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<HTML><HEAD><TITLE>Ableauctions.com, Inc. August 14, 2008</TITLE>
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<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=center><B>UNITED STATES</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=center><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=center><B>Washington, DC
&nbsp;20549</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=center><B>FORM 8-K</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=center><B>CURRENT REPORT</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=center>Pursuant to Section 13 or
15 (d) of the Securities Exchange Act of 1934</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=center>Date of Report (Date of
earliest event reported): &nbsp;August 14, 2008</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=center><B>ABLEAUCTIONS.COM,
INC.</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=center>(Exact name of Registrant
as specified in charter)</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="DISPLAY: none; FONT-SIZE: 0px" height=0>
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<TD width=244></TD>
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<P style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 48px">Florida</P></TD>
<TD width=244>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=center>000-28179</P></TD>
<TD width=244>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 44px">59-3404233</P></TD></TR>
<TR>
<TD width=244>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 48px">(State or other
jurisdiction</P></TD>
<TD vAlign=top width=244>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=center>(Commission File
Number)</P></TD>
<TD vAlign=top width=244>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 44px">(IRS
Employer</P></TD></TR>
<TR>
<TD width=244>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 48px">Of
incorporation)</P></TD>
<TD vAlign=top width=244>
<P>&nbsp;</P></TD>
<TD vAlign=top width=244>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 44px">Identification
Number)</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=center><B>Suite 2000 - 1963
Lougheed Highway</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=center><B>Coquitlam, British
Columbia Canada</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=center>(Address of principal
executive offices)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Registrant&#146;s telephone number, including
area code: &nbsp;604-521-3369</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify><BR><BR></P>
<P style="FONT-SIZE: 12pt; PAGE-BREAK-BEFORE: always; MARGIN: 0px"
align=justify>This Form 8-K and other reports filed by the Registrant from time
to time with the Securities and Exchange Commission (collectively the &#147;Filings&#148;)
contain forward looking statements and information that are based upon beliefs
of, and information currently available to, the Registrant&#146;s management as well
as estimates and assumptions made by the Registrant&#146;s management. &nbsp;When
used in the Filings the words &#147;anticipate&#148;, &#147;believe&#148;, &#147;estimate&#148;, &#147;expect&#148;,
&#147;future&#148;, &#147;intend&#148;, &#147;plan&#148; or the negative of these terms and similar
expressions as they relate to the Registrant or the Registrant&#146;s management
identify forward looking statements. &nbsp;Such statements reflect the current
view of the Registrant with respect to future events and are subject to risks,
uncertainties, assumptions and other factors relating to the Registrant&#146;s
industry, operations and results of operations and any businesses that may be
acquired by the Registrant. &nbsp;Should one or more of these risks or
uncertainties materialize, or should the underlying assumptions prove incorrect,
actual results may differ significantly from those anticipated, believed,
estimated, expected, intended or planned.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px"><B>Item 12.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and
Financial Condition.</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 96px; FONT-SIZE: 12pt; MARGIN: 0px" align=justify>On
August 14, 2008, the Registrant announced financial results for the second
quarter ended June 30, 2008. &nbsp;A copy of the press release is attached
hereto as an exhibit.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px"><B>Item 7.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits.</B></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-LEFT: 144px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: -48px">99.1
Press Release</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
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<P style="MARGIN: 0px"><BR></P><A name=node2></A>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=center><B>SIGNATURES</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 48px"
align=justify>Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px"><B>ABLEAUCTIONS.COM, INC.</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px"><I>Abdul Ladha</I></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">______________________________</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Abdul Ladha, Chief Executive Officer</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Dated: &nbsp;August 14, 2008</P>
<P style="MARGIN: 0px" align=right><BR><BR></P>
<P style="FONT-SIZE: 12pt; PAGE-BREAK-BEFORE: always; MARGIN: 0px"
align=right><B>Exhibit 99</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=center><B>PRESS RELEASE</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px"
align=center><B>ABLEAUCTIONS ANNOUNCES STRATEGIC PLAN AND FINANCIAL
RESULTS</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>Ojai, CALIFORNIA &#150; August
14, 2008 &#150;As a result of eBay&#146;s decision to suspend its live auction operations
and the decreasing demand for liquidation inventory from top U.S. retailers,
Ableauctions.com, Inc. announced today that it is reviewing its strategic
options in the online auction marketplace and exploring a broad range of new
options that include taking the company in a new direction.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>The Company is considering
seeking out and acquiring a private company with revenues ranging from $50
million to $150 million and selling its existing subsidiaries. &nbsp;The Company
has not yet found a merger partner. That being the case, the proceeds from the
sale of the Company&#146;s assets and existing subsidiaries would be dividend out to
shareholders. &nbsp;Any such transaction will likely require a vote of the
Company&#146;s shareholders.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>As it explores new
options, the Company is focused on aggressively expanding what it believes will
be its most profitable division, its $10.8 million investment portfolio that is
comprised of loans, real property, development property and a joint venture.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>As of June 30, 2008, the
loan component of the portfolio totaled $1.43 million. &nbsp;Subsequent to June
30, 2008, the Company increased the value of the loan component to $2.90
million. &nbsp;The loan component of the portfolio now has an average yield of
11.2%.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>The real property
component of the portfolio totaled $2.66 million at June 30, 2008 and consisted
of a commercial building we purchased in February 2005 in which our corporate
headquarters are located. &nbsp;The property is currently listed for sale for
approximately $3.80 million.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>The joint venture
component of the portfolio totaled $1.46 million at June 30, 2008 representing
the Company&#146;s one-third share in Township Holdings Ltd., a company incorporated
for the purpose of purchasing and developing two vacant pieces of land totaling
4.72 acres. &nbsp;The properties were purchased for $3.49 million CAD. &nbsp;The
properties are currently being offered for sale for approximately $4.0 million
CAD.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>The development property
component of the portfolio totaled $5.33 million at June 30, 2008, representing
the Company&#146;s 111 unit condominium project (the &#147;Gruv project&#148;) located in
Surrey, British Columbia. &nbsp;The Gruv project is expected to be completed on
approximately September 30, 2009 and is expected to generate revenue before
expenses in excess of $25 million CAD if the Company is successful in completing
the project on schedule and on budget. &nbsp;The Company expects the total cost
to develop the property to be approximately $21.2 million CAD. &nbsp;In 2005, in
an effort to increase shareholder value, diversify the Company&#146;s assets and
provide a reliable source of income, the Company&#146;s board of directors approved
the acquisition of the opportunity to develop this property from its chief
executive officer and president, Mr. Abdul Ladha, and the Company intends to
finalize a joint venture and land development agreement with Mr. Ladha to
memorialize the rights and obligations of each party. &nbsp;Additionally, the
Company intends to acquire four additional properties that are adjacent to the
Gruv project from Surrey Central City Holdings Ltd., a company controlled by Mr.
Ladha and commence construction on a $17 million development project.
