SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C. 20549




FORM
10-KSB




(Mark
One)


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





For
the fiscal year ended December 31, 2007




o
              TRANSITION
      REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934


For the
transition period from ___________ to ___________




Commission
File No. 000-51881





ASENSIA,
INC.


(Name of
small business issuer in its charter)




DELAWARE(State
      or other jurisdiction of
              incorporation
      or organization)
            (IRS
      Employer Identification No.)




50
      Meadiw Village Drive, #208, PO Bix 161643, Big Sky, MT
            59716(Address
      of principal executive offices)
            (Zip
      Code)




(406)551.6061


(Registrant’s
telephone number, including area code)




Securities
      registered under Section 12(b) of the Exchange Act:Title
      of each class registered:
            Name
      of each exchange on which registered:None
            NoneSecurities
      registered under Section 12(g) of the Exchange Act:Common
      Stock, par value $.001
              (Title
      of class)




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


Yesx                      Noo




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


Yesx                      Noo




Check if
there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B not contained in this form, and no disclosure will be contained,
to the best of the registrant’s knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. o




Revenues
for year ended December 31, 2007: $1,830




Aggregate
market value of the voting common stock held by non-affiliates of the registrant
as of December 31, 2007, was: $0




Number of
shares of the registrant’s common stock outstanding as of April 13, 2008 was:
50,142,900





Transitional Small Business Disclosure
Format:   Yeso   Nox














TABLE
OF CONTENTS




PART
      IITEM
      1.
            DESCRIPTION
      OF BUSINESS
            1ITEM
      2.
            DESCRIPTION
      OF PROPERTY
            1ITEM
      3.
            LEGAL
      PROCEEDINGS
            1ITEM
      4.
            SUBMISSION
      OF MATTERS TO A VOTE OF SECURITY HOLDERS
            1PART
      IIITEM
      5.
            MARKET
      FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
            1ITEM
      6.
            MANAGEMENT’S
      DISCUSSION OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
            4ITEM
      7.
            FINANCIAL
      STATEMENTS AND SUPPLEMENTARY DATA
            F-ITEM
      8.
            CHANGES
      IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
      DISCLOSURES
            5ITEM
      8A.
            CONTROLS
      AND PROCEDURES
            5PART
      IIIITEM
      9.
            DIRECTORS
      AND EXECUTIVE OFFICERS OF THE REGISTRANT
            6ITEM
      10.
            EXECUTIVE
      COMPENSATION
            8ITEM
      11.
            SECURITY
      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
            9ITEM
      12.
            CERTAIN
      RELATIONSHIPS AND RELATED TRANSACTIONS
            9PART
      IVITEM
      13.
            EXHIBITS
      LIST AND REPORTS ON FORM 8-K
            10ITEM
      14.
            PRINCIPAL
      ACCOUNTANT FEES AND SERVICES
            10SIGNATURES
            
            11














PART
I





ITEM 1. DESCRIPTION OF
BUSINESS




General




ASENSIA,
Inc. (f/k/a Tetros, Inc.) (the “Company”), is a Company incorporated in the
state of Delaware on December 9, 2005. On September 14, 2007 the Company changed
its name to Flexpetz Holdings, Inc.  On December 19, 2007 the Company
changed its name to ASENSIA, Inc.  The Company plans to develop proprietary
companion animal products and services, including a flexible dog ownership
program and a hotel-based canine program. Activities during the development
stage include developing the business plan and raising
capital.


Employees




The
company has two full-time employees, the CEO Marlena Cervantes and a general
administrator.





ITEM 2.DESCRIPTION OF
PROPERTY




We have
no properties and at this time have no agreements to acquire any properties. We
currently lease offices in Big Sky, MT on an short term lease.




ITEM 3. LEGAL PROCEEDINGS




We are
not presently parties to any litigation, nor to our knowledge and belief is any
litigation threatened or contemplated.





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




None.




PART
II




ITEM 5. MARKET FOR COMMON EQUITY AND RELATED
STOCKHOLDER MATTERS




No Public Market for Common
Stock




There is
no trading market for our Common Stock at present and there has been no trading
market to date. There is no assurance that a trading market will ever develop
or, if such a market does develop, that it will continue.




The
Securities and Exchange Commission has adopted Rule 15g-9 which establishes the
definition of a “penny stock,” for purposes relevant to us, as any equity
security that has a market price of less than $5.00 per share or with an
exercise price of less than $5.00 per share, subject to certain exceptions. For
any transaction involving a penny stock, unless exempt, the rules require: (i)
that a broker or dealer approve a person’s account for transactions in penny
stocks and (ii) the broker or dealer receive from the investor a written
agreement to the transaction, setting forth the identity and quantity of the
penny stock to be purchased. In order to approve a person’s account for
transactions in penny stocks, the broker or dealer must (i) obtain financial
information and investment experience  and objectives of the person;
and (ii) make a reasonable determination that the transactions in penny stocks
are suitable for that person and that person has sufficient knowledge and
experience in financial matters to be capable of evaluating the risks of
transactions in penny stocks. The broker or dealer must also deliver, prior to
any transaction in a penny stock, a disclosure schedule prepared by the
Commission relating to the penny stock market, which, in highlight form, (i)
sets forth the basis on which the broker or dealer made the suitability
determination and (ii) that the broker or dealer received a signed, written
agreement from the investor prior to the transaction. Disclosure also has to be
made about the risks of investing in penny stocks in both public offerings and
in secondary trading, and about commissions payable to both the broker-dealer
and the registered representative, current quotations for the securities and the
rights and remedies available to an investor in cases of fraud in penny stock
transactions. Finally, monthly statements have to be sent disclosing recent
price information for the penny stock held in the account and information on the
limited market in penny stocks.





Holders




There are
24 holders of our Common Stock. The issued and outstanding shares of our Common
Stock were issued in accordance with the exemptions from registration afforded
by Section 4(2) of the Securities Act of 1933.




1






Dividends




Since
inception we have not paid any dividends on our common stock. We currently do
not anticipate paying any cash dividends in the foreseeable future on our common
stock, when issued pursuant to this offering. Although we intend to retain our
earnings, if any, to finance the exploration and growth of our business, our
Board of Directors will have the discretion to declare and pay dividends in the
future.




Payment
of dividends in the future will depend upon our earnings, capital requirements,
and other factors, which our Board of Directors may deem relevant.




Recent Sales of Unregistered
Securities




On April
11, 2007, the Company issued 2,500 shares of common stock for cash of $12,500
($5/share).
 
 On May 9,
2007, the Company issued 3,000 shares of common stock for cash of $15,000
($5/share).
 
 On May 9,
2007, the Company issued 2,000 shares of common stock for cash of $10,000
($5/share).
 
 On June
20, 2007, the Company issued 2,200 shares of common stock for cash of $11,000
($5/share).
 
 On June
21, 2007, the Company issued 1,000 shares of common stock for cash of $5,000
($5/share).
 
 On July
11, 2007, the Company issued 1,000 shares of common stock for cash of $5,000.
($5/share)
 
 During
the months of November and December, 2007 the Company issued 15,200 shares of
common stock for cash of $76,000 ($5/Share).
 
 (B) Subscription
Receivable
 
 During
December 2007, the Company sold an aggregate of 2,000 shares of common stock in
exchange for subscriptions receivable totaling $10,000 ($5/share). During the
month of February 2008, the Company collected $10,000.
 
 (C) Common Stock Issued for
Services
 
 On
October 29, 2007 the Company issued 50,000,000 restricted shares of common stock
to a related party for consulting services having a fair value of $250,000,000
($5.00/share) based upon recent cash offerings (See Note 7).
 
 On
December 9, 2005 100,000 shares of common stock were issued for the amount of
$100 ($0.001/share) in acceptance of the incorporation expenses for the
Company.








2




Equity Compensation Plan
Information
  The
following table summarizes the stock option grant to an employee as of December
31, 2007, and the related changes during the period are presented
below.


Number
      of
                Options
              
              
              Weighted
      Average Exercise PriceStock
      OptionsBalance
      at December 31, 2005
              
              
              -
              
              
              $
              -Granted
              
              
              -
              
              
              
              -Exercised
              
              
              -
              
              
              
              -Forfeited
              
              
              -
              
              
              $
              -Balance
      at December 31, 2006
              
              
              -
              
              
              $
              -Granted
              
              
              5,000,000
              
              
              
              5.00Exercised
              
              
              -
              
              
              
              -Forfeited
              
              
              -
              
              
              
              -Balance
      at December 31, 2007
              
              
              5,000,000
              
              
              $
              5.00Options
      exercisable at December 31, 2007
              
              
              1,000,000
              
              
              $
              5.00Weighted
      average fair value of options
                granted
      during 2007
              
              
              
              
              
              $
              5.00
  Of the
total options granted, all 1,000,000 are fully vested, exercisable and
non-forfeitable.
 
