**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**First      Amended **

**Form      10-K/A**

| [X] | ANNUAL                REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF                1934 |
|-----|--------------------------------------------------------------------------------------------------------------|

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

| [                 ] | TRANSITION                REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF                1934 |
|--------------------------|------------------------------------------------------------------------------------------------------------------|

**Commission      file number **
**O-24512**

**RENHUANG      PHARMACEUTICALS, INC.**

| **Nevada**(State                or other jurisdiction ofincorporation                or organization)                                                                    | **88-1273503**(I.R.S.                EmployerIdentification                No.) |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
|                                                                                                                                                                     |                                                                            |
| **c/o                Viking Investments****65                Broadway, Suite 888****New                York, NY**(Address                of principal executive offices) |   **10006**(Zip                Code)                                  |

**Registrant’s      telephone number, including area code (212) 430-6548**

| Title                of each class |   | Name                of each exchange on which registered |
|------------------------------------|--------|----------------------------------------------------------|
|                               |   |                                                     |
| None                               |   | None                                                     |

----

| Large accelerated filer [               ]  | Accelerated                filer [                 ]  | Non-accelerated                filer                [X]  |
|------------------------------------------------------|----------------------------------------------------------------------|---------------------------------------------------------------|

**Applicable      Only to Registrants Involved in Bankruptcy Proceedings During the Preceding      Five      Years:**

**Applicable      Only to Corporate Registrants**

**Documents      Incorporated by Reference**

----

**Renhuang      Pharmaceuticals, Inc**
**.**

**TABLE      OF CONTENTS**

**PART      I**

| ITEM                  1 - BUSINESS                                                                                                                                                   |   |   | **4**  |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|
| ITEM                  1A - RISK FACTORS                                                                                                                                              |   |   | **7**  |   |
| ITEM                  1B - UNRESOLVED STAFF COMMENTS                                                                                                                                 |   |   | **8**  |   |
| ITEM                  2 - PROPERTIES                                                                                                                                                 |   |   | **8**  |   |
| ITEM                  3 - LEGAL PROCEEDINGS                                                                                                                                          |   |   | **8**  |   |
| ITEM                  4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                                                                                                        |   |   | **8**  |   |
|                                                                                                                                                                                 |   |   |   |   |
| **PART                  II**                                                                                                                                                         |
|                                                                                                                                                                                 |   |   |   |   |
| ITEM                    5 - MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER                    MATTERS                    AND ISSUER PURCHASES OF EQUITY SECURITIES |   |   | **9**  |   |
| ITEM                  6 - SELECTED FINANCIAL DATA                                                                                                                                    |   |   | **10** |   |
| ITEM                    7 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION                    AND                    RESULTS OF OPERATION                         |   |   | **11** |   |
| ITEM                  7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET                  RISK                                                                               |   |   | **13** |   |
| ITEM                  8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA                                                                                                                |   |   | **13** |   |
| ITEM                  9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON                  ACCOUNTING                                                                               |   |   |   |   |
|  AND                  FINANCIAL DISCLOSURE                                                                                                                                      |   |   | **14** |   |
| ITEM                  9A - CONTROLS AND PROCEDURES                                                                                                                                   |   |   | **14** |   |
| ITEM                  9B - OTHER INFORMATION                                                                                                                                         |   |   | **15** |   |
|                                                                                                                                                                                 |   |   |   |   |
| **PART                  III**                                                                                                                                                        |
|                                                                                                                                                                                 |   |   |   |   |
| ITEM                  10 - DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNACE                                                                                                     |   |   | **17** |   |
| ITEM                  11 - EXECUTIVE COMPENSATION                                                                                                                                    |   |   | **18** |   |
| ITEM                    12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT                    AND RELATED STOCKHOLDER MATTERS                                       |   |   | **19** |   |
| ITEM                    13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR                    INDEPENDENCE                                                            |   |   | **20** |   |
| ITEM                  14 - PRINCIPAL ACCOUNTING FEES AND SERVICES                                                                                                                    |   |   | **22** |   |
|                                                                                                                                                                                 |   |   |   |   |
| **PART                  IV**                                                                                                                                                         |
|                                                                                                                                                                                 |   |   |   |   |
| ITEM                  15 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES                                                                                                                   |   |   | **23** |   |

----

**PART      I**

**Explanatory      Note**

**ITEM      1 - BUSINESS**

*Business      Overview*

*AMRES*

----

*Environmental      Matters*

*Trade      Names and Service Marks*

*Employees*

*Historical      Changes in Business Strategy and Changes in Control*

*Recapitalization*

----

*Discontinued      operations*

*Securities      Sale*

*Dividend*

*Closing      Date*

----

**ITEM      1A - RISK FACTORS**

***We      are a shell company as defined in Rule 12b-2 of the      Act.***

***We      rely on our management to evaluate potential acquisition      targets.***

***A      single shareholder owns the voting control of our      company.***

----

***Because      we face intense competition, we may not be able to acquire a quality operating      business.***

***There      is a limited public trading market for our common      stock.***

**ITEM      1B - UNRESOLVED STAFF COMMENTS**

**ITEM      2 - PROPERTIES**

**ITEM      3 - LEGAL PROCEEDINGS**

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

----

**PART      II**

**ITEM      5 - MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND      ISSUER PURCHASES OF EQUITY SECURITIES**

*Market      Information*

|                                                      |   |   |                                                 | Bid                Prices |   |
|-----------------------------------------------------------|--------|--------|------------------------------------------------------|---------------------------|--------|
| Fiscal                Year Ended                April 30, |   | Period |                                                 | High                      |   | Low |   |
|                                                      |   |   |                                                 |                      |   |   |   |
| 2004                                                      |   |   | First                Quarter                         |                      |   | 1.05 |   |   | 0.65 |   |
|                                                      |   |   | Second                Quarter                        |                      |   | 0.80 |   |   | 0.25 |   |
|                                                      |   |   | Third                Quarter                         |                      |   | 0.58 |   |   | 0.25 |   |
|                                                      |   |   | Fourth                Quarter                        |                      |   | 0.40 |   |   | 0.21 |   |
|                                                      |   |   |                                                 |                      |   |   |   |   |   |   |
| 2005                                                      |   |   | First                Quarter                         |                      |   | 0.28 |   |   | 0.115 |   |
|                                                      |   |   | Second                Quarter                        |                      |   | 0.17 |   |   | 0.06 |   |
|                                                      |   |   | Third                Quarter                         |                      |   | 0.12 |   |   | 0.06 |   |
|                                                      |   |   | Fourth                Quarter                        |                      |   | 0.13 |   |   | 0.05 |   |
|                                                      |   |   |                                                 |                      |   |   |   |   |   |   |
| 2006                                                      |   |   | First                Quarter                         |                      |   | 0.13 |   |   | 0.04 |   |
|                                                      |   |   | Second                Quarter                        |                      |   | 0.09 |   |   | 0.04 |   |
|                                                      |   |   | Third                Quarter                         |                      |   | 0.04 |   |   | 0.03 |   |
|                                                      |   |   | Fourth                Quarter                        |                      |   | 0.15 |   |   | 0.02 |   |
|                                                      |   |   |                                                 |                      |   |   |   |   |   |   |
| 2007                                                      |   |   | First                Quarter (through June 30, 2006) |                      |   | 0.07 |   |   | 0.04 |   |