&nbsp;Management believes that acquiring the additional land adjacent to the
Gruv development is the natural progression to this investment strategy.</P>
<P style="MARGIN: 0px" align=justify><BR><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>With respect to its
ongoing business, the Company has implemented significant cost controls and
other changes to attempt to withstand the downturn in the auction marketplace
and the economy. &nbsp;&nbsp;The Company&#146;s subsidiary, iCollector, has begun to
wind down the eBay Live Auction portion of its business, which represented
approximately 78% of its revenues for the three months ended June 30, 2008, and
22% of the Company&#146;s total revenue for the three months ended June 30, 2008.
&nbsp;iCollector is also actively looking for prospective buyers or strategic
partners. &nbsp;The eBay Live Auction component of the iCollector business is
expected to close no later than December 31, 2008.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>The outlook for the
Company&#146;s subsidiary, Unlimited Closeouts, improved in June 2008 after cost
cutting measures implemented in the first quarter of 2008 took effect, reducing
operating expenses by 85% since December 2007. &nbsp;The subsidiary recorded a
profit for the month of June 2008 following five consecutive months of losses.
&nbsp;Revenues for the subsidiary have dropped 56% from the same period in the
previous year.</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>Going forward, the Company
expects significant expenses, charges and write downs in the next two quarters
as a result of these restructuring efforts.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px"><B>FINANCIAL RESULTS FOR Q2 &#150; 3 MONTHS
ENDED JUNE 30, 2008</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify><B>Summary.</B>
&nbsp;During the three months ended June 30, 2008, the Company had revenues of
$849,859 compared to revenues of $1,833,973 during the same period in 2007, a
decrease of $984,114 or approximately 54%. &nbsp;During the six months ended
June 30, 2008, the Company had revenues of $1,647,747 compared to revenues of
$2,848,884 during the same period in 2007, a decrease of $1,201,137 or
approximately 42%.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>The Company realized a net
loss of $457,151 or $(0.008) per share for the three months ended June 30, 2008
as compared to net income of $189,573 or $0.003 per share during the same period
in 2007. &nbsp;The loss for the period ended June 30, 2008 is attributed
primarily to the following:</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="PADDING-LEFT: 192px; FONT-SIZE: 12pt; MARGIN: 0px">-
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a write-down of inventory
in the amount of $175,000</P>
<P style="PADDING-LEFT: 192px; FONT-SIZE: 12pt; MARGIN: 0px">-
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provision for doubtful
accounts of $59,584</P>
<P style="PADDING-LEFT: 192px; FONT-SIZE: 12pt; MARGIN: 0px">-
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;depreciation in the amount
of $43,701</P>
<P style="PADDING-LEFT: 192px; FONT-SIZE: 12pt; MARGIN: 0px">-
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;loss from operations of
$178,450</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>For the six months ended
June 30, 2008, the Company recorded a net loss of $651,202, or $(0.011) per
share, as compared to net income of $209,571 or $0.003 per share during the same
period in 2007.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify><B>Financial Details.</B>
&nbsp;The decrease in revenues during the three months ended June 30, 2008 is
primarily the result of a 65% decrease in revenues from the Company&#146;s
liquidation services. &nbsp;Revenues from its liquidation services totaled
$510,831 (or approximately 60% of total revenue) compared to revenues of
$1,469,991 (or approximately 80% of total revenue) during the same period in
2007. &nbsp;The decrease in revenue from the Company&#146;s liquidation service is
due to a decrease in demand for liquidation inventory from top U.S. retailers
and the general downturn in the U.S. economy, which has affected the capital
available for purchasing goods that are not necessities.</P>
<P style="MARGIN: 0px" align=justify><BR><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=justify>Revenues earned
in the future from the Company&#146;s liquidation services will fluctuate widely
based upon seasonality, the inventory available, the timing of orders, and the
Company&#146;s ability to verify and ship orders on a timely basis. &nbsp;The Company
anticipates that revenues from its liquidation sector will continue to represent
the majority of overall revenues.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>Revenues from the
Company&#146;s subsidiary, iCollector, and from NAALive auction operations decreased
by approximately 7% to $236,206 during the three months ended June 30, 2008,
compared to $254,182 for the same period in 2007. &nbsp;The number of auction
sessions facilitated during the three months ended June 30, 2008 decreased by
approximately 17% to 375 compared to 454 auction sessions for the same period in
2007.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>Revenues from the
Company&#146;s proprietary point-of-sale (POS) sales processing and reporting system
totaled $62,666 during the three months ended June 30, 2008, compared to $81,399
during the same period in 2007. &nbsp;Approximately 25% of the Company&#146;s
revenues from POS system sales results from software maintenance and support
contracts. &nbsp;Future revenues from POS system sales are expected to fluctuate
widely based upon seasonality and the timing of contract renewals.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>During the three months
ended June 30, 2008, the Company realized investment income of $38,701 compared
to $126,621 for the same period in 2007. &nbsp;The decrease in investment income
is a result of a shift in investment strategy towards real estate property
development and away from marketable securities. &nbsp;The investment in
property development is longer term in nature and as a result, returns will be
realized on the completion of projects.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>The development project in
Surrey, British Columbia is expected to be completed on approximately September
30, 2009 months and is expected to generate revenue before expenses in excess of
$25 million CAD if the Company is successful in completing the project on
schedule and on budget.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify><B>Cost of Revenue.</B>
&nbsp;Cost of revenue was $586,572 or approximately 69% of the Company&#146;s
revenues for the three months ended June 30, 2008, compared to $963,737, or
approximately 53% of its revenues during the same period in 2007. &nbsp;Cost of
revenue for the three months ended June 30, 2008 increased on a percentage basis
due to the write-down of inventory in the amount of $175,000.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify><B>Gross Profit. </B>Gross
profit was $263,287 or approximately 31% of total revenue for the three months
ended June 30, 2008, compared to gross profit of $870,236 or approximately 47%
of total revenue for the three months ended June 30, 2007.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>Future gross profit
margins may vary considerably from quarter-to-quarter depending on the
performance of the Company&#146;s various divisions. &nbsp;The Company believes that
over time, its gross profit as a percentage of revenue will range between 25%
and 30%, based on the anticipated returns from its revenue streams.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify><B>Operating Expenses.</B>
&nbsp;&nbsp;Operating expenses during the three month period ended June 30, 2008
were $705,860 or approximately 83% of revenue compared to $777,354 or
approximately 42% of revenue during the three month period ended June 30, 2007.
