UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

[ x ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2011

For the quarterly period ended September 30, 2010

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to __________.

For the transition period from __________to __________.

Commission file number 000-53530

~~BARK~~UNITED ~~GROUP~~COMMUNICATIONS PARTNERS INC.(Exact name of registrant as specified in its charter)

Nevada	Not applicable
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Sveavägen 17, Box 3061, SE-103 61	~~SE-10361~~
Stockholm, Sweden	~~(Zip~~SE-103 ~~Code)~~61
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number: +45 7026 9926

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 past 90 days. Yes [ x ] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§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 [ ] No [ ]

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” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer [ ]		Accelerated filer [ ]
Non-accelerated filer [ ]	(Do not check if a smaller reporting company)	Smaller reporting company [ x ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [ x ]

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of ~~November~~May 2213, ~~2010~~ 2011, there were ~~438~~470,~~462~~710,~~905shares~~098 shares of the issuer’s common stock outstanding.

~~BARK~~UNITED ~~GROUP~~COMMUNICATIONS PARTNERS INC

Table of Contents

		Page
Part I	FINANCIAL INFORMATION
Item 1.	Financial Statements.	1
	Condensed Consolidated Balance Sheets as of September 30, 2010 (unaudited) and December 31, 2009	1-2
	Condensed Consolidated Balance Sheets as of March 31, 2011 (unaudited) and December 31, 2010	1-2
	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2010 and 2009 (unaudited)	3
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2011 and 2010 (unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2010 and 2009 (unaudited)	4
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2011 and 2010 (unaudited)	4
	Notes to Unaudited Condensed Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	15
	Operations.	19
Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	23
Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	29
Item 4 .	Controls and Procedures.	23
Item 4 T.	Controls and Procedures.	29
Part II	OTHER INFORMATION
Item 1	~~Recent~~Legal ~~Sales of Unregistered Securities and Use of Proceeds~~Proceeding	3125
Item 6.	Exhibits.	32
Item 2	Recent Sales of Unregistered Securities and Use of Proceeds	25
Item 6.	Exhibits.	26

- i -

PART I
FINANCIAL INFORMATION

Item 1. Financial Statements

~~Bark~~United ~~Group~~Communications Partners Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands of USD)

		Unaudited
		September 30,		December 31,
		March 31,		December 31,
Assets		~~2010~~2011		~~2009~~2010
Current assets:
Cash	$	18	$	-
Cash and cash equivalents	$	208	$	395
Accounts receivable, net		25,~~003~~987		-3,230
Costs and estimated earnings in excess of billings on projects in progress		~~247~~1,067		-740
Value added tax receivable		16		-
Administrative deposit held by related party		21		-
Prepaid expenses and other current assets		~~668~~310		-197
Current assets of discontinued operations		-		1,308
Total current assets		7,593		4,562
Total current assets		2,952		1,308
Equipment, net		166		138
Property, plant and equipment, net of accumulated depreciation		142		-
Goodwill		3,710		3,710
Goodwill		3,710		-
Equity method investment		767		701
Other intangible assets, net of accumulated amortization		769		-
Other intangible assets, net		686		728
Deferred financing costs, net of accumulated amortization		5		-
Deferred financing costs, net		-		1
Other assets of discontinued operations		-		8,394
Total assets	$	12,922	$	9,840
Total assets	$	7,578	$	9,702

The accompanying notes are an integral part of these condensed consolidated financial statements

~~Bark~~United ~~Group~~Communications Partners Inc. and Subsidiaries Condensed Consolidated Balance Sheets (continued) (In thousands of USD)

		Unaudited
		September 30,			December 31,
		March 31,			December 31,
Liabilities		~~2010~~2011			~~2009~~2010
Current liabilities:
Accounts payable	$	28,~~262~~383		$	-5,614
Accrued liabilities		1,~~751~~085			~~251~~437
Billings in excess of costs and estimated earnings on projects in progress		43265			-179
Proceed from sale of shares not issued		94			-
Note payables		555			686
Current portion of long-term debt		693			96
Derivative liabilities		-			185
Derivative liabilities		313			-
Liability to redeemed stockholder		387			387
Debt to former shareholder - Tre Kronor		151			-
Advances from related parties		49			81
Advances from related parties		195			399
Total current liabilities		10,724			7,569
Current liabilities of discontinued operations		-			6,464
Contingent consideration – Tre Kronor		28			30
Total current liabilities		5,502			7,210
Total liabilities		10,752			7,599
Long-term debt , net of current portion		155			-
Commitments and contingencies
Contingent considerations - Tre Kronor		82			-
Stockholders’ Equity
Other liabilities of discontinued operations		-			4,162
Stockholders' equity:
Total liabilities		5,739			11,372
Non-Controlling interests in discontinued operations		-			1,301
Stockholders’ Equity (Deficiency)
Stockholders' equity (deficiency):
Preferred stock $0.001 per share par value; 100,000,000 authorized; 0 issued and outstanding.		-			-
Common stock $0.001 per share par value; 2,000,000,000 shares authorized, 412,784,571 and 351,364,254 shares issued and outstanding at September 30, 2010 and December 31,2009, respectively		413			351
Common stock $0.001 per share par value; 2,000,000,000 shares authorized, 475,105,931issued and 468,105,931 shares outstanding at March 31, 2011 and 453,150,312 shares issued, and 439,150,312 shares outstanding at December 31, 2010		475			453
Additional paid-in capital		89,~~820~~812			29,~~919~~470
Accumulated deficit		(7,~~066~~492	)		(67,~~181~~097	)
Treasury stock (14,000,000 common shares, at cost)		(14	)		-
Treasury stock, at cost, 7,000,000 shares at March 31, 2011 and 14,000,000 shares as December 31, 2010		(7	)		(14	)
Accumulated other comprehensive income		(314	)		(60	)
Accumulated other comprehensive income (loss)		(231	)		(184	)
Total stockholder’s equity (deficiency)		1,839			(2,971	)
Notes receivable from affiliate		(387	)		(387	)
Totals liabilities and stockholders` equity (deficiency)	$	7,578		$	9,702
Total stockholder’s equity		2,170			2,241
Totals liabilities and stockholders` equity	$	12,922		$	9,840

The accompanying notes are an integral part of these condensed consolidated financial statements

- 2 -

~~Bark~~United ~~Group~~Communications Partners Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) (In thousands of USD, except for per share amounts)

		Three Months Ended					Nine Months Ended
		For the three months ended March 31,
		September 30,					September 30,
		2011			2010
		2010			2009		2010		2009
Net revenues	$	3,817		$	-
Net revenues	$	4,290			-		6,597		-
Cost of revenues		(3,037	)		-
Cost of revenues		(3,958	)		-		(6,094	)	-
Gross Profit		780			-
Gross Profit		332			-		503		-
Selling, general and administrative expenses		(1,158	)		(58	)
Selling, general and administrative expenses		(832	)		(421	)	(1,647	)	(794	)
Depreciation and amortization		(55	)		-
Depreciation and amortization		(46	)		-		(81	)	-
Loss from continued operations		(433	)		(58	)
Impairment of goodwill		-			-		-		-
Other income (expense), net:
Loss from continued operations		(546	)		(421	)	(1,225	)	(794	)
Income from equity investment in InSight AS		12			-
Other income (expense):
Gain from change in fair value of derivative liabilities		96			-
Gain on extinguishment of debt		184			-		184		-
Gain from change in fair value of contingent consideration		2			-
Loss from change in fair value of derivative liabilities		(171	)		-		(158	)	-
Interest expense		(71	)		(36	)
Gain from change in fair value of contingent
Total other income (expense), net		39			(36	)
consideration		283			-		283		-
Net loss from continued operations		(394	)		(94	)
Interest expense		(169	)		(15	)	(249	)	(18	)
Discontinued operations:
Total other income (expenses), net		127			(15	)	60		(18	)
Loss from discontinued operations		-			(208	)
Net loss from continued operations		(419	)		(436	)	(1,165	)	(812	)
Net loss	$	(394	)	$	(302	)
Discontinued operations:
Loss per share – Basic and diluted:
Loss from discontinued operations		(1,878	)		(237	)	(3,687	)	(1,184	)
Continuing operations	$	(-)		$	(-)
Gain on deconsolidation of subsidiaries		3,839			-		3,839		-
Discontinued operations		(-)			(-)
Income (loss) from discontinued operations		1,961			(237	)	152		(1,184	)
Net loss	$	(-)		$	(-)
Net income (loss)	$	1,542			(673	)	(1,013	)	(1,996	)
Weighted-average shares outstanding: Basic and diluted		450,119,736			351,494,775
Earning (loss) per share - Basic:
Continuing operations	$	(-)			(-)		(-)		(-)
Discontinued operations	$	(-)			(-)		(-)		(-)
Gain from disposal of assets in subsidiaries	$	-					-
Net income (loss)	$	-			(-)		(-)		(-)
Earnings (loss) per share – Diluted
Continuing operations	$	(-)			(-)		(-)		(-)
Discontinued operations	$	(-)			(-)		(-)		(-)
Gain on disposal of assets in subsidiaries	$	-					-
Net income (loss)	$	-			(-)		(-)		(-)
Weighted-average shares outstanding:
Basic:		406,868,929			316,856,739		384,499,719		316,510,824
Diluted:		406,868,929			316,856,739		384,499,719		316,510,824

