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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">PURSUANT TO SECTION 13 OR 15 (D) OF THE</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report: June 1, 2018</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Photozou Holdings, Inc.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified
in its charter)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 40%; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 21%; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>333-201697</B></FONT></TD>
    <TD STYLE="width: 39%; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>47-3003188</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction of incorporation</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">or organization)</P></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">(Commission File Number)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">(I.R.S. Employer Identification No.)</FONT></TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>4-30-4F, Yotsuya</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Shinjuku-ku, Tokyo, 160-0004, Japan</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of Principal Executive Offices)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">2-24-13-904, Kamiosaki<BR>
Shinagawa-ku, Tokyo, 141-0021, Japan</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(Former Address)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Telephone: +81-3-6303-9988</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant's telephone number)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">[ ] Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">[ ] Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">[ ] Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">[ ] Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-1-</P>


<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORWARD LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">This Current Report on Form 8-K contains forward-looking
statements which involve risks and uncertainties, principally in the sections entitled &ldquo;Business,&rdquo; &ldquo;Risk Factors,&rdquo;
and &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations.&rdquo; All statements other
than statements of historical fact contained in this Current Report on Form 8-K, including statements regarding future events,
our future financial performance, business strategy and plans and objectives of management for future operations, are forward-looking
statements. We have attempted to identify forward-looking statements by terminology including &ldquo;anticipates,&rdquo; &ldquo;believes,&rdquo;
&ldquo;can,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;estimates,&rdquo; &ldquo;expects,&rdquo; &ldquo;intends,&rdquo;
&ldquo;may,&rdquo; &ldquo;plans,&rdquo; &ldquo;potential,&rdquo; &ldquo;predicts,&rdquo; or &ldquo;should,&rdquo; or the negative
of these terms or other comparable terminology. Although we do not make forward-looking statements unless we believe we have a
reasonable basis for doing so, we cannot guarantee their accuracy. These statements are only predictions and involve known and
unknown risks, uncertainties and other factors, including the risks outlined under &ldquo;Risk Factors&rdquo; or elsewhere in this
Current Report on Form 8-K, which may cause our or our industry&rsquo;s actual results, levels of activity, performance or achievements
expressed or implied by these forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment.
New risks emerge from time to time and it is not possible for us to predict all risk factors, nor can we address the impact of
all factors on our business or the extent to which any factor, or combination of factors, may cause our actual results to differ
materially from those contained in any forward-looking statements. All forward-looking statements included in this document are
based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements,
except as expressly required by law.</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">You should not place undue reliance on any forward-looking
statement, each of which applies only as of the date of this Current Report on Form 8-K. Before you invest in our securities, you
should be aware that the occurrence of the events described in the section entitled &ldquo;Risk Factors&rdquo; and elsewhere in
this Current Report on Form 8-K could negatively affect our business, operating results, financial condition and stock price. Except
as required by law, we undertake no obligation to update or revise publicly any of the forward-looking statements after the date
of this Current Report on Form 8-K to conform our statements to actual results or changed expectations.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">All dollar amounts used throughout this Report are in US
Dollars, unless otherwise stated. All amounts in Japanese yen used throughout this Report are preceded by JPY, for example JPY
500, is referring to 500 Japanese yen.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-2-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="table"></A><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 11pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Page</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; line-height: 106%"><B><A HREF="#item101">Item 1.01&nbsp;Entry into a Material Definitive Agreement</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; line-height: 106%">4</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; line-height: 106%"><B><A HREF="#item201">Item 2.01&nbsp;&nbsp;Completion of Acquisition or Disposition of Assets</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; line-height: 106%">4</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%; text-indent: 0pt"><A HREF="#bus"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; line-height: 106%">BUSINESS INFORMATION</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; line-height: 106%">5</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%; text-indent: 0pt"><A HREF="#risk"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; line-height: 106%">RISK FACTORS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; line-height: 106%">6</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%; text-indent: 0pt"><A HREF="#man"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Management&rsquo;s Discussion and Analysis</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; line-height: 107%; text-indent: 0pt"><A HREF="#SEC"><FONT STYLE="font-size: 10pt">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">8</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%; text-indent: 0pt; text-decoration: underline"><FONT STYLE="font-size: 10pt"><A HREF="#dir"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>DIRECTORS
    AND EXECUTIVE OFFICERS</U></FONT></A></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%; text-indent: 0pt"><A HREF="#EXEC"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; line-height: 106%">EXECUTIVE COMPENSATION</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; line-height: 106%">9</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%; text-indent: 0pt"><A HREF="#cer"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; text-transform: uppercase; line-height: 106%">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</FONT></FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; line-height: 106%">9</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#legal"><FONT STYLE="font-size: 10pt; text-transform: uppercase; line-height: 106%">LEGAL
    PROCEEDINGS</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; line-height: 106%">9</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#recent"><FONT STYLE="font-size: 10pt">RECENT
    SALES OF UNREGISTERED SECURITIES</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#description"><FONT STYLE="font-size: 10pt">DESCRIPTION
    OF SECURITIES</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#change"><FONT STYLE="font-size: 10pt; text-transform: uppercase; line-height: 106%"><B>Item
    5.06 Change in Shell Company Status</B></FONT></A></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; line-height: 106%">11</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#fin"><FONT STYLE="font-size: 10pt; text-transform: uppercase; line-height: 106%"><B>Item
    9.01 Financial Statements</B></FONT></A></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; line-height: 106%">f1-f17</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#exhibits"><FONT STYLE="font-size: 10pt; text-transform: uppercase; line-height: 106%">EXHIBITS
    </FONT></A></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; line-height: 106%">12</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#sig"><FONT STYLE="font-size: 10pt">SIGNATURES</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;
</FONT></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-3-</FONT></P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><A NAME="item101"></A>ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; background-color: white">On May 31, 2018, we, &ldquo;Photozou
Holdings, Inc.,&rdquo; also referred to herein as, &ldquo;the Company,&rdquo; entered into and consummated a Stock Purchase Agreement
(the &ldquo;Stock Purchase Agreement&rdquo;) with Koichi Ishizuka, our President, CEO, and Director. At the closing of the Stock
Purchase Agreement, Koichi Ishizuka transferred to the Company, 10,000 shares of common stock of Photozou Koukoku Co., Ltd., a
Japan corporation (&ldquo;Photozou Koukoku&rdquo;), which represented all of its issued and outstanding shares, in consideration
of 1,000,000 JPY ($9,174 USD as of the exchange rate May 31, 2018). The Company has since gained a 100% interest in the issued
and outstanding shares of Photozou Koukoku&rsquo;s common stock and Photozou Koukoku is now a wholly owned subsidiary of the Company.
The Company and Photozou Koukoku were under common control at the time of the acquisition.</P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><A NAME="item201"></A>ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF
ASSETS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Effective May 31, 2018, &ldquo;the Company&rdquo;, Photozou
Holdings, Inc., and Mr. Koichi Ishizuka consummated a Stock Purchase Agreement for Photozou Koukoku Co., Ltd., and Photozou Koukoku
became a 100% wholly-owned subsidiary of the Company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Photozou Koukoku Co., Ltd. was
incorporated under the laws of Japan on March 14, 2017. Currently, Photozou Koukoku is headquartered in Tokyo, Japan.
The Company offers advertising services and  sells cameras  on consignment.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-4-</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 10 DISCLOSURE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">As disclosed elsewhere in this
report, the Company completed a Stock Purchase Agreement, which caused the Company to cease being defined as a &ldquo;shell company&rdquo;</FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">under
the Securities Act of 1933, as amended. Item 2.01(f) of Form 8-K requires that if a registrant was a shell company, immediately
before the transaction disclosed under Item 2.01, then the registrant must disclose the information that would be required if the
registrant were filing a general form for registration of securities on Form 10. Accordingly, we are providing below the information
that would be included in a Form 10 if we were to file a Form 10. Please note that the information provided below relates to the
combined enterprises after the closing of the Stock Purchase Agreement, except that information relating to periods prior to the
date of the Stock Purchase Agreement only relates to the Company, unless otherwise specifically indicated.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U><A NAME="bus"></A>BUSINESS INFORMATION</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><B>*</B>Following our acquisition,
as detailed on page 4, we now operate exclusively through our wholly owned subsidiary Photozou Koukoku Co., Ltd.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>Photozou Koukoku - Business Information</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">Photozou Koukoku was incorporated
under the laws of Japan on March 14, 2017. Currently, Photozou Koukoku is headquartered at 4-30-4F, Yotsuya, Shinjuku-ku,
Tokyo, 160-0004, Japan. Photozou Koukoku&rsquo;s office space is provided rent free by our Chief
Executive Officer, Koichi Ishizuka.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">Photozou Koukoku Co., Ltd.&rsquo;s
business operations are primarily focused around the sale of used cameras sold through the
website http://kaitori.photozou.jp/, and online advertising  through various channels. On April 17, 2017,
Photozou Koukoku obtained a license to operate as a used goods merchant in Japan.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Background of Operations - Sale of
Cameras</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Photozou Koukoku deals mainly in high-class digital
single lens reflex cameras produced by  well known Japanese camera makers, e.g. Canon, Nikon, Fujifilm, etc. The used camera
industry in Japan is a multi billion dollar industry and cameras made in Japan have worldwide appeal and recognition. The
Company believes that due to the high quality of cameras created by Japanese camera makers that these will be the most
appealing products to offer to the Japanese market. However, should market trends shift and the demand for cameras of other
companies see a surge in popularity then Photozou Koukoku may consider the possibility of acquiring and reselling cameras by
other manufacturers.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Purchasing</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Photozou Koukoku primarily purchases used cameras
from individual consumers in Japan. Photozou Koukoku&rsquo;s supporting website at http://kaitori.photozou.jp/ can be used
by interested parties to access pertinent information relating to selling their cameras. For example, there is a section of
the website which discloses a price list by product. Through the website they can also request an estimate, review
Photozou Koukoku&rsquo;s procedure for purchasing cameras and fill out an application to sell their camera. Currently,
Photozou Koukoku has hired, as an independent contractor, Mr. Takaharu Ogami to handle the entirety of all purchasing and
selling activities of Photozou Koukoku&rsquo;s camera business. Relating to his services to Photozou Koukoku, Mr. Takaharu is
paid a monthly fee.  The Company considers the sale of the cameras as being sold on consignment through Mr. Ogami&rsquo;s
efforts because he is responsible for the sale and shipping of the cameras at the expense of Photozou Koukoku. Photozou
Koukoku is the legal owner of the camera(s) until the point of sale to the purchaser or purchaser(s).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Inventory</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">As of February 28, 2018, the
Company held inventory comprised solely of used cameras in the amount of $19,069.</FONT><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Selling</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Photozou Koukoku sells used cameras to individual
consumers through the supporting website at http://kaitori.photozou.jp/. Visitors to the site can view Photozou
Koukoku&rsquo;s  current inventory which  includes the specific brand and features of the cameras offered for
sale. Additionally, from time to time cameras   are sold online utilizing Yahoo auctions. Cameras are then shipped to the
purchaser for a fee that is determined at a later date, and may differ on a case by case basis depending on the type of camera
and method of delivery. In addition, Photozou Koukoku sells cameras to distributors through the sales efforts of Mr.
Ogami.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Photozou Koukoku plans to expand its target customers to
outside of Japan and intends to continuously evaluate the possibility of selling cameras directly to additional distributors. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Advertising Services</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">At present, Photozou Koukoku conducts two types of
advertising services. These services include managing  online photo contests and web advertising  services
specifically geared toward advertisements that are placed on what is known as &ldquo;The Photozou-Social Networking
Service.&rdquo; The aforementioned is a social networking website, primarily for photo sharing. Its web address can be
found here: http://photozou.jp/?lang=en. The online social networking website is owned entirely by Photozou Co., Ltd., a
Japan Corporation,  which our CEO and Director, Koichi Ishizuka, also owns and controls in its entirety. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Herein, we may refer to the aforementioned social
networking website as &ldquo;the Photozou-SNS&rdquo;, &ldquo;SNS&rdquo;, &ldquo;the website&rdquo; or &ldquo;the social
networking site.&rdquo; </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Photozou Koukoku  develops banner ads for third
party companies and  subsequently assists those clients with having those advertisements placed on the Photozou-SNS. Fees
are determined on a case by case basis and vary depending on whether or not Photozou Co., Ltd contracts Photozou Koukoku to work with a pre-existing client, or if Photozou Koukoku obtains the client on their own accord.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">It is possible that the Company will expand into offering additional online advertising services, and
will create advertisements in forms other than banner ads, but no such plans have been fully developed at this point in time.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">As mentioned above the Company also manages and
operates photo contests that take place on the SNS. The photo contests are funded by third parties and are used as a way to
promote and advertise the business operations of the third party companies hosting the photo contest(s), through the social
networking site. Fees for this service are also on a case by case basis and vary depending on whether or not Photozou Co.,
Ltd contracts Photozou Koukoku to work with a pre-existing client, or if Photozou Koukoku obtains the client on their own
accord.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The typical model for photo contest(s) follows
several steps. Initially the photo contest, and any applicable themes and guidelines, are  announced on the Photozou-SNS
(which has more than 7 million  registered users). Secondly, the participants  have about two to three months  to submit
their photographs to the photo contest. Subsequently, the photographs will be judged on certain criteria depending on the
type of contest and then the announcement of results (winners) will take place on Photozou-SNS. In order to attract
individuals to take part in the photo contest incentives like prizes are offered. The prizes differ on a case by case basis
but may consist of a combination of cash, gift cards, or other goods.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Currently, Photozou Koukoku manages and operates the
&ldquo;Wi-Ho Photo Contest&rdquo; sponsored by Telecom Square Taiwan, Inc.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Promotional activity</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Our CEO, Koichi Ishizuka has verbally consented that we
may utilize the SNS to promote and advertise our own services.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">We believe there to be a clear synergy between
the operations of Photozou Koukoku and the Photozou-SNS, as Photozou-SNS is a website where users can upload and share
pictures taken with their cameras. It is our belief that many individuals who are sharing, browsing and evaluating
photographs online will have an interest in purchasing cameras for personal use and potentially to upload more photos on the
website. They may also potentially own a business that seeks to run a photo contest via the SNS which we may benefit from
should they decide to do so.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Future Plans</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Over the next three months we, Photozou Koukoku,
plan to develop our website further and begin  advertising our inventory on Photozou-SNS. Additionally,  we intend   to
increase our current level of inventory comprised of used cameras.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Subsequently, and over the next six months, we plan to
increase the number of distributors and individual customers to whom we are directly selling used cameras.
Additionally, there are plans, which are not fully developed, to expand the business and explore foreign markets.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-5-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"></FONT></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U><A NAME="risk"></A>RISK FACTORS</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">An investment in our common stock is highly speculative,
and should only be made by persons who can afford to lose their entire investment in us. You should carefully consider the following
risk factors and other information in this report before deciding to become a holder of our common stock. If any of the following
risks actually occur, our business and financial results could be negatively affected to a significant extent.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>We only have one officer and director, Koichi Ishizuka,
and should we lose his services for any reason our business would be adversely affected.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Due to the fact that our Company, at present, only has one
Executive Officer, should we lose his services our business operations would be adversely affected and, most likely, we would be
forced to cease or suspend all operations.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>At present the Company relies on Mr. Takaharu Ogami for
all purchasing and selling activities. Should we lose his services, we would have to restructure the entirety of our used camera
operations.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Currently all purchasing of used inventory, and subsequent
selling of used inventory, is handled by Takaharu Ogami, with whom we have signed an agreement for him to act as an independent
contractor. As we have delegated the entire used camera portion of our business operations to Mr. Ogami, should we lose his services
as an independent contractor we would be forced to entirely overhaul our used camera business and seek another arrangement for
the purchase and subsequent sale of used cameras.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>At present we are supplied office and storage space free
of charge by our Chief Executive Officer. However, should he no longer offer us this space, or alternatively should he decide to
charge rent for the space, our operations could be adversely affected.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The Company is provided storage and office space rent free
by our Chief Executive Officer Mr. Koichi Ishizuka. However, Mr. Ishizuka is under no obligation to continue to provide the Company
this office and storage space rent free, or to provide this space to the Company at all. In the event that Mr. Ishizuka decides
to charge rent for this space, we would either have to pay the rent or find an alternative location from which to conduct business.
Also, in the event Mr. Ishizuka decides to no longer offer this space to the Company at all, we would have no choice but to relocate
and find other office and storage space from which to carry out our operations.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Our used camera business is entirely dependent upon how
many used cameras we are able to purchase from consumers. In the event we are not able to obtain used cameras in significant quantities,
our business could be materially affected.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Given the fact that we rely entirely on purchasing used cameras
from individual consumers, for the used camera portion of our business, there can be no assurances as to how many cameras we will
have in stock at any point in time. The number of cameras we are able to purchase could vary based on a great many factors including,
but not limited to, how many individuals are looking to sell used cameras in Japan, competition we may face from other used camera
purchasers, general demand for cameras. Given that we cannot accurately predict how many used cameras we will be able to acquire
in a given fiscal year, it is difficult to forecast the results of our operations.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Our marketing plans, at present, rely entirely on business
connections and advertising on the Photozou-SNS. Should this prove ineffective, we may be forced to alter our marketing plans significantly.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">At present, our marketing plans are limited to personal relationships
that our Chief Executive Officer or independent contractor may have as well as advertising on the Photozou-SNS. In the event that
we are not able to generate significant interest in our operations from either, or both, of these advertising methods then we may
be forced to alter our marketing plan substantially. In the event that we cannot do so adequately, the material results of our
business could suffer.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>In the absence of revenue, we may be forced to rely on
additional funding from Photozou Co., Ltd.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
present, we have not generated enough revenue to carry out our operations for any length of time. As of February 28, 2018 we have
already borrowed $35,341 </FONT><FONT STYLE="font-size: 8pt"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">from
Photozou Co., LTD. which is owned by our Chief Executive Officer, Mr. Koichi Ishizuka, and the total amount is due on demand and
non-interest binding. Photozou Co., LTD. is under no obligation to continue to provide us with funding. In the event that we require
additional funding, and Photozou Co., LTD. does not agree to provide us with additional capital, we may be forced to find alternative
methods of financing or our business operations could be adversely affected and we may be forced to cease operations entirely.</FONT></P>