*Holders*

----

*Dividend      Policy*

**ITEM      6 - SELECTED FINANCIAL DATA**

| **Renhuang                Pharmaceuticals, Inc****.**                                         |   | For                the year ended April 30, (in 000’s) |   |
|-----------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|
|                                                                                          |   |                                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                          |   |                                                         |   | 2006 |   | 2005 |   | 2004 |   | 2003 |   | 2002 |   |
|                                                                                          |   |                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Statement                of Operations Data:                                                  |   |                                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                          |   |                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Income                (loss) from discontinued operations                                     |   |                                                         |   |   |   | 879 |   |   | (3,528 | ) |   | (1,123 | ) |   | 736 |   |   | (454 | ) |
|                                                                                          |   |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                (loss) from continuing operations                                       |   |                                                         |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
|                                                                                          |   |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                income (loss) from discontinued operations                                 |   |                                                         |   |   |   | 877 |   |   | (3,580 | ) |   | (1,123 | ) |   | 902 |   |   | (442 | ) |
|                                                                                          |   |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                income (loss) per common share from continuing operations                  |   |                                                         |   |   |   | 0 |   |   | - |   |   | - |   |   | - |   |   | - |   |
|                                                                                          |   |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                income (loss) per common share from discontinued                operations |   |                                                         |   |   |   | 0.12 |   |   | (0.73 | ) |   | (0.24 | ) |   | 0.27 |   |   | (0.25 | ) |
|                                                                                          |   |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                income (loss) per basic common share                                       |   |                                                         |   |   |   | 0.12 |   |   | (0.73 | ) |   | (0.23 | ) |   | 0.32 |   |   | (0.24 | ) |
|                                                                                          |   |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                Sheet Data:                                                            |   |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                          |   |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current                assets                                                                 |   |                                                         |   |   | $ | 0 |   |   | 9,546 |   |   | 7,903 |   |   | 12,871 |   |   | 3,236 |   |
| Total                assets                                                                   |   |                                                         |   |   |   | 0 |   |   | 9,777 |   |   | 8,269 |   |   | 13,343 |   |   | 3,775 |   |
|                                                                                          |   |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current                liabilities                                                            |   |                                                         |   |   |   | 0 |   |   | 10,510 |   |   | 7,796 |   |   | 11,412 |   |   | 2,921 |   |
| Total                liabilities                                                              |   |                                                         |   |   |   | 0 |   |   | 10,510 |   |   | 7,796 |   |   | 11,412 |   |   | 3,330 |   |
| Total                stockholders’ equity (deficit)                                     |   |                                                         |   |   |   | 0 |   |   | (732 | ) |   | 473 |   |   | 1,931 |   |   | 445 |   |
|                                                                                          |   |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                dividends per common share                                               |   |                                                         |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |

----

**ITEM      7 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF      OPERATION**

**Overview**

*Income      Taxes*

----

**Results      of Operations for the Twelve Months Ended April 30, 2006 Compared to the Twelve      Months Ended April 30, 2005 **

*Introduction*

|                                                          |   | Year                Ended April 30, 2006 |    | Year                Ended April 30, 2005 |   | Dollar                Change |   | %Change |      |
|---------------------------------------------------------------|--------|------------------------------------------|---------|------------------------------------------|--------|------------------------------|--------|---------|-----------|
| Income                (loss) from discontinued operations     |   | $                                        | 878,711 |                                     |   | (3,528,137                   | )      | $       | 4,406,848 |   |   | N/A |   |
|                                                          |   |                                     |    |                                     |   |                         |   |    |      |   |   |  |   |
| Income                (loss) from continuing operations       |   |                                     | -       |                                     |   | -                            |   |    | -         |   |   | N/A |   |
|                                                          |   |                                     |    |                                     |   |                         |   |    |           |   |   |  |   |
| Net                income (loss) from discontinued operations |   |                                     | 876,951 |                                     |   | (3,579,642                   | )      |    | 4,456,593 |   |   | N/A |   |

*Net      Loss Available to Common Shareholders*

*Liquidity      and capital resources*

----

**Contractual      Obligations**

|                                         |   | Payments                due by period |   |
|----------------------------------------------|--------|---------------------------------------|--------|
| **Obligations**                              |   | Total                                 |   | 1                Year |   | 1-3                Years |   | 3-5                Years |   | 5                Years |   |
| Long-Term                Debt Obligations    |   |                                  | -0-    |   |   | -0- |   |   | -0- |   |   | -0- |   |   | -0- |   |
| Capital                Lease Obligations     |   |                                  | -0-    |   |   | -0- |   |   | -0- |   |   | -0- |   |   | -0- |   |
| Operating                Lease Obligations   |   |                                  | -0-    |   |   | -0- |   |   | -0- |   |   | -0- |   |   | -0- |   |
| Purchase                Obligations          |   |                                  | -0-    |   |   | -0- |   |   | -0- |   |   | -0- |   |   | -0- |   |
| Other                Long-Term Liabilities   |   |                                  | -0-    |   |   | -0- |   |   | -0- |   |   | -0- |   |   | -0- |   |
| Total                Contractual Obligations |   |                                  | -0-    |   |   | -0- |   |   | -0- |   |   | -0- |   |   | -0- |   |

**ITEM      7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET      RISK**

**ITEM      8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

| Index                to Financial Statements                      |   |   |   |   |
|-------------------------------------------------------------------|--------|--------|--------|--------|
|                                                              |   |   |   |   |
| Report                of Independent Certified Public Accountants |   |   | F-1    |   |
|                                                              |   |   |   |   |
| Balance                Sheet                                      |   |   | F-2    |   |
|                                                              |   |   |   |   |
| Statement                of Operations                            |   |   | F-3    |   |
|                                                              |   |   |   |   |
| Statement                of Stockholders Equity                   |   |   | F-4    |   |
|                                                              |   |   |   |   |
| Statement                of Cash Flows                            |   |   | F-12   |   |
|                                                              |   |   |   |   |
| Notes                to Consolidated Financial Statements         |   |   | F-14   |   |

----

**ITEM      9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL      DISCLOSURE**

**ITEM      9A - CONTROLS AND PROCEDURES**

*Evaluation      of Disclosure Controls and Procedures*

----

*Remediation      of Material Weaknesses*

*Changes      in Internal Control over Financial Reporting*

**ITEM      9B - OTHER INFORMATION**

----

----

**PART      III**

**ITEM      10 - DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNACE**
** **

*Directors      and Executive Officers*

| Name                   |   |   |  Age |   |   | Position(s)                                                                                             |   |
|-----------------------------|--------|--------|-----------|--------|--------|---------------------------------------------------------------------------------------------------------|--------|
| Shaoming                Li  |   |   | 44        |   |   | Chairman                of the Board of Directors, President and Chief Executive                Officer |   |
| Leo                L. Wang  |   |   | 38        |   |   | Director,                Chief Financial Officer                                                        |   |
| Fanrong                Meng |   |   | 34        |   |   | Director                                                                                                |   |
| Dianjun                Pi   |   |   | 55        |   |   | Director                                                                                                |   |

----

*Board      Meetings and Committees*

*Code      of Ethics*

*Compensation      Committee*

**ITEM      11 - EXECUTIVE COMPENSATION**

*Executive      Officers and Directors*

----

*2003      Omnibus Securities Plan*

*Board      Compensation*

**ITEM      12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED      STOCKHOLDER MATTERS**

| COMMON                STOCK               |
|-------------------------------------------|
|                                      |   |   |   |   |   |   |   |
|  Title                of Class       |   | Name                and Address of Beneficial                Owner |   | Amount                and nature of Beneficial                Ownership |   | Percent                of Class |   |
|                                      |   |   |   |   |   |   |   |
| Common                Stock               |   |   | Viking                Investments USA, Inc.65                Broadway, Suite 888New                York, NY 10006 |   |   | 9,892,820 |   |   | 74.07 | % |
|                                      |   |   |   |   |   |   |   |   |   |   |
| Common                Stock               |   |   | Li                Shaoming |   |   | 0 |   |   | 0 | % |
|                                      |   |   |   |   |   |   |   |   |   |   |
| Common                Stock               |   |   | Leo                L. Wang |   |   | 0 |   |   | 0 | % |
|                                      |   |   |   |   |   |   |   |   |   |   |
| Common                Stock               |   |   | Pi                Dianjun |   |   | 0 |   |   | 0 | % |
|                                      |   |   |   |   |   |   |   |   |   |   |
| All                officers and directors |   | 0 |   |   | 0 | % |

----

**ITEM      13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR      INDEPENDENCE**

*Convertible      note*

*Sale      and disposition of assets to related party*

----

*Completion      of Acquisition or Disposition of Assets*

----

**ITEM      14 - PRINCIPAL ACCOUNTING FEES AND SERVICES**

*Audit      Fees*

*Audit      - Related Fees*

*Tax      Fees*

*All      Other Fees*

----

**PART      IV**

**ITEM      15 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES**
** **

**(a)(1)**
**Financial      Statements**

| Report                of Independent Certified Public Accountants                                                                     |   |   |  F-1 |   |
|---------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|
|                                                                                                                                  |   |   |      |   |
| Consolidated                Balance Sheet as of April 30, 2006 and 2005                                                               |   |   | F-2       |   |
|                                                                                                                                  |   |   |      |   |
| Consolidated                Statement of Operations for the fiscal year ended April 30, 2006                and                2005   |   |   | F-3       |   |
|                                                                                                                                  |   |   |      |   |
| Statement                of Changes in Stockholders’ Equity for the fiscal ended April 30, 2006 and                2005         |   |   | F-4       |   |
|                                                                                                                                  |   |   |      |   |
| Consolidated                Statements of Cash Flows for the fiscal years ended April 30, 2006                and                2005 |   |   | F-12      |   |
|                                                                                                                                  |   |   |      |   |
| Notes                to Financial Statements                                                                                          |   |   | F-14      |   |