The accompanying notes are an integral part of these condensed consolidated financial statements

- 3 -

~~Bark~~United ~~Group~~Communications Partners Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands of USD)

		Nine months ended
		3 Months Ended			3 Months Ended
		September 30,
		March 31, 2011			March 31, 2010
		2010			2009
Cash flows from operating activities:
Net loss	$	(~~1,013~~394	)	$	(~~1,996~~302	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		22			-
Depreciation		14			-
Amortization of intangible assets		6141			-
Amortization of deferred debt discount		97			-
Amortization of debt discount		12			-
Amortization of deferred financing costs		71			-
Gain from extinguishment of debt		(184	)		-
Gain from change in fair value of derivative liabilities		(96	)		-
Loss from change in fair value of derivative liabilities		158			-
Gain on change in fair value of contingent consideration		(2	)
Accrued interest		120			-
Stock based compensation		59			82
Gain on change in fair value of contingent consideration		(283	)
Income from equity investment		(12	)		-
Stock based compensation		267			413
Changes in operating assets and liabilities:
Non-Controlling interests		(22	)		(77	)
Accounts receivable		(2,501	)		-
Gain on deconsolidation of subsidiaries		(3,839	)		-
Cost and estimated earnings in excess of billings on projects		(327	)		-
Changes in operating assets and liabilities :
Administrative deposit held by related party		(21	)		-
Accounts receivable		(929	)		-
Prepaid expenses and other current assets		(96	)		-
Cost and estimated earnings in excess of billings on projects		(108	)		-
Accounts payable		2,325			-
Value added tax refund receivable		(16	)		-
Accrued liabilities		617			(246	)
Prepaid expenses and other current assets		(483	)		-
Billings in excess of costs and estimated earnings		72			-
Accounts payable		1,059			-
Operating activities from discontinued operations		-			(193	)
Accrued liabilities		203			8
Net cash used in operating activities		(308	)		(659	)
Billings in excess of costs and estimated earnings		43			-
Operating activities from discontinued operations		2,941			1,034
Net cash used in operating activities		(1,899	)		(618	)
Cash flows from investing activities:
Cash acquired in acquisition of Tre Kronor		962			-
Purchase of equipment		(31	)		-
Sale (purchase) of equipment		(11	)		-
Investing activities in discontinued operations		-			(14	)
Investing activities in discontinued operations		-			3
Net cash used in investing activities		(31	)		(14	)
Net cash provided by (used in) investing activities		951			3
Cash flows from financing activities:
Repayments of debt		(175	)		-
Proceeds from debt, net of financing costs		-			783
Proceeds from debt, net of financing costs		1,113			501
Net repayments from borrowings from related party		(32	)		22
Payment of debt to former shareholder		(236	)		-
Proceeds from issuance of common stock, net of issuance costs		79			48
Net proceeds (repayments) from borrowings from related party		39			(152	)
Financing activities from discontinued operations		-			(113	)
Proceeds from issuance of common stock, net of issuance costs		390			-
Net cash provided by financing activities		47			740
Financing activities from discontinued operations		(223	)		247
Effect of exchange rates on cash from continued operations		105			-
Net cash provided by financing activities		908			596
Effect of exchange rates on cash from discontinued operations		-			(67	)
Effect of exchange rates on cash from continued operations		(142	)		27
Net increase (decrease) in cash		(187	)		-
Effect of exchange rates on cash from discontinued operations		200			(83	)
Cash at beginning of period		395			-
Net increase (decrease) in cash		18			(75	)
Cash at end of period	$	208		$	-
Cash at beginning of period		-			86
Cash at end of period	$	18		$	11
Supplemental information:
Cash paid for interest in continued operations	$	4		$	-
Cash paid for interest	$	9		$	84
Cash paid for interest, discontinued operations	$	103		$	277
Non-cash investing and financing activities:
Note payable converted into common shares	$	~~1,434~~66		$	-62
Extinguishment of debt from related parties	$	~~223~~-		$	-223
Equipment acquired under capital lease	$	-		$	87
Issuance of common stock to acquire a 51% interest in Anaconda.tv GmbH	$	-		$	2,083
Issuance of common stock to acquire Tre Kronor	$	2,825		$	-
Adjustment of Non-Controlling interest to redemption value	$	-		$	56
Adjustment of Non-Controlling interest to redemption value	$	118		$	(122	)

The accompanying notes are an integral part of these condensed consolidated financial statements

- 4 -

~~BARK~~UNITED ~~GROUP~~COMMUNICATIONS ~~INCNOTES~~PARTNERS INC NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Organization and ~~nature~~Nature of ~~business~~Business

United Communications Partners Inc. (formerly known as Bark Group Inc), (“UCP” or the “Company”), is a holding company that currently conducts its operations through its wholly ~~owned~~ owned subsidiary Tre Kronor Media AB, (“TKM” or “Tre Kronor”) which was acquired on May 4, 2010. Up until September 8, 2010 Bark Group Inc owned Bark Corporation A/S (Bark Corporation). Bark Corporation is Danish holding company conducting its operations through its wholly owned subsidiaries Bark Advertising A/S ("Bark Advertising"), and ~~Bark~~Abrego ~~Property~~Spain ~~ApS. As described below~~SL, ~~Bark~~which ~~Corporation~~was ~~and its~~established ~~subsidiaries~~in ~~were~~November ~~closed effective September 8,~~ 2010 ~~and thereinafter considered discontinued operations~~.

Ceased Danish operations ~~During~~Up ~~July~~until ~~and~~September ~~August~~8, 2010, ~~the~~ ~~Danish~~UCP ~~subsidiaries~~owned ofBark ~~the~~Corporation ~~Company~~A/S ~~experienced~~(Bark ~~losses~~Corporation). ~~from~~Bark ~~operations~~Corporation ~~due~~was toa Danish ~~clients~~holding ~~decreasing~~company ~~their~~that ~~advertising~~conducted ~~spending~~its ~~combined~~operations ~~with~~through ~~local~~its ~~management’s~~wholly owned ~~inability~~subsidiaries toBark ~~generate~~Advertising ~~sufficient~~A/S ~~new~~("Bark ~~business~~Advertising"), ~~activities.~~and ~~Moreover,~~Bark ~~management~~Property ApS. ~~determined~~As ~~that~~discussed ~~the~~below, ~~fixed~~Bark ~~costs~~Corporation and ~~the~~its ~~expected~~wholly-owned ~~revenues~~subsidiaries ~~in the latter half of~~were ~~2010~~deconsolidated ~~would~~effective ~~lead~~September to8, ~~continued substantial losses in~~ 2010 and ~~the~~thereinafter ~~first~~presented ~~half of~~as ~~2011~~discontinued operations.

During July and August 2010, the Danish subsidiaries of the Company continued to experience losses from operations due to decreased advertising spending by clients combined with local management’s inability to generate sufficient new business activities. Moreover, management determined that the fixed costs and the expected revenues in the second half of 2010 would lead to continued substantial losses in 2010 and the first half of 2011. The ~~declining~~continued decline in revenues and rising losses would increase the ~~Group'~~Company’s ~~already large~~ net working capital ~~deficit~~deficiency and ~~hence,~~ ~~increased~~increase demands for the ~~Group'~~Company’s cash ~~capital~~resources to service its debt in the Danish operations. On August 31, 2010, the Danish companies were not in possession of sufficient cash to continue its operations. Thus, the Company’s management decided to cease its Danish operations. On September 8, 2010, management in the Danish companies filed for closing of all operations in Denmark, with the Danish court in Copenhagen. As a consequence of filing of bankruptcy and control of the Danish subsidiaries being accepted by the court effective September 8, 2010, the Company has deconsolidated the Danish subsidiaries. The operations of the Company’s Danish subsidiaries through March 31, 2010, have been reclassified as discontinued operations in the accompanying condensed consolidated financial statements.

