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<DIV style="width:720px"><P style="line-height:18.667px; margin:0px; font-size:16px" align=center><B>UNITED STATES</B></P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><B>Washington, DC &nbsp;20549</B></P>
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<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><B>FORM 8-K</B></P>
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<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><B>CURRENT REPORT</B></P>
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<P style="line-height:18.667px; margin:0px; font-size:16px" align=center>Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934</P>
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<P style="line-height:18.667px; margin:0px; font-size:16px" align=center>Date of Report (Date of earliest event reported): &nbsp;Nov 14, 2007</P>
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<P style="line-height:16.667px; margin:0px; padding-left:96px; text-indent:-96px; font-family:Arial Unicode MS; font-size:14px" align=center><FONT FACE="Arial Unicode MS"><B><U>ABLEAUCTIONS.COM, INC.</U></B></FONT></P>
<P style="line-height:16.667px; margin:0px; padding-left:96px; text-indent:-96px; font-family:Arial Unicode MS; font-size:14px" align=center>(Exact name of small business issuer in its charter)</P>
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<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=183.6></TD><TD width=24></TD><TD width=185.867></TD><TD width=15.733></TD><TD width=174></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=183.6><P style="line-height:16.667px; margin:0px; font-family:Arial Unicode MS; font-size:14px" align=center>Florida</P>
</TD><TD valign=top width=24><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=185.867><P style="line-height:16.667px; margin:0px; font-family:Arial Unicode MS; font-size:14px" align=center>000-28179</P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=174><P style="line-height:16.667px; margin:0px; font-family:Arial Unicode MS; font-size:14px" align=center>59-3404233</P>
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<P style="line-height:16.667px; margin:0px; font-family:Arial Unicode MS; font-size:14px" align=center>of incorporation)</P>
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<P style="line-height:16.667px; margin:0px; font-family:Arial Unicode MS; font-size:14px" align=center>(Commission File Number)</P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=174><P style="line-height:16.667px; margin:0px; font-family:Arial Unicode MS; font-size:14px" align=center>(IRS Employer Identification Number)</P>
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<P style="line-height:16.667px; margin:0px; padding-left:96px; text-indent:-96px; font-family:Arial Unicode MS; font-size:14px" align=center><B>Suite 200 - 1963 Lougheed Highway</B></P>
<P style="line-height:16.667px; margin:0px; padding-left:96px; text-indent:-96px; font-family:Arial Unicode MS; font-size:14px" align=center><B><U>Coquitlam, British Columbia &nbsp;V3K-3T8</U></B></P>
<P style="line-height:16.667px; margin:0px; padding-left:96px; text-indent:-96px; font-family:Arial Unicode MS; font-size:14px" align=center>(Address of principal executive offices)</P>
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<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><FONT FACE="Times New Roman">Registrant&#146;s telephone number, including area code: &nbsp;</FONT><B>604-521-3369</B></P>
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<P style="line-height:18.667px; margin:0px; font-size:16px; page-break-before:always" 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>
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<P style="line-height:18.667px; margin-top:0px; margin-bottom:-18.667px; font-size:16px"><B>Item 2.02</B></P>
<P style="line-height:18.667px; margin:0px; text-indent:96px; font-size:16px"><B>Results of Operations and Financial Condition.</B></P>
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<P style="line-height:18.667px; margin:0px; text-indent:96px; font-size:16px">On November 14, 2007, the Registrant announced financial results for the year quarter ended September 30, 2007. &nbsp;A copy of the press release is attached hereto as an exhibit.</P>
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<P style="line-height:18.667px; margin-top:0px; margin-bottom:-18.667px; font-size:16px"><B>Item 9.01</B></P>
<P style="line-height:18.667px; margin:0px; text-indent:96px; font-size:16px"><B>Financial Statements and Exhibits.</B></P>
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<P style="line-height:18.667px; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:16px">99</P>
<P style="line-height:18.667px; margin:0px; padding-left:144px; font-size:16px">Press Release</P>
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<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><B>SIGNATURES</B></P>
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<P style="line-height:18.667px; margin:0px; text-indent:48px; font-size:16px">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>
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<P style="line-height:18.667px; margin:0px; font-size:16px"><B>ABLEAUCTIONS.COM, INC.</B></P>
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<P style="line-height:18.667px; margin:0px; font-size:16px"><I>/s/ &nbsp;Abdul Ladha</I></P>
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<P style="line-height:18.667px; margin:0px; font-size:16px">Abdul Ladha, Chief Executive Officer </P>
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<P style="line-height:18.667px; margin:0px; font-size:16px">Dated: &nbsp;November 14, 2007</P>
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<P style="line-height:18.667px; margin:0px; font-size:16px; page-break-before:always" align=right><B><U>Exhibit 99</U></B></P>
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<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><B>PRESS RELEASE</B></P>
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<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><B>ABLEAUCTIONS ANNOUNCES THIRD QUARTER 2007 RESULTS</B></P>
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<P style="line-height:26.667px; margin-top:0px; margin-bottom:6.667px; font-size:16px" align=justify>OJAI, CALIFORNIA &#150; November 14, 2007 &#150; Ableauctions.com Inc. &nbsp;(AMEX:AAC) (the &#147;Company&#148;) announced today the results of operations for the third quarter ended September 30, 2007. &nbsp;</P>
<P style="line-height:26.667px; margin-top:0px; margin-bottom:6.667px; font-size:16px"><B><U>FINANCIAL HIGHLIGHTS &#150; 3 MONTHS ENDED SEPTEMBER 30, 2007</U></B></P>
<P style="line-height:26.667px; margin-top:0px; margin-bottom:6.667px; font-size:16px" align=justify><B>Revenues.</B> &nbsp;During the three months ended September 30, 2007, the Company reported revenues of $1,321,108 compared to revenues of $1,237,671 during the same period in 2006, an increase of $83,437 or approximately 6.7%. &nbsp;&nbsp;&nbsp;</P>
<P style="line-height:26.667px; margin-top:0px; margin-bottom:6.667px; font-size:16px" align=justify>Revenues from the Company&#146;s liquidation services accounted for $1,030,252 (or approximately 78% of total revenue) compared to revenues of $913,391 (or approximately 74% of total revenue) during the same period in 2006. &nbsp;</P>
<P style="line-height:26.667px; margin-top:0px; margin-bottom:6.667px; font-size:16px" align=justify>Revenues from the Company&#146;s live auction operations group, which includes iCollector and NAALive, remained substantially unchanged from the same period in 2006. &nbsp;Revenues from live auction operations totaled $222,157 during the three months ended September 30, 2007, compared to revenues of $221,455 during the same period in 2006. &nbsp;The number of auction sessions facilitated in the third quarter of 2007 remained substantial unchanged at 334 compared to 328 auction sessions for the same period in 2006. </P>
<P style="line-height:26.667px; margin-top:0px; margin-bottom:6.667px; font-size:16px" align=justify><B>Gross Profit.</B> &nbsp;The Company reported an increase in gross profit percentage for the three months ended September 30, 2007. &nbsp;Gross profit was $589,211 (or 45% of revenues) for the three-months ended September 30, 2007 as compared to $504,708 (or 41% of revenues) for the same period in 2006. &nbsp;The increase in gross profit as a percentage of revenue is a result of improved pricing and product offerings of the Company&#146;s liquidation and auction broadcasting services group. &nbsp;&nbsp;Future gross profit margins may vary considerably from quarter-to-quarter depending on the performance of various divisions. </P>