&nbsp;Although the Company put a number of cost cutting measures in place as a
result of the decrease in revenues from its liquidation operations, the effect
of this was offset by the additional allowances the Company made for doubtful
accounts during the period. &nbsp;Operating expenses are expected to further
decrease in the second half of the 2008 fiscal year as the Company realizes the
effects of additional cost cutting measures that the were implemented later in
the quarter.</P>
<P style="MARGIN: 0px" align=justify><BR><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px; FONT-FAMILY: Verdana"
align=justify><B>FOR FURTHER INFORMATION PLEASE CONTACT:</B></P>
<P
style="PADDING-LEFT: 36px; MARGIN: 0px; FONT-FAMILY: Verdana"><B>Ableauctions.com</B></P>
<P style="PADDING-LEFT: 36px; MARGIN: 0px; FONT-FAMILY: Verdana">Vid
Wadhwani</P>
<P style="PADDING-LEFT: 36px; MARGIN: 0px; FONT-FAMILY: Verdana">Tel:
604-521-3369</P>
<P style="PADDING-LEFT: 36px; MARGIN: 0px; FONT-FAMILY: Verdana">Email:
investorrelations@ableauctions.com</P>
<P style="PADDING-LEFT: 36px; MARGIN: 0px; FONT-FAMILY: Verdana">Website:
www.ableauctions.com</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana" align=justify>About
Ableauctions.com </P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana">Ableauctions.com Inc. (AMEX &#147;aac&#148;)
is a high-tech liquidator and on-line auction facilitator that operates the
domains <I>iCollector.com</I>, <I>Naalive.com </I>and <I>Unlimited
Closeouts.com</I>.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana">As an on-line auction facilitator,
the Company, with the experience of over 3,000 auctions, has developed
state-of-the-art technology to broadcast auctions over the Internet (<FONT
style="COLOR: #0000ff"><U>www.ableauctions.com/technology</U></FONT>) and
currently provides the technology and related services to auction houses,
enabling them to broadcast auctions over the Internet. &nbsp;The Company
broadcasts business and industrial auctions over the Internet for auctioneers
and members of the National Auctioneers Association (NAA) and art, antique and
collectible auctions for numerous galleries and auction houses around the world
through eBay Live Auctions.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana">As a liquidator, the Company,
through Unlimited Closeouts, purchases overstocks, order cancellations and
discontinued products from major manufacturers and importers, then sells the
merchandise to major retail chains, other resellers or the public.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana"><I>For a comprehensive Corporate
Update and prior releases, visit </I><FONT
style="COLOR: #0000ff"><I><U>www.ableauctions.com</U></FONT>. &nbsp;For more
information, contact Investor Relations at </I><FONT
style="COLOR: #0000ff"><I><U>investorrelations@ableauctions.com</FONT></U></I></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Verdana">This press release
contains forward-looking statements, particularly as related to, among other
things, the business plans of the Company, statements relating to goals, plans
and projections regarding the Company's financial position, the Company's
business strategy and the Company&#146;s real estate development project. &nbsp;The
words or phrases "would be," "will allow," "intends to," "may result," "are
expected to," "will continue," "anticipates," "expects," "estimate," "project,"
"indicate," "could," "potentially," "should," "believe," "considers" or similar
expressions are intended to identify "forward-looking statements." These
forward-looking statements fall within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are
subject to the safe harbor created by these sections. Actual results could
differ materially from those projected in the forward-looking statements as a
result of a number of risks and uncertainties. Such forward-looking statements
are based on current expectations, involve known and unknown risks, a reliance
on third parties for information, transactions or orders that may be cancelled,
and other factors that may cause our actual results, performance or
achievements, or developments in our industry, to differ materially from the
anticipated results, performance or achievements expressed or implied by such
forward-looking statements. Factors that could cause actual results to differ
materially from anticipated results include risks and uncertainties related to
the performance of our staff, management, financing, competition, on-line
auction business, our ability to implement or manage our expansion strategy,
general economic conditions, our ability to license our software to other
auction houses, our ability to acquire profitable companies and integrate them
into our business successfully and other factors that are detailed in our Annual
Report on Form 10-KSB and on documents we file from time-to-time with the
Securities and Exchange Commission. &nbsp;Factors that could cause our real
estate development results to differ materials from anticipated results include
delay experienced during any phase of the project development (such as in
obtaining permits) or unforeseen problems (such as labor disputes, increasing
materials costs, or an inability to obtain adequate financing). &nbsp;Even if we
are able to build the project, the market for the units we build could decline.
&nbsp;We cannot guarantee you that our building projects will be successful or
that we will be able to recover the money we put into them. &nbsp;If our
building projects are unsuccessful, our business and our cash flow will be
materially adversely affected. &nbsp;Price changes may occur in the market as a
whole, or they may occur in only a particular company, industry, or sector of
the market. &nbsp;Real estate values and mortgage loans can be seriously
affected by factors such as interest rate fluctuations, bank liquidity, the
availability of financing, and by factors such as a zoning change or an increase
in property taxes. &nbsp;Since the majority of our investments are held in
Canadian funds, currency fluctuations may affect the value of our portfolio
significantly. &nbsp;There can be no assurance that the securities and other
assets in which we have invested will increase, or even maintain, their value.
&nbsp;Statements made herein are as of the date of this press release and should
not be relied upon as of any subsequent date. The Company cautions readers not
to place undue reliance on such statements. The Company does not undertake, and
the Company specifically disclaims any obligation, to update any forward-looking
statements to reflect occurrences, developments, unanticipated events or
circumstances after the date of such statement. Actual results may differ
materially from the Company's expectations and estimates. The Company does not
realize nor book the full revenue of auctions that it facilitates in its
financials, only the net auction fees, that can vary from time-to-time, that it
realizes.<FONT style="FONT-SIZE: 10pt"> </FONT></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 6px"><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P
style="FONT-SIZE: 14pt; PAGE-BREAK-BEFORE: always; MARGIN: 0px; FONT-FAMILY: Arial"
align=center><B>ABLEAUCTIONS.COM, INC.</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>CONSOLIDATED BALANCE
SHEET</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>(Unaudited)</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="DISPLAY: none; FONT-SIZE: 0px" height=0>
<TD width=396></TD>
<TD width=15></TD>
<TD width=100></TD>
<TD width=1></TD>
<TD width=18></TD>
<TD width=108></TD></TR>
<TR>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=top width=396>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>JUNE
30</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" width=108>
<P style="MARGIN: 0px; TEXT-INDENT: -6px; FONT-FAMILY: Arial"
align=center><B>DECEMBER 31</B></P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=396>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>2008</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>ASSETS</B></P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px"><BR></P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=top width=108>
<P style="MARGIN: 0px"><BR></P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Current</B></P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px"><BR></P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=top width=108>
<P style="MARGIN: 0px"><BR></P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Cash and
cash equivalents</P></TD>
<TD vAlign=top width=15>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>241,332&nbsp;</P></TD>
<TD vAlign=top width=18>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD vAlign=top width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,594,657&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Accounts
receivable &#150; trade, net of allowance</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>694,681&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=top width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>888,199&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Employee
receivable</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>362,757&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=top width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>298,464&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Mortgages
and loans receivable</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,432,833&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=top width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,009,846&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P
style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Inventory</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>795,467&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=top width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>817,448&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Prepaid
expenses</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=102
colSpan=2><P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>105,703&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>37,055&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>3,632,773&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=top width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>4,645,669&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=top width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Other receivable</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;-&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=top width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>215,067&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Deposits</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>381,490&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=top width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>388,212&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Intangible Assets </P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>321,612&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=top width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>355,759&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Property and Equipment </P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>3,073,899&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=top width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>3,183,055&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Property Held for Development
</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>5,331,363&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=top width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>4,124,221&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Investment in Joint Venture
</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,457,951&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=top width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,507,403&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=top width=102 colSpan=2>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=top width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=396>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=15>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=102
colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>14,199,088&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=18>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>14,419,386&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>LIABILITIES</B></P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD width=102 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Current</B></P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD width=102 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="MARGIN: 0px; TEXT-INDENT: 25px; FONT-FAMILY: Arial">Accounts
payable and accrued liabilities</P></TD>