**(a)(2)**
**Financial      Statement Schedules**

**(a)(3)**
**Exhibits**

**(b)**
**Exhibits**

| 3.1                (1)  |   | Restated                Articles of Incorporation, as filed with the Nevada Secretary of                State on                April 21, 2003.    |
|-------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|
|                    |   |                                                                                                                                               |
| 3.2                     |   | Amendment                to Articles of Incorporation, as filed with the Nevada Secretary                of State                on July 28, 2006. |
|                    |   |                                                                                                                                               |
| 3.3                (1)  |   | Second                Restated Bylaws                                                                                                              |
|                    |   |                                                                                                                                               |
| 10.1                (2) |   | Common                Stock Purchase Agreement dated September 19, 2005.                                                                           |
|                    |   |                                                                                                                                               |
| 10.2                (2) |   | Securities                Purchase Agreement dated September 16, 2005.                                                                             |
|                    |   |                                                                                                                                               |
| 10.3                (3) |   | Reorganization,                Stock and Asset Purchase Agreement dated September 30,                2005.                                         |

----

| 10.4                (3) |   | Stock                Purchase Agreement dated September 30, 2005.                                                                                                                                         |
|-------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                    |   |                                                                                                                                                                                                      |
| 10.5                (4) |   | Securities                Purchase Agreement dated September 16, 2005.                                                                                                                                    |
|                    |   |                                                                                                                                                                                                      |
| 23.1                    |   | Consent                of Rotenberg                & Co., LLP                                                                                                                                    |
|                    |   |                                                                                                                                                                                                      |
| 31.1                    |   | Rule                13a-14(a)/15d-14(a) Certification of Chief Executive                Officer                                                                                                           |
|                    |   |                                                                                                                                                                                                      |
| 31.2                    |   | Rule                13a-14(a)/15d-14(a) Certification of Chief Financial                Officer                                                                                                           |
|                    |   |                                                                                                                                                                                                      |
| 32.1                    |   | Chief                Executive Officer Certification Pursuant to 18 USC, Section 1350,                as                Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of                2002. |
|                    |   |                                                                                                                                                                                                      |
| 32.2                    |   | Chief                Financial Officer Certification Pursuant to 18 USC, Section 1350,                as                Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of                2002. |

|   | (1) | Incorporated                by reference to our Current Report on Form 8-K dated April 21, 2003,                filed                with the Commission on April 22,                2003. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Incorporated                by reference from our Current Report on Form 8-K filed with the Commission                on September 23, 2005. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Incorporated                by reference from our Current Report on Form 8-K filed with the Commission                on October 3, 2005. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | Incorporated                by reference from our Current Report on Form 8-K filed with the Commission                on October 14, 2005. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

**SIGNATURES**

|                                    | **Renhuang                Pharmaceuticals, Inc.** |
|-----------------------------------------|---------------------------------------------------|
|                                    |                                              |   |
|                                    |                                              |   |
|                                    |                                              |   |
| Dated:                February 27, 2007 |                                              | /s/                Li Shaoming |
|                                    | By:                                               | Li                Shaoming |
|                                    |                                              | Chairman,                President and |
|                                    |                                              | Chief                Executive Officer |
|                                    |                                              |   |
|                                    |                                              |   |
| Dated:                February 27, 2007 |                                              | /s/                Zuoliang Wang |
|                                    | By:                                               | Zuoliang                Wang |
|                                    |                                              | Interim                Chief Financial Officer |

----

| Dated: February                27, 2007 | /s/                Andy Wu     |
|----------------------------------------------|----------------------------------------------------|
|                                         | By: Andy                Wu, Director          |
|                                         |                                               |
|                                         |                                               |
| Dated: February                27, 2007 | /s/                Fanrong Meng     |
|                                         | By: Fanrong                Meng, Director     |

----

----

----

**RENHUANG        PHARMACEUTICALS, INC. (formerly Anza Capital Inc.) AND        SUBSIDIARIES**

**CONSOLIDATED        BALANCE SHEET**
**S**

|                                                                                                                                                                                                                                                                                                                              |   |                            |        |                            |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|-------------|---------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                              |   | April                  30, 2006 |        | April                  30, 2005 |   |
|                                                                                                                                                                                                                                                                                                                              |   |                            |        |                            |   |
| ASSETS                                                                                                                                                                                                                                                                                                                            |   |                            |        |                            |   |   |   |
| Current                  assets -Discontinued Operations:                                                                                                                                                                                                                                                                         |   |                            |        |                            |   |   |   |
| Cash                  and cash equivalents (Note 2)                                                                                                                                                                                                                                                                               |   | $                               | --          |                            | $      | 1,316,840 |   |
| Commissions                  and accounts receivable                                                                                                                                                                                                                                                                              |   |                            | --          |                            |   | 1,234,658 |   |
| Marketable                  securities, subject to rescission                                                                                                                                                                                                                                                                     |   |                            | --          |                            |   | 1,090,000 |   |
| Loans                  held for sale, net (Note 3)                                                                                                                                                                                                                                                                                |   |                            | --          |                            |   | 5,886,950 |   |
| Prepaids                  and other current assets                                                                                                                                                                                                                                                                                |   |                            | --          |                            |   | 18,102 |   |
| Total                  current assets-Discontinued Operation                                                                                                                                                                                                                                                                      |   |                            | --          |                            |   | 9,546,550 |   |
|                                                                                                                                                                                                                                                                                                                              |   |                            |        |                            |   |   |   |
| Property                  and equipment, net (Note 4)-Discontinued Operations                                                                                                                                                                                                                                                     |   |                            | --          |                            |   | 183,792 |   |
| Other                  assets-Discontinued Operations                                                                                                                                                                                                                                                                             |   |                            | --          |                            |   | 47,334 |   |
| Total                  assets-Discontinued Operations                                                                                                                                                                                                                                                                             |   | $                               | --          |                            | $      | 9,777,676 |   |
|                                                                                                                                                                                                                                                                                                                              |   |                            |        |                            |   |   |   |
| LIABILITIES                  AND STOCKHOLDERS’ EQUITY (DEFICIT)                                                                                                                                                                                                                                                             |   |                            |        |                            |   |   |   |
| Current                  liabilities-Discontinued Operations:                                                                                                                                                                                                                                                                     |   |                            |        |                            |   |   |   |
| Accounts                  payable                                                                                                                                                                                                                                                                                                 |   | $                               | --          |                            | $      | 80,845 |   |
| Accrued                  liabilities (Note 7)                                                                                                                                                                                                                                                                                     |   |                            | --          |                            |   | 1,593,562 |   |
| Unsecured                  line of credit                                                                                                                                                                                                                                                                                         |   |                            | --          |                            |   | 75,000 |   |
| Warehouse                  line of credit (Note 6)                                                                                                                                                                                                                                                                                |   |                            | --          |                            |   | 5,778,298 |   |
| Commissions                  payable                                                                                                                                                                                                                                                                                              |   |                            | --          |                            |   | 2,091,129 |   |
| Other                  current liabilities                                                                                                                                                                                                                                                                                        |   |                            | --          |                            |   | 26,918 |   |
| Notes                  Payable, net of discount of $51,141 (Note 8)                                                                                                                                                                                                                                                               |   |                            | --          |                            |   | 56,094 |   |
| Redeemable                  securities, net of discount of $281,322                                                                                                                                                                                                                                                               |   |                            | --          |                            |   | 808,678 |   |
| Total                  current liabilities-Discontinued Operations                                                                                                                                                                                                                                                                |   | $                               | --          |                            | $      | 10,510,524 |   |
|                                                                                                                                                                                                                                                                                                                              |   |                            |        |                            |   |   |   |
| Minority                  Interest                                                                                                                                                                                                                                                                                                |   |                            | --          |                            |   | -- |   |
|                                                                                                                                                                                                                                                                                                                              |   |                            |        |                            |   |   |   |
| Stockholders’                  equity (deficit) (Note 12):                                                                                                                                                                                                                                                                  |   |                            |        |                            |   |   |   |
| Preferred                  stock, 2,500,000 shares authorized:                                                                                                                                                                                                                                                                    |   |                            |        |                            |   |   |   |
| Series                  D convertible preferred stock, no par value; liquidation value                  of $126.81 per share; 15,000 shares authorized; nil and8,201.5                  shares                  outstanding as of April 30, 2006 and 2005 respectively                                                            |   |                            | --          |                            |   | 1,040,222 |   |
| Series                  F convertible preferred stock, no par value; liquidation value                  of $16.675 per share; 25,000 shares authorized, nil and 18,800                  shares                  issued and outstanding as of April 30, 2006 and 2005                  respectively.                               |   |                            | --          |                            |   | 313,490 |   |
| Common                  stock, $0.001 par value; 100,000,000 shares authorized;                  13,355,181 and 10,486,398 shares issued at April                  30, 2006 and 2005, respectively, and 13,355,181                  and 6,315,998 shares outstanding as of April 30, 2006 and                  2005, respectively |   |                            | 13,355      |                            |   | 6,316 |   |
| Additional                  paid-in capital                                                                                                                                                                                                                                                                                       |   |                            | 17,375,011  |                            |   | 16,022,441 |   |
| Accumulated                  deficit                                                                                                                                                                                                                                                                                              |   |                            | (17,388,366 | )                               |   | (18,115,317 | ) |
| Total                  stockholders’ equity (deficit)                                                                                                                                                                                                                                                                       |   | $                               | --          |                            |   | (732,848 | ) |
|                                                                                                                                                                                                                                                                                                                              |   |                            |        |                            |   |   |   |
| Total                  liabilities and stockholders’ equity (deficit)                                                                                                                                                                                                                                                       |   | $                               | --          |                            | $      | 9,777,676 |   |