<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Our advertising services are limited to creating advertisements
on the Photozou-SNS. Should anything happen to the Photozou-SNS that would limit our ability to create advertisements on the platform,
our business could be affected.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The advertising services we offer to independent third parties
comprise banner advertisements that can be displayed on the Photozou-SNS. In the event that we are no longer able to create advertisements
on this platform for any reason at all, including, but not limited to, the SNS becoming unavailable, a shift in the functions of
the website, a fundamental change in their policies, etc. then we would no longer be able to offer the same advertising services.
We would be forced to reevaluate and change our advertising services or, in a worst case scenario, suspend our efforts to offer
advertising entirely.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Should we fail to attract interest in the photo contests
we will set up for third parties, on the Photozou-SNS, then we may have difficulty attracting additional clients to utilize this
service.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">A portion of our advertising services are comprised of organizing
and conducting photo contests on the Photozou-SNS. In the event that we are not able to attract enough participants to the photo
contests, then third parties may not see our photo contests as a valuable method of advertisement for them/their company. In the
event that we cannot generate enough publicity or interest in these contests, we may be forced to suspend them entirely or rework
them in a manner that is appealing to the public and encourages participation.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-6-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="man"></A>MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION<BR>
AND RESULTS OF OPERATIONS FOR PHOTOZOU KOUKOKU CO., LTD.</B></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">At present, the Company has an agreement with Mr.
Takaharu Ogami,whereas Mr. Ogamito, will handle all aspects of Photozou Koukoku&rsquo;s busines activities relating to the
buying and selling of used cameras on our behalf. We currently manage and operate the &ldquo;Wi-Ho Photo Contest&rdquo;
sponsored by Telecom Square Taiwan. In the future we seek to manage further contests of the same sort.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As mentioned in our business plan we also offer advertising
services whereas we assist third party companies with the creation of advertisements to be placed on
the Photozou-SNS. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Over the next three months we plan to further develop the company&rsquo;s
website at http://kaitori.photozou.jp/ and begin promoting inventory on Photozou-SNS. Additionally, we intend to increase the number
of cameras purchased from individuals to increase inventory. Subsequently, and over the next six months, we plan to increase the
number of distributors and individual customers to whom we directly sell used cameras.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For the period from March 14, 2017 (Inception) through May 31, 2017
the company experienced a net loss in the amount of $13,724. Additionally, we generated total revenues in the amount of $5,953
with a cost of revenue totaling $441. The majority of our revenues thus far have been comprised of advertising services that we
have provided to customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For the three months ended February 28, 2018 the company   had
net income in the amount of $1,086. Additionally, for the three months ended February 28, 2018 we generated total revenues
in the amount of $203,277 with a cost of revenue totaling $175,358. The majority of our revenues for the three month period
ending February 28, 2018 were comprised of the sale of used cameras sold under consignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For the nine months ended February 28, 2018 the company had
a net loss in the amount of $13,493. Additionally, for the nine months ended February 28, 2018 we generated total revenues in the
amount of $355,304 with a cost of revenue totaling $301,511. The majority of our revenues for the nine month period ending February
28, 2018 were comprised of the sale of used cameras sold under consignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We had cash and cash equivalents of $2,378 and inventory of $19,069
as of February 28, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As of May 31, 2017, the Company held inventory comprised solely
of used cameras in the amount of $17,260.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As of February 28, 2018, the Company held inventory comprised solely
of used cameras in the amount of $19,069.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-7-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="security"></A><B><A NAME="SEC"></A>SECURITY OWNERSHIP
OF CERTA<FONT STYLE="font-size: 10pt">IN BENEFICIAL OWNERS AND MANAGEMENT</FONT></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">As of May 31, 2018 the Company
had 8,000,000 shares of common stock and no shares of preferred stock issued and outstanding, which number of issued and outstanding
shares of common stock and preferred stock have been used throughout this report.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Note:</B> Pursuant to our
Registration Statement deemed effective on June 20, 2017, we, &ldquo;the Company,&rdquo; sold a total of 3,037,300 shares of our
common stock. The proceeds totaled $75,933. These shares were sold pursuant to Rule 419. The monies generated from the aforementioned
capital raise were to be used to attempt to make an acquisition. We did not however, make an acquisition in the allotted time
granted by Rule 419 therefore, o</FONT>n May 8, 2018, we conducted  a stock cancellation of above 3,037,300 shares and
the total funds of $75,933 were returned to investors.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="width: 40%; border-top: black 1.5pt solid; border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>Name
    and Address of Beneficial Owner</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1.5pt solid; border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>Shares
    of Common Stock Beneficially Owned</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; border-top: black 1.5pt solid; border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>Common
    Stock Voting Percentage Beneficially Owned</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; border-top: black 1.5pt solid; border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>Voting
    Shares of Preferred Stock </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; border-top: black 1.5pt solid; border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>Preferred
    Stock Voting Percentage Beneficially Owned</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: black 1.5pt solid; border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>Total
    Voting Percentage Beneficially Owned (1)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>Executive
    Officers and Directors</B></FONT></TD>
    <TD STYLE="font-size: 12pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 12pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 12pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 12pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Koichi
    Ishizuka (1)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">0.00%</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">none</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">0.00%</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>5%
    or greater shareholders</B></FONT></TD>
    <TD STYLE="font-size: 12pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 12pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 12pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 12pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Photozou,
    Co., Ltd. (2)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">8,000,000</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100<FONT STYLE="line-height: 106%">%</FONT></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">none</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">100.00%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(1) Koichi Ishizuka is the
President, CEO and Director of the Company.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(2) Mr. Koichi Ishizuka owns
100% of the issued and outstanding shares of Photozou, Co., Ltd.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Beneficial
ownership has been determined in accordance with Rule 13d-3 under the Exchange Act. Under this rule, certain shares may be deemed
to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of
the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire shares
(for example, upon exercise of an option or warrant) within 60 days of the date as of which the information is provided. In computing
the percentage ownership</FONT> of any person, the amount of shares is deemed to include the amount of shares beneficially owned
by such person by reason of such acquisition rights. As a result, the percentage of outstanding shares of any person as shown
in the following table does not necessarily reflect the person&rsquo;s actual voting power at any particular date.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><A NAME="dir"></A>DIRECTORS
AND EXECUTIVE OFFICERS</B></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-size: 10pt">Our
executive officers and directors, after completion of the Stock Purchase Agreement, are as follows:</FONT></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-size: 10pt">Photozou
Holdings, Inc.</FONT></P>

<P STYLE="font: 1pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%"><P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></P></TD>
    <TD STYLE="width: 61%"><P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>Position</B></FONT></P></TD>
    <TD STYLE="width: 11%"><P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>Age</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Koichi Ishizuka</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer,
    Chief Financial Officer, President, Director, Secretary, and Treasurer</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; background-color: white">Photozou Koukoku Co., Ltd</P>



<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 1pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%"><P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></P></TD>
    <TD STYLE="width: 61%"><P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>Position</B></FONT></P></TD>
    <TD STYLE="width: 11%"><P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>Age</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Koichi Ishizuka</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President, Chief Executive
    Officer and Director</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;<B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B><U>Koichi Ishizuka</U></B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">In 2004 Mr. Koichi Ishizuka graduated with his MBA from the
University of Aoyama Gakuin. Several years later in 2011 he graduated from the Advanced Management Program at Harvard School of
Business. Following Mr. Ishizuka&rsquo;s formal education, he took a position as the head of marketing with Thomson Reuters, a
mass media and information firm. Thereafter, he served as the CEO of Xinhua Finance Japan in 2006, Fate Corporation in 2008, and
LCA Holdings., Ltd in 2009. Currently, Mr. Ishizuka serves as the Chief Executive Officer of OFF Line Co., Ltd., Photozou Co.,
Ltd., Photozou Holdings, Inc., and Photozou Koukoku Co., Ltd.. He has held the position of CEO with OFF Line Co., Ltd. Since 2013,
Photozou Co., Ltd since 2016, Photozou Holdings, Inc since 2017 and Photozou Koukoku Co., Ltd. since 2017.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-8-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="exec"></A><B><A NAME="EXEC"></A>EXECUTIVE COMPENSATION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Summary
Compensation for Photozou Koukoku Co., Ltd.:</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
table below summarizes all compensation awarded to, earned by, or paid to the officers and directors of Photozou Koukoku Co.,
Ltd. for the year ended November 30, 2017.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="border-bottom: black 1.5pt solid; padding-right: 9.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUMMARY
    COMPENSATION TABLE</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name
                                         and</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">principal
        position</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; padding-right: 0.75pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Salary</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($)</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Bonus</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($)</FONT></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Stock</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Awards</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($)</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Option</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Awards</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($)</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-Equity</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Incentive
        Plan</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Compensation</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($)</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nonqualified</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Compensation</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Earnings
        ($)</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                         Other</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Compensation</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($)</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($)</FONT></P></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Koichi
                                    Ishizuka</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.75pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief
        Executive Officer, Director</FONT></P></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Stock
Option Grants</U></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Photozou
Koukoku has not granted any stock options to our executive officers since our incorporation.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Employment
Agreements</U></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Photozou
Koukoku does not have an employment or consulting agreement with any officers or Directors.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Summary
Compensation for Phot</B></FONT><B>ozou Holdings, Inc.:</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 107%; width: 23%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name and principal position (a)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>As of November 30, (b)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Salary ($) (c)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Bonus ($) (d)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Stock Awards ($) (e)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Option Awards ($) (f)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non-equity
    incentive plan compensation ($) (g)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non-qualified
    deferred compensation earnings ($) (h)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>All
    other compensation ($) (i)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total
    ($) (j)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Koichi
    Ishizuka, Sole Officer and Director</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2016</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 107%; width: 23%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name
    and principal position (a)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>As
    of November 30 (b)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Salary
    ($) (c)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Bonus
    ($) (d)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Stock
    Awards ($) (e)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Option
    Awards ($) (f)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non-equity
    incentive plan compensation ($) (g)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non-qualified
    deferred compensation earnings ($) (h)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>All
    other compensation ($) (i)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total
    ($) (j)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Koichi
    Ishizuka, Sole Officer and Director</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2017</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="cer"></A><FONT STYLE="font-size: 10pt"><B>CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS FOR PHOTOZOU KOUKOKU CO., LTD.</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period ended February 28,
2018, Photozou Koukoku borrowed $44,602 from Photozou Co., Ltd., a Company controlled by Koichi Ishizuka, CEO. During the period
ended February 28, 2018, Photozou Koukoku repaid $30.937 to Photozou Co., Ltd.. The total due as of February 28, 2018 was $77,735
and is due on demand and non-interest bearing.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0">During the period ended February 28, 2018, the Company had
account receivable of $21,277 to Offline Co., Ltd., a Company controlled by Koichi Ishizuka, CEO. The total amount as of February
28, 2018 was $21,277.</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0">During the period ended February 28, 2018, the Company had revenue of $20,515 from Offline Co., Ltd., a Company controlled
by Koichi Ishizuka, CEO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 1, 2017, the Company purchased a camera trading website from Photozou Co., Ltd and recorded a historical carryover basis
of zero.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Photozou
Koukoku is headquartered at 4-30-4F, Yotsuya, Shinjuku-ku, Tokyo, 160-0004, Japan. Photozou Koukoku&rsquo;s office space is provided
rent free by our Chief Executive Officer, Koichi Ishizuka.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS FOR PHOTOZOU HOLDINGS, INC.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">During the year ended November 30, 2017,
our sole officer and director contributed additional paid in capital in the amount of $12,400 to fund operating expenses of which
$6,050 was paid directly on behalf of the Company for the year ended November 30, 2017 operating expenses and $6,350 was paid directly
on behalf of the Company for prior year accrued expenses.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">As of November 30, 2017, the Company had
$16,960 owed to Photozou Co., Ltd., a related party for&nbsp;payments paid directly to fund operations on behalf&nbsp;of the Company.
These are due on demand and bear no interest.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">As of February 28, 2018, the Company had $35,341 owed to Photozou Co., Ltd., a related party, of which $18,381 were for payments
paid directly to fund operations on behalf of the Company during the period February 28, 2018. These are unsecured, due on
demand and bear no interest.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">The Company utilizes the office space and
equipment of our management at no cost. Management estimates such amounts to be immaterial.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="legal"></A>LEGAL PROCEEDINGS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">From time to time, We, and our wholly owned subsidiary,
Photozou Koukoku, may become party to litigation or other legal proceedings that we consider to be a part of the ordinary
course of our business. We and or wholly owned subsidiary are not currently involved in legal proceedings that could
reasonably be expected to have a material adverse effect on our business, prospects, financial condition or results of
operations. We and our wholly owned subsidiary may become involved in material legal proceedings in the future.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-9-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><A NAME="recent"></A>RECENT SALES OF UNREGISTERED SECURITIES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">None.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><A NAME="description"></A>DESCRIPTION
OF SECURITIES</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/normal &quot; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/normal &quot; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: left; text-indent: 0px"><B>COMMON
STOCK</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/normal &quot; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: left; text-indent: 0px">Photozou
Holdings, Inc. is authorized to issue 500,000,000 shares of common stock, $0.0001 par value.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/normal &quot; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: left; text-indent: 0px">On
January 13, 2017, Thomas DeNunzio sold 8,000,000 shares of our restricted common stock, which represented all of our
issued and outstanding shares at the time, to Photozou Co., Ltd., a Japan Corporation. The shares were sold for an aggregate
purchase price of $100,000. Photozou Co., Ltd. is controlled by Koichi Ishizuka, a Japanese citizen. The aforementioned
shares were sold pursuant to Regulation S of the Securities Act of 1933, as amended ("Regulation S"). No directed selling
efforts were made in the United States.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/normal &quot; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: left; text-indent: 0px">Pursuant to our Registration Statement deemed effective on June 20, 2017, we, "the
Company," sold a total of 3,037,300 shares of our common stock. The proceeds totaled $75,933. These shares were sold pursuant
to Rule 419. The monies generated from the aforementioned capital raise were to be used to attempt to make an acquisition. We
did not however, make an acquisition in the allotted time granted by Rule 419 therefore, on May 8, 2018, we conducted a stock
cancellation of above 3,037,300 shares and the total funds of $75,933 were returned to investors.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/normal &quot; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: left; text-indent: 0px">As of the date of this filing, the
Company has 8,000,000 shares of $0.0001 par value common stock issued and outstanding held by Photozou Co., Ltd., a Company owned
and controlled entirely by Koichi Ishizuka, our sole officer and director.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/normal &quot; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: left; text-indent: 0px">Holders
of shares of Common Stock shall be entitled to cast one vote for each share held at all stockholders&rsquo; meetings for all purposes
including the election of directors. The Common Stock does not have cumulative voting rights.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/normal &quot; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: left; text-indent: 0.5in"></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/normal &quot; margin-top: 0; margin-bottom: 0; letter-spacing: normal; word-spacing: 0px; text-align: left">Our
sole director can not change the vote per share and or other rights of stockholders without consent.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/normal &quot; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: left; text-indent: 0px">The
Company has no current plans to either issue any preferred stock or adopt any series, preferences or other classification of preferred
stock.&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/normal &quot; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: left; text-indent: 0px"><B>PREEMPTIVE
RIGHTS</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/normal &quot; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: left; text-indent: 0px">No
holder of any shares of Photozou Holdings, Inc. stock has preemptive or preferential rights to acquire or subscribe for any unissued
shares of any class of stock or any unauthorized securities convertible into or carrying any right, option or warrant to subscribe
for or acquire shares of any class of stock not disclosed herein.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/normal &quot; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: left; text-indent: 0px"><B>NON-CUMULATIVE
VOTING</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/normal &quot; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: left; text-indent: 0px">Holders
of Photozou Holdings, Inc. common stock do not have cumulative voting rights, which means that the holders of more than 50.0%
of the outstanding shares, voting for the election of directors, can elect all of the directors to be elected, if they so choose,
and, in such event, the holders of the remaining shares will not be able to elect any directors.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/normal &quot; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: left; text-indent: 0px"><B>CASH
DIVIDENDS</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/normal &quot; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: left; text-indent: 0px">As
of the date of this prospectus, Photozou Holdings, Inc. has not paid any cash dividends to stockholders. The declaration of any
future cash dividend will be at the discretion of the Board of Directors and will depend upon earnings, if any, capital requirements
and our financial position, general economic conditions, and other pertinent conditions. The Company does not intend to pay any
cash dividends in the foreseeable future, but rather to reinvest earnings, if any, in business operations.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/normal &quot; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: left; text-indent: 0px">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/normal &quot; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: justify; text-indent: 0px"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-10-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><A NAME="item506"></A><A NAME="change"></A>ITEM 5.06. CHANGE IN SHELL COMPANY
STATUS<A HREF="#item506"></A></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Upon the closing of the Stock Purchase Agreement (as described
in Item 1.01 and 2.01, above), we ceased our status as a &ldquo;shell company,&rdquo; as defined in Rule 12b-2 under the Exchange
Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;).</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Additionally, in connection with the closing of the
Stock Purchase Agreement, the Company changed its business focus to that of Photozou Koukoku Co., Ltd. Photozou Koukoku
 offers advertising services and sells cameras on consignment.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Accordingly, we have set forth  herein the information,
including the information with respect to our new operations that would be required if we were filing a general form for
registration of securities on Form 10 under the Exchange Act.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-11-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>






