(Mark
One)
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x
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QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
FOR
THE QUARTERLY PERIOD ENDED MARCH 31, 2008
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o
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TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
FOR
THE TRANSITION PERIOD FROM __________ TO __________
COMMISSION
FILE NUMBER ________________
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Nevada
(State
or other jurisdiction of incorporation or organization)
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88-0476779
(I.R.S.
Employer Identification No.)
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Large accelerated filer o | Accelerated filer o | ||
Non-accelerated filer o | Smaller reporting company x |
Page
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PART
I - FINANCIAL INFORMATION
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Item
1. Financial Statements
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3 | |||
Item
2. Management’s Discussion and Analysis or
Plan of Operation
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11 | |||
Item
3. Quantitative and Qualitative Disclosures
About Market Risk
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12 | |||
Item
4. Controls and
Procedures
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12 | |||
PART
II - OTHER INFORMATION
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||||
Item
1. Legal Proceedings
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13 | |||
Item
2. Unregistered Sales of Equity Securities
and Use of Proceeds
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13 | |||
Item
3. Defaults Upon Senior
Securities
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13 | |||
Item
4. Submission of Matters to a Vote of
Security Holders
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13 | |||
Item
5. Other Information
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13 | |||
Item
6. Exhibits
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13 | |||
SIGNATURES
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14 |
ASSETS |
March
31,
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December
31,
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||||||
2008
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2007
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|||||||
(Unaudited)
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Current
Assets
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||||||||
Cash
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3,928 | 2,191 | ||||||
Receivable
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13,284 | 5,323 | ||||||
Prepaid
Expense
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5,056 | 5,056 | ||||||
Total
Current Assets
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22,268 | 12,570 | ||||||
Fixed
Assets
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||||||||
Furniture,
Fixture &
Equipment (Net)
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15,010 | 15,910 | ||||||
Total
Fixed Assets
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15,010 | 15,910 | ||||||
Other
Assets
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||||||||
Deposit
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9,127 | 9,127 | ||||||
Total
Other Assets
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9,127 | 9,127 | ||||||
TOTAL
ASSETS
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46,405 | $ | 37,607 | |||||
LIABILITIES AND
STOCKHOLDERS' (DEFICIT)
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||||||||
Current
Liabilities
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||||||||
Accounts
Payable
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156,890 | $ | 136,843 | |||||
Accrued
Interest
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46,527 | 38,774 | ||||||
Accrued
Expenses
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62,204 | 51,376 | ||||||
Note
Payable- Related Party
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297,010 | 277,060 | ||||||
Total
Current Liabilities
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562,631 | 504,053 | ||||||
Total
Liabilities
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562,631 | 504,053 | ||||||
Commitments
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||||||||
Stockholders'
(Deficit)
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||||||||
Common
stack-March 31, 2008: 300,000,000 Shares Authorized at $0.001 Par Value;
30,216,999 Issued and Outstanding;
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30,217 | 30,167 | ||||||
2007:
$0.001 Par Value; 30,167,000 Issued and Outstanding.
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Additional
Paid-In-Capital
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6,075,689 | 6,068,239 | ||||||
Deficit
accumulated during the Development Stage
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(6,622,132 | ) | (6,564,852 | ) | ||||
Total
Stockholders'
(Deficit)
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(516,226 | ) | (466,446 | ) | ||||
TOTAL
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
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46,405 | $ | 37,607 |
Three
Months Ended March
31,
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Accumulated
from
July
12, 2005
(inception)
through
March
31,
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|||||||||||
2008
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2007 |
2008
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||||||||||
Revenues, Net | $ | - | $ | - | $ | - | ||||||
Operating Expenses | ||||||||||||
Salaries
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12,994 | 11,191 | 197,527 | |||||||||
Compensation
Cost
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90,059 | 5,632,306 | ||||||||||
Professional
Fees
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10,439 | 35,867 | 326,981 | |||||||||
General
&
Administrative
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38,549 | 16,980 | 437,835 | |||||||||
Total
Operating Expenses
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61,982 | 154,097 | 6,594,649 | |||||||||
Loss
From Operations
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(61,982 | ) | (154,097 | ) | (6,594,649 | ) | ||||||
Other
Income (Expense)
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||||||||||||
Other
Income
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12,724 | 0 | 26,575 | |||||||||
Interest
Expense