 The
following table summarizes information about stock options for the Company
at December 31, 2007:
  Options
      Outstanding
              
              Options
      ExercisableRange
      of Exercise Price
              
              Number
                Outstanding
      at
                December
      31, 2007
              
              Weighted
      Average Remaining Contractual Life
              
              Weighted
      Average Exercise Price
              
              Number
                Exercisable
      at December 31, 2007
              
              Weighted
      Average Exercise Price$
              5.00
              
              5,000,000
              
              4.75
      Years
              $
              5.00
              
              1,000,000
              $
              5.00


3





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




Plan of
Operation




Asensia,
Inc. (F/K/A Flexpetz Holding, Inc.) is a unique concept for dog lovers who are
unable to own a full-time doggy pal, but miss spending time with a canine
friend. Through the Asensia, Inc. (F/K/A Flexpetz Holding, Inc.) shared dog
ownership concept, members can spend from just a few hours to a number of days
with each of our dogs.  Currently, FlexPetz has operations in three
U.S. cities and one international location (London) with plans to open
several more in the near future, including major metropolitan areas such as San
Francisco, Boston and Washington. In 2008, depending on cash reserves, the
company plans to open at least two new locations each month for this flagship
program.
 
 In
addition, Asensia, Inc. (F/K/A Flexpetz Holding, Inc.) has successfully launched
a new division called the Canine Ambassador ProgramTM. The Canine Ambassador
Program provides travelers with the love and affection of a furry friend at
high-end, boutique hotels. Asensia, Inc. (F/K/A Flexpetz Holding, Inc.) manages
all logistics of the Canine Hotel Ambassador program, including hiring
experienced, personable handlers as well as locating and training dogs that fit
with the atmosphere of the property. The program is especially attractive to
hotel operators looking to differentiate themselves from their competitors and
is free and exclusive to hotel guests. At its first location, the Keating hotel
in San Diego, hotel guests are greeted upon arrival by a beautiful black Afghan
hound named Rupert. With his knowledgeable Asensia, Inc. (F/K/A Flexpetz
Holding, Inc.) handler, Rupert accompanies guests on walking tours of the city
and provides a level of affection and comfort unique in a hotel environment. The
company expects significant growth in this program in 2009, as well as expansion
possibilities in the corporate arena.
 
 With a
sizable and growing market for pet-related products and services, Asensia, Inc.
(F/K/A Flexpetz Holding, Inc.) is currently exploring several opportunities for
expansion, including the addition of other products and/or service
offerings.
  Results of
Operation
  The
Company did not have any operating income from inception (December 9, 2005)
until mid 2007, the registrant recognized a net loss of $1,450 in 2006 and
$250,868,416 in 2007.  Expenses were comprised of $33,933 for
professional fees, $14,679 for advertising, $30,624 for rent, $31,385 for
general and administrative expenses, $25,475 for cost of revenues, $250,000,000
for consulting fees, and $734,123 for salary.  For the year ended
December 31, 2006 the Company incurred $1,450 in general and administrative
expenses.
 
 Liquidity and Capital
Resources
  At
December 31, 2007 the Company had $1,534 in cash.  The Company will
rely upon the issuance of common stock and additional capital contributions from
shareholders to fund administrative expenses.   We currently do
not have any commitments from our shareholders to provide this
funding.


Management
anticipates seeking out a target company through solicitation. Such solicitation
may include newspaper or magazine advertisements, mailings and other
distributions to law firms, accounting firms, investment bankers, financial
advisors and similar persons, the use of one or more World Wide Web sites and
similar methods. No estimate can be made as to the number of persons who will be
contacted or solicited. Management may engage in such solicitation directly or
may employ one or more other entities to conduct or assist in such solicitation.
Management and its affiliates will pay referral fees to consultants and others
who refer target businesses for mergers into public companies in which
management and its affiliates have an interest. Payments are made if a business
combination occurs, and may consist of cash or a portion of the stock in the
Company retained by management and its affiliates, or both.
 
 We
currently do not have enough cash to satisfy our minimum cash requirements for
the next twelve months. As reflected in the accompanying financial statements,
we are in the development stage with limited operations. This raises substantial
doubt about our ability to continue as a going concern. Our ability to continue
as a going concern is dependent on our ability to raise additional capital. The
financial statements do not include any adjustments that might be necessary if
we are unable to continue as a going concern.




4




ITEM
7. FINANCIAL
STATEMENTS




ASENSIA,
INC.
 (F/K/A
FLEXPETZ HOLDINGS, INC.)
 (A
DEVELOPMENT STAGE COMPANY)
 
 
 
 CONTENTS
   PAGES
                F-1-
      F-2
                REPORTS
      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMSPAGE
                F-3
                BALANCE
      SHEETS AS OF DECEMBER 31, 2007 AND 2006.PAGE
                F-4
                STATEMENTS
      OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006 AND FOR THE
      PERIOD FROM DECEMBER 9, 2005 (INCEPTION) TO DECEMBER 31,
    2007PAGES
                F-5
                STATEMENT
      OF CHANGES IN STOCKHOLDERS’ DEFICIENCY FOR THE YEARS ENDED DECEMBER 31,
      2007 AND 2006 AND FOR THE PERIOD FROM DECEMBER 9, 2005 (INCEPTION) TO
      DECEMBER 31, 2007.PAGE
                F-6
                STATEMENTS
      OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006 AND FOR THE
      PERIOD FROM DECEMBER 9, 2005 (INCEPTION) TO DECEMBER 31,
    2007.PAGES
                F-7 -
      F-17
                NOTES
      TO FINANCIAL STATEMENTS
  
  
 
 REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
 
 
 To the
Board of Directors of:
 Asensia,
Inc. (F/K/A Flexpetz Holdings, Inc.)
 
 We have
audited the accompanying balance sheets of Asensia, Inc. (F/K/A Flexpetz
Holdings, Inc.) (A Development Stage Company) as of December 31, 2007 and the
related statements of operations, changes in stockholders’ deficiency and cash
flows for the year then ended December 31, 2007 and for the period from December
9, 2005 (Inception) to December 31, 2007. The financial statements for the year
ended December 31, 2006 were audited by other auditors whose report dated May
29, 2007 on these statements included an explanatory paragraph describing
conditions that raised substantial doubt about the Company's ability to continue
as a going concern. The financial statements for the period December 9, 2005
(Inception) through December 31, 2007 in so far as they relate to amounts for
the period through December 31, 2006, are based on the report of the other
auditor. These financial statements are the responsibility of the Company’s
management.  Our responsibility is to express an opinion on these
financial statements based on our audit
 
 We
conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States).  Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement.  An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements.  An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.  We believe that our audit provides a reasonable basis
for our opinion.
 
 In our
opinion, the financial statements referred to above present fairly in all
material respects, the financial positionofAsensia, Inc. (F/K/A
Flexpetz Holdings, Inc.) as of December 31, 2007 and the results of its
operations and its cash flows for the year then ended and the period from
December 9, 2005 to December 31, 2007 in conformity with accounting principles
generally accepted in the United States of America.
 
 The
accompanying financial statements have been prepared assuming that
the Company will continue as a going concern.  As discussed in
Note 8 to the financial statements, the Company is in the development stage
with little operations, has an accumulated deficit from inception of
$250,870,266, a negative cash flow from operations of $159,768 from
inception and a stockholders' deficiency of $14,399.  These factors
raise substantial doubt about the Company's ability to continue as a going
concern. Management's plans concerning these matters are also described in
Note 8.  The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
 
 
 WEBB
& COMPANY, P.A.
 
 Boynton
Beach, Florida
 April 11,
2008
 
 F-1






Gately
& Associates, LLC
 1248
Woodridge Court
 Altamonte
Springs, FL 32714
 jgately@earthlink.net
 Tel (407)
341-6942
 Fax (407)
540-9612
 
  REPORT
OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT
   The Board
of Directors and Shareholders
 4305,
Inc.
  Gentlemen:
  We
have audited the accompanying balance sheet of 4303 Inc. (a development stage
company) as of December 31, 2006 and 2005 and the related statements of
operations, stockholder’s equity and cash flows for the twelve months ending
December 31, 2006, the 22 days ending December 31, 2005 and from inception
(December 9, 2005) through December 31, 2006. These financial statements are the
responsibility of the Company’s management. Our responsibility is to express an
opinion on these financial statements based on the audit.
  We
conducted the audit in accordance with U.S. generally accepted auditing
standards. These standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that the audit provides a reasonable basis for our
opinion.
  In
our opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of 4305, Inc. as of December 31, 2006
and 2005, and the statement of operations and cash flows for the twelve months
ending December 31, 2006, the 22 days ending December 31, 2005 and from
inception (December 9, 2005) through December 31, 2006, in conformity with U.S.
generally accepted accounting principles.
  The
accompanying financial statements have been prepared assuming that the Company
will continue as a going concern. The Company has suffered losses from
operations and has a net capital deficiency that raise substantial doubt about
its ability to continue as a going concern. The financial statements do not
include any adjustments that might result from the outcome of this
uncertainty.
   Gately
& Associates, LLC
   March 15,
2007








