 2005 the Company issued 50,000 common shares to a former director of
      the
      Company as compensation for his services and sundry costs as a director of
      Trimax. The common shares issued have been valued at their market value of
      $25,000 or $.50 per share, which is the amount that would have been received
      if
      the shares had been issued for cash. Management believes that the fair market
      value of the services received from the former director approximates this
      value.




On
      21
      November 2005 the Company's Board of Directors approved the issuance of 358,529
      common shares to various investors. The funds were raised through a non-brokered
      private placement of common stock at an average price of $0.75 per share from
      a
      group of accredited non-US investors.




On
      11
      January 2006 the Company issued 55,300 private placement restricted common
      shares to various shareholders at issue prices between $0.65 and $0.80 per
      share.




On
      11
      January 2006 the Company issued 164,247 private placement restricted common
      shares to various shareholders at issue prices between $0.65 and $0.80 per
      share.




On
      6
      February 2006 the Company issued 75,000 shares in settlement of a civil court
      case in which the Company was a defendant. The common shares issued have been
      valued at their market value of $59,407, which is the amount that would have
      been received if the shares had been issued for cash. Management believes that
      the fair market value of the services received from the former director
      approximates this value.





9




From
      10
      February 2006 to 15 March 2006, the Company issued a total of 113,177 various
      private placement restricted common shares for $0.50 to $0.57 per
      share.




On
      16
      March 2006 the Company’s Board of Directors approved the cancellation of
      16,000,000 common shares. These shares which were originally issued in July
      2005
      to the former shareholders of PLC in consideration for their shares in PLC,
      however due to non payment and no consideration of the subscribing shares they
      were cancelled.




From
      11
      April 2006 to 15 May 2006, the Company issued a total of 433,819 various private
      placement restricted common shares between $0.42 to $0.60 per
      share.




On
      1 June
      2006 pursuant to Reorganization agreement, the Company issued 2,250,000
      restricted common shares for $0.01 par value in exchange for 100% the common
      stock of Multi-Source Inc.




On
      1 June
      2006 pursuant to Reorganization agreement, the Company issued 750,000 common
      shares for $0.01 par value in consideration to a company for brokering the
      Multi-Source Inc. acquisition. These transaction costs have been charged as
      a
      reduction of additional paid-in capital.




On
      1 June
      2006 the Company issued 2,275,985 private placement restricted common shares
      in
      settlement of certain debts for $0.05 per share.




From
      29
      June 2006 to September 2006, the Company issued a total of 581,012 various
      private placement restricted common shares between $0.16 to $0.40 per
      share.




**ITEM
      6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
      OPERATION**




Certain
      statements in this report and elsewhere (such as in other filings by the Company
      with the Securities and Exchange Commission ("SEC"), press releases,
      presentations by the Company of its management and oral statements) may
      constitute "forward-looking statements" within the meaning of the Private
      Securities Litigation Reform Act of 1995. Words such as "expects,"
      "anticipates," "intends," "plans," "believes," "seeks," "estimates," and
      "should," and variations of these words and similar expressions, are intended
      to
      identify these forward-looking statements. Actual results may materially differ
      from any forward-looking statements. Factors that might cause or contribute
      to
      such differences include, among others, competitive pressures and constantly
      changing technology and market acceptance of the Company's products and
      services. The Company undertakes no obligation to publicly release the result
      of
      any revisions to these forward-looking statements, which may be made to reflect
      events or circumstances after the date hereof or to reflect the occurrence
      of
      unanticipated events.




The
      following discussion should be read in conjunction with the consolidated
      financial statements included herein. Certain statements contained herein may
      constitute forward-looking statements, as discussed above. Because such
      statements include risks and uncertainties, actual results may differ materially
      from those expressed or implied by such forward-looking statements. Factors
      that
      could cause or contribute to such differences include those discussed in the
      "Risk Factors" section of this Form 10-KSB.





10




**PLAN
      OF OPERATIONS**




Trimax
      and its wholly owned subsidiaries Multi-Source Inc. and PLC Network Solutions
      Inc. are providers of BPL communication technologies. Trimax specializes in
      the
      development, distribution, implementation, and servicing technologies that
      use
      the power grid to deliver 128-bit encrypted high-speed symmetrical broadband
      for
      data, voice and video transmission. BPL is a communications technology that
      turns the existing ubiquitous power line infrastructure and common electrical
      wiring in commercial and residential buildings into a high-bandwidth network.
      Broadband is delivered simultaneously on a single platform, to every electrical
      outlet throughout the home or business. To connect, users simply plug a modem
      into any electrical outlet, and plug their computer, phone or IP device into
      the
      modem at a speed substantially faster than conventional DSL or cable. 
Since the building's electrical wiring becomes the backbone for a secure local
      area network, there is no need to install any new wiring in the walls. The
      company's technologies use the existing electrical wiring as a "smart" network
      to deliver broadband access to computers, video on demand (“VOD”), VOIP phones,
      surveillance cameras, elevator applications, IPTVs, AMR, etc. as well as connect
      printers, faxes, entertainment systems, etc. on the hotel, office or home
      network. Installation is usually implemented in a matter of hours or days
      instead of weeks or months and avoids the expense and disruption to the business
      of burying cables or opening walls and ceilings to run new cables, which is
      necessary for other broadband access technologies. This technology has been
      successfully deployed around the globe, in hotels, homes, apartments, office
      towers, schools, hospitals, museums and government buildings.





The
      Company and its BPL devices are presently Federal Communications Commission
      (“FCC”) certified. No further research and development is needed in order for
      the Company to be able to sell and market its products. In 2006, the Company
      has
      completed pilot projects, deployed test equipment begun negotiations of
      contracts worldwide including North and South America, Africa, India, Pakistan,
      and Saudi Arabia, and anticipates an increase in interest for deployment of
      its
      devices and bundled services in the 2007 calendar year. The Company anticipates
      securing some noteworthy contracts in 2007 for its devices and bundled services
      in emerging markets through its subsidiaries MSI and PLC. The Company
      anticipates and foresees a significant trend towards the adoption of BPL
      technology worldwide.





For
      the
      fiscal year ended September 30, 2006, the Company incurred a loss in the amount
      of $926,607. Most of the expenses incurred during this period were for basic
      monthly Company expenses including marketing and technological expenses. These
      expenditures were principally due to research and development costs related
      to
      the development of marketing strategies, costs associated with deploying test
      pilots for potential customers and clients within various markets around the
      around. Also included are salary and travel costs related to increased sales
      and
      marketing functions. Operation
      costs over the next year will depend on a number of factors, including the
      costs
      attributed to the various products acquired from third party suppliers, as
      well
      as the cost of marketing research and executing its marketing campaign. Fifty
      percent of the budgeted expenditures over the next year are budgeted for the
      finalization and deployment of its South American contracts. The remaining
      fifty
      percent are budgeted toward the procurement and deployment of the residential
      and commercial clients based in North America and various other parts of the
      world. These expenditures are expected to be financed mainly through its
      convertible debenture agreement and various private placements.




**Recent
      Developments and Discussions**




Trimax
      plans to provide IP services over broadband to the city of Manta, Ecuador with
      a
      signed MOU (non binding agreement) with Emelmanabi the regional utility, which
      is owned 72% by the government. MSI (a wholly owned division of Trimax) deployed
      the first pilot test in March 2006. The pilot using BPL provided in the city
      of
      Manta IP services to ten residential customers for Internet and VoIP services.
      The demonstration also provides AMR data acquisition on the energy consumption
      for eight customers. This pilot lasted three months and the purpose was to
      qualify the BPL and metering technology to Emelmanabi, the Municipal and
      Provincial and the Federal Governments. This was a successful deployment and
      provided MSI a P.O. for $55,000 US to deploy in January 2007 an Industrial
      solution for AMR only.





At
      the
      same time MSI has initiated a Swiss Challenge where MSI provided the bases
      to
      the electrical Utility Emelmanabi the requirements for a bid to be tendered
      in
      the market to provide further AMR to their entire customer base approx. 190,000
      customers. MSI anticipates that bid to be closed in late January 2007, with
      MSI
      being awarded this contract. Emelmanabi experiences an energy loss annually
      of
      40 million US and growing at 10% per annum and therefore requires technology
      such as MSI has showcased/ deployed to monitor and control their electrical
      distribution and provide in real-time auditable billing of energy consumption
      in
      the form of digital data. The additional requirement was to be able to remotely
      disconnect and reconnect power to the transformer as well as to each customer
      connected to the primary power. The equipment must be ruggedized and be pole
      mounted or in an underground vault.