----

**RENHUANG        PHARMACEUTICALS, INC. **
**(formerly        Anza Capital Inc.) **
**AND        SUBSIDIARIES**

**CONSOLIDATED        STATEMENTS OF OPERATIONS**

|                                                                                                               |   |                            |                      | Year                  Ended  |   |                            |   |
|--------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|---------------------------|-----------------------------------|--------|---------------------------------|--------|
|                                                                                                               |   | April                  30, 2006 |                      | April                  30, 2005   |   | April                  30, 2004 |   |
|                                                                                                               |   |                            |                      |                              |   |                            |   |
|                                                                                                               |   |                            |                      |                              |   |                            |   |
| Income(loss)                  from discontinued operations (Note 10)                                               |   | $                               | 878,711                   |                              | $      | (3,528,137                      | )      | $ | (1,122,663 | ) |
|                                                                                                               |   |                            |                      |                              |   |                            |   |   |   |   |
| Net                  income (loss), before minority interest in losses of consolidated                  subsidiary |   | $                               | 878,                  711 |                              | $      | (3,528,137                      | )      | $ | (1,122,663 | ) |
|                                                                                                               |   |                            |                      |                              |   |                            |   |   |   |   |
| Minority                  interest in losses of consolidated subsidiary                                            |   |                            | --                        |                              |   | 75,245                          |   |   | - |   |
|                                                                                                               |   |                            |                      |                              |   |                            |   |   |   |   |
| Net                  income (loss)                                                                                 |   |                            | 878,711                   |                              |   | (3,452,892                      | )      |   | (1,122,663 | ) |
|                                                                                                               |   |                            |                      |                              |   |                            |   |   |   |   |
| Preferred                  stock dividends                                                                         |   |                            | (1,760                    | )                                 |   | (126,750                        | )      |   | -- |   |
|                                                                                                               |   |                            |                      |                              |   |                            |   |   |   |   |
| Net                  income (loss) available to common shareholders                                                |   |                            | 876,951                   |                              |   | (3,579,642                      | )      |   | (1,122,663 | ) |
|                                                                                                               |   |                            |                      |                              |   |                            |   |   |   |   |
| Earnings                  (loss) per common share:                                                                 |   |                            |                      |                              |   |                            |   |   |   |   |
| Basic:                                                                                                             |   |                            |                      |                              |   |                            |   |   |   |   |
| Weighted                  average number of common shares                                                          |   |                            | 7,443,029                 |                              |   | 4,885,038                       |   |   | 4,866,681 |   |

| Net                  income (loss) per common share from discontinued                  operations |   |   | 0.12      |   | $      | (0.73     | )      | $      | (0.23     | )      |
|---------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|-----------|--------|--------|-----------|--------|
| Net                  income (loss) per basic common share                                         |   |   | 0.12      |   | $      | (0.73     | )      | $      | (0.23     | )      |
|                                                                                              |   |   |      |   |   |      |   |   |      |   |
| Diluted:                                                                                          |   |   |      |   |   |      |   |   |      |   |
| Weighted                  average number of common shares                                         |   |   | 4,866,681 |   |   | 4,866,681 |   |   | 4,866,681 |   |
|                                                                                              |   |   |      |   |   |      |   |   |      |   |
| Net                  income per common share from discontinued operations                         |   |   | 0.18      |   | $      | (0.74     | )      | $      | (0.23     | )      |
| Net                  income (loss) per diluted common share                                       |   |   | 0.18      |   | $      | (0.74     | )      | $      | (0.23     | )      |

----

**(formerly          Anza Capital Inc.) **

|                                                                                                                  |   | A                  Preferred |   | C                  Preferred |   | D                  Preferred |   |
|-----------------------------------------------------------------------------------------------------------------------|--------|------------------------------|--------|------------------------------|--------|------------------------------|--------|
|                                                                                                                  |   | Shares                       |   | Amount                       |   | Shares                       |   | Amount |   | Shares |   | Amount |   |
|                                                                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |
| Balances,                  April 30, 2003                                                                             |   |                         | --     |                         | $      | --                           |   |   | -- |   | $ | -- |   |   | 8,201.5 |   | $ | 1,040,222 |   |
|                                                                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares                  issued to employees and directors                                                             |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares                  issued to consultants                                                                         |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Amortization                  of deferred compensation                                                                |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion                  of Series C convertible preferred                                                         |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Repurchase                  of Series A convertible preferred                                                         |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restructuring                  of Series A convertible preferred into Series                  E convertible preferred |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restructuring                  of Series C convertible preferred into Series                  D convertible preferred |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Value                  of warrants ascribed to Series D convertible preferred                                         |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restructuring                  of AMRES holding note                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance                  of Laguna settlement shares                                                                 |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cancellation                  of Laguna warrants                                                                      |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  income                                                                                           |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances,                  April 30, 2004                                                                             |   |                         | --     |                         | $      | --                           |   |   | -- |   | $ | -- |   |   | 8,201.5 |   | $ | 1,040,222 |   |

----

**(formerly          Anza Capital Inc.) **

|                                                                                                                                                               |   | A                  Preferred |   | C                  Preferred |   | D                  Preferred |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|--------|------------------------------|--------|------------------------------|--------|
|                                                                                                                                                               |   | Shares                       |   | Amount                       |   | Shares                       |   | Amount |   | Shares |   | Amount |   |
| Dividends                  - Series D convertible preferred                                                                                                        |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends                  - Series F convertible preferred                                                                                                        |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance                  of dividends shares declared in 2004 - Series D                                                                                          |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance                  of dividends shares declared in 2004 - Series F                                                                                          |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance                  of common stock as consulting expense                                                                                                    |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance                  of AMRES shares to consultants                                                                                                           |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reclassification                  of minority interest portion of AMRES equity from the issuance                  of shares                  to minority interests |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance                  of stock for cash                                                                                                                        |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance                  of stock as compensation expense                                                                                                         |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance                  of warrants with Series G preferred stock                                                                                                |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance                  of warrants as consulting expense                                                                                                        |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance                  of warrants with convertible debt                                                                                                        |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Beneficial                  conversion feature on convertible debts                                                                                                |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Beneficial                  conversion feature on issuance of Series G preferred stock                                                                             |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion                  of AMRES debt to equity, net gain of $110,398                                                                                          |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  loss attributable to common shareholders                                                                                                      |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances                  as of April 30, 2005                                                                                                                     |   |                         | --     |                         | $      | --                           |   |   | -- |   | $ | -- |   |   | 8,201.5 |   | $ | 1,040,222 |   |

----

**(formerly        Anza Capital Inc.) **

|                                                                  |   | A                  Preferred |   | C                  Preferred |   | D                  Preferred |   |
|-----------------------------------------------------------------------|--------|------------------------------|--------|------------------------------|--------|------------------------------|--------|
|                                                                  |   | Shares                       |   | Amount                       |   | Shares                       |   | Amount |   | Shares |   | Amount |   |
| Dividends                  - Series F convertible preferred           |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cancellation                  of shares per legal settlement          |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion                  of Series D convertible preferred         |   |                         | --     |                         |   | --                           |   |   | -- |   |   | -- |   |   | (8,201.5 | ) |   | ($1,040,222 | ) |
|                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion                  of Series F convertible preferred         |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale                  of shares of company held by subsidiary (AMRES) |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  gain attributable to common shareholders         |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                  stock - Dividends declared and paid           |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   |                         |   |                         |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances                  as of April 30, 2006                        |   |                         | --     |                         | $      | --                           |   |   | -- |   | $ | -- |   |   | -- |   | $ | -- |   |