F-2
   Asensia, Inc.(f/k/a
      Flexpetz Holdings, Inc.)(A
      Development Stage Company)Balance
      SheetsASSETSDecember 31, 2007
                
                
                December 31, 2006Current
      AssetsCash
                
                $
                1,534
                
                
                $
                -Accounts
      Receivable
                
                
                275
                
                
                
                -Prepaid
      Expenses
                
                
                36,000
                
                
                
                -Security
      Deposit
                
                
                4,000Total
      Current Assets
                
                
                41,809
                
                
                
                -Equipment,
      net
                
                
                8,911
                
                
                
                -Total
      Assets
                
                $
                50,720
                
                
                $
                -LIABILITIES AND
      STOCKHOLDERS' DEFICIENCYCurrent
      LiabilitiesAccounts
      Payable
                
                
                23,456
                
                
                
                1,750Accrued
      Expenses
                
                
                4,256
                
                
                
                -Deferred
      Revenue
                
                
                333
                
                
                
                -Accrued
      Interest - Stockholder
                
                
                847
                
                
                
                -Total
      Current Liabilities
                
                
                28,892
                
                
                
                1,750Long
      Term LiabilitiesLoans
      payable - Stockholder
                
                
                36,227
                
                
                
                -Total
      Long Term Liabilities
                
                
                36,227
                
                
                
                -Total
      Liabilities
                
                
                65,119
                
                
                
                1,750Commitments
      and Contingencies
                
                
                -
                
                
                
                -Stockholders'
      DeficiencyPreferred
      stock, $0.001 par value; 10,000,000 shares authorized,none
      issued  and outstanding
                
                
                -
                
                
                
                -Common
      stock,  $0.001 par value; 100,000,000 shares
      authorized,50,128,900
      and 100,000 shares issued and outstanding, respectively
                
                
                50,129
                
                
                
                100Additional
      paid-in capital
                
                
                250,815,738
                
                
                
                -Stock
      subscription receivable
                
                
                (10,000
                )
                
                
                -Deficit
      accumulated during the development stage
                
                
                (250,870,266
                )
                
                
                (1,850
                )Total
      Stockholders' Deficiency
                
                
                (14,399
                )
                
                
                (1,750
                )Total
      Liabilities and Stockholders' Deficiency
                
                $
                50,720
                
                
                $
                -
   See accompanying notes to
financial statements
   F-3
   Asensia, Inc.(f/k/a
      Flexpetz Holdings, Inc.)(A
      Development Stage Company)Statements
      of OperationsFor
      the Period from December 9, 2005For
      the Year Ended December 31,
                
                
                (Inception)
      to2007
                
                
                2006
                
                
                December
      31, 2007Revenue
                
                $
                1,830
                
                
                $
                -
                
                
                $
                1,830Operating
      ExpensesConsulting
      fees
                
                
                250,000,000
                
                
                
                -
                
                
                
                250,000,000Professional
      fees
                
                
                33,933
                
                
                
                -
                
                
                
                33,933Cost
      of revenues
                
                
                25,475
                
                
                
                -
                
                
                
                25,475Advertising
                
                
                14,679
                
                
                
                -
                
                
                
                14,679Rent
                
                
                30,624
                
                
                
                -
                
                
                
                30,624General
      and administrative
                
                
                31,385
                
                
                
                1,450
                
                
                
                33,235Salary
                
                
                734,123
                
                
                
                -
                
                
                
                734,123Total
      Operating Expenses
                
                
                250,870,219
                
                
                
                1,450
                
                
                
                250,872,069Loss
      from Operations
                
                
                (250,868,389
                )
                
                
                (1,450
                )
                
                
                (250,870,239
                )Other
      Income/(Expense)Interest
      Income -related party
                
                
                820
                
                
                
                -
                
                
                
                820Interest
      Expense - related party
                
                
                (847
                )
                
                
                -
                
                
                
                (847
                )Total
      Other Income, net
                
                
                (27
                )
                
                
                -
                
                
                
                (27
                )Net
      Loss from Operations before Provisionfor
      Income Taxes
                
                
                (250,868,416
                )
                
                
                (1,450
                )
                
                
                (250,870,266
                )Provision
      for Income  Taxes
                
                
                -
                
                
                
                -
                
                
                
                -Net
      Loss
                
                $
                (250,868,416
                )
                
                $
                (1,450
                )
                
                $
                (250,870,266
                )Net
      Loss Per Share  - Basic and Diluted
                
                $
                (28.71
                )
                
                $
                (0.01
                )Weighted
      average number of shares outstandingduring
      the period - Basic and Diluted
                
                
                8,738,702
                
                
                
                100,000
   See accompanying notes to
financial statements
   F-4
  Asensia,
      Inc.(f/k/a
      Flexpetz Holdings, Inc.)(A
      Development Stage Company)Statement
      of Changes in Stockholders' DeficiencyFor the period from
      December 9, 2005 (inception) to December 31, 2007DeficitPreferred
      stock
                  
                  
                  Common
      stock
                  
                  
                  
                  
                  
                  
                  
                  
                  accumulated$.001
      Par Value
                  
                  
                  $.001
      Par Value
                  
                  
                  Additional
                  
                  
                  Stock
                  
                  
                  during
                  
                  
                  Totalpaid-in
                  
                  
                  subscription
                  
                  
                  development
                  
                  
                  Stockholder'sShares
                  
                  
                  Amount
                  
                  
                  Shares
                  
                  
                  Amount
                  
                  
                  capital
                  
                  
                  Receivable
                  
                  
                  stage
                  
                  
                  DeficiencyBalance
      December 9, 2005 (Inception)
                  
                  
                  -
                  
                  
                  $
                  -
                  
                  
                  
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  -Stock
      issued on acceptance of incorporation expenses
    ($0.001/share)
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  100,000
                  
                  
                  
                  100
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  100Net
      loss for the period December 9, 2005 (inception) to December 31,
      2005
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (400
                  )
                  
                  
                  (400
                  )Balance
      December 31, 2005
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  100,000
                  
                  
                  
                  100
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (400
                  )
                  
                  
                  (300
                  )Net
      loss for the year ending December 31, 2006
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (1,450
                  )
                  
                  
                  (1,450
                  )Balance
      December 31, 2006
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  100,000
                  
                  
                  
                  100
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (1,850
                  )
                  
                  
                  (1,750
                  )Stock
      issued for services
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  50,000,000
                  
                  
                  
                  50,000
                  
                  
                  
                  249,950,000
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  250,000,000Stock
      issued for cash ($5/share)
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  28,900
                  
                  
                  
                  29
                  
                  
                  
                  144,471
                  
                  
                  
                  (10,000
                  )
                  
                  
                  -
                  
                  
                  
                  134,500In
      kind contribution of services ($5/share)
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  25,135
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  25,135Stock
      options granted
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  696,132
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  696,132Net
      loss for the year ended December 31, 2007
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (250,868,416
                  )
                  
                  
                  (250,868,416
                  )Balance,
      December 31, 2007
                  
                  
                  -
                  
                  
                  $
                  -
                  
                  
                  
                  50,128,900
                  
                  
                  $
                  50,129
                  
                  
                  $
                  250,815,738
                  
                  
                  $
                  (10,000
                  )
                  
                  $
                  (250,870,266
                  )
                  
                  $
                  (14,399
                  )
   See accompanying notes to
financial statements
  F-5
  Asensia, Inc.(f/k/a
      Flexpetz Holdings, Inc.)(A
      Development Stage Company)Statements
      of Cash FlowsFor
      the Period from December 9, 2005For
      the year ended December 31,
                
                
                (Inception)
      to2007
                
                
                2006
                
                
                December
      31, 2007Cash
      Flows From Operating Activities:Net
      Loss
                
                $
                (250,868,416
                )
                
                $
                (1,450
                )
                
                $
                (250,870,266
                )Adjustments
      to reconcile net loss to net cash used in operationsIn-kind
      contribution
                
                
                25,135
                
                
                
                -
                
                
                
                25,135Stock
      issued for services
                
                
                250,696,132
                
                
                
                1,450
                
                
                
                250,696,232Depreciation
                
                
                514
                
                
                
                -
                
                
                
                514Changes
      in operating assets and liabilities:Increase
      in prepaid expenses
                
                
                (36,000
                )
                
                
                -
                
                
                
                (36,000
                )Increase
      in security deposit
                
                
                (4,000
                )
                
                
                -
                
                
                
                (4,000
                )Increase
      in accounts receivable
                
                
                (275
                )
                
                
                -
                
                
                
                (275
                )Increase
      in deferred revenue
                
                
                333
                
                
                
                -
                
                
                
                333Increase
      in accrued interest payable - Stockholder
                
                
                847
                
                
                
                -
                
                
                
                847Increase
      in payroll taxes payable
                
                
                4,256
                
                
                
                -
                
                
                
                4,256Decrease
      in  accrued expenses
                
                
                (1,750
                )
                
