UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED ~~SEPTEMBER~~MARCH 3031, ~~2009~~2010 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 000-30013

MEZABAY INTERNATIONAL INC.

(Formerly, Cardtrend International Inc.)

(Exact name of registrant as specified in its charter)

NEVADA

(State or other jurisdiction of incorporation or organization)

800 5th Avenue

Suite 4100

Seattle, Washington 98104

(Address of principal executive offices, including zip code.)

(206) 447-1379

(Telephone number, including area code)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the last 90 days. YES x ~~NOo~~ NO o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (SS 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES o NO x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	o	Accelerated Filer	o
Non-accelerated Filer	o	Smaller Reporting Company	x
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES o NO x

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 1,478,815,204 as of ~~November~~May 105, ~~2009~~ 2010.

TABLE OF CONTENTS
MEZABAY INTERNATIONAL INC.
(FORMERLY CARDTREND INTERNATIONAL INC.)
ITEM	Description	Page
ITEM NO.	DOCUMENT DESCRIPTION	PAGE
PART I - FINANCIAL INFORMATION
ITEM 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets as of September 30, 2009 (unaudited) and December 31, 2008	F-1
	Condensed Consolidated Balance Sheets as of March 31, 2010 (unaudited) and December 31, 2009	F-1
	Condensed Consolidated Statements of Operations and Comprehensive Loss for the
	Three Months and Nine months Ended September 30, 2009 and 2008(unaudited)	F-2
	Three Months Ended March 31,2010 and 2009 (unaudited)	F-2
	Condensed Consolidated Statement of Cash Flows for the Nine months
	Condensed Consolidated Statement of Cash Flows for the Three months
	Ended September 30, 2009 and 2008 (unaudited)	F-3
	Ended March 31,2010 and 2009 (unaudited)	F-3
	Condensed Consolidated Statement of Stockholders’ Deficit for the Nine months
	Condensed Consolidated Statement of Stockholders’ Deficit for the Three months
	Ended September 30, 2009 and 2008 (unaudited)	F-4
	Ended March 31,2010 and 2009 (unaudited)	F-4
	Notes to Condensed Consolidated Financial Statements(unaudited)	F-5 to F-1715
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2018
ITEM 3.	Quantitative and Qualitative Disclosure About Market Risk	2321
ITEM 4.	Controls and Procedures	2321
PART II - OTHER INFORMATION
ITEM 1.	Legal Proceedings	24
ITEM 1A.	Risk Factors	22
ITEM 1A.	Risk Factors	24
ITEM 6.	Exhibits	22
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
	Signatures	23
ITEM 3.	Defaults Upon Senior Securities	24
	Exhibit Index	24
ITEM 4.	Submission of Matters to a Vote of Security Holders	24
ITEM 5.	Other Information	24
ITEM 6.	Exhibits	25

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MEZABAY INTERNATIONAL INC.

(FORMERLY CARDTREND INTERNATIONAL INC.)

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF ~~SEPTEMBER~~MARCH 3031, ~~2009~~2010 AND DECEMBER 31, ~~2008~~2009

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

	March 31, 2010			December 31, 2009
	(Unaudited)			(Audited)

ASSETS
Current assets:
Cash and cash equivalents	$	3,298		$	835
Prepayments, deposits and other receivables		48,648			19,642

Total current assets		51,946			20,477

Non-current assets:
Plant and equipment, net		27,299			27,662
Intangible asset		757,247			722,180
TOTAL ASSETS	$	836,492			770,319

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Deferred revenue	$	3,773		$	5,397
Customer deposit		103,580			-
Accrued liabilities and other payables		244,624			251,139
Loan payable		100,000			100,000

Total liabilities		451,977			356,536

Commitments and contingencies		-

Stockholders’ equity:
Preferred stock, 10,000,000 authorized preferred shares of $0.001 par value, 5,000,000 issued and outstanding as of March 31, 2010 and December 31, 2009		5,000			5,000
Common stock, 1,500,000,000 authorized common shares of $0.001 par value, 1,478,815,204 shares issued and outstanding as of March 31, 2010 and December 31, 2009		1,478,815			1,478,815
Accumulated other comprehensive income		63,891			29,319
Accumulated deficits		(1,163,191	)		(1,099,351	)

Total stockholders’ equity		384,515			413,783

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	836,492		$	770,319

	September 30, 2009		December 31, 2008
ASSETS
Current assets:
Cash and cash equivalents	$	2,715	$	48,115
Prepayments, deposits and other receivables		14,858		14,420
Total current assets		17,573		62,535
Plant and equipment, net		28,805		664
Intangible asset, net		710,209		-
TOTAL ASSETS	$	756,587	$	63,199
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Deferred revenue	$	18,970	$	17,679
Accrued liabilities and other payables		231,264		292,133
Loan payable		100,000		100,000
Total liabilities		350,234		409,812
Commitments and contingencies
Stockholders’ equity (deficit):
Preferred stock, 10,000,000 authorized preferred shares of $0.001 par value,
5,000,000 shares and 10,000,000 shares issued and outstanding as of September 30, 2009
and December 31, 2008, respectively		5,000		10,000
Common stock, 1,500,000,000 authorized common shares of $0.001 par value,
1,478,815,204 and 0 share issued and outstanding as of September 30,
2009 and December 31, 2008, respectively		1,478,815		-
Additional paid-in capital		299,325		900,619
Accumulated deficits		(1,393,808)		(1,257,409)
Accumulated other comprehensive income		17,021		177
Total stockholders’ equity (deficit)		406,353		(346,613)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	756,587	$	63,199

See accompanying notes to condensed consolidated financial statements.

F-1

MEZABAY INTERNATIONAL INC.

~~(FORMERLY CARDTREND~~CONDENSED ~~INTERNATIONAL~~CONSOLIDATED ~~INC.)~~STATEMENTS OF OPERATIONS AND

~~CONDENSED CONSOLIDATED~~COMPREHENSIVE ~~STATEMENTS OF~~LOSS

~~OPERATIONS AND~~FOR ~~COMPREHENSIVE~~THE ~~LOSS~~THREE MONTHS ENDED MARCH 31, 2010 AND 2009

~~FOR THE~~(Currency ~~THREE~~expressed ~~MONTHS~~in ~~AND~~United ~~NINE~~States ~~MONTHS~~Dollars ~~ENDED~~(“US$”), ~~SEPTEMBER~~except ~~30,~~for ~~2009~~number ~~AND~~of ~~2008~~shares)

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

		Three months ended September 30,					Nine months ended September 30,
		Three months ended March 31,
		2009			2008		2009		2008
		2010				2009
REVENUE, NET		$	13,224			$	14,821
Sales	$	22,299		$	-	$	54,194	$	-
COST OF REVENUE			(690	)			(9,704	)
COST OF REVENUE		(13,714	)		-		(32,009	)	-
GROSS PROFIT			12,534				5,117
GROSS PROFIT		8,585			-		22,185		-
Operating expenses:
OPERATING EXPENSES:
Selling, general and administrative			(76,374	)			(14,175	)
Depreciation and amortization		1,580			-		3,123		-
LOSS BEFORE INCOME TAX			(63,840	)			(9,058	)
Stock based compensation		105,000			-		105,000		-
Income tax expense			-				-
Selling, general and administrative expenses		15,805			459,222		50,461		1,265,877
NET LOSS		$	(63,840	)		$	(9,058	)
Total operating expenses		122,385			459,222		83,584		1,265,877
Other comprehensive income:
LOSS BEFORE INCOME TAX		(113,800	)		(459,222	)	(136,399	)	(1,265,877	)
- Foreign currency translation gain			34,572				1,076
Income tax expense		-			-		-		-
COMPREHENSIVE LOSS		$	(29,268	)		$	(7,982	)
NET LOSS		(113,800	)		(459,222	)	(136,399	)	(1,265,877	)
Net loss per share – basic		$	(0.00	)		$	(0.00	)
Other comprehensive loss:
Net loss per share – diluted		$	(0.00	)		$	(0.00	)
- Foreign currency translation gain		16,844			-		16,844		-
Weighted average shares outstanding – basic			1,478,815,204				155,818,136
COMPREHENSIVE LOSS		(96,956	)		(459,222	)	(119,555	)	(1,265,877	)
Weighted average shares outstanding – diluted			1,978,815,204				155,818,136
Net loss per share – basic	$	(0.00)			(0.00	)	(0.00	)	(0.01	)
Net loss per share – diluted	$	(0.00)			(0.00	)	(0.00	)	(0.01	)
Weighted average shares outstanding – basic		303,071,697			-		516,539,835		-
Weighted average shares outstanding – diluted		328,071,697			100,000,000		566,539,835		100,000,000

See accompanying notes to condensed consolidated financial statements.

F-2

MEZABAY INTERNATIONAL INC.

(FORMERLY CARDTREND INTERNATIONAL INC.)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, ~~2009~~2010 AND ~~2008~~2009

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

		Nine months ended September 30,
		Three months ended March 31,
			2009					2008
		2010				2009
Cash flows from operating activities:
Net loss	$	$	(63,840	~~(136,399~~)	)	$	(9,058	)	~~(1,265,877~~	)
Adjustments to reconcile net loss to net cash used in operating activities:
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization				3,123					-
Depreciation			1,648				-
Stock based compensation expenses				105,000					-
Changes in operating assets and liabilities:
Changes in operating assets and liabilities:
Prepayments, deposits and other receivables			(27,645	)			(59,456	)
Accounts receivable, net				(438	)				-
Customer deposit			100,057				-
Deferred revenue			(1,822	~~1,291~~)			(3,208	)	-
Accrued liabilities and other payables			(6,008	~~7,327~~)			(15,107	)	~~1,265,877~~
Net cash used in operating activities				(20,096	)				-
Net cash provided by (used in) operating activities			2,390				(86,829	)
Cash flows from investing activities:
Cash flows from financing activities:
Purchase of plant and equipment				(31,264	)				-
Capital contribution from stockholders			-				51,215
Purchase of intangible assets				(710,209	)				-
Net cash provided by financing activities			-				51,215
Net cash used in investing activities				(741,473	)				-
Effect of exchange rate changes in cash and cash equivalents			73				(1,731	)
Cash flows from financing activities:
NET CHANGE IN CASH AND CASH EQUIVALENTS			2,463				(37,345	)
Capital contribution by shareholders				699,325					-
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			835				42,750
Net cash provided by financing activities				699,325					-
CASH AND CASH EQUIVALENTS, END OF PERIOD		$	3,298			$	5,405
Effect of exchange rate changes on cash and cash equivalents				16,844					-
Cash paid for income taxes		$	-			$	-
NET CHANGE IN CASH AND CASH EQUIVALENTS				(45,400	)				-
Cash paid for interest		$	-			$	-
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD				48,115
CASH AND CASH EQUIVALENTS, END OF PERIOD	$			2,715		$			-

See accompanying notes to condensed consolidated financial statements.

F-3

MEZABAY INTERNATIONAL INC.

~~(FORMERLY CARDTREND~~CONDENSED ~~INTERNATIONAL~~CONSOLIDATED ~~INC.)~~STATEMENT OF STOCKHOLDERS’ EQUITY

~~CONDENSED CONSOLIDATED~~FOR ~~STATEMENT~~THE OFTHREE ~~STOCKHOLDERS’~~MONTHS ~~EQUITY~~ENDED ~~(DEFICIT)~~MARCH 31, 2010

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

										Accumulated
	Preferred stock					Common stock			Accumulated other comprehensive income		Accumulated deficits		Total stockholders’ equity
	Preferred stock			Common stock				Additional		other				Total
	No of shares		Amount			No of shares	Amount
	No. of			No. of				paid-in		comprehensive		Accumulated		stockholders’
Balance as of January 1, 2010	5,000,000		$	5,000		1,478,815,204	$	1,478,815	$	29,319	$	(1,099,351)	$	413,783
	shares		Amount	shares		Amount		capital		income		deficit		(deficit) equity
Net loss for the period	-			-		-		-		-		(63,840)		(63,840)
Balance as of
Foreign currency translation adjustment	-			-		-		-		34,572		-		34,572
January 1, 2009	10,000,000	$	10,000	-	$	-	$	900,619	$	177	$	(1,257,409)	$	(346,613)
Balance as of March 31, 2010	5,000,000		$	5,000		1,478,815,204	$	1,478,815	$	63,891	$	(1,163,191)	$	384,515
Stock based
compensation	-		-	30,000,000		30,000		75,000		-		-		105,000
Recapitalization of
and reverse dacquisition
acquisition	-		-	948,815,204		948,815		(880,619	)	-		-		68,196
Conversion of
preferred shares	(5,000,000)	)	(5,000)	500,000,000		500,000		(495,000	)	-		-		-
Capital contribution from shareholders	-		-	-		-		699,325		-		-		699,325
Net loss for the
period	-		-	-		-		-		-		(136,399	)	(136,399)
Foreign currency
translation
adjustment	-		-	-						16,844				16,844
Balance as of
September 30, 2009
2009	5,000,000	$	5,000	1,478,815,204	$	1,478,815	$	299,325	$	17,021	$	(1,393,808	) $	406,353

See accompanying notes to condensed consolidated financial statements.