The
      contract will be for a term of 25 years with an estimated value of 100 Million
      US for the initial hardware only. The Company is excited to be able to provide
      this technology to Ecuador in helping to mitigate their electrical energy loss.
      This business model once installed will be a showcase for the rest of Ecuador
      and South America furthering MSI’s opportunities to extend this technology to
      other countries and their utilities that have similar requirements.




Management
      is working to add to its business and is assessing adding to the business plan
      by partnering up or purchasing identified prospective companies that can deliver
      voice and data through wireless and satellite as well as emerging technologies
      to advance the company’s Competitive advantage in the BDL sector. However the
      Company is also assessing more viable opportunities within the current market
      segment and beyond.




**Liquidity
      and Capital Resources**




Since
      the
      consummation of the merger between Trimax and PLC Network Solutions Inc. the
      Company has raised funds through its convertible debenture, and private
      placement funds through various investors. The Company continues to raise funds
      through its convertible debenture and various small individual investors to
      keep
      its business operational until it can be self sufficient. The Company foresees
      a
      trend towards the adoption of BPL devices and the technology in general, which
      will assist the Company in the prospects of being able to attract and procure
      revenue generating clients and contracts. Although the Company anticipates
      to
      raise the finances necessary to allow it to fulfill its needs until revenues
      are
      received and the company is self sufficient, there can be no assurance that
      any
      additional funds will be available on terms acceptable to the Company at all.




The
      forecast of the period of time through which the Company's financial resources
      will be adequate to support operations is a forward-looking statement that
      involves risks and uncertainties. The actual funding requirements may differ
      materially from this as a result of a number of factors including plans to
      rapidly expand its new operations. There can be no guarantee that financing
      adequate to carry out the Company's business plan will be available on terms
      acceptable to the Company, or at all. No material commitments for capital
      expenditures were made during the period ended September 30, 2006.





11




The
      forecasted expenses of implementing the Company's business plan will exceed
      the
      Company's current resources. The Company therefore will need to secure
      additional funding through an offering of its securities or through capital
      contributions from its stockholders. No commitments to provide additional funds
      have been made by management; however the company feels that it can draw down
      on
      funds through a previously executed convertible debenture agreement executed
      on
      May 15, 2006. This commitment is non binding; therefore, there can be no
      assurances that any additional funds will be available on terms acceptable
      to
      the Company at all. The agreement is with a private accredited group of
      investors. The commitment of $1,500,000 is available to be drawn down in
      $300,000 tranches at Trimax's option. The loans mature on May 14, 2009 and
      bear
      an annual interest rate of 12%. At the investor's option, the loan is
      convertible to common shares at the prior 20 day average price. Each common
      share has one purchase warrant attached, with each warrant exercisable for
      one
      common share at $1.25 until May 14, 2009. In October 2006 the Company and the
      investors agreed to allow the Company to draw down $150,000 of the available
      funds in two increments. The Company drew on the $150,000 and expects to draw
      on
      further funds in the first quarter.




The
      Company does not require any further research and development at this time
      in
      order to be able to market and sell its products, although the Company requires
      financing and/or joint ventures with strategic partners to allow for the
      fulfillment of any orders that have been secured. To date the Company has raised
      funds to keep its business operational and to allow it to market its products
      and procure contracts. The availability of future financings will depend on
      market conditions.




**Effect
      of Fluctuations in Foreign Exchange Rates**




The
      Company's reporting and functional currency is the US dollar. Currently, most
      of
      the Company's assets are located in Canada. Transactions in Canadian dollars
      have been translated into U.S. dollars using the current rate method, such
      that
      assets and liabilities are translated at the rates of exchange in effect at
      the
      balance sheet date and revenue and expenses are translated at the average rates
      of exchange during the appropriate fiscal period. As a result, the carrying
      value of the Company's investments in Canada is subject to the risk of foreign
      currency fluctuations. Additionally, any revenues received from the Company's
      international operations in other than US dollars will be subject to foreign
      exchange risk.




**Critical
      Accounting Policies**





Our
      financial statements and accompanying notes are prepared in accordance with
      generally accepted accounting principles used in the United States. Preparing
      financial statements requires management to make estimates and assumptions
      that
      affect the reported amounts of assets, liabilities, revenue, and expenses.
      These
      estimates and assumptions are affected by management’s application of accounting
      policies. We believe that understanding the basis and nature of the estimates
      and assumptions involved with the following aspects of our financial statements
      is critical to an understanding of our financial statements. We believe the
      following critical accounting policies require us to make significant judgments
      and estimates in the preparation of our financial statements:





**Going
      Concern**





The
      Company's financial statements are presented on a going concern basis, which
      contemplates the realization of assets and satisfaction of liabilities in the
      normal course of business. The Company has experienced losses from operations
      since inception that raise substantial doubt as to its ability to continue
      as a
      going concern.





The
      Company's ability to continue as a going concern is contingent upon its ability
      to obtain the financing and strategic alliances necessary to attain profitable
      operations. Management is pursuing various sources of financing and intends
      to
      raise equity financing through a private placement with a private group of
      investors in the near future.





The
      financial statements do not include any adjustments to reflect the possible
      future effects on the recoverability and classification of assets or the amounts
      and classification of liabilities that may result from the possible inability
      of
      the Company to continue as a going concern.





**Foreign
      Translation Adjustment**





The
      accounts of the Company were translated into United States dollars in accordance
      with the provisions of SFAS No. 52, Foreign Currency Translation. In accordance
      with the provisions of SFAS No. 52, transaction gains and losses on these assets
      and liabilities are included in the determination of income for the relevant
      periods. Adjustments resulting from the translation of the financial statements
      from their functional currencies to United States dollars are accumulated as
      a
      separate component of accumulated other comprehensive income and have not been
      included in the determination of income for the relevant periods.





**Intangible
      Assets**





Intangible
      assets of acquired businesses, is stated at cost. The intangibles have limited
      lives which the Company has determined to be five years. Other intangible assets
      include deferred financing fees. The Company evaluates intangible assets at
      least annually to determine whether events and circumstances continue to support
      a definite useful life.





**Deferred
      Financing Costs**





The
      costs
      of financing are capitalized and amortized by the straight-line method over
      the
      term of the related debt. If any or all of the related debt is repaid prior
      to
      its maturity date, a pro-rata share of the related deferred financing costs
      are
      written off and recorded as amortization expense in the period of the repayment
      in the consolidated statement of operations.





**Use
      of Estimates**





The
      preparation of financial statements in conformity with accounting principles
      generally accepted in the United States requires management to make estimates
      and assumptions that affect the reported amounts of assets and liabilities
      and
      the disclosure of contingent assets and liabilities at the date of the financial
      statements and the reported amounts of revenues and expenses during the
      reporting period. Actual results could differ from those estimates. These
      estimates are reviewed periodically, and, as adjustments become necessary,
      they
      are reported in earnings in the period in which they become known.





12




**ITEM** **7.
      FINANCIAL STATEMENTS**






**REPORT
      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**




To
      the
      Board of Directors and Stockholders of


**Trimax
      Corporation and Subsidiaries**







We
      have
      audited the accompanying consolidated balance sheet of **Trimax
      Corporation and Subsidiaries** (A
      Development Stage Company) as at 30 September 2006 and 2005 and the related
      consolidated statements of operations, changes in stockholders' equity and
      cash
      flows for the years ended 30 September 2006 and 2005. These consolidated
      financial statements are the responsibility of the Company's management. Our
      responsibility is to express an opinion on these consolidated financial
      statements based on our audits.




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




In
      our
      opinion, the consolidated financial statements referred to above present fairly,
      in all material respects, the financial position of Trimax Corporation and
      Subsidiaries (A Development Stage Company) as at 30 September 2006 and 2005
      and
      the results of its operations, cash flows and changes in stockholders' deficit
      for the years ended 30 September 2006 and 2005 in accordance with accounting
      principles generally accepted in the United States of America.




The
      accompanying consolidated financial statements have been prepared assuming
      that
      the Company will continue as a going concern. As discussed in note 3 to the
      financial statements, the Company has suffered losses from operations since
      inception that raise substantial doubt about its ability to continue as a going
      concern. Management's plans in regard to these matters are described in note
      3.
      The consolidated financial statements do not include any adjustments that might
      result from the outcome of this uncertainty.