<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><A NAME="fin"></A>ITEM 9.01. FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>*The Financial Statements for Photozou Holdings, Inc. are hereby incorporated by reference.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Audited
Financial Statements for Photozou Holdings, Inc., in regards to our last two fiscal years, can be found in our Form 10-K
filed on 2/13/18, which is publicly available on www.sec.gov</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Unaudited Financial
Statements for Photozou Holdings, Inc., in regards to our last quarter end filed with the SEC, can be
found in our Form 10-Q filed on 4/16/18, which is publicly available on www.sec.gov</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27.05pt; text-align: center; text-indent: -27.05pt"><B>PHOTOZOU
KOUKOKU CO., LTD.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27.05pt; text-align: center; text-indent: -27.05pt"><B>INDEX
TO FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 83%; text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 15%; line-height: 107%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Pages</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report of Independent Registered Public Accounting Firm</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 11.15pt; text-align: justify; line-height: 107%; text-indent: -9.7pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 11.15pt; text-align: justify; line-height: 107%; text-indent: -9.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance Sheet as of May 31, 2017</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 11.05pt; text-align: justify; line-height: 107%; text-indent: -11.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 11.05pt; text-indent: -11.05pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement of Operations and Comprehensive Loss for the period from March 14, 2017 (inception) to May 31, 2017</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 11.05pt; text-align: justify; line-height: 107%; text-indent: -11.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 11.05pt; text-align: justify; line-height: 107%; text-indent: -11.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement of Changes in Shareholders&rsquo; Deficit for the period from March 14, 2017 (inception) to May 31, 2017</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F5&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 11.05pt; text-align: justify; line-height: 107%; text-indent: -11.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 11.05pt; text-align: justify; line-height: 107%; text-indent: -11.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement of Cash Flows for the period from March 14, 2017 (inception) to May 31, 2017</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 11.05pt; text-align: justify; line-height: 107%; text-indent: -11.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Financial Statements</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F7-F9</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-F1-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt">Board of Directors and Stockholders</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 36.2pt 0 4.5pt">Photozou Koukoku Co., Ltd.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 36.2pt 0 4.5pt">Tokyo, Japan</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 36.2pt 0 4.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.2pt 0 4.5pt; text-align: justify">We have audited the accompanying
balance sheet of Photozou Koukoku Co., Ltd. (the &ldquo;Company&rdquo;) as of May 31, 2017, and the related statements of operations
and comprehensive loss, changes in stockholders&rsquo; deficit, and cash flows for the period from March 14, 2017 (Inception)
through May 31, 2017. These financial statements are the responsibility of the entity&rsquo;s management. Our responsibility is
to express an opinion on these financial statements based on our audit.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.2pt 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">We conducted our audit in
accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with auditing
standards generally accepted in the United States of America. Those standards require that we plan and perform an audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to
have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration
of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for
our opinion.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">In our opinion, the financial
statements referred to above present fairly, in all material respects, the financial position of Photozou Koukoku Co., Ltd. as
of May 31, 2017, and the results of its operations and its cash flows for the period from March 14, 2017 (Inception) through May
31, 2017, in conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">The accompanying financial
statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial
statements, the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial
doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note
3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 36.2pt 0 4.5pt"><I>/s/ MaloneBailey, LLP</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 36.2pt 0 4.5pt">www.malonebailey.com</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 36.2pt 0 4.5pt">Houston, Texas</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 36.2pt 0 4.5pt">December 19, 2017</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-F2-</P>

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<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PHOTOZOU KOUKOKU CO., LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BALANCE SHEET</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 68%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 25%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 31, 2017</FONT><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASSETS</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current Assets</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43,256</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,734</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable- trade</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">473</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventory</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,260</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL CURRENT ASSETS</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66,723</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL ASSETS</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66,723</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIABILITIES AND SHAREHOLDER'S DEFICIT</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current Liabilities</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts payable-trade</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,081</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to related party</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61,709</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">505</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred revenue</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,142</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL CURRENT LIABILITIES</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80,437</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL LIABILITIES</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80,437</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders' Deficit</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock (No par value, 100,000,000 shares authorized,</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000 shares issued and outstanding as of May 31, 2017)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated deficit</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(13,724)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated other comprehensive loss</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(77)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL SHAREHOLDERS' DEFICIT</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(13,714)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66,723</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See Accompanying Notes to Financial Statements.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-F3-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PHOTOZOU KOUKOKU CO., LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 19px; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 681px; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 29px; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the period from March 14, 2017 (Inception) through May 31, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from cameras sold</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">524</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service revenue</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,429</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total revenues</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,953</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenues</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">441</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross profit</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,512</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating Expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General and Administrative Expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,236</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Operating expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,236</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NET LOSS</B></FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(13,724)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Comprehensive Income</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign currency translation adjustment</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(77)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TOTAL COMPREHENSIVE LOSS</B></FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(13,801)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BASIC AND DILUTED NET LOSS PER COMMON SHARE</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(1.37)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See Accompanying Notes to Financial Statements.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-F4-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PHOTOZOU KOUKOKU CO., LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="12" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="12" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>FOR THE PERIOD FROM MARCH 14, 2017 (INCEPTION) THROUGH MAY 31, 2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 35%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 19%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">ADDITIONAL</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">OTHER</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">COMMON STOCK</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">PAID IN</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">COMPREHENSIVE</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">ACCUMULATED</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">NUMBER</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">AMOUNT</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">CAPITAL</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">INCOME</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(DEFICIT)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">TOTALS</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Common stock issued for cash on March 14, 2017 (Inception)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,000</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">87</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">87</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net loss for the period</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13,724)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;(13,724)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Foreign currency translation</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;(77)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 8pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;(77)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance May 31, 2017</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,000</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">87</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;(77)</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13,724)</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;(13,714)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="12" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accompanying&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Notes to Financial Statements.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-F5-</P>

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<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PHOTOZOU KOUKOKU CO., LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>STATEMENT OF CASH FLOWS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 78%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the period from&nbsp;March 14, 2017&nbsp;(Inception)&nbsp;through&nbsp;May 31, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CASH FLOWS FROM OPERATING ACTIVITIES</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(13,724)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments to reconcile net loss to net cash used in operating activities:</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in operating assets and liabilities:</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-indent: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(5,734)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-indent: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable- trade</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(473)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-indent: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred revenue</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,142</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-indent: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventory</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(17,260)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-indent: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts payable- trade</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,081</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-indent: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">505</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net cash used in operating activities</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(18,463)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CASH FLOWS FROM FINANCING ACTIVITIES</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds from due to related party</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61,709</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock issued for cash</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net cash provided by financing activities</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61,796</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net effect of exchange rate changes on cash</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(77)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Change in Cash and Cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43,256</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents - beginning of period</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents - end of period</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43,256</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUPPLEMENTAL&nbsp;&nbsp;DISCLOSURES OF CASH FLOW INFORMATION</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest paid</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income taxes paid</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">See Accompanying Notes to Financial Statements.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-F6-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PHOTOZOU KOUKOKU CO., LTD.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FOR THE PERIOD FROM MARCH 14, 2017
(INCEPTION) THROUGH MAY 31, 2017</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27.05pt; text-align: justify; text-indent: -27.05pt; color: red">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 1 - ORGANIZATION AND DESCRIPTION
OF BUSINESS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Photozou Koukoku Co., Ltd. (the &ldquo;Company&rdquo;),
a growth company, was incorporated under the laws of Japan on March 14, 2017.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Currently, the Company is headquartered
in Tokyo, Japan and its primary business is the sale of used cameras and online advertising services.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company elected May 31st as its
fiscal year end.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>BASIS OF PRESENTATION AND USE OF
ESTIMATES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The presentation of financial statements
in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial
statements and the reported amounts of income and expenses during the reporting periods. The most significant estimates and assumptions
made by management include going concern, valuation allowance on deferred income tax, inventory obsolescence and sales allowance.
Operating results in the future could vary from the amounts derived from management's estimates and assumptions.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>FAIR VALUE OF FINANCIAL INSTRUMENTS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company follows ASC 820, &ldquo;Fair
Value Measurements and Disclosures&rdquo;, which defines fair value as the exchange price that would be received for an asset or
paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly
transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes
between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs)
and (2) an entity&rsquo;s own assumptions about market participant assumptions developed based on the best information available
in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority
to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable
inputs (Level 3). The three levels of the fair value hierarchy are described:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: MS PGothic,sans-serif">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Level
1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or
liabilities.</FONT></P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: MS PGothic,sans-serif">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Level
2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar
assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability
(e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or
other means.</FONT></P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: MS PGothic,sans-serif">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Level
3 - Inputs that are both significant to the fair value measurement and unobservable.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">For certain of the Company&rsquo;s financial
instruments, including cash and cash equivalents, prepaid expenses and other current assets, deferred tax assets, accrued expenses
and other current liabilities, the carrying amounts approximate fair values due to their short maturities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Transactions involving related parties
cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings
may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions
were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.
It is not, however, practical to determine the fair value of amounts due from/to related parties due to their related party nature.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>RELATED PARTY TRANSACTION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for related party
transactions in accordance with ASC 850 (&quot;Related Party Disclosures&quot;). A related party is generally defined as (i) any
person that holds 10% or more of the Company's securities and their immediate families, (ii) the Company's management, (iii) someone
that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly
influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when
there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties
in the ordinary course of business.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Transactions involving related parties
cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings
may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions
were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>CASH
EQUIVALENTS</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considers all highly liquid
investments with maturities of three months or less at the time of purchase to be cash equivalents.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.05pt"><B>ACCOUNTS RECEIVABLE
AND CREDIT POLICIES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Accounts receivable are recognized and
carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made
when collection of the full amount is no longer probable. Bad debts are written off as incurred. If there is a claim for a defect
of product after within four days after arrival of goods, the Company shall accept a goods return.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>INVENTORY</B></FONT><FONT STYLE="font-size: 10.5pt">&nbsp;</FONT></P>

<P STYLE="font: 10.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventory, consisting of used cameras,
are primarily accounted for using the specific identification method, and are valued at the lower of cost or market value. This
valuation requires the Company to make judgments, based on currently-available information, about the likely method of disposition,
such as through sales to individual customers, returns to product vendors, or liquidations, and expected recoverable values of
each disposition category.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of May 31, 2017, the Company held
inventory comprised solely of used cameras in the amount of $17,260.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-F7-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>FOREIGN CURRENCY TRANSLATION</B></P>

<P STYLE="font: 10pt/10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company maintains its books and
record in its local currency, Japanese YEN (&ldquo;JPY&rdquo;), which is a functional currency as being the primary currency of
the economic environment in which its operation is conducted. Transactions denominated in currencies other than the functional
currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary
assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency
using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements
of operations.&nbsp;</P>

<P STYLE="font: 10pt/10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The reporting currency of the Company
is the United States Dollars (&ldquo;US$&rdquo;) and the accompanying consolidated financial statements have been expressed in
US$. In accordance with ASC Topic 830-30, &ldquo;Translation of Financial Statement&rdquo;, assets and liabilities of the Company
whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses
are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements
are recorded as a separate component of accumulated other comprehensive income within the statements of shareholders&rsquo; equity.</P>

<P STYLE="font: 10pt/10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Translation of amounts from the local
currency of the Company into US$1 has been made at the following exchange rates:</P>

<P STYLE="font: 10pt/10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 73%; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 27%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 31, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current JPY: US$1 exchange rate</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">110.75</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average JPY: US$1 exchange rate</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.40</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>COMPREHENSIVE INCOME OR LOSS</B></P>

<P STYLE="font: 10pt/10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ASC Topic 220, &ldquo;Comprehensive
Income&rdquo;, establishes standards for reporting and display of comprehensive income or loss, its components and accumulated
balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources. Accumulated
comprehensive income, as presented in the accompanying consolidated statements of shareholders&rsquo; equity consists of changes
in unrealized gains and losses on foreign currency translation.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REVENUE
RECOGNITION</B></FONT><FONT STYLE="font-family: Century,serif; font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AND
DEFERRED REVENUE</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company applies paragraph 605-10-S99-1
of the FASB Accounting Standards Codification for revenue recognition. The Company will recognize revenue when it is realized or
realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met:
(i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer,
(iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. The Company provides the warranty
for the delivery of its service. If the Company cannot deliver its service to customers successfully, the Company retry its operation
until the delivery is completed.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In case of the service for the photo
contest, the Company applies the percentage of completion method and unfinished part of collected cash is accounted as a deferred
revenue.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue for used cameras is recognized
when the cameras are delivered to the customer.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>NET
LOSS PER COMMON SHARE</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Net income per common share is computed
pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net
loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed
by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock
during each period. There were no potentially dilutive shares outstanding as of May 31, 2017.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>CONCENTRATION OF CREDIT RISKS</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments that potentially
expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The
Company places its cash and cash equivalents with financial institutions. The Company does not require collateral or other security
to support financial instruments subject to credit risks. With respect to trade receivables, the Company routinely assesses the
financial strength of its customers and, as a consequence, believes that the receivable credit risk exposure is limited.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/10.6pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>RECENT ACCOUNTING PRONOUNCEMENTS</B></P>

<P STYLE="font: 10pt/10.6pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/10.6pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2017, the FASB issued ASU
2017-03,&nbsp;<I>&ldquo;Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures
(Topic 323)&rdquo;.&nbsp;</I>This pronouncement amends the SEC&rsquo;s reporting requirements for public filers in regard to new
accounting pronouncements or existing pronouncements that have not yet been adopted. Companies are to provide qualitative disclosures
if they have not yet implemented an accounting standards update. Companies should disclose if they are unable to estimate the impact
of a specific pronouncement, and provide disclosures including a description of the effect on accounting policies that the registrant
expects to apply. These provisions apply to all pronouncements that have not yet been implemented by registrants. There are additional
provisions that relate to corrections to several other prior FASB pronouncements. The Company has incorporated language into other
recently issued accounting pronouncement notes, where relevant for the corrections in FASB ASU 2017-03. The Company is implementing
the updated SEC requirements on not yet adopted accounting pronouncements with these consolidated financial statements.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">In September 2017, the FASB has issued Accounting Standards
Update (ASU) No. 2017-13, &ldquo;Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic
840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting
and Rescission of Prior SEC Staff Announcements and Observer Comments.&rdquo; The amendments in ASU No. 2017-13 amends the early
adoption date option for certain companies related to the adoption of ASU No. 2014-09 and ASU No. 2016-02. Both of the below entities
may still adopt using the public company adoption guidance in the related ASUs, as amended. The effective date is the same as the
effective date and transition requirements for the amendments for ASU 2014-09 and ASU 2016-02</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 3 - GOING CONCERN</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying financial statements
are prepared on a basis of accounting assuming that the Company is a going concern that contemplates realization of assets and
satisfaction of liabilities in the normal course of business. The Company is in the early stage of operations and has net loss
from inception and negative cash flows. These factors raise substantial doubt about the Company&rsquo;s ability to continue as
a going concern. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If
the Company is unable to obtain revenue- producing contracts or financing or if the revenue or financing it does obtain is insufficient
to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities
through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders.&nbsp;However,
management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The accompanying
financial statements do not include any adjustments that might result from the outcome of this uncertainty.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-F8-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>NOTE 4 - STOCKHOLDER&rsquo;S EQUITY</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is authorized to issue 100,000,000
shares, no par value.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 14, 2016, the Company issued
10,000 shares of common stock to the Koichi Ishizuka, CEO in consideration for cash of 10,000 JPY ($87 USD).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 5 - RELATED-PARTY TRANSACTIONS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period May 31, 2017, the
Company borrowed $61,709 from Photozou Co., Ltd., a Company controlled by Koichi Ishizuka, CEO. The total due as of May 31, 2017
is $61,709 and is due on demand and non-interest bearing.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 1, 2017, the Company purchased
a camera trading website from Photozou Co., Ltd and record at historical carryover basis of zero.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period May 31, 2017, the
Company rented office space and storage space from the Company&rsquo;s officer free of charge.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOTE
6 - CONCENTRATION</B>&nbsp;</FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments, which potentially
subject the Company to concentrations of credit risk, consist primarily of purchases of inventory on consignment, accounts receivable
and revenue.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Concentration of Purchase</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period May 31, 2017, 85.7%
of the inventory is purchased from one supplier in the amount of $14,825.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Concentration of Revenue</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Net revenues from customers accounting
for 10% or more of total revenues are as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period May 31, 2017, 91.2%
of the revenue is generated from one customer in the amount of $5,429.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Concentration of Accounts Receivable</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company performs ongoing credit
evaluations of its customers and does not require collateral related to its accounts receivable. At May 31, 2017, accounts receivable
from one customer comprised 100% of the company&rsquo;s total accounts receivable.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 7 - COMMITMENTS AND CONTINGENCIES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 17, 2017, the Company entered
into an agreement with Telecom Square Taiwan, Inc. (the &ldquo;Telecom&rdquo;) whereas the Company will provide management services
for a photo contest in consideration of NTD 48,500 ($16,142 USD).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Term of contract</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The photo contests shall be held 4 times
and the Company shall host and manage the contests through April 30, 2018. The agreement to perform the aforementioned services
may be extended with the Telecom&rsquo;s consent. If the Company delays any service(s) without notice, the Company shall pay a
penalty.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Schedule of Services</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">1st Inspection &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June
19, 2017 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Degree of completion
25%</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">2nd Inspection &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September
18, 2017 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Degree of completion 50%</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">3rd Inspection &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December
18, 2017 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Degree of completion 75%</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">4th Inspection &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March
19, 2018 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Degree of completion 100%</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of May 31, 2017 no percentage was
completed.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 1, 2017, the Company entered
into a consignment agreement with Mr. Takahara Ogami, whereas he is to act as an independent contractor to Photozou Koukoku. The
services he is to provide include, but are not limited to, handling the operations of Photozou Koukoku's used camera retail business
through purchasing, selling and delivery of cameras by Mr. Ogami. He is compensated JPY 400,000 ($3,600) a month. Unless either
party expresses, in writing, their intention to terminate the agreement then it shall run another three months automatically.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The Company considers the sale of the cameras as being sold
on consignment through Mr. Ogami&rsquo;s efforts because he is responsible for the sale and shipping of the cameras at the expense
of Photozou Koukoku. Photozou Koukoku is the legal owner of the camera(s) until the point of sale to the purchaser or purchaser(s).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 8 - INCOME TAX</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company conducts its major businesses
in Japan and is subject to tax in this jurisdiction. As a result of its business activities, the Company files tax returns that
are subject to examination by the local tax authority.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">National income tax in Japan is charged
at 15% of a company&rsquo;s assessable profit. The Company was incorporated in Japan and is subject to Japanese national income
tax and city income tax at the applicable tax rates on the taxable income as reported in their Japanese statutory accounts in accordance
with the relevant enterprises income tax laws.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">For the period ended May 31, 2017, the
Company has incurred net losses and, therefore, has no tax liability. The net deferred tax asset generated by the loss carry forward
has been fully reserved. The cumulative net operating loss carry forward is approximately $13,724 as at May 31, 2017 and will expire
beginning in the year 2037.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The cumulative tax effect at the expected
rate of 25% of significant items comprising our net deferred tax amount is as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 72%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="width: 27%; border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 31, 2017</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax asset attributable to</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-indent: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net operating loss carryover</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,431</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation allowance</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,431)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net deferred tax assets</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 9 - SUBSEQUENT EVENTS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Subsequent to May 31, 2017, the Company
borrowed &nbsp;$17,927 from Photozou Co., Ltd., a Company controlled by Koichi Ishizuka, CEO. During the same period, the Company
repaid &nbsp;$24,915 to Photozou Co., Ltd.. The current balance of this loan is $53,826. The amounts borrowed are due on demand
and non-interest bearing.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; background-color: white">On December 18, 2017, Photozou
Holdings, Inc. (&ldquo;Photozou Holdings&rdquo;) entered into a Stock Purchase Agreement with Koichi Ishizuka, our President,
CEO, Director and majority owner. At the closing of the Stock Purchase Agreement (which is contingent upon a 80% reconfirmation
vote under Rule 419), Koichi Ishizuka will transfer to Photozou Holdings, 10,000 shares of the common stock of the Company, which
represents all of its issued and outstanding shares, in consideration of 6,900,000 JPY ($60,766 USD translated by the exchange
rate as of December 11, 2017) and Photozou Holdings will gain a 100% interest in the issued and outstanding shares of the Company&rsquo;s
common stock and the Company will become a wholly owned subsidiary of Photozou Holdings. The Company and Photozou Holdings were
under common control.&nbsp;</P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-F9-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>




