**UNITED
      STATES**


**SECURITIES AND EXCHANGE COMMISSION**


Washington,
      D.C. 20549




**FORM
      10-KSB/A**




(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, 2007**




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 Street, Suite 204**


**Toronto,
      Ontario M5C-1M1**


(Address
      of principal executive offices)




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




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


**None** .




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


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


(Title
      of
      class)




Check
      whether the issuer is not required to file reports pursuant to Section 13 or
      15(d) of the Exchange Act ** ̈**





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


Yes **x** No ** ̈** 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**





State
      issuer’s revenues for its most recent fiscal year:


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




As
      of
      December 15, 2007 the aggregate market value of the voting common equity held
      by
      non-affiliates of the registrant was approximately $509,668 based on the closing
      trade reported on the NASD Over-the-Counter Bulletin Board National Quotation
      System.




On
      December 15, 2007 the registrant had issued **63,469,766
      shares of Common Stock** ,
      par
      value $0.001; and had
      issued **nil
      shares of preferred stock** ,
      par
      value $0.001.




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, 2007




PagePart
                IItem
                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 Mattersand
                Small Business Issuer Purchases of Equity Securities
            
            8Item
                6
            Management's
                Discussion and Analysis or Plan of Operation
            
            11Item
                7
            Financial
                Statements
            
            F-1Item
                8
            Changes
                In and Disagreements With Accountants on Accounting and Financial
                Disclosure
            
            15Item
                8A
            Controls
                and Procedures
            
            15Item
                8A(T)
            Controls
                and Procedures
            
            16Item
                8B
            Other
                Information
            
            16Part
                IIIItem
                9
            Directors,
                Executive Officers, Promoters, Control Persons and Corporate Governance;
                Compliance With Section 16(a) of the Exchange Act
            
            16Item
                10
            Executive
                Compensation
            
            17Item
                11
            Security
                Ownership of Certain Beneficial Owners and Management and Related
                Stockholder Matters
            
            18Item
                12
            Certain
                Relationships and Related Transactions,
                and Director Independence
            
            18Item
                13
            Exhibits
            
            18Item
                14
            Principal
                Accountant Fees and Services
            
            19SIGNATURES
            
            19









**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 Ontario.





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 operations of Urbanesq being reported by the Company 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 the
      Corporation’s common stock of one new share 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 to 100,000,000
      shares of common stock and 20,000,000 shares of preferred stock, both with
      a par
      value of $0.001 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 supplier (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
      Partner represented that it had secured itself from Ascom. In accordance with
      the agreement, 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 paid 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 technology 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 alleging damages of $1,250,000, subsequently received
      a
      court ordered judgment in the Company’s favour of $132,000, received $25,000 and
      is awaiting payment of a further $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.


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.




3




The
      acquisition of MSI 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





In
      March
      of 2007, Trimax terminated its acquisition of Multi-Source on the grounds of
      Breach of Contract.





On
      August
      14, 2007, pursuant to an asset purchase agreement by and between Cybersonics
      Broadcast Services Inc., a company incorporated in the Province Of Ontario
      under
      the Business Corporations Act, and Trimax, 2,000,000 shares of Trimax common
      stock were issued as a deposit towards the acquisition of assets known as
      Multi-Media Management Distribution Technology.




**Overview**




Trimax
      is
      a broadband over power line (“BPL”) integrator and service provider. Using
      existing powerline infrastructures, it delivers innovative data, voice and
      video
      communications to commercial, residential and other markets. BPL technology
      has
      evolved from 85 mbps to where new generation chip sets now deliver applications
      at 225 mbps transfer rates. New 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 costs.
      Utility companies have been slow to adopt the technology as further test pilots
      are required for any eventual broad scale deployment.




4


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’.




In
      pursuit of companies and technologies that can deliver a revenue base which
      will
      eventually allow it to be self sufficient, Trimax has entered into on going
      negotiations for BPL digital signage and content management technology with
      Cybersonics Broadcast Services Inc. Trimax hopes its efforts will lead to
      contracts for digital signage and content management.




The
      Company has since been involved in several projects with an assortment of
      potential clients for BPL enhanced digital signage screens and content
      management. These projects have not yet become revenue generating and remain
      at
      the demonstrational stage. Trimax has been showcasing a complete digital signage
      solution, including content management software and remote management tools
      for
      administrators to manage larger scale deployments which can be further enhanced
      and be made more cost effective with the use of BPL technology.




As
      a
      result of its efforts, Trimax has purchased 126 digital signage screens for
      an
      anticipated initial order totalling $226,000. Trimax has further invested thus
      far $90,000 to Cybersonics Sound Technologies Inc. in the effort to further
      the
      Company’s business .





**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, 2007 the Company has incurred cumulative losses
      of $15,643,066 and has never generated enough funds through operations to
      support its business. The Company expects to continue to incur operating losses
      through 2008.


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 a Personal Digital Assistance
                device





-
            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 has not yet generated any meaningful revenues from the sale of its
      products, 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.




5




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 is an 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 attempting to position
      itself to gain first-to-market traction in this relatively untapped new market
      place in both the developed and developing world.




Trimax
      is
      attempting to expand by growing its operations and by way of partnerships and
      acquisitions.


Trimax
      is
      well positioned to capture market share in the expanding Broadband over
      Powerline (“BPL”) application and equipment markets through digital signage and
      content management. Investments have been made into Cybersonics Sound
      Technologies, and the acquisition of various assets known as Multi-Media
      Management Distribution Technology through Cybersonics Broadcast Services Inc.





**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 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 was
      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 a reverse
      merger was no longer appropriate. Consequently, the Company has restated its
      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 initially
      reported were those of PLC.





The
      effect on the consolidated balance sheet as of September 30, 2005 was to
      increase additional paid-in capital by $9,230,593 and to increase the
      accumulated deficit by $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 and had no effect on the earnings per
      share for the year ended September 30, 2005.




6




**Acquisitions**




*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
      has made a deposit towards the purchase of a 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 acquisition would allow
      for the potential to upgrade the services, technology, IP applications and
      broadband provisioning to these hotel sites. The purchase price was
      $220,230 CDN. Trimax has paid initial deposits and payments totalling $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.





*Multi-Media
      Management Distribution Technology*




On
      August
      14, 2007, pursuant to an asset purchase agreement by and between Cybersonics
      Broadcast Services Inc., a company incorporated in the Province Of Ontario
      under
      the Business Corporations Act, and Trimax, 2,000,000 shares of Trimax common
      stock were issued as a deposit towards the acquisition of assets known as
      Multi-Media Management Distribution Technology and issued 1,200,000 shares
      of
      common stock pursuant to a supply chain agreement to purchase certain digital
      signage screens.


As
      a
      result of its efforts, Trimax has purchased 126 digital signage screens for
      an
      anticipated initial order totalling $226,000. Trimax has further invested thus
      far $90,000 to Cybersonics Sound Technologies Inc. in the effort to further
      the
      Company’s business .





**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.





7





**Employees**




The
      Company currently has no employees. The Company 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 future 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.




**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
      March
      22, 2006 Trimax filed an action in The Superior Court of Ontario against
      Electrolinks Corporation 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 for $120,000 against
      the Company. Both parties have agreed to a settlement. The proposed settlement
      will consist of a payment of $25,000 from Electrolinks Corporation (see prior
      paragraph) in exchange for a full release by Trimax. Trimax will then proceed
      to
      pay $25,000 to have the action in Nevada dropped. This settlement is expected
      to
      be finalized no later than March 2008.




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




None.




**PART
      II**




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




The
      Company's common shares, par value $0.001 (the “Shares”) were approved for
      quotation 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
      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.