<TD vAlign=top width=15>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>95,940&nbsp;</P></TD>
<TD vAlign=top width=18>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>398,629&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="MARGIN: 0px; TEXT-INDENT: 25px; FONT-FAMILY: Arial">Deferred
revenue</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>694</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>8,450&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="MARGIN: 0px; TEXT-INDENT: 25px; FONT-FAMILY: Arial">Bank
loan</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=102
colSpan=2><P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,430,638&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>-</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=102
colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,527,272&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>407,079&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD width=102 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>SHAREHOLDERS&#146;
EQUITY</B></P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD width=102 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Capital Stock</B></P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD width=102 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P
style="MARGIN: 0px; TEXT-INDENT: 25px; FONT-FAMILY: Arial">Authorized:</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD width=102 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; FONT-FAMILY: Arial">100,000,000
common shares with a par value of $0.001</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD width=102 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="PADDING-LEFT: 23px; MARGIN: 0px; FONT-FAMILY: Arial">Issued and
outstanding:</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD width=102 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="PADDING-LEFT: 49px; MARGIN: 0px; FONT-FAMILY: Arial">60,752,641
common shares at June 30, 2008</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD width=102 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="PADDING-LEFT: 49px; MARGIN: 0px; FONT-FAMILY: Arial">65,348,009
common shares at December 31, 2007</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>60,752&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>65,348&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P
style="PADDING-LEFT: 52px; MARGIN: 0px; TEXT-INDENT: -27px; FONT-FAMILY: Arial">Additional
paid-in capital</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>37,085,825&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>37,881,636&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Deficit</B></P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(26,032,057)</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>(25,380,855)</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Accumulated Other
Comprehensive Income</B></P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;1,784,755&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>2,115,740&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Treasury Stock, at
cost</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=102
colSpan=2><P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>(227,459)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(669,562)</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=102
colSpan=2><P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>12,671,816&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>14,012,307&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=396>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Contingent Liabilities
</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=15>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>14,199,088&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=19
colSpan=2><P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>14,419,386&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=396>
<P>&nbsp;</P></TD>
<TD vAlign=top width=15>
<P>&nbsp;</P></TD>
<TD width=102 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD width=108>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P
style="FONT-SIZE: 14pt; PAGE-BREAK-BEFORE: always; MARGIN: 0px; FONT-FAMILY: Arial"
align=center><B>ABLEAUCTIONS.COM, INC.</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><B>CONSOLIDATED STATEMENT OF
OPERATIONS</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>(Unaudited)</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="DISPLAY: none; FONT-SIZE: 0px" height=0>
<TD width=247></TD>
<TD width=22></TD>
<TD width=86></TD>
<TD width=22></TD>
<TD width=86></TD>
<TD width=22></TD>
<TD width=95></TD>
<TD width=22></TD>
<TD width=100></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=247>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=195
colSpan=3><P style="PADDING-LEFT: 16px; MARGIN: 0px; FONT-FAMILY: Arial"
align=center><B>3 MONTHS ENDED </B></P>
<P style="PADDING-LEFT: 16px; MARGIN: 0px; FONT-FAMILY: Arial"
align=center><B>JUNE 30</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=218
colSpan=3><P style="PADDING-LEFT: 16px; MARGIN: 0px; FONT-FAMILY: Arial"
align=center><B>6 MONTHS ENDED </B></P>
<P style="PADDING-LEFT: 16px; MARGIN: 0px; FONT-FAMILY: Arial"
align=center><B>JUNE 30</B></P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=247>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P style="MARGIN: 0px; TEXT-INDENT: 34px; FONT-FAMILY: Arial"
align=center><B>2008</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>2007</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>2008</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=top width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=top width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=top width=95>
<P style="MARGIN: 0px"><BR></P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=top width=100>
<P style="MARGIN: 0px"><BR></P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Net Revenues</B></P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=top width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=top width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=top width=95>
<P style="MARGIN: 0px"><BR></P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=top width=100>
<P style="MARGIN: 0px"><BR></P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P
style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Sales</P></TD>
<TD vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>849,859&nbsp;</P></TD>
<TD vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,833,973&nbsp;</P></TD>
<TD vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,647,747&nbsp;</P></TD>
<TD vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>2,848,884&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Cost of Revenues</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>586,572&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>963,737&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,001,082&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,503,828&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Gross Profit</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>263,287&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>870,236&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>646,665&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,345,056&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Investment Income</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>38,701&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>126,621&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>73,703&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>239,964&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>301,988&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>996,857&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>720,368&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,585,020&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Expenses</B></P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Operating
expenses</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>705,860&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>777,354&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,213,561&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,311,868&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P
style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Depreciation
and amortization </P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>43,701&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>31,909&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>89,059&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>71,291&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>749,561&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>809,263&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,302,620&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,383,159&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>(Loss) Income from
Operations</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(447,573)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>187,594&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(582,252)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>201,861&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Other Items</B></P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Share of
net income (loss) of joint venture</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(8,275)</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>1,979&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(7,563)</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>7,710&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Settlement
of legal claim</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>-&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>-&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(65,035)</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>-&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Foreign
exchange gain (loss)</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(1,303)</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>-&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;3,648&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>-&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(9,578)</P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>1,979&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(68,950)</P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>7,710&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Income (Loss) for the
Period</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(457,151)</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>189,573&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(651,202)</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>209,571&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Basic (loss) Earnings per
Share</P></TD>
<TD vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(0.008)</P></TD>
<TD vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>0.003&nbsp;</P></TD>
<TD vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(0.011)</P></TD>
<TD vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;0.003&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Diluted (loss) Earnings per
Share</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(0.008)</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>0.003&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(0.011)</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;0.003&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Weighted Average Number Of
Shares Outstanding:</B></P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=247>
<P
style="PADDING-LEFT: 22px; MARGIN: 0px; TEXT-INDENT: 0px; FONT-FAMILY: Arial">Basic
</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>59,339,362&nbsp;</P></TD>
<TD width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>64,927,841&nbsp;</P></TD>
<TD width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>60,136,059&nbsp;</P></TD>
<TD width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>63,674,302&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=247>
<P
style="PADDING-LEFT: 22px; MARGIN: 0px; TEXT-INDENT: 0px; FONT-FAMILY: Arial">Diluted
</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>59,339,362&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>64,927,841&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>60,136,059&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>63,674,302&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR><BR></P>
<P
style="FONT-SIZE: 14pt; PAGE-BREAK-BEFORE: always; MARGIN: 0px; FONT-FAMILY: Arial"
align=center><B>ABLEAUCTIONS.COM, INC.</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME </B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>(Unaudited)</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="DISPLAY: none; FONT-SIZE: 0px" height=0>
