Document:

Exhibit 10.4

                   THE NUTMEG GROUP, LLC/WINDSOR MOUNTAIN, LLC
                                   TERM SHEET
                            TORBAY HOLDINGS ("TRBY")
                                  COMMON STOCK
                            WITH DETACHABLE WARRANTS

Issuer:                             Torbay Holdings ("Torbay").

Issue:                              Torbay Common Stock, with detachable
                                    warrants or options.

Offering Amount:                    $50,000.

Closing:                            Transmission of funds pursuant to the terms
                                    herein (the "Closing"), shall occur within 5
                                    business days of the posting of the Closing
                                    of the NON-RECOURSE loan.

Use of Proceeds:                    The proceeds will be used for general
                                    working capital purposes, but none of the
                                    proceeds will be used to repay obligations
                                    to any insider.

Shares                              to be issued: Shares of Torbay Common Stock,
                                    shall be issued to The Nutmeg Group,
                                    LLC/Windsor Mountain Financial, LLC, or its
                                    designee ("Nutmeg/Windsor").

                                    The number of shares issuable to
                                    Nutmeg/Windsor (an "Applicable Issuance")
                                    will equal the amount paid by
                                    Nutmeg/Windsor, divided by sixty percent
                                    (60%) of the average closing bid price for
                                    Common Stock on the five trading days
                                    immediately prior to Closing of any tranche
                                    (hereinafter referred to as the "Fixed
                                    Price").

Warrant or option
Coverage:                           Purchasers will be issued 1,000,000 Warrants
                                    (hereinafter "Warrants"), which will have
                                    piggy back registration rights, and will be
                                    transferable.

Warrant Term:                       Unexercised Warrants will expire December
                                    31, 2008 ("Warrant Expiration Date").

Warrant Exercise Price:             1/2 of the Warrants will be exercisable into
                                    Common Stock at 8(cent) per share, the other
                                    1/2 of the Warrants will be exercisable into
                                    Common Stock at 12(cent) per share.Exhibit 10.5

                              THE NUTMEG GROUP, LLC
                                   TERM SHEET
                          TORBAY HOLDINGS INC. - (TRBY)
                                  COMMON STOCK
                            WITH DETACHABLE WARRANTS

Issuer:                       TORBAY HOLDINGS INC. ("Torbay")

Issue:                        Torbay Common Stock, with detachable warrants.

Offering Amount:              $30,000 on October 15, 2004 on a best efforts
                              basis, subject to due diligence and further
                              subject to review of Use of Funds Statement.

Use of Proceeds:              The proceeds will be used only for audit fees.
                              None of the proceeds will be used to repay other
                              existing indebtedness or other obligations to any
                              insider. Proceeds will be disbursed directly to
                              the auditor.

Shares to be Issued:          Shares of Torbay Common Stock shall be issued to
                              The Nutmeg Group, LLC, or its designee ("Nutmeg").

                              The number of shares issuable to Nutmeg relative
                              to any Closing (an "Applicable Issuance") will
                              equal the amount paid by Nutmeg divided by the
                              lesser of:

                                    (a)      $0.045,

                                    (b)      fifty (50%) of the average closing
                                             bid price for Common Stock on the
                                             five trading days immediately prior
                                             to Closing of any traunche, or

                                    (c)      fifty (50%) of the average closing
                                             bid price for Common Stock on the
                                             five trading days immediately prior
                                             to the date on which the
                                             registration statement (as
                                             described below) is declared
                                             effective, but no less than fifty
                                             (50%) of actual Closing price on
                                             the trading day immediately prior
                                             to the date on which the
                                             registration statement is declared
                                             effective

                                    (the lesser of (a), (b), and (c) being
                                    hereinafter referred to as the "Fixed
                                    Price").