8





**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.




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.




9




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.




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.





On
      19
      October 2006 the Company's Board of Directors approved the issuance of 750,000
      restricted common shares in exchange for a draw down payment of $150,000 from
      the convertible debenture described above. These shares were issued as a result
      of an amending agreement in October 2006 to the convertible debenture agreement
      which outlined the simultaneous issuance of 750,000 restricted common shares
      and
      warrants for an additional 750,000 common shares exercisable at $0.20 upon
      making the first draw down payment from the convertible debenture to the
      Company.





On
      November 16, 2006 the Company's Board of Directors approved the issuance of
      2,000,000 private placement restricted common shares in exchange for $100,000
      of
      services provided to the Company.




On
      January 24, 2007 the Company issued 10,000,000 restricted common shares to
      the
      officers of the company for of services provided to the Company. The fair value
      was measured at the value of the Company's common stock on the date that the
      commitment for performance had been reached. This valuation date was January
      24,
      2007 at which time the stock was valued at $0.17.  The fair value of the
      equity instrument has been charged directly to compensation expense and
      additional paid-in capital.





On
      January 27, 2007 the Company issued 8,300,000 restricted common shares in
      settlement of accounts payable of $148,400.





On
      January 22, 2007 the Company filed a Form S-8 Registration Statement
‘Securities to be offered to Employees in Employee Benefit Plans’.  Under
      the terms of this filing the company registered 1,369,286 shares of common
      stock
      with a par value of $.001 per share for settlement of amounts payable by the
      company to the employees. The fair value was measured at the value of the
      Company's common stock on the date on the registration. This valuation date
      was
      January 22, 2007 at which time the stock was valued at $0.16.  The fair
      value of the equity instrument has been charged directly to the related amounts
      due to the respective parties and additional paid-in capital.





On
      March
      3, 2007 the company issued 1,000,000 private placement restricted common shares
      in exchange for $155,000 of services provided to the Company at which time
      the
      stock was valued at $0.15.  The fair value of the equity instrument has
      been charged directly to the income statement and additional paid-in
      capital.





During
      the quarter ended March 31, 2007, the Company issued 588,461 private placement
      common shares to various investors at an issue price of between $0.10 and $0.13
      per share.





On
      April
      17, 2007 the Company cancelled the 3,000,000 common shares related to
      the legal
      circumstances surrounding the acquisition of MSI. Trimax
      terminated the agreement to acquire MSI.





On
      April
      25, 2007 the Company cancelled 122,222 shares of common stock originally issued
      at $0.16 per share for services.





10





On
      May 9,
      2007 the Company adopted the 2007 Equity Incentive Plan the purpose of which
      is
      to provide incentives to attract, retain and motivate eligible persons whose
      present and potential contributions are important to the success of the Company.
      The total number of shares reserved and available for grant and issuance
      pursuant to the Plan is 5,000,000 shares.





On
      May
      14, 2007 the Company issued 3,200,000 shares of common stock for deposits on
      contracts and issued 1,263,000 shares of common stock for services from
      consultants, all issued at $0.16 per share.





On
      May
      16, 2007 the Company issued 233,000 shares of common stock for services from
      consultants at $0.15 per share and issued 200,000 for cash pursuant to a private
      placement at $0.10 per share.





On
      May
      24, 2007 the Company issued 233,000 shares of common stock for services from
      consultants at $0.14 per share.





On
      July
      10, 2007 the Company issued 1,700,000 shares of common stock for management
      services and issued 3,550,000 shares of common stock for services from
      consultants, all issued at $0.12 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. Several
      factors that could cause or contribute to such differences include those
      discussed in the "Risk Factors" section of this Form 10-KSB.




**PLAN
      OF OPERATIONS**




Trimax
      and its wholly owned subsidiary, PLC Network Solutions Inc., are providers
      of
      broadband over power lines (‘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 power line infrastructure
      and
      electrical wiring in commercial and residential buildings into a high-bandwidth
      network. Broadband is delivered to every electrical outlet throughout the home
      or business. To connect, users plug a modem into any electrical outlet and
      plug
      their computer, phone or IP device into the modem.  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.





11




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
      hard
      wired broadband access technologies. This technology has been successfully
      deployed by others around the globe, in hotels, homes, apartments, office
      towers, schools, hospitals, museums and government buildings.





To
      date,
      Trimax has generated nil revenues from sales of its products.





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. The Company is
      undergoing pilot projects, deployed test equipment and been in negotiations
      with
      various parties and anticipates an increase in interest for deployment of its
      devices and bundled services in the 2008 calendar year. The Company anticipates
      securing some contracts in 2008 for its devices and bundled services in emerging
      markets.





For
      the
      fiscal year ended September 30, 2007 the Company incurred a loss in the amount
      of $4,959,595. 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 costs related to the development of
      marketing strategies and costs associated with deploying pilot projects for
      potential customers and clients. 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. These expenditures
      are
      expected to be financed mainly through a convertible debenture agreement and
      through various private placements. No sources of funds are currently in place
      or available to the Company.




**Recent
      Developments and Discussions**




The
      company has been involved in several pilot projects with an assortment of
      potential clients for BPL enhanced digital signage screens and content
      management. These pilots thus far have yielded promising reactions and feedback.
      Trimax has been showcasing a complete digital signage solution, including
      content management software and professional remote management tools for
      administrators to manage larger-scale deployments which tools can be enhanced
      and more cost effective with the use of the Broadband over Power Lines
      technology (BPL).  Trimax
      has purchased 126 Digital Signage Screens for an anticipated initial order
      totalling $226,000usd and has invested thus far $90,000 to Cybersonics Sound
      Technologies Inc., a company established in the distribution of advertising
      content to off sight locations via radio and streaming video over the internet.
      The Company continues to negotiate with Cybersonics Sound Technologies for
      a
      mutually beneficial business arrangement .





**Liquidity
      and Capital Resources**




Since
      the
      consummation of the acquisition of PLC Network Solutions Inc. the Company has
      raised funds through a convertible debenture and private placement funds through
      various investors. The Company continues to attempt to raise funds through
      its
      convertible debenture and various small individual investors in the effort
      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 raising 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, or at all.




12




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
      expand its operations. There can be no guarantee that financing in amounts
      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 in place or made at September 30, 2007.




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 hopes that it can draw down on funds through a previously executed
      convertible debenture agreement executed on May 15, 2006. This commitment is
      non
      binding; there can be no assurances that any additional funds will be available
      on terms acceptable to the Company, or 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 two increments of $150,000
      of
      the available funds. The Company has drawn down a total of $300,000usd from
      this
      financing convertible debenture agreement. The finance group has elected to
      convert to equity, and as a result Trimax has issued shares for the funds
      received. There are presently no interest charges accruing or fees owed by
      Trimax.




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 in order to keep
      operational. 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. To date, there have been no international
      operations.




**Critical
      Accounting Policies**




The
      Company’s financial statements and accompanying notes are prepared in accordance
      with accounting principles generally accepted 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. The Company believes 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:




13




**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 are 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.




14




**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  September 30, 2007 and the
        related consolidated statements of operations and
        comprehensive income ,
        changes
        in stockholders' equity and cash flows for the  year
        then ended  and for
        the cumulative period from inception to September 30, 2007. 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.  The
        financial statements of Trimax Corporation and Subsidiaries as of September
        30,
        2006 and 2005, were audited by other auditors whose report dated December
        20,
        2006, expressed an unqualified opinion on those statements.




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 September 30, 2007 and
        the
        results of its operations, cash flows and changes in stockholders' deficit
        for
        the year
        then ended and
        for
        the cumulative period from inception to September 30, 2007 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.