<TD width=237></TD>
<TD width=22></TD>
<TD width=86></TD>
<TD width=22></TD>
<TD width=86></TD>
<TD width=22></TD>
<TD width=95></TD>
<TD width=22></TD>
<TD width=100></TD></TR>
<TR>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=top width=237>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=195
colSpan=3><P style="PADDING-LEFT: 16px; MARGIN: 0px; FONT-FAMILY: Arial"
align=center><B>3 MONTHS ENDED</B></P>
<P style="PADDING-LEFT: 16px; MARGIN: 0px; FONT-FAMILY: Arial"
align=center><B>JUNE 30</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=218
colSpan=3><P style="PADDING-LEFT: 16px; MARGIN: 0px; FONT-FAMILY: Arial"
align=center><B>6 MONTHS ENDED</B></P>
<P style="PADDING-LEFT: 16px; MARGIN: 0px; FONT-FAMILY: Arial"
align=center><B>JUNE 30</B></P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=237>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P
style="PADDING-LEFT: 21px; MARGIN: 0px; FONT-FAMILY: Arial"><B>2008</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>2007</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>2008</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=top width=237>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=237>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">(Loss) Income for the
Period</P></TD>
<TD vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(457,151)</P></TD>
<TD vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>189,573&nbsp;</P></TD>
<TD vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(651,202)</P></TD>
<TD vAlign=top width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>209,571&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=237>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Other Comprehensive (Loss)
Income,</P>
<P style="PADDING-LEFT: 11px; MARGIN: 0px; FONT-FAMILY: Arial">net of
tax</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=237>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Foreign
currency translation adjustments</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>79,679&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>924,231&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(330,985)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,030,089&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=237>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=top width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=237>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Consolidated Comprehensive
(Loss) Income </P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(377,472)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,113,804&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(982,187)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,239,660&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=237>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=237>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Basic and Diluted Comprehensive
(Loss) Income per Share</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(0.006)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>0.017&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(0.016)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>0.019&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=justify><BR><BR></P>
<P
style="FONT-SIZE: 14pt; PAGE-BREAK-BEFORE: always; MARGIN: 0px; FONT-FAMILY: Arial"
align=center><B>ABLEAUCTIONS.COM, INC.</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>CONSOLIDATED
STATEMENT OF CASH FLOWS</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>(Unaudited)</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="DISPLAY: none; FONT-SIZE: 0px" height=0>
<TD width=420></TD>
<TD width=18></TD>
<TD width=105></TD>
<TD width=18></TD>
<TD width=96></TD></TR>
<TR>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=420>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=237
colSpan=4><P style="PADDING-LEFT: 4px; MARGIN: 0px; FONT-FAMILY: Arial"
align=center><B>6 MONTHS ENDED JUNE 30</B></P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=420>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>2008</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=top width=105>
<P style="MARGIN: 0px"><BR></P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=top width=96>
<P style="MARGIN: 0px"><BR></P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Cash Flows from Operating
Activities</B></P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=top width=105>
<P style="MARGIN: 0px"><BR></P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=top width=96>
<P style="MARGIN: 0px"><BR></P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Income
(Loss) for the period from continuing operations</P></TD>
<TD vAlign=top width=18>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(651,202)</P></TD>
<TD vAlign=top width=18>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>209,571&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Non-cash
items included in net Income:</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P
style="PADDING-LEFT: 46px; MARGIN: 0px; TEXT-INDENT: -25px; FONT-FAMILY: Arial">Depreciation
and amortization</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>89,059&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>71,291&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P
style="PADDING-LEFT: 46px; MARGIN: 0px; TEXT-INDENT: -25px; FONT-FAMILY: Arial">Stock
based compensation </P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>16,000&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>21,224&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P
style="PADDING-LEFT: 46px; MARGIN: 0px; TEXT-INDENT: -25px; FONT-FAMILY: Arial">Joint
Venture (Income) loss</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>7,563&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(7,710)</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Changes in operating working
capital items:</B></P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 21px; MARGIN: 0px; FONT-FAMILY: Arial">(Increase)
Decrease in accounts receivable</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>184,602&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(321,872)</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 21px; MARGIN: 0px; FONT-FAMILY: Arial">(Increase)
Decrease in inventory</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>10,948&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>27,996&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 21px; MARGIN: 0px; FONT-FAMILY: Arial">(Increase)
Decrease in prepaid expenses</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(71,201)</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(98,836)</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 21px; MARGIN: 0px; FONT-FAMILY: Arial">(Increase)
Decrease in employee receivable</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(65,389)</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 21px; MARGIN: 0px; FONT-FAMILY: Arial">Increase
(Decrease) in accounts payable and accrued liabilities</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(300,542)</P></TD>
<TD vAlign=bottom width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(39,115)</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 21px; MARGIN: 0px; FONT-FAMILY: Arial">Increase
(Decrease) in deferred revenue</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(7,736)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>19,706&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 21px; MARGIN: 0px; FONT-FAMILY: Arial">Net cash
used in (from) operating activities</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(787,898)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(117,745)</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Cash Flows from Investing
Activities</B></P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Purchase of
property and equipment, net</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(24,366)</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(240,164)</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Purchase of
property held for development</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(1,369,893)</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>(1,833,362)</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Loan
advances</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(464,037)</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>(1,268,838)</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Loan
repayment</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>-&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,155,702&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Investment
in joint venture</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>-&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(116,634)</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Other
receivables</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>215,067&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(65,700)</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P
style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Deposits</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(4,000)</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(462,386)</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 22px; MARGIN: 0px; FONT-FAMILY: Arial">Note
receivable</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>-&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,931&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Net cash from (used in)
Investing Activities</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(1,647,229)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>(2,829,451)</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Cash Flows from Financing
Activities</B></P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 21px; MARGIN: 0px; FONT-FAMILY: Arial">Proceed
from Bank Loan</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;1,470,625&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;1,257,744&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 21px; MARGIN: 0px; FONT-FAMILY: Arial">Repayment
of Bank Loan</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;-&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;(548,694)</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 21px; MARGIN: 0px; FONT-FAMILY: Arial">Purchase of
Treasury Stock</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(374,304)</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>-&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 21px; MARGIN: 0px; FONT-FAMILY: Arial">Proceeds
from issuance of capital stock, net</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;-&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>528,235&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="PADDING-LEFT: 21px; MARGIN: 0px; FONT-FAMILY: Arial">Net cash
from (used in) financing activities</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,096,321&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,237,285&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Change in Cash and Cash
Equivalents For The Period</B></P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(1,338,806)</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>(1,709,911)</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Cash and Cash Equivalents,
Beginning Of Period</B></P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,594,657&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,004,558&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Effect of Exchange Rates on
Cash</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(14,519)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,030,089&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=420>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD vAlign=top width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=420>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Cash and Cash Equivalents,
End of Period</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=18>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=105>
<P style="FONT-SIZE: 11pt; MARGIN: 0px; FONT-FAMILY: Arial"
align=right>241,332&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=top width=18>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=96>
<P style="FONT-SIZE: 11pt; MARGIN: 0px; FONT-FAMILY: Arial"
align=right>324,736&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN: 0px"><BR></P></BODY>
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Ableauctions.com, Inc. August 14, 2008
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, DC
 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or
15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported):  August 14, 2008
ABLEAUCTIONS.COM,
INC.