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(8,022 | ) | (6,599 | ) | (54,058 | ) | ||||||
Total
Other Income (Expense)
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4,702 | (6,599 | ) | (27,483 | ) | |||||||
Loss
Before Income Taxes
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(57,280 | ) | (160,696 | ) | (6,622,132 | ) | ||||||
Income
Tax Expense
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||||||||||||
Net
Loss
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$ | (57,280 | ) | $ | (160,696 | ) | $ | (6,622,132 | ) | |||
Basic and fully diluted earnings per share: | ||||||||||||
Loss
per share
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$ | (0.00 | ) | $ | (0.01 | ) | ||||||
Weighted average shares
outstanding
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30,169,037 | 30,008,303 | ||||||||||
Common
Stock
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Accumulated
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Total
Stockholders'
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||||||||||||||||||
Shares
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Amount
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Paid
in Capital
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Deficit
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Equity
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||||||||||||||||
Balance,
July 12, 2005
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- | $ | $ | $ | $ | |||||||||||||||
Shares
issued for Founders
@ $
0.01 per share
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21,563,483 | 21,564 | (13,064 | ) | 8,500 | |||||||||||||||
Shares
issued for cash
@ $
0.79 per share
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253,688 | 254 | 199,746 | 200,000 | ||||||||||||||||
Loss
for the period ended
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||||||||||||||||||||
December
31,2005
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(182,947 | ) | (182,947 | ) | ||||||||||||||||
Balance
December 31, 2005
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21,817,171 | 21,818 | 186,682 | (182,947 | ) | 25,553 | ||||||||||||||
Shares
issued for cash
@ $
0.79 per share
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88,791 | 88 | 69,912 | 70,000 | ||||||||||||||||
Shares
issued for services
@ $
0.71 per share
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7,805,961 | 7,806 | 5,534,441 | 5,542,247 | ||||||||||||||||
Loss
for the year ended
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||||||||||||||||||||
December
31,2006
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(5,979,396 | ) | (5,979,396 | ) | ||||||||||||||||
Balance
December 31, 2006
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29,711,943 | 29,712 | 5,791,035 | (6,162,343 | ) | (341,596 | ) | |||||||||||||
Shares
issued for cash
@ $
0.79 per share
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152,213 | 152 | 119,848 | 120,000 | ||||||||||||||||
Shares
issued for services
@ $
0.71 per share
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126,844 | 127 | 89,932 | 90,059 | ||||||||||||||||
Shares
issued pursuant to
a
Private Placement for cash
@ $
0.10 per share
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76,000 | 76 | 7,524 | 7,600 | ||||||||||||||||
Contributed
Capital
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- | 10,000 | 10,000 | |||||||||||||||||
Shares
issued for cash
@ $
0.50 per share
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100,000 | 100 | 49,900 | 50,000 | ||||||||||||||||
Loss
for the year ended
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||||||||||||||||||||
December
31, 2007
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(402,509 | ) | (402,509 | ) | ||||||||||||||||
Balance
December 31, 2007
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30,167,000 | $ | 30,167 | $ | 6,068,239 | $ | (6,564,852 | ) | $ | (466,446 | ) | |||||||||
Shares
issued pursuant to
a
Private Placement for cash
@ $
0.15 per share
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49,999 | 50 | 7450 | 7,500 | ||||||||||||||||
Loss
for Quarter ended
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||||||||||||||||||||
March
31, 2008
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(57,280 | ) | (57,280 | ) | ||||||||||||||||
Balance
March 31, 2008 (unaudited)
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30,216,999 | $ | 30,217 | $ | 6,075,689 | $ | (6,622,132 | ) | $ | (516,226 | ) |
3
Months Ended March
31,
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Accumulated
from
July
12, 2005
(inception)
through
March
31,
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2008
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2007 | 2008 | ||||||||||
Cash
Flows from Operating Activities:
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Net
(Loss)
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$ | (57,280 | ) | $ | (160,696 | ) | $ | (6,622,132 | ) | |||
Common
stock issued for services
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90,059 | 5,640,806 | ||||||||||
Depreciation
&
Amortization
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900 | 908 | 7,927 | |||||||||
Changes
in Operating Assets. and Liabilities:
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(Increase)
Decrease in Accounts Receivable
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(7,961 | ) | (13,284 | ) | ||||||||
(Increase)
Decrease in Deferred Financing
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(Increase)
Decrease In Prepaid Expense
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(3,000 | ) | (5,056 | ) | ||||||||
Increase
(Decrease) in Accounts Payable
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20,047 | (44,967 | ) | 156,890 | ||||||||
Increase
(Decrease) in Accrued Interest
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7,753 | 6,003 | 46,527 | |||||||||
Increase
(Decrease) In Accrued Liabilities
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10,828 | 62,204 | ||||||||||
Net
Cash (Used) by Operating Activities
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(25,713 | ) | (111,693 | ) | (726,118 | ) | ||||||
Cash
Flows from Investing Activities:
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Deposits
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(20,347 | ) | ||||||||||
Purchase
of Property and Equipment
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(22,937 | ) | ||||||||||
Net
Cash (Used) by Investing Activities
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(43,284 | ) | ||||||||||
Cash
Flows from Financing Activities:
