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<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 8px; font: 10pt Times New Roman, Times, Serif; text-align: right">1.</td>
<td style="width: 13px"> </td>
<td style="font: 10pt Times New Roman, Times, Serif">Nature of Business and Continuance of Operations</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 16pt; text-align: justify">Asia Interactive Media Inc. (previously
Black Gardenia Corp.), herein “the Company”, was incorporated on February 9, 2000 pursuant to the Laws of the State
of Nevada, USA. The Company has no business operations and is considered a development stage company, as defined by Accounting
Standards Codification (“ASC”) 915.10.05 “<i>Accounting and Reporting by Development Stage Enterprises</i>”.
On March 22, 2007 the Company changed its name to “Asia Interactive Media Inc.”</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 16pt; text-align: justify">The financial statements have been
prepared using generally accepted accounting principles in the United States of America applicable for a going concern which assumes
that the Company will realize its assets and discharge its liabilities in the ordinary course of business. The Company has never
generated revenues since inception and has never paid any dividends and is unlikely to pay dividends or generate earnings in the
immediate or foreseeable future. At June 30, 2012, the Company had a working capital surplus of $16,152 and has accumulated losses
of $620,276 since its inception. The continuation of the Company as a going concern is dependent upon the continued financial support
from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment
of profitable operations. It is management’s plan to seek additional capital through equity and/or debt financings. These
factors raise substantial doubt regarding the Company’s ability to continue as a going concern.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 16pt; text-align: justify">In the opinion of management, all
adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating
results for the six months ended June 30, 2012 are not necessarily indicative of the results that may be expected for the year
ending December 31, 2012.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 106.8pt"></p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 8px; font: 10pt Times New Roman, Times, Serif; text-align: right">2.</td>
<td style="width: 13px"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Summary of Significant Accounting Policies</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 29px; font: 10pt Times New Roman, Times, Serif; text-align: right">a)</td>
<td style="width: 13px"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of Presentation</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32pt; text-align: justify">These financial statements and related
notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S.
dollars. The Company’s fiscal year-end is December 31.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 29px; font: 10pt Times New Roman, Times, Serif; text-align: right">b)</td>
<td style="width: 13px"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Use of Estimates</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32pt; text-align: justify">The preparation of financial statements
in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 29px; font: 10pt Times New Roman, Times, Serif; text-align: right">c)</td>
<td style="width: 13px"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basic and Diluted Net Income (Loss) Per Share</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32pt; text-align: justify">The Company computes net income (loss)
per share in accordance with ASC 260.10.05 which requires presentation of both basic and diluted earnings per share (EPS) on the
face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator)
by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive
potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the
if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares
assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their
effect is anti-dilutive.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39pt; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 29px; font: 10pt Times New Roman, Times, Serif; text-align: right">d)</td>
<td style="width: 13px"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Comprehensive Loss</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32pt; text-align: justify">ASC 220.10.05, “<i>Reporting
Comprehensive Income</i>”, establishes standards for the reporting and display of comprehensive loss and its components in
the financial statements. As at June 30, 2012 and 2011, the Company has no items that represent a comprehensive loss and, therefore,
has not included a schedule of comprehensive loss in the financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39pt; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 29px; font: 10pt Times New Roman, Times, Serif; text-align: right">e)</td>
<td style="width: 13px"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Cash and Cash Equivalents</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32pt; text-align: justify">The Company considers all highly liquid
instruments with maturity of three months or less at the time of issuance to be cash equivalents.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font: 10pt Times New Roman, Times, Serif">f)</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Long-Lived Assets</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: justify">In accordance with ASC 360.10.05,
“<i>Accounting for the Impairment or Disposal of Long-Lived Assets</i>”, the carrying value of long-lived assets is
reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment
when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if
any, are measured as the excess of the carrying amount of the asset over its estimated fair value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39pt; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font: 10pt Times New Roman, Times, Serif">g)</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial Instruments</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: justify">The fair value of financial instruments,
which include cash, accounts payable, accrued liabilities and due to related party, were estimated to approximate their carrying
values due to the immediate or short-term maturity of these financial instruments. Foreign currency transactions are primarily