----

**(formerly          Anza Capital Inc.) **

|                                                                                                                                                      |   | E                  Preferred |     | F                  Preferred |   | Common                  Stock |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|----------|------------------------------|--------|-------------------------------|--------|
|                                                                                                                                                      |   | Shares                       |     | Amount                       |   | Shares                        |   | Amount |   | Shares |   | Amount |   |
| Balances,                  April 30, 2003                                                                                                                 |   |                         | 217,278  |                         | $      | 217,278                       |   |   | 18,800 |   | $ | 313,490 |   |   | 4,829,896 |   | $ | 4,830 |   |
|                                                                                                                                                      |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares                  issued to employees and directors                                                                                                 |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                      |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Repurchase                  of Series E convertible preferred                                                                                             |   |                         | (92,278  | )                            |   | (92,278                       | )      |   | -- |   |   | -- |   |   | -- |   |   | -- |   |
|                                                                                                                                                      |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares                  issued to Consultant                                                                                                              |   |                         | --       |                         |   | --                            |   |   | -- |   |   | -- |   |   | 40,000 |   |   | 40 |   |
|                                                                                                                                                      |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion                  of Series C convertible preferred                                                                                             |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                      |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liquidation                  of Series E convertible preferred through exchange of interest                  on secured                  notes receivable |   |                         | (125,000 | )                            |   | (125,000                      | )      |   | -- |   |   | -- |   |   | -- |   |   | -- |   |
|                                                                                                                                                      |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restructuring                  of Series A convertible preferred into Series E convertible                  preferred                                |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                      |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restructuring                  of Series C convertible preferred into Series D convertible                  preferred                                |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                      |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Value                  of warrants ascribed to Series D convertible preferred                                                                             |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                      |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restructuring                  of AMRES holding note                                                                                                      |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                      |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance                  of Laguna settlement shares                                                                                                     |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                      |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cancellation                  of Laguna warrants                                                                                                          |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                      |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  income                                                                                                                               |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                      |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances                  as of April 30, 2004                                                                                                            |   |                         | --       |                         | $      | --                            |   |   | 18,800 |   | $ | 313,490 |   |   | 4,869,896 |   | $ | 4,870 |   |
|                                                                                                                                                      |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends                  - Series D convertible preferred                                                                                               |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   | 825,552 |   |   | 825 |   |
|                                                                                                                                                      |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends                  - Series F convertible preferred                                                                                               |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   | 131,600 |   |   | 132 |   |
|                                                                                                                                                      |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance                  of dividend shares declared in 2004 - Series D                                                                                  |   |                         |     |                         |   |                          |   |   |   |   |   |   |   |   | 224,386 |   |   | 224 |   |

----

**(formerly            Anza Capital Inc.) **

|   |   | E                  Preferred |   | F                  Preferred |   | Common                  Stock |   |
|--------|--------|------------------------------|--------|------------------------------|--------|-------------------------------|--------|
|   |   | Shares                       |   | Amount                       |   | Shares                        |   | Amount |   | Shares |   | Amount |   |
|   |   |                         |   |                         |   |                          |   |   |   |   |   |   |   |

| Issuance                  of dividend shares declared in 2004 - Series F                                                                                           |   |   | --     |   |   | --     |   |   | --     |   |   | --      |   |   | 164,500   |   |   | 165    |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|---------|--------|--------|-----------|--------|--------|--------|--------|
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
| Issuance                  of common stock as consulting expense                                                                                                    |   |   | --     |   |   | --     |   |   | --     |   |   | --      |   |   | 100,000   |   |   | 100    |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
| Issuance                  of AMRES shares to consultants                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
| Reclassification                  of minority interest portion of AMRES equity from the issuance                  of shares                  to minority interests |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
| Issuance                  of stock for cash                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
| Issuance                  of stock as compensation expense                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
| Issuance                  of warrants with Series G preferred stock                                                                                                |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
| Issuance                  of warrants as consulting expense                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
| Issuance                  of warrants with convertible debt                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
| Beneficial                  conversion feature on convertible debt                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
| Beneficial                  conversion feature on issuance of Series G preferred stock                                                                             |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
| Conversion                  of AMRES debt to equity, net gain of $110,398                                                                                          |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
| Net                  loss attributable to common shareholders                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |    |   |   |      |   |   |   |   |
| Balances                  as of April 30, 2005                                                                                                                     |   |   | --     |   |   | --     |   |   | 18,800 |   | $      | 313,490 |   |   | 6,315,934 |   | $      | 6,316  |   |

----

**(formerly          Anza Capital Inc.) **

|                                                                  |   | E                  Preferred |   | F                  Preferred |   | Common                  Stock |   |
|-----------------------------------------------------------------------|--------|------------------------------|--------|------------------------------|--------|-------------------------------|--------|
|                                                                  |   | Shares                       |   | Amount                       |   | Shares                        |   | Amount |   | Shares |   | Amount |   |
|                                                                  |   |                         |   |                         |   |                          |   |   |   |   |   |   |   |
| Dividends                  - Series F convertible preferred           |   |                         | --     |                         |   | --                            |   |   | -- |   |   | -- |   |   | 32,900 |   |   | 33 |   |
|                                                                  |   |                         |   |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cancellation                  of shares per legal settlement          |   |                         | --     |                         |   | --                            |   |   | -- |   |   | -- |   |   | (51,250 | ) |   | (51 | ) |
|                                                                  |   |                         |   |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion                  of Series D convertible preferred         |   |                         | --     |                         |   | --                            |   |   | -- |   |   | -- |   |   | 1,040,033 |   |   | 1,040 |   |
|                                                                  |   |                         |   |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion                  of Series F convertible preferred         |   |                         | --     |                         |   | --                            |   |   | (18,800 | ) |   | (313,490 | ) |   | 1,880,000 |   |   | 1,880 |   |
|                                                                  |   |                         |   |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale                  of shares of company held by subsidiary (AMRES) |   |                         | --     |                         |   | --                            |   |   | -- |   |   | -- |   |   | 4,137,500 |   |   | 4,137 |   |
|                                                                  |   |                         |   |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  gain attributable to common shareholders         |   |                         |   |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   |                         |   |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                  stock - Dividends declared and paid           |   |                         |   |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   |                         |   |                         |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances                  as of April 30, 2006                        |   |                         | --     |                         | $      | --                            |   |   | -- |   | $ | -- |   |   | 13,355,181 |   | $ | 13,355 |   |