F-4

MEZABAY INTERNATIONAL INC.

(FORMERLY CARDTREND INTERNATIONAL INC.)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, 2010 AND 2009

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

NOTE－ 1 – BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States of America (“US GAAP”), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.

In the opinion of management, the consolidated balance sheet as of December 31, ~~2008~~ 2009 which has been derived from audited financial statements and these unaudited condensed ~~consolidated~~ financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the period ended ~~September~~March 3031, ~~2009~~2010 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, ~~2009~~2010 or for any future period.

~~NOTE－2 ORGANIZATION AND~~These ~~BUSINESS~~unaudited ~~BACKGROUND~~condensed consolidated financial statements and notes thereto should be read in conjunction with the Management’s Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2009.

~~The Company~~NOTE ~~was~~2 ~~incorporated~~– ~~under~~ORGANIZATION ~~the~~AND ~~laws~~BUSINESS of the State of Nevada in 1998 to engage in international business as Asian Alliance Ventures Inc. and subsequently changed its name to Asia Payment Systems Inc. in 2003 and to Cardtrend International Inc. on July 24, 2007. On June 12, 2009, the Company has obtained the majority votes of its shareholders to change its name to Mezabay International, Inc. The change of name of the Company was effective June 18, 2009.BACKGROUND

~~On September~~Mezabay ~~11,~~International ~~2009,~~Inc. (the “Company” ~~entered~~or ~~into a Share Exchange Agreement (the "Agreement") with Gaeawave Sdn Bhd, (~~“~~Gaeawave~~MZBY”) awas ~~company~~incorporated ~~organized as a limited liability company~~ under ~~Companies Act, 1965 in Malaysia among~~ the ~~stockholders~~ laws of the ~~Company~~State ~~and~~of ~~Gaeawave.~~Nevada ~~Pursuant~~in 1998 to ~~the~~engage ~~Agreement,~~in ~~the~~international ~~Company issued~~business ~~10,000,000~~as ~~shares~~Asian ofAlliance ~~the~~Ventures ~~Company’s~~Inc. ~~Series~~and Dsubsequently ~~Preferred~~changed ~~Stock~~its ~~(the~~name ~~"Series D Preferred Stock")~~ to ~~the~~Asia ~~shareholders~~Payment ofSystems ~~Gaeawave~~Inc. in ~~exchange~~2003 ~~for~~and ~~100%~~to ~~capital stock~~Cardtrend inInternational ~~Gaeawave,~~Inc. ~~thus~~on ~~causing~~July to24, ~~become~~2007. aOn ~~subsidiary~~June of18, 2009, the Company. ~~This share~~has ~~exchange~~approved ~~transaction~~to ~~resulted~~change inits ~~the~~current ~~shareholders~~name ofto ~~Gaeawave~~Mezabay ~~obtaining~~International ~~a majority voting interest in the Company~~Inc.

~~After~~MZBY, ~~the~~through ~~consummation~~its ofsubsidiary, ~~the~~engages ~~share~~in ~~exchange transaction,~~ the ~~new~~provision ~~board~~ of ~~directors~~IT ~~was~~consulting, ~~established~~programming and ~~appointed~~display ~~with~~advertising aservices ~~new group of officers. Gaeawave’s shareholders became the major shareholders~~ in ~~the Company representing approximately 50~~Malaysia.~~09% of the voting rights in the combined entity.~~

~~Gaeawave was~~Details ~~incorporated~~of ~~as a limited liability company under Companies Act, 1965 in Malaysia on November 5, 2008. Its principal business is engaged in~~ the ~~provision of~~Company’s ITsubsidiary ~~consulting,~~are ~~programming~~described ~~and display advertising services in Malaysia.~~below:

The stock exchange transaction has been accounted for as a reverse acquisition and recapitalization of the Company whereby Gaeawave is deemed to be the accounting acquirer (legal acquiree) and the Company to be the accounting acquiree (legal acquirer). The accompanying condensed consolidated financial statements are in substance those of Gaeawave, with the assets and liabilities, and revenues and expenses, of the Company being included effective from the date of stock exchange transaction. The Company is deemed to be a continuation of the business of Gaeawave.

Name	Place of incorporation and kind of legal entity	Principal activities and place of operation	Particulars of issued/ registered share capital	Effective interest held
Gaeawave Sdn. Bhd.(formerly Intersenz Sdn Bhd.）(“Gaeawave”)	Malaysia, a limited liability company	Engaging in IT software design and online advertising services in Malaysia	2,500,000 issued shares of common stock of MYR 1 each.	100%

~~Accordingly, the~~MZBY ~~accompanying~~and ~~condensed~~its ~~consolidated~~subsidiary ~~financial~~are ~~statements~~hereinafter ~~include~~referred to as “the ~~following:~~ Company”.

(1) the balance sheet consists of the net assets of the accounting acquirer at historical cost and the net assets of the accounting acquiree at historical cost;

(2) the financial position, results of operations, and cash flows of the accounting acquirer for all periods presented as if the recapitalization had occurred at the beginning of the earliest period presented and the operations of the accounting acquiree from the date of stock exchange transaction.

Mezabay International Inc. and its subsidiary are hereinafter referred to as (the “Company”).

F-5

MEZABAY INTERNATIONAL INC.

(FORMERLY CARDTREND INTERNATIONAL INC.)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, 2010 AND 2009

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

NOTE – 3 – GOING CONCERN UNCERTAINTIES

~~The accompanying~~These condensed consolidated financial statements have been prepared ~~on the~~assuming ~~basis~~ that the Company will continue as a going concern, which ~~assumes~~contemplates the realization of assets and ~~settlement~~the discharge of liabilities in the normal course of business. ~~For~~for the ~~period~~foreseeable ~~ended September 30, 2009, the Company incurred a net loss of $136,399 and incurred a negative cash flow of $20,096 from operating activities~~future. At September 30, 2009, the Company had a working capital deficiency of $332,661 and the accumulated deficits of $1,393,808. The Company is experiencing difficulty in generating sufficient cash flow to meet its obligations and sustain its operations, which raises substantial doubt about its ability to continue as a going concern.

~~The Company's~~As ~~existence~~of isMarch ~~dependent~~31, ~~upon~~2010, ~~management's~~the ~~ability~~Company tosuffered ~~develop~~from ~~profitable operations~~a ~~and~~net ~~resolve~~loss ~~its~~of ~~liquidity~~$63,840 ~~problems.~~with ~~Management~~the ~~anticipates~~accumulated ~~the Company~~deficits ~~will~~of ~~attain~~$1,163,191. ~~profitable~~Additionally, ~~status~~the ~~and~~Company ~~improve~~incurred ~~its~~a ~~liquidity~~working ~~through~~capital ~~the continued~~deficit ~~developing~~of $400,031. ~~marketing~~The ~~and~~continuation ~~selling~~ of ~~its~~the ~~e-commerce~~Company ~~related~~is ~~products and~~dependent ~~services~~upon ~~and~~the ~~additional~~continuing ~~equity~~financial ~~investment~~support inof ~~the~~shareholders ~~Company.~~and ~~The~~revenue ~~accompanying condensed~~to ~~consolidated~~be ~~financial~~generated ~~statements~~from dosales ~~not~~its ~~include~~software ~~any~~products. ~~adjustments~~Management believes that ~~might~~ ~~result~~these ~~should~~actions will enable the Company ~~be unable~~ to continue asits aoperations ~~going concern~~through March 31, 2011.

~~NOTE – 4 SUMMARY OF~~These ~~SIGNIFICANT~~and ~~ACCOUNTING~~other ~~POLICIES~~factors raise substantial doubt about the Company’s ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern.

* Principles ofNOTE ~~consolidation~~4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying condensed consolidated financial statements ~~include~~reflect the ~~financial~~application ~~statements~~ of ~~the~~ ~~Company~~certain significant accounting policies as described in this note and ~~its~~elsewhere ~~subsidiary~~in the accompanying condensed consolidated financial statements and notes.

~~All significant~~· Basis ~~inter-company~~of ~~balances and transactions within the Company have been eliminated upon consolidation.~~presentation

* Use The accompanying condensed consolidated financial statements reflect the application of ~~estimates~~certain significant accounting policies as described in this note and elsewhere in the accompanying condensed consolidated financial statements and notes.

~~In preparing~~· Use ~~these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts~~ of ~~assets and liabilities in the balance sheets and revenues and expenses during the period reported. Actual results may differ from these~~ estimates.

* Cash In preparing these condensed consolidated financial statements, management makes estimates and ~~cash~~assumptions ~~equivalents~~that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates.

· Basis of consolidation

The condensed consolidated financial statements include the financial statements of MZBY and its subsidiary. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.

· Cash and cash equivalents

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

* Intangible assets

Intangible assets consist of software applications acquired from a third party at the purchase costs. Such application software is subject to further modification and implementation based on the Company’s website development activity. As such, the Company follows the guidance set forth in ASC Topic 350-40, “Internal-Use Software” (“ASC 350-40”), in accounting for the development of its application service. Additionally, the Company follows the guidance in ASC 350-40 for costs incurred for computer software developed or obtained for internal use. ASC 350-40 requires companies to capitalize qualifying computer software costs, which are incurred during the application development stage. Costs related to preliminary project activities and post-implementation activities are expensed as incurred.

These software applications are further developed for a brand-new type of social network called Jompal, blending social networking and e-commerce to advertisers to deliver advertisement and promotion service to its target audience via mobile phones and other mobile devices.

Since the capitalized software applications are not currently in commercial service, no amortization has been provided for the nine months ended September 30, 2009. These capitalized costs are to be amortized on a straight line basis over the expected useful life of the software, which is 5 years. The management expects to launch its new software products in mid-2010.

F-6

MEZABAY INTERNATIONAL INC.

(FORMERLY CARDTREND INTERNATIONAL INC.)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, 2010 AND 2009

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

~~The management~~· Plant ~~is awaiting additional information to determine the fair values of the application software~~ and has hired a valuation specialist to value such intangible assets. The valuation specialist, engaged to value such assets has not yet completed her work. In the absence of a final valuation, management has made a preliminary assessment by comparing the purchase price to the estimated undiscounted cash flows used in determining the fair value of the asset. No impairment loss is recognized as a result of these tests.equipment

* Plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses, which mainly include office fixtures and equipment. Depreciation is calculated on the straight-line basis over the expected useful lives from the date on which they become fully operational, generally 5 years. Expenditure for maintenance and repairs is expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations.

~~Plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses, if any.~~ Depreciation isexpense ~~calculated~~for on the ~~straight-line~~ ~~basis~~three ~~over~~months ~~the~~ended ~~expected~~March ~~useful lives from the date on which they become fully operational~~31, ~~generally~~2010 ~~5 years. Expenditure for maintenance~~ and ~~repairs~~ is2009 ~~expensed~~was ~~as incurred. When assets have retired or sold~~$1,648 ~~the cost~~ and ~~related~~ ~~accumulated~~$0, ~~depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations~~respectively.

~~Depreciation expense~~· Intangible ~~for the three and nine months ended September 30, 2009 was $1,580 and $3,123.~~asset

* Impairment Intangible asset is made up of ~~long~~software development tool acquired from a third party at the purchase costs. The development tool need further modification and mainly for internal use. As such, the Company follows the guidance set forth in ASC Topic 350-~~lived~~40, ~~assets~~“Internal-Use Software” (“ASC 350-40”), in accounting for the development of its application service. Additionally, the Company follows the guidance in ASC 350-40 for costs incurred for computer software developed or obtained for internal use. ASC 350-40 requires companies to capitalize qualifying computer software costs, which are incurred during the application development stage. Costs related to preliminary project activities and post-implementation activities are expensed as incurred.

~~In accordance~~As ~~with ASC~~of ~~Topic~~March ~~360-10-5~~31, ~~“Impairment or Disposal of Long-Lived Assets”~~2010, ~~all~~no ~~long-lived~~amortization ~~assets~~is ~~such~~recognized as ~~plant and equipment and intangible assets held and used by~~ the ~~Company~~software ~~are~~development ~~reviewed~~tool ~~for~~is ~~impairment~~still ~~whenever~~yet ~~events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets~~ to be ~~held~~put ~~and~~into ~~used~~commercial isuse. ~~evaluated~~The ~~by a~~useful ~~comparison~~life of the ~~carrying~~software ~~amount~~development oftool ~~assets~~is ~~to estimated undiscounted net cash flows~~ expected to be ~~generated~~5 ~~by the assets~~years. ~~If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets.~~

* Revenue RecognitionFor the three months ended March 31, 2010, the intangible asset was tested for impairment in accordance with ASC Topic 360-10-15. Based on the results of the Company's undiscounted cash flows calculation, the Company determined that no provision for impairment loss was required.