<P style="line-height:26.667px; margin-top:0px; margin-bottom:6.667px; font-size:16px" align=justify><B>Operating Expenses.</B> &nbsp;Operating expenses for the three months ended September 30, 2007 increased by $71,543 or approximately 12.8%. &nbsp;During the three-months ended September 30, 2007, operating expenses were $632,014 or approximately 48% of revenue compared to $560,471 or approximately 45% of revenue for the three months ended September 30, 2006.</P>
<P style="line-height:26.667px; margin-top:0px; margin-bottom:6.667px; font-size:16px" align=justify><B>Net Income.</B> &nbsp;The Company reported a net loss for the three months ended September 30, 2007 of $16,949, or $0.000 per share, as compared to a net gain of $47,525, or $0.001 per share, for the three months ended September 30, 2006.</P>
<P style="line-height:26.667px; margin-top:0px; margin-bottom:6.667px; font-size:16px"><B><U>FINANCIAL HIGHLIGHTS &#150; 9 MONTHS ENDED SEPTEMBER 30, 2007</U></B></P>
<P style="line-height:26.667px; margin-top:0px; margin-bottom:6.667px; font-size:16px" align=justify><B>Revenues.</B> &nbsp;During the nine months ended September 30, 2007, the Company reported revenues of $4,169,992 compared to revenues of $5,079,597 during the same period in 2006, a decrease of $909,605 or approximately 18%. &nbsp;</P>
<P style="line-height:26.667px; margin-top:0px; margin-bottom:6.667px; font-size:16px" align=justify>The decrease in revenues is primarily attributable to a decrease in revenues earned from the Company&#146;s liquidation services in the first quarter of 2007. &nbsp;Revenues from liquidation services totaled $3,152,046 (or approximately 76% of total revenue) for the nine months ended September 30, 2007, compared to revenues of $4,081,152 (or approximately 80% of total revenue) during the same period in 2006, a decrease of $929,106 or approximately 22.8%. &nbsp;&nbsp;Revenues earned in the future from 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;&nbsp;The Company expects revenues from its liquidation sector will continue to represent the majority of overall revenues.</P>
<P style="line-height:26.667px; margin-top:0px; margin-bottom:6.667px; font-size:16px" align=justify>Revenues from the Company&#146;s live auction operations group, which includes iCollector and NAALive, remained substantially unchanged from the same period in 2006 despite a sharp increase in the number of auction sessions. &nbsp;Revenues from live auction operations totaled $696,867 during the nine months ended September 30, 2007, compared to $697,984 during the same period in 2006. &nbsp;The number of auction sessions facilitated in the first three quarters of 2007 increased by 32% to 1,187 compared to 898 auction sessions for the same period in 2006. The number of auction sessions may vary from quarter to quarter based on the auction company&#146;s product schedules and the number of auctions facilitated may not reflect the total revenue realized by the live auctions business. In general, approximately 80% of the Company&#146;s auction operations revenue is derived from almost 13% of its live auction clients.</P>
<P style="line-height:26.667px; margin-top:0px; margin-bottom:6.667px; font-size:16px" align=justify><B>Gross Profit.</B> &nbsp;Gross profit was $1,934,267 (or 46% of revenues) for the nine-months ended September 30, 2007 as compared to $1,857,427 (or 37% of revenues) for the nine months ended September 30, 2006, an increase of $76,840 or approximately 4.1%. &nbsp;&nbsp;&nbsp;The increase in gross profit as a percentage of revenue is a result of improved pricing and product offerings of the Company&#146;s liquidation and auction broadcasting services group. &nbsp;&nbsp;Future gross profit margins may vary considerably from quarter-to-quarter depending on the performance of various divisions. </P>
<P style="line-height:26.667px; margin-top:0px; margin-bottom:6.667px; font-size:16px" align=justify><B>Operating Expenses.</B> &nbsp;During the nine months ended September 30, 2007, operating expenses declined slightly to $1,943,882 or approximately 47% of revenue compared to $1,971,506 or approximately 39% of revenue for the nine months ended September 30, 2006. &nbsp;The increases in operating expenses as a percentage of revenue is attributable to a decrease in revenue earned from the Company&#146;s liquidation services in the first quarter of 2007.</P>
<P style="line-height:26.667px; margin-top:0px; margin-bottom:6.667px; font-size:16px" align=justify><B>Net Income.</B> &nbsp;The Company reported net income for the nine-months ended September 30, 2007 of $192,622, or $0.003 per share, as compared $227,605, or $0.004 per share, for the nine-months ended September 30, 2006.</P>
<P style="line-height:26.667px; margin-top:0px; margin-bottom:6.667px; font-size:16px" align=justify><B>Shareholders Equity.</B> &nbsp;The Company reported shareholders&#146; equity, defined as the carrying amount of the Company&#146;s assets minus its liabilities, totaling $15,256,792 at September 30, 2007 compared to $12,890,232 at December 31, 2006. &nbsp;</P>
<P style="line-height:18.667px; margin-top:6.667px; margin-bottom:6.667px; font-family:Arial Unicode MS; font-size:16px"><FONT FACE="Arial Unicode MS">FOR FURTHER INFORMATION PLEASE CONTACT:</FONT></P>
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<P style="line-height:18.667px; margin:0px; font-family:Arial Unicode MS; font-size:16px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coal Harbor Communications</P>
<P style="line-height:18.667px; margin:0px; font-family:Arial Unicode MS; font-size:16px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steve Kubota</P>
<P style="line-height:18.667px; margin:0px; font-family:Arial Unicode MS; font-size:16px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(604) 699-8615 or Toll Free: 1-866-405-3955</P>
<P style="line-height:18.667px; margin:0px; font-family:Arial Unicode MS; font-size:16px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fax: (604) 662-4547 (FAX)</P>
<P style="line-height:18.667px; margin:0px; font-family:Arial Unicode MS; font-size:16px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email: steve@coal-harbor.com or</P>
<P style="line-height:18.667px; margin:0px; font-family:Arial Unicode MS; font-size:16px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email: info@coal-harbor.com</P>
<P style="line-height:18.667px; margin:0px; font-family:Arial Unicode MS; font-size:16px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Website: www.coal-harbor.com</P>
<P style="line-height:18.667px; margin:0px; font-family:Arial Unicode MS; font-size:16px">&nbsp;</P>
<P style="line-height:18.667px; margin:0px; font-family:Arial Unicode MS; font-size:16px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ableauctions.com</P>
<P style="line-height:18.667px; margin:0px; font-family:Arial Unicode MS; font-size:16px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vid Wadhwani - (604) 521-3369</P>
<P style="line-height:18.667px; margin:0px; font-family:Arial Unicode MS; font-size:16px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email: investorrelations@ableauctions.com</P>
<P style="line-height:18.667px; margin:0px; font-family:Arial Unicode MS; font-size:16px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Website: www.ableauctions.com</P>
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<P style="line-height:18.667px; margin:0px; text-indent:24px; font-size:16px" align=justify><FONT FACE="Times New Roman"><B>About Ableauctions.com </B></FONT></P>
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<P style="line-height:18.667px; margin:0px; padding-left:24px; font-size:16px" align=justify>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>. &nbsp;</P>
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<P style="line-height:18.667px; margin:0px; padding-left:24px; font-size:16px" align=justify>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 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>
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<P style="line-height:18.667px; margin:0px; padding-left:24px; font-size:16px" align=justify>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. &nbsp;</P>
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<P style="line-height:18.667px; margin:0px; padding-left:24px; font-size:16px" align=justify><I>For a comprehensive Corporate Update and prior releases, visit </I><FONT COLOR=#0000FF><I><U>www.ableauctions.com</U></I></FONT><I>. &nbsp;For more information, contact Investor Relations at </I><FONT COLOR=#0000FF><I><U>investorrelations@ableauctions.com</U></I></FONT><I><U></U></I></P>