OnAbrego ~~August 31, 2010, the Danish~~Spain ~~companies~~SL Albrego ~~were~~Spain ~~not~~SL inwas ~~possession~~established ~~of sufficient cash to continue its operations.~~in ~~Thus,~~November ~~management decided to cease its Danish operations. On September 8,~~ 2010~~, management~~ inas ~~the~~a ~~Danish~~wholly-owned ~~companies~~Spanish ~~filed~~incorporated ~~for~~subsidiary ~~closing~~ of ~~all operations in Denmark, with~~ the ~~Danish court in Copenhagen~~ Company.

InSight AS AsEffective aJanuary ~~consequence~~1, of2011 ~~filing of~~TKM ~~bankruptcy~~acquired ~~and~~a ~~control~~non-controlling of30% ~~the~~interest ~~Danish~~in ~~subsidiaries~~InSight ~~being~~AS ~~accepted~~(a byNorwegian ~~the court~~media ~~effective~~company) ~~September~~pursuant 8,to ~~2010,~~an ~~the~~agreement ~~Company~~dated ~~has~~June ~~deconsolidated~~2, ~~the~~2010 ~~Danish subsidiaries~~between Insight and TKM.

OnInSight ~~May~~AS 4,is ~~2010,~~a ~~the~~Norwegian ~~Company~~based ~~completed~~media ~~the~~agency ~~acquisition~~established ofin ~~all~~2009. ofDuring ~~the~~2010 ~~issued~~ and ~~outstanding~~effective ~~shares~~from ofJanuary ~~Tre~~1, ~~Kronor~~2011, aInSight ~~Swedish~~AS ~~media~~expanded ~~company~~its inbusiness ~~accordance~~significantly ~~with~~after signing a ~~share~~contract with ~~purchase~~one ~~agreement dated~~of ~~April~~the 9largest retailers in Norway regarding media strategy, counseling, ~~2010.~~media ~~The~~purchases ~~Company~~and ~~believes~~campaign ~~that~~execution. Effective January 1, 2011 Tre Kronor ~~Media's~~acquired ~~business~~a ~~model~~30% non-controlling interest in InSight AS for cash consideration of ~~performance-based~~Swedish ~~marketing~~Kronor is(SEK) ~~consistent~~4,756,550 ~~with~~($701,000) ~~the~~which ~~Company~~was paid on October 31, 2010. Subsequent to TKM’s ~~strategy~~acquisition of the non-controlling ~~acquiring~~interest ~~professional,~~our ~~profitable~~CEO ~~and~~Mr. ~~innovative~~Niclas ~~multi-platform~~Fröberg ~~media~~was appointed director in the board of ~~companies~~InSight A/S.

Business ~~The~~United Communications ~~Company~~Partners ~~issued~~and anits ~~aggregate of~~subsidiaries 35(collectively,~~000,000~~ ~~shares~~the of"Company") ~~common~~offer its ~~stock~~customers toa ~~the~~network ~~shareholders~~ of ~~Tre~~advertising ~~Kronor,~~and ~~pro~~media services. The Company’s ~~rata~~strategy ~~with~~is ~~their~~to ~~respective~~acquire ~~ownership~~mid-size ~~interests~~/ inplace ~~Tre~~equity ~~Kronor,~~investments toin ~~complete~~well ~~the~~established ~~acquisition.~~businesses ~~Additional~~throughout ~~principal~~Europe ~~terms~~in oforder ~~the~~to ~~Tre~~form ~~Kronor~~a ~~agreement~~European ~~are~~network ~~summarized~~of advertising asand ~~follows:~~media agencies.

~~all~~Going ~~shares~~Concern The accompanying ~~issued~~unaudited tocondensed ~~the~~consolidated ~~Tre~~financial ~~Kronor~~statements ~~shareholders~~have ~~will~~been prepared beassuming ~~subject to a three year lock-up period; notwithstanding the above lock-up agreement, three of the shareholders will be permitted to sell annually a portion of their shares provided~~ that ~~(i)~~ the total accumulated aggregate sales price does not exceed Swedish Kroner (SEK) 3,000,000, and (ii) the transfers do not exceed 10% of the daily registered turnover of Barknotwithstanding the above lock-up agreement, three of the shareholders will be permitted to sell annually a portion of their shares provided that (i) the total accumulated aggregate sales price does not exceed Swedish Kroner (SEK) 3,000,000, and (ii) the transfers do not exceed 10% of the daily registered turnover of Bark’s common stock on the Nasdaq OTC Bulletin Board, however in 2010 the shareholders cannot sell any shares in the initial six months; in 2010 only, one of the principal shareholders, will redeem a portion of his shares against a cash payment from the Company in the aggregate amount of SEK 3,000,000 ($387,000) to be paid as follows (i) SEK 750,000 ($97,000 in May 2010, and (ii) SEK 750,000 ($97,000 in June 2010, and (iii) SEK 1,500,000($194,000) in July 2010. The redemption of the shares will becontinue ~~based on the valuation on the date of payment. Per date of acquisition the Company recorded $387,000~~ as a ~~related~~going ~~party current liability~~concern. As of September 30, 2010, the Company paid $237,000, (SEK1,836,750), to the principal stockholder; in the event that the Company does not raise a minimum of either $3,000,000 either as debt or equity financing by December 31, 2010,the Tre Kronor shareholders will have the right to re-acquire all of the issued and outstanding shares of Tre Kronor by (i) delivering written notice by January 15, 2011 and returning to the Company all consideration issued to such shareholders within 30 days of such notice, including the cash value of any shares that may have been sold by the Tre Kronor shareholders,

- 5 -

		the Company have also agreed to issue up to an additional 6,000,000 shares of its common stock based on Tre Kronor achieving certain “Earnings Before Tax” (“ EBT ”), as determined in accordance with the agreement, thresholds for the accounting years 2010 to 2012:
			EBT being more than SEK 2 million ($274,667) for 2010; issuance of additional 2,000,000 Bark shares
			EBT being more than SEK 3 million ($412,000) for 2011; issuance of additional 2,000,000 Bark shares
			EBT being more than SEK 4 million ($549,333) for 2012; issuance of additional 2,000,000 Bark shares,
		as an alternative to the above, the Tre Kronor shareholders will receive 4,000,000 shares if the accumulated EBT for 2010 and 2011 is more than SEK 5 million ($686,667), or 6,000,000 shares if the accumulated EBT for 2010, 2011 and 2012 is more than SEK 9 million.
		On the date of the acquisition, the Company recorded an accrual of $365,000 as a long-term contingent consideration. The Company based this accrual on the fair value of the amount anticipated to be incurred as a result of the projections available at the date of the acquisition.

During the three months ended March 31, 2011 and 2010 the Company incurred net losses of $394,000 and $302,000 respectively. The Company continues to operate with a working capital deficiency (approximately $3,131,000 at March 31, 2011) and has limited financial resources available to pay ongoing financial obligations as they become due. The negative working capital at March 31, 2011 includes convertible notes of approximately $942,000. The Company also used cash from its operations of $308,000 during the three month ended March 31, 2011.

OnThe ~~August~~Company's 11current source of funding, ~~2010~~in ~~the~~addition ~~former~~to cash on hand is any cash derived from operations and an ~~shareholders~~operating line of ~~Tre~~credit ~~Kronor~~of ~~renounced~~approximately ~~their~~$317,000. ~~right~~The Company plans to ~~re-acquire~~use its operating line of credit to finance a portion of its operations over the ~~issued~~next twelve ~~and~~months. However, the Company will require additional financing to conduct ~~outstanding~~its ~~shares~~business asin ~~described~~accordance ~~above~~with its plan of operations on a long term basis.