(Exact name of Registrant
as specified in charter)
Florida
000-28179
59-3404233
(State or other
jurisdiction
(Commission File
Number)
(IRS
Employer
Of
incorporation)
Identification
Number)
Suite 2000 - 1963
Lougheed Highway
Coquitlam, British
Columbia Canada
(Address of principal
executive offices)
Registrant's telephone number, including
area code:  604-521-3369
This Form 8-K and other reports filed by the Registrant from time
to time with the Securities and Exchange Commission (collectively the "Filings")
contain forward looking statements and information that are based upon beliefs
of, and information currently available to, the Registrant's management as well
as estimates and assumptions made by the Registrant's management.  When
used in the Filings the words "anticipate", "believe", "estimate", "expect",
"future", "intend", "plan" or the negative of these terms and similar
expressions as they relate to the Registrant or the Registrant's management
identify forward looking statements.  Such statements reflect the current
view of the Registrant with respect to future events and are subject to risks,
uncertainties, assumptions and other factors relating to the Registrant's
industry, operations and results of operations and any businesses that may be
acquired by the Registrant.  Should one or more of these risks or
uncertainties materialize, or should the underlying assumptions prove incorrect,
actual results may differ significantly from those anticipated, believed,
estimated, expected, intended or planned.
Item 12.
         Results of Operations and
Financial Condition.
On
August 14, 2008, the Registrant announced financial results for the second
quarter ended June 30, 2008.  A copy of the press release is attached
hereto as an exhibit.
Item 7.
            Financial
Statements and Exhibits.
99.1
Press Release
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
ABLEAUCTIONS.COM, INC.
Abdul Ladha
______________________________
Abdul Ladha, Chief Executive Officer
Dated:  August 14, 2008
Exhibit 99
PRESS RELEASE
ABLEAUCTIONS ANNOUNCES STRATEGIC PLAN AND FINANCIAL
RESULTS
Ojai, CALIFORNIA – August
14, 2008 –As a result of eBay's decision to suspend its live auction operations
and the decreasing demand for liquidation inventory from top U.S. retailers,
Ableauctions.com, Inc. announced today that it is reviewing its strategic
options in the online auction marketplace and exploring a broad range of new
options that include taking the company in a new direction.
The Company is considering
seeking out and acquiring a private company with revenues ranging from $50
million to $150 million and selling its existing subsidiaries.  The Company
has not yet found a merger partner. That being the case, the proceeds from the
sale of the Company's assets and existing subsidiaries would be dividend out to
shareholders.  Any such transaction will likely require a vote of the
Company's shareholders.
As it explores new
options, the Company is focused on aggressively expanding what it believes will
be its most profitable division, its $10.8 million investment portfolio that is
comprised of loans, real property, development property and a joint venture.
As of June 30, 2008, the
loan component of the portfolio totaled $1.43 million.  Subsequent to June
30, 2008, the Company increased the value of the loan component to $2.90
million.  The loan component of the portfolio now has an average yield of
11.2%.
The real property
component of the portfolio totaled $2.66 million at June 30, 2008 and consisted
of a commercial building we purchased in February 2005 in which our corporate
headquarters are located.  The property is currently listed for sale for
approximately $3.80 million.
The joint venture
component of the portfolio totaled $1.46 million at June 30, 2008 representing
the Company's one-third share in Township Holdings Ltd., a company incorporated
for the purpose of purchasing and developing two vacant pieces of land totaling
4.72 acres.  The properties were purchased for $3.49 million CAD.  The
properties are currently being offered for sale for approximately $4.0 million
CAD.
The development property
component of the portfolio totaled $5.33 million at June 30, 2008, representing
the Company's 111 unit condominium project (the "Gruv project") located in
Surrey, British Columbia.  The Gruv project is expected to be completed on
approximately September 30, 2009 and is expected to generate revenue before
expenses in excess of $25 million CAD if the Company is successful in completing
the project on schedule and on budget.  The Company expects the total cost
to develop the property to be approximately $21.2 million CAD.  In 2005, in
an effort to increase shareholder value, diversify the Company's assets and
provide a reliable source of income, the Company's board of directors approved
the acquisition of the opportunity to develop this property from its chief
executive officer and president, Mr. Abdul Ladha, and the Company intends to
finalize a joint venture and land development agreement with Mr. Ladha to
memorialize the rights and obligations of each party.  Additionally, the
Company intends to acquire four additional properties that are adjacent to the
Gruv project from Surrey Central City Holdings Ltd., a company controlled by Mr.
Ladha and commence construction on a $17 million development project.
 Management believes that acquiring the additional land adjacent to the
Gruv development is the natural progression to this investment strategy.
With respect to its
ongoing business, the Company has implemented significant cost controls and
other changes to attempt to withstand the downturn in the auction marketplace
and the economy.   The Company's subsidiary, iCollector, has begun to
wind down the eBay Live Auction portion of its business, which represented
approximately 78% of its revenues for the three months ended June 30, 2008, and
22% of the Company's total revenue for the three months ended June 30, 2008.
 iCollector is also actively looking for prospective buyers or strategic
partners.  The eBay Live Auction component of the iCollector business is
expected to close no later than December 31, 2008.
The outlook for the
Company's subsidiary, Unlimited Closeouts, improved in June 2008 after cost
cutting measures implemented in the first quarter of 2008 took effect, reducing
operating expenses by 85% since December 2007.  The subsidiary recorded a
profit for the month of June 2008 following five consecutive months of losses.
 Revenues for the subsidiary have dropped 56% from the same period in the
previous year.
Going forward, the Company
expects significant expenses, charges and write downs in the next two quarters
as a result of these restructuring efforts.
FINANCIAL RESULTS FOR Q2 – 3 MONTHS
ENDED JUNE 30, 2008
Summary.
During the three months ended June 30, 2008, the Company had revenues of
$849,859 compared to revenues of $1,833,973 during the same period in 2007, a
decrease of $984,114 or approximately 54%.  During the six months ended
June 30, 2008, the Company had revenues of $1,647,747 compared to revenues of
$2,848,884 during the same period in 2007, a decrease of $1,201,137 or
approximately 42%.
The Company realized a net
loss of $457,151 or $(0.008) per share for the three months ended June 30, 2008
as compared to net income of $189,573 or $0.003 per share during the same period
in 2007.  The loss for the period ended June 30, 2008 is attributed
primarily to the following:
-
         a write-down of inventory
in the amount of $175,000
-
         provision for doubtful
accounts of $59,584
-
         depreciation in the amount
of $43,701
-
         loss from operations of
$178,450
For the six months ended
June 30, 2008, the Company recorded a net loss of $651,202, or $(0.011) per
share, as compared to net income of $209,571 or $0.003 per share during the same
period in 2007.