/s/Chisholm,
        Bierwolf & Nilson
 ***Chisholm,
        Bierwolf & Nilson, LLC***
 **Bountiful,
        Utah**
 **December** **17,** **2007**




F-1
 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 and for the cumulative period from inception to September 30, 2006. 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 and for the cumulative period from inception to September 30, 2006 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


F-2


**TRIMAX
      CORPORATION**


**(A
      Development Stage Company)**


**CONSOLIDATED
      BALANCE SHEETS**


**AS
      AT 30 SEPTEMBER**


**(Expressed
      in United States Dollars)**




**2007**
            
            **2006****ASSETS****Current
                Assets**Cash
            
            $
            12,011
            
            $
            764Prepaid
                expenses
            
            
            -
            
            
            107,027Deposits
                on acquisitions
            
            
            811,380
            
            
            -**Total
                Current Assets**
            
            
            823,391
            
            
            107,791**Long
                Term Assets**Equipment
            
            
            9,863
            
            
            17,654Intangibles
            
            
            -
            
            
            1,463,483**Total
                Long Term Assets**
            
            
            9,863
            
            
            1,481,137**Total
                Assets**
            
            $
            833,254
            
            $
            1,588,928**LIABILITIES
                AND STOCKHOLDERS' EQUITY****Current
                Liabilities**Bank
                Indebtedness
            
            
            -
            
            
            20,622Accounts
                payable and accrued liabilities
            
            
            339,668
            
            
            364,967Payable
                to related parties
            
            
            434,586
            
            
            413,603Other
                loans and advances payable
            
            
            158,637
            
            
            -Long
                term debt - current portion
            
            
            -
            
            
            54,528**Total
                Current Liabilities**
            
            
            932,891
            
            
            853,720**Long
                Term Liabilities**Long
                term debt
            
            
            -
            
            
            98,496**Total
                Liabilities**
            
            
            932,891
            
            
            952,216**Commitment
                and Contingent Liability**




**Stockholders'
                Equity (Deficit)**Authorized100,000,000
                Common shares par value of $0.001 each20,000,000
                Preferred shares par value of $0.001 eachIssued
                and outstanding63,469,766
                (32,290,787 - 2006) Common shares
            
            
            63,470
            
            
            32,291Nil
                preferred shares
            
            
            -
            
            
            -Additional
                paid-in capital
            
            
            15,399,248
            
            
            11,311,180Accumulated
                other comprehensive loss
            
            
            80,711
            
            
            (23,288
            )Deficit
                accumulated during the development stage
            
            
            (15,643,066
            )
            
            (10,683,471
            )**Total
                Stockholders' Equity (Deficit)**
            
            
            (99,637
            )
            
            636,712**Total
                Liabilities and Stockholders' Equity**
            
            $
            833,254
            
            $
            1,588,928




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




F-3




**TRIMAX
      CORPORATION**


**(A
      Development Stage Company)**


**CONSOLIDATED
      STATEMENTS OF OPERATIONS**


**(Expressed
      in United States Dollars)**




**For
                The Year Ended 30 September 2007**
            
            **For
                The Year Ended 30 September 2006**
            
            **For
                The Period From Inception to 30 September 2007****EXPENSES**Consultants
                and professional fees
            
            $
            913,640
            
            $
            276,469
            
            $
            7,392,954Stock
                compensation expense
            
            
            1,319,625
            
            
            -
            
            
            1,319,625General
                and administrative
            
            
            398,889
            
            
            257,065
            
            
            1,949,858Management
                fees
            
            
            100,957
            
            
            231,438
            
            
            1,019,395License
                fees
            
            
            -
            
            
            50,523
            
            
            64,953Investor
                relations
            
            
            155,000
            
            
            -
            
            
            155,000Financial
            
            
            85,927
            
            
            8,379
            
            
            181,319(Gain)
                loss on exchange
            
            
            (9,131
            )
            
            (9,565
            
            
            (17,569
            )Stock
                based compensation
            
            
            1,964,000
            
            
            -
            
            
            2,962,660Product
                development
            
            
            -
            
            
            -
            
            
            400,495Selling
                and promotion
            
            
            105,900
            
            
            -
            
            
            310,974Depreciation
                of intangible assets
            
            
            80,959
            
            
            104,526
            
            
            181,683Depreciation
                of tangible assets
            
            
            2,360
            
            
            7,772
            
            
            38,2635,118,126
            
            
            926,607
            
            
            15,959,610**NET
                OPERATING LOSS**
            
            
            (5,118,126
            )
            
            (926,607
            )
            
            (15,959,610
            )**GAIN
                ON DISPOSAL OF SUBSIDIARY**
            
            
            158,531
            
            
            -
            
            
            158,531**LEGAL
                SETTLEMENT**
            
            
            **-**
            
            
            120,000
            
            
            120,000**WRITE
                OFF MERGER GOODWILL**
            
            
            -
            
            
            -
            
            
            38,013**OPERATING****LOSS****BEFORE INCOME TAX**
            
            $
            (4,959,595
            )
            $
            (1,046,607
            )
            $
            (15,643,066
            )**Income
                Tax**
            
            
            -
            
            
            -
            
            
            -**NET
                LOSS**
            
            $
            (4,959,595
            )
            $
            (1,046,607
            )
            $
            (15,643,066
            )**FOREIGN
                CURRENCY TRANSLATION ADJUSTMENT**
            
            
            103,999
            
            
            (17,929
            )
            
            80,711**COMPREHENSIVE
                LOSS**
            
            $
            (4,855,596
            )
            $
            (1,064,536
            )
            $
            (15,562,355
            )**LOSS
                PER WEIGHTED NUMBER OF SHARES OUTSTANDING - BASIC AND
                DILUTED**
            
            $
            (0.09
            )
            $
            (0.04
            )**WEIGHTED
                AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND
                DILUTED**
            
            
            53,243,903
            
            
            27,836,636




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




F-4




**TRIMAX
      CORPORATION**


**(A
      Development Stage Company)**


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


**FOR
      THE YEARS ENDED 30 SEPTEMBER 2007 AND 2006 AND FROM INCEPTION TO 30 SEPTEMBER
      2007**


**(Expressed
      in United States Dollars)**




**Shares**
            
            **Common
                Stock**
            
            **Additional
                Paid-in Capital**
            
            **Stock
                issuable**
            
            **Accumulated
                Other Comprehensive Income (Loss)**
            
            **Accumulated
                Deficit**
            
            **Total
                Stockholders' Equity (Deficit)****25
                August 2000**
            
            
            5,400
            
            $
            6
            
            $
            27,183
            
            $
            -
            
            $
            -
            
            $
            -
            
            $
            27,189Foreign
                currency
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (194
            )
            
            -
            
            
            (194
            )Net
                loss
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (45,676
            )
            
            (45,676
            )Stock
                subscribed for services and concept
            
            
            -
            
            
            -
            
            
            -
            
            
            40,192
            
            
            -
            
            
            -
            
            
            40,192**Balance**
              **30
                September 2000**
            
            
            5,400
            
            
            6
            
            
            27,183
            
            
            40,192
            
            
            (194
            )
            
            (45,676
            )
            
            21,511Foreign
                currency
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            8,643
            
            
            -
            
            
            8,643Stock
                issued
            
            
            8,142
            
            
            8
            
            
            187,397
            
            
            (40,192
            )
            
            -
            
            
            -
            
            
            147,213Net
                loss
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (179,888
            )
            
            (179,888
            )**Balance**
              **30
                September**
              **2001**
            
            
            13,542
            
            
            14
            
            
            214,580
            
            
            -
            
            
            8,449
            
            
            (225,564
            )
            