OnBased ~~March~~on ~~31, 2010 Bark Corporation completed~~ the ~~acquisition~~Company’s ~~of a 51% interest in Anaconda.tv GmbH~~current ~~(”Anaconda”),~~forecast ait ~~television~~anticipates ~~production~~that ~~company~~cash ~~incorporated~~flow infrom ~~Germany.~~operations ~~In accordance~~will ~~with~~be ~~the~~sufficient ~~authoritative guidance contained in ASC 805, Business~~to ~~Combinations,~~cover ~~and~~i) ~~ASC~~its ~~810,~~current ~~Consolidation, management has performed an assessment based~~ on-going ~~all~~operating ~~relevant~~expenses ~~facts~~for ~~and circumstances, and concluded that~~ the ~~minority~~ ~~shareholder~~next of12 ~~Anaconda~~months ~~has~~and ~~been granted a substantive participating~~ii) ~~right that precludes~~ the ~~Bark Corporation’s~~ majority ~~voting~~of ~~interest~~the ~~from~~working ~~being considered~~capital adeficit ~~controlling~~at ~~financial~~March ~~interest. As such~~31, ~~the~~2011. ~~Company~~The ~~required its~~Company ~~investment~~estimates inthat ~~Anaconda~~it ~~under~~will ~~the~~require ~~equity~~approximately ~~method~~$1, ~~in accordance with ASC 323~~510, ~~Investments—Equity~~000 ~~Method~~over ~~and~~the ~~Joint~~next ~~Ventures. On June 15, 2010, the~~twelve ~~Company~~months ~~entered~~in ~~into~~order anto ~~agreement~~sustain ~~with~~its ~~Jesper~~current ~~Svane,~~obligations ~~a 10% shareholder of the Company,~~ and ~~Svaneco~~to ~~Ltd.,~~fully asatisfy ~~private company controlled by Mr. Svane, in respect~~its toworking ~~the~~capital ~~ownership of Anaconda~~deficiency.~~tv GmbH, whereby:~~

~~Bark~~ The ~~Corporation~~Company’s ~~agreed~~acquisition strategy tois ~~re-convey~~based toprimarily ~~Mr.~~on ~~Svane~~share-for-share aagreements ~~25.5%~~with ~~interest~~limited incash ~~Anaconda~~requirements which mean that itthe ~~acquired~~need onfor ~~March~~additional ~~31,~~financing ~~2010,~~in ~~thereby~~order ~~reducing~~to expand the ~~Company’s ownership~~business ~~interest~~is ~~from~~limited ~~51%~~on toa 25short term basis.~~5%;~~

as The ~~consideration~~Company ~~for~~also ~~the~~entered ~~re-conveyance,~~into ~~Mr.~~an engagement ~~Svane~~agreement ~~surrendered,~~with inan ~~July 2010,~~investment ~~7,000,000~~bank ~~shares~~with the objective of securing additional financing, but the ~~common~~Company ~~stock~~does ofnot have any commitment from the investment bank to complete any financing. There is no assurance that the Company ~~issued~~will toraise ~~him~~any inadditional financing from either this investment bank or ~~connection~~any ~~with~~other ~~Bark~~investors ~~Corporation’s~~or ~~acquisition~~on ofacceptable ~~its~~terms. ~~interest~~There is also a risk that cash used in ~~Anaconda,~~operations will be greater than anticipated in the event that projected revenues are not achieved.

~~Mr.~~ These ~~Svane~~conditions ~~further~~raise substantial ~~granted~~doubt about the Company’s ability to ~~Bark~~continue ~~Corporation~~as a going concern. Accordingly, the ~~option~~accompanying tocondensed ~~re-acquire~~consolidated ~~the~~financial statements have ~~25.5%~~been ~~interest~~prepared in ~~Anaconda~~conformity with accounting principles generally accepted in ~~exchange~~the United ~~for~~States ~~issuance~~of America, which contemplates continuation of anthe ~~additional~~Company ~~7,000,000~~as a ~~shares~~going concern and the realization of assets and the ~~Company’s~~satisfaction ~~common~~of ~~stock,~~liabilities in ~~such~~the ~~option~~normal iscourse ~~exercisable~~of onbusiness. The carrying amounts of assets and liabilities presented in the condensed consolidated financial statements do not necessarily purport to represent realizable or ~~before~~settlement values. These unaudited condensed ~~September~~consolidated ~~15,~~financial ~~2010,~~statements ~~and~~do not include any adjustment that might result from the outcome of this uncertainty.

~~each~~Note ~~party~~2. ~~agreed~~Summary ~~to complete such transfers, assignments and surrenders~~ of ~~shares~~Significant toAccounting ~~give effect to the above agreements.~~ Policies

Basis of Presentation The ~~agreement~~unaudited ~~was~~condensed consolidated ~~entered~~financial ~~into~~statements ashave abeen ~~result~~prepared in accordance with accounting principles generally accepted in the United States of ~~Anaconda’s~~America for ~~failure~~interim tofinancial ~~deliver~~statements ~~audited~~and with Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. The ~~Company~~condensed consolidated ~~anticipates~~financial ~~that any~~statements ~~determination~~include tothe ~~exercise~~accounts of the ~~option~~Company toand reits wholly-~~acquire~~owned ~~the~~subsidiaries 25and majority owned subsidiary as described in note 1.5% All ~~interest~~significant ~~from~~intercompany balances and transactions have been eliminated in Mrconsolidation. ~~Svane~~In ~~would~~the beopinion ~~contingent~~of ~~upon~~management, the accompanying unaudited condensed consolidated financial statements contain all the adjustments (iconsisting only of normal recurring accruals) ~~audited~~necessary for fair presentation of the Company’s financial ~~statements~~position, as of ~~Anaconda~~March 31, 2011, and the results of operations and cash flows for the ~~year~~periods presented. The results of operations for the three months ended ~~December~~March 31, ~~2009~~2011, ~~being~~are ~~completed,~~not ~~and~~necessarily ~~(ii)~~indicative ~~2010~~of ~~financial~~the ~~performance~~operating ofresults ~~Anaconda~~for inthe ~~accordance~~full ~~with~~fiscal ~~the~~year ~~agreed~~or ~~upon~~any ~~budgets~~future period.

OnThese ~~August~~unaudited ~~25,~~condensed consolidated ~~2010~~financial ~~the~~statements ~~Company entered~~should ~~into~~be anread ~~agreement~~in conjunction with ~~Rene~~the consolidated ~~Lauritsen,~~financial astatements ~~10%~~and ~~shareholder~~related ofnotes ~~the~~thereto ~~Company,~~included in the ~~and~~Company’s ~~Sapiens~~Annual ~~Alliance~~Report ~~Ltd.,~~on aForm ~~private~~10-K ~~company~~for ~~controlled~~the byyear ~~Mr.~~ended ~~Lauritsen~~December 31, in2010. The ~~respect~~Company’s ofaccounting policies are described in the ~~ownership~~Notes ofto ~~Anaconda.tv~~consolidated Financial ~~GmbH,~~Statements ain ~~television~~its ~~production~~Annual ~~company~~Report on Form 10-K for the year ended ~~incorporated~~December in31, ~~Munich~~2010, ~~Germany~~and (“updated, ~~Anaconda~~as ”)necessary, ~~whereby:~~in this Quarterly Report on Form 10-Q.

~~Bark Corporation agreed to re~~-~~convey~~ to6 ~~Mr. Lauritsen a 25.5% interest in Anaconda that was acquired by us in January 2010,~~ -

asUse ~~consideration~~of ~~for~~Estimates The preparation ~~the~~of ~~re-conveyance,~~condensed ~~Mr.~~consolidated ~~Lauritsen~~financial ~~agreed~~statements in conformity with GAAP requires management to ~~surrender~~make estimates and assumptions that affect the ~~7,000,000~~reported ~~shares~~amounts of ~~the~~assets ~~common~~and ~~stock~~liabilities and the disclosure of contingent assets and liabilities at the ~~Company~~date ~~issued~~of tothe ~~him~~consolidated ~~originally~~financial statements and inthe ~~connection~~reported ~~with~~amounts ~~Bark~~of ~~Corporation’s~~income ~~acquisition~~and ofexpenses anduring ~~interest~~the inreported ~~Anaconda,~~period. The ~~and~~Company evaluates all of its estimates on an ongoing basis.

~~each~~ Significant ~~party~~estimates ~~agreed~~and assumptions toinclude ~~complete~~the ~~such~~valuation ~~transfers~~of acquired assets including goodwill, ~~assignments~~the useful lives of assets, revenue recognition, income tax valuation, stock valuation, debt discounts on notes payable, other intangible assets and ~~surrenders~~bad ofdebts. ~~shares~~It tois ~~give~~at least reasonably possible that the estimate of the effect toon the financial ~~above~~statements ~~agreements~~of a condition, situation or set of circumstances that existed at the date of the condensed consolidated financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, actual results could differ in the near term from these estimates, and such differences could be material.

Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued 6at each reporting date, with changes in the fair value reported in the consolidated statement of operations. For stock-based derivative financial instruments, the Company uses the Black-Scholes option pricing model to value the derivative instruments at inception and on subsequent valuation dates, which approximates the fair value measured using Binomial Lattice Model. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.

Foreign Currency The Company ~~agreement~~has ~~was~~determined ~~entered~~Swedish ~~into~~Kronor as ~~Anaconda~~the ~~had~~functional ~~failed~~currency toof its foreign ~~deliver~~operations. toAccordingly, usthese ~~audited~~foreign ~~financial~~subsidiaries ~~statements~~income and expenses are translated into U.S. dollars, the reporting currency of ~~Anaconda~~the ~~for~~Company, at the average rates of exchange prevailing during the year. ~~ended~~The assets and liabilities ~~December~~are ~~31,~~translated ~~2009~~into inU.S. dollars at the ~~manner~~rates ~~that~~of ~~Anaconda~~exchange ~~had~~on ~~represented~~the ~~that~~balance itsheet date ~~would~~and the related translation adjustments are included in accumulated other ~~deliver~~comprehensive income (loss). During the three months ended March 31, 2011 and 2010 transaction gains and losses were not material.

As During athe ~~consequence~~three ofmonths ~~these~~ended March ~~transactions~~31, 2011 and 2010 the ~~Company~~related notranslation ~~longer owns~~adjustment ~~any~~which ~~ownership~~was ~~interest~~included in other ~~Anaconda~~comprehensive ~~effective~~income ~~August~~(loss) ~~25,~~was ~~2010.~~as follows:

Business Bark Group and its newly acquired Swedish subsidiary (collectively, the "Company") offer its customers a network of advertising and media services. The Company’s strategy is to acquire mid-size / place equity investments in well established businesses throughout Europe in order to form a European network of advertising and media agencies.

	2011		2010
Net (loss) available to common stockholders	USD (394,000	)	USD (302,000	)
Translation adjustment	USD (47,000	)	USD 23,000
Comprehensive loss	USD (441,000	)	USD (279,000	)

~~Going~~Loss ~~Concern~~per Share ~~The~~Basic ~~accompanying~~net ~~unaudited~~loss ~~condensed~~per ~~consolidated~~share ~~financial~~has ~~statements~~been ~~have~~calculated ~~been prepared~~by ~~assuming~~dividing ~~that~~net loss by the ~~Company~~weighted average ~~will~~number ~~continue~~of ascommon ashares ~~going~~outstanding ~~concern~~during the period. ~~The~~UCP ~~Company~~had ~~continues~~securities tooutstanding ~~operate~~which ~~with~~could ~~negative~~potentially ~~working~~dilute ~~capital~~basic ~~(approximately~~earnings ~~$2,550,000~~per atshare ~~September~~in 30the future, ~~2010)~~but ~~and~~the ~~has~~incremental ~~limited~~shares ~~financial~~from ~~resources~~the ~~available~~assumed toexercise ~~pay~~of ~~ongoing~~these ~~financial~~securities ~~obligations~~were asexcluded ~~they~~in ~~become~~the ~~due.~~computation ~~The~~of ~~negative~~diluted ~~working~~net ~~capital~~loss ~~includes~~per share, as ~~convertible~~their ~~debentures~~effect ~~and~~would ~~related~~have ~~derivative~~been ~~liabilities~~anti-dilutive. ofSuch ~~approximately~~outstanding securities consist $1of 7,~~006~~778,~~000.~~720 ~~Further,~~non-vested ~~the~~shares ~~negative~~issued ~~net~~to ~~working~~two ~~capital~~executives. ~~includes~~The ~~proceeds~~shares ~~from~~were fully ~~sale~~vested ofon May 31, 2010. In addition, potential shares ~~not~~of ~~issued~~common stock aggregating 21,738,117 are issuable upon conversion of ~~$94~~debts for the three months ended March 31,~~000.~~ 2011.

Impairment of Long-Lived Assets The Company's ~~current~~annually, ~~source~~or whenever events or changes in circumstances indicate that the carrying amounts of such ~~funding~~assets may not be recoverable, assesses the carrying value of long-lived assets in ~~addition~~accordance towith ~~cash~~Financial ~~from~~Accounting ~~operations~~Standards isBoard a(“FASB”) ~~operating~~issued ~~line~~ASC 360-10. The Company evaluates the recoverability of ~~credit~~long-lived assets not held for sale by measuring the carrying amount of the assets against the estimated ~~approximately~~undiscounted ~~$293,000~~future cash flows associated with them. If such evaluations indicate that the future discounted cash flows of certain long-lived assets are not sufficient to recover the carrying value of such assets, the assets are adjusted to their estimated fair values.

~~The~~- ~~Company~~7 plans to use both (i) its operating line of credit to finance its operations over the next twelve months. However, the Company will require additional financing to conduct its business in accordance with its plan of operations on a long term basis. The Company plans to conduct an equity financing of its securities in order to raise additional financing. The Company will also pursue bridge loans and private placements from investors located outside of the United States, primarily in Europe, in order to raise the required funds. In November 2010 two of the major shareholders of the Company placed an equity financing of approximately $440,000.-

~~Based~~Goodwill onand ~~the~~Intangible ~~Company’s~~assets ~~current~~– Finite ~~forecast~~lives The itCompany ~~anticipates~~accounts ~~that~~for ~~cash flow from operations will be sufficient to~~its ~~cover~~acquisitions ~~its~~utilizing ~~current~~the ~~on-going~~purchase ~~operating~~method ~~expenses~~of ~~for~~accounting. Under the ~~next~~purchase method 12of ~~months.~~accounting, ~~Therefore~~ the ~~Company~~total ~~estimates~~consideration ~~that~~paid itis ~~will~~allocated ~~require~~to ~~approximately $1,010,000 (working~~the ~~capital~~underlying ~~deficit~~assets ofand $2liabilities,~~550,000~~ ~~less~~based i)on ~~convertible~~their ~~notes~~respective ~~with~~estimated ~~less~~fair values. ~~than~~The ~~one~~excess ~~year maturity~~ of ~~$1,006,000~~purchase ~~which~~price itover ~~intends~~the toestimated ~~convert,~~fair ~~ii)~~values ~~proceeds~~of ~~from~~the ~~shares not~~net ~~issued~~assets ~~for~~acquired ~~$94,000~~is ~~and~~recorded ~~iii)~~as ~~equity~~goodwill. ~~financing~~Determining ~~from~~the ~~major~~fair ~~shareholders~~value of certain ~~$440,000)~~acquired ~~over~~assets ~~the~~and ~~next~~liabilities, ~~twelve~~identifiable ~~months~~intangible assets in ~~order~~particular, is tosubjective ~~sustain~~in ~~its~~nature ~~current obligations~~ and tooften ~~satisfy~~involves ~~its~~the ~~working~~use ~~capital~~of ~~deficiency.~~significant ~~The Company plan to~~estimates ~~conduct~~assumptions. anFinite-lived ~~equity~~identifiable ~~financing~~intangible ofassets ~~its~~are ~~securities~~amortized inover ~~order to raise additional~~its ~~financing.~~expected ~~The~~life ~~Company~~on ~~will~~a ~~also~~straight-line ~~pursue~~basis, ~~bridge~~as ~~loans~~this ~~and~~basis ~~private~~approximates ~~placements~~the ~~from~~expected ~~investors~~cash ~~located~~flows ~~outside~~from of the ~~United~~Company’s ~~States,~~existing ~~primarily~~finite-lived inidentifiable ~~Europe, in order to~~intangible ~~raise~~assets over the ~~required~~expected ~~funds~~future.

~~The~~UCP ~~Company’s~~acquired ~~revised~~all ~~acquisition strategy~~the isshares ~~based~~of TKM on ~~share-for-share~~May ~~agreements~~4, ~~with~~2010. noThe ~~immediately~~acquisition ~~cash~~was ~~release which~~completed ~~means~~pursuant ~~that~~to ~~need~~a ~~for~~share ~~additional~~transfer agreement ~~financing~~entered ininto ~~order~~between toUCP ~~expand~~and the ~~business~~shareholders of TKM. The Company isrecorded ~~limited~~goodwill onin aconnection ~~short~~with ~~term~~the ~~basis~~excess cost over fair value of the net assets acquired.