· Impairment of long-lived assets

In accordance with the provisions of ASC Topic 360-10-5, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets such as plant and equipment and intangible assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of assets to estimated discounted net cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets.

· Revenue recognition

In accordance with the ASC Topic 605, “Revenue Recognition”, the Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectibility is reasonably assured.

The Company derives its revenue from provision of IT consulting and programming service based upon the customer’s specifications. The service contracts are billed either on a fixed-fee basis or on a time-and-material basis. Generally, the Company recognizes revenue as services are performed and accepted by the customers.

The Company also provides display advertising service on its own webpage in a term of 12 months on a prepaid fixed-rate basis. The Company recognizes its revenues on a straight-line basis over the service period. Payment received from customers for display advertising not yet delivered are recorded as deferred revenues until actual deliveries take place.

* Income taxes

The Company accounts for income tax using ASC Topic 740, “Income Taxes”, which requires the asset and liability approach for financial accounting and reporting for income taxes. Under this approach, deferred income taxes are provided for the estimated future tax effects attributable to temporary differences between financial statement carrying amounts of assets and liabilities and their respective tax bases, and for the expected future tax benefits from loss carry-forwards and provisions, if any. Deferred tax assets and liabilities are measured using the enacted tax rates expected in the years of recovery or reversal and the effect from a change in tax rates is recognized in the statements of operations and comprehensive income in the period of enactment. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized.

The Company also accounts for uncertainty in income taxes prescribes the recognition threshold and measurement attributes for financial statement recognition and measurement of tax positions taken or expected to be taken on a tax return. In addition, the guidance requires the determination of whether the benefits of tax positions will be more likely than not sustained upon audit based upon the technical merits of the tax position. For tax positions that are determined to be more likely than not sustained upon audit, a company recognizes the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement in the financial statements. For tax positions that are not determined to be more likely than not sustained upon audit, a company does not recognize any portion of the benefit in the financial statements. The guidance provides for de-recognition, classification, penalties and

F-7

MEZABAY INTERNATIONAL INC.

(FORMERLY CARDTREND INTERNATIONAL INC.)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, 2010 AND 2009

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

~~interest~~The Company derives its revenue from provision of information technology (“IT”) consulting and programming service based upon the customer’s specifications. The service contracts are billed either on a fixed-fee basis or on a time-and-material basis. Generally, ~~accounting~~ inthe ~~interim~~Company ~~periods~~recognizes revenue as services are performed and ~~disclosure~~accepted by the customers.

The Company ~~did~~also ~~not~~provides ~~have~~display ~~any~~advertising ~~unrecognized~~service ~~tax~~on ~~benefits~~its ~~and~~own ~~there~~webpage ~~was~~in noa ~~effect~~term of 9 to 12 months on ~~the~~ ~~financial~~a ~~condition~~prepaid orfixed-rate ~~results~~basis. ofThe ~~operations~~Company ~~for~~recognizes its revenues on a straight-line basis over the service period. ~~ended~~Payment ~~September 30,~~received ~~2009~~from ~~and~~customers ~~2008~~for display advertising not yet delivered are recorded as deferred revenue until actual deliveries take place.

~~The Company~~· Income conducts its major businesses in Malaysia and is subject to tax in its own jurisdiction. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority.taxes

* Net lossThe ~~per~~Company ~~share~~adopts the ASC Topic 740, “Income Taxes” regarding accounting for uncertainty in income taxes which prescribes the recognition threshold and measurement attributes for financial statement recognition and measurement of tax positions taken or expected to be taken on a tax return. In addition, the guidance requires the determination of whether the benefits of tax positions will be more likely than not sustained upon audit based upon the technical merits of the tax position. For tax positions that are determined to be more likely than not sustained upon audit, a company recognizes the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement in the financial statements. For tax positions that are not determined to be more likely than not sustained upon audit, a company does not recognize any portion of the benefit in the financial statements. The guidance provides for de-recognition, classification, penalties and interest, accounting in interim periods and disclosure.

~~The Company~~For ~~calculates~~the ~~net~~three ~~loss~~months ~~per~~ended ~~share~~March in31, ~~accordance~~2010 ~~with~~and ~~ASC Topic 260~~2009, ~~,“Earnings~~ ~~per Share”. Basic loss per share is computed by dividing~~ the ~~net~~Company ~~loss~~did bynot ~~the~~have ~~weighted-average number~~any ofinterest ~~common~~and ~~shares~~penalties ~~outstanding~~associated ~~during~~with ~~the~~tax ~~period~~positions. ~~Diluted~~As ~~loss~~of ~~per~~March ~~share~~31, ~~is computed~~2010, ~~similar to basic loss per share except that~~ the ~~denominator~~Company ~~is increased~~did tonot ~~include the number of additional common shares that would~~ have ~~been outstanding~~any ifsignificant ~~the~~unrecognized ~~potential~~uncertain ~~common~~tax ~~stock equivalents had been issued and if the additional common shares were dilutive~~positions.

* Comprehensive incomeThe Company conducts major businesses in Malaysia 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 foreign tax authority.

~~ASC Topic 220,~~· ~~“Comprehensive Income”,~~Net ~~establishes~~loss ~~standards~~per for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income as defined includes all changes in equity during the period from non-owner sources. Accumulated comprehensive income consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive income is not included in the computation of income tax expense or benefit.share

* Foreign currenciesThe ~~translation~~Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

~~Transactions denominated~~· Comprehensive inincome ~~currencies~~or 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 statement of operations.loss

~~The~~ ASC Topic 220, “Comprehensive Income”, establishes standards for reporting ~~currency~~and display of ~~the~~comprehensive ~~Company~~income isor ~~the~~loss, ~~United~~its ~~States~~components ~~dollar~~and ~~(“US$")~~accumulated balances. ~~The functional~~Comprehensive ~~currency~~income ofor ~~the~~loss ~~Company's~~as ~~subsidiary~~defined ~~operating~~includes all changes in ~~Malaysia~~equity isduring a period from non-owner sources. Accumulated other comprehensive income or loss, as presented in the ~~Malaysian~~ ~~Ringgit~~accompanying ~~(“MYR”)~~statement ~~and~~of ~~its~~stockholders’ ~~financial~~equity, ~~records~~consists ~~are~~of ~~maintained~~changes in unrealized gains and ~~its financial~~losses ~~statements~~on ~~are~~foreign ~~prepared~~currency translation. This comprehensive income or loss is not included in ~~MYR~~the computation of income tax expense or benefit.

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “ Foreign Currency Translation” , 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 of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity.

Translation of amounts from the local currency of the Company’s subsidiaries into US dollars has been made at the following exchange rates for the respective period:

	September 30, 2009	September 30, 2008
Period end MYR: US$1 exchange rate	3.4870	3.453
Average period MYR: US$1 exchange rate	3.5082	3.264

F-7

MEZABAY INTERNATIONAL INC.

(FORMERLY CARDTREND INTERNATIONAL INC.)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

* Fair value of financial instruments

The Company’s financial instruments primarily consist of cash and cash equivalents, prepayments, deposits and other receivable, deferred revenue, note payable, accrued liabilities and other payables.

As of the balance sheet date, the estimated fair values of the financial instruments were not materially different from their carrying values as presented due to the short term maturities of these instruments and that the interest rates on the borrowings approximate those that would have been available for loans of similar remaining maturity and risk profile at respective period ends.

* Fair value measurement

ASC Topic 820-10, “Fair Value Measurements and Disclosures” ("ASC 820-10") establishes a new framework for measuring fair value and expands related disclosures. Broadly, ASC 820-10 framework requires fair value to be determined based on 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. ASC 820-10 establishes a three-level valuation hierarchy based upon observable and non-observable inputs. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

For financial assets and liabilities, fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date.

* Stock based compensation

The Company adopts ASC Topic 718, "Stock Compensation" ("ASC 718") using the fair value method. Under ASC 718, stock-based compensation expense is measured at the grant date based on the value of the option or restricted stock and is recognized as expense, less expected forfeitures, over the requisite service period.

* Related parties

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

* Recent accounting pronouncements

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

F-8

MEZABAY INTERNATIONAL INC.

(FORMERLY CARDTREND INTERNATIONAL INC.)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, 2010 AND 2009

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

~~In September~~· Foreign ~~2009,~~currencies Accounting Standards Codification (“ASC”) became the source of authoritative U.S. GAAP recognized by the Financial Accounting Standards Board (“FASB”) for nongovernmental entities, except for certain FASB Statements not yet incorporated into ASC. Rules and interpretive releases of the SEC under federal securities laws are also sources of authoritative U.S. GAAP for registrants. The discussion below includes the applicable ASC reference.translation

~~The Company~~Transactions ~~adopted~~denominated ~~ASC~~in ~~Topic~~currencies ~~810-10,~~other ~~“Consolidation”~~than ~~(formerly~~the ~~SFAS No.~~functional ~~160,~~currency ~~“Noncontrolling Interests~~are intranslated ~~Consolidated~~into ~~Financial~~the ~~Statements~~functional –currency anat ~~amendment~~the ofexchange ~~ARB~~rates ~~No. 51”)~~prevailing ~~effective~~at ~~January~~the 2,dates ~~2009.~~of ~~ASC~~the ~~Topic~~transaction. ~~810-10~~Monetary ~~changes~~assets ~~the~~and ~~manner~~liabilities ~~of presentation~~denominated ~~and~~in ~~related~~currencies ~~disclosures~~other ~~for~~than the ~~noncontrolling~~functional ~~interest~~currency inare ~~a subsidiary~~translated ~~(formerly~~into ~~referred~~the tofunctional ascurrency ausing ~~minority~~the ~~interest)~~applicable ~~and~~exchange ~~for~~rates at the ~~deconsolidation~~ ofbalance asheet ~~subsidiary~~dates. The ~~adoption~~resulting ofexchange ~~these~~differences ~~sections~~are ~~did~~recorded ~~not~~in ~~have a material impact on~~ the ~~Company’s~~consolidated ~~financial~~statement ~~statements~~of operations.

~~ASC~~The ~~Topic 815-10,~~reporting ~~“Derivatives~~currency ~~and Hedging”~~of ~~(formerly~~the ~~SFAS~~Company ~~No.~~is ~~161,~~United ~~“Disclosures~~States ~~about~~Dollar ~~Derivative Instruments and Hedging Activities”~~("US$"). ~~was~~The ~~adopted~~Company's bysubsidiary ~~the~~in ~~Company~~Malaysia ~~effective January~~maintain 2,its ~~2009.~~books ~~The~~and ~~guidance~~records ~~under~~in ~~ASC~~its ~~Topic~~local ~~815-10~~currency, ~~changes~~Malaysian ~~the~~Ringgit ~~manner~~(“MYR”), ~~of presentation~~which ~~and~~is ~~related~~functional ~~disclosures~~currency ofas being the ~~fair~~primary ~~values~~currency of ~~derivative instruments~~the ~~and~~economic ~~their~~environment ~~gains~~in ~~and~~which ~~losses~~these entities operate.

In ~~April 2009~~general, ~~the~~for ~~FASB~~consolidation ~~issued an update to ASC Topic 820-10~~purposes, ~~“Fair~~assets ~~Value Measurements~~ and ~~Disclosures”~~ ~~(“ASC~~liabilities ~~820-10”)~~of ~~(formerly~~its ~~FASB~~subsidiaries ~~Staff~~whose ~~Position~~functional ~~No.~~currency ~~SFAS~~is ~~157-4, “Determining~~not ~~Fair Value When~~ the ~~Volume~~US$ ~~and~~are ~~Level~~translated ofinto ~~Activity~~US$, ~~for~~in ~~the~~accordance ~~Asset~~with orASC ~~Liability~~Topic ~~Have~~830-30, ~~Significantly Decreased~~“Translation ~~and~~of ~~Identifying~~Financial ~~Transactions That Are Not Orderly~~Statement”)., ~~The standard~~using ~~provides~~the ~~additional~~exchange ~~guidance~~rate on ~~estimating~~the ~~fair~~balance ~~value~~sheet indate. ~~accordance with~~Revenues ~~ASC 820-10 when the volume~~ and ~~level~~expenses ofare ~~transaction~~translated ~~activity~~at ~~for~~average anrates ~~asset or~~prevailing ~~liability~~during ~~have significantly decreased in relation to normal market activity for~~ the ~~asset~~year. orThe ~~liability~~gains ~~have significantly decreased~~ and ~~includes~~losses ~~guidance~~resulting ~~on identifying~~from ~~circumstances~~translation ~~that~~of ~~indicate~~financial ifstatements aof ~~transaction~~foreign issubsidiaries ~~not~~are ~~orderly.~~recorded ~~The Company~~as ~~adopted~~a ~~this~~separate ~~pronouncement~~component ~~effective~~of ~~April~~accumulated 1,other ~~2009~~comprehensive ~~with~~income nowithin ~~impact~~the onstatement ~~its financial~~of ~~statements~~stockholders’ equity.