Since
      the
      accompanying consolidated financial statements have not been prepared and
      audited in accordance with generally accepted accounting principles and
      standards in Canada, they may not satisfy the reporting requirements of Canadian
      statutes and regulations.




As
      discussed in Note 2 to the financial statements, the Company restated its 2005
      consolidated financial statements to correct the accounting treatment applied
      to
      a business combination.





***“Walker
      & Company"***


**Chartered
      Accountants**


**Professional
      Corporation**




**Markham,
      Canada**


**20
      December 2006**









TRIMAX
      CORPORATION AND
      SUBSIDIARIES




**(A
      Development Stage Company)**


**CONSOLIDATED
      BALANCE SHEETS**


**AS
      AT 30 SEPTEMBER**


**(Expressed
      in United States Dollars)**




**Note**
                
                **2006**
                
                **2005**
                  **Restated****ASSETS****Current
                    Assets**Cash
                
                
                
                
                $
                764
                
                $
                19,855Prepaid
                    expenses
                
                
                
                
                
                107,027
                
                
                6,366Stock
                    subscriptions receivable
                
                
                
                
                
                -
                
                
                21,900Prepaid
                    license fees
                
                
                
                
                
                -
                
                
                67,599**Total
                    Current Assets**
                
                
                
                
                
                107,791
                
                
                115,720**Long
                    Term Assets**Equipment
                
                
                6
                
                
                17,654
                
                
                6,607Intangibles
                
                
                7
                
                
                1,463,483
                
                
                -**Total
                    Long Term Assets**
                
                
                
                
                
                1,481,137
                
                
                6,607**Total
                    Assets**
                $
                1,588,928
                
                $
                122,327**LIABILITIES
                    AND STOCKHOLDERS' EQUITY****Current
                    Liabilities**Bank
                    Indebtedness
                
                
                
                
                
                20,622
                
                
                -Accounts
                    payable and accrued liabilities
                
                
                
                
                
                364,967
                
                
                215,832Advances
                    from related parties
                
                
                8
                
                
                413,603
                
                
                55,046Long
                    term debt - current portion
                
                
                9
                
                
                54,528
                
                
                -**Total
                    Current Liabilities**
                
                
                
                
                
                853,720
                
                
                270,878**Long
                    Term Liabilities**Long
                    term debt
                
                
                9
                
                
                98,496
                
                
                -**Total
                    Liabilities**
                
                
                
                
                
                952,216
                
                
                270,878**Commitment
                    and Contingent Liability**
                
                
                10
 **Stockholders'
                  Equity**Capital
                  stock
              
              
              11
              
              
              32,291
              
              
              41,234Additional
                  paid-in capital
              
              
              11
              
              
              11,311,180
              
              
              9,235,124Stock
                  issuable
              
              
              11
              
              
              -
              
              
              217,314Accumulated
                  other comprehensive loss
              
              
              
              
              
              (23,288
              )
              
              (5,359
              )Deficit
                  accumulated during the development stage
              
              
              
              
              
              (10,683,471
              )
              
              (9,636,864
              )**Total
                  Stockholders' Equity (Deficit)**
              
              636,712
              
              
              (148,551
              )**Total
                  Liabilities and Stockholders' Equity**
              $
              1,588,928
              
              $
              122,327
  The
          accompanying notes are an integral part of these financial
          statements.
 F-2





**TRIMAX
      CORPORATION AND SUBSIDIARIES**


**(A
      Development Stage Company)**


**CONSOLIDATED
      STATEMENTS OF OPERATIONS**


**(Expressed
      in United States Dollars)**


**For
                  The Year Ended 30 September 2006**
              
              **For
                  The Year Ended 30 September 2005**
                **Restated**
              
              **For
                  The Period From Inception to 30 September 2006****EXPENSES**Consultants
                  and subcontractors
              
              $
              276,469
              
              $
              15,958
              
              $
              6,479,314General
                  and administrative
              
              
              257,065
              
              
              108,786
              
              
              1,135,275Management
                  fees
              
              
              231,438
              
              
              11,116
              
              
              918,438License
                  fees
              
              
              50,523
              
              
              14,430
              
              
              64,953Financial
              
              
              8,379
              
              
              11,021
              
              
              95,392(Gain)
                  loss on exchange
              
              
              (9,565
              )
              
              1,127
              
              
              (8,438
              )Stock
                  based compensation
              
              
              -
              
              
              -
              
              
              998,660Product
                  development
              
              
              -
              
              
              -
              
              
              400,495Selling
                  and delivery
              
              
              -
              
              
              -
              
              
              205,074Depreciation
                  of intangible assets
              
              
              104,526
              
              
              -
              
              
              104,526Depreciation
                  of tangible assets
              
              
              7,772
              
              
              146
              
              
              32,101926,607
              
              
              162,584
              
              
              10,425,790**NET
                  OPERATING LOSS**
              
              
              (926,607
              )
              
              (162,584
              )
              
              (10,425,790
              )**LEGAL
                  SETTLEMENT**
              
              
              120,000
              
              
              -
              
              
              120,000**WRITE
                  OFF MERGER GOODWILL**
              
              
              -
              
              
              -
              
              
              38,013**NET
                  LOSS**
              
              $
              (1,046,607
              )
              $
              (162,584
              )
              $
              (10,583,803
              )**FOREIGN
                  CURRENCY TRANSLATION ADJUSTMENT**
              
              
              (17,929
              )
              
              (5,359
              )
              
              (23,288
              )**COMPREHENSIVE
                  LOSS**
              
              $
              (1,064,536
              )
              
              (167,943
              )
              
              (10,607,091
              )**LOSS
                  PER WEIGHTED NUMBER OF SHARES OUTSTANDING - BASIC AND
                  DILUTED**
              
              $
              0.00
              
              
              (0.01
              )**WEIGHTED
                  AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND
                  DILUTED**
              
              
              27,836,636
              
              
              19,310,882


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





F-3




**TRIMAX
      CORPORATION AND SUBSIDIARIES**


**(A
      Development Stage Company)**


**CONSOLIDATED
      STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY**


**FOR
      THE YEARS ENDED 30 SEPTEMBER 2006 AND 2005**


**(Expressed
      in United States Dollars)**





**Shares**
            
            **Common
                Stock**
            
            **Additional
                Paid-in Capital**
            
            **Stock
                issuable**
            
            **Accumulated
                Other Comprehensive Loss**
            
            **Accumulated
                Deficit**
            
            **Total
                Stockholders' Equity (Deficit)**Balance,
                1 October 2004
            
            
            1,083,718
            
            $
            1,084
            
            $
            8,272,620
            
            $
            -
            
            $
            5,620
            
            $
            (9,374,612
            )
            $
            (1,095,288
            )Acquisition
                of PLC Network Solutions Inc.
            
            
            21,900,000
            
            
            21,900
            
            
            -
            
            
            -
            
            
            (5,620
            )
            
            (99,668
            )
            
            (83,388
            )Common
                stock issued for debt
            
            
            18,200,000
            
            
            18,200
            
            
            937,554
            
            
            -
            
            
            -
            
            
            -
            
            
            955,754Common
                stock issued for services
            
            
            50,000
            
            
            50
            
            
            24,950
            
            
            -
            
            
            -
            
            
            -
            
            
            25,000Common
                stock issuable - debt settlement
            
            
            -
            
            
            -
            
            
            -
            
            
            50,998
            
            
            -
            
            
            -
            
            
            50,998Common
                stock issuable - cash
            
            
            -
            
            
            -
            
            
            -
            
            
            166,316
            
            
            -
            
            
            -
            
            
            166,316Foreign
                currency translation
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (5,359
            )
            
            -
            
            
            (5,359
            )Net
                loss
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (162,584
            )
            
            (162,584
            )**Balance,
                30 September 2005 Restated**
            
            
            41,233,718
            
            $
            41,234
            
            $
            9,235,124
            
            $
            217,314
            
            $
            (5,359
            )
            $
            (9,636,864
            )
            $
            (148,551
            )Common
                stock issued for cash
            
            
            1,706,084
            
            
            1,706
            
            
            760,700
            
            
            (217,314
            )
            
            -
            
            
            -
            
            
            545,092Cancellation
                of common stock
            
            
            (16,000,000
            )
            
            (16,000
            )
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (16,000
            )Common
                stock issued for debt
            
            
            2,275,985
            
            
            2,276
            
            
            111,523
            
            
            -
            
            
            -
            
            
            -
            
            
            113,799Common
                stock issued in settlement of legal claim
            
            
            75,000
            
            
            75
            
            
            59,333
            
            
            -
            
            
            -
            
            
            -
            
            
            59,408Acquisition
                of Multi-Source Inc.
            