                
                -
                
                
                
                -Increase
      in accounts payable
                
                
                23,456
                
                
                
                -
                
                
                
                23,456Net
      Cash Used In Operating Activities
                
                
                (159,768
                )
                
                
                -
                
                
                
                (159,768
                )Cash
      Flows From Investing Activities:Proceeds
      from loans receivable - related party
                
                
                27,000
                
                
                
                -
                
                
                
                27,000Loans
      receivable - Related party
                
                
                (27,000
                )
                
                
                -
                
                
                
                (27,000
                )Purhcase
      of fixed asset
                
                
                (9,425
                )
                
                
                -
                
                
                
                (9,425
                )Net
      Cash Used in Investing Activities
                
                
                (9,425
                )
                
                
                -
                
                
                
                (9,425
                )Cash
      Flows From Financing Activities:Proceeds
      from loans payable - Stockholder
                
                
                36,227
                
                
                
                -
                
                
                
                36,227Proceeds
      from issuance of common stock
                
                
                134,500
                
                
                
                -
                
                
                
                134,500Net
      Cash Provided by Financing Activities
                
                
                170,727
                
                
                
                -
                
                
                
                170,727Net
      Increase (Decrease) in Cash
                
                
                1,534
                
                
                
                -
                
                
                
                1,534Cash
      at Beginning of Period/Year
                
                
                -
                
                
                
                -
                
                
                
                -Cash
      at End of Period/Year
                
                $
                1,534
                
                
                $
                -
                
                
                $
                1,534Supplemental
      disclosure of cash flow information:Cash
      paid for interest
                
                $
                -
                
                
                $
                -
                
                
                $
                -Cash
      paid for taxes
                
                $
                -
                
                
                $
                -
                
                
                $
                -Supplemental disclosure of non-cash investing and
      financing activities:Stock
      issued in exchange for subscription receivable $10,000 See Note 5(B
      )
 See accompanying notes to
financial statements
    F-6
  ASENSIA,
INC.
 (F/K/A
FLEXPETZ HOLDINGS, INC.)
 (A
DEVELOPMENT STAGE COMPANY)
 NOTES
TO FINANCIAL STATEMENTS
 AS OF DECEMBER 31,
2007
 NOTE
      1
                  SUMMARY OF SIGNIFICANT
      ACCOUNTING POLICIES AND
ORGANIZATION
 
 (A)
Organization
 
 Asensia,
Inc. (f/k/a Flexpetz Holdings, Inc.) (the “Company”), was incorporated in the
state of Delaware on December 9, 2005.
 
 The
Company plans to develop proprietary companion animal products and services,
including a flexible dog ownership program and a hotel-based canine program.
Activities
during the development stage include developing the business plan and raising
capital.
 
 On
September 14, 2007 the Company changed its name to Flexpetz Holdings,
Inc.
 
 On
December 19, 2007 the Company changed its name to Asensia, Inc.
 
 (B) Cash and Cash
Equivalents
 
 For
purposes of the cash flow statements, the Company considers all highly liquid
investments with original maturities of three months or less at the time of
purchase to be cash equivalents.
 
 (C) Use of
Estimates
 
 In
preparing financial statements in conformity with generally accepted accounting
principles, management is required to make estimates and assumptions that affect
the reported amounts of assets and liabilities and the disclosure of contingent
assets and liabilities at the date of the financial statements and revenues and
expenses during the reported period.  Actual results could differ from
those estimates.
 
 (D) Loss Per
Share
 
 Basic and
diluted net loss per common share is computed based upon the weighted average
common shares outstanding as defined by Financial Accounting Standards No. 128,
“Earnings per Share.” As of December 31, 2006, there were no common share
equivalents outstanding. As of December 31, 2007, there were 5,000,000
potentially dilutive securities from stock options outstanding which are
anti-dilutive and not included in dilutive weighted average
calculation.
 
 
 
 F-7
 
 
 ASENSIA,
INC.
 (F/K/A
FLEXPETZ HOLDINGS, INC.)
 (A
DEVELOPMENT STAGE COMPANY)
 NOTES
TO FINANCIAL STATEMENTS
 AS OF DECEMBER 31,
2007
 
 
 (E) Fair Value of Financial
Instruments
 
 The
carrying amounts reported in the balance sheet for accounts receivable, accounts
payable, accrued expenses and loans payable stockholder approximate fair value
based on the short-term maturity of these instruments.
 
 
 (F) Concentration of Credit
Risk
 
 At
December 31, 2007, 28.22% of sales were earned from Customer A, 26.57% of sales
were earned from Customer B, 16.29% of sales were earned from Customer C, 16.17%
of sales were earned from Customer D.
 
 At
December 31, 2007, 76% of accounts receivable were due from Customer A, 15% were
due from Customer B.
 
 (G)Revenue
Recognition
  The
Company recognizes revenue on arrangements in accordance with Securities and
Exchange Commission Staff Accounting Bulletin No. 101, "Revenue Recognition in
Financial Statements" and No. 104, "Revenue Recognition".  In all cases,
revenue is recognized only when the price is fixed or determinable, persuasive
evidence of an arrangement exists, the service is performed and collectability
is reasonably assured.
    (H) Property and
Equipment
 
 The
Company values property and equipment at cost and depreciates these assets using
the straight-line method over their expected useful life. The Company uses a
five year life for equipment and seven years for dog purchases.
  (I) Stock-Based
Compensation
 
 In
December 2004, the FASB issued SFAS No. 123(R), "Share-Based Payment," which
replaces SFAS No. 123 and supersedes APB Opinion No. 25.  Under SFAS
No. 123(R),
    F-8
    ASENSIA,
INC.
 (F/K/A
FLEXPETZ HOLDINGS, INC.)
 (A
DEVELOPMENT STAGE COMPANY)
 NOTES
TO FINANCIAL STATEMENTS
 AS OF DECEMBER 31,
2007
 
 
 companies
are required to measure the compensation costs of share-based compensation
arrangements based on the grant-date fair value and recognize the costs in the
financial statements over the period during which employees are required to
provide services. Share-based compensation arrangements include stock options,
restricted share plans, performance-based awards, share appreciation rights and
employee share purchase plans. In March 2005 the SEC issued Staff Accounting
Bulletin No. 107, or "SAB 107". SAB 107 expresses views of the staff regarding
the interaction between SFAS No. 123(R) and certain SEC rules and regulations
and provides the staff's views regarding the valuation of share-based
payment arrangements for public companies. SFAS No. 123(R) permits public
companies to adopt its requirements using one of two methods.  On
April 14, 2005, the SEC adopted a new rule amending the compliance dates for
SFAS 123R. Companies may elect to apply this statement either prospectively, or
on a modified version of retrospective application under which financial
statements for prior periods are adjusted on a basis consistent with the pro
forma disclosures required for those periods under SFAS 123. Effective January
1, 2006, the Company has fully adopted the provisions of SFAS No. 123R and
related interpretations as provided by SAB 107.  As such, compensation
cost is measured on the date of grant at their fair value.  Such
compensation amounts, if any, are amortized over the respective vesting periods
of the option grant.  The Company applies this statement
prospectively.
 
 Equity
instruments (“instruments”) issued to other than employees are recorded on the
basis of the fair value of the instruments, as required by SFAS
No. 123(R).  EITF Issue 96-18,“Accounting for Equity Instruments
That Are Issued to Other Than Employees for Acquiring, or in Conjunction with
Selling, Goods or Services.” defines the measurement date and recognition
period for such instruments.  In general, the measurement date is when
either a (a) performance commitment, as defined, is reached or (b) the earlier
of (i) the non-employee performance is complete or (ii) the instruments are
vested. The measured value related to the instruments is recognized over a
period based on the facts and circumstances of each particular grant as defined
in the EITF.
  (J) Income
Taxes
 
 The
Company accounts for income taxes under the Statement of Financial Accounting
Standards No. 109, “Accounting for Income Taxes” (“Statement
109”).  Under Statement 109, deferred tax assets and liabilities are
recognized for the future tax consequences attributable to differences between
the financial statement carrying amounts of existing assets and liabilities and
their respective tax bases.  Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the
years in which those temporary differences are expected to be recovered or
settled.  Under Statement 109, the effect on deferred tax assets and
liabilities of a change in tax rates is recognized in income in the period that
includes the enactment date.
    F-9
     ASENSIA,
INC.
 (F/K/A
FLEXPETZ HOLDINGS, INC.)
 (A
DEVELOPMENT STAGE COMPANY)
 NOTES
TO FINANCIAL STATEMENTS
 AS OF DECEMBER 31,
2007
 
 
   As of
December 31, 2007 and 2006, the Company has a net operating loss carryforward
of    approximately $148,961 and $1,850, respectively,
available to offset future taxable income through 2027. The valuation allowance
at December 31, 2007 was $320,797.  The valuation allowance at
December 31, 2006 was $702. The net change in the valuation allowance for the
year ended December 31, 2007 was an increase of $320,095.
  (K) Business
Segments
 The
Company operates in one segment and therefore segment information is not
presented.
  (L) Recent Accounting
Pronouncements
 
 In
September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements”. The
objective of SFAS 157 is to increase consistency and comparability in fair value
measurements and to expand disclosures about fair value
measurements.  SFAS 157 defines fair value, establishes a framework
for measuring fair value in generally accepted accounting principles, and
expands disclosures about fair value measurements. SFAS 157 applies under other
accounting pronouncements that require or permit fair value measurements and
does not require any new fair value measurements. The provisions of SFAS No. 157
are effective for fair value measurements made in fiscal years beginning after
November 15, 2007. The adoption of this statement is not expected to have a
material effect on the Company's future reported financial position or results
of operations.
 