Warrant Coverage:             Purchasers will be issued Warrants (hereinafter
                              "Warrants") exercisable into such number of shares
                              of Common Stock as is equal to one hundred (100%)
                              of the dollar amount paid by Nutmeg at such
                              Closing, divided by the Fixed Price. The Common
                              Stock into which the Warrants are exercisable will
                              have piggyback registration rights, and the
                              Warrants will be transferable.

Warrant Exercise Price:       Warrants will be exercisable into Common Stock at
                              a price equal to one-hundred ten percent (110%) of
                              the Fixed Price.

<PAGE>

Torbay's Option to Force a
Warrant Exercise:             Provided that the registration statement is then
                              effective and had by then been effective for at
                              least 30 trading days, on any date in which the
                              closing bid price for the Common Stock exceeds the
                              Warrant exercise by at least fifty (50%) percent,
                              and for the 30 trading days prior thereto the
                              closing bid price for the Common Stock exceeded
                              the Warrant price by at least fifty (50%) percent,
                              and the average daily trading volume for the 30
                              trading days prior thereto for Torbay Common Stock
                              exceeds the number of Warrants subject to such
                              Notice (the "Forced Exercise Conditions"), then
                              Torbay will have the option, with Notice furnished
                              by Torbay to Nutmeg (the "Notice") on any such
                              date (the "Forced Exercise Date"), to compel
                              Nutmeg to exercise such Warrants. In such event,
                              Nutmeg will have 30 trading days to exercise such
                              Warrants, or forfeit any such unexercised Warrants
                              subject to such Notice.

Warrants from Prior
Transaction:                  The Warrant exercise price from the previous
                              transaction will be reduced to an amount equal to
                              100% of the above Fixed Price for all such
                              Warrants.

Warrant Term:                 Unexercised Warrants will expire December 31, 2008
                              ("Warrant Expiration Date").

Registration:                 Torbay will use its best efforts to (i) within
                              forty-five days following such closing, prepare
                              and file a registration statement on Form S-1,
                              Form S-3 or Form SB-2 to register a sufficient
                              number of shares of Common Stock to accommodate
                              this purchase, and to register the shares of
                              Common Stock into which the Warrants are
                              exercisable, as soon as practicable following
                              closing, and (ii) use its best efforts to have the
                              registration statement declared effective within
                              ninety days following such closing, and thereafter
                              to cause the registration statement to remain
                              effective through December 31, 2008, and in the
                              case of Warrants, through the Warrant Expiration
                              Date.

                              If the registration statement is not effective
                              within 165 days of Closing, then Torbay shall
                              refund to Nutmeg an amount equal to one percent
                              (1%) of the amount invested by Nutmeg with regard
                              to such Closing, and at Nutmeg's option, the
                              exercise may then be cashless. For each further
                              thirty day period thereafter until the
                              registration statement is effective, Torbay shall
                              refund to Nutmeg an amount invested by Nutmeg with
                              regard to such Closing; provided however, the
                              maximum refund to Nutmeg pursuant to this sentence
                              shall be ten percent (10%) of the amount invested
                              by Nutmeg.

No Short Selling:             Nutmeg shall not sell short any interest or shares
                              of Torbay Stock.

Merger, License or Any
Other Similar Arrangement:    Nutmeg or its designee shall also be entitled to a
                              commission of 5% of any and all amounts received,
                              directly or indirectly, by Torbay and/or its
                              principals as a consequence of a merger, license
                              or any other similar arrangement or remuneration
                              as a consequence of the efforts of Nutmeg or its
                              designee or agent. All references to "Torbay"
                              shall include associates, and any individual,
                              corporation, organization, form or company, of
                              which Torbay is a member, employee, principal,
                              party to, or from which such it would otherwise
                              benefit financially, directly or indirectly.

<PAGE>

                                        /s/ Randall S. Goulding
                                        ----------------------------------------
                                        Randall S. Goulding
                                        Managing Director

                                    Please execute below to evidence your
                                    acquiescence to the foregoing terms and
                                    conditions of our relationship.

                                        /s/ William Thomas Large
                                        -------------------------------

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