            
            3,000,000
            
            
            3,000
            
            
            1,144,500
            
            
            -
            
            
            -
            
            
            -
            
            
            1,147,500Foreign
                currency translation
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (17,929
            )
            
            -
            
            
            (17,929
            )Net
                loss for the period
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (1,046,607
            )
            
            (1,046,607
            )**Balance,
                30 September 2006**
            
            
            32,290,787
            
            
            32,291
            
            
            11,311,180
            
            
            -
            
            
            (23,288
            )
            
            (10,683,471
            )
            
            636,712




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





F-4




**TRIMAX
      CORPORATION AND SUBSIDIARIES**


**(A
      Development Stage Company)**


**CONSOLIDATED
      STATEMENT OF CASH FLOWS**


**(Expressed
      in United States Dollars)**


**For
                The Year Ended 30 September 2006**
            
            **For
                The Year Ended 30 September 2005 Restated**
            
            **For
                The Period From Inception to 30 September 2006****CASH
                FLOWS FROM OPERATING ACTIVITIES**Net
                loss
            
            $
            (1,046,607
            )
            $
            (162,584
            )
            $
            (10,583,803
            )**Adjustment
                to reconcile net loss to net cash provided by operating
                activities:**Depreciation
                of tangible assets
            
            
            7,772
            
            
            146
            
            
            32,101Depreciation
                of intangible assets
            
            
            107,024
            
            
            -
            
            
            107,024Cancellation
                of common stock
            
            
            (16,000
            )
            
            -
            
            
            (16,000
            )Common
                stock issued for debt
            
            
            113,799
            
            
            -
            
            
            113,799Common
                stock issued in settlement of legal claim
            
            
            59,408
            
            
            -
            
            
            59,408Accounts
                payable forgiven
            
            
            -
            
            
            (10,171
            )
            
            (10,171
            )Common
                stock issued for services
            
            
            -
            
            
            25,000
            
            
            6,469,576Common
                stock issued for salaries
            
            
            -
            
            
            -
            
            
            986,500Write
                off of salaries payable
            
            
            -
            
            
            -
            
            
            (111,355
            )Write
                off of directors compensation
            
            
            -
            
            
            -
            
            
            (200,000
            )**Changes
                in operating assets and liabilities:**Stock
                subscriptions receivable
            
            
            21,900
            
            
            (21,900
            )
            
            -Prepaid
                expenses
            
            
            (90,463
            )
            
            (6,366
            )
            
            (96,829
            )Prepaid
                license fees
            
            
            67,599
            
            
            (67,599
            )
            
            -Accounts
                payable and accrued liabilities
            
            
            69,998
            
            
            38,364
            
            
            1,465,637**NET
                CASH USED IN OPERATING ACTIVITIES**
            
            
            (705,570
            )
            
            (205,110
            )
            
            (1,784,113
            )





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





F-5




**TRIMAX
      CORPORATION AND SUBSIDIARIES**


**(A
      Development Stage Company)**


**CONSOLIDATED
      STATEMENT OF CASH FLOWS (Continued)**


**(Expressed
      in United States Dollars)**


**For
                The Year Ended 30 September 2006**
            
            **For
                The Year Ended 30 September 2005 Restated**
            
            **For
                The Period From Inception to 30 September 2006****CASH
                FLOWS FROM INVESTING ACTIVITIES**Acquisition
                of Multi-Source Inc.
            
            
            14,016
            
            
            -
            
            
            14,016Acquisition
                of equipment
            
            
            (7,110
            )
            
            (6,754
            )
            
            (53,372
            )**CASH
                FLOWS USED IN INVESTING ACTIVITIES**
            
            
            6,906
            
            
            (6,754
            )
            
            (39,356
            )**CASH
                FLOWS FROM FINANCING ACTIVITIES**Proceeds
                from bank indebtedness
            
            
            1,308
            
            
            -
            
            
            1,308Proceeds
                from long term debt
            
            
            2,077
            
            
            -
            
            
            2,077Advances
                from related parties
            
            
            105,095
            
            
            63,523
            
            
            269,880Proceeds
                from the issuance of common stock
            
            
            545,092
            
            
            -
            
            
            730,648Proceeds
                from common stock to be issued
            
            
            -
            
            
            173,555
            
            
            173,555Loans
                payable
            
            
            -
            
            
            -
            
            
            626,123**CASH
                FLOWS USED IN FINANCING ACTIVITIES**
            
            
            653,572
            
            
            237,078
            
            
            1,803,591**EFFECT
                OF FOREIGN CURRENCY TRANSLATION**
            
            
            26,001
            
            
            (5,359
            )
            
            20,642**NET
                (DECREASE) INCREASE IN CASH**
            
            
            (19,091
            )
            
            19,855
            
            
            764**CASH,
                BEGINNING OF YEAR**
            
            
            19,855
            
            
            -
            
            
            -**CASH,
                END OF YEAR**
            
            $
            764
            
            $
            19,855
            
            $
            764





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





F-6




**TRIMAX
      CORPORATION AND SUBSIDIARIES**


**(A
      Development Stage Company)**


**NOTES
      TO THE CONSOLIDATED FINANCIAL STATEMENTS**


30
      September 2006


**(Expressed
      in United States Dollars)**




**1.**
            **NATURE
                OF OPERATIONS**




On
      11
      February 2005, Kiwi Network Solutions Inc. approved its Amended and Restated
      Articles of Incorporation and changed its name to Trimax Corporation (“Trimax”
or "the Company"), and increased the number of its authorized stock by
      95,000,000 shares of common stock and 19,000,000 shares of preferred stock,
      both
      with a par value of $0.01 per share.




On
      17
      August 2005, pursuant to a reorganization agreement by and among PLC Network
      Solutions Inc. (“PLC”), a private company incorporated in the Province of
      Ontario under the Ontario Business Corporations Act and Trimax, Trimax acquired
      all of the outstanding common stock of PLC.




On
      29
      July 2005, the Company entered into an Exclusive Supply agreement with a
      technology partner (the "Partner"), a privately-held corporation based in
      Toronto, Ontario. This agreement provided the Company with the exclusive right
      to sell Switzerland based Ascom broadband over power line communication access
      products ("Products") in Canada and non-exclusive rights world wide, which
      the
“Partner” represented that it had secured itself from Ascom. In accordance with
      the agreement, the Partner agreed not to sell or supply Products to any other
      person or legal entity in Canada with the exception of any hydro organizations.
      In consideration for these rights the Company agreed to pay the Partner an
      annual license fee of $100,000 in Canadian dollars for five years commencing
      on
      1 August 2005.




Subsequent
      to the signing and the advancement of funds for the “Exclusive Supply Agreement”
the Company was made aware that the product supplier had no right to grant
      a
      sub-license from Ascom. Furthermore, the supplier was previously in default
      and
      was never in any position to grant any sub-license on its own license. Due
      to
      these events, Trimax has secured product from other vendors for BPL products,
      which it considers to be more cost effective and possessing similar performance
      characteristics. As well no annual license fees are required to be paid by
      Trimax. The Company is also in the process of negotiating an equity position
      as
      well as being classified as a first tier client with exclusive rights in certain
      areas of the world for BPL products with a company that possesses its own
      proprietary BPL products.




On
      22
      March 2006 Trimax filed an action in The Superior Court Of Ontario against
      Electrolinks Corporation alleging damages of $1,250,000. Subsequently, Trimax
      received a settlement offer, which it has accepted and is awaiting payment
      of
      $112,000 Canadian dollars ($98,000 U.S. dollars) plus applicable taxes and
      legal
      fees.