            (2,521
            )Stock
                issued to
              acquire
              subsidiary
            
            
            111,458
            
            
            111
            
            
            (119,328
            )
            
            -
            
            
            -
            
            
            119,218
            
            
            1Stock
                cancelled
            
            
            (5,000
            )
            
            (5
            )
            
            (3,810
            )
            
            -
            
            
            -
            
            
            3,815
            
            
            -Stock
                issued for settlement of debt
            
            
            16,460
            
            
            16
            
            
            59,364
            
            
            -
            
            
            -
            
            
            -
            
            
            59,380Stock
                issued for salaries
            
            
            500
            
            
            1
            
            
            2,499
            
            
            -
            
            
            -
            
            
            -
            
            
            2,500Stock
                option benefit
            
            
            -
            
            
            -
            
            
            2,263,560
            
            
            -
            
            
            -
            
            
            -
            
            
            2,263,560Foreign
                currency
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (3,436
            )
            
            -
            
            
            (3,436
            )Net
                loss
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (3,137,115
            )
            
            (3,137,115
            )**Balance**
              **30
                September 2002**
            
            
            136,690
            
            
            137
            
            
            2,416,865
            
            
            -
            
            
            5,013
            
            
            (3,239,646
            )
            
            (817,631
            )Sock
                issued for debt
            
            
            87,590
            
            
            87
            
            
            926,468
            
            
            -
            
            
            -
            
            
            -
            
            
            926,555Stock
                issued on exercise of options
            
            
            11,000
            
            
            11
            
            
            42,989
            
            
            (7,100
            )
            
            -
            
            
            -
            
            
            35,900Stock
                issued for services and technology
            
            
            28,645
            
            
            29
            
            
            289,427
            
            
            -
            
            
            -
            
            
            -
            
            
            289,456Stock
                issued for consulting
            
            
            155,000
            
            
            155
            
            
            1,549,845
            
            
            -
            
            
            -
            
            
            -
            
            
            1,550,000Stock
                compensation benefit
            
            
            -
            
            
            -
            
            
            214,660
            
            
            -
            
            
            -
            
            
            -
            
            
            214,660Stock
                compensation
            
            
            95,000
            
            
            95
            
            
            949,905
            
            
            -
            
            
            -
            
            
            -
            
            
            950,000Foreign
                currency
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (162
            )
            
            -
            
            
            (162
            )Net
                loss
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (3,212,184
            )
            
            (3,212,184
            )**Balance**
              **30
                September 2003**
            
            
            514,195
            
            
            514
            
            
            6,390,159
            
            
            (7,100
            )
            
            4,851
            
            
            (6,451,830
            )
            
            (63,406
            )Adjustment
            
            
            23
            
            
            -
            
            
            123,031
            
            
            -
            
            
            -
            
            
            (123,031
            )
            
            -Stock
                issued for debt
            
            
            378,000
            
            
            378
            
            
            188,622
            
            
            -
            
            
            -
            
            
            -
            
            
            189,000Shares
                cancelled
            
            
            (38,000
            )
            
            (38
            )
            
            (379,962
            )
            
            -
            
            
            -
            
            
            -
            
            
            (380,000
            )Stock
                issued on exercise of options
            
            
            3,000
            
            
            3
            
            
            14,997
            
            
            7,100
            
            
            -
            
            
            -
            
            
            22,100Stock
                issued for services and technology
            
            
            115,000
            
            
            115
            
            
            1,379,885
            
            
            -
            
            
            -
            
            
            -/
            
            
            1,380,000Shares
                issued for consulting
            
            
            189,000
            
            
            189
            
            
            1,330,811
            
            
            -
            
            
            -
            
            
            -
            
            
            1,331,000Stock
                issued for compensation
            
            
            1,500
            
            
            2
            
            
            23,998
            
            
            -
            
            
            -
            
            
            -
            
            
            24,000Shares
                cancelled
            
            
            (39,000
            )
            
            (39
            )
            
            (398,961
            )
            
            -
            
            
            -
            
            
            -
            
            
            (399,000
            )Shares
                cancelled
            
            
            (40,000
            )
            
            (40
            )
            
            (399,960
            )
            
            -
            
            
            -
            
            
            -
            
            
            (400,000
            )Foreign
                currency
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            769
            
            
            -
            
            
            769Net
                loss
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (2,799,751
            )
            
            (2,799,751
            )**Balance**
              **30
                September 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
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (5,359
            )
            
            -
            
            
            (5,359
            )Net
                loss
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (162,584
            )
            
            (162,584
            )**Balance**
              **30
                September 2005**
            
            
            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
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (17,929
            )
            
            -
            
            
            (17,929
            )Net
                loss
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (1,046,607
            )
            
            (1,046,607
            )**Balance**
              **30
                September 2006**
            
            
            **32,290,787**
            
            **$**
            **32,291**
            
            **$**
            **11,311,180**
            
            $
            -
            
            $
            (23,288
            )
            $
            (10,683,471
            )
            $
            636,712Common
                stock issued for cash
            
            
            1,538,461
            
            
            1,538
            
            
            227,308
            
            
            -
            
            
            
            
            
            
            
            
            228,846Cancellation
                of common stock
            
            
            (3,000,000
            )
            
            (3,000
            )
            
            (1,144,500
            )
            
            -
            
            
            -
            
            
            -
            
            
            (1,147,500
            )Common
                stock issued for services
            
            
            29,440,518
            
            
            29,441
            
            
            4,408,520
            
            
            -
            
            
            -
            
            
            -
            
            
            4,437,961Common
                stock issued for deposits on acquisitions
            
            
            3,200,000
            
            
            3,200
            
            
            508,800
            
            
            -
            
            
            -
            
            
            -
            
            
            512,000Value
                of warrants issued
            
            
            -
            
            
            -
            
            
            87,940
            
            
            -
            
            
            -
            
            
            -
            
            
            87,940Net
                loss
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (4,959,595
            )
            
            (4,959,595
            )Foreign
                exchange
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            103,999
            
            
            -
            
            
            103,999**Balance**
              **30
                September****2007**
            
            
            **63,469,766**
            
            
            **63,470**
            
            
            **15,399,248**
            
            
            **-**
            
            
            **80,711**
            
            
            (15,643,066
            )
            
            (99,637
            )




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




F-5




**TRIMAX
      CORPORATION (A Development Stage Company)**


**CONSOLIDATED
        STATEMENT OF CASH FLOWS**


**(Expressed
        in United States Dollars)**




**For
                The Year Ended 30 September 2007**
            
            **For
                The Year Ended 30 September 2006**
            
            **For
                The Period From Inception to 30 September 2007****CASH
                FLOWS FROM OPERATING ACTIVITIES**Net
                loss
            
            $
            (4,959,595
            )
            $
            (1,046,607
            )
            $
            (15,643,066
            )**Adjustment
                to reconcile net loss to net cash used:**Depreciation
                of tangible assets
            
            
            2,360
            
            
            7,772
            
            
            38,263Depreciation
                of intangible assets
            
            
            80,959
            
            
            107,024
            
            
            181,683Gain
                on disposal of subsidiary
            
            
            158,531
            
            
            -
            
            
            158,531Cancellation
                of common stock
            
            
            -
            
            
            (16,000
            )
            