Financial Details.
The decrease in revenues during the three months ended June 30, 2008 is
primarily the result of a 65% decrease in revenues from the Company's
liquidation services.  Revenues from its liquidation services totaled
$510,831 (or approximately 60% of total revenue) compared to revenues of
$1,469,991 (or approximately 80% of total revenue) during the same period in
2007.  The decrease in revenue from the Company's liquidation service is
due to a decrease in demand for liquidation inventory from top U.S. retailers
and the general downturn in the U.S. economy, which has affected the capital
available for purchasing goods that are not necessities.
Revenues earned
in the future from the Company's liquidation services will fluctuate widely
based upon seasonality, the inventory available, the timing of orders, and the
Company's ability to verify and ship orders on a timely basis.  The Company
anticipates that revenues from its liquidation sector will continue to represent
the majority of overall revenues.
Revenues from the
Company's subsidiary, iCollector, and from NAALive auction operations decreased
by approximately 7% to $236,206 during the three months ended June 30, 2008,
compared to $254,182 for the same period in 2007.  The number of auction
sessions facilitated during the three months ended June 30, 2008 decreased by
approximately 17% to 375 compared to 454 auction sessions for the same period in
2007.
Revenues from the
Company's proprietary point-of-sale (POS) sales processing and reporting system
totaled $62,666 during the three months ended June 30, 2008, compared to $81,399
during the same period in 2007.  Approximately 25% of the Company's
revenues from POS system sales results from software maintenance and support
contracts.  Future revenues from POS system sales are expected to fluctuate
widely based upon seasonality and the timing of contract renewals.
During the three months
ended June 30, 2008, the Company realized investment income of $38,701 compared
to $126,621 for the same period in 2007.  The decrease in investment income
is a result of a shift in investment strategy towards real estate property
development and away from marketable securities.  The investment in
property development is longer term in nature and as a result, returns will be
realized on the completion of projects.
The development project in
Surrey, British Columbia is expected to be completed on approximately September
30, 2009 months and is expected to generate revenue before expenses in excess of
$25 million CAD if the Company is successful in completing the project on
schedule and on budget.
Cost of Revenue.
Cost of revenue was $586,572 or approximately 69% of the Company's
revenues for the three months ended June 30, 2008, compared to $963,737, or
approximately 53% of its revenues during the same period in 2007.  Cost of
revenue for the three months ended June 30, 2008 increased on a percentage basis
due to the write-down of inventory in the amount of $175,000.
Gross Profit.
Gross
profit was $263,287 or approximately 31% of total revenue for the three months
ended June 30, 2008, compared to gross profit of $870,236 or approximately 47%
of total revenue for the three months ended June 30, 2007.
Future gross profit
margins may vary considerably from quarter-to-quarter depending on the
performance of the Company's various divisions.  The Company believes that
over time, its gross profit as a percentage of revenue will range between 25%
and 30%, based on the anticipated returns from its revenue streams.
Operating Expenses.
Operating expenses during the three month period ended June 30, 2008
were $705,860 or approximately 83% of revenue compared to $777,354 or
approximately 42% of revenue during the three month period ended June 30, 2007.
 Although the Company put a number of cost cutting measures in place as a
result of the decrease in revenues from its liquidation operations, the effect
of this was offset by the additional allowances the Company made for doubtful
accounts during the period.  Operating expenses are expected to further
decrease in the second half of the 2008 fiscal year as the Company realizes the
effects of additional cost cutting measures that the were implemented later in
the quarter.
FOR FURTHER INFORMATION PLEASE CONTACT:
Ableauctions.com
Vid
Wadhwani
Tel:
604-521-3369
Email:
investorrelations@ableauctions.com
Website:
www.ableauctions.com
About
Ableauctions.com
Ableauctions.com Inc. (AMEX "aac")
is a high-tech liquidator and on-line auction facilitator that operates the
domains
iCollector.com
,
Naalive.com
and
Unlimited
Closeouts.com
.
As an on-line auction facilitator,
the Company, with the experience of over 3,000 auctions, has developed
state-of-the-art technology to broadcast auctions over the Internet (
www.ableauctions.com/technology
) and
currently provides the technology and related services to auction houses,
enabling them to broadcast auctions over the Internet.  The Company
broadcasts business and industrial auctions over the Internet for auctioneers
and members of the National Auctioneers Association (NAA) and art, antique and
collectible auctions for numerous galleries and auction houses around the world
through eBay Live Auctions.
As a liquidator, the Company,
through Unlimited Closeouts, purchases overstocks, order cancellations and
discontinued products from major manufacturers and importers, then sells the
merchandise to major retail chains, other resellers or the public.
For a comprehensive Corporate
Update and prior releases, visit
www.ableauctions.com
.  For more
information, contact Investor Relations at
investorrelations@ableauctions.com
This press release
contains forward-looking statements, particularly as related to, among other
things, the business plans of the Company, statements relating to goals, plans
and projections regarding the Company's financial position, the Company's
business strategy and the Company's real estate development project.  The
words or phrases "would be," "will allow," "intends to," "may result," "are
expected to," "will continue," "anticipates," "expects," "estimate," "project,"
"indicate," "could," "potentially," "should," "believe," "considers" or similar
expressions are intended to identify "forward-looking statements." These
forward-looking statements fall within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are
subject to the safe harbor created by these sections. Actual results could
differ materially from those projected in the forward-looking statements as a
result of a number of risks and uncertainties. Such forward-looking statements
are based on current expectations, involve known and unknown risks, a reliance
on third parties for information, transactions or orders that may be cancelled,
and other factors that may cause our actual results, performance or
achievements, or developments in our industry, to differ materially from the
anticipated results, performance or achievements expressed or implied by such
forward-looking statements. Factors that could cause actual results to differ
materially from anticipated results include risks and uncertainties related to
the performance of our staff, management, financing, competition, on-line
auction business, our ability to implement or manage our expansion strategy,
general economic conditions, our ability to license our software to other
auction houses, our ability to acquire profitable companies and integrate them
into our business successfully and other factors that are detailed in our Annual
Report on Form 10-KSB and on documents we file from time-to-time with the
Securities and Exchange Commission.  Factors that could cause our real
estate development results to differ materials from anticipated results include
delay experienced during any phase of the project development (such as in
obtaining permits) or unforeseen problems (such as labor disputes, increasing
materials costs, or an inability to obtain adequate financing).  Even if we
are able to build the project, the market for the units we build could decline.
 We cannot guarantee you that our building projects will be successful or
that we will be able to recover the money we put into them.  If our
building projects are unsuccessful, our business and our cash flow will be
materially adversely affected.  Price changes may occur in the market as a
whole, or they may occur in only a particular company, industry, or sector of
the market.  Real estate values and mortgage loans can be seriously
affected by factors such as interest rate fluctuations, bank liquidity, the
availability of financing, and by factors such as a zoning change or an increase
in property taxes.  Since the majority of our investments are held in
Canadian funds, currency fluctuations may affect the value of our portfolio
significantly.  There can be no assurance that the securities and other
assets in which we have invested will increase, or even maintain, their value.