<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27.05pt; text-align: center; text-indent: -27.05pt"><B>PHOTOZOU
KOUKOKU CO., LTD.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27.05pt; text-align: center; text-indent: -27.05pt"><B>INDEX
TO FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 81%; text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 15%; line-height: 107%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Pages</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 11.15pt; text-align: justify; line-height: 107%; text-indent: -9.7pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 11.15pt; text-align: justify; line-height: 107%; text-indent: -9.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance Sheets at February 28, 2018 and May 31, 2017 (Unaudited)</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F11</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 11.05pt; text-align: justify; line-height: 107%; text-indent: -11.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 11.05pt; text-indent: -11.05pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement of Operations and Comprehensive Loss for the three months ended February 28, 2018 &nbsp;(Unaudited)</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 11.05pt; text-align: justify; line-height: 107%; text-indent: -11.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 11.05pt; text-align: justify; line-height: 107%; text-indent: -11.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement of Cash Flows for the three months ended February 28, 2018 &nbsp;(Unaudited)</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 11.05pt; text-align: justify; line-height: 107%; text-indent: -11.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Financial Statements (Unaudited)</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F14</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-F10-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%"><B>PHOTOZOU KOUKOKU CO., LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="6" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%"><B>BALANCE SHEETS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="6" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%"><B>(UNAUDITED)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 51%; padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%; padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 19%; padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%; padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 19%; padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">February 28, 2018</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">May 31, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">ASSETS</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Current Assets</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Cash and cash equivalents </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">2,378 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">43,256 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Prepaid expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">992 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">5,734 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Accounts receivable - trade</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">8,860 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">473 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Accounts receivable - related party</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">21,277 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">- </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Inventories- consignment </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">19,069 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">17,260 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">TOTAL CURRENT ASSETS</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">52,576 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">66,723 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Property, plant and equipment</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Software</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">2,025 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">- </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Less accumulated depreciation and amortization</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">&nbsp;(270)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">- </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">TOTAL PROPERTY, PLANT AND EQUIPMENT</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">1,755 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">- </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Intangible assets</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">- </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">TOTAL ASSETS</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">54,331 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">66,723 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">LIABILITIES AND SHAREHOLDER'S DEFICIT</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Current Liabilities</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Accounts payable-trade</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">2,081 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Due to related party</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">77,735 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">61,709 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Accrued expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">602 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">505 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Deferred revenue</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">4,218 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">16,142 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">TOTAL CURRENT LIABILITIES</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">82,555 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">80,437 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">TOTAL LIABILITIES</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">82,555 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">80,437 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Shareholders' Deficit</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Common stock (No par value, 100,000,000 shares authorized, </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">10,000 shares issued and outstanding as of February 28, 2018 and May 31, 2017)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">87 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">87 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Accumulated deficit</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">&nbsp;(27,217)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">&nbsp;(13,724)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Accumulated other comprehensive loss</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">&nbsp;(1,094)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">&nbsp;(77)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">TOTAL SHAREHOLDERS' DEFICIT</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">&nbsp;(28,224)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 107%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">&nbsp;(13,714)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">54,331 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">66,723 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP COLSPAN="6" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">See Accompanying Notes to Unaudited Financial Statements.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-F11-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>PHOTOZOU KOUKOKU CO., LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="6" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="6" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>(UNAUDITED)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 59%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">For the three months </FONT></TD>
    <TD STYLE="width: 2%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">For the nine months </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">ended</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">ended</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">February 28, 2018</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">February 28, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Revenues</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Revenue from cameras sold</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">183,665 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">316,782 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Service revenue</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">7,069 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">18,007 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Revenue from related party</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">12,543</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">20,515</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Total revenues</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">203,277 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">355,304 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Cost of revenues</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">175,358 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">301,511 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Gross profit</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">27,919 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">53,793 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Operating Expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">General and Administrative Expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">26,833 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">67,286 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Total Operating expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">26,833 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">67,286 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>NET INCOME (LOSS)</B></FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">1,086 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(13,493)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Other Comprehensive Income</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Foreign currency translation adjustment</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(1,343)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(1,017)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>TOTAL
    COMPREHENSIVE LOSS</B></FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(257)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(14,510)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">BASIC
    AND DILUTED NET LOSS PER COMMON SHARE</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(0.03)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(1.45)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">WEIGHTED
    AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">10,000
    </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">10,000
    </FONT></TD></TR>
</TABLE>




<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">See
    Accompanying Notes to Unaudited Financial Statements.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">-F12-</FONT></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="#table">Table
of Contents</A></FONT></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>PHOTOZOU KOUKOKU CO., LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>STATEMENT OF CASH FLOWS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>(UNAUDITED)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 74%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 23%; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">For the nine months </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">ended</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">February 28, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">CASH FLOWS FROM OPERATING ACTIVITIES</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Net Loss</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(13,493)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Adjustments to reconcile net loss to net cash used in operating activities:</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-indent: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Depreciation and amortization expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">270 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Changes in operating assets and liabilities:</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-indent: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Prepaid expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">4,742 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-indent: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Accounts receivable- trade</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(8,387)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-indent: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Accounts receivable- related party</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(21,277)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-indent: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Deferred revenue</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(11,924)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-indent: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Inventories- consignment</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(1,809)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-indent: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Accounts payable and Accrued expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(1,984)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Net cash used in operating activities</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(53,862)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">CASH FLOWS FROM INVESTING ACTIVITIES</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Cash paid for purchase of software</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(2,025)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Net cash used in investing activities</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(2,025)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">CASH FLOWS FROM FINANCING ACTIVITIES</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Proceeds from due to related party</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">44,602 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Repayment of due to related party</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(30,937)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Net cash used in financing activities</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">13,665</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Net effect of exchange rate changes on cash</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">1,344 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Net Change in Cash and Cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">(40,878)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Cash and cash equivalents - beginning of period</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">43,256 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Cash and cash equivalents - end of period</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">2,378 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">SUPPLEMENTAL&nbsp;&nbsp;DISCLOSURES OF CASH FLOW INFORMATION</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Interest paid</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Income taxes paid</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">See Accompanying Notes to Unaudited Financial Statements.</FONT></TD></TR>
</TABLE>




<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-F13-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PHOTOZOU KOUKOKU CO., LTD.</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AS OF FEBRUARY 28, 2018</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(UNAUDITED)</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 27.05pt; text-indent: -27.05pt; color: red">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>NOTE 1 - ORGANIZATION, DESCRIPTION
OF BUSINESS, AND BASIS OF PRESENTATION</B></FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">Photozou Koukoku Co.,&nbsp;Ltd. (the &ldquo;Company&rdquo;),
a growth company, was incorporated under the laws of Japan on March 14, 2017.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">Currently, the Company is headquartered in Tokyo, Japan and
its primary business is the sale of used cameras and online advertising services.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">The Company elected May 31st as its fiscal year end.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/10.5pt Times New Roman, Times, Serif; margin: 0">Translation of amounts from the local currency of the Company
into US$1 has been made at the following exchange rates:</P>

<P STYLE="font: 10pt/10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 26%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">February 28, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Current JPY: US$1 exchange rate</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">106.67</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Average JPY: US$1 exchange rate</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">110.63</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><B>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><B>BASIS OF PRESENTATION AND USE OF ESTIMATES</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">The accompanying unaudited interim financial statements have
been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial
information and with the instructions to Regulation S-X. These unaudited interim financial statements do not include all of the
information required for full annual financial statements and should be read in conjunction with the Company&rsquo;s audited financial
statements for the period ended May 31, 2017, thereto contained herein this 8-K.</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">In the opinion of management, all adjustments consisting of
normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result
of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results
of operations for such interim periods are not necessarily indicative of operations for a full year.&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><B>NOTE 3 - GOING CONCERN</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">The accompanying financial statements are prepared on a basis
of accounting assuming that the Company is a going concern that contemplates realization of assets and satisfaction of liabilities
in the normal course of business. The Company is in the early stage of operations and has net loss from inception and negative
cash flows. These factors raise substantial doubt about the Company&rsquo;s ability to continue as a going concern. The Company
will offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain
revenue- producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating
losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic
alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders.&nbsp;However, management
cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The accompanying financial
statements do not include any adjustments that might result from the outcome of this uncertainty.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><B>NOTE 4 - RELATED-PARTY TRANSACTIONS</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">For the nine months ended February 28, 2018, the Company borrowed
$44,602 from Photozou Co., Ltd., a Company controlled by Koichi Ishizuka, CEO. For the nine months ended February 28, 2018, the
Company repaid $30,937 to Photozou Co., Ltd.. The total due as of February 28, 2018 was $77,735 and was due on demand and non-interest
bearing.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">For the nine months ended February 28, 2018, the Company had
account receivable of $21,277 to Offline Co., Ltd., a Company controlled by Koichi Ishizuka, CEO. The total amount as of February
28, 2018 was $21,277.</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0">For the nine months ended February 28, 2018, the Company had
revenue of $20,515 from Offline Co., Ltd., a Company controlled by Koichi Ishizuka, CEO.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">For the nine months ended February 28, 2018, the Company rented
office space and storage space from the Company&rsquo;s officer free of charge.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>NOTE 5 - CONCENTRATION</B>&nbsp;</FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">Financial instruments, which potentially subject the Company
to concentrations of credit risk, consist primarily of purchases of inventory on consignment, accounts receivable and revenue.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><B>Concentration of Purchases</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">For the nine months ended February 28, 2018, 100% of the purchase
of inventory of cameras was handled by Mr. Takaharu Ogami on consignment in the amount of $19,069.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><B>Concentration of Revenues</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">Net revenues from customers accounting for 10% or more of total
revenues are as follows:</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">For the nine months ended February 28, 2018, 85.6% of the revenue
from the sale of cameras was generated from two customers in the amount of $271,104. For the nine months ended February 28, 2018,
100% of the revenue from the sale of cameras was handled by Mr. Takaharu Ogami on consignment.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">For the nine months ended February 28, 2018, 84.0% of the service
revenue was generated from two customers in the amount of $32,358.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>NOTE 6 &ndash; COMMITMENTS&nbsp;</B></FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">On March 17, 2017, the Company entered into an agreement with
Telecom Square Taiwan, Inc. (the &ldquo;Telecom&rdquo;) whereas the Company will provide management services for a photo contest
in consideration of NTD 48,500 ($16,142).</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><U>Term of contract</U></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">The photo contests shall be held 4 times and the Company shall
host and manage the contests through April 30, 2018. The agreement to perform the aforementioned services may be extended with
the Telecom&rsquo;s consent. If the Company delays any service(s) without notice, the Company shall pay a penalty.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">Schedule of Services</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">1st Inspection &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June
19, 2017&#9;&#9;Degree of completion 25%</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">2nd Inspection &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September
18, 2017&#9;&#9;Degree of completion 50%</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">3rd Inspection &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December
18, 2017&#9;&#9;Degree of completion 75%</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">4th Inspection &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March
19, 2018&#9;&#9;Degree of completion 100%</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">As of May 31, 2017 no percentage was completed. As of February
28, 2018, 75% was completed.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">On May 1, 2017, the Company entered into a consignment agreement
with Mr. Takahara Ogami, whereas he is to act as an independent contractor to Photozou Koukoku. The services he is to provide include,
but are not limited to, handling the operations of Photozou Koukoku's used camera retail business through purchasing, selling and
delivery of cameras by Mr. Ogami. He is compensated JPY 400,000 ($3,600) a month. Unless either party expresses, in writing, their
intention to terminate the agreement then it shall run another three months automatically.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">The Company considers the sale of the cameras as being sold
on consignment through Mr. Ogami&rsquo;s efforts because he is responsible for the sale and shipping of the cameras at the expense
of Photozou Koukoku. Photozou Koukoku is the legal owner of the camera(s) until the point of sale to the purchaser or purchaser(s).</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><B>NOTE 7 - SUBSEQUENT EVENTS</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; background-color: white">On May 31, 2018, we, &ldquo;Photozou
Holdings, Inc.,&rdquo; also referred to herein as, &ldquo;the Company,&rdquo; entered into and consummated a Stock Purchase Agreement
(the &ldquo;Stock Purchase Agreement&rdquo;) with Koichi Ishizuka, our President, CEO, and Director. At the closing of the Stock
Purchase Agreement, Koichi Ishizuka transferred to the Company, 10,000 shares of common stock of Photozou Koukoku Co., Ltd., a
Japan corporation (&ldquo;Photozou Koukoku&rdquo;), which represented all of its issued and outstanding shares, in consideration
of 1,000,000 JPY ($9,174 USD as of the exchange rate May 31, 2018). The Company has since gained a 100% interest in the issued
and outstanding shares of Photozou Koukoku&rsquo;s common stock and Photozou Koukoku is now a wholly owned subsidiary of the Company.
The Company and Photozou Koukoku were under common control at the time of the acquisition.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-F14-</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt/106% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following unaudited pro forma consolidated financial statements are based on our historical consolidated financial statements
and Photozou Koukoku's historical financial statements as adjusted to give effect to December 18, 2017May 31, 2018 acquisition
of Photozou Koukoku. The unaudited pro forma consolidated balance sheet as of February 28, 2018 gives effect to the acquisition
of Photozou Koukoku as if it had occurred on February 28, 2018. The unaudited pro forma consolidated statements of operations
for the three months ended February 28, 2018 give effect to the acquisition of Photozou Koukoku as if it had occurred on December
1, 2017. The unaudited pro forma consolidated statements of operations for the year ended November 30, 2017 give effect to
the acquisition of Photozou Koukoku as if it had occurred on December 1, 2016. The pro forma combined financial statements
do not necessarily reflect what the combined company's financial condition or results of operations would have been had the
acquisition occurred on the dates indicated. They also may not be useful in predicting the future financial condition and
results of operations of the combined company. The actual financial position and results of operations may differ significantly
from the pro forma amounts reflected herein due to a variety of factors.</FONT></P>