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<P style="line-height:18.667px; margin:0px; font-size:16px" align=justify><B>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&#146;s financial position and the Company&#146;s business strategy. &nbsp;The words or phrases &quot;would be,&quot; &quot;will allow,&quot; &quot;intends to,&quot; &quot;may result,&quot; &quot;are expected to,&quot; &quot;will continue,&quot; &quot;anticipates,&quot; &quot;expects,&quot; &quot;estimate,&quot; &quot;project,&quot; &quot;indicate,&quot; &quot;could,&quot; &quot;potentially,&quot; &quot;should,&quot; &quot;believe,&quot; &quot;considers&quot; or similar expressions are intended to identify &quot;forward-looking statements.&quot; &nbsp;&nbsp;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, loss of management personnel, an inability to obtain financing as and when we need it, competition from other on-line auction businesses, 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;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. &nbsp;E.&amp;O.E.</B></P>
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<P style="line-height:21.333px; margin:0px; font-size:18.667px; page-break-before:always" align=center><B>ABLEAUCTIONS.COM, INC.</B></P>
<P style="margin:0px" align=center><B>CONSOLIDATED BALANCE SHEET</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>(Unaudited)</P>
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<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=385.2></TD><TD width=126></TD><TD width=127.2></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><FONT FACE="Arial">SEPTEMBER 30</FONT></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center>DECEMBER 31</P>
</TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center><B>2007</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center>2006</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>ASSETS</B></P>
</TD><TD valign=top width=126><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=127.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Current</B></P>
</TD><TD valign=top width=126><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=127.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Cash and cash equivalents</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819,616&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,004,558&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Accounts receivable &#150; trade, net of allowance</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,574,614&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,436,764&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Loans receivable (Note 3)</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,137,173&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,092,852&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Inventory</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997,576&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860,643&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Prepaid expenses</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134,956&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47,849&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Notes receivable</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,931&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,663,935&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,444,597&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=126><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=127.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Other receivable</B></P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197,522&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,961&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Deposits </B>(Note 5b)</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495,202&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>-&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Intangible Assets </B>(Note 6)</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385,554&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430,534&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Property and Equipment </B></P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,193,397&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,857,322&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Property Held for Development </B>(Note 5)</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,936,186&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,455,031&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Investment in Joint Venture </B>(Note 7)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,459,984&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,237,269&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="border-bottom:4px double #000000" valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:4px double #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,331,780&nbsp;</B></P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,524,714&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>LIABILITIES</B></P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Current</B></P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Accounts payable and accrued liabilities</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,173&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85,788&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Deferred revenue</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,815&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Bank loan (Note 9)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,000&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548,694&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74,988&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634,482&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>SHAREHOLDERS&#146; EQUITY</B></P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Capital Stock</B> (Note 10)</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Authorized:</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:46.8px; font-family:Arial; font-size:14.667px">&nbsp;100,000,000 common shares with a par value of $0.001</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Issued and outstanding:</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:52.8px; font-family:Arial; font-size:14.667px">65,348,009 common shares at September 30, 2007</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:52.8px; font-family:Arial; font-size:14.667px">62,406,834 common shares at December 31, 2006</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,348&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,406&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Additional paid-in capital</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,873,636&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,319,119&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Deficit</B></P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24,494,975)</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24,687,597)</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Accumulated Other Comprehensive Income</B></P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,050,035&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196,304&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Treasury stock, at cost</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(237,252)</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,256,792&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,890,232&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Contingent Liabilities </B>(Note 8)</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD><TD valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="border-bottom:4px double #000000" valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:4px double #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,331,780&nbsp;</B></P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=127.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,524,714&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; padding-bottom:4px; border-bottom:2px solid #000000" align=center><BR></P>
<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="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:21.333px; margin:0px; font-size:18.667px; page-break-before:always" align=center><FONT FACE="Times New Roman"><B>ABLEAUCTIONS.COM, INC.</B></FONT></P>