InTranslation ~~April 2009,~~of ~~the~~amounts ~~FASB~~from ~~issued~~MYR ~~FSP~~into ~~SFAS No. 107-~~US$1, ~~“Disclosures~~has ~~about~~been ~~Fair~~made ~~Value~~at ~~of Financial~~the ~~Instruments”~~following ~~(“ASC~~exchange ~~825-10”).~~rates ~~ASC 825-10 requires fair value of financial instruments disclosure~~ for ~~interim reporting periods of publicly traded companies as well as in annual financial statements. ASC 825-10 is effective for interim periods ending after June 15, 2009 and was adopted by~~ the ~~Company~~respective ~~in the second quarter of 2009. There was no material impact to the Company’s financial statements as a result of the adoption of ASC 825-10.~~period:

The Company adopted, ASC Topic 855-10, “Subsequent Events” (formerly SFAS 165, “Subsequent Events”) effective April 1, 2009. This pronouncement changes the general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued.

	March 31, 2010		March 31, 2009
Period end MYR: US$1 exchange rate		3.2704		3.6513
Period average MYR: US$1 exchange rate		3.3855		3.6317

In· Related June 2009, the FASB finalized SFAS No. 167, “Amending FASB interpretation No. 46(R)”, which was included in ASC Topic 810-10-05 “Variable Interest Entities”. The provisions of ASC Topic 810-10-05 amend the definition of the primary beneficiary of a variable interest entity and will require the Company to make an assessment each reporting period of its variable interests. The provisions of this pronouncement are effective January 1, 2010. The Company is evaluating the impact of the statement on its financial statements.parties

~~In July 2009~~Parties, ~~the~~which ~~FASB~~can ~~issued~~be ~~SFAS~~a ~~No.~~corporation ~~168~~or individual, ~~“The~~are ~~Hierarchy~~considered ofto ~~Generally~~be ~~Accepted Accounting~~related ~~Principles”.~~if ~~SFAS~~the ~~168~~Company ~~codified~~has ~~all~~the ~~previously issued accounting pronouncements~~ability, ~~eliminating~~directly ~~the~~or ~~prior hierarchy of accounting literature~~indirectly, into acontrol ~~single~~the ~~source~~other ~~for~~party ~~authoritative~~or ~~U.S.~~exercise ~~GAAP~~significant ~~recognized~~influence byover the ~~FASB~~ toother beparty ~~applied~~in bymaking ~~nongovernmental entities. SFAS 168, now ASC Topic 105-10 “Generally Accepted Accounting Principles”, is effective for~~ financial ~~statements issued for interim~~ and ~~annual~~ ~~periods~~operating ~~ending~~decisions. ~~after~~Companies ~~September~~are ~~15,~~also ~~2009.~~considered ~~The~~to ~~adoption~~be ofrelated ~~this pronouncement~~if ~~did~~they ~~not~~are ~~have~~subject anto ~~effect~~common oncontrol ~~the~~or ~~Company’s~~common ~~financial statements~~significant influence.

In· Segment August 2009, the FASB issued an update of ASC Topic 820, “Measuring Liabilities at Fair Value ”. The new guidance provides clarification that in circumstances in which a quoted price in an active market for the identical liability is not available, a reporting entity is required to measure fair value using prescribed techniques. The Company adopted the new guidance in the third quarter of 2009 and it did not materially affect the Company’s financial position and results of operations.

~~In October~~ASC ~~2009, the FASB issued Accounting Standards Update (“ASU”) No. 2009-13, “Revenue Recognition (~~Topic ~~605):~~ ~~Multiple-Deliverable Revenue Arrangements (a consensus of the FASB Emerging Issues Task Force)” which amends ASC 605-25~~280, “~~Revenue~~Segment ~~Recognition: Multiple-Element Arrangements.~~Reporting” ASU No. 2009-13 addresses how to determine whether an arrangement involving multiple deliverables contains more than one unit of accounting and how to allocate consideration to each unit of accounting in the arrangement. This ASU replaces all references to fair value as the measurement criteria with the term selling price and establishes astandards ~~hierarchy~~ for ~~determining~~reporting ~~the~~information ~~selling~~about ~~price~~operating ofsegments on a ~~deliverable.~~basis ~~ASU~~consistent ~~No.~~with ~~2009-13 also eliminates~~ the ~~use~~Company’s ofinternal ~~the~~organization ~~residual~~structure ~~value~~as ~~method~~well ~~for~~as ~~determining~~information ~~the~~about ~~allocation of~~geographical ~~arrangement consideration. Additionally~~areas, ~~ASU~~business ~~No.~~segments ~~2009-13~~and ~~requires~~major ~~expanded disclosures.~~customers ~~This~~in ~~ASU will become effective for us for revenue arrangements entered into or materially modified on or after April 1, 2011. Earlier application is permitted with required transition disclosures based on~~ the ~~period~~ offinancial ~~adoption~~statements. The Company isoperates ~~currently~~one ~~evaluating~~reportable ~~the~~segment ~~application~~in ~~date~~IT ~~and the~~software ~~impact~~design ofand ~~this~~advertising ~~standard~~business onin ~~its financial statements~~Malaysia.

~~NOTE – 5 PREPAYMENTS, DEPOSITS~~· ~~AND~~Fair ~~OTHER~~value ~~RECEIVABLES~~measurement

Prepayments, deposits, other receivables are comprised of the following:

		September 30, 2009		December 31, 2008
Prepayments	$	13,479	$	9,095
Sundry deposits		115		5,325
Other receivables		1,264		-
	$	14,858	$	14,420

F-9

MEZABAY INTERNATIONAL INC.

(FORMERLY CARDTREND INTERNATIONAL INC.)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, 2010 AND 2009

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

~~NOTE－6 ACCRUED LIABILITIES~~ASC ~~AND~~Topic ~~OTHER~~820-10, ~~PAYABLES~~“Fair Value Measurements and Disclosures” ("ASC 820-10") establishes a new framework for measuring fair value and expands related disclosures. Broadly, ASC 820-10 framework requires fair value to be determined based on 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. ASC 820-10 establishes a three-level valuation hierarchy based upon observable and non-observable inputs. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

~~Accrued liabilities~~For financial assets and ~~other~~liabilities, ~~payables~~fair ~~are~~value ~~comprised~~is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the ~~following:~~identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date.

	September 30, 2009		December 31, 2008
Accrued expenses	$	23,374	$	5,959
Other payables		207,890		286,174
	$	231,264	$	292,133

·	Fair value of financial instruments

~~Other payables~~The ~~consisted~~carrying value of ~~temporary~~the ~~advances~~Company’s ~~from~~financial ~~independent~~instruments ~~third~~include ~~parties~~cash ~~with~~and ~~no interest~~cash ~~bearing~~equivalents, ~~unsecured~~other receivables and noprepayments, ~~fixed~~customer ~~terms~~deposit, ofloan ~~repayment~~payable, accrued liabilities and other payables. Fair values were assumed to approximate carrying values for these financial instruments because they are short term in nature and their carrying amounts approximate fair values.

~~NOTE－7 INCOME TAX~~· Recent accounting pronouncements

~~For~~The ~~the nine~~Company ~~months~~has ~~ended~~reviewed ~~September~~all 30recently issued, ~~2009~~but ~~and~~not ~~2008~~yet effective, ~~the~~accounting ~~local~~pronouncements ~~(“U.S.”)~~ and ~~foreign components~~does not believe the future adoption of ~~loss~~any ~~from~~such ~~operations~~pronouncements ~~before~~may ~~income~~be ~~taxes~~expected ~~were~~to ~~comprised~~cause ofa material impact on its financial condition or the ~~following:~~ results of its operations.

	Nine months ended September 30,
	2009			2008
Tax jurisdictions from:
- Local	$	(105,000	)	$	(1,265,877)
- Foreign		(31,399	)		-
Loss before income taxes	$	(136,399	)	$	(1,265,877)

In June 2009, the Financial Accounting Standards Board (“FASB”) expanded ASC 810-10, to provide guidance for variable interest entities (VIEs). The change modifies our approach for determining the primary beneficiary of a VIE by assessing whether we have control over such entities. This change is effective for us on July 1, 2010. The Company is currently evaluating the requirements of the VIE provisions of ASC 810-10, but does not expect a material impact on its condensed consolidated financial statements.

~~For~~In October 2009, the ~~nine~~ ~~months~~FASB ~~ended~~issued ~~September~~Accounting ~~30,~~Standard ~~2009~~Update ~~and~~(ASU) ~~2008~~No. 2009-13, no“Revenue ~~provision~~Recognition” (Topic 605). The accounting standard update addresses the accounting for ~~income~~multiple-deliverable ~~tax~~arrangements ~~has been~~to ~~made~~enable vendors to account for products or services separately rather than as ~~the~~a ~~Company~~combined ~~did~~unit. ~~not~~Specifically, ~~have~~this ~~any~~subtopic ~~assessable~~addresses ~~profits~~how to separate deliverables and how to measure and allocate arrangement consideration to one or more units of accounting. ASU 2009-13 will be effective for us on July 1, 2010. The Company is currently evaluating the ~~period~~ requirements of ASU 2009-13, but do not expect a material impact on its condensed consolidated financial statements.

The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company and its subsidiary operate in various locations: the United States of America and Malaysia that are subject to tax in the jurisdictions in which they operate, as follows:

United States of America

The Company is registered in the State of Nevada and is subject to the United States of America tax law.

For the nine months ended September 30, 2009, the U.S. operation had $105,000 net operating losses available for federal tax purposes, which are available to offset future taxable income. The net operating loss carry forwards begin to expire in 2019. The Company has provided for a full valuation allowance of approximately $105,000 for future tax benefits from net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

F-10

MEZABAY INTERNATIONAL INC.

(FORMERLY CARDTREND INTERNATIONAL INC.)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, 2010 AND 2009

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

~~Malaysia~~FASB ASC 810, “Consolidation” (“ASC 810”), establishes accounting and reporting standards for minority interests, which are recharacterized as noncontrolling interests. ASC 810 was revised so that noncontrolling interests are classified as a component of equity separate from the parent’s equity; purchases or sales of equity interests that do not result in a change in control are accounted for as equity transactions; net income attributable to the noncontrolling interest are included in consolidated net income in the statement of operations; and upon a loss of control, the interest sold, as well as any interest retained, is recorded at fair value, with any gain or loss recognized in earnings. This revision was effective for the Company as of January 1, 2009. It applies prospectively, except for the presentation and disclosure requirements, for which it applies retroactively. In addition, ASC 810, amends the consolidation guidance applicable to variable interest entities. The amendments will significantly affect the overall consolidation analysis under ASC 810. This phase of ASC 810 became effective for the Company on January 1, 2010 and did not impact the Company’s consolidation conclusions for its variable interest entities.

~~Pursuant to~~In January 2010, the ~~Malaysia~~FASB ~~Income~~issued ~~Tax~~an ~~Laws,~~amendment to the ~~Corporate~~fair ~~Income~~value ~~Tax~~measurement isand atdisclosure astandard ~~statutory~~improving ~~rate of~~disclosures ~~26%.~~about ~~Unutilized~~fair ~~tax~~value ~~losses~~measurements. ~~and~~This ~~capital~~amended ~~allowances~~guidance ~~may~~requires beseparate ~~carried~~disclosure ~~forward indefinitely~~of tosignificant ~~offset~~transfers ~~future~~in ~~taxable~~and ~~income.~~out ~~For~~of ~~capital~~Levels ~~allowances,~~1 ~~there~~and ~~is an~~2 ~~additional~~and ~~requirement~~the ~~that~~reasons for the ~~same~~transfers. ~~trade~~The oramended ~~business~~guidance also requires that in ~~respect~~the ofLevel ~~which these~~3 ~~capital~~reconciliation, ~~allowances~~the ~~were~~information ~~made~~about ~~continues~~purchases, tosales, issuances and settlements be ~~carried~~disclosed separately on a gross basis rather than as one net number. NoThe ~~provision~~guidance for ~~Malaysia~~ ~~Corporate~~the ~~Income~~Level ~~Tax~~1 ~~has~~and ~~been~~2 ~~made~~disclosures aswas ~~the~~adopted ~~subsidiaries~~on ~~operating~~January ~~in Malaysia~~1, ~~incurred~~2010, and did not have an ~~operating~~impact ~~loss~~on our consolidated financial position, results of ~~$31~~operations or cash flows. The guidance for the activity in Level 3 disclosures is effective January 1,~~399~~ 2011, and $0will not have an impact on our consolidated financial position, ~~respectively~~results ~~for~~of operations or cash flows as the ~~nine months~~amended ~~ended~~guidance ~~September~~provides 30only disclosure requirements. The Company had no significant transfers between Level 1, ~~2009~~2 ~~and~~or ~~2008~~3 inputs during the quarter ended March 31, 2010.