On
      17 May
      2006, Trimax entered into a purchase and sale agreement with 3One Networks
      Inc.
      ("3One"), a broadband over powerline provider ("BPL"), for the purchase of
      their
      High Speed Internet Access ("HSIA") service business, including all existing
      service contracts and related assets for providing HSIA services to their
      hotels, motels and resorts customers. The purchase price was $220,230. Trimax
      has paid initial deposits and payments totaling $94,594, with the balance
      payable in equally monthly installments ending 18 October 2006. As final
      payments pertaining to the purchase and sale agreement have yet to be fulfilled
      and the rights to these assets do not transfer to the Company until fully paid,
      the deposits and payments paid as at 30 September 2006 have been reflected
      in
      the balance sheet under prepaid expenses and deposits. No additional deposits
      and payments have been paid subsequent to year end. The agreement also provides
      for 3One to deliver certain BPL equipment based on normal distribution pricing.
      The agreement called for the acquisition of the service book for 50 hotels,
      which represents a recurring revenue stream from 4,600 rooms in total. The
      acquisition allows for the potential to upgrade the services by adding
      applications and Internet Service Provider provisioning to these hotel sites.
      The Company has halted further payments while in negotiations with 3One for
      possible mutually beneficial changes in its relationship on a going forward
      basis.


F-7




**TRIMAX
        CORPORATION AND SUBSIDIARIES**
 **(A
        Development Stage Company)**
 **NOTES
        TO THE CONSOLIDATED FINANCIAL STATEMENTS**
 **30
        September 2006**
 **(Expressed
        in United States Dollars)**


**1.**
            **NATURE
                OF OPERATIONS (Continued)**




On
      1 June
      2006 Trimax entered into a Reorganization Agreement with the shareholders of
      Multi-Source Inc. ("MSI"), a company incorporated in the Province of Ontario,
      Canada. Under the terms of the Reorganization Agreement, the shareholders of
      MSI
      conveyed all of the issued and outstanding shares of MSI to Trimax in exchange
      for up to 5,000,000 shares of Trimax’s common stock. The acquisition was
      accounted for under the purchase method of accounting. Accordingly, the
      financial position and results of operations of MSI have been consolidated
      subsequent to the acquisition date. Trimax allocated the purchase price to
      the
      acquired tangible net assets and liabilities. In addition the Company allocated
      $1,557,327 to the acquired intangible assets. The intangible assets have been
      amortized over a five year period on a straight-line basis. At closing on 1
      June
      2006, 3,000,000 shares of common stock of Trimax were issued. Of the 3,000,000
      shares issued on closing, 750,000 were issued to a third party subscriber for
      transaction costs. Up to an additional 2,000,000 shares may be issued to the
      principal shareholder of MSI, subsequent to the acquisition, upon the
      achievement of certain milestones by the MSI business within 18
      months.




The
      purchase price was allocated as follows:


**At
                1 June**
              **2006**3,000,000
                shares of common stock (valued at the average price two days before
                and
                after the measurement date)
            
            
            1,530,000Transaction
                costs (750,000 shares of common stock valued at the average price
                two days
                before and after the measurement date)
            
            
            (382,500
            )Purchase
                price
            
            
            1,147,500Liabilities
                assumed
            
            
            (442,540
            )Estimated
                fair value of tangible assets acquired
            
            
            32,713Estimated
                fair value of identifiable intangible assets acquired - completed
                technology
            
            
            1,557,327Goodwill
            
            
            -




**2.**
            **RESTATEMENT
                OF FINANCIAL STATEMENTS**




The
      Company has restated its comparative consolidated financial statements for
      the
      year ended 30 September 2005 due to an accounting change based on new events
      and
      transactions, which occurred during the quarter ended 31 March
      2006.




On
      17
      August 2005 Trimax acquired all of the outstanding common stock of PLC Network
      Solutions Inc. (“PLC”) whereby each share of the 21,900,000 issued and
      outstanding common stock of PLC were converted into the right to receive one
      share of Trimax stock. Originally the acquisition had been treated as a
      recapitalization of PLC with PLC as the acquirer (reverse acquisition). However,
      on 16 March 2006 the Company effectively cancelled 16,000,000 common shares
      for
      reason of non payment consideration. Enough shares were cancelled, so that
      the
      remaining shareholders were not sufficient enough to take control of Trimax
      and
      therefore the original accounting treatment for the acquisition as reverse
      merger was no longer appropriate. Consequently, the Company has restated the
      comparative figures and accounted for the acquisition using the purchase method
      whereby Trimax acquired 100% of PLC.





F-8





**TRIMAX
        CORPORATION AND SUBSIDIARIES**
 **(A
        Development Stage Company)**
 **NOTES
        TO THE CONSOLIDATED FINANCIAL STATEMENTS**
 **30
        September 2006**
 **(Expressed
        in United States Dollars)**


2.
            **RESTATEMENT
                OF FINANCIAL STATEMENTS
                (Continued)**




As
      a
      result of the restatement of the 30 September 2005 consolidated financial
      statements, additional paid-in capital and accumulated deficit balances have
      been reclassified to include the historical financial statements of Trimax
      since
      25 August 2000 (inception). The historical financial statements previously
      reported were those of PLC.




The
      effect on the accompanying consolidated balance sheet as of 30 September 2006
      was an increase in additional paid-in capital of $9,230,593 and an increase
      in
      accumulated deficit of $9,202,808. The effect on the consolidated statements
      of
      operations for the period from inception (25 August 2000) to 30 September 2006
      was an increase in the net loss of $9,830,312. This change had no effect on
      the
      earnings subsequent to the acquisition. This change had no effect on the
      earnings per share for the year ended 30 September 2006.




**3.**
            **GOING
                CONCERN**




The
      Company's financial statements are presented on a going concern basis, which
      contemplates the realization of assets and satisfaction of liabilities in the
      normal course of business. The Company has experienced losses from operations
      since inception that raise substantial doubt as to its ability to continue
      as a
      going concern.




The
      Company's ability to continue as a going concern is contingent upon its ability
      to obtain the financing and strategic alliances necessary to attain profitable
      operations. Management is pursuing various sources of financing and intends
      to
      raise equity financing through a private placement with a private group of
      investors in the near future.




The
      financial statements do not include any adjustments to reflect the possible
      future effects on the recoverability and classification of assets or the amounts
      and classification of liabilities that may result from the possible inability
      of
      the Company to continue as a going concern.




**4.**
            **BASIS
                OF PRESENTATION**




The
      accompanying consolidated financial statements include the accounts of the
      Company and its wholly owned subsidiaries, PLC Network Solutions Inc., an
      Ontario, Canada corporation and Multi-Source Inc., an Ontario, Canada
      corporation, and have been prepared in accordance with accounting principles
      generally accepted in the United States of America ("GAAP"). All significant
      inter-company accounts and transactions are eliminated.




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





F-9





**TRIMAX
        CORPORATION AND SUBSIDIARIES**
 **(A
        Development Stage Company)**
 **NOTES
        TO THE CONSOLIDATED FINANCIAL STATEMENTS**
 **30
        September 2006**
 **(Expressed
        in United States Dollars)**




**5.**
            **SUMMARY
                OF SIGNIFICANT ACCOUNTING
                POLICIES**




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




**Cash
      and Cash Equivalents**




Cash
      and
      cash equivalents consist of commercial accounts, trust accounts and
      interest-bearing bank deposits and are carried at cost, which approximates
      current value. Items are considered to be cash equivalents if the original
      maturity is three months or less.




**Equipment
      and Depreciation**




Equipment
      is stated at cost less accumulated depreciation. Depreciation, based on the
      estimated useful lives of the assets, is provided using the under noted annual
      rates and methods:





Equipment
            20%
                declining balanceFurniture
                and fixtures
            20%
                declining balanceComputer
            30%
                declining balance




**Income
      Taxes**




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




**Fair
      Value of Financial Instruments**




The
      carrying value of the Company's receivables, advances and accounts payable
      approximates fair value because of the short-term maturity of these
      instruments.




**Foreign
      Translation Adjustment**




The
      accounts of the Company were translated into United States dollars in accordance
      with the provisions of SFAS No. 52, *Foreign
      Currency Translation* .
      In
      accordance with the provisions of SFAS No. 52, transaction gains and losses
      on
      these assets and liabilities are included in the determination of income for
      the
      relevant periods. Adjustments resulting from the translation of the financial
      statements from their functional currencies to United States dollars are
      accumulated as a separate component of accumulated other comprehensive income
      and have not been included in the determination of income for the relevant
      periods.