<P STYLE="font: 11pt/106% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>





<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP COLSPAN="10" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>PHOTOZOU HOLDINGS, INC</B></FONT><FONT STYLE="font-size: 8pt; line-height: 106%">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>.</B></FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="10" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>(UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEETS)</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 52%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 18%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">PHOTOZOU</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">PHOTOZOU </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Consolidated</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">HOLDINGS,</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">KOUKOKU</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;INC.</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">CO., LTD.</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">February 28, 2018</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">February 28, 2018</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;Pro Forma </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;Pro Forma </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">(Unaudited)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">(Unaudited)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Adjustment</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Result</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">ASSETS</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%"><B>&#12288;</B></FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%"><B>&#12288;</B></FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%"><B>&#12288;</B></FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%"><B>&#12288;</B></FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%"><B>&#12288;</B></FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%"><B>&#12288;</B></FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%"><B>&#12288;</B></FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%"><B>&#12288;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Current Assets</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Cash and cash equivalents </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">75,933 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">2,378 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(60,766) </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">17,545 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Prepaid expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">992 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">992 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Accounts receivable - trade</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">8,860 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">8,860 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Accounts receivable - related party</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">21,277 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">21,277 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Inventories</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">19,069 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">19,069 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">TOTAL CURRENT ASSETS</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">75,933 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">52,576 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(60,766)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">67,743 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Property, plant and equipment</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Software</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%">-</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">2,025 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">2,025 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Less accumulated depreciation and amortization</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(270)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(270)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Intangible assets</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">TOTAL PROPERTY, PLANT AND EQUIPMENT</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">1,755 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">1,755 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">TOTAL ASSETS</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">75,933 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">54,331 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(60,766) </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">69,498 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">LIABILITIES AND SHAREHOLDERS&rsquo; DEFICIT</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%"><B>&#12288;</B></FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">CURRENT LIABILITIES:</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Due to related party</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">35,341 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">77,735 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">113,076 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Accrued expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">602 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">602 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Deferred income</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">4,218 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">4,218 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">TOTAL LIABILITIES</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">35,341 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">82,555 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">117,896 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">SHAREHOLDERS&rsquo; DEFICIT</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Preferred stock ($.0001 par value, 20,000,000 shares authorized;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;none issued and outstanding as of February 28, 2018)&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Common stock ($.0001 par value, 500,000,000 shares authorized, </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">11,037,300 shares&nbsp;issued and outstanding as of February 28, 2018)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">1,104 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">1,104 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Common stock (No par value, 100,000,000 shares authorized, </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">10,000 shares issued and outstanding as of&nbsp;&nbsp;February 28, 2018</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">87 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">A</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(87) </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Additional paid in capital</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">107,938 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(60,679) </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">47,259 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Accumulated deficit</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(66,912) </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(27,217) </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(94,129) </FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Accumulated other comprehensive loss</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(1,538) </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(1,094) </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(2,632) </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">TOTAL SHAREHOLDERS&rsquo; DEFICIT</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">40,592 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(28,224) </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(60,766) </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(48,398) </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">TOTAL LIABILITIES &amp; STOCKHOLDERS&rsquo; DEFICIT</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">75,933 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">54,331 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;(60,766) </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">69,498 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">A) On May 31, 2018, we, &ldquo;Photozou Holdings, Inc.,&rdquo; also referred to herein as, &ldquo;the Company,&rdquo; entered into and consummated a Stock Purchase Agreement (the &ldquo;Stock Purchase Agreement&rdquo;) with Koichi Ishizuka, our President, CEO, and Director. At the closing of the Stock Purchase Agreement, Koichi Ishizuka transferred to the Company, 10,000 shares of common stock of Photozou Koukoku Co., Ltd., a Japan corporation (&ldquo;Photozou Koukoku&rdquo;), which represented all of its issued and outstanding shares, in consideration of 1,000,000 JPY ($9,174 USD as of the exchange rate May 31, 2018). The Company has since gained a 100% interest in the issued and outstanding shares of Photozou Koukoku&rsquo;s common stock and Photozou Koukoku is now a wholly owned subsidiary of the Company. The Company and Photozou Koukoku were under common control at the time of the acquisition.</FONT></TD></TR>
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<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A>&nbsp;</P>

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    <TD NOWRAP STYLE="width: 28%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">PHOTOZOU</FONT></TD>
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    <TD NOWRAP STYLE="width: 14%; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">PHOTOZOU </FONT></TD>
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    <TD STYLE="width: 16%; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;Pro Forma </FONT></TD>
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    <TD NOWRAP STYLE="width: 15%; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Consolidated</FONT></TD></TR>
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    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">HOLDINGS,</FONT></TD>
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    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">KOUKOKU</FONT></TD>
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    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Adjustment</FONT></TD>
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    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Three months</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Three months</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Three months</FONT></TD></TR>
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    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">February 28, 2018</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">February 28, 2018</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">February 28, 2018</FONT></TD></TR>
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    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Revenues</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Revenue from cameras sold</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;183,665 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;183,665 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Service revenue</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;19,612 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;19,612 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Total revenues</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;203,277 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;203,277 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Cost of revenues</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;175,358 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;175,358 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Gross profit</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;27,919 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;27,919 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Operating Expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">General and Administrative Expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,826 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;26,833 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;43,659 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Total Operating expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;16,826 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;26,833 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;43,659 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>NET LOSS</B></FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16,826)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;&nbsp;&nbsp;1,086 </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;(15,740)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Other Comprehensive Income</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Foreign currency translation adjustment</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;(1,555)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;(1,343)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;(2,898)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>TOTAL COMPREHENSIVE LOSS</B></FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18,381)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
    </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;(18,638)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">BASIC
    AND DILUTED NET LOSS PER COMMON SHARE</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">WEIGHTED
    AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,037,300
    </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt; line-height: 106%">&#12288;-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
    </FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,037,300</FONT></TD></TR>
</TABLE>










<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">-F16-&nbsp;</FONT></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="#table">Table
of Contents</A></FONT></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP COLSPAN="10" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PHOTOZOU HOLDINGS, INC.</B></FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="10" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 39%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PHOTOZOU</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PHOTOZOU</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Pro Forma</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HOLDINGS,</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KOUKOKU</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustment</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;INC.</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CO., LTD.</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year Ended</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the period from March 14, 2017 (Inception) through</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year Ended</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 30, 2017</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 30, 2017</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 30, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from cameras sold</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">133,641</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">133,641</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service revenue</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,339</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,339</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total revenues</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">157,980</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">157,980</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenues</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">126,594</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">126,594</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross profit</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,386</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,386</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating Expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General and Administrative Expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,027</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59,689</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82,716</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Operating expenses</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,027</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59,689</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82,716</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NET LOSS</B></FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(23,027)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(28,303)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(51,330)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Comprehensive Income</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign currency translation adjustment</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">249</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">266</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TOTAL
    COMPREHENSIVE LOSS</B></FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(23,010)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(28,054)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(51,064)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BASIC
    AND DILUTED NET LOSS PER COMMON SHARE</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(0.00)</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: MS PGothic,sans-serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(0.00)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD COLSPAN="2" STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WEIGHTED
    AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,570,115</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
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    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.95pt; padding-left: 4.95pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,570,115</FONT></TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-F17-&nbsp;</FONT></P>

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<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="#table">Table of Contents</A></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="exhibits"></A>EXHIBITS</B></P>

<P STYLE="color: red; font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 11pt; width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: bottom; width: 85%; border-bottom: black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>&nbsp;Description of Exhibit</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">3.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Certificate of Incorporation (1)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">3.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Bylaws (1)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">10.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Stock Purchase Agreement (2)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(1) Filed as an exhibit to the Company's Registration Statement
on Form 10, as filed with the SEC on January 26, 2015, and incorporated herein by this reference.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(2) Filed herewith.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="sig"></A>SIGNATURES<A HREF="#sig"></A></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">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 thereunto duly authorized.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Photozou Holdings, Inc.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Dated: June 1, 2018</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>By: /s/ Koichi Ishizuka</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Koichi Ishizuka</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">President and Director</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 242pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">-12-<B>&nbsp;</B></P>