~~The~~Goodwill ~~Company~~is ~~also~~accounted ~~entered~~for ~~into an~~under ~~engagement~~FASB ~~agreement~~ASC ~~with~~350, anthe ~~investment~~goodwill ~~bank~~is ~~with~~tested ~~the~~for ~~objective~~impairment ofon ~~securing~~an annual basis or ~~additional~~whenever ~~financing,~~facts ~~but~~or ~~the~~circumstances ~~Company~~indicate ~~does~~that ~~not~~the ~~have~~carrying ~~any~~amounts ~~commitment~~may ~~from~~not ~~the~~be ~~investment~~recoverable. ~~bank~~The Company elected to ~~complete~~conduct ~~any~~its ~~financing~~impairment tests in March. ~~There~~The Company’s reporting unit is notested ~~assurance~~individually ~~that~~for impairment by comparing the ~~Company~~fair ~~will~~value ~~raise~~of ~~any~~the ~~additional~~reporting ~~financing~~unit ~~from~~with ~~either~~the ~~this~~carrying ~~investment~~value ~~bank~~of ~~or any~~that ~~other investors~~unit. ~~There~~Fair value is ~~also~~determined based on a ~~risk~~valuation ~~that~~study performed by the Company using the discounted cash ~~used~~flow inmethod ~~operations~~and ~~will~~the ~~be greater~~estimated ~~than~~market ~~anticipated~~values inof the ~~event~~reporting units. ~~that~~There ~~projected~~was ~~revenues~~no ~~are~~impairment ~~not~~of goodwill during the three months ended March ~~achieved~~31, 2011.

Equity investments ~~These~~Investments ~~conditions~~in ~~raise doubt~~business ~~about~~entities in which the Company’s ~~ability~~lacks ~~to continue as~~ a ~~going~~controlling ~~concern. Accordingly, the accompanying unaudited condensed consolidated~~ financial ~~statements~~interest ~~have~~but ~~been~~does ~~prepared~~have ~~in conformity with accounting principles generally accepted in~~ the ~~United~~ ~~States~~ability ofto ~~America,~~exercise ~~which~~significant ~~contemplates~~influence ~~continuation~~over ofoperating ~~the~~and ~~Company~~financial policies asare ~~a going~~accounted ~~concern~~for ~~and~~using the ~~realization~~equity ofmethod ~~assets~~in ~~and~~accordance ~~the~~with ~~satisfaction~~ASC ~~of liabilities~~323, inInvestments—Equity ~~the~~Method ~~normal~~and ~~course~~Joint ~~of business~~Ventures. The ~~carrying~~Company’s ~~amounts~~proportionate share of ~~assets~~net ~~and~~income ~~liabilities presented~~or inloss ~~the~~of ~~financial~~such ~~statements~~entity dois ~~not~~recorded ~~necessarily~~in ~~purport~~“Profit tofrom ~~represent~~equity ~~realizable~~investment” orincluded ~~settlement~~in ~~values.~~“Other ~~These~~income ~~unaudited~~(expense), ~~condensed~~net” ~~consolidated unaudited~~in ~~financial~~the ~~statements do not include any adjustment that might result~~condensed ~~from~~consolidated ~~the~~statements ~~outcome~~ of ~~this uncertainty~~operations.

-Reclassification Certain accounts 7in -the prior year condensed consolidated financial statements have been reclassified for comparative purpose to confirm to the presentation in the current year condensed consolidated financial statements. These reclassification have no effect on the previously reported net loss.

~~Note~~Subsequent 2.Events The Company ~~Summary~~evaluated ofsubsequent ~~Significant~~events ~~Accounting~~through ~~Policies~~the date the financial statements were issued and filed with the Securities and Exchange Commission.

~~Basis~~Recent ofAccounting ~~Presentation~~Pronouncements ~~The~~There ~~unaudited~~were ~~condensed consolidated~~various ~~financial statements have been prepared in accordance with~~other ~~accounting~~updates ~~principles~~recently ~~generally~~issued, ~~accepted~~most ~~in the United States~~ of ~~America~~which ~~for interim~~represented ~~financial~~technical ~~statements~~corrections ~~and with Form 10-Q and Article 10 of Regulation S-X~~to ~~of the Securities and Exchange Commission. Accordingly, they do not contain all information and footnotes required by~~ accounting ~~principles~~literature ~~generally~~or ~~accepted in~~application ~~the~~to ~~United~~specific ~~States~~industries ~~of America for annual financial statements. The condensed consolidated financial statements include the accounts of the Company~~ and ~~its wholly-owned~~are ~~subsidiaries~~not ~~and majority owned subsidiary as described in note 1.~~expected ~~All~~to ~~significant intercompany balances and transactions~~ have ~~been~~a ~~eliminated~~material ~~in consolidation.~~impact Inon the ~~opinion~~Company’s ~~of management, the accompanying unaudited~~ condensed consolidated financial ~~statements contain all the adjustments~~ ~~(consisting only of normal recurring accruals) necessary for fair presentation of the Company’s financial~~ position, asresults of ~~September 30, 2010, and the results of~~ operations ~~and~~or cash flows ~~for the periods presented~~. The results of operations for the three and nine months ended September 30, 2010, are not necessarily indicative of the operating results for the full fiscal year or any future period. The Company has evaluated and included subsequent events through the filing date of this Form 10-Q.

~~These~~Note ~~unaudited~~3 ~~condensed consolidated~~– ~~financial~~Acquisition ~~statements~~of ~~should~~Tre beKronor ~~read~~Media inAB conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009. The Company’s accounting policies are described in the Notes to consolidated Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2009, and updated, as necessary, in this Quarterly Report on Form 10-Q. (TKM)

~~Use of Estimates~~ ~~The preparation~~On ofMay ~~consolidated~~4, ~~financial~~2010, ~~statements~~the ~~in conformity with accounting~~Company ~~principles~~completed ~~generally accepted in~~ the ~~United~~acquisition ~~States~~ of ~~America~~all ~~requires management~~of tothe ~~make~~issued ~~estimates~~ and ~~assumptions~~outstanding ~~that~~shares ~~affect~~of ~~the~~Tre Kronor, ~~amounts~~a ~~reported~~Swedish ~~in the~~media ~~consolidated~~company ~~financial~~in ~~statements~~accordance ~~and~~with ~~accompanying~~a ~~notes.~~share ~~Actual~~purchase ~~results~~agreement ~~could~~dated ~~differ~~April ~~from~~9, ~~those estimates~~2010.

The ~~most~~results ~~significant~~of ~~areas~~operations ~~that~~of ~~require~~TKM have ~~management~~been ~~judgment~~included ~~are~~ in the ~~Company’s~~consolidated ~~revenue~~statements ~~recognition,~~of ~~income~~operations ~~taxes,~~since ~~impairment~~the completion of ~~goodwill,~~the ~~stock valuation,~~TKM ~~debt~~acquisition ~~discounts~~ on ~~notes~~May ~~payable~~4, ~~other~~2010. ~~intangible~~The ~~assets,~~following ~~bad~~table ~~debts~~reflects ~~and~~(dollars ~~depreciation.~~in thousands) the unaudited pro forma consolidated results of operations had the TKM acquisition taken place at the beginning of 2010 periods:

Derivative Financial Instruments. The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-~~valued~~ at8 ~~each reporting date, with changes in the fair value reported in the condensed consolidated statement of operations. For stock~~-based derivative financial instruments, the Company uses the Black-Scholes option pricing model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.

Foreign Currency Prior to September 8, 2010 the Company determined Danish Kroner as the functional currency of its foreign operations. Effective from September 8, 2010 the Company’s functional currency is Swedish Kronor. Accordingly, these foreign subsidiaries income and expenses are translated into U.S. dollars, the reporting currency of the Company, at the average rates of exchange prevailing during the year. The assets and liabilities are translated into U.S. dollars at the rates of exchange on the balance sheet date and the related translation adjustments are included in accumulated other comprehensive income (loss). During the three and nine months ended September 30, 2010 and 2009 transaction gains and losses were not material.