~~The following~~In ~~table~~February ~~sets~~2010, ~~forth~~ the ~~significant~~FASB ~~components~~issued ofamended guidance on subsequent events. Under this amended guidance, SEC filers are no longer required to disclose the ~~aggregate~~date ~~net deferred~~through ~~tax~~which ~~assets~~subsequent ofevents have been evaluated in originally issued and revised financial statements. This guidance was effective immediately and the Company asadopted ofthese ~~September~~new ~~30,~~requirements ~~2009~~for ~~and~~the ~~December~~quarter ended March 31, ~~2008:~~ 2010.

Deferred tax assets:		September 30, 2009	December 31, 2008
Net operating loss carryforward
- United States	$	35,700	-
- Malaysia		8,164	-
Less: valuation allowance		(43,864)	-
Net deferred tax assets	$	--	-

NOTE 5 – PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

~~Management believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly~~Prepayments, ~~the~~deposits ~~Company~~and ~~provided~~other ~~for~~receivables aconsisted ~~full valuation allowance against its deferred tax assets as~~ of ~~September~~the ~~30, 2009 and December 31, 2008, respectively.~~followings:

NOTE－8 COMMON STOCK

	March 31, 2010		December 31, 2009
	(Unaudited)		(Audited)

Prepayments	$	24,159	$	15,892
Utility and rental deposits		2,095		1,998
Advances to employees		21,047		-
Others		1,347		1,752
	$	48,648	$	19,642

On January 30, 2009, the Company increased its authorized shares of common stock from 250,000,000 shares to 500,000,000 shares with a par value of $0.001 per share.

On June 18, 2009, the Company increased its authorized shares of common stock from 500,000,000 shares to 1,500,000,000 shares with a par value of $0.001 per share.

F-11

MEZABAY INTERNATIONAL INC.

(FORMERLY CARDTREND INTERNATIONAL INC.)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, 2010 AND 2009

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

~~On September~~NOTE ~~10,~~6 ~~2009,~~– ~~the~~CUSTOMER directors awarded 30,000,000 shares of common stock under Rule 144 restriction for initial compensation for a six month service contracts commencing September 10, 2009 with 3 consultants at the current market value of $0.0035 per share.DEPOSITS

On ~~September~~ 22March 29, ~~2009~~2010, the ~~directors~~Company ~~approved~~entered into two software development agreements with an independent third party to develop and build up partition enhancement edition on the ~~share~~software ~~exchange~~applications ofbased on the ~~entire share~~customer’s ~~capital~~specification. ofThe ~~Gaeawave~~aggregate ~~totaling~~contract 2price is approximately $886,~~500,~~000 ~~shares~~ with ~~par~~a ~~value~~term of RMranging 1from ~~each, by~~three ~~issuance~~to ofsix ~~10,000,000~~months. ~~shares~~As of March 31, 2010, the Company’s ~~preferred~~received ~~stock~~customer ~~with~~deposits ~~par value~~ of $0103,580.~~001 per share.~~

~~On September~~NOTE ~~30,~~7 ~~2009,~~– ~~the~~ACCRUED ~~directors~~LIABILITIES ~~approved~~AND ~~the~~OTHER ~~conversion of 5,000,000 shares of Series D Preferred Stock into 500,000,000 shares of common stock under Registration S.~~PAYABLES

~~On September~~Accrued ~~30,~~liabilities ~~2009,~~and ~~the~~other ~~directors~~payables ~~approved~~are ~~the~~comprised ~~issuance~~ of ~~4,455,096 shares of common stock under Rule 144 restriction at a price of $0.008 per share amounting to $35,641 to fully settle~~ the ~~short pay to an ex-officer as at September 23, 2009.~~following:

As of September 30, 2009, the Company had authorized 1,500,000,000 shares of common stock and 10,000,000 shares of preferred stock, both with a par value of $0.001 per share. As of September 30, 2009, the Company had issued and outstanding 1,478,815,204 shares of common stock, and 5,000,000 shares of preferred stock.

	March 31, 2010			December 31, 2009
	(Unaudited)			(Audited)

Accrued expenses		$	218,862		$	212,080
Advances from third party			4,930			13,368
Other payables			20,832			25,691
		$	244,624		$	251,139

NOTE~~－9 STOCK BASED~~ ~~COMPENSATION~~8 – LOAN PAYABLE

(As of March 31, 2010 and 2009, loan payable represented temporary borrowing for working capital purposes from a~~) Options~~ third party, which was unsecured and interest-free, with no fixed terms of repayment. The imputed interest on the loan payable was not significant.

InNOTE ~~2004, 2005~~9 ~~and~~– ~~2007,~~INCOME the Company respectively registered under a Form S-8 each for the non-qualified incentive stock option plans (the "2004 Plan", the “2005 Plan” and the “2007 Plan”, or the “Registered Plans”) or the “Plan” for the benefit of employees or other persons associated with the Company. In accordance with each of the Plans, the Company is authorized to grant stock options for the purchase of 5,000,000 (35,000,000 in aggregate) free trading shares of common stock. The Company had decided to enact an unregistered stock option plan in 2006 (“Unregistered Plan”) to accommodate stock options granted outside of the Plans for the benefit of employees and other person associated with the Company to purchase restricted shares of common stock under Rule 144.TAX

.For the three months ended March 31, 2010 and 2009, the local (“United States of America”) and foreign components of income before income taxes were comprised of the following:

	Three months ended March 31,
	2010			2009
Tax jurisdiction from:
– Local	$	(67,653	)	$	-
– Foreign		3,813			(9,058	)
Loss before income taxes	$	(63,840	)	$	(9,058	)

F-12

MEZABAY INTERNATIONAL INC.

(FORMERLY CARDTREND INTERNATIONAL INC.)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, 2010 AND 2009

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

OnThe ~~April 15,~~provision ~~2009,~~for ~~the~~income ~~Company~~taxes ~~granted~~consisted ~~an option to Katherine Yoke-Lin Tung, the Secretary and Treasurer~~ of the Company, to purchase a total of 78,148 S8 shares of the Company’s common stock under the 2007 Option Plan and another option to purchase a total of 9,337,084 restricted shares of the Company’s common stock under the Unregistered Option Plan, both with immediate vesting but exercisable at an exercise price of $0.0025 per share on or after the day that the authorized shares of the Company’s common stock have been effectively increased to 1,500,000,000 shares to settle fees owing to KateLin Enterprise Inc. (in which Katherine Tung has a controlling interest ) as of March 31, 2009 amounting to $23,538following:

The fair values of these options, which were $23,538, were computed using a Black- Scholes model with the following assumptions: (1) dividend yield of 0%; (2) expected volatility 812%; (3) risks free interest rate of 1.27%; (4) expected lives of 1 day; and (5) at a market price $0.0025. On August 6, 2009, Katherine Yoke-Lin Tung exercised all the above-mentioned options and 78,148 S8 shares and 9,337,084 restricted shares of common stock were issued on September 15, 2009.

	Three months ended March 31,
	2010		2009
Current:
– Local	$	-	$	-
– Foreign		-		-

Deferred:
– Local		-		-
– Foreign		-		-
Income tax expense	$	-	$	-

OnThe ~~April 15,~~effective ~~2009,~~tax ~~the~~rate ~~Company~~in ~~granted options to 9 employees, 1 officer, 3 officer/directors and a director to purchase a total of 275,817,484 restricted shares of~~ the ~~Company’s~~periods ~~common~~presented ~~stock~~is ~~under~~ the ~~Unregistered~~result ~~Option Plan with immediate vesting but exercisable at an exercise price~~ of ~~$0.0025 per share on or after~~ the ~~day~~mix ~~that the authorized shares~~ of ~~the~~income ~~company’s~~earned ~~common~~in ~~stock have~~various ~~been~~tax ~~effectively~~jurisdictions ~~increased~~that toapply ~~1,500,000,000~~a ~~shares~~broad torange ~~settle salaries owing to them as~~ of ~~March~~income ~~31,~~tax ~~2009 and advances made by them for the Company’s expenses totaling $689,543~~rates. The ~~fair~~Company ~~values~~has ofsubsidiary ~~these~~that ~~options,~~operate ~~which~~in ~~were $689,543,~~various ~~were computed using a Black- Scholes model with the following assumptions~~countries: ~~(1)~~United ~~dividend~~States ~~yield of 0%; (2) expected volatility 812%; (3) risks free interest rate of 1.27%; (4) expected lives of 1 day;~~ and ~~(5)~~Malaysia atthat aare ~~market price~~subject ~~$0.0025.~~to Ontax ~~August~~in ~~3, 2009,~~ the ~~said~~jurisdictions ~~employees,~~in ~~officers/directors exercised~~which ~~all~~they ~~the above-mentioned options and a total of 275~~operate,~~817,484~~ ~~restricted shares~~as ~~of common stock were issued on September 15, 2009.~~follows:

OnUnited ~~July 1,~~States ~~2009, two fully vested options to each purchase 50,000 shares~~ of ~~common stock under the 2007 Option Plan granted to two consultants on January 1, 2008 expired and forfeited.~~America

OnMZBY ~~August 31,~~is ~~2009,~~registered ~~the~~in ~~unvested portion of 9 options granted to 9 employees under~~ the ~~2007~~ ~~Option~~State ~~Plan to purchase 2,728,927 S8 shares~~ of ~~common~~Nevada ~~stock were forfeited~~ and ~~cancelled~~is ~~due~~subject to the ~~resignations~~tax laws of ~~such employees. At~~ the ~~same~~United ~~time,~~States ~~the vested~~of ~~and~~America. ~~unvested~~The ~~portions~~Company ofincurred 3a ~~options~~net ~~granted~~operating toloss 3 of ~~the~~$67,653 ~~said~~and ~~resigned employees~~$0 ~~under~~for the ~~Unregistered~~three ~~Option~~months ~~Plan~~ended toMarch ~~purchase 900~~31,~~000~~ ~~restricted shares~~2010 ~~of common stock were also forfeited~~ and ~~cancelled.~~2009, respectively

On September 23, 2009, the vested and unvested portions of 14 options granted to all officers & directors under the Unregistered Option Plan to purchase 9,650,000 restricted shares of common stock were forfeited and cancelled due to the resignations of the said officers and directors.Malaysia

APursuant ~~summary of~~to the ~~changes~~Malaysia inIncome Tax Laws, the ~~Company's~~Corporate ~~common~~Income ~~stock~~Tax ~~purchase~~is ~~options~~at ~~granted~~a statutory rate ranged from 20% to ~~directors,~~ ~~officers~~25% &for ~~employees~~2010 ~~(“Employees”)~~and 20% to 26% for 2009. Unutilized tax losses and ~~consultants (“Consultants”)~~capital atallowances ~~September~~may 30be carried forward indefinitely to offset future taxable income. For capital allowances, ~~2009~~there is an additional requirement that the same trade or business in respect of which these capital allowances were made continues to be carried on. Gaeawave incurred an operating income of $3,813 and ~~December~~an operating loss of $9,059, respectively for the three months ended March 31, ~~2008~~2010 isand ~~presented below:~~2009. No provision for Malaysia Corporate Income Tax has been made as the operating income for the period was offset by the unutilized tax losses from prior year.

												Average
					Unregistered							Exercise
	2004 Plan		2005 Plan		Plan		2007 Plan		Total			Price
Balance at January 1, 2008	483,000		450,000				15,800,000		16,733,000		$	0.103
Granted	788,020		1,169,000		10,550,000		13,196,900		25,703,920		$	0.019
Forfeited & cancelled	(483,000	)	(450,000	)			(10,481,911	)	(11,414,911	)	$	0.107
Exercised	(788,020	)	(1,169,000	)			(12,464,989	)	(14,422,009	)	$	0.016
Balance at December 31, 2008	-		-		10,550,000		6,050,000		16,600,000		$	0.0200
Granted	-		-		285,154,568		78,148		285,232,716		$	0.0025
Forfeited & Cancelled	-		-		(10,550,000	)	(2,828,927	)	(13,378,927	)	$	0.0220
Exercised					(285,154,568	)	(78,148	)	(285,232,716	)	$	0.0025
Balance at September 30, 2009	-		-		-		3,221,073		3,221,073		$	0.0200

The following table sets forth the significant components of the aggregate net deferred tax assets of the Company as of March 31, 2010 and 2009:

	March 31, 2010			December 31, 2009
Deferred tax assets:
Net operating loss carryforwards from:
– United States	$	63,276		$	40,274
– Malaysia		3,800			4,563
Total deferred tax assets		67,076			44,837
Less: valuation allowance		(67,076	)		(44,837	)
Deferred tax assets	$	-		$	-

F-13

MEZABAY INTERNATIONAL INC.