            (16,000
            )Stock
                compensation expense - warrants
            
            
            87,940
            
            
            -
            
            
            87,940Common
                stock issued for debt
            
            
            -
            
            
            113,799
            
            
            113,799Common
                stock issued in settlement of legal claim
            
            
            -
            
            
            59,408
            
            
            59,408Accounts
                payable forgiven
            
            
            -
            
            
            -
            
            
            (10,171
            )Common
                stock issued for services
            
            
            4,437,961
            
            
            -
            
            
            11,894,037Write
                off of salaries payable
            
            
            -
            
            
            -
            
            
            (111,355
            )Write
                off of directors compensation
            
            
            -
            
            
            -
            
            
            (200,000
            )**Changes
                in operating assets and liabilities:**Stock
                subscriptions receivable
            
            
            -
            
            
            21,900
            
            
            -Prepaid
                expenses
            
            
            107,027
            
            
            (22,864
            )
            
            -Accounts
                payable and accrued liabilities
            
            
            (17,054
            )
            
            71,306
            
            
            1,411,308**NET
                CASH USED IN OPERATING ACTIVITIES**
            
            
            (101,871
            )
            
            (704,262
            )
            
            (2,035,623
            )


**CASH
                FLOWS FROM INVESTING ACTIVITIES**Advances
                to Multi-Source Inc.
            
            
            (240,696
            )
            
            14,016
            
            
            (226,680
            )Deposits
                on acquisitions
            
            
            (299,380
            )
            
            -
            
            
            (299,380
            )Acquisition
                of equipment
            
            
            (4,818
            )
            
            (7,110
            )
            
            (58,190
            )**CASH
                FLOWS USED IN INVESTING ACTIVITIES**
            
            
            (544,894
            )
            
            **6,906**
            
            
            **(584,250**
            **)****CASH
                FLOWS FROM FINANCING ACTIVITIES**(Repayment)
                proceeds from long term debt
            
            
            12,332
            
            
            2,077
            
            
            165,356(Repayment)
                advances from related parties
            
            
            312,729
            
            
            105,095
            
            
            456,917Other
                loans and advances
            
            
            158,637
            
            
            -
            
            
            910,452Proceeds
                from the issuance of common stock
            
            
            228,846
            
            
            545,092
            
            
            1,133,049**CASH
                FLOWS USED IN FINANCING ACTIVITIES**
            
            
            **712,544**
            
            
            **652,264**
            
            
            **2,665,774****EFFECT
                OF FOREIGN CURRENCY TRANSLATION**
            
            
            (54,532
            )
            
            **26,001**
            
            
            **(33,890**
            **)****NET
                (DECREASE) INCREASE IN CASH**
            
            
            **11,247**
            
            
            (19,091
            )
            
            **12,011****CASH,
                BEGINNING OF YEAR**
            
            
            764
            
            
            19,855
            
            
            -**CASH,
                END OF YEAR**
            
            **$**
            **12,011**
            
            **$**
            **764**
            
            **$**
            **12,011**




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




F-6




**TRIMAX
      CORPORATION**


**(A
      Development Stage Company)**


**NOTES
      TO THE CONSOLIDATED FINANCIAL STATEMENTS**


**30
      September 2007**


**(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 shares of common
      and preferred stock to 100,000,000 shares of common stock and 20,000,000 shares
      of preferred stock, both with a par value of $0.001 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 for the issuance of 5,900,000 shares
      of common stock.




Basis
      of
      Consolidation:




The
      consolidated financial statements include the accounts of PLC Network Solutions
      Inc. and the Company.  All inter-company accounts and transactions have
      been eliminated in the consolidation.





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 from Ascom for itself. 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 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 and for which
      no
      annual license fees are required to be paid by Trimax.




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 $23,925 towards settlement and is awaiting further payment of $107,000
      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 client
      list of hotels, motels and resort customers. The purchase price was $220,230.
      Trimax has paid initial deposits and payments totalling $94,594, with the
      balance payable in equal monthly instalments 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 2007 have been reflected
      in
      the balance sheet under ‘Deposits on Acquisitions’. 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 fifty hotels,
      which
      represents a recurring revenue stream from 4,600 rooms in total.




F-7




**TRIMAX
      CORPORATION AND SUBSIDIARIES**


**(A
      Development Stage Company)**


**NOTES
      TO THE CONSOLIDATED FINANCIAL STATEMENTS**


**30
      September 2007**


**(Expressed
      in United States Dollars)**




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





The
      3One
      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.





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 3,000,000
      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. The Company allocated an additional $1,557,327 to the acquired
      intangible assets. The intangible assets have been amortized over a five year
      period on a straight-line basis. Up to an additional 2,000,000 shares were
      eligible to 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
            
            
            -




Due
      to
      legal circumstances surrounding the acquisition and effective April
      1, 2007
      Trimax terminated the agreement entered into with MSI and on April 17, 2007
      Trimax cancelled the 3,000,000 shares issued to the shareholders of MSI as
      part
      of the original acquisition. As a result of these changes the assets and
      liabilities previously recognized through the acquisition of MSI have been
      written off by the Company and returned to the original owners at their current
      net book value. The Company has written off its investment in MSI as
      follows:




**Disposal
      of the net liabilities of MSI due to cancellation of acquisition
      agreement**


Intangible
                    assets - net of amortization
                
                $
                (1,384,567
                )Fixed
                    assets
                
                
                (6,999
                )Loan
                    payable
                
                
                291,746Bank
                    loan payable
                
                
                165,356Accounts
                    payable
                
                
                28,941Deficit
                
                
                1,064,054Gain
                    on disposal
                
                $
                158,531


F-8




**TRIMAX
      CORPORATION AND SUBSIDIARIES**


**(A
      Development Stage Company)**


**NOTES
      TO THE CONSOLIDATED FINANCIAL STATEMENTS**


**30
      September 2007**


**(Expressed
      in United States Dollars)**





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





Intangible
      assets of MSI, net, consisted of the following:




**Estimated Useful Life and****Amortization Basis**
            
            **Gross
                Intangible Asset**
            
            **Accumulated
                Amortization**
            
            **Net Intangible
                Asset**Technology
            
            
            5
                years using straight-line basis
            
            $
            1,566,250
            )
            $
            (181,683
            )
            $
            1,384,567Write
                off
            
            
            
            
            $
            (1,566,250
            )
            $
            181,683
            
            $
            (1,384,567
            )Balance
            
            
            
            
            $
            -
            
            $
            -
            
            $
            -





**2.**
            **DEPOSITS
                ON ACQUISITIONS**




Trimax
      continues to negotiate the purchase of a 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. The purchase price was $220,230 CDN. Trimax
      has
      paid initial deposits and payments totaling $94,595 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, 2007 have been
      reflected in the balance sheet under prepaid expenses and deposits. The
      agreement also provides for 3One to deliver certain BPL equipment based on
      normal distribution pricing. The acquisition would allow for the potential
      to
      upgrade the services, technology, IP applications and broadband provisioning
      to
      these hotel sites.





The
      Company has deposited or caused to be deposited $149,745 towards the acquisition
      of LCD monitors for the potential future use in advertising media distribution
      and has issued 3,200,000 shares of common stock valued at $512,000 as a deposit
      towards the acquisition of certain rights, agreements and contracts pertaining
      to the development of advertising media distribution.




**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 financings by private placements 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.




F-9




**TRIMAX
      CORPORATION AND SUBSIDIARIES**


**(A
      Development Stage Company)**


**NOTES
      TO THE CONSOLIDATED FINANCIAL STATEMENTS**


**30
      September 2007**


**(Expressed
      in United States Dollars)**





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




The
      accompanying consolidated financial statements include the accounts of the
      Company and its wholly owned subsidiary, PLC Network Solutions Inc., an Ontario
      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.