 In
February 2007, the Financial Accounting Standards Board (FASB) issued SFAS No.
159, “The Fair Value Option
for Financial Assets and Financial Liabilities – Including an Amendment of FASB
Statement No. 115”.  This statement permits entities to choose
to measure many financial instruments and certain other items at fair value.
Most of the provisions of SFAS No. 159 apply only to entities that elect the
fair value option. However, the amendment to SFAS No. 115 “Accounting for Certain Investments
in Debt and Equity Securities” applies to all entities with
available-for-sale and trading securities. SFAS No. 159 is effective as of the
beginning of an entity’s first fiscal year that begins after November 15, 2007.
Early adoption is permitted as of the beginning of a fiscal year that begins on
or before November 15, 2007, provided the entity also elects to apply the
provision of SFAS No. 157, “Fair Value Measurements”. The
adoption of this statement is not expected to have a material effect on the
Company's financial statements.
 
 In
December 2007, the Financial Accounting Standards Board (FASB) issued SFAS No.
160, “Noncontrolling Interests
in Consolidated Financial Statements – an amendment of ARB No.
51”.
    F-10
    ASENSIA,
INC.
 (F/K/A
FLEXPETZ HOLDINGS, INC.)
 (A
DEVELOPMENT STAGE COMPANY)
 NOTES
TO FINANCIAL STATEMENTS
 AS OF DECEMBER 31,
2007
 
 
 This
statement improves the relevance, comparability, and transparency of the
financial information that a reporting entity provides in its consolidated
financial statements by establishing accounting and reporting standards that
require; the ownership interests in subsidiaries held by parties other than the
parent and the amount of consolidated net income attributable to the parent and
to the noncontrolling interest be clearly identified and presented on the face
of the consolidated statement of income, changes in a parent’s ownership
interest while the parent retains its controlling financial interest in its
subsidiary be accounted for consistently, when a subsidiary is deconsolidated,
any retained noncontrolling equity investment in the former subsidiary be
initially measured at fair value, entities provide sufficient disclosures that
clearly identify and distinguish between the interests of the parent and the
interests of the noncontrolling owners.  SFAS No. 160 affects those
entities that have an outstanding noncontrolling interest in one or more
subsidiaries or that deconsolidate a subsidiary.  SFAS No. 160 is
effective for fiscal years, and interim periods within those fiscal years,
beginning on or after December 15, 2008. Early adoption is prohibited. The
adoption of this statement is not expected to have a material effect on the
Company's financial statements.
 
 NOTE
      2
                  PROPERTY AND
      EQUIPMENT
 
 At
December 31, 2007 and 2006 property and equipment is as follows:
 
 2007
                  
                  
                  2006Equipment
                  
                  $
                  2,893
                  
                  
                  $
                  -Dog
      purchsases
                  
                  
                  6,532
                  
                  
                  
                  -Less
      accumulated depreciation and amortization
                  
                  
                  (514
                  )
                  
                  
                  -$
                  8,911
                  
                  
                  $
                  -
 
 
 Depreciation
expense for the years ended December 31, 2007 and 2006 was $514 and $0,
respectively.
 
 Estimated
future depreciation of assets is as follows:
 
 Year
                  
                  Amount2008
                  
                  $
                  1,6112009
                  
                  
                  1,6112010
                  
                  
                  1,6112011
                  
                  
                  1,6112012
      and thereafter
                  
                  
                  2,467$
                  8,911
 
   F-11
  
 ASENSIA,
INC.
 (F/K/A
FLEXPETZ HOLDINGS, INC.)
 (A
DEVELOPMENT STAGE COMPANY)
 NOTES
TO FINANCIAL STATEMENTS
 AS OF DECEMBER 31,
2007
 
 
 NOTE
      3
                  LOANS RECEIVABLE
      –RELATED PARTY
 
 On April
11, 2007, the Company loaned $2,000 to a related party.  Pursuant to
the terms of the loan, the advance bears interest at 6% and is
unsecured.   On September 17, 2007 this loan was repaid (See Note
6C).
 
 On May
11, 2007, the Company loaned $10,000 to a related party.  Pursuant to
the terms of the loan, the advance bears interest at 6% and is
unsecured.  On September 24, 2007 this loan was repaid (See Note
6C).
 
 On June
22, 2007, the Company loaned $15,000 to an affiliated party.  Pursuant
to the terms of the loan, the advance bears interest at 6% and is unsecured.
This loan was fully repaid during the months of October and November 2007 (See
Note 6C).
 
 NOTE
      4
                  LOANS PAYABLE
      –STOCKHOLDER
 
 At
December 31, 2007, the Company had received $36,227 in shareholder
loans.  The loans are unsecured, bear interest at 6% and are due five
years from issuance (See Note 7)
 
 At
December 31, 2007, the Company had recorded $847 of interest expense and
interest payable (See Note 7).
  NOTE
      5
                  STOCKHOLDERS’
      DEFICIENCY
 
 (A) Common Stock Issued for
Cash
 
 On April
11, 2007, the Company issued 2,500 shares of common stock for cash of $12,500
($5/share).
 
 On May 9,
2007, the Company issued 3,000 shares of common stock for cash of $15,000
($5/share).
 
 On May 9,
2007, the Company issued 2,000 shares of common stock for cash of $10,000
($5/share).
 
 On June
20, 2007, the Company issued 2,200 shares of common stock for cash of $11,000
($5/share).
 
 On June
21, 2007, the Company issued 1,000 shares of common stock for cash of $5,000
($5/share).
   F-12
   
 ASENSIA,
INC.
 (F/K/A
FLEXPETZ HOLDINGS, INC.)
 (A
DEVELOPMENT STAGE COMPANY)
 NOTES
TO FINANCIAL STATEMENTS
 AS OF DECEMBER 31,
2007
 
 
 On July
11, 2007, the Company issued 1,000 shares of common stock for cash of $5,000.
($5/share)
 
 During
the months of November and December, 2007 the Company issued 15,200 shares of
common stock for cash of $76,000 ($5/Share).
 
 (B) Subscription
Receivable
 
 During December 2007, the Company sold
an aggregate of 2,000 shares of common stock in exchange for subscriptions
receivable totaling $10,000 ($5/share). During the month of February 2008, the
Company collected $10,000.
 
 (C) Common Stock Issued for
Services
 
 On
October 29, 2007 the Company issued 50,000,000 restricted shares of common stock
to a related party for consulting services having a fair value of $250,000,000
($5.00/share) based upon recent cash offerings (See Note 7).
 
 On
December 9, 2005 100,000 shares of common stock were issued for the amount of
$100 ($0.001/share) in acceptance of the incorporation expenses for the
Company.
 
 (D)  In Kind
Contribution of Services
 
 As of
December 31, 2007 the shareholder of the Company CEO contributed services having
a fair value of $25,135 (Note 5 (E)).
 
 (E)  Stock Options
Issued for Services
 
 On
September 17, 2007, the Company entered into a five year employment agreement
with the CEO.  The agreement calls for a base salary of $120,000 per
year and stock options to purchase 5,000,000 shares of the Company’s common
stock with 1,000,000 shares vesting every year for five years from the date of
the agreement at an exercise price of $5.00.  The CEO is also to
receive up to $12,000 every three years for a down payment on a vehicle, $1,000
per month for the payments of this vehicle and an additional $8,000 per month as
a housing stipend.  Effective January 1, 2008 the Company’s CEO
reduced the annual salary to $54,000 per year and forfeited all outstanding
salary up to December 31, 2007.  The amount recorded as an in-kind
contribution of services for the year ending December 31, 2007 is $25,135 (Note
5(D)).
 