(FORMERLY CARDTREND INTERNATIONAL INC.)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, 2010 AND 2009

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

AAs ~~summary~~ of ~~the~~March ~~changes~~31, in2010, the Company’s ~~stock~~incurred ~~options~~$196,639 ~~granted~~the aggregate net operating loss carryforwards available to ~~Employees~~offset atits ~~September 30~~taxable income for income tax purposes. The Company has provided for a full valuation allowance against the deferred tax assets of $67,076 ~~2009~~on ~~and~~the ~~December~~expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. For the three months ended March 31, ~~2008~~2010, isthe ~~presented~~valuation ~~below:~~allowance increased by $22,239, primarily relating to net operating loss carryforwards from local and foreign regimes.

											Average
					Unregistered						Exercise
	2004 Plan		2005 Plan		Plan		2007 Plan		Total		Price
Balance at January 1, 2008	43,000		-		-		15,800,000		15,843,000		$	0.095
Granted	788,020		1,169,000		10,550,000		10,996,900		23,503,920		$	0.019
Forfeited & cancelled	(43,000	)	-		-		(10,481,911	)	(10,524,911	)	$	0.096
Exercised	(788,020	)	(1,169,000	)	-		(10,364,989	)	(12,322,009	)	$	0.018
Balance at December 31, 2008	-		-		10,550,000		5,950,000		16,500,000		$	0.0200
Granted	-		-		285,154,568		78,148		285,232,716		$	0.0025
Forfeited & Cancelled	-		-		(10,550,000	)	(2,728,927	)	(13,278,927	)	$	0.0220
Exercised	-		-		(285,154,568	)	(78,148	)	(285,232,716	)	$	0.0025
Balance at September 30, 2009	-		-		-		3,221,073		3,221,073		$	0.0200

NOTE 10 – STOCKHOLDERS’ EQUITY

A(a) ~~summary of the changes in the Company’s stock options granted to Consultants at September 30, 2009 and December 31, 2008 is presented below:~~Options

										Average
					Unregistered					Exercise
	2004 Plan		2005 Plan		Plan	2007 Plan		Total		Price
Balance at January 1, 2008	440,000		450,000		-	-		890,000		$	0.234
Granted	-		-		-	2,200,000		2,200,000		$	0.005
Forfeited & cancelled	(440,000	)	(450,000	)	-	-		(890,000	)	$	0.236
Exercised	-		-		-	(2,100,000	)	(2,100,000	)	$	0.001
Balance at December 31, 2008	-		-		-	100,000		100,000		$	0.080
Granted	-		-		-	-		-		$	-
Forfeited & Cancelled	-		-		-	-		(100,000	)	$	-
Exercised	-		-		-	-		-		$	-
Balance at September 30, 2009	-		-		-	-		-		$	-

As of March 31, 2010, the Company has 1,521,073 outstanding options under 2007 Plan. For the three months period ended March 31, 2010, 1,700,000 options were expired and the remaining outstanding options will be expired on August 31, 2010.

Additional information regarding total options outstanding (for Employees and Consultants) at September 30, 2009 is as follows:

Outstanding

Exercisable

Weighted

Average

Weighted

Average

Number

Remaining

Average

Number

Average

Remaining

Exercise

Contractual

Exercise

Contractual

Price

Options

Life (Years)

Price

Options

Price

Life(Years)

0.020

3,221,073

0.62

0.020

3,221,073

0.020

0.62

Total

3,221,073

0.62

0.020

3,221,073

0.020

0.62

F-14

MEZABAY INTERNATIONAL INC.

(FORMERLY CARDTREND INTERNATIONAL INC.)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

Additional information regarding total options outstanding (for Employees only) at September 30, 2009 is as follows:

Outstanding

Exercisable

Weighted

Average

Weighted

Average

Number

Remaining

Average

Number

Average

Remaining

Exercise

Contractual

Exercise

Contractual

Price

Options

Life (Years)

Price

Options

Price

Life (Years)

0.0020

3,221.073

0.62

0.020

3,221,073

0.020

0.62

Additional information regarding total options outstanding (for Consultants only) at September 30, 2009 is as follows:

Outstanding Exercisable Weighted Weighted Average Weighted Weighted Average Number Remaining Average Number Average Remaining Exercise Of Contractual Exercise of Exercise Contractual Price Options Life (Years) Price Options Price Life (Years) $ - - - $ - - $ - -

The fair value for the options granted during the 9-month period was estimated at the date of grant using the Black-Scholes Option Pricing model with the following assumptions:

Risk-free interest rate (per annum)	0.11% to 0.19%
Expected life (in years)	1 to 5 years
Expected volatility	800% to 827%
Expected dividend yield	0%

The Company recognized $105,000 and $0 of stock-based compensation to operations for the three months ended September 30, 2009 and 2008 respectively. The Company recognized $105,000 and $0 of stock-based compensation to operations for the nine months ended September 30, 2009 and 2008 respectively. As of September 30, 2009, the Company has no outstanding options.

(b)

Warrants

~~On September~~As 15of March 31, ~~2009~~2010, 21the ~~warrants~~Company tohas ~~purchase~~2,088,159 aoutstanding ~~total~~warrants ofwhich ~~35,377,662~~will ~~shares~~be ~~of common~~expired ~~stock~~in ~~were~~August ~~voluntarily~~2010. ~~cancelled~~There bywas no movement during the ~~holders~~period ofended ~~such warrants~~March 31, 2010.

~~On September~~NOTE ~~28,~~11 ~~2009,~~– aCONCENTRATIONS ~~warrant~~OF ~~to purchase 1,448,985 shares old common stock expired.~~RISK

On September 30, 2009, a warrant to purchase 645,644 shares of common stock expired.

F-15

MEZABAY INTERNATIONAL INC.

(FORMERLY CARDTREND INTERNATIONAL INC.)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE ENDED SEPTEMBER 30, 2009

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

Transaction involving warrants issued to investors and consultants at September 30, 2009 and December 31, 2008 are summarized as follows (warrants were not issued to employees):

	Share Issued
	Upon	Average
	Exercise of	Price
	Warrants	Per Share
Outstanding at January 1, 2008	22,927,187	$	0.230
Granted	17,133,263	$	0.084
Exercised	-	$	-
Cancelled	(500,000)	$	0.400
Outstanding at December 31, 2008	39,560,450	$	0.168
Granted	-	$	-
Exercised	-	$	-
Cancelled	37,472,291	$	0.100
Outstanding at September 30, 2009	2,088,159	$	1.383

Additional information regarding warrants outstanding at September 30, 2009 is as follows (Note: No warrants were issued to employees):

		Outstanding				Exercisable
			Weighted						Weighted
			Average		Weighted			Weighted	Average
		Number	Remaining		Average	Number		Average	Remaining
Exercise		of	Contractual		Exercise	Of		Exercise	Contractual
Price		Warrants	Life (Years)		Price	Warrants		Price	Life (Years)
$	0.713	1,000,000	0.92	$	0.713	1,000,000	$	0.713	0.92
$	2.000	1,088,159	0.92	$	2.000	1,088,159	$	2.000	0.92
		2,088,159	0.92	$	1.383	2,088,159	$	1.383	0.92

NOTE－10 CONCENTRATIONS OF RISK

The Company is exposed to the following concentrations of risk:

(a)	Major customers

For the three months ended ~~September~~March 3031, ~~2009 and 2008~~2010, ~~there~~one ~~was no~~ customer who ~~account~~ accounted for 10% or more of ~~revenue of~~ the Company’s revenues and its outstanding balance at period-end date are $1,822 and $0 respectively.

For the ~~nine~~ three months ended ~~September~~March 3031, 2009, ~~the~~there ~~customers~~was no customer who ~~account~~accounted for 10% or more of the Company’s revenues ~~are presented as follows:~~.

	Nine months ended September 30, 2009			September 30, 2009
	Revenues		Percentage of revenues	Trade accounts receivable
Customer A	$	27,141	49%	$	-
Customer B		13,151	24%		-
Customer C		12,263	22%		-
Total:	$	52,555	95%	$	-

For the nine months ended September 30, 2008, there was no customer who account for 10% or more of revenue of the Company.

(b)	Major vendors

For the three ~~and nine~~ months ended ~~September~~March 3031, 2010 and 2009, there was no vendor ~~who~~represented ~~account for~~more than 10% ~~or more~~ of ~~purchases of~~ the Company’s purchases.

~~F-16~~(c) Exchange rate risk

18The reporting currency of the Company is US$, to date the majority of the revenues and costs are denominated in MYR and a significant portion of the assets and liabilities are denominated in MYR. As a result, the Company is exposed to foreign exchange risk as its revenues and results of operations may be affected by fluctuations in the exchange rate between US$ and MYR. If MYR depreciate against US$, the value of MYR revenues and assets as expressed in US$ financial statements will decline. The Company does not hold any derivative or other financial instruments that expose to substantial market risk.

F-14

MEZABAY INTERNATIONAL INC.

(FORMERLY CARDTREND INTERNATIONAL INC.)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, 2010 AND 2009

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

~~(c) Credit risk~~NOTE 12 – COMMITMENTS AND CONTINGENCIES

No financial instruments that potentially subject the Company to significant concentrations of credit risk. Concentrations of credit risk are limited due to the Company’s large number of transactions are on the cash basis.

(d) Exchange rate risk

The reporting currency of the Company is US$, to date the majority of the revenues and costs are denominated in MYR and a significant portion of the assets and liabilities are denominated in MYR. As a result, the Company is exposed to foreign exchange risk as its revenues and results of operations may be affected by fluctuations in the exchange rate between US$ and MYR. If MYR depreciate against US$, the value of MYR revenues and assets as expressed in US$ financial statements will decline. The Company does not hold any derivative or other financial instruments that expose to substantial market risk.

(e) Economic and political risks

Substantially all of the Company’s services are conducted in Malaysia and Asian region. The Company’s operations are subject to various political, economic, and other risks and uncertainties inherent in Malaysia. Among other risks, the Company’s operations are subject to the risks of restrictions on transfer of funds; export duties, quotas, and embargoes; domestic and international customs and tariffs; changing taxation policies; foreign exchange restrictions; and political conditions and governmental regulations in Malaysia.

NOTE－11 COMMITMENTS AND CONTINGENCIES

(a) Operating lease commitments

The Company’s ~~currently~~subsidiary ~~does~~operating ~~not~~in ~~have~~Malaysia ~~any~~was ~~formal~~committed ~~rent~~under ~~agreements~~a onnumber ~~office~~of ~~premises. The~~non-cancelable ~~related~~operating ~~company~~leases ~~which~~of ispremises ~~controlled~~with bya ~~Mr.~~term ~~Tey~~ranging ~~Yong~~from ~~Qing,~~6 ato ~~stockholder~~12 ~~and director~~months ofwith ~~the~~fixed ~~Company~~monthly ~~maintained~~rentals, ~~the~~due ~~office~~through ~~space~~September ~~for the Company~~2010. ~~The~~Total ~~Company did not incur~~ rent expense for the ~~period~~three months ended ~~September~~March 3031, ~~2009~~2010 and ~~the imputed~~2009 ~~rent~~was ~~amount~~$2,951 isand ~~insignificant. As of September 30~~$4, ~~2009~~327, ~~the Company does not have operating lease commitments~~respectively.

~~(b) Consulting services~~As ~~contract~~of ~~commitments~~March 31, 2010, the Company has future minimum rental payments of $3,434 under various non-cancelable operating leases in the next 12 months.

As of September 30, 2009, the Company had 3 consulting service contracts expiring within 6 month, each with a fee payment of 10,000,000 restricted shares issued at a fair value of $0.0035 per share upon engagement on September 11, 2009 and the following contingent fees: (ib) Legal a fee equals to two percent (2%) of the gross consideration paid by or to the Company for the Acquisition or Merger, or of gross amount of capital contribution on the part of the Company for the joint venture that may be introduced by the consultant and successfully consummated by the Company; and (ii) a fee of two percent (2%) of the gross loan amount or debt proceeds upon any loan or debt financing arranged or introduced by the consultant to the Companyproceedings

~~NOTE－12 SUBSEQUENT EVENTS~~During 2009, 7Bridge Capital Partners, Ltd., et al. issued a threatened litigation letter against the Company. The threatened litigation seeks rescission of the acquisition of Gaeawave and the disposal of PBS, and any damages related thereto; compensatory damages; punitive and exemplary damages; treble damages; attorneys’ fees, and expert fees; preliminary and permanent injunctive relief; costs and disbursements of the action; and, such other relief and further equitable relief as the Court many deem just and proper. As of March 31, 2010, the plaintiff, 7Bridge Capital Partners, Ltd., et al., have not defined an amount and the case has not been filed, therefore, no case number has been assigned and no trial date has been set.