----

**(formerly          Anza Capital Inc.) **

|                                                                                                                                                               |   | Additional                  Paid-in Capital |       | Deferred                  Compensation |   | Accumulated                  Deficit |   |  Total |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|------------|----------------------------------------|--------|--------------------------------------|--------|-------------|-------------|
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |
| Balances,                  April 30, 2003                                                                                                                          |   | $                                           | 13,639,114 |                                   | $      | --                                   |   | $           | (13,283,923 | ) | $ | 1,931,011 |   |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Repurchase                  of Series E convertible preferred                                                                                                      |   |                                        |       |                                   |   |                                 |   |        |        |   |   | (92,278 | ) |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Shares                  Issued to Consultant                                                                                                                       |   |                                        | 11,160     |                                   |   | --                                   |   |        | --          |   |   | 11,200 |   |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Dividends                  - Series E convertible preferred                                                                                                        |   |                                        | --         |                                   |   | --                                   |   |        | (20,201     | ) |   | (20,201 | ) |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Dividends                  - Series F convertible preferred                                                                                                        |   |                                        | --         |                                   |   | --                                   |   |        | (108,888    | ) |   | (108,888 | ) |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Liquidation                  of Series E convertible preferred through exchange of interest                  on secured                  notes receivable          |   |                                        | --         |                                   |   | --                                   |   |        | --          |   |   | (125,000 | ) |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Net                  loss                                                                                                                                          |   |                                        |       |                                   |   |                                 |   |        | (1,122,663  | ) |   | (1,122,663 | ) |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Balances                  as of April 30, 2004                                                                                                                     |   | $                                           | 13,650,274 |                                   | $      | --                                   |   | $           | (14,535,675 | ) | $ | 473,181 |   |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Dividends                  - Series D convertible preferred                                                                                                        |   |                                        | 71,978     |                                   |   | --                                   |   |        | (72,803     | ) |   | -- |   |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Dividends                  - Series F convertible preferred                                                                                                        |   |                                        | 12,600     |                                   |   | --                                   |   |        | (12,732     | ) |   | -- |   |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Issuance                  of dividend shares declared in 2004 - Series D                                                                                      |   |                                        | 62,604     |                                   |   | --                                   |   |        | --          |   |   | 62,828 |   |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Issuance                  of dividend shares declared in 2004 - Series F                                                                                           |   |                                        | 45,895     |                                   |   | --                                   |   |        | --          |   |   | 46,060 |   |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Issuance                  of common stock as consulting expense                                                                                                    |   |                                        | 703,780    |                                   |   | --                                   |   |        | --          |   |   | 703,780 |   |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Issuance                  of AMRES shares to consultants                                                                                                           |   |                                        | 900,000    |                                   |   | --                                   |   |        | --          |   |   | 900,000 |   |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Reclassification                  of minority interest portion of AMRES equity from the issuance                  of shares                  to minority interests |   |                                        | (75,245    | )                                      |   | --                                   |   |        | --          |   |   | (75,245 | ) |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Issuance                  of stock for cash                                                                                                                        |   |                                        | 19,500     |                                   |   | --                                   |   |        | --          |   |   | 19,500 |   |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Issuance                  of stock as compensation expense                                                                                                         |   |                                        | 7,000      |                                   |   | --                                   |   |        | --          |   |   | 7,000 |   |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Issuance                  of warrants with Series G preferred stock                                                                                                |   |                                        | 96,718     |                                   |   | --                                   |   |        | (12,374     | ) |   | 84,344 |   |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Issuance                  of warrants as consulting expense                                                                                                        |   |                                        | 39,427     |                                   |   | --                                   |   |        | --          |   |   | 39,427 |   |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Issuance                  of warrants with convertible debt                                                                                                        |   |                                        | 10,175     |                                   |   | --                                   |   |        | --          |   |   | 10,175 |   |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Beneficial                  conversion feature on convertible debt                                                                                                 |   |                                        | 240,412    |                                   |   | --                                   |   |        | --          |   |   | 240,412 |   |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Beneficial                  conversion feature on issuance of Series G preferred stock                                                                             |   |                                        | 225,821    |                                   |   | --                                   |   |        | (28,841     | ) |   | 196,980 |   |
|                                                                                                                                                               |   |                                        |       |                                   |   |                                 |   |        |        |   |   |   |   |
| Conversion                  of AMRES debt to equity, net gain of $110,398                                                                                          |   |                                        | 11,602     |                                   |   | --                                   |   |        | --          |   |   | 11,602 |   |

----

**(formerly            Anza Capital Inc.) **

|   |   | Additional                  Paid-in Capital |   | Deferred                  Compensation |   | Accumulated                  Deficit |   |  Total |   |
|--------|--------|---------------------------------------------|--------|----------------------------------------|--------|--------------------------------------|--------|-------------|--------|
|   |   |                                        |   |                                   |   |                                 |   |        |   |

| Net                  loss attributable to common shareholders         |   |   | --         |   |   | --     |   |   | (3,452,892  | )      |   | (3,452,892 | )      |
|-----------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|--------|--------|-------------|--------|--------|------------|--------|
|                                                                  |   |   |       |   |   |   |   |   |        |   |   |       |   |
| Balances                  as of April 30, 2005                        |   | $      | 16,022,441 |   | $      | --     |   | $      | (18,115,317 | )      | $      | (732,848   | )      |
|                                                                  |   |   |       |   |   |   |   |   |        |   |   |       |   |
| Dividends                  - Series F convertible preferred           |   |   | 1,727      |   |   | --     |   |   | (1,760      | )      |   | --         |   |
|                                                                  |   |   |       |   |   |   |   |   |        |   |   |       |   |
| Cancellation                  of shares per legal settlement          |   |   | 51         |   |   | --     |   |   | --          |   |   | --         |   |
|                                                                  |   |   |       |   |   |   |   |   |        |   |   |       |   |
| Conversion                  of Series D convertible preferred         |   |   | 311,610    |   |   | --     |   |   | --          |   |   | --         |   |
|                                                                  |   |   |       |   |   |   |   |   |        |   |   |       |   |
| Conversion                  of Series F convertible preferred         |   |   | 1,039,182  |   |   | --     |   |   | --          |   |   | --         |   |
|                                                                  |   |   |       |   |   |   |   |   |        |   |   |       |   |
| Sale                  of shares of company held by subsidiary (AMRES) |   |   | --         |   |   | --     |   |   | --          |   |   | 4,137      |   |
|                                                                  |   |   |       |   |   |   |   |   |        |   |   |       |   |
| Net                  gain attributable to common shareholders         |   |   | --         |   |   | --     |   |   | 878,711     |   |   | 878,711    |   |
|                                                                  |   |   |       |   |   |   |   |   |        |   |   |       |   |
| Common                  stock - Dividends declared and paid           |   |   | --         |   |   | --     |   |   | (150,000    | )      |   | (150,000   | )      |
|                                                                  |   |   |       |   |   |   |   |   |        |   |   |       |   |
| Balances                  as of April 30, 2006                        |   | $      | 17,375,011 |   | $      | --     |   | $      | (17,388,366 | )      | $      | --         |   |

----

**(formerly          Anza Capital Inc.) **

|                                                                                                                                                  |   | Twelve                  Months Ended April                  30, 2006 |       | Twelve                  Months Ended April                  30, 2005 |   | Twelve                  Months Ended April                  30, 2004 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|------------|----------------------------------------------------------------------|--------|----------------------------------------------------------------------|--------|
|                                                                                                                                                  |   |                                                                 |       |                                                                 |   |                                                                 |   |
| Cash                  flows from operating activities:                                                                                                |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Net                  income (loss) from continuing operations                                                                                         |   | $                                                                    | --         |                                                                 | $      | --                                                                   |   | $ | -- |   |
| Net                  income (loss) from discontinued operations                                                                                       |   |                                                                 | 876,951    |                                                                 |   | (3,579,642                                                           | )      |   | (1,122,663 | ) |
| Adjustments                  to reconcile net income (loss) to net cash provided by (used in)                  operating                  activities: |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
|                                                                                                                                                  |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Stock-based                  consulting fees                                                                                                          |   |                                                                 | --         |                                                                 |   | 1,643,207                                                            |   |   | -- |   |
| Stock-based                  compensation                                                                                                             |   |                                                                 | --         |                                                                 |   | 7,000                                                                |   |   | 11,200 |   |
| Provision                  for losses on brokered loans                                                                                               |   |                                                                 | --         |                                                                 |   | --                                                                   |   |   | -- |   |
| Loss                  on disposal of assets                                                                                                           |   |                                                                 | --         |                                                                 |   | --                                                                   |   |   | 45,409 |   |
| Impairment                  of goodwill                                                                                                               |   |                                                                 | --         |                                                                 |   | --                                                                   |   |   | 195,247 |   |
| Gain                  on settlement of obligations                                                                                                    |   |                                                                 | --         |                                                                 |   | --                                                                   |   |   | -- |   |
| Gain                  on conversion of AMRES notes payable                                                                                            |   |                                                                 | --         |                                                                 |   | (110,398                                                             | )      |   | -- |   |
| Depreciation                                                                                                                                          |   |                                                                 | --         |                                                                 |   | 68,541                                                               |   |   | 90,185 |   |
| Minority                  interest in losses of consolidated subsidiary                                                                               |   |                                                                 |       |                                                                 |   | (75,245                                                              | )      |   | -- |   |
| Amortization                  of discounts on convertible notes payable                                                                               |   |                                                                 | --         |                                                                 |   | 189,272                                                              |   |   | -- |   |
| Amortization                  of deferred stock compensation                                                                                          |   |                                                                 | --         |                                                                 |   | --                                                                   |   |   | -- |   |
| Interest                  and beneficial conversion related charges                                                                                   |   |                                                                 | --         |                                                                 |   | 136,926                                                              |   |   | -- |   |
| Accrued                  interest and accretion on notes                                                                                              |   |                                                                 | --         |                                                                 |   | 4,620                                                                |   |   | -- |   |
|                                                                                                                                                  |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Disposition                  of assets and assumption of liabilities on discontinued                  operations                                      |   |                                                                 | (2,193,791 | )                                                                    |   | --                                                                   |   |   | -- |   |
| Changes                  in Assets/Liabilities:                                                                                                       |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
|                                                                                                                                                  |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Increase                  (decrease) in other current liabilities                                                                                     |   |                                                                 | --         |                                                                 |   | --                                                                   |   |   | (75,601 | ) |
| Increase                  (decrease) in commissions payable                                                                                           |   |                                                                 | --         |                                                                 |   | (828,136                                                             | )      |   | 231,753 |   |
| Increase                  in accrued liabilities                                                                                                      |   |                                                                 | --         |                                                                 |   | 669,749                                                              |   |   | 339,242 |   |
| Increase                  in accrued interest expense                                                                                                 |   |                                                                 | --         |                                                                 |   | --                                                                   |   |   | -- |   |
| Decrease                  in other current assets                                                                                                     |   |                                                                 | --         |                                                                 |   | 74,410                                                               |   |   | -- |   |
| Decrease                  (increase) in prepaid and other current assets                                                                              |   |                                                                 | --         |                                                                 |   | 1,796                                                                |   |   | 56,850 |   |
| Decrease                  (increase) in loans held for sale, net                                                                                      |   |                                                                 | --         |                                                                 |   | (2,236,039                                                           | )      |   | 3,950,712 |   |
| Decrease                  (increase) in commissions and accounts receivable                                                                           |   |                                                                 | --         |                                                                 |   | 793,574                                                              |   |   | 484,509 |   |
| (Decrease)                  increase in accounts payable                                                                                              |   |                                                                 | --         |                                                                 |   | (134,307                                                             | )      |   | (462,800 | ) |
| Net                  cash provided by (used in) operating activities                                                                                  |   |                                                                 | (1,316,840 | )                                                                    |   | (3,374,672                                                           | )      |   | 3,744,043 |   |
|                                                                                                                                                  |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Cash                  flows from investing activities:                                                                                                |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
|                                                                                                                                                  |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Acquisitions                  of property and equipment                                                                                               |   |                                                                 | --         |                                                                 |   | (8,181                                                               | )      |   | (126,023 | ) |
| Issuance                  of secured note receivable                                                                                                  |   |                                                                 |       |                                                                 |   | --                                                                   |   |   | (200,000 | ) |
| Proceeds                  from sale of portion of secured note receivable                                                                             |   |                                                                 | --         |                                                                 |   | --                                                                   |   |   | 50,000 |   |
| Other                  assets                                                                                                                         |   |                                                                 | --         |                                                                 |   | --                                                                   |   |   | (73,867 | ) |
| Net                  cash used in investing activities                                                                                                |   |                                                                 | --         |                                                                 |   | (8,181                                                               | )      |   | (349,890 | ) |