 Expected
      life
                  5
      yearsExpected
      volatility
                  50%Risk
      free interest rate
                  4.21%
   F-13
    ASENSIA,
INC.
 (F/K/A
FLEXPETZ HOLDINGS, INC.)
 (A
DEVELOPMENT STAGE COMPANY)
 NOTES
TO FINANCIAL STATEMENTS
 AS OF DECEMBER 31,
2007
 
 Expected
dividends                                           0%
  The
following table summarizes the stock option grant to an employee as of December
31, 2007, and the related changes during the period are presented
below.
  Number
      of
                      Options
                    
                    
                    Weighted
      Average Exercise PriceStock
      OptionsBalance
      at December 31, 2005
                    
                    
                    -
                    
                    
                    $
                    -Granted
                    
                    
                    -
                    
                    
                    
                    -Exercised
                    
                    
                    -
                    
                    
                    
                    -Forfeited
                    
                    
                    -
                    
                    
                    
                    -Balance
      at December 31, 2006
                    
                    
                    -
                    
                    
                    
                    -Granted
                    
                    
                    5,000,000
                    
                    
                    
                    5.00Exercised
                    
                    
                    -
                    
                    
                    
                    -Forfeited
                    
                    
                    -
                    
                    
                    
                    -Balance
      at December 31, 2007
                    
                    
                    5,000,000
                    
                    
                    $
                    5.00Options
      exercisable at December 31, 2007
                    
                    
                    1,000,000
                    
                    
                    $
                    5.00Weighted
      average fair value of options
                      granted
      during 2007
                    
                    
                    
                    
                    
                    $
                    5.00
  Of
      the total options granted, all 1,000,000 are fully vested, exercisable and
      non-forfeitable.
   The
      following table summarizes information about stock options for the Company
      at December 31, 2007:
  Options
      Outstanding
                  
                  Options
      ExercisableRange
      of Exercise Price
                  
                  Number
                    Outstanding
      at December 31, 2007
                  
                  Weighted
      Average Remaining Contractual Life
                  
                  Weighted
      Average Exercise Price
                  
                  Number
                    Exercisable
      at December 31, 2007
                  
                  Weighted
      Average Exercise Price$
                  5.00
                  
                  5,000,000
                  
                  4.75
      Years
                  $
                  5.00
                  
                  1,000,000
                  $
                  5.00
 
 NOTE
      6
                  COMMITMENTS
 
 (A)  Service
Agreement
     F-14
 
 ASENSIA,
INC.
 (F/K/A
FLEXPETZ HOLDINGS, INC.)
 (A
DEVELOPMENT STAGE COMPANY)
 NOTES
TO FINANCIAL STATEMENTS
 AS OF DECEMBER 31,
2007
 
 
 On
October 4, 2007 the Company entered into a one year agreement with a consultant
to manage the Company’s shared dog ownership program in San Diego,
CA.  The consultant will receive $500 per month plus a monthly phone
allowance. The consultant will also receive a $100 commission for each person
who enrolls in the program as a result of the consultant
efforts in addition $100 for each new member orientation administered and a
payment of $10 per collection and drop-off of a dog, and $1,000 for each hotel
that contract with the Company for a minimum period of twelve
months.  The pilot program data and feedback will be used by the
Company to determine the future rollout of the program.  In January
2008, this agreement was cancelled at the consultant’s request.
 
 On
October 10, 2007 the Company entered into a one year agreement with a consultant
to manage the Company’s shared dog ownership program in Manhattan,
NY.  The consultant will receive $500 per month plus a monthly phone
allowance. The consultant will also receive a $100 commission for each person
who enrolls in the program as a result of the consultant efforts in addition
$100 for each new member orientation administered and a payment of $10 per
collection and drop-off of a dog, and $1,000 for each hotel that contract with
the Company for a minimum period of twelve months.  The pilot program
data and feedback will be used by the Company to determine the future rollout of
the program.
 
 (B)  Employment
Agreement
 
 On
September 17, 2007, the Company entered into a five year employment agreement
with the CEO.  The agreement calls for a base salary of $120,000 per
year and stock options to purchase 5,000,000 shares of the Company’s common
stock with 1,000,000 shares vesting every year for five years from the date of
the agreement at an exercise price of $5.00.  The CEO is also to
receive up to $12,000 every three years for a down payment on a vehicle, $1,000
per month for the payments of this vehicle and an additional $8,000 per month as
a housing stipend.  Effective January 1, 2008 the Company’s CEO
reduced the annual salary to $54,000 per year and forfeited all outstanding
salary up to December 31, 2007.  The amount recorded as an in-kind
contribution of services for the year ended December 31, 2007 is $25,135 (Note
5(D and E)).
 
 (C)  Sarbanes
Oxley Violation
 
 The
extension of loans receivable to related parties could be deemed to be in
violation of Section 402 of the Sarbanes Oxley Act of 2002 which prohibits a
public company from extending or maintaining credit or arranging for the
extension of credit in the form of a "personal loan" to an officer or
director.  If it is determined that these loans violated Section 402
of the Sarbanes Oxley Act of 2002, we could become subject to SEC investigations
and/or litigation, which may not be resolved favorably and will require
significant management time and attention, and we could incur costs, which could
negatively affect our business, results of operations and cash
flows.
    F-15
    ASENSIA,
INC.
 (F/K/A
FLEXPETZ HOLDINGS, INC.)
 (A
DEVELOPMENT STAGE COMPANY)
 NOTES
TO FINANCIAL STATEMENTS
 AS OF DECEMBER 31,
2007
 
 
 Upon
realizing the violation, the Company requested the loans be repaid in full with
interest.  All three loans were fully repaid by November 2007 (See
Note 3).
 
 NOTE
      7
                  RELATED PARTY
      TRANSACTIONS
 
 At
December 31, 2007, the Company had received $36,227 in shareholder
loans.  The loans are unsecured, bear interest at 6% and are due five
years from issuance (See Note 4).
 
 At
December 31, 2007, the Company had recorded $847 of interest expense and
interest payable (See Note 4).
 
 On April
11, 2007, the Company loaned $2,000 to an affiliated party.  Pursuant
to the terms of the loan, the advance bears interest at 6% and is
unsecured.  On September 17, 2007 this loan was repaid (See Note
3).
 
 On May
11, 2007, the Company loaned $10,000 to an affiliated party.  Pursuant
to the terms of the loan, the advance bears interest at 6% and is
unsecured.  On September 24, 2007 this loan was repaid (See Note
3).
 
 On June
22, 2007, the Company loaned $15,000 to an affiliated party.  Pursuant
to the terms of the loan, the advance bears interest at 6% and is unsecured.
This loan was fully repaid during the months of October and November 2007 (See
Note 3).
 
 On
October 29, 2007 the Company issued 50,000,000 restricted shares of common stock
to a stockholder for consulting services having a fair value of $250,000,000
($5.00/share) based upon recent cash offerings (See Note 4C).
 
 NOTE
      8
                  GOING
      CONCERN
 
 As
reflected in the accompanying financial statements, the Company is in the
development stage with little operation, has an accumulated deficit from
inception of $250,870,266, a negative cash flow from operations of $159,768
from inception and a stockholders' deficiency of $14,399. This raises
substantial doubt about its ability to continue as a going concern. The ability
of the Company to continue as a going concern is dependent on the Company’s
ability to raise additional capital and implement its business plan. The
financial statements do not include any adjustments that might be necessary if
the Company is unable to continue as a going concern.
 
 Management
believes that actions presently being taken to obtain additional funding and
implement its strategic plans provide the opportunity for the Company to
continue as a going concern.
    F-16
 
 ASENSIA,
INC.
 (F/K/A
FLEXPETZ HOLDINGS, INC.)
 (A
DEVELOPMENT STAGE COMPANY)
 NOTES
TO FINANCIAL STATEMENTS
 AS OF DECEMBER 31,
2007
 NOTE
      9
                    SUBSEQUENT
      EVENTS
  (A)  Stock Issued for
Cash
 
 In
January and February 2008, the Company entered into stock purchase agreements to
issue 14,000 shares of common stock for cash of $70,000 ($5/share).
 
 During the month of February 2008, the
Company collected $10,000 for a subscription receivable (See Note
5B).
  (B)  Agreements
  On
February 1, 2008 the Company entered into a one year agreement with a consultant
to manage the Company’s shared dog ownership program.  The consultant
will receive $500 per month plus a monthly phone allowance. The consultant will
also receive a $100 commission for each person who enrolls in the program as a
result of the consultant efforts in addition $100 for each new member
orientation administered and a payment of $10 per collection and drop-off of a
dog, and $1,000 for each hotel that contract with the Company for a minimum
period of twelve months.  The pilot program data and feedback will be
used by the Company to determine the future rollout of the
program.
  On
February 1, 2008, the Company entered into a one year agreement with a
consultant to manage the Company’s shared dog ownership program in the United
Kingdom.  The consultant will receive $500 per month plus
expenses.  The consultant will also receive additional compensation
for each new member orientation at approximately $100 per member, press events
at approximately $200 per event and initial home inspection of members at
approximately $100 per inspection.
 
 On March
1, 2008, the Company entered into a one year virtual office lease for its United
Kingdom operations at approximately $170 per month.
 
 Effective
January 1, 2008 the Company’s CEO reduced her annual salary to $54,000 per
year.
  (C)  Related Party
Loans
 
 On
February 11, 2008, the Company received a $1,000 loan from a related party
stockholder. This loan is unsecured, bears interest at 6% and is due in five
years.