The Company evaluated subsequent events through December 23, 2009, the date the financial statements were issued, and there were no subsequent events which impacted the Company’s financial position or results of operations as of September 30, 2009 or which required disclosure.F-15

F-17

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

You should read the following discussion of the Company’s financial condition and operations in conjunction with the consolidated financial statements and the related notes included elsewhere in this report. This report contains forward-looking statements. These include statements about the Company’s expectations, beliefs, intentions or strategies for the future, which the Company indicate by words or phrases such as “anticipate,” “expect,” “intend,” “plan,” “will,” “the Company believes,” “our company believes,” “management believes” and similar language. The forward-looking statements are based on the Company’s current expectations and are subject to certain risks, uncertainties and assumptions, including those set forth in the discussion under the sections of “Business,” “Risk Factors”, and “Management’s Discussion and Analysis.” The actual results may differ materially from results anticipated in these forward-looking statements. The Company bases the forward-looking statements on information currently available to us, and the Company assumes no obligation to update them. In addition, the Company’s historical financial performance is not necessarily indicative of the results that may be expected in the future and the Company believes that such comparisons cannot be relied upon as indicators of future performance.

Currently, the Company does not have sufficient capital to implement its entire plan of operations. The information contained herein reflects a prospective plan of future operation. There is no assurance that the plan will be implemented. As of the date of this filing, the Company does not have sufficient funds to implement the foregoing plan of operations. There are no assurances as to when, if ever, the Company will have all the required funds to implement this plan of operations.

The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and related notes included in this report as well as the Company’s ~~2008~~2009 Annual Report on Form 10K filed on April 15, ~~2009~~2010.

Recent Developments

Effective January 30, 2009, the Company’s authorized shares of common stock have been increased from 250,000,000 to 500,000,000.

Effective June 18, 2009, the Company’s authorized shares of common stock have been increased from 500,000,000 to 1,500,000,000 and its name has been changed from Cardtrend International Inc. to Mezabay International Inc.

On September 11, 2009, the Company entered into a share exchange agreement (“SEA”) with the shareholders of Gaeawave Sdn. Bhd. to acquire 100% of Gaeawave’s shares in exchange for 10,000,000 shares of the Company’s preferred stock which are convertible to 1,000,000,000 shares of the company’s common stock subject to certain conditions as disclosed in a Form 8K filed by the Company on September 28, 2009.

On September 14, 2009, the Board of Directors approved the Company’s Prepaid Business, Processing Business and Card Business, collectively referred to as the “Payment & Loyalty Business”, to be grouped under an immediate subsidiary in Malaysia, Payment Business Solutions Sdn. Bhd. (“PBS”), and that the business of Gaeawave, upon it being acquired, be formed under a different segment, referred to as the “E-commerce Business.

On September 22, 2009, the transactions contemplated under the SEA were completed. Gaeawave became a wholly subsidiary of the Company.

On September 22, 2009, the Company appointed four new directors and on September 23, 2009, the 4 individuals who have been serving as directors prior to the closing of the SEA resigned from the board, and at the same time, King K. Ng, Chief Executive Officer, Thomas CL Wong, Chief Financial Officer, Kok Keng Low, Chief Operating Officer, Yu Hua Chen, Chief Officer – China and Katherine Yoke-Lin Tung, Secretary & Treasurer resigned from their respective positions and were replaced by Soon Hau Tsin who assumed the positions of Chief Executive Officer and Secretary & Treasurer, and Thum May Yim as Chief financial Officer.

On September 24, 2009, the new board of directors approved the spinning-off of PBS whereas the shareholders on record as at September 30, 2009 would receive 1 share of PBS of par value MYR0.10 each for every 80 shares of the company’s common stock and 1.25 shares of PBS of par value MYR0.10 each for every share of the Company’s preferred stock. Upon the spinning off of PBS, PBS shall operate independently of the Company.

Recent Financial Results

During the three ~~and nine~~ months ended ~~September~~ 30March 31, ~~2009~~2010, the Company reported a net revenue of $2213,~~299~~224 ~~and $54,194, respectively,~~ as compared to $~~0 and $0~~14,821 ~~respectively,~~ recorded for the corresponding three ~~and nine~~ months ended ~~September~~March 3031, ~~2008~~2009. During the three ~~and~~ ~~nine~~ months ended ~~September~~March 3031, ~~2009,~~2010 the total cost of services ~~were $13,714~~was ~~and~~ $32690,~~009~~ ~~respectively,~~ as compared to $~~0 and $0~~9,704 ~~respectively,~~ for the corresponding three ~~and nine~~ months ended ~~September~~March 3031, ~~2008.~~2009, thereby generating a gross profit of $812,~~585~~534 and $225,~~185~~117 for the three ~~and nine~~ months ended ~~September~~March 3031, 2010 and 2009 respectively.

Consolidated Revenues and Operating Expenses

On a consolidated basis, the Company recorded total net revenue of $2213,~~299~~224 and $5414,~~194,~~821 ~~respectively,~~ for the three ~~and nine~~ months ended ~~September~~March 3031, 2010.and 2009 respectively, a decrease of $1,597 or 11%. The corresponding total costs of goods sold and services rendered for the three ~~and~~ ~~nine~~ months ended ~~September~~March 3031, 2010 and 2009 ~~was~~were $~~13,714~~690 and $329,~~009.~~704 respectively. Hence, the total gross profits of the Company for the three ~~and nine~~ months ended ~~September 30~~March 31, 2010 and 2009 ~~was~~were $812,~~585~~534 and $225,~~185~~117 respectively, producing a gross margin of 95% and 35% respectively. There was not much change in net revenue for the three months ended March 31, 2010 compared to corresponding period in 2009. The better gross margin in 2010 was because of lower cost of sales, due to saving in direct sales commission cost.

The Company incurred total operating expenses of approximately $~~122~~76,~~385~~374 and $~~158~~14,~~584,~~175 ~~respectively,~~ for the three ~~and nine~~ months ended ~~September~~March 3031, 2010 and 2009 respectively, an increase of $62,199 or 439%. The increase in operating expenses was because of higher cost incurred on report review fees, report filing fees and certificate cost.

~~Financing expense for the three and nine months ended September 30, 2009 was $0 and $0, respectively.~~18

~~Net~~There ~~loss for~~were ~~the~~no ~~three~~financing ~~and~~expense ~~nine~~incurred ~~months ended September 30, 2009 was $113,800 and $136,399 respectively, as compared to $459,222 and $1,265,877~~ for the ~~corresponding periods ended September 30, 2008. The comprehensive loss for the~~ three ~~and nine~~ months ended ~~September~~March 3031, ~~2009~~2010 ~~was $96,956~~ and ~~$119,555~~2009 respectively ~~as compared to $459,222 and $1,265,877 for the corresponding periods ended September 30, 2008 respectively~~.

Net loss for the three months ended March 31, 2010 and 2009 was $63,840 and $9,058 respectively, an increase of $54,782 or 605%. The increase in net loss was due to mainly to higher cost incurred on report review fees, report filing fees and certificate cost. The comprehensive loss for the three months ended March 31, 2010 and 2009 was $29,268 and $7,982 respectively.

Liquidity and Capital Resources

As of ~~September~~ 30March 31, ~~2009~~2010, the Company had cash of $23,~~715~~298 , as compared to the ending cash balance at of December 31, ~~2008~~2009 in the amount of $48835,~~115,~~ aan ~~decrease~~increase of $452,~~400~~463 (or 94295%).

Net cash ~~used~~ ingenerated from operating activities ~~was $20,096~~ for the ~~nine~~three months ended ~~September~~March 3031, ~~2009~~ 2010 was $2,390 compared to net cash used in operating activities of $086,829 for the ~~same~~ corresponding ~~period~~three inmonths ~~2008~~ended March 31, 2009, an increase of $2089,~~096~~219 or 103%. The increase in net cash ~~used~~generated infrom operations was mainly due to ~~settlement~~ a collection of ~~research~~initial ~~and~~sales ~~development~~deposit ~~cost~~amounting to $100,057 ~~and~~from ~~sales~~a ~~commission expenses~~customer of Gaeawave by the name of Legend Venture.

Net cash ~~used~~ inprovided ~~investing~~by financial activities was $~~741~~0 and $51,~~473~~215 for the ~~nine~~three months ended ~~September~~March 3031, ~~2009,~~2010 ~~compared~~and to2009 ~~net cash generated of $0 for the same corresponding period in 2008~~respectively.

As of ~~September~~ 30March 31, ~~2009~~2010, total current liabilities exceeded total current assets by $~~332~~400,~~661~~031 compared to ~~$347,277~~a atworking ~~December~~capital ~~31,~~deficit ~~2008. As~~ of ~~September 30, 2009, the current liabilities include~~ $~~100~~336,~~000~~059 ~~owing~~as toof ~~the~~December ~~Company’s former JV partner~~31, ~~Shandong Hengtong Chemical Industrial Company Ltd~~2009. ~~The loan from Shandong Hengtong Chemical Industrial is non-interest bearing and no fixed term of repayment, due upon demand.~~

Financial Condition

As of ~~September~~ 30March 31, ~~2009~~2010, the Company’s consolidated cash and cash equivalents totaled $23,~~715~~298. The Company ~~has insufficient funds to operate their existing business over the next three months. However, the Company~~’s goal is to achieve profitability and to generate positive cash flows from operations. The Company’s capital requirements depend on a variety of factors, including but not limited to, the rate of increase or decrease in the Company’s existing business base, the success, timing, and amount of investment required to launch new businesses, revenue growth or decline, and potential acquisitions. Failure to generate positive cash flow from operations will have a material adverse effect on the Company’s business, financial condition and results of operations. The Company’s ability to achieve the planned revenue targets and/or generate positive cash flows from operations in the future is predicated upon numerous factors with varying levels of importance as follows:

*	First, the Company’s only subsidiary, Gaeawave, will attempt to successfully implement its business plans, manage expenditures according to their budgets, and generate positive cash flow from its E-Commerce Business.

*	Second, Gaeawave will attempt to develop an effective marketing and sales strategy in order to grow its E-Commerce Business and compete successfully in the markets;

The Company has established a management plan to guide the Management in growing the Company’s net revenues and generating positive cash flows from operations during 2010. The major components of the plan are discussed below. No assurance can be given that the Company will be successful in implementing the plan. The Company’s net revenues and cash flows from operations depend on many factors including the success of its marketing programs, the control and proper management of expenses and its ability to successfully develop and implementing new businesses in all the markets.

The accompanying unaudited condensed consolidated financial statements have been prepared on the basis that the Company will continue as a going concern which assumes the realization of assets and settlement of liabilities in the normal course of business. As of September 30, 2009, the Company had a working capital deficit of $332,661 and an accumulated deficit of $1,393,808 since inception of its business. These matters raise substantial doubt about the Company’s ability to continue as a going concern. Continuation of the Company's existence is dependent upon its ability to obtain additional capital and sustain profitable operations. The uncertainty related to these conditions also raises doubt about the Company's ability to continue as a going concern. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.19

~~Although the~~The ~~Company~~accompanying ~~has~~unaudited ~~funded~~condensed ~~and~~consolidated ~~will~~financial ~~continue~~statements tohave ~~fund~~been ~~the~~prepared ~~acquisitions~~on ~~and mergers by~~ the ~~issuance~~basis ofthat the Company’s ~~common~~will ~~stock,~~continue ~~the~~as ~~Company~~a ~~requires additional cash to meet on-~~going ~~operating~~concern ~~expenses.~~which Toassumes ~~date,~~ the ~~Company’s~~realization ~~primary source~~ of ~~funds~~ ~~has~~assets ~~been equity investments~~ and ~~shareholders’~~settlement ~~and~~of ~~directors’ advances, and~~liabilities ~~this~~in ~~trend~~the isnormal ~~expected~~course toof ~~continue over the next quarter~~business. ~~The Company~~As ~~does~~of ~~not~~March ~~currently~~31, ~~have~~2010, ~~any agreements with investors or~~ the Company~~’s shareholders~~ orhad ~~directors~~a ~~for~~working ~~future equity investment. The Company expects to raise such additional~~ capital ~~through~~deficit ~~additional~~of ~~private financings~~$400,031 ~~as well as borrowings~~ and ~~other~~an ~~resources.~~accumulated ~~The~~deficit ~~Company~~of ~~may~~$1,163,191 ~~also~~since ~~raise~~inception ~~additional funds in a public offering or from the exercise~~ of ~~currently~~its ~~outstanding options and warrants~~business. ToThese ~~the~~matters ~~extent~~raise ~~that~~substantial ~~additional~~doubt ~~capital~~about ~~is raised through~~ the ~~sale~~Company’s ~~of equity~~ability orto ~~equity-related~~continue ~~securities~~as ora ~~the~~going ~~exercise~~concern. ofContinuation ~~currently outstanding options and warrants, the issuance~~ of ~~such securities could result in further dilution of~~ the Company’'s ~~stockholders.~~existence ~~There~~is ~~can~~dependent beupon noits ~~assurance~~ability ~~that additional~~to ~~funding~~obtain ~~will~~additional becapital ~~available~~and onsustain ~~favorable~~profitable ~~terms,~~operations. ifThe atuncertainty ~~all.~~related Ifto ~~adequate funds~~these ~~are~~conditions ~~not~~also ~~available~~raises ~~when~~doubt ~~required,~~about the Company's ~~will~~ability ~~be required~~ to ~~further curtail~~continue oras ~~suspend~~a ~~operations~~going orconcern. toThe ~~seek~~accompanying ~~funding~~unaudited ~~through~~condensed ~~arrangements~~consolidated ~~with collaborative~~financial ~~partners~~statements ordo ~~others~~not ~~that~~include ~~may~~any ~~require~~adjustments ~~the~~that ~~Company~~might toresult ~~relinquish rights~~from ~~that~~ the ~~Company~~outcome ~~would not otherwise relinquish. Since much~~ of ~~the information contained in~~ this ~~report herein reflects a prospective plan of future operation, there is no assurance that the plan will be implemented as described~~uncertainty.