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[{"type": "8-K", "sequence": "1", "filename": "form8k531.htm", "description": "FORM 8-K", "secsgml_size_bytes": 568974}]
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: June 1, 2018
Photozou Holdings, Inc.
(Exact name of registrant as specified
in its charter)
Delaware
333-201697
47-3003188
(State or other jurisdiction of incorporation
or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
4-30-4F, Yotsuya
Shinjuku-ku, Tokyo, 160-0004, Japan
(Address of Principal Executive Offices)
2-24-13-904, Kamiosaki
Shinagawa-ku, Tokyo, 141-0021, Japan
(Former Address)
Telephone: +81-3-6303-9988
(Registrant's telephone number)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
-1-
FORWARD LOOKING STATEMENTS
This Current Report on Form 8-K contains forward-looking
statements which involve risks and uncertainties, principally in the sections entitled "Business," "Risk Factors,"
and "Management's Discussion and Analysis of Financial Condition and Results of Operations." All statements other
than statements of historical fact contained in this Current Report on Form 8-K, including statements regarding future events,
our future financial performance, business strategy and plans and objectives of management for future operations, are forward-looking
statements. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes,"
"can," "continue," "could," "estimates," "expects," "intends,"
"may," "plans," "potential," "predicts," or "should," or the negative
of these terms or other comparable terminology. Although we do not make forward-looking statements unless we believe we have a
reasonable basis for doing so, we cannot guarantee their accuracy. These statements are only predictions and involve known and
unknown risks, uncertainties and other factors, including the risks outlined under "Risk Factors" or elsewhere in this
Current Report on Form 8-K, which may cause our or our industry's actual results, levels of activity, performance or achievements
expressed or implied by these forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment.
New risks emerge from time to time and it is not possible for us to predict all risk factors, nor can we address the impact of
all factors on our business or the extent to which any factor, or combination of factors, may cause our actual results to differ
materially from those contained in any forward-looking statements. All forward-looking statements included in this document are
based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements,
except as expressly required by law.
You should not place undue reliance on any forward-looking
statement, each of which applies only as of the date of this Current Report on Form 8-K. Before you invest in our securities, you
should be aware that the occurrence of the events described in the section entitled "Risk Factors" and elsewhere in
this Current Report on Form 8-K could negatively affect our business, operating results, financial condition and stock price. Except
as required by law, we undertake no obligation to update or revise publicly any of the forward-looking statements after the date
of this Current Report on Form 8-K to conform our statements to actual results or changed expectations.
All dollar amounts used throughout this Report are in US
Dollars, unless otherwise stated. All amounts in Japanese yen used throughout this Report are preceded by JPY, for example JPY
500, is referring to 500 Japanese yen.
-2-
TABLE OF CONTENTS
Page
Item 1.01 Entry into a Material Definitive Agreement
4
Item 2.01  Completion of Acquisition or Disposition of Assets
4
BUSINESS INFORMATION
5
RISK FACTORS
6
Management's Discussion and Analysis
7
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
8
DIRECTORS
    AND EXECUTIVE OFFICERS
8
EXECUTIVE COMPENSATION
9
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
9
LEGAL
    PROCEEDINGS
9
RECENT
    SALES OF UNREGISTERED SECURITIES
10
DESCRIPTION
    OF SECURITIES
10
Item
    5.06 Change in Shell Company Status
11
Item
    9.01 Financial Statements
f1-f17
EXHIBITS
12
SIGNATURES
12
-3-
Table of Contents
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On May 31, 2018, we, "Photozou
Holdings, Inc.," also referred to herein as, "the Company," entered into and consummated a Stock Purchase Agreement
(the "Stock Purchase Agreement") with Koichi Ishizuka, our President, CEO, and Director. At the closing of the Stock
Purchase Agreement, Koichi Ishizuka transferred to the Company, 10,000 shares of common stock of Photozou Koukoku Co., Ltd., a
Japan corporation ("Photozou Koukoku"), which represented all of its issued and outstanding shares, in consideration
of 1,000,000 JPY ($9,174 USD as of the exchange rate May 31, 2018). The Company has since gained a 100% interest in the issued
and outstanding shares of Photozou Koukoku's common stock and Photozou Koukoku is now a wholly owned subsidiary of the Company.
The Company and Photozou Koukoku were under common control at the time of the acquisition.
ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF
ASSETS
Effective May 31, 2018, "the Company", Photozou
Holdings, Inc., and Mr. Koichi Ishizuka consummated a Stock Purchase Agreement for Photozou Koukoku Co., Ltd., and Photozou Koukoku
became a 100% wholly-owned subsidiary of the Company.
Photozou Koukoku Co., Ltd. was
incorporated under the laws of Japan on March 14, 2017. Currently, Photozou Koukoku is headquartered in Tokyo, Japan.
The Company offers advertising services and  sells cameras  on consignment.
-4-
Table of Contents
FORM 10 DISCLOSURE
As disclosed elsewhere in this
report, the Company completed a Stock Purchase Agreement, which caused the Company to cease being defined as a "shell company"
under
the Securities Act of 1933, as amended. Item 2.01(f) of Form 8-K requires that if a registrant was a shell company, immediately
before the transaction disclosed under Item 2.01, then the registrant must disclose the information that would be required if the
registrant were filing a general form for registration of securities on Form 10. Accordingly, we are providing below the information
that would be included in a Form 10 if we were to file a Form 10. Please note that the information provided below relates to the
combined enterprises after the closing of the Stock Purchase Agreement, except that information relating to periods prior to the
date of the Stock Purchase Agreement only relates to the Company, unless otherwise specifically indicated.
BUSINESS INFORMATION
*
Following our acquisition,
as detailed on page 4, we now operate exclusively through our wholly owned subsidiary Photozou Koukoku Co., Ltd.
Photozou Koukoku - Business Information
Photozou Koukoku was incorporated
under the laws of Japan on March 14, 2017. Currently, Photozou Koukoku is headquartered at 4-30-4F, Yotsuya, Shinjuku-ku,
Tokyo, 160-0004, Japan. Photozou Koukoku's office space is provided rent free by our Chief
Executive Officer, Koichi Ishizuka.
Photozou Koukoku Co., Ltd.'s
business operations are primarily focused around the sale of used cameras sold through the
website http://kaitori.photozou.jp/, and online advertising  through various channels. On April 17, 2017,
Photozou Koukoku obtained a license to operate as a used goods merchant in Japan.
Background of Operations - Sale of
Cameras
Photozou Koukoku deals mainly in high-class digital
single lens reflex cameras produced by  well known Japanese camera makers, e.g. Canon, Nikon, Fujifilm, etc. The used camera
industry in Japan is a multi billion dollar industry and cameras made in Japan have worldwide appeal and recognition. The
Company believes that due to the high quality of cameras created by Japanese camera makers that these will be the most
appealing products to offer to the Japanese market. However, should market trends shift and the demand for cameras of other
companies see a surge in popularity then Photozou Koukoku may consider the possibility of acquiring and reselling cameras by
other manufacturers.
Purchasing
Photozou Koukoku primarily purchases used cameras
from individual consumers in Japan. Photozou Koukoku's supporting website at http://kaitori.photozou.jp/ can be used
by interested parties to access pertinent information relating to selling their cameras. For example, there is a section of
the website which discloses a price list by product. Through the website they can also request an estimate, review
Photozou Koukoku's procedure for purchasing cameras and fill out an application to sell their camera. Currently,
Photozou Koukoku has hired, as an independent contractor, Mr. Takaharu Ogami to handle the entirety of all purchasing and
selling activities of Photozou Koukoku's camera business. Relating to his services to Photozou Koukoku, Mr. Takaharu is
paid a monthly fee.  The Company considers the sale of the cameras as being sold on consignment through Mr. Ogami's
efforts because he is responsible for the sale and shipping of the cameras at the expense of Photozou Koukoku. Photozou
Koukoku is the legal owner of the camera(s) until the point of sale to the purchaser or purchaser(s).
Inventory
As of February 28, 2018, the
Company held inventory comprised solely of used cameras in the amount of $19,069.
Selling
Photozou Koukoku sells used cameras to individual
consumers through the supporting website at http://kaitori.photozou.jp/. Visitors to the site can view Photozou
Koukoku's  current inventory which  includes the specific brand and features of the cameras offered for
sale. Additionally, from time to time cameras   are sold online utilizing Yahoo auctions. Cameras are then shipped to the
purchaser for a fee that is determined at a later date, and may differ on a case by case basis depending on the type of camera
and method of delivery. In addition, Photozou Koukoku sells cameras to distributors through the sales efforts of Mr.
Ogami.
Photozou Koukoku plans to expand its target customers to
outside of Japan and intends to continuously evaluate the possibility of selling cameras directly to additional distributors.
Advertising Services
At present, Photozou Koukoku conducts two types of
advertising services. These services include managing  online photo contests and web advertising  services
specifically geared toward advertisements that are placed on what is known as "The Photozou-Social Networking
Service." The aforementioned is a social networking website, primarily for photo sharing. Its web address can be
found here: http://photozou.jp/?lang=en. The online social networking website is owned entirely by Photozou Co., Ltd., a
Japan Corporation,  which our CEO and Director, Koichi Ishizuka, also owns and controls in its entirety.
Herein, we may refer to the aforementioned social
networking website as "the Photozou-SNS", "SNS", "the website" or "the social
networking site."
Photozou Koukoku  develops banner ads for third
party companies and  subsequently assists those clients with having those advertisements placed on the Photozou-SNS. Fees
are determined on a case by case basis and vary depending on whether or not Photozou Co., Ltd contracts Photozou Koukoku to work with a pre-existing client, or if Photozou Koukoku obtains the client on their own accord.
It is possible that the Company will expand into offering additional online advertising services, and
will create advertisements in forms other than banner ads, but no such plans have been fully developed at this point in time.
As mentioned above the Company also manages and
operates photo contests that take place on the SNS. The photo contests are funded by third parties and are used as a way to
promote and advertise the business operations of the third party companies hosting the photo contest(s), through the social
networking site. Fees for this service are also on a case by case basis and vary depending on whether or not Photozou Co.,
Ltd contracts Photozou Koukoku to work with a pre-existing client, or if Photozou Koukoku obtains the client on their own
accord.
The typical model for photo contest(s) follows
several steps. Initially the photo contest, and any applicable themes and guidelines, are  announced on the Photozou-SNS
(which has more than 7 million  registered users). Secondly, the participants  have about two to three months  to submit
their photographs to the photo contest. Subsequently, the photographs will be judged on certain criteria depending on the
type of contest and then the announcement of results (winners) will take place on Photozou-SNS. In order to attract
individuals to take part in the photo contest incentives like prizes are offered. The prizes differ on a case by case basis
but may consist of a combination of cash, gift cards, or other goods.
Currently, Photozou Koukoku manages and operates the
"Wi-Ho Photo Contest" sponsored by Telecom Square Taiwan, Inc.
Promotional activity
Our CEO, Koichi Ishizuka has verbally consented that we
may utilize the SNS to promote and advertise our own services.
We believe there to be a clear synergy between
the operations of Photozou Koukoku and the Photozou-SNS, as Photozou-SNS is a website where users can upload and share
pictures taken with their cameras. It is our belief that many individuals who are sharing, browsing and evaluating
photographs online will have an interest in purchasing cameras for personal use and potentially to upload more photos on the
website. They may also potentially own a business that seeks to run a photo contest via the SNS which we may benefit from
should they decide to do so.
Future Plans
Over the next three months we, Photozou Koukoku,
plan to develop our website further and begin  advertising our inventory on Photozou-SNS. Additionally,  we intend   to
increase our current level of inventory comprised of used cameras.
Subsequently, and over the next six months, we plan to
increase the number of distributors and individual customers to whom we are directly selling used cameras.
Additionally, there are plans, which are not fully developed, to expand the business and explore foreign markets.
-5-
Table of Contents
RISK FACTORS
An investment in our common stock is highly speculative,
and should only be made by persons who can afford to lose their entire investment in us. You should carefully consider the following
risk factors and other information in this report before deciding to become a holder of our common stock. If any of the following
risks actually occur, our business and financial results could be negatively affected to a significant extent.
We only have one officer and director, Koichi Ishizuka,
and should we lose his services for any reason our business would be adversely affected.
Due to the fact that our Company, at present, only has one
Executive Officer, should we lose his services our business operations would be adversely affected and, most likely, we would be
forced to cease or suspend all operations.
At present the Company relies on Mr. Takaharu Ogami for
all purchasing and selling activities. Should we lose his services, we would have to restructure the entirety of our used camera
operations.
Currently all purchasing of used inventory, and subsequent
selling of used inventory, is handled by Takaharu Ogami, with whom we have signed an agreement for him to act as an independent
contractor. As we have delegated the entire used camera portion of our business operations to Mr. Ogami, should we lose his services
as an independent contractor we would be forced to entirely overhaul our used camera business and seek another arrangement for
the purchase and subsequent sale of used cameras.
At present we are supplied office and storage space free
of charge by our Chief Executive Officer. However, should he no longer offer us this space, or alternatively should he decide to
charge rent for the space, our operations could be adversely affected.
The Company is provided storage and office space rent free
by our Chief Executive Officer Mr. Koichi Ishizuka. However, Mr. Ishizuka is under no obligation to continue to provide the Company
this office and storage space rent free, or to provide this space to the Company at all. In the event that Mr. Ishizuka decides
to charge rent for this space, we would either have to pay the rent or find an alternative location from which to conduct business.
Also, in the event Mr. Ishizuka decides to no longer offer this space to the Company at all, we would have no choice but to relocate
and find other office and storage space from which to carry out our operations.
Our used camera business is entirely dependent upon how
many used cameras we are able to purchase from consumers. In the event we are not able to obtain used cameras in significant quantities,
our business could be materially affected.
Given the fact that we rely entirely on purchasing used cameras
from individual consumers, for the used camera portion of our business, there can be no assurances as to how many cameras we will
have in stock at any point in time. The number of cameras we are able to purchase could vary based on a great many factors including,
but not limited to, how many individuals are looking to sell used cameras in Japan, competition we may face from other used camera
purchasers, general demand for cameras. Given that we cannot accurately predict how many used cameras we will be able to acquire
in a given fiscal year, it is difficult to forecast the results of our operations.
Our marketing plans, at present, rely entirely on business
connections and advertising on the Photozou-SNS. Should this prove ineffective, we may be forced to alter our marketing plans significantly.
At present, our marketing plans are limited to personal relationships
that our Chief Executive Officer or independent contractor may have as well as advertising on the Photozou-SNS. In the event that
we are not able to generate significant interest in our operations from either, or both, of these advertising methods then we may
be forced to alter our marketing plan substantially. In the event that we cannot do so adequately, the material results of our
business could suffer.
In the absence of revenue, we may be forced to rely on
additional funding from Photozou Co., Ltd.
At
present, we have not generated enough revenue to carry out our operations for any length of time. As of February 28, 2018 we have
already borrowed $35,341
from
Photozou Co., LTD. which is owned by our Chief Executive Officer, Mr. Koichi Ishizuka, and the total amount is due on demand and
non-interest binding. Photozou Co., LTD. is under no obligation to continue to provide us with funding. In the event that we require
additional funding, and Photozou Co., LTD. does not agree to provide us with additional capital, we may be forced to find alternative
methods of financing or our business operations could be adversely affected and we may be forced to cease operations entirely.
Our advertising services are limited to creating advertisements
on the Photozou-SNS. Should anything happen to the Photozou-SNS that would limit our ability to create advertisements on the platform,
our business could be affected.
The advertising services we offer to independent third parties
comprise banner advertisements that can be displayed on the Photozou-SNS. In the event that we are no longer able to create advertisements
on this platform for any reason at all, including, but not limited to, the SNS becoming unavailable, a shift in the functions of
the website, a fundamental change in their policies, etc. then we would no longer be able to offer the same advertising services.
We would be forced to reevaluate and change our advertising services or, in a worst case scenario, suspend our efforts to offer
advertising entirely.
Should we fail to attract interest in the photo contests
we will set up for third parties, on the Photozou-SNS, then we may have difficulty attracting additional clients to utilize this
service.
A portion of our advertising services are comprised of organizing
and conducting photo contests on the Photozou-SNS. In the event that we are not able to attract enough participants to the photo
contests, then third parties may not see our photo contests as a valuable method of advertisement for them/their company. In the
event that we cannot generate enough publicity or interest in these contests, we may be forced to suspend them entirely or rework
them in a manner that is appealing to the public and encourages participation.
-6-
Table of Contents
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS FOR PHOTOZOU KOUKOKU CO., LTD.
At present, the Company has an agreement with Mr.
Takaharu Ogami,whereas Mr. Ogamito, will handle all aspects of Photozou Koukoku's busines activities relating to the
buying and selling of used cameras on our behalf. We currently manage and operate the "Wi-Ho Photo Contest"
sponsored by Telecom Square Taiwan. In the future we seek to manage further contests of the same sort.
As mentioned in our business plan we also offer advertising
services whereas we assist third party companies with the creation of advertisements to be placed on
the Photozou-SNS.
Over the next three months we plan to further develop the company's
website at http://kaitori.photozou.jp/ and begin promoting inventory on Photozou-SNS. Additionally, we intend to increase the number
of cameras purchased from individuals to increase inventory. Subsequently, and over the next six months, we plan to increase the
number of distributors and individual customers to whom we directly sell used cameras.
For the period from March 14, 2017 (Inception) through May 31, 2017
the company experienced a net loss in the amount of $13,724. Additionally, we generated total revenues in the amount of $5,953
with a cost of revenue totaling $441. The majority of our revenues thus far have been comprised of advertising services that we
have provided to customers.
For the three months ended February 28, 2018 the company   had
net income in the amount of $1,086. Additionally, for the three months ended February 28, 2018 we generated total revenues
in the amount of $203,277 with a cost of revenue totaling $175,358. The majority of our revenues for the three month period
ending February 28, 2018 were comprised of the sale of used cameras sold under consignment.
For the nine months ended February 28, 2018 the company had
a net loss in the amount of $13,493. Additionally, for the nine months ended February 28, 2018 we generated total revenues in the
amount of $355,304 with a cost of revenue totaling $301,511. The majority of our revenues for the nine month period ending February
28, 2018 were comprised of the sale of used cameras sold under consignment.
We had cash and cash equivalents of $2,378 and inventory of $19,069
as of February 28, 2018.
As of May 31, 2017, the Company held inventory comprised solely
of used cameras in the amount of $17,260.
As of February 28, 2018, the Company held inventory comprised solely
of used cameras in the amount of $19,069.
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Table of Contents
SECURITY OWNERSHIP
OF CERTA
IN BENEFICIAL OWNERS AND MANAGEMENT
As of May 31, 2018 the Company
had 8,000,000 shares of common stock and no shares of preferred stock issued and outstanding, which number of issued and outstanding
shares of common stock and preferred stock have been used throughout this report.
Note:
Pursuant to our
Registration Statement deemed effective on June 20, 2017, we, "the Company," sold a total of 3,037,300 shares of our
common stock. The proceeds totaled $75,933. These shares were sold pursuant to Rule 419. The monies generated from the aforementioned
capital raise were to be used to attempt to make an acquisition. We did not however, make an acquisition in the allotted time
granted by Rule 419 therefore, o
n May 8, 2018, we conducted  a stock cancellation of above 3,037,300 shares and
the total funds of $75,933 were returned to investors.
Name
    and Address of Beneficial Owner
Shares
    of Common Stock Beneficially Owned
Common
    Stock Voting Percentage Beneficially Owned
Voting
    Shares of Preferred Stock
Preferred
    Stock Voting Percentage Beneficially Owned
Total
    Voting Percentage Beneficially Owned (1)
Executive
    Officers and Directors
Koichi
    Ishizuka (1)
0
0.00%
none
n/a
0.00%
5%
    or greater shareholders
Photozou,
    Co., Ltd. (2)
8,000,000
100
%
none
n/a
100.00%
(1) Koichi Ishizuka is the
President, CEO and Director of the Company.
(2) Mr. Koichi Ishizuka owns
100% of the issued and outstanding shares of Photozou, Co., Ltd.
Beneficial
ownership has been determined in accordance with Rule 13d-3 under the Exchange Act. Under this rule, certain shares may be deemed
to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of
the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire shares
(for example, upon exercise of an option or warrant) within 60 days of the date as of which the information is provided. In computing