		Three months
		ended March, 31
		2010

Net revenues	$	1,699
Cost of revenues		(1,406	)
Operating expenses		(426	)
Net loss from continuing operations	$	(133	)
Net loss	$	(341	)
Weighted average shares, basic and diluted		351,494,775
Basic and diluted net loss from continuing operations per share	$	(0.00	)

- On 8October 31, 2010, TKM advanced SEK 4,756,550 approximately ($701,000) to acquire a 30% non-controlling financial interest in the Norwegian media company InSight AS, effective January 1, 2011.

~~During~~For the three ~~and nine~~ months ended ~~September~~March 3031, 2010 ~~and~~there ~~2009~~were ~~the related translation adjustment which was~~no ~~included~~material inimpact ~~other~~derived ~~comprehensive~~from ~~income~~InSight ~~(loss) was as follows:~~ AS

		3 months ended September						9 months ended September
		2010			2009			2010			2009
Net profit (loss):	$	1,542,000		$	(673,000	)	$	(1,013,000	)	$	(1,996,000	)
Translation adjustment:	$	(213,000	)	$	(14,000	)	$	(257,000	)	$	(56,000	)
Comprehensive profit (loss)	$	1,329,000		$	(687,000	)	$	(1,270,000	)	$	(2,052,000	)

The following table represents a summary of the changes in the value of the equity investment in InSight AS (dollars in thousands.)

Loss per Share Basic net income (loss) from continued operation per share has been calculated by dividing net income (loss) from continued operations by the weighted average number of common shares outstanding during the period. Bark Group had securities outstanding which could potentially dilute basic earnings per share in the future, but the incremental shares from the assumed exercise of these securities were excluded in the computation of diluted net loss per share from continuing operations, as their effect would have been anti-dilutive. Such outstanding securities consist of 7,778,720 non-vested shares issued to two executives. The shares were fully vested on May 31, 2010. In addition, potential shares of common stock aggregating 20,111,972 are issuable upon conversion of debts for the three and nine months ended September 30, 2010.

		March 31,
		2011

Beginning balance	$	-
Acquired		701

30% of profit for the first quarter 2011		12
Currency adjustment		54
Ending balance	$	767

~~Impairment~~Note of4 ~~Long~~-~~Lived~~ ~~Assets The~~Other ~~Company~~intangible ~~annually, or whenever events or changes in circumstances indicate that the carrying amounts of such~~ assets may not be recoverable, assesses the carrying value of long-lived assets in accordance with FASB ASC 360 10, formerly SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. The Company evaluates the recoverability of long-lived assets not held for sale by measuring the carrying amount of the assets against the estimated undiscounted future cash flows associated with them. If such evaluations indicate that the future discounted cash flows of certain long-lived assets are not sufficient to recover the carrying value of such assets, the assets are adjusted to their estimated fair values.

~~The~~In ~~Company~~accordance ~~accounts~~with ~~for~~ASC ~~its acquisitions~~805, ~~utilizing~~Business Combinations, the ~~purchase~~Company ~~method~~has ofidentified ~~accounting.~~and ~~Under~~recognized ~~the~~trade ~~purchase~~name ~~method of accounting,~~and ~~the~~customer ~~total~~relationships ~~consideration~~in ~~paid~~Tre isKronor ~~allocated~~as tointangible ~~the~~assets. ~~underlying~~Based ~~assets~~on ~~and~~a ~~liabilities,~~discounted ~~based~~cash onflow ~~their~~model ~~respective~~the ~~estimated~~ fair ~~values.~~value ~~The~~of ~~excess~~the ofintangible ~~purchase~~assets ~~price over~~was ~~the~~determined ~~estimated~~to ~~fair~~be $610,000 ~~values~~and of$220,000 ~~the~~respectively, ~~net~~both ~~assets~~having ~~acquired~~a isuseful ~~recorded~~life asof ~~goodwill~~5 years. ~~Determining~~ For the ~~fair~~three ~~value~~months ofended ~~certain~~March ~~acquired~~31, 2011 intangible assets ~~and~~were ~~liabilities,~~amortized ~~identifiable~~by ~~intangible~~$41,500. ~~assets~~At inMarch ~~particular~~31, is2011 ~~subjective~~the innet ~~nature~~carrying ~~and~~amount ~~often~~of ~~involves~~intangible assets related to the ~~use~~acquisition of ~~significant~~Tre ~~estimates~~Kronor ~~assumptions.~~was $686,466.

~~Finite-lived~~The ~~identifiable~~following ~~intangible assets~~table ~~are~~set ~~amortized~~forts ~~over its expected life on a straight-line basis, as this basis approximates~~ the ~~expected~~future ~~cash~~amortization ~~flows from the Company’s existing~~of ~~finite-lived identifiable~~ intangible assets ~~over~~(dollars ~~the~~in ~~expected future.~~thousands):

Bark Group Inc acquired all the shares of Tre Kronor on May 4, 2010. The acquisition was completed pursuant to a share transfer agreement entered into between Bark Group Inc and the shareholders of Tre Kronor. The Company recorded goodwill in connection with the excess cost over fair value of the net assets acquired.

2011: (April-December)	$	125
2012:	$	166
2013:	$	166
2014:	$	166
2015 (January – May):	$	64

~~Goodwill~~Note is5 ~~accounted~~- ~~for~~Concentration under FASB ASC 350, Goodwill and other. Under FASB ASC 350, the Company’s goodwill is tested for impairment on an annual basis or whenever facts or circumstances indicate that the carrying amounts may not be recoverable. The Company elected to conduct its impairment tests in May as a result of ~~continuing~~credit shortfall in the revenue budgets and management’s focus on the available growth in Tre Kronor. The Company’s reporting unit is tested individually for impairment by comparing the fair value of the reporting unit with the carrying value of that unit. Fair value is determined based on a valuation study performed by the Company using the discounted cash flow method and the estimated market values of the reporting units. Effective from September 8, 2010 the Company operates only by Tre Kronor.risk

-Credit 9risk -represents the loss that would be recognized if counterparties failed to completely perform as contracted.

~~Equity~~- ~~Method~~9 of Accounting Investments in business entities in which the Company lacks a controlling financial interest but does have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. The Company’s proportionate share of net income or loss of such entity is recorded in “Loss from equity investment” included in “Other income (expense), net” on the Condensed Consolidated Statements of Operations. Effective from August 25, 2010 the Company no longer holds any equity investments. -

~~Note~~ During 3the –three ~~Deconsolidation~~months ended March 31, 2011 customer AB and AE accounted for approximately 43% and 12% of revenue, ~~Danish~~respectively. ~~operation~~No other customers individually represented more than 10% of revenue for any period presented.

OnAs ~~August~~of March 31, ~~2010,~~2011 ~~the Company~~customers ~~ceased~~AF, ~~activities~~AG ~~of its Danish operations~~ and ~~management~~AB ~~filed~~accounted for ~~bankruptcy in~~approximately ~~its five Danish subsidiaries on September 8~~42%, ~~2010.~~13% ~~Effective~~and ~~September~~10% ~~8, 2010, the control in three~~ of the ~~five companies has been transferred to a court~~Company’s ~~administrator~~accounts ~~and~~receivables, ~~the~~respectively. ~~remaining~~No ~~two~~other ~~Danish~~customers ~~companies~~individually ~~has been forced closed by~~represented ~~the~~more ~~Danish~~than ~~Commerce~~10% ~~and~~of ~~Companies~~accounts ~~Agency~~receivables asat ~~management has resigned and accordingly~~ the ~~Danish~~end ~~subsidiaries~~of ~~have~~any ~~been~~period ~~deconsolidated~~presented.