Although the Company has funded and will continue to fund the acquisitions and mergers by the issuance of the Company’s common stock, the Company requires additional cash to meet on-going operating expenses. To date, the Company’s primary source of funds has been equity investments and shareholders’ and directors’ advances, and this trend is expected to continue over the next quarter. The Company does not currently have any agreements with investors or the Company’s shareholders or directors for future equity investment. The Company expects to raise such additional capital through additional private financings, as well as borrowings and other resources. The Company may also raise additional funds in a public offering or from the exercise of currently outstanding options and warrants. To the extent that additional capital is raised through the sale of equity or equity-related securities or the exercise of currently outstanding options and warrants, the issuance of such securities could result in further dilution of the Company’s stockholders. There can be no assurance that additional funding will be available on favorable terms, if at all.

If adequate funds are not available when required, the Company will be required to further curtail or suspend operations or to seek funding through arrangements with collaborative partners or others that may require the Company to relinquish rights that the Company would not otherwise relinquish. Since much of the information contained in this report herein reflects a prospective plan of future operation, there is no assurance that the plan will be implemented as described.

Contractual Obligations

The Company’s ~~contractual~~subsidiary ~~obligations~~operating asin atMalaysia ~~September~~was ~~30,~~committed ~~2009~~under asa ~~required~~number toof ~~be disclosed~~non-cancelable byoperating ~~Item~~leases ~~303(~~of premises with a~~)(5)~~ ofterm ~~Regulation~~ranging ~~S-K~~from ~~are:~~6 to 12 months with fixed monthly rentals, due through September 2010.

~~Consulting services~~As ~~contract~~of ~~commitments~~March 31, 2010, the Company has future minimum rental payments of $3,434 under various non-cancelable operating leases in the next 12 months.

AsThe ~~of September 30, 2009, the~~ Company’s ~~had~~contractual 3obligations ~~consulting~~as ~~service contracts expiring within 6 month, each with a fee payment of 10,000,000 restricted shares issued~~ at aMarch ~~fair value of $0.0035 per share upon engagement on September 11~~31, ~~2009~~2010 ~~and the~~as ~~following~~required ~~contingent fees: (i) a fee equals~~ to two percent (2%) of the gross consideration paid by or to the Company for the Acquisition or Merger, or of gross amount of capital contribution on the part of the Company for the joint venture that may be ~~introduced~~disclosed by ~~the~~Item ~~consultant and successfully consummated by the Company; and~~ 303(~~ii)~~ a ~~fee of two percent~~ )(2%5) of ~~the~~Regulation ~~gross~~S-K ~~loan amount or debt proceeds upon any loan or debt financing arranged or introduced by the consultant to the Company~~are:

The expected timing of the obligation s discussed above was estimated based on information known to the Company as at the time of filing of this report. As at the time of this report, certain of the above contractual obligations have not been met.

Inflation

The impact of inflation on the costs of the Company, and the ability to pass on cost increases to its customers over time is dependent upon market conditions. The Company is not aware of any inflationary pressures that have had any significant impact on the Company’s operations over the past quarter, and the Company does not anticipate that inflationary factors will have a significant impact on future operations.

Off Balance Sheet Arrangements

The Company does not maintain off-balance sheet arrangements nor does it participate in non-exchange traded contracts requiring fair value accounting treatment.

2220

Trends, Risk and Uncertainties

We have sought to identify what we believe to be the most significant risks to our business, but we cannot predict whether, or to what extent, any of such risks may be realized nor can we guarantee that we have identified all possible risks that might arise. Investors should carefully consider all of such risk factors discussed in the Company’s Form 10K filed on April 15, ~~2009~~2010 ~~and those discussed in Note 14 of this report~~ before making an investment decision with respect to our Common Stock.

Cautionary Factor That May Affect Future Results

We have sought to identify what we believe are significant risks to our business, but we cannot predict whether, or to what extent, any of such risks may be realized nor can we guarantee that we have identified all possible risks that might arise.

ITEM 3. QUANTITIVE AND QUALITIVE DISCLOSURE ABOUT MARKET RISK

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 4. CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures

~~The Company’s~~We ~~management,~~maintain ~~with the participation of our chief executive Officer and chief financial officer, carried out an evaluation of the effectiveness of our~~ disclosure controls and procedures” (as defined in ~~the Securities Exchange Act of 1934 (the Exchange Act”)~~ Rules 13a-15(e) and 1515d-d-15(e)) as of the ~~end~~Securities ~~of the~~Exchange ~~period~~Act ~~covered~~of by1934, ~~this~~as ~~report~~amended (the ~~Evaluation~~“Exchange ~~Date~~Act”). ~~Based upon~~ that ~~evaluation,~~ ~~the~~are ~~Company’s~~designed ~~chief~~to ~~executive~~be ~~officer~~effective ~~and~~in ~~chief~~providing ~~financial~~reasonable ~~officer concluded~~assurance that ~~as of the Evaluation Date, the Company’s disclosure controls and procedures are effective to ensure that~~ information required to be disclosed ~~by the Company~~ in ~~the~~our reports ~~that it files or submits~~ under the Exchange Act ~~(i)~~ is recorded, processed, summarized and reported, within the time periods specified in the ~~SEC’s~~ rules and forms ~~and~~of ~~(ii)~~the isSecurities ~~accumulated~~ and ~~communicated to~~Exchange ~~management~~Commission (the “SEC”), ~~including~~and ~~the~~that ~~chief~~such ~~executive~~information ~~officer~~is accumulated and ~~chief~~communicated ~~financial officer,~~to asour ~~appropriate~~management to allow timely decisions regarding required disclosure.

~~The Company’s~~In ~~management,~~designing ~~including the chief executive officer~~ and ~~chief~~evaluating ~~financial officer, does not expect that the Company’s~~ disclosure controls and procedures or, ~~its~~management ~~internal~~recognizes ~~controls~~that ~~will~~any ~~prevent~~controls ~~all errors~~ and ~~all fraud. A control system~~procedures, no matter how well ~~conceived~~designed and operated, can provide only reasonable, not absolute, assurance ~~that the objectives~~ of achieving the ~~control~~desired ~~system are met~~objectives. ~~Further~~ Also, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, ~~within~~have ~~Cardtrend~~been ~~International,~~detected. ~~Inc~~These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. The design of any system of controls is based, in part, upon certain assumptions about the likelihood of future events and there can be ~~prevented~~ no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation, management concluded that our disclosure controls and procedures are effective as of March 31, 2010 to cause the information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods prescribed by SEC, and that such information is accumulated and communicated to management, including our chief executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

(b) Management’s Report on Internal Control over Financial Reporting

~~The Company’s~~Management ~~management~~ is responsible for establishing and maintaining adequate internal control over financial reporting ~~(as~~of ~~defined~~the inCompany. ~~Rule~~Management, ~~13a-15(f)~~with ~~under~~ the ~~Exchange~~participation ~~Act).~~of ~~The~~our ~~Company’s~~principal ~~management~~executive officer and principal financial officer, has ~~assessed~~evaluated the effectiveness of our internal control over financial reporting as of ~~September~~March 3031, ~~2009.~~2010 ~~In making~~based ~~this~~on ~~assessment,~~the ~~our~~criteria ~~management~~established ~~used~~in ~~the~~Internal ~~criteria~~Control ~~set~~– ~~forth~~Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ~~in Internal Control-Integrated Framework~~. ~~Our~~With ~~management~~the ~~has~~current ~~concluded~~low ~~that,~~level as of ~~September 30,~~business ~~2009~~activities, ~~our~~a ~~internal~~direct ~~control~~management ~~over~~oversight ~~financial~~of ~~reporting~~transactions, isalong ~~effective~~with ~~based~~the ~~on these~~use ~~criteria.~~of ~~This~~legal ~~quarterly~~and ~~report~~accounting ~~does~~professionals, ~~not~~the ~~include~~management anconcluded ~~attestation~~that, ~~report~~as of ~~our~~ ~~registered~~March ~~public~~31, ~~accounting~~2010 ~~firm~~our ~~regarding~~ internal control over financial reporting. ~~Management’s~~is ~~report~~sufficient ~~was~~in ~~not~~providing ~~subject~~reasonable toassurance ~~attestation~~regarding bythe ~~our~~reliability ~~registered public~~of ~~accounting~~financial ~~firm~~reporting ~~pursuant~~and tothe ~~temporary~~preparation ~~rules~~ of ~~the~~financial ~~SEC~~statements ~~that~~for ~~permit~~external uspurposes ~~to provide~~in ~~only~~accordance ~~management’s~~with ~~report~~U.S. ingenerally ~~this~~accepted ~~quarterly~~accounting ~~report~~principles.

As we grow, we expect to increase our number of employees, which will enable us to implement adequate segregation of duties within the internal control framework.

This Quarterly Report does not include an attestation report of the company's registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by the company's registered public accounting firm pursuant to temporary rules of the SEC that permit the company to provide only management's report in this Quarterly Report.

There were no changes in our internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934, as amended, and are not required to provide the information required under this item.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Other than the issuance of the restricted shares of the Company’s common stock to (i) the holders of the convertible loans as disclosed in Note 11 of this report; (ii) the ex-employees and ex-officers of the Company to settle salaries and other compensations owed to them as disclosed in Note 9 and Note 10 of this report; (iii) the ex-directors of the Company to settle interest free loans extended to the Company by them as disclosed in Note 9 of this report; and (iv) 4 individual investors which purchased restricted shares of common stock under Regulation S as disclosed in Note 9 of this report, there were no unregistered sales of equity securities during the nine months ended September 30, 2009. The proceeds for the convertible loans and sale of restricted shares were used for general administration expenses.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

On June 12, 2009, at a special meeting of shareholders we increased our authorized shares of common stock from 500,000,000 shares of 1,500,000,000. The vote approving the increase was 74.26% in favor of the proposal. On the same date, at the same special meeting of shareholders, we changed our name to Mezabay International Inc. The vote approving the name change was 77.14% in favor of the proposal. See Form DEFR14A filed with the SEC on May 13, 2009 for detailed information about the special meeting of shareholders referred to herein.

On June 12, 2009, the Company obtained (i) the votes of 74.26 %, forming a majority, of the shareholders of all classes of the Company’s common stock in favor of increasing the authorized number of shares of its common stock from 500,000,000 to 1,500,000,000, and (ii) the votes of 77.14%, forming a majority, of the shareholders of all classes of the Company’s common stock in favor of the name of the Company from Cardtrend International Inc. to Mezabay International Inc. These changes were effective June 18, 2009.

On July 21, 2009, the CUSIP No. for the Company was changed to 593169 10 7.

On September 10, 2009, the Company’s stock symbol was changed from CDTR to MZBY.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Exhibit Number	Description
Exhibit	Description
10.1	Share Exchange Agreement with Tey Yong Qing and Chai Kok Wai dated September 11, 2009 for the acquisition of Gaeawave sdn. Bhd.
31.1	Certification of Principal Executive Officer pursuant Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Principal Financial Officer pursuant Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

2522

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 on this ~~24th~~14th day of ~~December~~May, ~~2009.~~ 2010

MEZABAY INTERNATIONAL INC. (formerly, Cardtrend International Inc.) A Nevada corporation By: SHOON HAU TSIN Shoon Hau Tsin Chief (Principal) Executive Officer By: THUM MAY ~~YIM~~YIN Thum May ~~Yim~~Yin Chief (Principal) Financial Officer

2623

EXHIBIT INDEX

Exhibit Number	Description
Exhibit	Description
10.1	Share Exchange Agreement with Tey Yong Qing and Chai Kok Wai dated September 11, 2009 for the acquisition of Gaeawave Sdn. Bhd.
31.1	Certification of Principal Executive Officer pursuant Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Principal Financial Officer pursuant Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

2724

Filing Compare · MEZABAY INTERNATIONAL INC.