the percentage ownership
of any person, the amount of shares is deemed to include the amount of shares beneficially owned
by such person by reason of such acquisition rights. As a result, the percentage of outstanding shares of any person as shown
in the following table does not necessarily reflect the person's actual voting power at any particular date.
DIRECTORS
AND EXECUTIVE OFFICERS
Our
executive officers and directors, after completion of the Stock Purchase Agreement, are as follows:
Photozou
Holdings, Inc.
Name
Position
Age
Koichi Ishizuka
Chief Executive Officer,
    Chief Financial Officer, President, Director, Secretary, and Treasurer
45
Photozou Koukoku Co., Ltd
Name
Position
Age
Koichi Ishizuka
President, Chief Executive
    Officer and Director
45
Koichi Ishizuka
In 2004 Mr. Koichi Ishizuka graduated with his MBA from the
University of Aoyama Gakuin. Several years later in 2011 he graduated from the Advanced Management Program at Harvard School of
Business. Following Mr. Ishizuka's formal education, he took a position as the head of marketing with Thomson Reuters, a
mass media and information firm. Thereafter, he served as the CEO of Xinhua Finance Japan in 2006, Fate Corporation in 2008, and
LCA Holdings., Ltd in 2009. Currently, Mr. Ishizuka serves as the Chief Executive Officer of OFF Line Co., Ltd., Photozou Co.,
Ltd., Photozou Holdings, Inc., and Photozou Koukoku Co., Ltd.. He has held the position of CEO with OFF Line Co., Ltd. Since 2013,
Photozou Co., Ltd since 2016, Photozou Holdings, Inc since 2017 and Photozou Koukoku Co., Ltd. since 2017.
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Table of Contents
EXECUTIVE COMPENSATION
Summary
Compensation for Photozou Koukoku Co., Ltd.:
The
table below summarizes all compensation awarded to, earned by, or paid to the officers and directors of Photozou Koukoku Co.,
Ltd. for the year ended November 30, 2017.
SUMMARY
    COMPENSATION TABLE
Name
                                         and
principal
        position
Year
Salary
($)
Bonus
($)
Stock
Awards
($)
Option
Awards
($)
Non-Equity
Incentive
        Plan
Compensation
($)
Nonqualified
Deferred
Compensation
Earnings
        ($)
All
                                         Other
Compensation
($)
Total
($)
Koichi
                                    Ishizuka
Chief
        Executive Officer, Director
2017
0
0
0
0
0
0
0
0
Stock
Option Grants
Photozou
Koukoku has not granted any stock options to our executive officers since our incorporation.
Employment
Agreements
Photozou
Koukoku does not have an employment or consulting agreement with any officers or Directors.
Summary
Compensation for Phot
ozou Holdings, Inc.:
Name and principal position (a)
As of November 30, (b)
Salary ($) (c)
Bonus ($) (d)
Stock Awards ($) (e)
Option Awards ($) (f)
Non-equity
    incentive plan compensation ($) (g)
Non-qualified
    deferred compensation earnings ($) (h)
All
    other compensation ($) (i)
Total
    ($) (j)
Koichi
    Ishizuka, Sole Officer and Director
2016
-
-
-
-
-
-
-
-
Name
    and principal position (a)
As
    of November 30 (b)
Salary
    ($) (c)
Bonus
    ($) (d)
Stock
    Awards ($) (e)
Option
    Awards ($) (f)
Non-equity
    incentive plan compensation ($) (g)
Non-qualified
    deferred compensation earnings ($) (h)
All
    other compensation ($) (i)
Total
    ($) (j)
Koichi
    Ishizuka, Sole Officer and Director
2017
-
-
-
-
-
-
-
-
CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS FOR PHOTOZOU KOUKOKU CO., LTD.
During the period ended February 28,
2018, Photozou Koukoku borrowed $44,602 from Photozou Co., Ltd., a Company controlled by Koichi Ishizuka, CEO. During the period
ended February 28, 2018, Photozou Koukoku repaid $30.937 to Photozou Co., Ltd.. The total due as of February 28, 2018 was $77,735
and is due on demand and non-interest bearing.
During the period ended February 28, 2018, the Company had
account receivable of $21,277 to Offline Co., Ltd., a Company controlled by Koichi Ishizuka, CEO. The total amount as of February
28, 2018 was $21,277.
During the period ended February 28, 2018, the Company had revenue of $20,515 from Offline Co., Ltd., a Company controlled
by Koichi Ishizuka, CEO.
On
April 1, 2017, the Company purchased a camera trading website from Photozou Co., Ltd and recorded a historical carryover basis
of zero.
Photozou
Koukoku is headquartered at 4-30-4F, Yotsuya, Shinjuku-ku, Tokyo, 160-0004, Japan. Photozou Koukoku's office space is provided
rent free by our Chief Executive Officer, Koichi Ishizuka.
CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS FOR PHOTOZOU HOLDINGS, INC.
During the year ended November 30, 2017,
our sole officer and director contributed additional paid in capital in the amount of $12,400 to fund operating expenses of which
$6,050 was paid directly on behalf of the Company for the year ended November 30, 2017 operating expenses and $6,350 was paid directly
on behalf of the Company for prior year accrued expenses.
As of November 30, 2017, the Company had
$16,960 owed to Photozou Co., Ltd., a related party for payments paid directly to fund operations on behalf of the Company.
These are due on demand and bear no interest.
As of February 28, 2018, the Company had $35,341 owed to Photozou Co., Ltd., a related party, of which $18,381 were for payments
paid directly to fund operations on behalf of the Company during the period February 28, 2018. These are unsecured, due on
demand and bear no interest.
The Company utilizes the office space and
equipment of our management at no cost. Management estimates such amounts to be immaterial.
LEGAL PROCEEDINGS
From time to time, We, and our wholly owned subsidiary,
Photozou Koukoku, may become party to litigation or other legal proceedings that we consider to be a part of the ordinary
course of our business. We and or wholly owned subsidiary are not currently involved in legal proceedings that could
reasonably be expected to have a material adverse effect on our business, prospects, financial condition or results of
operations. We and our wholly owned subsidiary may become involved in material legal proceedings in the future.
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RECENT SALES OF UNREGISTERED SECURITIES
None.
DESCRIPTION
OF SECURITIES
COMMON
STOCK
Photozou
Holdings, Inc. is authorized to issue 500,000,000 shares of common stock, $0.0001 par value.
On
January 13, 2017, Thomas DeNunzio sold 8,000,000 shares of our restricted common stock, which represented all of our
issued and outstanding shares at the time, to Photozou Co., Ltd., a Japan Corporation. The shares were sold for an aggregate
purchase price of $100,000. Photozou Co., Ltd. is controlled by Koichi Ishizuka, a Japanese citizen. The aforementioned
shares were sold pursuant to Regulation S of the Securities Act of 1933, as amended ("Regulation S"). No directed selling
efforts were made in the United States.
Pursuant to our Registration Statement deemed effective on June 20, 2017, we, "the
Company," sold a total of 3,037,300 shares of our common stock. The proceeds totaled $75,933. These shares were sold pursuant
to Rule 419. The monies generated from the aforementioned capital raise were to be used to attempt to make an acquisition. We
did not however, make an acquisition in the allotted time granted by Rule 419 therefore, on May 8, 2018, we conducted a stock
cancellation of above 3,037,300 shares and the total funds of $75,933 were returned to investors.
As of the date of this filing, the
Company has 8,000,000 shares of $0.0001 par value common stock issued and outstanding held by Photozou Co., Ltd., a Company owned
and controlled entirely by Koichi Ishizuka, our sole officer and director.
Holders
of shares of Common Stock shall be entitled to cast one vote for each share held at all stockholders' meetings for all purposes
including the election of directors. The Common Stock does not have cumulative voting rights.
Our
sole director can not change the vote per share and or other rights of stockholders without consent.
The
Company has no current plans to either issue any preferred stock or adopt any series, preferences or other classification of preferred
stock.
PREEMPTIVE
RIGHTS
No
holder of any shares of Photozou Holdings, Inc. stock has preemptive or preferential rights to acquire or subscribe for any unissued
shares of any class of stock or any unauthorized securities convertible into or carrying any right, option or warrant to subscribe
for or acquire shares of any class of stock not disclosed herein.
NON-CUMULATIVE
VOTING
Holders
of Photozou Holdings, Inc. common stock do not have cumulative voting rights, which means that the holders of more than 50.0%
of the outstanding shares, voting for the election of directors, can elect all of the directors to be elected, if they so choose,
and, in such event, the holders of the remaining shares will not be able to elect any directors.
CASH
DIVIDENDS
As
of the date of this prospectus, Photozou Holdings, Inc. has not paid any cash dividends to stockholders. The declaration of any
future cash dividend will be at the discretion of the Board of Directors and will depend upon earnings, if any, capital requirements
and our financial position, general economic conditions, and other pertinent conditions. The Company does not intend to pay any
cash dividends in the foreseeable future, but rather to reinvest earnings, if any, in business operations.
-10-
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ITEM 5.06. CHANGE IN SHELL COMPANY
STATUS
Upon the closing of the Stock Purchase Agreement (as described
in Item 1.01 and 2.01, above), we ceased our status as a "shell company," as defined in Rule 12b-2 under the Exchange
Act of 1934, as amended (the "Exchange Act").
Additionally, in connection with the closing of the
Stock Purchase Agreement, the Company changed its business focus to that of Photozou Koukoku Co., Ltd. Photozou Koukoku
 offers advertising services and sells cameras on consignment.
Accordingly, we have set forth  herein the information,
including the information with respect to our new operations that would be required if we were filing a general form for
registration of securities on Form 10 under the Exchange Act.
-11-
Table of Contents
ITEM 9.01. FINANCIAL STATEMENTS
*The Financial Statements for Photozou Holdings, Inc. are hereby incorporated by reference.
The Audited
Financial Statements for Photozou Holdings, Inc., in regards to our last two fiscal years, can be found in our Form 10-K
filed on 2/13/18, which is publicly available on www.sec.gov
The Unaudited Financial
Statements for Photozou Holdings, Inc., in regards to our last quarter end filed with the SEC, can be
found in our Form 10-Q filed on 4/16/18, which is publicly available on www.sec.gov
PHOTOZOU
KOUKOKU CO., LTD.
INDEX
TO FINANCIAL STATEMENTS
Pages
Report of Independent Registered Public Accounting Firm
F2
Balance Sheet as of May 31, 2017
F3
Statement of Operations and Comprehensive Loss for the period from March 14, 2017 (inception) to May 31, 2017
F4
Statement of Changes in Shareholders' Deficit for the period from March 14, 2017 (inception) to May 31, 2017
F5
Statement of Cash Flows for the period from March 14, 2017 (inception) to May 31, 2017
F6
Notes to Financial Statements
F7-F9
-F1-
Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
Board of Directors and Stockholders
Photozou Koukoku Co., Ltd.
Tokyo, Japan
We have audited the accompanying
balance sheet of Photozou Koukoku Co., Ltd. (the "Company") as of May 31, 2017, and the related statements of operations
and comprehensive loss, changes in stockholders' deficit, and cash flows for the period from March 14, 2017 (Inception)
through May 31, 2017. These financial statements are the responsibility of the entity's management. Our responsibility is
to express an opinion on these financial statements based on our audit.
We conducted our audit in
accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with auditing
standards generally accepted in the United States of America. Those standards require that we plan and perform an audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to
have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration
of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for
our opinion.
In our opinion, the financial
statements referred to above present fairly, in all material respects, the financial position of Photozou Koukoku Co., Ltd. as
of May 31, 2017, and the results of its operations and its cash flows for the period from March 14, 2017 (Inception) through May
31, 2017, in conformity with accounting principles generally accepted in the United States of America.
The accompanying financial
statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial
statements, the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial
doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note
3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/ MaloneBailey, LLP
www.malonebailey.com
Houston, Texas
December 19, 2017
-F2-
Table of Contents
PHOTOZOU KOUKOKU CO., LTD.
BALANCE SHEET
May 31, 2017
ASSETS
Current Assets
Cash and cash equivalents
$
43,256
Prepaid expenses
5,734
Accounts receivable- trade
473
Inventory
17,260
TOTAL CURRENT ASSETS
66,723
TOTAL ASSETS
$
66,723
LIABILITIES AND SHAREHOLDER'S DEFICIT
Current Liabilities
Accounts payable-trade
$
2,081
Due to related party
61,709
Accrued expenses
505
Deferred revenue
16,142
TOTAL CURRENT LIABILITIES
80,437
TOTAL LIABILITIES
80,437
Shareholders' Deficit
Common stock (No par value, 100,000,000 shares authorized,
10,000 shares issued and outstanding as of May 31, 2017)
87
Accumulated deficit
(13,724)
Accumulated other comprehensive loss
(77)
TOTAL SHAREHOLDERS' DEFICIT
(13,714)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT
$
66,723
See Accompanying Notes to Financial Statements.
-F3-
Table of Contents
PHOTOZOU KOUKOKU CO., LTD.
STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
For the period from March 14, 2017 (Inception) through May 31, 2017
Revenues
Revenue from cameras sold
$
524
Service revenue
5,429
Total revenues
5,953
Cost of revenues
441
Gross profit
5,512
Operating Expenses
General and Administrative Expenses
$
19,236
Total Operating expenses
19,236
NET LOSS
$
(13,724)
Other Comprehensive Income
Foreign currency translation adjustment
(77)
TOTAL COMPREHENSIVE LOSS
$
(13,801)
BASIC AND DILUTED NET LOSS PER COMMON SHARE
$
(1.37)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED
10,000
See Accompanying Notes to Financial Statements.
-F4-
Table of Contents
PHOTOZOU KOUKOKU CO., LTD.
STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT
FOR THE PERIOD FROM MARCH 14, 2017 (INCEPTION) THROUGH MAY 31, 2017
ADDITIONAL
OTHER
COMMON STOCK
PAID IN
COMPREHENSIVE
ACCUMULATED
NUMBER
AMOUNT
CAPITAL
INCOME
(DEFICIT)
TOTALS
Common stock issued for cash on March 14, 2017 (Inception)
10,000
$
87
$
-
$
-
$
-
$
87
Net loss for the period
-
-
-
-
(13,724)
(13,724)
Foreign currency translation
-
-
-
(77)
-
(77)
Balance May 31, 2017
10,000
$
87
$
-
$
(77)
$
(13,724)
$
(13,714)
See
Accompanying
Notes to Financial Statements.
-F5-
Table of Contents
PHOTOZOU KOUKOKU CO., LTD.
STATEMENT OF CASH FLOWS
For the period from March 14, 2017 (Inception) through May 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
$
(13,724)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities:
Prepaid expenses
(5,734)
Accounts receivable- trade
(473)
Deferred revenue
16,142
Inventory
(17,260)
Accounts payable- trade
2,081
Accrued expenses
505
Net cash used in operating activities
(18,463)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from due to related party
61,709
Common stock issued for cash
87
Net cash provided by financing activities
61,796
Net effect of exchange rate changes on cash
(77)
Net Change in Cash and Cash equivalents
43,256
Cash and cash equivalents - beginning of period
-
Cash and cash equivalents - end of period
$
43,256
SUPPLEMENTAL  DISCLOSURES OF CASH FLOW INFORMATION
Interest paid
$
-
Income taxes paid
-
See Accompanying Notes to Financial Statements.
-F6-
Table of Contents
PHOTOZOU KOUKOKU CO., LTD.
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD FROM MARCH 14, 2017
(INCEPTION) THROUGH MAY 31, 2017
NOTE 1 - ORGANIZATION AND DESCRIPTION
OF BUSINESS
Photozou Koukoku Co., Ltd. (the "Company"),
a growth company, was incorporated under the laws of Japan on March 14, 2017.
Currently, the Company is headquartered
in Tokyo, Japan and its primary business is the sale of used cameras and online advertising services.
The Company elected May 31st as its
fiscal year end.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND USE OF
ESTIMATES
The presentation of financial statements
in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial
statements and the reported amounts of income and expenses during the reporting periods. The most significant estimates and assumptions
made by management include going concern, valuation allowance on deferred income tax, inventory obsolescence and sales allowance.
Operating results in the future could vary from the amounts derived from management's estimates and assumptions.
FAIR VALUE OF FINANCIAL INSTRUMENTS
The Company follows ASC 820, "Fair
Value Measurements and Disclosures", which defines fair value as the exchange price that would be received for an asset or
paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly
transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes
between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs)
and (2) an entity's own assumptions about market participant assumptions developed based on the best information available
in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority
to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable
inputs (Level 3). The three levels of the fair value hierarchy are described:
·
Level
1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or
liabilities.
·
Level
2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar
assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability
(e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or
other means.
·
Level
3 - Inputs that are both significant to the fair value measurement and unobservable.
For certain of the Company's financial
instruments, including cash and cash equivalents, prepaid expenses and other current assets, deferred tax assets, accrued expenses
and other current liabilities, the carrying amounts approximate fair values due to their short maturities.
Transactions involving related parties
cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings
may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions
were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.
It is not, however, practical to determine the fair value of amounts due from/to related parties due to their related party nature.
RELATED PARTY TRANSACTION
The Company accounts for related party
transactions in accordance with ASC 850 ("Related Party Disclosures"). A related party is generally defined as (i) any
person that holds 10% or more of the Company's securities and their immediate families, (ii) the Company's management, (iii) someone
that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly
influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when
there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties
in the ordinary course of business.
Transactions involving related parties
cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings
may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions
were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.
CASH
EQUIVALENTS
The Company considers all highly liquid
investments with maturities of three months or less at the time of purchase to be cash equivalents.
ACCOUNTS RECEIVABLE
AND CREDIT POLICIES
Accounts receivable are recognized and
carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made
when collection of the full amount is no longer probable. Bad debts are written off as incurred. If there is a claim for a defect
of product after within four days after arrival of goods, the Company shall accept a goods return.
INVENTORY
Inventory, consisting of used cameras,
are primarily accounted for using the specific identification method, and are valued at the lower of cost or market value. This
valuation requires the Company to make judgments, based on currently-available information, about the likely method of disposition,
such as through sales to individual customers, returns to product vendors, or liquidations, and expected recoverable values of
each disposition category.
As of May 31, 2017, the Company held
inventory comprised solely of used cameras in the amount of $17,260.
-F7-
Table of Contents
FOREIGN CURRENCY TRANSLATION
The Company maintains its books and
record in its local currency, Japanese YEN ("JPY"), which is a functional currency as being the primary currency of
the economic environment in which its operation is conducted. Transactions denominated in currencies other than the functional
currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary
assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency
using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements
of operations.
The reporting currency of the Company
is the United States Dollars ("US$") and the accompanying consolidated financial statements have been expressed in
US$. In accordance with ASC Topic 830-30, "Translation of Financial Statement", assets and liabilities of the Company
whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses
are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements
are recorded as a separate component of accumulated other comprehensive income within the statements of shareholders' equity.
Translation of amounts from the local
currency of the Company into US$1 has been made at the following exchange rates:
May 31, 2017
Current JPY: US$1 exchange rate
110.75
Average JPY: US$1 exchange rate
111.40
COMPREHENSIVE INCOME OR LOSS
ASC Topic 220, "Comprehensive
Income", establishes standards for reporting and display of comprehensive income or loss, its components and accumulated
balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources. Accumulated
comprehensive income, as presented in the accompanying consolidated statements of shareholders' equity consists of changes
in unrealized gains and losses on foreign currency translation.
REVENUE
RECOGNITION
AND
DEFERRED REVENUE
The Company applies paragraph 605-10-S99-1
of the FASB Accounting Standards Codification for revenue recognition. The Company will recognize revenue when it is realized or
realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met:
(i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer,
(iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. The Company provides the warranty
for the delivery of its service. If the Company cannot deliver its service to customers successfully, the Company retry its operation
until the delivery is completed.
In case of the service for the photo
contest, the Company applies the percentage of completion method and unfinished part of collected cash is accounted as a deferred
revenue.
Revenue for used cameras is recognized
when the cameras are delivered to the customer.
NET
LOSS PER COMMON SHARE
Net income per common share is computed
pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net
loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed
by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock
during each period. There were no potentially dilutive shares outstanding as of May 31, 2017.
CONCENTRATION OF CREDIT RISKS
Financial instruments that potentially
expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The
Company places its cash and cash equivalents with financial institutions. The Company does not require collateral or other security
to support financial instruments subject to credit risks. With respect to trade receivables, the Company routinely assesses the
financial strength of its customers and, as a consequence, believes that the receivable credit risk exposure is limited.
RECENT ACCOUNTING PRONOUNCEMENTS
In January 2017, the FASB issued ASU
2017-03,
"Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures
(Topic 323)".
This pronouncement amends the SEC's reporting requirements for public filers in regard to new
accounting pronouncements or existing pronouncements that have not yet been adopted. Companies are to provide qualitative disclosures
if they have not yet implemented an accounting standards update. Companies should disclose if they are unable to estimate the impact
of a specific pronouncement, and provide disclosures including a description of the effect on accounting policies that the registrant
expects to apply. These provisions apply to all pronouncements that have not yet been implemented by registrants. There are additional