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Proceeds
from Stock Issuances
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7,500 | 120,000 | 455,100 | |||||||||
Capital
Contributed
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10,000 | |||||||||||
Proceeds
from Notes Payable - Related Party
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19,950 | 3,750 | 340,203 | |||||||||
Repayment
of Notes Payable - Related Party
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(6,200 | ) | (43,193 | ) | ||||||||
Net
Cash Provided by Financing Activities
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27,450 | 117,550 | 762,110 | |||||||||
Increase
(Decrease) in Cash
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1,737 | 5,857 | (7,292 | ) | ||||||||
Cash
and Cash Equivalents at Beginning of Period
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2,191 | 225 | ||||||||||
Cash
and Cash Equivalents at End of Period
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3,928 | 6,082 | $ | (7,292 | ) | |||||||
Cash
Paid for:
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Interest
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596 | $ | 6,813 | |||||||||
Income
Taxes
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$ | $ | ||||||||||
Non
cash Financing Activities:
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Common
Stock Issued for services
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$ | 90,059 | $ | 5,640,806 | ||||||||
Common
Stock issued for Subscriptions Receivable
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$ | $ | 7,000 | $ |
March 31,
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March
31
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Basic
earnings per share:
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2008
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2007
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Net
loss
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$ | (57,280 | ) | $ | (160,696 | ) |
Weighted
average shares
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30,169,037 | 30,008,303 | ||||
Loss
per share
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$ | (.00 | ) | $ | (.01 | ) |
Exhibit
No.
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Description
of Exhibit
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2.1
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Agreement
and Plan of Reorganization between Timeshare Holdings Inc. and
TimeShareLoans.com, dated March 9, 2007 (Incorporated by reference to Form
SB-2 (File No. 333-145409), filed with the Securities and Exchange
Commission on August 13, 2007)
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3.1
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Articles
of Incorporation (Incorporated by reference to Form SB-2 (File No.
333-145409), filed with the Securities and Exchange Commission on August
13, 2007)
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3.2
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By-laws
(Incorporated by reference to Form SB-2 (File No. 333-145409), filed with
the Securities and Exchange Commission on August 13,
2007)
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10.1
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Service
Agreement entered into with LEA Management Group, date December 6, 2006
(Incorporated by reference to Form SB-2 (File No. 333-145409), filed with
the Securities and Exchange Commission on August 13,
2007)
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10.2
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Service
Agreement entered into with National Mortgage Lending Inc., dated February
1, 2006 (Incorporated by reference to Form SB-2 (File No. 333-145409),
filed with the Securities and Exchange Commission on August 13,
2007)
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10.4
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Subscription
Agreements (Incorporated by reference to Form SB-2 (File No. 333-145409),
filed with the Securities and Exchange Commission on August 13,
2007)
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10.5
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Escrow
Agreement to be filed by amendment
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10.6
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Waiver
Agreement, dated July 20, 2007 (Incorporated by reference to Form SB-2
(File No. 333-145409), filed with the Securities and Exchange Commission
on August 13, 2007)
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21.1
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List
of Subsidiaries of the Company (Incorporated by reference to Form SB-2
(File No. 333-145409), filed with the Securities and Exchange Commission
on August 13, 2007)
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31.1
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Certification
by Chief Executive Officer, required by Rule 13a-14(a) or Rule 15d-14(a)
of the Exchange Act.
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31.2
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Certification
by Chief Financial Officer, required by Rule 13a-14(a) or Rule 15d-14(a)
of the Exchange Act.
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32.1
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Certification
by Chief Executive Officer, required by Rule 13a-14(b) or Rule 15d-14(b)
of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the
United States Code.
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32.2
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Certification
by Chief Financial Officer, required by Rule 13a-14(b) or Rule 15d-14(b)
of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the
United States Code.
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TIMESHARE
HOLDINGS, INC.
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Date:
May 14, 2008
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By:
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/s/ Paul
Thompson
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Paul
Thompson
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Chief
Executive Officer
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Date:
May 14, 2008
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By:
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/s/
Frederick Conte
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Frederick
Conte
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Chief
Financial Officer, Chief Accounting
Officer
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