F-10





**TRIMAX
        CORPORATION AND SUBSIDIARIES**
 **(A
        Development Stage Company)**
 **NOTES
        TO THE CONSOLIDATED FINANCIAL STATEMENTS**
 **30
        September 2006**
 **(Expressed
        in United States Dollars)**


**5.**
            **SUMMARY
                OF SIGNIFICANT ACCOUNTING POLICIES
                (Continued)**




**Comprehensive
      Income**




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




**Intangible
      Assets**




Intangible
      assets of acquired businesses, is stated at cost. The intangibles have limited
      lives, which the Company has determined to be five years. Other intangible
      assets include deferred financing fees. The Company evaluates intangible assets
      at least annually to determine whether events and circumstances continue to
      support a definite useful life.




**Deferred
      Financing Costs**




The
      costs
      of financing are capitalized and amortized by the straight-line method over
      the
      term of the related debt. If any or all of the related debt is repaid prior
      to
      its maturity date, a pro-rata share of the related deferred financing costs
      are
      written off and recorded as amortization expense in the period of the repayment
      in the consolidated statement of operations.




**Earnings
      or Loss Per Share**




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




There
      were no dilutive financial instruments for the period ended 30 September 2006
      or
      2005.




**Use
      of Estimates**




The
      preparation of financial statements in conformity with accounting principles
      generally accepted in the United States requires management to make estimates
      and assumptions that affect the reported amounts of assets and liabilities
      and
      the disclosure of contingent assets and liabilities at the date of the financial
      statements and the reported amounts of revenues and expenses during the
      reporting period. Actual results could differ from those estimates. These
      estimates are reviewed periodically, and, as adjustments become necessary,
      they
      are reported in earnings in the period in which they become known.





F-11





**TRIMAX
        CORPORATION AND SUBSIDIARIES**
 **(A
        Development Stage Company)**
 **NOTES
        TO THE CONSOLIDATED FINANCIAL STATEMENTS**
 **30
        September 2006**
 **(Expressed
        in United States Dollars)**


**5.**
              **SUMMARY
                  OF SIGNIFICANT ACCOUNTING POLICIES
                  (Continued)**




**Recent
      Accounting Pronouncements**




In
      March
      2005, the FASB issued FIN No. 47, *Accounting
      for Conditional Assets Retirement Obligations—An Interpretation of FASB
      Statement No. 143* .
      FIN 47
      requires an entity to recognize a liability for the fair value of a conditional
      asset retirement obligation when incurred if the liability's fair value can
      be
      reasonably estimated. The adoption of FIN No. 47 did not have a material impact
      on the financial position or results of operations of the Company.




In
      June
      2005, the FASB issued SFAS No. 154, *Accounting
      Changes and Error Corrections, which changes the requirements for the accounting
      for and reporting of voluntary changes in accounting principle* .
      SFAS
      154 requires retrospective application to prior periods’ financial statements of
      changes in accounting principles, unless impracticable. SFAS 154 supersedes
      Accounting Principles Board Opinion No. 20, Accounting Change (APB 20), which
      previously required that most voluntary changes in accounting principle be
      recognized by including in the current period’s net income the cumulative effect
      of changing to the new accounting principle. SFAS 154 also makes a distinction
      between retrospective application of an accounting principle and the restatement
      of financial statements to reflect correction of an error. SFAS 154 carries
      forward without changing the guidance contained in APB 20 for reporting the
      correction of an error in previously issued financial statements and a change
      in
      accounting estimate. SFAS 154 applies to voluntary changes in accounting
      principle that are made in fiscal years beginning after 15 December 2005.
      Management does not expect that the adoption of SFAS 154 will have a significant
      impact on the financial condition or results of operations.




In
      February 2006, the FASB issued SFAS No. 155, *Accounting
      for Certain Hybrid Financial Instruments* ,
      which
      amends SFAS No. 133, *Accounting
      for Derivative Instruments and Hedging Activities* and SFAS
      No. 140, *Accounting
      for Transfers and Servicing of Financial Assets and Extinguishments of
      Liabilities* .
      SFAS
      155 simplifies the accounting for certain derivatives embedded in other
      financial instruments by allowing them to be accounted for as a whole if the
      holder elects to account for the whole instrument on a fair value basis. The
      statement also clarifies and amends certain other provisions of SFAS No. 133
      and
      SFAS No. 140. SFAS 155 is effective for all financial instruments acquired,
      issued, or subject to a re-measurement event occurring in fiscal years beginning
      after 15 September 2006. Management does not expect that the adoption of SFAS
      155 will have a significant impact on the financial condition or results of
      operations.




In
      March
      2006, the FASB issued SFAS No. 156, *Accounting
      for Servicing of Financial Assets-an amendment to FASB Statement No.
      140* .
      SFAS
      156 requires that all separately recognized servicing rights be initially
      measured at fair value, if practicable. In addition, this statement permits
      an
      entity to choose between two measurement methods (amortization method or fair
      value measurement method) for each class of separately recognized servicing
      assets and liabilities. This new accounting standard is effective 1 January,
      2007. Management does not expect that the adoption of SFAS 156 will have a
      significant impact on the financial condition or results of
      operations.




In
      September 2006, the FASB issued SFAS No. 157, *Fair
      Value Measurements* ,
      which
      defines fair value, establishes a framework for measuring fair value in
      generally accepted accounting principles, and expands disclosures about fair
      value measurements. SFAS 157 is effective in fiscal years beginning after 15
      November 2007. Management is currently evaluating the impact that the adoption
      of this statement may have on the Company’s consolidated financial position and
      results of operations.





F-12




**TRIMAX
        CORPORATION AND SUBSIDIARIES**
 **(A
        Development Stage Company)**
 **NOTES
        TO THE CONSOLIDATED FINANCIAL STATEMENTS**
 **30
        September 2006**
 **(Expressed
        in United States Dollars)**


**6.**
              **EQUIPMENT**
  The
        details of equipment and the related accumulated depreciation are set forth
        below for the indicated periods:
 **Cost**
              
              **Accumulated
                  Depreciation**
              
              **Net**
                **2006**
              
              **Net**
                **2005**Equipment
              
              $
              4,369
              
              $
              3,987
              
              $
              382
              
              $
              1,918Furniture
                  and fixtures
              
              
              4,020
              
              
              1,310
              
              
              2,710
              
              
              1,919Computer
              
              
              24,749
              
              
              10,187
              
              
              14,562
              
              
              2,770$
              33,138
              
              $
              15,484
              
              $
              17,654
              
              $
              6,607
  **7.**
              **INTANGIBLES**
  Intangible
        assets, net, consisted of the following:
 **Cost**
              
              **Accumulated
                  Depreciation**
              
              **Net**
                **2006**
              
              **Net**
                **2005**Completed
                  technology
              
              
              1,557,327
              
              
              103,822
              
              
              1,453,505Deferred
                  financing costs
              
              
              14,829
              
              
              4,851
              
              
              9,978$
              1,572,156
              
              $
              108,673
              
              $
              1,463,483
              
              $
              -
  **8.**
              **ADVANCES
                  FROM RELATED PARTIES**




The
      advances from directors of the Company, to facilitate the payment of debts,
      are
      non-interest bearing, unsecured and have no specific terms of repayment. The
      carrying value of the advances approximates the market value due to the
      short-term maturity of the financial instruments.





F-13





**TRIMAX
        CORPORATION AND SUBSIDIARIES**
 **(A
        Development Stage Company)**
 **NOTES
        TO THE CONSOLIDATED FINANCIAL STATEMENTS**
 **30
        September 2006**
 **(Expressed
        in United States Dollars)**


**9.**
                **LONG
                    TERM DEBT**


**2006**
            
            **2005**Bank
                loan, bearing interest at the Business Development Bank of Canada
                floating
                rate plus a variance of 2%, repayable in monthly principal payments
                of
                $835 plus interest, with the final payment due on 23 July 2009. The
                loan
                is personally guaranteed by a shareholder of the Company. This loan
                is in
                default and has been demanded to be paid in full by the Business
                Development Bank of Canada. As a result, the entire amount has been
                classified as a current liability.
            
            $
            30,927
            
            $
            -Bank
                loan, bearing interest at the Bank of Montreal Canadian prime rate
                plus
                3%, repayable in monthly principal payments of $1,778 plus interest,
                with
                the final payment due on 31 July 2012. The loan is secured by a general
                security agreement, chattel mortgage, assignment of insurance monies,
                $40,000 Canadian guaranteed by a shareholder of the Company and
                subrogation note and pledge of bills in the amount of $50,000 Canadian
                signed by a shareholder of the Company.
            