provisions that relate to corrections to several other prior FASB pronouncements. The Company has incorporated language into other
recently issued accounting pronouncement notes, where relevant for the corrections in FASB ASU 2017-03. The Company is implementing
the updated SEC requirements on not yet adopted accounting pronouncements with these consolidated financial statements.
In September 2017, the FASB has issued Accounting Standards
Update (ASU) No. 2017-13, "Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic
840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting
and Rescission of Prior SEC Staff Announcements and Observer Comments." The amendments in ASU No. 2017-13 amends the early
adoption date option for certain companies related to the adoption of ASU No. 2014-09 and ASU No. 2016-02. Both of the below entities
may still adopt using the public company adoption guidance in the related ASUs, as amended. The effective date is the same as the
effective date and transition requirements for the amendments for ASU 2014-09 and ASU 2016-02
NOTE 3 - GOING CONCERN
The accompanying financial statements
are prepared on a basis of accounting assuming that the Company is a going concern that contemplates realization of assets and
satisfaction of liabilities in the normal course of business. The Company is in the early stage of operations and has net loss
from inception and negative cash flows. These factors raise substantial doubt about the Company's ability to continue as
a going concern. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If
the Company is unable to obtain revenue- producing contracts or financing or if the revenue or financing it does obtain is insufficient
to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities
through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders. However,
management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The accompanying
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
-F8-
Table of Contents
NOTE 4 - STOCKHOLDER'S EQUITY
The Company is authorized to issue 100,000,000
shares, no par value.
On March 14, 2016, the Company issued
10,000 shares of common stock to the Koichi Ishizuka, CEO in consideration for cash of 10,000 JPY ($87 USD).
NOTE 5 - RELATED-PARTY TRANSACTIONS
During the period May 31, 2017, the
Company borrowed $61,709 from Photozou Co., Ltd., a Company controlled by Koichi Ishizuka, CEO. The total due as of May 31, 2017
is $61,709 and is due on demand and non-interest bearing.
On April 1, 2017, the Company purchased
a camera trading website from Photozou Co., Ltd and record at historical carryover basis of zero.
During the period May 31, 2017, the
Company rented office space and storage space from the Company's officer free of charge.
NOTE
6 - CONCENTRATION
Financial instruments, which potentially
subject the Company to concentrations of credit risk, consist primarily of purchases of inventory on consignment, accounts receivable
and revenue.
Concentration of Purchase
During the period May 31, 2017, 85.7%
of the inventory is purchased from one supplier in the amount of $14,825.
Concentration of Revenue
Net revenues from customers accounting
for 10% or more of total revenues are as follows:
During the period May 31, 2017, 91.2%
of the revenue is generated from one customer in the amount of $5,429.
Concentration of Accounts Receivable
The Company performs ongoing credit
evaluations of its customers and does not require collateral related to its accounts receivable. At May 31, 2017, accounts receivable
from one customer comprised 100% of the company's total accounts receivable.
NOTE 7 - COMMITMENTS AND CONTINGENCIES
On March 17, 2017, the Company entered
into an agreement with Telecom Square Taiwan, Inc. (the "Telecom") whereas the Company will provide management services
for a photo contest in consideration of NTD 48,500 ($16,142 USD).
Term of contract
The photo contests shall be held 4 times
and the Company shall host and manage the contests through April 30, 2018. The agreement to perform the aforementioned services
may be extended with the Telecom's consent. If the Company delays any service(s) without notice, the Company shall pay a
penalty.
Schedule of Services
1st Inspection               June
19, 2017                   Degree of completion
25%
2nd Inspection              September
18, 2017         Degree of completion 50%
3rd Inspection               December
18, 2017          Degree of completion 75%
4th Inspection               March
19, 2018               Degree of completion 100%
As of May 31, 2017 no percentage was
completed.
On May 1, 2017, the Company entered
into a consignment agreement with Mr. Takahara Ogami, whereas he is to act as an independent contractor to Photozou Koukoku. The
services he is to provide include, but are not limited to, handling the operations of Photozou Koukoku's used camera retail business
through purchasing, selling and delivery of cameras by Mr. Ogami. He is compensated JPY 400,000 ($3,600) a month. Unless either
party expresses, in writing, their intention to terminate the agreement then it shall run another three months automatically.
The Company considers the sale of the cameras as being sold
on consignment through Mr. Ogami's efforts because he is responsible for the sale and shipping of the cameras at the expense
of Photozou Koukoku. Photozou Koukoku is the legal owner of the camera(s) until the point of sale to the purchaser or purchaser(s).
NOTE 8 - INCOME TAX
The Company conducts its major businesses
in Japan and is subject to tax in this jurisdiction. As a result of its business activities, the Company files tax returns that
are subject to examination by the local tax authority.
National income tax in Japan is charged
at 15% of a company's assessable profit. The Company was incorporated in Japan and is subject to Japanese national income
tax and city income tax at the applicable tax rates on the taxable income as reported in their Japanese statutory accounts in accordance
with the relevant enterprises income tax laws.
For the period ended May 31, 2017, the
Company has incurred net losses and, therefore, has no tax liability. The net deferred tax asset generated by the loss carry forward
has been fully reserved. The cumulative net operating loss carry forward is approximately $13,724 as at May 31, 2017 and will expire
beginning in the year 2037.
The cumulative tax effect at the expected
rate of 25% of significant items comprising our net deferred tax amount is as follows:
May 31, 2017
Deferred tax asset attributable to
Net operating loss carryover
3,431
Valuation allowance
(3,431)
Net deferred tax assets
$
-
NOTE 9 - SUBSEQUENT EVENTS
Subsequent to May 31, 2017, the Company
borrowed  $17,927 from Photozou Co., Ltd., a Company controlled by Koichi Ishizuka, CEO. During the same period, the Company
repaid  $24,915 to Photozou Co., Ltd.. The current balance of this loan is $53,826. The amounts borrowed are due on demand
and non-interest bearing.
On December 18, 2017, Photozou
Holdings, Inc. ("Photozou Holdings") entered into a Stock Purchase Agreement with Koichi Ishizuka, our President,
CEO, Director and majority owner. At the closing of the Stock Purchase Agreement (which is contingent upon a 80% reconfirmation
vote under Rule 419), Koichi Ishizuka will transfer to Photozou Holdings, 10,000 shares of the common stock of the Company, which
represents all of its issued and outstanding shares, in consideration of 6,900,000 JPY ($60,766 USD translated by the exchange
rate as of December 11, 2017) and Photozou Holdings will gain a 100% interest in the issued and outstanding shares of the Company's
common stock and the Company will become a wholly owned subsidiary of Photozou Holdings. The Company and Photozou Holdings were
under common control.
-F9-
Table of Contents
PHOTOZOU
KOUKOKU CO., LTD.
INDEX
TO FINANCIAL STATEMENTS
Pages
Balance Sheets at February 28, 2018 and May 31, 2017 (Unaudited)
F11
Statement of Operations and Comprehensive Loss for the three months ended February 28, 2018  (Unaudited)
F12
Statement of Cash Flows for the three months ended February 28, 2018  (Unaudited)
F13
Notes to Financial Statements (Unaudited)
F14
-F10-
Table of Contents
PHOTOZOU KOUKOKU CO., LTD.
BALANCE SHEETS
(UNAUDITED)
February 28, 2018
May 31, 2017
ASSETS
Current Assets
Cash and cash equivalents
$
2,378
$
43,256
Prepaid expenses
992
5,734
Accounts receivable - trade
8,860
473
Accounts receivable - related party
21,277
-
Inventories- consignment
19,069
17,260
TOTAL CURRENT ASSETS
52,576
66,723
Property, plant and equipment
Software
2,025
-
Less accumulated depreciation and amortization
(270)
-
TOTAL PROPERTY, PLANT AND EQUIPMENT
1,755
-
Intangible assets
-
-
TOTAL ASSETS
$
54,331
$
66,723
LIABILITIES AND SHAREHOLDER'S DEFICIT
Current Liabilities
Accounts payable-trade
$
-
$
2,081
Due to related party
77,735
61,709
Accrued expenses
602
505
Deferred revenue
4,218
16,142
TOTAL CURRENT LIABILITIES
82,555
80,437
TOTAL LIABILITIES
82,555
80,437
Shareholders' Deficit
Common stock (No par value, 100,000,000 shares authorized,
10,000 shares issued and outstanding as of February 28, 2018 and May 31, 2017)
87
87
Accumulated deficit
(27,217)
(13,724)
Accumulated other comprehensive loss
(1,094)
(77)
TOTAL SHAREHOLDERS' DEFICIT
(28,224)
(13,714)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT
$
54,331
$
66,723
See Accompanying Notes to Unaudited Financial Statements.
-F11-
Table of Contents
PHOTOZOU KOUKOKU CO., LTD.
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
For the three months
For the nine months
ended
ended
February 28, 2018
February 28, 2018
Revenues
Revenue from cameras sold
$
183,665
$
316,782
Service revenue
7,069
18,007
Revenue from related party
12,543
20,515
Total revenues
203,277
355,304
Cost of revenues
175,358
301,511
Gross profit
27,919
53,793
Operating Expenses
General and Administrative Expenses
$
26,833
$
67,286
Total Operating expenses
26,833
67,286
NET INCOME (LOSS)
$
1,086
$
(13,493)
Other Comprehensive Income
Foreign currency translation adjustment
(1,343)
(1,017)
TOTAL
    COMPREHENSIVE LOSS
$
(257)
$
(14,510)
BASIC
    AND DILUTED NET LOSS PER COMMON SHARE
$
(0.03)
$
(1.45)
WEIGHTED
    AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED
10,000
10,000
See
    Accompanying Notes to Unaudited Financial Statements.
-F12-
Table
of Contents
PHOTOZOU KOUKOKU CO., LTD.
STATEMENT OF CASH FLOWS
(UNAUDITED)
For the nine months
ended
February 28, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss
$
(13,493)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expenses
270
Changes in operating assets and liabilities:
Prepaid expenses
4,742
Accounts receivable- trade
(8,387)
Accounts receivable- related party
(21,277)
Deferred revenue
(11,924)
Inventories- consignment
(1,809)
Accounts payable and Accrued expenses
(1,984)
Net cash used in operating activities
(53,862)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for purchase of software
(2,025)
Net cash used in investing activities
(2,025)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from due to related party
44,602
Repayment of due to related party
(30,937)
Net cash used in financing activities
13,665
Net effect of exchange rate changes on cash
1,344
Net Change in Cash and Cash equivalents
(40,878)
Cash and cash equivalents - beginning of period
43,256
Cash and cash equivalents - end of period
$
2,378
SUPPLEMENTAL  DISCLOSURES OF CASH FLOW INFORMATION
Interest paid
$
-
Income taxes paid
-
See Accompanying Notes to Unaudited Financial Statements.
-F13-
Table of Contents
PHOTOZOU KOUKOKU CO., LTD.
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2018
(UNAUDITED)
NOTE 1 - ORGANIZATION, DESCRIPTION
OF BUSINESS, AND BASIS OF PRESENTATION
Photozou Koukoku Co., Ltd. (the "Company"),
a growth company, was incorporated under the laws of Japan on March 14, 2017.
Currently, the Company is headquartered in Tokyo, Japan and
its primary business is the sale of used cameras and online advertising services.
The Company elected May 31st as its fiscal year end.
Translation of amounts from the local currency of the Company
into US$1 has been made at the following exchange rates:
February 28, 2018
Current JPY: US$1 exchange rate
106.67
Average JPY: US$1 exchange rate
110.63
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND USE OF ESTIMATES
The accompanying unaudited interim financial statements have
been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial
information and with the instructions to Regulation S-X. These unaudited interim financial statements do not include all of the
information required for full annual financial statements and should be read in conjunction with the Company's audited financial
statements for the period ended May 31, 2017, thereto contained herein this 8-K.
In the opinion of management, all adjustments consisting of
normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result
of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results
of operations for such interim periods are not necessarily indicative of operations for a full year.
NOTE 3 - GOING CONCERN
The accompanying financial statements are prepared on a basis
of accounting assuming that the Company is a going concern that contemplates realization of assets and satisfaction of liabilities
in the normal course of business. The Company is in the early stage of operations and has net loss from inception and negative
cash flows. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company
will offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain
revenue- producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating
losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic
alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders. However, management
cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The accompanying financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
NOTE 4 - RELATED-PARTY TRANSACTIONS
For the nine months ended February 28, 2018, the Company borrowed
$44,602 from Photozou Co., Ltd., a Company controlled by Koichi Ishizuka, CEO. For the nine months ended February 28, 2018, the
Company repaid $30,937 to Photozou Co., Ltd.. The total due as of February 28, 2018 was $77,735 and was due on demand and non-interest
bearing.
For the nine months ended February 28, 2018, the Company had
account receivable of $21,277 to Offline Co., Ltd., a Company controlled by Koichi Ishizuka, CEO. The total amount as of February
28, 2018 was $21,277.
For the nine months ended February 28, 2018, the Company had
revenue of $20,515 from Offline Co., Ltd., a Company controlled by Koichi Ishizuka, CEO.
For the nine months ended February 28, 2018, the Company rented
office space and storage space from the Company's officer free of charge.
NOTE 5 - CONCENTRATION
Financial instruments, which potentially subject the Company
to concentrations of credit risk, consist primarily of purchases of inventory on consignment, accounts receivable and revenue.
Concentration of Purchases
For the nine months ended February 28, 2018, 100% of the purchase
of inventory of cameras was handled by Mr. Takaharu Ogami on consignment in the amount of $19,069.
Concentration of Revenues
Net revenues from customers accounting for 10% or more of total
revenues are as follows:
For the nine months ended February 28, 2018, 85.6% of the revenue
from the sale of cameras was generated from two customers in the amount of $271,104. For the nine months ended February 28, 2018,
100% of the revenue from the sale of cameras was handled by Mr. Takaharu Ogami on consignment.
For the nine months ended February 28, 2018, 84.0% of the service
revenue was generated from two customers in the amount of $32,358.
NOTE 6 – COMMITMENTS
On March 17, 2017, the Company entered into an agreement with
Telecom Square Taiwan, Inc. (the "Telecom") whereas the Company will provide management services for a photo contest
in consideration of NTD 48,500 ($16,142).
Term of contract
The photo contests shall be held 4 times and the Company shall
host and manage the contests through April 30, 2018. The agreement to perform the aforementioned services may be extended with
the Telecom's consent. If the Company delays any service(s) without notice, the Company shall pay a penalty.
Schedule of Services
1st Inspection               June
19, 2017		Degree of completion 25%
2nd Inspection              September
18, 2017		Degree of completion 50%
3rd Inspection               December
18, 2017		Degree of completion 75%
4th Inspection               March
19, 2018		Degree of completion 100%
As of May 31, 2017 no percentage was completed. As of February
28, 2018, 75% was completed.
On May 1, 2017, the Company entered into a consignment agreement
with Mr. Takahara Ogami, whereas he is to act as an independent contractor to Photozou Koukoku. The services he is to provide include,
but are not limited to, handling the operations of Photozou Koukoku's used camera retail business through purchasing, selling and
delivery of cameras by Mr. Ogami. He is compensated JPY 400,000 ($3,600) a month. Unless either party expresses, in writing, their
intention to terminate the agreement then it shall run another three months automatically.
The Company considers the sale of the cameras as being sold
on consignment through Mr. Ogami's efforts because he is responsible for the sale and shipping of the cameras at the expense
of Photozou Koukoku. Photozou Koukoku is the legal owner of the camera(s) until the point of sale to the purchaser or purchaser(s).
NOTE 7 - SUBSEQUENT EVENTS
On May 31, 2018, we, "Photozou
Holdings, Inc.," also referred to herein as, "the Company," entered into and consummated a Stock Purchase Agreement
(the "Stock Purchase Agreement") with Koichi Ishizuka, our President, CEO, and Director. At the closing of the Stock
Purchase Agreement, Koichi Ishizuka transferred to the Company, 10,000 shares of common stock of Photozou Koukoku Co., Ltd., a
Japan corporation ("Photozou Koukoku"), which represented all of its issued and outstanding shares, in consideration
of 1,000,000 JPY ($9,174 USD as of the exchange rate May 31, 2018). The Company has since gained a 100% interest in the issued
and outstanding shares of Photozou Koukoku's common stock and Photozou Koukoku is now a wholly owned subsidiary of the Company.
The Company and Photozou Koukoku were under common control at the time of the acquisition.
-F14-
Table of Contents
The following unaudited pro forma consolidated financial statements are based on our historical consolidated financial statements
and Photozou Koukoku's historical financial statements as adjusted to give effect to December 18, 2017May 31, 2018 acquisition
of Photozou Koukoku. The unaudited pro forma consolidated balance sheet as of February 28, 2018 gives effect to the acquisition
of Photozou Koukoku as if it had occurred on February 28, 2018. The unaudited pro forma consolidated statements of operations
for the three months ended February 28, 2018 give effect to the acquisition of Photozou Koukoku as if it had occurred on December
1, 2017. The unaudited pro forma consolidated statements of operations for the year ended November 30, 2017 give effect to
the acquisition of Photozou Koukoku as if it had occurred on December 1, 2016. The pro forma combined financial statements
do not necessarily reflect what the combined company's financial condition or results of operations would have been had the
acquisition occurred on the dates indicated. They also may not be useful in predicting the future financial condition and
results of operations of the combined company. The actual financial position and results of operations may differ significantly
from the pro forma amounts reflected herein due to a variety of factors.
PHOTOZOU HOLDINGS, INC
.
(UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEETS)
PHOTOZOU
PHOTOZOU
Consolidated
HOLDINGS,
KOUKOKU
INC.
CO., LTD.
February 28, 2018
February 28, 2018
Pro Forma
Pro Forma
(Unaudited)
(Unaudited)
Adjustment
Result
ASSETS
Current Assets
Cash and cash equivalents
$
75,933
$
2,378
$
(60,766)
$
17,545
Prepaid expenses
-
992
-
992
Accounts receivable - trade
-
8,860
-
8,860
Accounts receivable - related party
-
21,277
-
21,277
Inventories
-
19,069
-
19,069
TOTAL CURRENT ASSETS
75,933
52,576
(60,766)
67,743
Property, plant and equipment
Software
-
2,025
-
2,025
Less accumulated depreciation and amortization
(270)
-
(270)
Intangible assets
-
-
-
-
TOTAL PROPERTY, PLANT AND EQUIPMENT
-
1,755
-
1,755
TOTAL ASSETS
$
75,933
$
54,331
$
(60,766)
$
69,498
LIABILITIES AND SHAREHOLDERS' DEFICIT
CURRENT LIABILITIES:
Due to related party
$
35,341
$
77,735
$
-
$
113,076
Accrued expenses
-
602
-
602
Deferred income
-
4,218
-
4,218
TOTAL LIABILITIES
35,341
82,555
-
117,896
SHAREHOLDERS' DEFICIT
Preferred stock ($.0001 par value, 20,000,000 shares authorized;
none issued and outstanding as of February 28, 2018)
-
-
-
-
Common stock ($.0001 par value, 500,000,000 shares authorized,
11,037,300 shares issued and outstanding as of February 28, 2018)
1,104
-
-
1,104
Common stock (No par value, 100,000,000 shares authorized,
10,000 shares issued and outstanding as of  February 28, 2018
87
A
(87)
-
Additional paid in capital
107,938
-
(60,679)
47,259
Accumulated deficit
(66,912)
(27,217)
-
(94,129)
Accumulated other comprehensive loss
(1,538)
(1,094)
-
(2,632)
TOTAL SHAREHOLDERS' DEFICIT
40,592
(28,224)
(60,766)
(48,398)
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT
$
75,933
$
54,331
$
(60,766)
$
69,498
A) On May 31, 2018, we, "Photozou Holdings, Inc.," also referred to herein as, "the Company," entered into and consummated a Stock Purchase Agreement (the "Stock Purchase Agreement") with Koichi Ishizuka, our President, CEO, and Director. At the closing of the Stock Purchase Agreement, Koichi Ishizuka transferred to the Company, 10,000 shares of common stock of Photozou Koukoku Co., Ltd., a Japan corporation ("Photozou Koukoku"), which represented all of its issued and outstanding shares, in consideration of 1,000,000 JPY ($9,174 USD as of the exchange rate May 31, 2018). The Company has since gained a 100% interest in the issued and outstanding shares of Photozou Koukoku's common stock and Photozou Koukoku is now a wholly owned subsidiary of the Company. The Company and Photozou Koukoku were under common control at the time of the acquisition.
-F15-
Table of Contents
PHOTOZOU HOLDINGS, INC.
(UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS)
PHOTOZOU
PHOTOZOU
Pro Forma
Consolidated
HOLDINGS,
KOUKOKU
Adjustment
INC.
CO., LTD.
Three months
Three months
Three months
February 28, 2018
February 28, 2018
February 28, 2018
Revenues
Revenue from cameras sold
$
-
$
183,665
$
-
$
183,665
Service revenue
-
19,612
-
19,612
Total revenues
-
203,277
-
203,277
Cost of revenues
-
175,358
-
175,358
Gross profit
-
27,919
-
27,919
Operating Expenses
General and Administrative Expenses
$
16,826
$
26,833
$
-
$
43,659
Total Operating expenses
16,826
26,833
-
43,659
NET LOSS
$
(16,826)
$
1,086
$
-
$
(15,740)
Other Comprehensive Income
Foreign currency translation adjustment
(1,555)
(1,343)
-
(2,898)
TOTAL COMPREHENSIVE LOSS
$
(18,381)
$
(257)
$
-
$
(18,638)
BASIC
    AND DILUTED NET LOSS PER COMMON SHARE
$
(0.00)
$
$
$
(0.00)
WEIGHTED
    AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED
11,037,300
-
-
11,037,300
-F16-
Table
of Contents
PHOTOZOU HOLDINGS, INC.
(UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS)
PHOTOZOU
PHOTOZOU
Pro Forma
Consolidated
HOLDINGS,
KOUKOKU
Adjustment
INC.
CO., LTD.
For the year Ended
For the period from March 14, 2017 (Inception) through
For the year Ended
November 30, 2017
November 30, 2017
November 30, 2017
Revenues
Revenue from cameras sold
$
-
$
133,641
$
-
$
133,641
Service revenue
-
24,339
-
24,339
Total revenues
-
157,980
-
157,980
Cost of revenues
-
126,594
-
126,594
Gross profit
-
31,386
-
31,386
Operating Expenses
General and Administrative Expenses
$
23,027
$
59,689
$
-
$
82,716
Total Operating expenses
23,027
59,689
-
82,716
NET LOSS
$
(23,027)
$
(28,303)
$
-
$
(51,330)
Other Comprehensive Income
Foreign currency translation adjustment
17
249
-
266
TOTAL
    COMPREHENSIVE LOSS
$
(23,010)
$
(28,054)
$
-
$
(51,064)
BASIC
    AND DILUTED NET LOSS PER COMMON SHARE
$
(0.00)
$
$
$
(0.00)
WEIGHTED
    AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED
10,570,115
-
-
10,570,115
-F17-
Table of Contents
EXHIBITS
Exhibit Number
Description of Exhibit
3.1
Certificate of Incorporation (1)
3.2
Bylaws (1)
10.1
Stock Purchase Agreement (2)
(1) Filed as an exhibit to the Company's Registration Statement
on Form 10, as filed with the SEC on January 26, 2015, and incorporated herein by this reference.
(2) Filed herewith.
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 thereunto duly authorized.
Photozou Holdings, Inc.
Dated: June 1, 2018
By: /s/ Koichi Ishizuka
Koichi Ishizuka
President and Director
-12-