<P style="margin:0px" align=center><B>CONSOLIDATED STATEMENT OF OPERATIONS</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>(Unaudited)</P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=240></TD><TD width=108></TD><TD width=108></TD><TD width=120></TD><TD width=121.2></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=240><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=216 colspan=2><P style="line-height:17.333px; margin:0px; padding-left:16.8px; font-family:Arial; font-size:14.667px" align=center><FONT FACE="Arial"><B>3 MONTHS ENDED</B></FONT></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center><B>SEPTEMBER 30</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=241.2 colspan=2><P style="line-height:17.333px; margin:0px; padding-left:16.8px; font-family:Arial; font-size:14.667px" align=center><B>9 MONTHS ENDED</B></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center><B>SEPTEMBER 30</B></P>
</TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=240><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center><B>2007</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center>2006</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center><B>2007</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center>2006</P>
</TD></TR>
<TR><TD valign=top width=240><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=121.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=240><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Revenues</B></P>
</TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=121.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=240><P style="line-height:17.333px; margin:0px; padding-left:8.4px; font-family:Arial; font-size:14.667px">Sales</P>
</TD><TD valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>$ &nbsp;&nbsp;1,321,108&nbsp;</B></P>
</TD><TD valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>$ &nbsp;&nbsp;1,237,671&nbsp;</P>
</TD><TD valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,169,992&nbsp;</B></P>
</TD><TD valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,079,597&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=240><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=121.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=240><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Cost Of Revenues</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731,897&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732,963&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,235,725&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,222,170&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=240><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Gross Profit</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589,211&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504,708&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,934,267&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,857,427&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=240><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=240><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Investment Income</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86,017&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151,005&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325,981&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454,717&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=240><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675,228&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655,713&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,260,248&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,312,144&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=240><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=240><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Expenses</B></P>
</TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=240><P style="line-height:17.333px; margin:0px; padding-left:8.4px; font-family:Arial; font-size:14.667px">Operating expenses (Note 13)</P>
</TD><TD valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632,014&nbsp;</B></P>
</TD><TD valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560,471&nbsp;</P>
</TD><TD valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,943,882&nbsp;</B></P>
</TD><TD valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,971,506&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=240><P style="line-height:17.333px; margin:0px; padding-left:8.4px; font-family:Arial; font-size:14.667px">Depreciation and amortization </P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61,589&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,438&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132,880&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138,310&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=240><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693,603&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606,909&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,076,762&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,109,816&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=240><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Income Before Other Items</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18,375)</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,804&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183,486&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202,328&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=240><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=240><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Other Items</B></P>
</TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=240><P style="line-height:17.333px; margin:0px; padding-left:8.4px; font-family:Arial; font-size:14.667px">Foreign exchange gain (loss)</P>
</TD><TD valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349)</B></P>
</TD><TD valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134&nbsp;</P>
</TD><TD valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349)</B></P>
</TD><TD valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=240><P style="line-height:17.333px; margin:0px; padding-left:8.4px; font-family:Arial; font-size:14.667px">Share of net income of joint venture (Note 7)</P>
</TD><TD valign=top width=108><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,775&nbsp;</B></P>
</TD><TD valign=top width=108><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=top width=120><P style="line-height:17.333px; margin:0px; text-indent:-14.867px; font-family:Arial; font-size:14.667px"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,485&nbsp;</B></P>
</TD><TD valign=top width=121.2><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=240><P style="line-height:17.333px; margin:0px; padding-left:8.4px; font-family:Arial; font-size:14.667px">Loss on sale of Asset</P>
</TD><TD valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</B></P>
</TD><TD valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,413)</P>
</TD><TD valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</B></P>
</TD><TD valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,413)</P>
</TD></TR>
<TR><TD valign=top width=240><P style="line-height:17.333px; margin:0px; padding-left:8.4px; font-family:Arial; font-size:14.667px">Gain on sale of property held for development</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,131&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=240><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,426&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,279)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,136&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,277&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=240><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="border-bottom:4px double #000000" valign=top width=240><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Income (Loss) For The Period</B></P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16,949)</B></P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47,525&nbsp;</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192,622&nbsp;</B></P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227,605&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=240><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=240><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Basic And Diluted Income Per Share</B></P>
</TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=121.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=240><P style="line-height:17.333px; margin:0px; padding-left:8.4px; font-family:Arial; font-size:14.667px">Income from continuing operations</P>
</TD><TD valign=top width=108><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000&nbsp;</B></P>
</TD><TD valign=top width=108><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.001&nbsp;</P>
</TD><TD valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.003&nbsp;</B></P>
</TD><TD valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.004&nbsp;</P>
</TD></TR>
<TR><TD style="border-bottom:4px double #000000" valign=top width=240><P style="line-height:17.333px; margin:0px; padding-left:8.4px; font-family:Arial; font-size:14.667px">Income for the period</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000&nbsp;</B></P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=108><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.001&nbsp;</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.003&nbsp;</B></P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.004&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=240><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="border-bottom:4px double #000000" valign=top width=240><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Weighted Average Number Of Shares Outstanding</B></P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=108><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;65,348,009&nbsp;</B></P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=108><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;62,406,834&nbsp;</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;</B></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64,238,335&nbsp;</B></P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=121.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,406,834&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; padding-bottom:4px; border-bottom:2px solid #000000" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:21.333px; margin:0px; font-family:Arial; font-size:18.667px" align=center><B>ABLEAUCTIONS.COM, INC.</B></P>
<P style="margin:0px" align=center><FONT FACE="Times New Roman"><B>CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME </B></FONT></P>
<P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=center><FONT FACE="Arial"><B>(Unaudited)</B></FONT></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=205.2></TD><TD width=120></TD><TD width=114></TD><TD width=114></TD><TD width=120></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=205.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=234 colspan=2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center><B>3 MONTHS ENDED</B></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center><B>SEPTEMBER 30</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=234 colspan=2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center><B>9 MONTHS ENDED</B></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center><B>SEPTEMBER 30</B></P>
</TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=205.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center><B>2007</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=114><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center>2006</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=114><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center><B>2007</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center>2006</P>
</TD></TR>
<TR><TD valign=top width=205.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=205.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Income for the Period</B></P>
</TD><TD valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16,949)</B></P>
</TD><TD valign=top width=114><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47,525&nbsp;</P>
</TD><TD valign=top width=114><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192,622&nbsp;</B></P>
</TD><TD valign=top width=120><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227,605&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=205.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=205.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Other Comprehensive Income (loss), </B>net of tax</P>
</TD><TD valign=top width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=205.2><P style="line-height:17.333px; margin:0px; padding-left:18px; font-family:Arial; font-size:14.667px">Foreign currency translation adjustment</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>823,642&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>(24,180)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>1,853,731&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>310,728&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=205.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=205.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Consolidated Comprehensive Income</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806,693&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,345&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;2,046,353&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538,333&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=205.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=205.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Basic and Diluted Comprehensive Income per Share</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.012&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.032&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.009&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-bottom:4px; border-bottom:2px solid #000000" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:21.333px; margin:0px; font-size:18.667px; page-break-before:always" align=center><FONT FACE="Times New Roman"><B>ABLEAUCTIONS.COM, INC.</B></FONT></P>
<P style="margin:0px" align=center><B>CONSOLIDATED STATEMENT OF CASH FLOWS</B></P>
<P style="line-height:14.667px; margin:0px; font-size:12px" align=center>(Unaudited)</P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=385.2></TD><TD width=126></TD><TD width=140.333></TD></TR>
<TR><TD style="border-top:1px solid #000000" valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=top width=266.333 colspan=2><P style="line-height:17.333px; margin:0px; padding-left:4.8px; padding-right:-3.467px; font-family:Arial; font-size:14.667px" align=center><FONT FACE="Arial"><B>9 MONTHS ENDED SEPTEMBER 30</B></FONT></P>
</TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center><B>2007</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center>2006</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=126><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=140.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Cash Flows From Operating Activities</B></P>
</TD><TD valign=top width=126><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=140.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Income for the period from continuing operations</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192,622&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227,605&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Non-cash items included in net Income:</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:46.8px; font-family:Arial; font-size:14.667px">Depreciation and amortization</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132,880&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138,310&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:46.8px; font-family:Arial; font-size:14.667px">Stock based compensation (Note 10)</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,224&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,808&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:46.8px; font-family:Arial; font-size:14.667px">Loss on sale of asset</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,413&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:46.8px; font-family:Arial; font-size:14.667px">Joint Venture Income</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,485)</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:46.8px; font-family:Arial; font-size:14.667px">Gain on sale of property held for development</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26,131)</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345,241&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346,005&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">Changes in operating working capital items:</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:21.6px; font-family:Arial; font-size:14.667px">Decrease (Increase) in accounts receivable</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55,546)</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,722&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:21.6px; font-family:Arial; font-size:14.667px">Decrease (Increase) in inventory</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28,827)</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328,607&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:21.6px; font-family:Arial; font-size:14.667px">Decrease (Increase) in prepaid expenses</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69,683)</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197,536&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:21.6px; font-family:Arial; font-size:14.667px">Decrease in marketable securities</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,091,017&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:21.6px; font-family:Arial; font-size:14.667px">Increase (Decrease) in accounts payable and accrued liabilities</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52,154)</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:21.6px; font-family:Arial; font-size:14.667px">Increase (Decrease) in deferred revenue</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,939&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,856&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:21.6px; font-family:Arial; font-size:14.667px">Net cash from operating activities</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149,970&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,988,813&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Cash Flows From Investing Activities</B></P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Purchase of property and equipment, net</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,907)</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129,435)</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:34.8px; text-indent:-12px; font-family:Arial; font-size:14.667px">Purchase of property held for development</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,945,093)</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89,575)</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:34.8px; text-indent:-12px; font-family:Arial; font-size:14.667px">Proceeds from sale of property held for development</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322,134&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:34.8px; text-indent:-12px; font-family:Arial; font-size:14.667px">Loan advances</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,314,073)</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,001,796)</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:34.8px; text-indent:-12px; font-family:Arial; font-size:14.667px">Loan repayment</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,582,607&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:34.8px; text-indent:-12px; font-family:Arial; font-size:14.667px">Investment in intangible assets</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90,533)</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Investment in joint venture</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,290,072)</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Other receivables</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68,646)</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Deposits</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462,386)</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; padding-left:22.8px; font-family:Arial; font-size:14.667px">Note receivable</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,931&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,155&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; text-indent:24px; font-family:Arial; font-size:14.667px"><B>Net cash used in Investing Activities</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216,567)</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,276,122)</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;</P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Cash Flows From Financing Activities</B></P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; text-indent:24px; font-family:Arial; font-size:14.667px">Proceed from Bank Loan</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,000&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; text-indent:22.8px; font-family:Arial; font-size:14.667px">Repayment of Bank Loan</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(548,694)</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,395,349)</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; text-indent:24px; font-family:Arial; font-size:14.667px">Exercise of options</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,000&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; text-indent:24px; font-family:Arial; font-size:14.667px">Proceeds from issuance of capital stock, net</P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528,235&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; text-indent:24px; font-family:Arial; font-size:14.667px">Purchase of treasury stock</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center>&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(237,252)</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; text-indent:24px; font-family:Arial; font-size:14.667px"><B>Net cash used in financing activities</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232,711)</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,395,349)</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Change In Cash And Cash Equivalents For The Period</B></P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299,308)</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(646,658)</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Cash And Cash Equivalents, Beginning Of Period</B></P>
</TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,004,558&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955,554&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Effect Of Exchange Rates On Cash</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114,366&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310,728&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=385.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD><TD valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="border-bottom:4px double #000000" valign=top width=385.2><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"><B>Cash And Cash Equivalents, End Of Period</B></P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=126><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819,616&nbsp;</B></P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=140.333><P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=right><B>&nbsp;</B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619,624&nbsp;</P>
</TD></TR>
</TABLE>
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{"company-data": {"conformed-name": "ABLEAUCTIONS COM INC", "cik": "0001099290", "assigned-sic": "7389", "irs-number": "593404233", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-15931", "film-number": "071244802"}, "business-address": {"street1": "1963 LOUGHEED HIGHWAY", "city": "COQUITLAM", "state": "A1", "zip": "V3K 3T8", "phone": "604-521-3369"}, "mail-address": {"street1": "1963 LOUGHEED HIGHWAY", "city": "COQUITLAM", "state": "A1", "zip": "V3K 3T8"}}
Converted by EDGARwiz
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):  Nov 14, 2007
ABLEAUCTIONS.COM, INC.
(Exact name of small business issuer in its charter)
Florida
000-28179
59-3404233
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification Number)
Suite 200 - 1963 Lougheed Highway
Coquitlam, British Columbia  V3K-3T8
(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 2.02
Results of Operations and Financial Condition.
On November 14, 2007, the Registrant announced financial results for the year quarter ended September 30, 2007.  A copy of the press release is attached hereto as an exhibit.
Item 9.01
Financial Statements and Exhibits.
99
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.
/s/  Abdul Ladha
Abdul Ladha, Chief Executive Officer
Dated:  November 14, 2007
Exhibit 99
PRESS RELEASE
ABLEAUCTIONS ANNOUNCES THIRD QUARTER 2007 RESULTS
OJAI, CALIFORNIA – November 14, 2007 – Ableauctions.com Inc.  (AMEX:AAC) (the "Company") announced today the results of operations for the third quarter ended September 30, 2007.
FINANCIAL HIGHLIGHTS – 3 MONTHS ENDED SEPTEMBER 30, 2007
Revenues.