            
            122,097
            
            
            -153,024
            
            
            -Less
                current portion
            
            
            54,528
            
            
            -$
            98,496
            
            $
            -




Approximate
      principal repayments required by the loans are comprised as
      follows:


2007
            
            $
            54,5282008
            
            
            19,0872009
            
            
            19,0872010
            
            
            19,0872011
            
            
            41,235$
            153,024




**10.**
            **COMMITMENT
                AND CONTINGENT LIABILITY**




In
      order
      to complete the acquisition of 3One, as described in note 1, the Company must
      complete the required payments of $125,636. The deposits are otherwise
      non-refundable.




The
      Company was sued in the State of Nevada, in a class action lawsuit involving
      multiple plaintiffs, all of whom are former shareholders to PLC Network
      Solutions Inc., a Canadian company. The Company has negotiated a settlement
      agreement with the plaintiffs, which has been accepted in writing. The
      settlement is for a payment of $120,000 over a period of eight months. It is
      expected that all settlement papers will be signed by the Company and finalized
      on or before 31 January 2007. The Company has recorded this expense for the
      year
      ended 30 September 2006.




F-14





**TRIMAX
        CORPORATION AND SUBSIDIARIES**
 **(A
        Development Stage Company)**
 **NOTES
        TO THE CONSOLIDATED FINANCIAL STATEMENTS**
 **30
        September 2006**
 **(Expressed
        in United States Dollars)**


**11.**
            **CAPITAL
                STOCK**




Authorized100,000,000
            common
                stock, par value $0.00120,000,000
            preferred
                stock, par value $0.001


**2006**
                
                **2005**Issued32,290,787
                
                
                common
                    stock
                
                $
                32,291
                
                $
                41,234




In
      September 2004, the Board of Directors approved a 1-for-100 reverse stock split
      of our outstanding shares of capital stock. The reverse stock split became
      effective on 5 November 2004. All share and per share information included
      in
      these consolidated financial statements have been adjusted to reflect this
      reverse stock split.




On
      20
      July 2005 the Company issued 21,900,000 of common shares at par value to the
      Company's founders.




On
      17
      August 2005 Trimax acquired the net liabilities of PLC. This was accounted
      for
      as a recapitalization of PLC into Trimax and resulted in the issuance of
      19,183,718 shares, further described in note 1.




In
      August
      2005 the Company's Board of Directors approved the issuance 100,000 common
      stock
      in exchange for the settlement of $18,446 in debt of the Company.




On
      31
      August 2005 the Company issued 50,000 common shares to a former director of
      the
      Company as compensation for his services and sundry costs as a director of
      Trimax. The common shares issued have been valued at their market value of
      $25,000 or $.50 per share, which is the amount that would have been received
      if
      the shares had been issued for cash. Management believes that the fair market
      value of the services received from the former director approximates this
      value.




On
      21
      November 2005 the Company's Board of Directors approved the issuance of 358,529
      common shares to various investors. The funds were raised through a non-brokered
      private placement of common stock at an average price of $0.75 per share from
      a
      group of accredited non-US investors.




On
      11
      January 2006 the Company issued 55,300 private placement restricted common
      shares to various shareholders at issue prices between $0.65 and $0.80 per
      share.




On
      11
      January 2006 the Company issued 164,247 private placement restricted common
      shares to various shareholders at issue prices between $0.65 and $0.80 per
      share.




On
      6
      February 2006 the Company issued 75,000 shares in settlement of a civil court
      case in which the Company was a defendant. The common shares issued have been
      valued at their market value of $59,407, which is the amount that would have
      been received if the shares had been issued for cash. Management believes that
      the fair market value of the services received from the former director
      approximates this value.





F-15





**TRIMAX
        CORPORATION AND SUBSIDIARIES**
 **(A
        Development Stage Company)**
 **NOTES
        TO THE CONSOLIDATED FINANCIAL STATEMENTS**
 **30
        September 2006**
 **(Expressed
        in United States Dollars)**


**11.**
              **CAPITAL
                  STOCK (Continued)**
  From
        10
        February 2006 to 15 March 2006, the Company issued a total of 113,177 various
        private placement restricted common shares between $0.50 to $0.57 per
        share.
  On
        16
        March 2006 the Company’s Board of Directors approved the cancellation of
        16,000,000 common shares. These shares which were originally issued in July
        2005
        to the former shareholders of PLC in consideration for their shares in PLC,
        however due to non payment and no consideration of the subscribing shares
        they
        were cancelled.
  From
        11
        April 2006 to 15 May 2006, the Company issued a total of 433,819 various
        private
        placement restricted common shares between $0.42 to $0.60 per
        share.
  On
        1 June
        2006 pursuant to Reorganization agreement, the Company issued 2,250,000
        restricted common shares for $0.01 par value in exchange for 100% the common
        stock of Multi-Source Inc.
  On
        1 June
        2006 pursuant to Reorganization agreement, the Company issued 750,000 common
        shares for $0.01 par value in consideration to a company for brokering the
        Multi-Source Inc. acquisition. These transaction costs have been charged
        as a
        reduction of additional paid-in capital.
  On
        1 June
        2006 the Company issued 2,275,985 private placement restricted common shares
        in
        settlement of certain debts for $0.05 per share.
  From
        29
        June 2006 to September 2006, the Company issued a total of 581,012 various
        private placement restricted common shares between $0.16 to $0.40 per
        share.
  **12.**
              **SUPPLEMENTAL
                  CASH FLOW INFORMATION**
  During
        the period ended 30 September 2006 there were no taxes paid and $8,379 (2005
        -
        $199) in interest paid by the Company.
  The
        Company issued 75,000 shares in settlement of a legal matter.
  The
        Company issued 2,275,985 private placement restricted common shares in
        settlement of certain debts for $0.05 per share.
  **13.**
              **SUBSEQUENT
                  EVENTS**
  On
        19
        October 2006 the Company's Board of Directors approved the issuance of 750,000
        common shares in exchange for services provided to the Company.
  On
        25
        October 2006 the Company drew $150,000 from the available convertible debenture,
        discussed in note 16.
  On
        16
        November 2006 the Company's Board of Directors approved the issuance of
        2,000,000 common shares in exchange for services provided to the
        Company.




F-16





**TRIMAX
        CORPORATION AND SUBSIDIARIES**
 **(A
        Development Stage Company)**
 **NOTES
        TO THE CONSOLIDATED FINANCIAL STATEMENTS**
 **30
        September 2006**
 **(Expressed
        in United States Dollars)**


**14.**
            **INCOME
                TAXES**




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




Under
      SFAS No. 109 income taxes are recognized for the following: a) amount of tax
      payable for the current year, and b) deferred tax liabilities and assets for
      future tax consequences of events that have been recognized differently in
      the
      financial statements than for tax purposes.




As
      at 30
      September 2006, there were no differences between financial reporting and tax
      bases of assets and liabilities. The Company has tax losses available to be
      applied against future year’s income as a result of the losses incurred in the
      current period as well as losses carried forward from Trimax. However, due
      to
      the losses incurred in the period and expected future operating results,
      management determined that it is more likely than not that the deferred tax
      asset resulting from the tax losses available for carryforward will not be
      realized through the reduction of future income tax payments. Accordingly a
      100%
      valuation allowance has been recorded for deferred income tax
      assets.




**15.**
            **RELATED
                PARTY TRANSACTIONS**




Related
      party transactions are in the normal course of operations and are recorded
      at
      amounts established and agreed between the related parties. Related party
      transactions not disclosed elsewhere in these consolidated financial statements
      are as follows:




The
      Company issued 2,275,985 private placement restricted common shares in
      settlement of certain debts from shareholders of the Company for $0.05 per
      share.




During
      the year accrued management salaries have been recorded for services of the
      Chief Executive Officer, Chief Financial Officer and Chief Operating Officer
      totaling $250,000 (2005 - $Nil) and are included in accrued
      liabilities.




**16.**
            **CONVERTIBLE
                DEBENTURE**




On
      15 May
      2006 Trimax secured financing from a private accredited group of investors.
      The
      commitment of $1,500,000 is available to be drawn down in $300,000 tranches
      at
      Trimax's option. The loans mature on 14 May 2009 and bears an annual interest
      rate of 12%. At the investor's option, the loan is convertible to common shares
      at the prior 20 day average price. Each common share has one purchase warrant
      attached, with each warrant is exercisable for one common share at $1.25 until
      14 May 2009. On 25 October 2006 the Company drew $150,000 of the available
      loan.