F-17


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





On May
29, 2007, Gately & Associates, LLC ("Gately") was dismissed as the
independent auditor for the Company and replaced by Webb & Company, P.A.
("Webb") as our principal independent auditors. This decision to engage Webb was
ratified by the majority approval of our Board of Directors.
 
 Gately’s
report on the financial statements for the  for the time period from
inception December 9, 2005 to May 29, 2007 did not contain an adverse opinion,
or a disclaimer of opinion, and was not modified as to uncertainty, audit scope,
or accounting principles, including the ability to continue as a going concern,
however, the report did include an explanatory paragraph reflecting an
uncertainty because we had yet to generate any revenue, and our shareholders
funded any shortfalls in our cash flow on a day to day basis.  These
factors raise substantial doubt about our ability to continue as a going
concern.
 
 Our Board
of Directors participated in and approved the decision to change independent
accountants. Since the Company’s inception on December 9, 2005, including its
review of financial statements for the year ending December 31, 2006, and for
the subsequent period from December 31, 2006 until his resignation on May 29,
2007, there have been no disagreements with Gately on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure, which disagreements if not resolved to the satisfaction of Gately
would have caused them to make reference thereto in their report on the
financial statements.




ITEM
8A.      CONTROLS AND PROCEDURES




Evaluation
of disclosure controls and procedures




As
required by Rule 13a-15(b) promulgated under the Exchange Act, our management,
with the participation of our Chief Executive Officer, evaluated the design and
operating effectiveness as of December 31, 2007 of our disclosure controls and
procedures, as defined in Rule 13a-15(e) promulgated under the Exchange Act.
Based on this evaluation our Chief Executive Officer concluded that, because of
the material weaknesses in our internal control over financial reporting
described below, as of December 31, 2007 our disclosure controls and procedures
were not effective. Notwithstanding management's assessment that our internal
control over financial reporting was ineffective as of December 31, 2007 and the
material weaknesses described below, we believe that the financial statements
included in this Annual Report on Form 10-KSB correctly present our financial
condition, results of operations and cash flows for the fiscal years covered
thereby in all material respects.
 The
material weaknesses were:
 
 •
                The
      extension of loans receivable to related parties could be deemed to be in
      violation of Section 402 of the Sarbanes Oxley Act of 2002 which prohibits
      a public company from extending or maintaining credit or arranging for the
      extension of credit in the form of a "personal loan" to an officer or
      director.  If it is determined that these loans violated Section
      402 of the Sarbanes Oxley Act of 2002, we could become subject to SEC
      investigations and/or litigation, which may not be resolved favorably and
      will require significant management time and attention, and we could incur
      costs, which could negatively affect our business, results of operations
      and cash flows.  Upon realizing the violation, the Company
      requested the loans be repaid in full with interest.  All three
      loans were fully repaid by November 2007.•
                We
      lacked effective controls to insure that agreements, contracts and other
      documents with related parties, including transactions such as those
      discussed above, were provided to and reviewed by the independent members
      of our Board of Directors and by financial reporting personnel on a timely
      basis to insure that the disclosure implications of such transactions
      could be considered.
   5


Changes in internal
controls




There
were changes in our internal controls over financial reporting that occurred
during the fourth quarter of fiscal 2007 that have materially affected, or are
reasonably likely to materially affect, our internal control over financial
reporting.
 
 As part
of our evaluation of our disclosure controls and procedures as of December31,
2007, management considered the impact of weaknesses in our disclosure
controls and procedures that were a cause for the errors that led to the
related party loans noted above.  These weaknesses were as
follows:
  •
                we
      lacked sufficient accounting personnel; and•
                we
      lacked effective controls to insure that agreements, contracts and other
      documents with related parties, including transactions such as those
      discussed above, were provided to and reviewed by the independent members
      of our Board of Directors and by financial reporting personnel on a timely
      basis to insure that the disclosure implications of such transactions
      could be considered.
  The
Company has instituted additional policies to improve our disclosure controls
and procedures. These include but are not limited to:
 
 1)
                Requiring
      that any matters involving related party transactions be approved by our
      Board of Directors;2)
                Preparing
      a monthly report to our financial reporting personal for all material
      contracts entered into during the
month
  We
believe that the implementation of these steps and others will allow us, in the
future, to conclude that our disclosure controls and procedures are effective to
ensure that material information is recorded, processed, summarized and reported
by management on a timely basis in order to comply with our disclosure
obligations under the Exchange Act and the rules and regulations
thereunder.
 
 Other
than the matters discussed above, there were no changes (including corrective
actions with regard to significant deficiencies or material weaknesses) in the
internal controls over financial reporting during the fourth fiscal quarter of
2007 that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.




PART
III




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




We have
one Director and Officer as follows:





Name
            Age
            Positions
      and Offices HeldMarlena
      Cervantes
            29
            President/CEO/CFO/Director





Marlena
Cervantes’ background is predominantly in the social service field.  Ms.
Cervantes began her career managing the special needs population in a variety of
settings including public and private schools, non-profit organizations, and
therapeutic settings.





Ms.
Cervantes trained as a therapist in Applied Behavioral Analysis working with
children with Autism, specializing in early intervention. Targeting children who
receive early diagnosis of Autism, she performed in-home therapy that provided
clients with the tools and skills to interact with children and carry over
success achieved through therapy in the household and day-to-day life. Ms.
Cervantes has worked for a variety of organizations including San Diego City
School District and Comprehensive Educational Services, Inc.







6




Ms.
Cervantes furthered her work through creative use of animals in a therapeutic
setting, leading to the creation, development and successful launch of the first
shared pet ownership model. Cervantes and her pet-related concepts have been
featured in the national and international press, including TIME , Business 2.0,
CNN, the BBC, ABC,  NBC, CBS, PBS and most of the major world print and
television media.





Ms.
Cervantes was educated at the University of Phoenix and has Bachelors in Human
Services and Business Management.




Term of
Office




Our
directors are appointed for a one-year term to hold office until the next annual
general meeting of our shareholders or until removed from office in accordance
with our bylaws. Our officers are appointed by our board of directors and hold
office until removed by the board.




All
officers and directors listed above will remain in office until the next annual
meeting of our stockholders, and until their successors have been duly elected
and qualified. There are no agreements with respect to the election of
Directors. We have not compensated our Directors for service on our Board of
Directors, any committee thereof, or reimbursed for expenses incurred for
attendance at meetings of our Board of Directors and/or any committee of our
Board of Directors. Officers are appointed annually by our Board of Directors
and each Executive Officer serves at the discretion of our Board of Directors.
We do not have any standing committees. Our Board of Directors may in the future
determine to pay Directors’ fees and reimburse Directors for expenses related to
their activities.




None of
our Officers and/or Directors have filed any bankruptcy petition, been convicted
of or been the subject of any criminal proceedings or the subject of any order,
judgment or decree involving the violation of any state or federal securities
laws within the past five (5) years.




Audit
Committee




We do not
have a standing audit committee of the Board of Directors. Management has
determined not to establish an audit committee at present because of our limited
resources and limited operating activities do not warrant the formation of an
audit committee or the expense of doing so. We do not have a financial expert
serving on the Board of Directors or employed as an officer based on
management’s belief that the cost of obtaining the services of a person who
meets the criteria for a financial expert under Item 401(e) of Regulation S-B is
beyond its limited financial resources and the financial skills of such an
expert are simply not required or necessary for us to maintain effective
internal controls and procedures for financial reporting in light of the limited
scope and simplicity of accounting issues raised in its financial statements at
this stage of its development.




Certain Legal
Proceedings




No
director, nominee for director, or executive officer of the Company has appeared
as a party in any legal proceeding material to an evaluation of his ability or
integrity during the past five years.




Compliance With Section
16(A) Of The Exchange Act.




Section
16(a) of the Exchange Act requires the Company’s officers and directors, and
persons who beneficially own more than 10% of a registered class of the
Company’s equity securities, to file reports of ownership and changes in
ownership with the Securities and Exchange Commission and are required to
furnish copies to the Company. To the best of the Company’s knowledge, any
reports required to be filed were timely filed in fiscal year ended December 31,
2007.




Code of
Ethics




The
company has adopted a Code of Ethics applicable to its Chief Executive Officer
and Chief Financial Officer. This Code of Ethics is filed herewith as an
exhibit.





Item
9A. Controls and Procedures




Pursuant
to Rule 13a-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”),
the Company carried out an evaluation, with the participation of the Company’s
management, including the Company’s Chief Executive Officer (“CEO”) and Chief
Accounting Officer (“CAO”) (the Company’s principal financial and accounting
officer), of the effectiveness of the Company’s disclosure controls and
procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the
end of the period covered by this report. Based upon that evaluation, the
Company’s CEO and CAO concluded that the Company’s disclosure controls and
procedures are effective to ensure that information required to be disclosed by
the Company in the reports that the Company files or submits under the Exchange
Act, is recorded, processed, summarized and reported, within the time periods
specified in the SEC’s rules and forms, and that such information is accumulated
and communicated to the Company’s management, including the Company’s CEO and
CAO, as appropriate, to allow timely decisions regarding required
disclosure.