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




The
      accounting policies of the Company are in accordance with accounting principles
      generally accepted in the United States of America. 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%
                straight line over five yearsFurniture
                and fixtures
            
            20%
                straight line over five yearsComputer
            
            30%
                straight line over four years




**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.




F-10





**TRIMAX
      CORPORATION AND SUBSIDIARIES**


**(A
      Development Stage Company)**


**NOTES
      TO THE CONSOLIDATED FINANCIAL STATEMENTS**


**30
      September 2007**


**(Expressed
      in United States Dollars)**




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





**Fair
      Value of Financial Instruments**




The
      carrying value of the Company's prepaid expenses and deposits on acquisitions,
      accounts payable and accrued liabilities, payables to related parties and other
      loans and advances 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.




**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 business 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.




F-11




**TRIMAX
      CORPORATION AND SUBSIDIARIES**


**(A
      Development Stage Company)**


**NOTES
      TO THE CONSOLIDATED FINANCIAL STATEMENTS**


**30
      September 2007**


**(Expressed
      in United States Dollars)**




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





**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 or (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. Warrants convertible into 750,000 shares of common
      stock were excluded from the calculation of diluted earnings per share as they
      would be anti dilutive. There were no dilutive financial instruments for the
      period ended 30 September 2007 or 2006. Earnings
      per share have been calculated as follows:


2007
              
              2006Numerator: 
                  Net loss
              
              $
              4,959,595
              
              $
              1,046,647Denominator: Weighted
                  average number of shares issued
              
              
              53,243,903
              
              
              27,836,636Earnings
                  (loss) per share
              
              $
              (0.09
              )
              $
              (0.04
              )




**Use
      of Estimates**




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




**Recent
      Accounting Pronouncements**




In
      September 2006, the FASB issued SFAS No. 158, Employers’ Accounting
      for Defined Benefit Pension and Other Postretirement Plans. We will be required
      to fully recognize the assets and obligations associated with any defined
      benefit plan which we may put in place. Effective for our fiscal year ending
      2008, we will be required to measure a plan’s assets and liabilities as of the
      end of the fiscal year instead of our current measurement date of September
      30.
      Currently there is no impact from this standard on our consolidated financial
      statements.






In
      February 2007, the Financial Accounting Standards Board (“FASB”) issued
      SFAS No. 159, *The
      Fair Value Option for Financial Assets and Financial Liabilities, including
      an
      amendment of FASB Statement No. 115* (“SFAS
      159”), which allows an entity the irrevocable option to elect fair value for the
      initial and subsequent measurement for certain financial assets and liabilities
      under an instrument-by-instrument election. Subsequent measurements for the
      financial assets and liabilities an entity elects to fair value will be
      recognized in earnings. SFAS 159 also establishes additional disclosure
      requirements. SFAS 159 is effective for fiscal years beginning after
      November 15, 2007, with early adoption permitted provided that the entity
      also adopts SFAS 157. We have not yet determined the impact this standard will
      have on our financial statements.




F-12




**TRIMAX
      CORPORATION AND SUBSIDIARIES**


**(A
      Development Stage Company)**


**NOTES
      TO THE CONSOLIDATED FINANCIAL STATEMENTS**


**30
      September 2007**


**(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**
              **2007**
            
            **Net**
              **2006**Equipment
            
            $
            5,348
            
            $
            4,679
            
            $
            669
            
            $
            382Furniture
                and fixtures
            
            
            2,349
            
            
            926
            
            
            1,423
            
            
            2,710Computer
            
            
            13,105
            
            
            5,334
            
            
            7,771
            
            
            14,562$
            20,802
            
            $
            10,939
            
            $
            9,863
            
            $
            17,654




**7.**
            **INTANGIBLES**




Intangible
      assets: see note 1


During
      the year ended September 30, 2007 the Company claimed depreciation on
      intangibles of $80,959 (2006 - $107,024)




**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 their market value due to the
      short-term maturity of the financial instruments.




Owing
                  to:
              
              2007
              
              Receipts
              
              Repayments
              
              2006D.
                  Peppler, Director
              
              $
              7,343
              
              $
              7,343
              
              $
              -
              
              $
              -R.
                  Vivacqua, Director
              
              
              12,573
              
              
              12,573
              
              
              -
              
              
              -Pegassus
                  Investments, shareholder
              
              
              9,985
              
              
              9,985
              
              
              -
              
              
              -Alliance
                  Marketing, shareholder
              
              
              100,000
              
              
              100,000
              
              
              -
              
              
              -Gateways
                  International, shareholder
              
              
              304,685
              
              
              182,828
              
              
              -
              
              
              121,857M
                  Spasov, Director
              
              
              -
              
              
              -
              
              
              (291,746
              )
              
              291,746$
              434,586
              
              $
              312,729
              
              $
              (291,746
              )
              $
              413,603




F-13




**TRIMAX
      CORPORATION AND SUBSIDIARIES**


**(A
      Development Stage Company)**


**NOTES
      TO THE CONSOLIDATED FINANCIAL STATEMENTS**


**30
      September 2007**


**(Expressed
      in United States Dollars)**





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





Liabilities
                of Multi-Source Inc. - see note 1
            
            **2007**
            
            **2006**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.
            
            $
            -
            
            $
            30,927Bank
                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-
            
            
            153,024Less
                current portion
            
            
            -
            
            
            54,528$
            -
            
            $
            98,496





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




In
      order
      to complete the acquisition of 3One, as described in note 2, 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. The settlement is for
      a
      payment of $120,000 over a period of eight months. The Company has recorded
      this
      expense for the year ended 30 September 2006.




On
      May
      15, 2006 Trimax secured financing from a private accredited group of investors.
      The commitment of $1,500,000 is available to be drawn down in $150,000 tranches.
      Any loans advanced are to mature on May 14, 2009 and bear an annual interest
      rate of 12%. At the investor's option, any loan is convertible to common shares
      at their twenty day average trading 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 of 2006 the company signed an amendment to the
      convertible financing agreement which encompasses pricing changes and more
      flexible terms to Trimax. On 10 October 2006 the Company drew down $150,000
      of
      the available loan under the terms of the supplementary and amending agreement
      to the convertible debenture and simultaneously converted the debenture to
      equity for the issuance of 750,000 restricted common shares plus warrants for
      an
      additional 750,000 common shares exercisable at $0.20 per share.




F-14




**TRIMAX
      CORPORATION AND SUBSIDIARIES**


**(A
      Development Stage Company)**


**NOTES
      TO THE CONSOLIDATED FINANCIAL STATEMENTS**


**30
      September 2007**


**(Expressed
      in United States Dollars)**





**10.**
            **COMMITMENT
                AND CONTINGENT LIABILITY (C
                ontinued)**





The
      following table summarizes the Company's warrant activity for the years ended
      September 30, 2007 and 2006:





Number
                of Shares
            
            Exercise
                Price per Share
            
            Weighted
                Average Exercise PriceBalance,
                September 30, 2006
            
            
            -
            
            
            -
            
            
            -Granted
                during the year
            
            
            750,000
            
            $
            0.20
            
            $
            0.20Cancelled/Expired
            
            
            -
            
            
            -
            
            
            -Balance,
                September 30, 2007
            
            
            750,000
            
            $
            0.20
            
            $
            0.20




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




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





**2007**
            
            **2006**Issued63,469,766
            
            
            common
                stock
            
            $
            63,470
            
            $
            32,291




In
      September 2004, the Board of Directors approved a 1 new - for -100 old reverse
      stock split of our outstanding shares of capital stock 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 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 shares
      of
      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.




F-15




**TRIMAX
      CORPORATION AND SUBSIDIARIES**


**(A
      Development Stage Company)**


**NOTES
      TO THE CONSOLIDATED FINANCIAL STATEMENTS**


**30
      September 2007**


**(Expressed
      in United States Dollars)**





**11.**
            **CAPITAL
                STOCK (Continued)**





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.