During the three months ended September 30, 2007, the Company reported revenues of $1,321,108 compared to revenues of $1,237,671 during the same period in 2006, an increase of $83,437 or approximately 6.7%.
Revenues from the Company's liquidation services accounted for $1,030,252 (or approximately 78% of total revenue) compared to revenues of $913,391 (or approximately 74% of total revenue) during the same period in 2006.
Revenues from the Company's live auction operations group, which includes iCollector and NAALive, remained substantially unchanged from the same period in 2006.  Revenues from live auction operations totaled $222,157 during the three months ended September 30, 2007, compared to revenues of $221,455 during the same period in 2006.  The number of auction sessions facilitated in the third quarter of 2007 remained substantial unchanged at 334 compared to 328 auction sessions for the same period in 2006.
Gross Profit.
The Company reported an increase in gross profit percentage for the three months ended September 30, 2007.  Gross profit was $589,211 (or 45% of revenues) for the three-months ended September 30, 2007 as compared to $504,708 (or 41% of revenues) for the same period in 2006.  The increase in gross profit as a percentage of revenue is a result of improved pricing and product offerings of the Company's liquidation and auction broadcasting services group.   Future gross profit margins may vary considerably from quarter-to-quarter depending on the performance of various divisions.
Operating Expenses.
Operating expenses for the three months ended September 30, 2007 increased by $71,543 or approximately 12.8%.  During the three-months ended September 30, 2007, operating expenses were $632,014 or approximately 48% of revenue compared to $560,471 or approximately 45% of revenue for the three months ended September 30, 2006.
Net Income.
The Company reported a net loss for the three months ended September 30, 2007 of $16,949, or $0.000 per share, as compared to a net gain of $47,525, or $0.001 per share, for the three months ended September 30, 2006.
FINANCIAL HIGHLIGHTS – 9 MONTHS ENDED SEPTEMBER 30, 2007
Revenues.
During the nine months ended September 30, 2007, the Company reported revenues of $4,169,992 compared to revenues of $5,079,597 during the same period in 2006, a decrease of $909,605 or approximately 18%.
The decrease in revenues is primarily attributable to a decrease in revenues earned from the Company's liquidation services in the first quarter of 2007.  Revenues from liquidation services totaled $3,152,046 (or approximately 76% of total revenue) for the nine months ended September 30, 2007, compared to revenues of $4,081,152 (or approximately 80% of total revenue) during the same period in 2006, a decrease of $929,106 or approximately 22.8%.   Revenues earned in the future from 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 expects revenues from its liquidation sector will continue to represent the majority of overall revenues.
Revenues from the Company's live auction operations group, which includes iCollector and NAALive, remained substantially unchanged from the same period in 2006 despite a sharp increase in the number of auction sessions.  Revenues from live auction operations totaled $696,867 during the nine months ended September 30, 2007, compared to $697,984 during the same period in 2006.  The number of auction sessions facilitated in the first three quarters of 2007 increased by 32% to 1,187 compared to 898 auction sessions for the same period in 2006. The number of auction sessions may vary from quarter to quarter based on the auction company's product schedules and the number of auctions facilitated may not reflect the total revenue realized by the live auctions business. In general, approximately 80% of the Company's auction operations revenue is derived from almost 13% of its live auction clients.
Gross Profit.
Gross profit was $1,934,267 (or 46% of revenues) for the nine-months ended September 30, 2007 as compared to $1,857,427 (or 37% of revenues) for the nine months ended September 30, 2006, an increase of $76,840 or approximately 4.1%.    The increase in gross profit as a percentage of revenue is a result of improved pricing and product offerings of the Company's liquidation and auction broadcasting services group.   Future gross profit margins may vary considerably from quarter-to-quarter depending on the performance of various divisions.
Operating Expenses.
During the nine months ended September 30, 2007, operating expenses declined slightly to $1,943,882 or approximately 47% of revenue compared to $1,971,506 or approximately 39% of revenue for the nine months ended September 30, 2006.  The increases in operating expenses as a percentage of revenue is attributable to a decrease in revenue earned from the Company's liquidation services in the first quarter of 2007.
Net Income.
The Company reported net income for the nine-months ended September 30, 2007 of $192,622, or $0.003 per share, as compared $227,605, or $0.004 per share, for the nine-months ended September 30, 2006.
Shareholders Equity.
The Company reported shareholders' equity, defined as the carrying amount of the Company's assets minus its liabilities, totaling $15,256,792 at September 30, 2007 compared to $12,890,232 at December 31, 2006.
FOR FURTHER INFORMATION PLEASE CONTACT:
Coal Harbor Communications
Steve Kubota
(604) 699-8615 or Toll Free: 1-866-405-3955
Fax: (604) 662-4547 (FAX)
Email: steve@coal-harbor.com or
Email: info@coal-harbor.com
Website: www.coal-harbor.com
Ableauctions.com
Vid Wadhwani - (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 and the Company's business strategy.  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."   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, loss of management personnel, an inability to obtain financing as and when we need it, competition from other on-line auction businesses, 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.  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.  E.&O.E.