undertaken in Canadian dollars. The financial risk is the risk to the Company’s operations that arise from fluctuations in
foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments
to reduce its exposure to foreign currency risk.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39pt; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font: 10pt Times New Roman, Times, Serif">h)</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Income Taxes</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: justify">Potential benefits of income tax losses
are not recognized in the accounts until realization is more likely than not. The Company has adopted ASC 740.10.05, “<i>Accounting
for Income Taxes</i>”, as of its inception. Pursuant to ASC 740.10.05, the Company is required to compute tax asset benefits
for net operating losses carried forward. Potential benefits of net operating losses have not been recognized in these financial
statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward
in future years.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39pt; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font: 10pt Times New Roman, Times, Serif">i)</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Foreign Currency Translation</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: justify">The Company’s functional and
reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated
in accordance with ASC 830.10.05, “<i>Foreign Currency Translation</i>”, using the exchange rate prevailing at the
balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included
in the determination of income. Foreign currency transactions are primarily undertaken in Canadian dollars. The Company has not,
to the date of these financials statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39pt; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font: 10pt Times New Roman, Times, Serif">j)</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Recent Accounting Pronouncements</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: justify">From time to time, new accounting
pronouncements are issued by the Financial Accounting Standards Board (“FASB”), or other standard setting bodies that
are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact
of recently issued standards that are not yet effective will not have a material impact on the Company’s financial statements
upon adoption.</p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 29px; font: 10pt Times New Roman, Times, Serif; text-align: right">a)</td>
<td style="width: 13px"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of Presentation</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32pt; text-align: justify">These financial statements and related
notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S.
dollars. The Company’s fiscal year-end is December 31.</p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 29px; font: 10pt Times New Roman, Times, Serif; text-align: right">b)</td>
<td style="width: 13px"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Use of Estimates</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32pt; text-align: justify">The preparation of financial statements
in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates.</p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 29px; font: 10pt Times New Roman, Times, Serif; text-align: right">c)</td>
<td style="width: 13px"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basic and Diluted Net Income (Loss) Per Share</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32pt; text-align: justify">The Company computes net income (loss)
per share in accordance with ASC 260.10.05 which requires presentation of both basic and diluted earnings per share (EPS) on the
face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator)
by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive
potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the
if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares
assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if
their effect is anti-dilutive.</p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 29px; font: 10pt Times New Roman, Times, Serif; text-align: right">d)</td>
<td style="width: 13px"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Comprehensive Loss</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32pt; text-align: justify">ASC 220.10.05, “<i>Reporting
Comprehensive Income</i>”, establishes standards for the reporting and display of comprehensive loss and its components
in the financial statements. As at June 30, 2012 and 2011, the Company has no items that represent a comprehensive loss and, therefore,
has not included a schedule of comprehensive loss in the financial statements.</p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 29px; font: 10pt Times New Roman, Times, Serif; text-align: right">e)</td>
<td style="width: 13px"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Cash and Cash Equivalents</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32pt; text-align: justify">The Company considers all highly
liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.</p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font: 10pt Times New Roman, Times, Serif">f)</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Long-Lived Assets</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: justify">In accordance with ASC 360.10.05,
“<i>Accounting for the Impairment or Disposal of Long-Lived Assets</i>”, the carrying value of long-lived assets is
reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment
when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses,
if any, are measured as the excess of the carrying amount of the asset over its estimated fair value.</p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font: 10pt Times New Roman, Times, Serif">g)</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial Instruments</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: justify">The fair value of financial instruments,
which include cash, accounts payable, accrued liabilities and due to related party, were estimated to approximate their carrying
values due to the immediate or short-term maturity of these financial instruments. Foreign currency transactions are primarily
undertaken in Canadian dollars. The financial risk is the risk to the Company’s operations that arise from fluctuations
in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments
to reduce its exposure to foreign currency risk.</p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font: 10pt Times New Roman, Times, Serif">h)</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Income Taxes</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: justify">Potential benefits of income tax
losses are not recognized in the accounts until realization is more likely than not. The Company has adopted ASC 740.10.05, “<i>Accounting
for Income Taxes</i>”, as of its inception. Pursuant to ASC 740.10.05, the Company is required to compute tax asset benefits
for net operating losses carried forward. Potential benefits of net operating losses have not been recognized in these financial
statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward
in future years.</p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font: 10pt Times New Roman, Times, Serif">i)</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Foreign Currency Translation</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: justify">The Company’s functional and
reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated
in accordance with ASC 830.10.05, “<i>Foreign Currency Translation</i>”, using the exchange rate prevailing at the
balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included
in the determination of income. Foreign currency transactions are primarily undertaken in Canadian dollars. The Company has not,
to the date of these financials statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.</p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font: 10pt Times New Roman, Times, Serif">j)</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Recent Accounting Pronouncements</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: justify">From time to time, new accounting
pronouncements are issued by the Financial Accounting Standards Board (“FASB”), or other standard setting bodies that
are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact
of recently issued standards that are not yet effective will not have a material impact on the Company’s financial statements
upon adoption.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">This Amendment No. 1 to the quarterly report
on Form 10-Q of Asia Interactive Media Inc. (“we”, “our”, “us”) for the period ended June 30,
2012 is being filed for the purpose of correcting a material misstatement in our financial statements pertaining to the collectability
of a loan receivable. On September 27, 2012, we determined that a loan receivable in the amount of $237,843 was not collectible
as of December 31, 2011, and we therefore wrote off the loan receivable and restated our financial statements accordingly.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">Other than as described above, this Amendment
No. 1 continues to speak as of the filing date of our original quarterly report on Form 10-Q for the period ended June 30, 2012,
does not reflect events that may have occurred subsequent to that date, and does not modify or update any related disclosures made
in that report.</p>
273843
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">3.   Restatement – Loan Receivable</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14pt; text-align: justify">On February 16, 2007, the Company
entered into a Bridge Loan Agreement (subsequently amended on November 16, 2007) with Live-Interactive Technology Ltd. (“Live-Interactive”),
a company based in China, whereby the Company agreed to loan funds, to a maximum of $195,000 (RMB1,500,000), to Live-Interactive
on an interest-free basis for three months from the date of the loan advance. Interest at 15% per annum is charged on all outstanding
amounts after the three month interest-free period. As at December 31, 2011, a total of $237,843, including accrued interest, was
owing from Live-Interactive.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14pt; text-align: justify">On September 27, 2012, the Company’s
management determined that the loan receivable was not collectible and provided a provision for bad debts in the total amount of
the loan receivable. The effect of the accounting correction is summarized accordingly.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14pt; text-align: justify">The following table represents the
effects of the restated statements as of June 30, 2012:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center">Restated</td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center">Original</td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30,  2012</td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2012</td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
<td style="width: 56%">Loan Receivable</td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 18%; text-align: right">-</td>
<td style="width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 18%; text-align: right">249,074</td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
<td>Retained Deficit</td>
<td> </td>
<td> </td>
<td style="text-align: right">(620, 276)</td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right">(371,202</td>
<td>)</td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
<td>(Loss)/Income</td>
<td> </td>
<td> </td>
<td style="text-align: right">357 </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right">11,588</td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14pt; text-align: justify">The following table represents the
effects of the restated statements as of June 30, 2012:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center">Restated</td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center">Original</td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30,  2012</td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2012</td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
<td style="width: 56%">Loan Receivable</td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 18%; text-align: right">-</td>
<td style="width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 18%; text-align: right">249,074</td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
<td>Retained Deficit</td>
<td> </td>
<td> </td>
<td style="text-align: right">(620, 276)</td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right">(371,202</td>
<td>)</td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
<td>(Loss)/Income</td>
<td> </td>
<td> </td>
<td style="text-align: right">357 </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right">11,588</td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
195000
1500000
237843
.15
66
66
598734
598734
16152
15795
27688
32712
23000
-37628
-37628
16152