F-17




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




None.




**PART
      III**




**ITEM
      8A. CONTROLS AND PROCEDURES**




As
      discussed in Note 2 to the September 30, 2006 financial statements, the Company
      has restated its financial statements for the fiscal year ended September 30,
      2005.  These restatements are the result of the Company's accounting
      treatment for the business combination of PLC and Trimax.





As
      of the
      end of the period covered by this annual report, an evaluation was carried
      out
      under the supervision and with the participation of the Company's management,
      including our Chief Executive Officer and our Chief Financial Officer, of the
      effectiveness of the design and operation of our disclosure controls and
      procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities
      Exchange Act of 1934).  Based upon that evaluation, the Chief Executive
      Officer and the Chief Financial Officer concluded that the design and operation
      of these disclosure controls and procedures were not effective because of the
      material weakness discussed below.  Notwithstanding the material weakness
      discussed below, the Company's management has concluded that the financial
      statements included in this Annual Report on Form 10-KSB fairly present in
      all
      material respects the Company's financial condition, results of operations
      and
      cash flows for the periods presented in conformity with accounting principles
      generally accepted in the United States of America.





A
      material weakness is a control deficiency, or combination of control
      deficiencies, that results in more than a remote likelihood that a material
      misstatement of the annual or interim financial statements will not be prevented
      or detected.  As a result of the restatement described above and because of
      the weaknesses in our internal control over financial reporting, the following
      material weakness was identified in the Company's assessment of the
      effectiveness of disclosure controls and procedures as of September 30,
      2006:





i) The
      Company did not maintain effective controls over the accounting for the business
      combination of PLC and Trimax.


ii) There
          were certain audit adjustments that related to the timing of recording
          contingent liabilities directly related to the unsuccessful outcome of
          a lawsuit
          with certain former shareholders of PLC.


iii) There
      were certain audit adjustments that related to the cut-off of payables and
      prepaid expenses as at September 30, 2006.


iv) There
      were certain audit adjustments that related to the lack of analysis of certain
      balance sheet accounts as at September 30, 2006.





The
      Company is in the process of establishing the appropriate internal controls
      over
      financial reporting for periods going forward.  This includes a new
      accounting system and additional employees in the accounting
      area.




13





During
        the fourth quarter of the period covered by this report, there were no
        significant changes in internal controls or in other factors that could
        significantly affect the internal controls, including any corrective actions
        taken with regard to significant deficiencies and material
        weaknesses.




**ITEM
      8B. OTHER INFORMATION**




None




**ITEM
      9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS**




All
      directors of our company, hold office until the next annual meeting of the
      stockholders or until their successors have been elected and qualified. The
      officers of our company are appointed by our board of directors and hold office
      until their death, resignation or removal from office **.** Our
      directors and executive officers, their ages and position held are as follows:




Name
                of Director
            Age
            PositionDerek
                Pepler
            48
            Director,
                President and Chief Executive OfficerRobert
                Vivacqua
            42
            Director
                and Chief Financial Officer




*Derek
      Pepler*




Director
      and President and Chief Executive Officer. From 1986 to 1994, Mr. Pepler
      specialized in commercial, investment and development real estate as a Senior
      Consultant with Colliers International and with Oxford Development Group as
      a
      Director. From 1994 to 1999, Mr. Pepler worked with several merchant banks
      with
      the position of V. P. of Sales and Marketing where he managed debt financing
      and
      venture capital opportunities. From 1999 to 2005 Derek managed sales and
      distribution of limited partnerships, hedge funds and financial products for
      several securities dealers.




*Robert
      Vivacqua*




Director
      and Chief Financial Officer. Mr. Vivacqua has over eight years experience as
      a
      Financial Planner and Investment Advisor and has worked within several large
      and
      medium sized firms within the investment industry. He gained his start in the
      investment industry while at Bank of America where he made the transition to
      a
      currency trader. From there he graduated into the position of Financial Analyst
      at Elliott & Page Mutual Funds, which eventually amalgamated into Manulife
      Financial. Additionally, he became a partner in a small boutique independent
      Venture Capital Firm named RJ Sterling Venture Capital where he performs a
      wide
      range of duties such as financial and estate planning, advising, and mortgage
      facilitator for individual investors. In addition he has procured and assisted
      in raising financing for various small to mid sized private and public companies
      through RJ Sterling and the company’s relationships within the investment
      industry.




**ITEM
      10. EXECUTIVE COMPENSATION**




At
      this
      time there is no set executive compensation package for any of the directors
      or
      officers of the Company. The Company currently has no stock option plan or
      similar plans, However the company believes that it will adopt such an executive
      compensation plan and employee stock option plan sometime within the next
      calendar year. The Company has paid executive compensation for services from
      its
      two key officers/shareholders of approximately $230,000 for the year ended
      September 30, 2006. Of this, $210,000 remains unpaid and has been
      accrued as
      management fees payable.





14




**Employment
      Contracts**




The
      Company does not presently have employment contracts with its executive officers
      and directors. The Company has various consulting contracts with companies
      and
      individuals for sales, marketing, technical and other general
      services.




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




This
      item
      will be included by amendment on form 10KSB/A within 120 days after the fiscal
      year end.




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




The
      Company settled $50,998 in debt owing to shareholders of the Company by issuing
      78,458 in shares in November 2005.




The
      Company issued 2,275,985 private placement restricted common shares in
      settlement of certain debts from shareholders of the Company for $0.05 per
      share.




During
      the year accrued management salaries have been recorded for services of the
      Chief Executive Officer, Chief Financial Officer and Chief Operating Officer
      totaling $250,000 (2005 - $Nil) and are included in accrued
      liabilities.




**ITEM
      13. EXHIBITS**





Exhibit
                3.3
            Amended
                and Restated Articles of Incorporation,incorporated
                by reference from our report on form 10K-SB filed on 18 January,
                2006.Exhibit
                31.1
            Certifications
                of CEO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002Exhibit
                31.2
            Certifications
                of CFO (Principal Financial Officer) Pursuant to Section 302 of the
                Sarbanes-Oxley Act of 2002Exhibit
                32.1
            Certifications
                of CEO Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002Exhibit
                32.2
            Certifications
                of CFO (Principal Financial Officer) Pursuant to Section 906 of the
                Sarbanes-Oxley Act of 2002




15




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




**2006**
            
            **2005**1.
                Audit Fees (a)
            
            $
            29,700
            
            $
            5,0002.
                Audit Related Fees
            
            
            13,500
            
            
            -3.
                Tax Fees (b)
            
            
            -
            
            
            -4.
                All Other Fees
            
            
            -
            
            
            -





(a)
            Consists
                of fees billed for professional services rendered for the audit of
                the
                Company's financial statements and review of the interim financial
                statements included in quarterly
                reports.


(b)
            Consists
                primarily of fees paid for tax compliance and tax planning
                services.





The
      Company currently does not have a designated Audit Committee, and accordingly,
      the Company's Board of Directors' policy is to pre-approve all audit and
      permissible non-audit services provided by the independent auditors. These
      services may include audit services, audit-related services, tax services and
      other services. Pre-approval is generally provided for up to one year and any
      pre-approval is detailed as to the particular service or category of services
      and is generally subject to a specific budget. The independent auditors and
      management are required to periodically report to the Company's Board of
      Directors regarding the extent of services provided by the independent auditors
      in accordance with this pre-approval, and the fees for the services performed
      to
      date. The Board of Directors may also pre-approve particular services on a
      case-by-case basis.





16




**SIGNATURES**




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




**TRIMAX
      CORPORATION.**




By:
            */s/
                Derek Pepler*Derek
                PeplerPresident
                and Director and Chief Executive Officer




Date:
      January 16, 2006




In
      accordance with the Exchange Act, this report has been signed below by the
      following persons on behalf of the registrant and in the capacities and on
      the
      dates indicated.




By:
            */s/
                Derek Pepler*Derek
                PeplerPresident
                and Chief Executive Officer and DirectorBy:
            */s/
                Robert Vivacqua*Robert
                VivacquaChief
                Financial Officer (Principal Financial Officer) and Director






17