ABLEAUCTIONS.COM, INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
SEPTEMBER 30
DECEMBER 31
2007
2006
ASSETS
Current
Cash and cash equivalents
$           819,616
$        1,004,558
Accounts receivable – trade, net of allowance
1,574,614
1,436,764
Loans receivable (Note 3)
2,137,173
4,092,852
Inventory
997,576
860,643
Prepaid expenses
134,956
47,849
Notes receivable
-
1,931
5,663,935
7,444,597
Other receivable
197,522
99,961
Deposits
(Note 5b)
495,202
-
Intangible Assets
(Note 6)
385,554
430,534
Property and Equipment
3,193,397
2,857,322
Property Held for Development
(Note 5)
3,936,186
1,455,031
Investment in Joint Venture
(Note 7)
1,459,984
1,237,269
$      15,331,780
$      13,524,714
LIABILITIES
Current
Accounts payable and accrued liabilities
37,173
85,788
Deferred revenue
12,815
-
Bank loan (Note 9)
25,000
548,694
74,988
634,482
SHAREHOLDERS' EQUITY
Capital Stock
(Note 10)
Authorized:
100,000,000 common shares with a par value of $0.001
Issued and outstanding:
65,348,009 common shares at September 30, 2007
62,406,834 common shares at December 31, 2006
65,348
62,406
Additional paid-in capital
37,873,636
37,319,119
Deficit
(24,494,975)
(24,687,597)
Accumulated Other Comprehensive Income
2,050,035
196,304
Treasury stock, at cost
(237,252)
-
15,256,792
12,890,232
Contingent Liabilities
(Note 8)
$      15,331,780
$      13,524,714
ABLEAUCTIONS.COM, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
3 MONTHS ENDED
SEPTEMBER 30
9 MONTHS ENDED
SEPTEMBER 30
2007
2006
2007
2006
Revenues
Sales
$   1,321,108
$   1,237,671
$      4,169,992
$       5,079,597
Cost Of Revenues
731,897
732,963
2,235,725
3,222,170
Gross Profit
589,211
504,708
1,934,267
1,857,427
Investment Income
86,017
151,005
325,981
454,717
675,228
655,713
2,260,248
2,312,144
Expenses
Operating expenses (Note 13)
632,014
560,471
1,943,882
1,971,506
Depreciation and amortization
61,589
46,438
132,880
138,310
693,603
606,909
2,076,762
2,109,816
Income Before Other Items
(18,375)
48,804
183,486
202,328
Other Items
Foreign exchange gain (loss)
(349)
134
(349)
559
Share of net income of joint venture (Note 7)
1,775
-
9,485
-
Loss on sale of Asset
-
(1,413)
-
(1,413)
Gain on sale of property held for development
-
-
-
26,131
1,426
(1,279)
9,136
25,277
Income (Loss) For The Period
$        (16,949)
$         47,525
$         192,622
$         227,605
Basic And Diluted Income Per Share
Income from continuing operations
$           0.000
$           0.001
$             0.003
$             0.004
Income for the period
$           0.000
$           0.001
$             0.003
$             0.004
Weighted Average Number Of Shares Outstanding
65,348,009
62,406,834
64,238,335
62,406,834
ABLEAUCTIONS.COM, INC.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
3 MONTHS ENDED
SEPTEMBER 30
9 MONTHS ENDED
SEPTEMBER 30
2007
2006
2007
2006
Income for the Period
$           (16,949)
$          47,525
$        192,622
$          227,605
Other Comprehensive Income (loss),
net of tax
Foreign currency translation adjustment
823,642
(24,180)
1,853,731
310,728
Consolidated Comprehensive Income
$          806,693
$          23,345
$     2,046,353
$          538,333
Basic and Diluted Comprehensive Income per Share
$              0.012
$            0.000
$            0.032
$              0.009
ABLEAUCTIONS.COM, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
9 MONTHS ENDED SEPTEMBER 30
2007
2006
Cash Flows From Operating Activities
Income for the period from continuing operations
$           192,622
$              227,605
Non-cash items included in net Income:
Depreciation and amortization
132,880
138,310
Stock based compensation (Note 10)
29,224
4,808
Loss on sale of asset
-
1,413
Joint Venture Income
(9,485)
-
Gain on sale of property held for development
-
(26,131)
345,241
346,005
Changes in operating working capital items:
Decrease (Increase) in accounts receivable
(55,546)
10,722
Decrease (Increase) in inventory
(28,827)
328,607
Decrease (Increase) in prepaid expenses
(69,683)
197,536
Decrease in marketable securities
-
3,091,017
Increase (Decrease) in accounts payable and accrued liabilities
(52,154)
70
Increase (Decrease) in deferred revenue
10,939
14,856
Net cash from operating activities
149,970
3,988,813
Cash Flows From Investing Activities
Purchase of property and equipment, net
(10,907)
(129,435)
Purchase of property held for development
(1,945,093)
(89,575)
Proceeds from sale of property held for development
-
322,134
Loan advances
(1,314,073)
(2,001,796)
Loan repayment
3,582,607
-
Investment in intangible assets
-
(90,533)
Investment in joint venture
-
(1,290,072)
Other receivables
(68,646)
-
Deposits
(462,386)
-
Note receivable
1,931
3,155
Net cash used in Investing Activities
(216,567)
(3,276,122)
Cash Flows From Financing Activities
Proceed from Bank Loan
25,000
-
Repayment of Bank Loan
(548,694)
(1,395,349)
Exercise of options
-
36,000
Proceeds from issuance of capital stock, net
528,235
-
Purchase of treasury stock
(237,252)
-
Net cash used in financing activities
(232,711)
(1,395,349)
Change In Cash And Cash Equivalents For The Period
(299,308)
(646,658)
Cash And Cash Equivalents, Beginning Of Period
1,004,558
955,554
Effect Of Exchange Rates On Cash
114,366
310,728
Cash And Cash Equivalents, End Of Period
$           819,616
$              619,624