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.




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




On
      19
      October 2006 the Company's Board of Directors approved the issuance of 750,000
      restricted common shares in exchange for a draw down payment of $150,000 from
      the convertible debenture described above.





F-16





**TRIMAX
      CORPORATION AND SUBSIDIARIES**


**(A
      Development Stage Company)**


**NOTES
      TO THE CONSOLIDATED FINANCIAL STATEMENTS**


**30
      September 2007**


**(Expressed
      in United States Dollars)**





**11.**
            **CAPITAL
                STOCK (Continued)**





These
      shares were issued as a result of an amending agreement in October 2006 to
      the
      convertible debenture agreement which outlined the simultaneous issuance of
      750,000 restricted common shares and warrants for an additional 750,000 common
      shares exercisable at $0.20 upon making the first draw down payment from the
      convertible debenture to the Company.





On
      November 16, 2006 the Company's Board of Directors approved the issuance of
      2,000,000 private placement restricted common shares in exchange for $100,000
      of
      services provided to the Company.





On
      January 24, 2007 the Company issued 10,000,000 restricted common shares to
      the
      officers of the company for of services provided to the Company. The fair value
      was measured at the value of the Company's common stock on the date that the
      commitment for performance had been reached. This valuation date was January
      24,
      2007 at which time the stock was valued at $0.17.  The fair value of the
      equity instrument has been charged directly to compensation expense and
      additional paid-in capital.





On
      January 27, 2007 the Company issued 8,300,000 restricted common shares in
      settlement of accounts payable of $1,393,400 or approximately $0.17 per
      share.





On
      January 22, 2007 the Company filed a Form S-8 Registration Statement
‘Securities to be offered to Employees in Employee Benefit Plans’.  Under
      the terms of this filing the company registered 1,369,286 shares of common
      stock
      with a par value of $.001 per share for settlement of amounts payable by the
      company to the employees. The fair value was measured at the value of the
      Company's common stock on the date on the registration. This valuation date
      was
      January 22, 2007 at which time the stock was valued at $0.16.  The fair
      value of the equity instrument has been charged directly to the related amounts
      due to the respective parties and additional paid-in capital.





On
      March
      3, 2007 the company issued 1,000,000 private placement restricted common shares
      in exchange for $155,000 of services provided to the Company. The fair value
      was
      measured at the value of the Company's common stock on the date that the
      commitment for performance by the counterparty had been reached and the
      counterparty's performance was substantially complete. This date was March
      3,
      2007 at which time the stock was valued at $0.15.  The fair value of the
      equity instrument has been charged directly to the income statement and
      additional paid-in capital.





During
      the quarter ended March 31, 2007, the Company issued 588,461 private placement
      common shares to various investments at an issue price of between $0.10 and
      $0.13 per share.





On
      April
      17, 2007 the Company cancelled the 3,000,000 common shares related to
      the legal
      circumstances surrounding the acquisition of MSI. Trimax
      terminated the agreement to acquire MSI.





On
      April
      25, 2007 the Company cancelled 122,222 shares of common stock originally issued
      at $0.16 per share for services.





On
      May 9,
      2007 the Company adopted the 2007 Equity Incentive Plan the purpose of which
      is
      to provide incentives to attract, retain and motivate eligible persons whose
      present and potential contributions are important to the success of the Company.
      The total number of shares reserved and available for grant and issuance
      pursuant to the Plan is 5,000,000 Shares.





F-17





**TRIMAX
      CORPORATION AND SUBSIDIARIES**


**(A
      Development Stage Company)**


**NOTES
      TO THE CONSOLIDATED FINANCIAL STATEMENTS**


**30
      September 2007**


**(Expressed
      in United States Dollars)**





**11.**
            **CAPITAL
                STOCK (Continued)**





On
      May
      14, 2007 the Company issued 3,200,000 shares of common stock for deposits on
      contracts and issued 1,263,000 shares of common stock for services from
      consultants, all issued at $0.16 per share.





On
      May
      16, 2007 the Company issued 233,000 shares of common stock for services from
      consultants at $0.15 per share and issued 200,000 for cash pursuant to a private
      placement at $0.10 per share.





On
      May
      24, 2007 the Company issued 233,000 shares of common stock for services from
      consultants at $0.14 per share.





On
      July
      10, 2007 the Company issued 1,700,000 shares of common stock for management
      services and issued 3,550,000 shares of common stock for services from
      consultants, all issued at $0.12 per share.





**12.**
            **SUPPLEMENTAL
                CASH FLOW INFORMATION**




During
      the years ended 30 September 2007 and 2006 there were no taxes paid and $nil
      (2006 - $8,379) in interest paid by the Company.


During
      the year ended 30 September 2006 the Company issued 75,000 shares in settlement
      of a legal matter.


During
      the year ended 30 September 2006 the Company issued 2,275,985 private placement
      restricted common shares in settlement of certain debts for $0.05 per
      share.


During
      the year ended 30 September 2007 the Company issued 29,440,518 private placement
      restricted common shares for services valued at $3,206,276.


During
      the year ended 30 September 2007 the Company issued 3,200,000 restricted


common
      shares for deposits on acquisitions and valued at $512,000.





**13.**
            **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 11,800,000 common shares to directors of the Company in payment
      for services rendered to the Company and valued at $1,285,102.


During
      the year management salaries have been recorded for services of the Chief
      Executive Officer, Chief Financial Officer and Chief Operating Officer totalling
      $100,000 (2006 - $250,000).




**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.




F-18




**TRIMAX
      CORPORATION AND SUBSIDIARIES**


**(A
      Development Stage Company)**


**NOTES
      TO THE CONSOLIDATED FINANCIAL STATEMENTS**


**30
      September 2007**


**(Expressed
      in United States Dollars)**





**14.**
            **INCOME
                TAXES (Continued)**





As
      at 30
      September 2007 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 carry forward 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.





Components
      of future income tax assets are:


**2007**
              
              **2006**Non-capital
                  loss carry-forwards
              
              $
              15,643,066
              
              $
              10,683,471Approximate
                  tax rate
              
              
              31.12
              %
              
              35.62
              %4,868,122
              
              
              3,805,452Valuation
                  allowance
              
              
              (4,868,122
              )
              
              (3,805,452
              )$
              0
              
              $
              0




Components
                  of Income Taxes
              
              2007
              
              2006Federal
              
              $
              -
              
              $
              -State
              
              
              -
              
              
              -Change
                  in deferred tax benefit
              
              
              1,062,670
              
              
              721,656Change
                  in valuation allowance
              
              
              (1,062,670
              )
              
              (721,656
              )Income
                  taxes
              
              $
              -
              
              $
              -




**15.**
            **SUBSEQUENT
                EVENTS**




On
      27
      November 2007 the Company's Board of Directors approved the issuance of up
      to
      41,767,000 common shares in settlement of amounts payable to related parties
      and
      other loans and advances payable of $417,670.




F-19




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




There
      are
      no reportable disagreements on accounting or financial disclosure
      issues.





**ITEM
      8A.** **CONTROLS
      AND PROCEDURES**





We
      carried out an evaluation of the effectiveness of the design and operation
      of
      our disclosure controls and procedures (as defined in Exchange Act Rules
      13a-15(e) and 15d-15(e)) as of December 31, 2006. This evaluation was carried
      out under the supervision and with the participation of our Chief Executive
      Officer and Chief Financial Officer. Based upon that evaluation, our Chief
      Executive Officer and Chief Financial Officer concluded that as of September
      30,
      2007 our disclosure controls and procedures are insufficient to ensure that
      information required to be disclosed in our reports filed or submitted under
      the
      Exchange Act are recorded, processed, summarized and reported, within the time
      periods specified in the SEC's rules and forms. There have been no significant
      changes in our internal controls over financial reporting during the quarter
      ended September 30, 2007 that have materially affected or are reasonably likely
      to materially affect such controls.