 Statements made herein are as of the date of this press release and should
not be relied upon as of any subsequent date. The Company cautions readers not
to place undue reliance on such statements. The Company does not undertake, and
the Company specifically disclaims any obligation, to update any forward-looking
statements to reflect occurrences, developments, unanticipated events or
circumstances after the date of such statement. Actual results may differ
materially from the Company's expectations and estimates. The Company does not
realize nor book the full revenue of auctions that it facilitates in its
financials, only the net auction fees, that can vary from time-to-time, that it
realizes.
ABLEAUCTIONS.COM, INC.
CONSOLIDATED BALANCE
SHEET
(Unaudited)
JUNE
30
DECEMBER 31
2008
2007
ASSETS
Current
Cash and
cash equivalents
$
241,332
$
1,594,657
Accounts
receivable – trade, net of allowance
694,681
888,199
Employee
receivable
362,757
298,464
Mortgages
and loans receivable
1,432,833
1,009,846
Inventory
795,467
817,448
Prepaid
expenses
105,703
37,055
3,632,773
4,645,669
Other receivable
-
215,067
Deposits
381,490
388,212
Intangible Assets
321,612
355,759
Property and Equipment
3,073,899
3,183,055
Property Held for Development
5,331,363
4,124,221
Investment in Joint Venture
1,457,951
1,507,403
$
14,199,088
$
14,419,386
LIABILITIES
Current
Accounts
payable and accrued liabilities
$
95,940
$
398,629
Deferred
revenue
694
8,450
Bank
loan
1,430,638
-
1,527,272
407,079
SHAREHOLDERS'
EQUITY
Capital Stock
Authorized:
100,000,000
common shares with a par value of $0.001
Issued and
outstanding:
60,752,641
common shares at June 30, 2008
65,348,009
common shares at December 31, 2007
60,752
65,348
Additional
paid-in capital
37,085,825
37,881,636
Deficit
(26,032,057)
(25,380,855)
Accumulated Other
Comprehensive Income
1,784,755
2,115,740
Treasury Stock, at
cost
(227,459)
(669,562)
12,671,816
14,012,307
Contingent Liabilities
$
14,199,088
$
14,419,386
ABLEAUCTIONS.COM, INC.
CONSOLIDATED STATEMENT OF
OPERATIONS
(Unaudited)
3 MONTHS ENDED
JUNE 30
6 MONTHS ENDED
JUNE 30
2008
2007
2008
2007
Net Revenues
Sales
$
849,859
$
1,833,973
$
1,647,747
$
2,848,884
Cost of Revenues
586,572
963,737
1,001,082
1,503,828
Gross Profit
263,287
870,236
646,665
1,345,056
Investment Income
38,701
126,621
73,703
239,964
301,988
996,857
720,368
1,585,020
Expenses
Operating
expenses
705,860
777,354
1,213,561
1,311,868
Depreciation
and amortization
43,701
31,909
89,059
71,291
749,561
809,263
1,302,620
1,383,159
(Loss) Income from
Operations
(447,573)
187,594
(582,252)
201,861
Other Items
Share of
net income (loss) of joint venture
(8,275)
1,979
(7,563)
7,710
Settlement
of legal claim
-
-
(65,035)
-
Foreign
exchange gain (loss)
(1,303)
-
3,648
-
(9,578)
1,979
(68,950)
7,710
Income (Loss) for the
Period
$
(457,151)
$
189,573
$
(651,202)
$
209,571
Basic (loss) Earnings per
Share
$
(0.008)
$
0.003
$
(0.011)
$
0.003
Diluted (loss) Earnings per
Share
$
(0.008)
$
0.003
$
(0.011)
$
0.003
Weighted Average Number Of
Shares Outstanding:
Basic
59,339,362
64,927,841
60,136,059
63,674,302
Diluted
59,339,362
64,927,841
60,136,059
63,674,302
ABLEAUCTIONS.COM, INC.
CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
3 MONTHS ENDED
JUNE 30
6 MONTHS ENDED
JUNE 30
2008
2007
2008
2007
(Loss) Income for the
Period
$
(457,151)
$
189,573
$
(651,202)
$
209,571
Other Comprehensive (Loss)
Income,
net of
tax
Foreign
currency translation adjustments
79,679
924,231
(330,985)
1,030,089
Consolidated Comprehensive
(Loss) Income
$
(377,472)
$
1,113,804
$
(982,187)
$
1,239,660
Basic and Diluted Comprehensive
(Loss) Income per Share
$
(0.006)
$
0.017
$
(0.016)
$
0.019
ABLEAUCTIONS.COM, INC.
CONSOLIDATED
STATEMENT OF CASH FLOWS
(Unaudited)
6 MONTHS ENDED JUNE 30
2008
2007
Cash Flows from Operating
Activities
Income
(Loss) for the period from continuing operations
$
(651,202)
$
209,571
Non-cash
items included in net Income:
Depreciation
and amortization
89,059
71,291
Stock
based compensation
16,000
21,224
Joint
Venture (Income) loss
7,563
(7,710)
Changes in operating working
capital items:
(Increase)
Decrease in accounts receivable
184,602
(321,872)
(Increase)
Decrease in inventory
10,948
27,996
(Increase)
Decrease in prepaid expenses
(71,201)
(98,836)
(Increase)
Decrease in employee receivable
(65,389)
Increase
(Decrease) in accounts payable and accrued liabilities
(300,542)
(39,115)
Increase
(Decrease) in deferred revenue
(7,736)
19,706
Net cash
used in (from) operating activities
(787,898)
(117,745)
Cash Flows from Investing
Activities
Purchase of
property and equipment, net
(24,366)
(240,164)
Purchase of
property held for development
(1,369,893)
(1,833,362)
Loan
advances
(464,037)
(1,268,838)
Loan
repayment
-
1,155,702
Investment
in joint venture
-
(116,634)
Other
receivables
215,067
(65,700)
Deposits
(4,000)
(462,386)
Note
receivable
-
1,931
Net cash from (used in)
Investing Activities
(1,647,229)
(2,829,451)
Cash Flows from Financing
Activities
Proceed
from Bank Loan
1,470,625
1,257,744
Repayment
of Bank Loan
-
(548,694)
Purchase of
Treasury Stock
(374,304)
-
Proceeds
from issuance of capital stock, net
-
528,235
Net cash
from (used in) financing activities
1,096,321
1,237,285
Change in Cash and Cash
Equivalents For The Period
(1,338,806)
(1,709,911)
Cash and Cash Equivalents,
Beginning Of Period
1,594,657
1,004,558
Effect of Exchange Rates on
Cash
(14,519)
1,030,089
Cash and Cash Equivalents,
End of Period
$
241,332
$
324,736