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**(formerly          Anza Capital Inc.) **

|                                                                                                                                               |   | Twelve                  Months Ended April                  30, 2006 |       | Twelve                  Months Ended April                  30, 2005 |   | Twelve                  Months Ended April                  30, 2004 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|------------|----------------------------------------------------------------------|--------|----------------------------------------------------------------------|--------|
| Cash                  flows from financing activities:                                                                                             |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
|                                                                                                                                               |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Borrowings                  from (repayments of) unsecured line of credit                                                                          |   |                                                                 | --         |                                                                 |   | 75,000                                                               |   |   | -- |   |
| (Repayments)                  advances on warehouse line of credit, net                                                                            |   |                                                                 | --         |                                                                 |   | 2,171,433                                                            |   |   | (3,907,344 | ) |
| Payments                  on notes payable and capital leases                                                                                      |   |                                                                 | --         |                                                                 |   | (78,765                                                              | )      |   | 74,534 |   |
| Proceeds                  from convertible notes payable                                                                                           |   |                                                                 | --         |                                                                 |   | 308,000                                                              |   |   | -- |   |
| Proceeds                  from shareholders for dividend payments                                                                                  |   |                                                                 | 150,000    |                                                                 |   | --                                                                   |   |   | -- |   |
| Common                  shares-dividend declared and paid                                                                                          |   |                                                                 | (150,000   | )                                                                    |   | --                                                                   |   |   | -- |   |
| Issuance                  of stocks                                                                                                                |   |                                                                 | --         |                                                                 |   | 19,500                                                               |   |   | -- |   |
| Repurchase                  of Series E convertible preferred stock                                                                                |   |                                                                 | --         |                                                                 |   | --                                                                   |   |   | (92,278 | ) |
| Dividends                  on Series E convertible preferred stock                                                                                 |   |                                                                 | --         |                                                                 |   | --                                                                   |   |   | (20,199 | ) |
|                                                                                                                                               |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Net                  cash provided by (used in) financing activities                                                                               |   |                                                                 | --         |                                                                 |   | 2,495,168                                                            |   |   | (3,945,287 | ) |
|                                                                                                                                               |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Net                  increase (decrease) in cash and cash equivalents                                                                              |   |                                                                 | (1,316,840 | )                                                                    |   | (887,685                                                             | )      |   | (551,134 | ) |
|                                                                                                                                               |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Cash                  and cash equivalents at beginning of period                                                                                  |   |                                                                 | 1,316,840  |                                                                 |   | 2,204,525                                                            |   |   | 2,755,659 |   |
|                                                                                                                                               |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Cash                  and cash equivalents at end of period                                                                                        |   | $                                                                    | --         |                                                                 | $      | 1,316,840                                                            |   | $ | 2,204,525 |   |
|                                                                                                                                               |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Non-cash                  financing activities:                                                                                                    |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
|                                                                                                                                               |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Exchange                  of Series E convertible preferred stock for interest in secured                  note                  receivable        |   |                                                                 | --         |                                                                 |   | --                                                                   |   |   | 125,000 |   |
|                                                                                                                                               |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Settlement                  of debt with issuance of common stock                                                                                  |   |                                                                 | --         |                                                                 |   | --                                                                   |   |   | -- |   |
|                                                                                                                                               |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Conversion                  of Series C convertible preferred stock to common stock                                                                |   |                                                                 | --         |                                                                 |   | --                                                                   |   |   | -- |   |
|                                                                                                                                               |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Exchange                  of Series A convertible preferred stock to Series E convertible                  preferred                  stock        |   |                                                                 | --         |                                                                 |   | --                                                                   |   |   | -- |   |
|                                                                                                                                               |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Exchange                  of Series C convertible preferred to Series D convertible preferred,                  common stock and accrued dividends |   |                                                                 | --         |                                                                 |   | --                                                                   |   |   | -- |   |
|                                                                                                                                               |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Warrants                  issued for bridge financing, debt conversions, marketable securities,                  subject to rescission             |   |                                                                 | --         |                                                                 |   | --                                                                   |   |   | -- |   |
|                                                                                                                                               |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Conversion                  of AMRES notes payable to equity                                                                                       |   |                                                                 | --         |                                                                 |   | 11,602                                                               |   |   | -- |   |
|                                                                                                                                               |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Supplemental                  cash flow information:Cash                  paid for interest                                                        |   |                                                                 | --         |                                                                 |   | 66,504                                                               |   |   | 37,155 |   |
|                                                                                                                                               |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |
| Income                  taxes were not significant during the periods presented                                                                    |   |                                                                 |       |                                                                 |   |                                                                 |   |   |   |   |

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**(formerly            Anza Capital Inc.) **

**NOTE        1 - GENERAL**

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**(formerly          Anza Capital Inc.) **

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**(formerly          Anza Capital Inc.) **

**NOTE        2 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING        POLICIES**

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**(formerly          Anza Capital Inc.) **

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**(formerly          Anza Capital Inc.) **

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**(formerly          Anza Capital Inc.) **

**NOTE        3 - COMMITMENTS AND CONTINGENCIES**

**NOTE        4 - STOCKHOLDERS’ EQUITY **

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**(formerly          Anza Capital Inc.) **

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**(formerly          Anza Capital Inc.) **

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**(formerly          Anza Capital Inc.) **

|                                                  |   | Year                  Ended April 30, 2003 |    |
|-------------------------------------------------------|--------|--------------------------------------------|---------|
|                                                  |   | Costs                  Incurred            |    | Shares                  Issued |   |
|                                                  |   |                                       |    |   |   |
| Incentives                  - Employees and Directors |   | $                                          | 84,330  |   |   | 199,000 |   |
| Consulting                  - Legal                   |   |                                       | 85,400  |   |   | 152,500 |   |
| Total                                                 |   | $                                          | 169,730 |   |   | 351,500 |   |

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**(formerly          Anza Capital Inc.) **

*2003        Securities Plan*

| ·   | stock                  options (including incentive stock options and non-qualified stock                  options); |
|--------------------|----------------------------------------------------------------------------------------------------------------------|

| ·   | restricted                  stock awards; |
|--------------------|-------------------------------------------|

| ·   | unrestricted                  stock awards; and |
|--------------------|-------------------------------------------------|

| ·   | performance                  stock awards. |
|--------------------|--------------------------------------------|