Disclosure
      controls and procedures are controls and other procedures that are designed
      to
      ensure that information required to be disclosed in our reports filed or
      submitted under the Exchange Act are recorded, processed, summarized and
      reported, within the time periods specified in the SEC's rules and forms.




15




Disclosure
      controls and procedures include, without limitation, controls and procedures
      designed to ensure that information required to be disclosed in our reports
      filed under the Exchange Act is accumulated and communicated to management,
      including our Chief Executive Officer and Chief Financial Officer, to allow
      timely decisions regarding required disclosure.





**Limitations
      on the Effectiveness of Internal Controls**




Management
      believes that the Company’s records provide the information
      required to be disclosed in our reports filed or submitted under the Exchange
      Act and that such information is recorded, processed, summarized and reported,
      but not on a timely basis. This weakness is due to a lack of personnel and
      is
      being overcome by the direct involvement of the Company’s directors.




O ur
      management does not expect that our disclosure controls and procedures or our
      internal control over financial reporting will necessarily prevent all fraud
      and
      material error. Our disclosure controls and procedures are designed to provide
      reasonable assurance of achieving our objectives and our Chief Executive Officer
      and Chief Financial Officer concluded that our disclosure controls and
      procedures are effective at that reasonable assurance level. Further, the design
      of a control system must reflect the fact that there are resource constraints,
      and the benefits of controls must be considered relative to their costs. Because
      of the inherent limitations in all control systems, no evaluation of controls
      can provide absolute assurance that all control issues and instances of fraud,
      if any, within the Company have been detected. These inherent limitations
      include the realities that judgments in decision-making can be faulty, and
      that
      breakdowns can occur because of simple error or mistake. Additionally, controls
      can be circumvented by the individual acts of some persons, by collusion of
      two
      or more people, or by management override of the internal control. The design
      of
      any system of controls also is based in part upon certain assumptions about
      the
      likelihood of future events, and there can be no assurance that any design
      will
      succeed in achieving its stated goals under all potential future conditions.
      Over time, control may become inadequate because of changes in conditions,
      or
      the degree of compliance with the policies or procedures may deteriorate.





**ITEM
      8A(T).** **CONTROLS
      AND PROCEDURES**




**ITEM
      8B.** **OTHER
      INFORMATION**




None




**PART
      III**




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




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
            
            POSITIONRobert
                Vivacqua
            
            43
            
            Director,
                President and Chief Financial OfficerTodd
                Ingram
            
            36
            
            DirectorHenry
                Huber
            
            64
            
            DirectorDerek
                Pepler *
            
            49
            
            Former
                Director, President and Chief Executive Officer




*Robert
      Vivacqua*




President,
      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.




16




*Todd
      Ingram*




Mr.
      Ingram has a varied back ground in Investor Relations and Marketing. In the
      year
      2000, Todd was
      employed with The Westminster Club, one of the oldest gentleman’s clubs in
      British Columbia, in their marketing department. After completing a successful
      marketing campaign for the Club, in 2001 Todd moved to OnlineOffice.com where
      he
      acted as the VP of Investor Relations.  During this tenure he assisted with
      the direction of the company to a pre-IPO status at which time JP Morgan bought
      the company directly for their Morgan OnLine project. Subsequently Todd took
      a
      position as the lead manager in charge of developing technology based solutions
      for Forbes Financial. During four years of service (2002 - 2006) with Forbes
      Financial Services, Todd played an integral role in the development of the
      Automotive Finance Company.  During this time he implemented a VPN (Virtual
      Private Network) strategy, web applications, DOS Database networking, complete
      CRM (customer relationship management software) for the leasing side, a mobile
      computing solution and a liquidation center for the disposition of returned
      and
      repossessed vehicles.  The company grew from 3 to 24 employees within an
      eighteen month time frame. Todd currently is the Chief Operating Officer of
      Communications USA.





*Henry
      Huber*




Mr.
      Huber
      has a Masters of Education degree, and has spent the last five years as
      President of his company, Uptrend Investment Services, providing investment
      services to private clients. Mr.
      Huber
      is also a director of Transnational Automotive Group, Inc. (TAUG on the
      OTCBB)





*Derek
      Pepler**




Former
      Director, President and Chief Executive Officer - resigned November 22, 2007.
      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.





**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 an employee incentive stock
      option plan but has no employees. The company believes that it will adopt an
      executive compensation 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.




**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.




17


**ITEM
        11.** **SECURITY
        OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER
        MATTERS**
  The
        following table sets forth as of January 24, 2007 certain information known
        to
        the Company regarding the beneficial ownership of the Company's common stock,
        and as adjusted to reflect the share ownership for (i) each executive officer
        or
        director of the Company who beneficially owns shares; (ii) each stockholder
        known to the Company to beneficially own five percent or more of the outstanding
        shares of its common stock; and (iii) all executive officers and directors
        as a
        group. The Company believes that the beneficial owners of the common stock
        listed below, based on information furnished by such owners, have sole
        investment and voting power with respect to such shares, subject to community
        property laws where applicable.
  PERCENTAGE
                  OFOUTSTANDINGNAME
                  AND POSITION
              NUMBER
                  OF SHARES**(1)**
              SHARESDerek
                  Pepler (former Director)
              6,120,000
              9.64%Robert
                  Vivacqua
              6,383,000
              10.06%All
                  Past, Current Directors andOfficers
                  As A Group (2 Persons)
              12,503,000
              19.70%**(1)**Based on63,469,766shares
                  of common stock issued and outstanding as of December 15,
                  2007.


**ITEM
      12.** **CERTAIN
      RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**




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 ended September 30, 2007 accrued management salaries have been recorded
      for services of the Chief Executive Officer, Chief Financial Officer and Chief
      Operating Officer totalling $100,000


(2006
      -
      $250,000) and are included in accrued liabilities.





During
      the year ended September 30, 2007 the Company issued 11,800,000 shares of common
      stock valued at $1,285,102 to directors of the Company in payment for services
      rendered to the Company.




**ITEM
      13.** **EXHIBITS**




Exhibit
              23.1
            Consent
              of Independent Registered Public Accounting FirmExhibit31.1
            Certifications
                of CEO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002Exhibit31.2
            Certifications
                of CFO (Principal Financial Officer) Pursuant to Section 302 of the
                Sarbanes-Oxley Act of 2002Exhibit32.1
            Certifications
                of CEO Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002Exhibit32.2
            Certifications
                of CFO (Principal Financial Officer) Pursuant to Section 906 of the
                Sarbanes-Oxley Act of 2002





18




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


**2007**
              
              **2006**1.
                  Audit Fees *
              
              $
              18,500
              
              $
              29,7002.
                  Audit Related Fees *
              
              $
              -
              
              $
              13,5003.
                  Tax Fees **
              
              $
              -
              
              $
              -4.
                  All Other Fees
              
              $
              -
              
              $
              -




*
            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.





**
            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.





**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/
                Robert Vivacqua*Robert
                VivacquaPresident
                and Director and Chief Executive Officer


Date:
      January 14, 2008




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/
                Robert Vivacqua*Robert
                VivacquaPresident
                and Chief Executive Officer and DirectorJanuary
                14, 2008By:
            */s/
                Todd Ingram*Todd
                IngramDirectorJanuary
                14, 2008By:
            */s/
                Henry Huber*Henry
                HuberDirectorJanuary
                14, 2008




19