7







Management’s Report on
Internal Controls over Financial Reporting





Internal
control over financial reporting is a process to provide reasonable assurance
regarding the reliability of consolidated financial reporting and the
preparation of financial statements for external purposes in accordance with
U.S. generally accepted accounting principles.  There has been no change in
the Company’s internal control over financial reporting during the year ended
December 31, 2007 that has materially affected, or is reasonably likely to
materially affect, the Company’s internal control over financial
reporting.




The
Company’s management, including the Company’s CEO and CAO, does not expect that
the Company’s disclosure controls and procedures or the Company’s internal
controls will prevent all errors and all fraud. A control system, no matter how
well conceived and operated, can provide only reasonable, not absolute,
assurance that the objectives of the control system are met. Further, the design
of a control system must reflect the fact that there are resource constraints,
and the benefits of controls must be considered relative to their costs. Because
of the inherent limitations in all control systems, no evaluation of the
controls can provide absolute assurance that all control issues and instances of
fraud, if any, within the Company have been detected.





Management
conducted an evaluation of the effectiveness of our internal control over
financial reporting based on the framework in Internal Control – Integrated
Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission. Based on this evaluation, management concluded that the
company’s internal control over financial reporting was not
effective  as of December 31, 2007.


ITEM 10. EXECUTIVE
COMPENSATION




Compensation of Executive
Officers





The
following summary compensation table sets forth all compensation awarded to,
earned by, or paid to the named executive officers paid by us during the fiscal
years ended December 31, 2007 and 2006, and 2005 in all capacities for the
accounts of our executives, including the Chief Executive Officer (CEO) and
Chief Financial Officer (CFO):








8





SUMMARY
COMPENSATION TABLE














Name
      and Principal Position
              Year
              
              Salary
                ($)
              
              
              Bonus
                ($)
              
              
              Stock
      Awards
                ($)
              
              Option
      Awards
                ($)
              
              
              Non-Equity
      Incentive Plan Compensation ($)
              
              
              Non-Qualified
      Deferred Compensation Earnings
                ($)
              
              
              All
      Other Compensation
                ($)
              
              
              Totals
                ($)Marlena
      Cervantes
                Chief
      Executive Officer, Chief Financial Officer
              2007
              
              
              35,000
              
              
              0
              
              
              0
              
              
              696,132
              
              
              0
              
              
              0
              
              
              
              40,275
              
              
              771,407Michael
      Raleigh
                President,
      Chief
              2006
              
              $
              0
              
              
              
              0
              
              
              
              0
              
              
              
              0
              
              
              
              0
              
              
              
              0
              
              
              
              0
              
              
              $
              0Executive
      Officer,
              2005
              
              $
              0
              
              
              
              0
              
              
              
              0
              
              
              
              0
              
              
              
              0
              
              
              
              0
              
              
              
              0
              
              
              $
              0Chief
      Financial Officer




Employment
Agreements




We have
entered into an employment agreement with Marlena Cervantes for a five year term
effective September 17, 2007.  The agreement calls for a base salary
of $120,000 per year and stock options to purchase 5,000,000 shares of the
Company’s common stock with 1,000,000 shares vesting every year for five years
from the date of the agreement at an exercise price of $5.00.  The CEO
is also to receive up to $12,000 every three years for a down payment on a
vehicle, $1,000 per month for the payments of this vehicle and an additional
$8,000 per month as a housing stipend.  Effective January 1, 2008 the
Company’s CEO reduced the annual salary to $54,000 per year and forfeited all
outstanding salary up to December 31, 2007.  The amount recorded as an
in-kind contribution of services for the year ended December 31, 2007 is $25,135
(Note 5(D and E)).




The
following table summarizes information about stock options for the Company
at December 31, 2007:
  Options
      Outstanding
              
              Options
      ExercisableRange
      of Exercise Price
              
              Number
                Outstanding
      at December 31, 2007
              
              Weighted
      Average Remaining Contractual Life
              
              Weighted
      Average Exercise Price
              
              Number
                Exercisable
      at December 31, 2007
              
              Weighted
      Average Exercise Price$
              5.00
              
              5,000,000
              
              4.75
      Years
              $
              5.00
              
              1,000,000
              $
              5.00


ITEM 11. SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT




The
following table sets forth each person known by us to be the beneficial owner of
five percent or more of the Company's Common Stock, all directors individually
and all directors and officers of the Company as a group. Except as noted, each
person has sole voting and investment power with respect to the shares
shown.




Name
      and Address of
                Beneficial
      Owner
              Amount
      of
                Beneficial
      Ownership
              Percentage
                of
      ClassColdstar
      CapitalGrand
      Pavilion Commercial Centre
                802
      West Bay Road,
                PO
      Box 10335
                Grand
      Cayman KY1-1003
              50,100,000
              99.99%Marlena
      Cervantes
                50
      Meadow Village Dr, 208
                Big
      Sky, MT 59716
              2,500
              Less
      than 1%All
      Executive Officersand
      Directors as a Group
              2,500
              less
      than 1%(1
      Person)




ITEM 12. CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS.




On April
11, 2007, the Company loaned $2,000 to an affiliated party.  Pursuant
to the terms of the loan, the advance bears interest at 6% and is
unsecured.  On September 17, 2007 this loan was repaid (See Note
3).
 
 On May
11, 2007, the Company loaned $10,000 to an affiliated party.  Pursuant
to the terms of the loan, the advance bears interest at 6% and is
unsecured.  On September 24, 2007 this loan was repaid (See Note
3).
 
 On June
22, 2007, the Company loaned $15,000 to an affiliated party.  Pursuant
to the terms of the loan, the advance bears interest at 6% and is unsecured.
This loan was fully repaid during the months of October and November 2007 (See
Note 3).
 
 On
October 29, 2007 the Company issued 50,000,000 restricted shares of common stock
to a stockholder for consulting services having a fair value of $250,000,000
($5.00/share) based upon recent cash offerings (See Note 4C).
 
 On
February 11, 2008, the Company received a $1,000 loan from a related party
stockholder. This loan is unsecured, bears interest at 6% and is due in five
years.


9






PART
IV





ITEM 13. EXHIBITS




Method
      of Filing
            Exhibit
      Number
            Exhibit
      TitleIncorporated
      by reference to Exhibit 3.1 to Form 10SB filed on April 3, 2006 (File No.
      000-51881)
            3.1
            Certificate
      of Incorporation of Flexpetz Holdings, Inc.Incorporated
      by reference to Exhibit 3.2 to Form 10SB filed on April 3, 2006 (File No.
      000-51881)
            3.2
            By-LawsFiled
      herewith
            14
            Code
      of Ethics31.1
            Certification
      of Marlena Cervantes pursuant to 18 U.S.C. Section 1350 as adopted
      pursuant to Section 302 of the Sarbanes-Oxley Act of
  2002.32.1
            Certification
      of Marlena Cervantes pursuant to 18 U.S.C. Section 1350 as adopted
      pursuant to Section 906 of the Sarbanes-Oxley Act of
  2002.




ITEM 14. PRINCIPAL ACCOUNTANT
FEES AND SERVICES




Audit
Fees




For the
Company’s fiscal year ended December 31, 2007, we were billed approximately
$7,372 , and the fiscal year ended December 31, 2006, we were billed $1,450, for
professional services rendered for the audit of our financial
statements.
  Audit
Related Fees
  For the
Company’s fiscal years ended December 31, 2007 and December 31, 2006
respectively, We were not billed for any audit related services..
  Tax Fees
  For the
Company’s fiscal year ended December 31, 2007, and 2006, we were not billed for
professional services rendered for tax compliance, tax advice, and tax
planning.
  All Other
Fees
  The
Company did not incur any other fees related to services rendered by our
principal accountant for the fiscal year ended December 31, 2007 and
2006.
  Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
 
 Pre-approval
Policy
 
 Our Board
of Directors has adopted a procedure for pre-approval of all fees charged by our
independent auditors. Under the procedure, the Board approves the engagement
letter with respect to audit, tax and review services. Other fees are subject to
pre-approval by the Board, or, in the period between meetings, by a designated
member of Board. Any such approval by the designated member is disclosed to the
entire Board at the next meeting. The audit and tax fees paid to the auditors
with respect to fiscal year 2007 were pre-approved by the entire Board of
Directors.









10









SIGNATURES




Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, there unto duly authorized.




Asensia,
Inc.




By:
            /s/
      Marlena CervantesMarlena
      Cervantes
              Chief
      Executive Officer
              Chief
      Financial Officer






Dated:
            April
      14, 2008




Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been
signed below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.




Name
              
              Title
              Date/s/ Marlena
      Cervantes
              
              Chief
      Executive Officer
              April
      14, 2008Marlena
      Cervantes
              
              Chief
      Financial Officer,
                and
      Director








11