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**(formerly          Anza Capital Inc.) **

| Options                  issued to employees:        |   |    |     |                                      |   |                                             |   |                                                            |   |
|------------------------------------------------------|--------|---------|----------|-------------------------------------------|--------|--------------------------------------------------|--------|-----------------------------------------------------------------|--------|
|                                                 |   | Options |     | Range                  of Exercise Prices |   | Weighted                  Average Exercise Price |   | Weighted                  Average Fair Value of Options Granted |   |
|                                                 |   |    |     |                                      |   |                                             |   |                                                            |   |
| Outstanding,                  April 30, 2001         |   |    | --       |                                      |   | --                                               |   |                                                            | --     |   |   | -- |   |
| Granted                                              |   |    | 275,000  |                                      | $      | 0.10-3.40                                        |   | $                                                               | 2.00   |   | $ | 1.40 |   |
| Canceled                                             |   |    | (100,000 | )                                         | $      | 3.40                                             |   | $                                                               | 3.40   |   | $ | 2.40 |   |
| Exercised                                            |   |    | --       |                                      |   | --                                               |   |                                                            | --     |   |   | -- |   |
|                                                 |   |    |     |                                      |   |                                             |   |                                                            |   |   |   |   |   |
| Outstanding,                  April 30, 2002         |   |    | 175,000  |                                      | $      | 0.10-1.60                                        |   | $                                                               | 1.20   |   | $ | 1.00 |   |
| Granted                                              |   |    | --       |                                      |   | --                                               |   |                                                            | --     |   |   | -- |   |
| Canceled                                             |   |    | (175,000 | )                                         | $      | 0.10-1.60                                        |   | $                                                               | 1.20   |   | $ | 1.00 |   |
| Exercised                                            |   |    | --       |                                      |   | --                                               |   |                                                            | --     |   |   | -- |   |
|                                                 |   |    |     |                                      |   |                                             |   |                                                            |   |   |   |   |   |
| Outstanding                  April 30, 2003 and 2004 |   |    | --       |                                      |   | --                                               |   |                                                            | --     |   |   | -- |   |

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**(formerly          Anza Capital Inc.) **

| Warrants                  issued to non-employees:   |   |     |    |                                      |   |                                             |   |                                                            |   |
|------------------------------------------------------|--------|----------|---------|-------------------------------------------|--------|--------------------------------------------------|--------|-----------------------------------------------------------------|--------|
|                                                 |   | Warrants |    | Range                  of Exercise Prices |   | Weighted                  Average Exercise Price |   | Weighted                  Average Fair Value of Options Granted |   |
|                                                 |   |     |    |                                      |   |                                             |   |                                                            |   |
| Outstanding,                  April 30, 2001         |   |     | 24,234  |                                      | $      | 60.00-134.60                                     |   | $                                                               | 83.20  |   | $ | 57.00 |   |
| Granted                                              |   |     | 50,000  |                                      |   | 3.40                                             |   |                                                            | 2.00   |   |   | 2.40 |   |
| Canceled                                             |   |     | (50,000 | )                                         |   | 3.40                                             |   |                                                            | 3.40   |   |   | 2.40 |   |
| Exercised                                            |   |     | --      |                                      |   | --                                               |   |                                                            | --     |   |   | -- |   |
|                                                 |   |     |    |                                      |   |                                             |   |                                                            |   |   |   |   |   |
| Outstanding,                  April 30, 2002         |   |     | 24,234  |                                      | $      | 60.00                  134.60                    |   | $                                                               | 83.20  |   | $ | 57.00 |   |
| Granted                                              |   |     | 750,000 |                                      |   | 0.50-0.90                                        |   |                                                            | 0.72   |   |   | 0.05 |   |
| Canceled                                             |   |     | (24,234 | )                                         | $      | 60.00-134.60                                     |   |                                                            | 83.20  |   |   | 57.00 |   |
| Exercised                                            |   |     | --      |                                      |   | --                                               |   |                                                            | --     |   |   | -- |   |
|                                                 |   |     |    |                                      |   |                                             |   |                                                            |   |   |   |   |   |
| Outstanding                  April 30, 2003 and 2004 |   |     | 750,000 |                                      | $      | 0.50-0.90                                        |   | $                                                               | 0.72   |   | $ | 0.05 |   |

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**(formerly          Anza Capital Inc.) **

**NOTE        5 - NON-RECURRING EXPENSES**

**NOTE        6 - INCOME TAXES**

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**(formerly          Anza Capital Inc.) **

**NOTE        7 - SECURED NOTE RECEIVABLE**

**NOTE        8 - GLOBAL SETTLEMENT**

| I. | RENHUANG                    issued to EMB 75,000 shares of restricted common stock as consideration                    for EMB’s waiver of its registration rights for 375,000 shares of RENHUANG                    common stock already held by EMB. The shares were valued at $0.14                    per                    share based on a 10% discount from the closing price on the date                    of the                    agreement. RENHUANG issued to EMB a promissory note in the principle                    amount of $103,404, which represents the reduced amount due to                    EMB by                    RENHUANG under a promissory note previously issued in connection                    with the                    AMRES acquisition, after giving effect to a principal reduction                    offset for                    amounts owed by EMB to WdB, but which were satisfied by RENHUANG                    and a                    note issued by RENHUANG to AMRES Holdings LLC to settle an acquisition                    obligation of EMB (see below). The note bears an interest at                    the rate of                    10% per annum and is convertible into common stock of RENHUANG.                    See Note                    13 for further discussion of this                    note. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| II. | RENHUANG                    issued to Williams de Broe (“WdB”) 150,000 shares of restricted common                    stock valued at $459,000 as consideration for WdB’s release of all claims                    against RENHUANG arising under the purported guarantee of EMB’s obligation                    to WdB by RENHUANG. The parties agreed that the amount be credited                    as                    additional consideration to the EMB notes                    payable. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| III. | EMB                    acknowledges its obligations to pay all outstanding leases covering                    equipment and/or furniture now in the possession of RENHUANG                    as                    contemplated by the                    agreement. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| IV. | EMB                    assigned rights of a portion of RENHUANG’s note payable totaling $485,446                    to AMRES Holdings LLC, owned by Vince Rinehart. The note bears                    interest at                    10% per annum. This note is convertible into shares of common                    stock based                    on 90% of the closing stock price on the date of the conversion.                    RENHUANG                    assigned a value of approximately $60,681 to the beneficial conversion                    feature imbedded in this note. As part of the restructuring,                    the Company                    converted outstanding balance of the note plus accrued interest                    into                    300,000 shares of RENHUANG’s enforced. On January 17, 2002, EMB sold this                    note to AMRES for $40,000. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**(formerly          Anza Capital Inc.) **

| Note                  payable                                                                                                                                                                                                                                                                                                                                                            |   | $      | 1,055,000 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|
| V.    common                  stock plus 18,800 shares of Series F convertible preferred. As                  such, as of                  April 30, 2003, there is no principal or interest outstanding relating                  to                  this note.                                                                                                    |   |   | 160,856   |   |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |      |   |
| EMB                  forgave principal and interest totaling $168,006. The balance of                  $103,404                  convertible notes was issued, bearing interest at 10% per annum.                  The note                  had a mandatory conversion into RENHUANG’s common stock on December 15,                  2001, which was never Accrued interest  |   |   |      |   |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |      |   |
| Total                  due to EMB prior to settlement Less”                                                                                                                                                                                                                                                                                                                        |   |   | 1,215,856 |   |
| Value                  of 150,000 shares to WdB                                                                                                                                                                                                                                                                                                                                          |   |   | (459,000  | )      |
| Payable                  to AMRES Holdings LLC                                                                                                                                                                                                                                                                                                                                           |   |   | (485,446  | )      |
| Debt                  and interest relief                                                                                                                                                                                                                                                                                                                                                |   |   | (168,006  | )      |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |      |   |
| Balance                  due to EMB after settlement                                                                                                                                                                                                                                                                                                                                     |   | $      | 103,404   |   |

| Value                  of 75,000 shares to EMB |   | $      | 229,500  |   |
|------------------------------------------------|--------|--------|----------|--------|
| Debt                  and interest relief      |   |   | (168,006 | )      |
|                                           |   |   |     |   |
| Total                  non-recurring loss      |   | $      | 61,494   |   |

**NOTE        9 - LEGAL**

**NOTE        10 - CHANGE OF CONTROL AND DISPOSITION OF ASSETS **

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**(formerly            Anza Capital Inc.) **

**NOTE        11 - SUBSEQUENT EVENT**

----