InThe June 2009, the FASB issued authoritative guidance (which was codified into ASC Topic 810, "Consolidation," with the issuance of ASU No. 2009-17) that requires a primarily qualitative analysis to determine if an enterprise is the primary beneficiary of a variable interest entity. This analysis is based on whether the enterprise has (a) the power to direct the activities of the variable interest entity that most significantly impact the entityCompany's ~~economic~~loss ~~performance~~of ~~and~~these ~~(b) the obligation to~~or ~~absorb~~other ~~losses~~customers, ~~of the entity~~ or ~~the~~any ~~right~~decrease toin ~~receive~~sales ~~benefits from the entity that could potentially be significant~~ to ~~the~~these ~~variable~~or ~~interest~~other ~~entity. In addition~~customers, ~~enterprises are required to more frequently reassess whether an entity~~could ishave a ~~variable~~material ~~interest~~adverse ~~entity~~effect ~~and~~on ~~whether~~ the enterprise is the primary beneficiary of the variable interest entity. Finally, the guidance for consolidation or deconsolidation of a variable interest entity is amended and disclosure requirements about an enterpriseCompany's ~~involvement with a variable interest entity are enhanced. The Company adopted this guidance as of January 1~~business, ~~2010~~ onfinancial acondition ~~prospective basis. As a result, Bark Corporation A/S (Bark~~or ~~Corporation),~~results ~~Bark Advertising A/S ("Bark Advertising"), and Bark Property ApS was deconsolidated as the power to direct the activities completely transferred to the trustees~~ of ~~Copenhagen court~~operations. ~~The deconsolidation of these subsidiaries resulted in a decrease in assets and liabilities as of September 9, 2010 of $5,203,000 and $9,042,000 respectively.~~

AsThe ~~the~~ Company ismonitors noits ~~longer~~exposure ~~in control~~to ofcustomers ~~the~~to ~~Danish subsidiaries the Company has, in accordance with ASC 810,~~minimize ~~deconsolidated~~potential ~~the~~credit ~~fair value of assets ($5,203,000) and liabilities ($9,042,000) and recorded a gain on deconsolidation of Danish entities of $3,839,000~~losses.

The ~~following~~Company ~~table~~maintains ~~summarizes~~cash and cash equivalent balances at several financial institutions throughout its operating area, and at times, may exceed insurance limits and expose the ~~deconsolidation:~~Company to credit risk. As part of its cash management process, the Company periodically reviews the relative credit standing of these financial institutions.

		Unaudited
		September 30,
Assets		2010
Current assets:
Cash	$	7
Accounts receivable, net		230
Costs and estimated earnings in excess of billings on projects in progress		212
Prepaid expenses and other current assets		21
Total current assets		470
Property, plant and equipment, net of accumulated depreciation		4,683
Deferred financing costs, net of accumulated amortization		50
Total assets	$	5,203

The Company’s cash balances are maintained at financial institutions located in the United States of America, Sweden and Spain.

-Note 106 - Derivative Liabilities

		Unaudited
		September 30,
Liabilities		2010
Current liabilities:
Accounts payable	$	1,752
Accrued liabilities		1,023
Billings in excess of costs and estimated earnings on projects in progress		91
Current portion of long-term debt		1,831
Current portion of obligations under capital leases		138
Current portion of debt to redeemed stockholders		117
Total current liabilities		4,952
Long-term debt , net of current portion		4.090
Total liabilities	$	9,042

In June 2008, the FASB finalized ASC 815, “Determining Whether an Instrument (or Embedded Feature) is indexed to an Entity’s Own Stock.” Under ASC 815, instruments which do not have fixed settlement provisions are deemed to be derivative instruments. The Company has determined that it needs to account for certain convertible debentures (see Note 11) issued during the second quarter 2010, as derivative liabilities, and apply the provisions of ASC 815. The instruments include a ratchet provision that adjust either the exercise price and/or the quantity of the shares since the conversion price is equal to 55% - 65% of the "market price" as determined at the time of conversion.

~~Note~~ In 4accordance –with ~~Tre~~ASC ~~Kronor~~815, ~~Media~~the fair ABvalue of the conversion options of these convertible debentures have been re-characterized as derivative liabilities. ASC 815, “Accounting for Derivative Instruments and Hedging Activities” (“ASC 815”) requires that the fair value of these liabilities be re-measured at the end of every reporting period with the change in fair value reported in the consolidated statement of operations.

OnThe ~~May~~fair 4,value ~~2010,~~of the ~~Company~~derivative ~~completed~~liabilities, measured using the ~~acquisition~~Black-Scholes ofoption ~~all~~pricing ofmodel, which approximates the ~~issued~~fair ~~and~~value ~~outstanding~~measured ~~shares~~using ~~Tre Kronor~~Binomial Lattice Model, ais ~~Swedish~~summarized below ~~media~~(dollars ~~company.~~in thousands):

The Company has determined that the acquisition of Tre Kronor was a business combination to be accounted for under the acquisition method. The following table summarizes the consideration transferred and the amounts of identified assets acquired and liabilities assumed at the acquisition date:

		March 31,		December 31,		Date of
		2011		2010		issuance

Fair Value	$	-	$	185	$	155

Fair value of consideration transferred:
Stock issuance on the date of acquisition	$	4,200,000
Estimated contingent consideration to be earned		365,000
		4,565,000
Recognized amounts of identifiable assets and liabilities acquired at fair value:
Cash		962,700
Accounts receivable		1,073,936
Work in progress		138,547
Equipment and deposits		189,858
Prepaid expenses		148,262
Account payable		(1,203,465	)
Corporate income tax		(13,351	)
Accrued expenses and other liabilities		(1,296,487	)
Total identifiable net assets		-
Total purchase value	$	4,565,000

On the date of issuance the derivative liabilities associated with the debentures was $155,163. During the first quarter of 2011, the convertible debentures matured and were deemed to be converted into shares of common stock. On the date of maturities, the change in fair valuation of derivative liabilities aggregated approximately $96,000 and was recorded as a gain on change in fair value of derivative liabilities in the Company’s condensed consolidated statement of operations for three months ended March 31, 2011. The remaining balance of derivative liabilities of $89,000 reclassified into equity on the conversion date..

~~The~~Note ~~Company~~7 ~~recognized~~- ~~the~~Fair ~~total~~Value ~~purchase as summarized in the following table:~~Measurement

Goodwill (100% deductable for tax purpose)	3,710,000
Intangible assets	830,000
Liability to related parties (see Note 1)	(387,000	)
Earn out to former shareholders - Tre Kronor	(365,000	)
Equity, issuance of common shares as consideration	(3,788,000	)

Valuation Hierarchy
ASC 820 establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market

~~Earn~~- ~~out~~10 to former shareholders were calculated on a basis of a total consideration of 4,000,000 of the Company’s shares of common stock at the fair value of the market closing price per date of acquisition. As the calculated consideration is based on Tre Kronor’s projected EBT (Earnings Before Tax) in fiscal 2011 and 2012 the fair value per date of acquisition was discounted back to a present value of $365,000 which the Company recorded as a long term liability. -

~~The~~corroboration, ~~total~~for ~~common~~substantially ~~shares~~the ~~issued~~full asterm ~~part~~ of the ~~consideration~~financial instrument. ~~paid~~Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to ~~Tre~~measure ~~Kronor~~assets ~~was~~and ~~35,000,000~~liabilities ~~shares~~at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

- The 11following table represents the assets and liabilities carried at fair value (dollars in thousands) measured on a recurring and non-recurring basis as of March 31, 2011:

The intangible assets is identified and recognized in accordance with Accounting Standards Codification 805 (“ASC 805”), Business Combinations. Based on a discounted cash flow model the fair value of the intangible assets was determined to be $830,000 with useful lives of 5 years (see Note 5).

				Fair Value Measurements at March 31, 2011
				Quoted prices		Significant
		Total Carrying		in active		other		Significant
		Value at		markets		observable		unobservable
		March 31, 2011		(Level 1)		inputs (Level 2)		inputs (Level 3)

Contingent Consideration	$	28	$	-	$	-	$	28
Goodwill	$	3,710	$	-	$	-	$	3,710

The ~~results~~contingent ofconsideration ~~operations~~is measured ofat ~~Tre Kronor~~fair ~~have~~value ~~been~~using ~~included~~quoted inmarket ~~the~~prices of Company’s ~~condensed~~shares ~~consolidated statements~~ of ~~operations~~ ~~since the completion of the Tre Kronor acquisition on May 4, 2010.~~common ~~Revenues totaled approximately $6,597,000 and net loss totaled $214,000 since the date of acquisition~~stock. ~~The following table reflects the unaudited pro forma consolidated results of operations had the Tre Kronor acquisition taken place at the beginning of 2010 and 2009 periods:~~

		Three months ended						Nine months ended
		September 30						September 30
		2010			2009			2010			2009
Net revenues	$	4,290		$	2,825		$	11,936		$	9,116
Cost of revenues		(3,958	)		(2,532	)		(11,054	)		(8,241	)
Operating income (expenses)		927			(1,072	)		(2,283	)		(3,082	)
Net loss from continuing operations		(419	)		(436	)		(1,165	)		(812	)
Net profit (loss)		1,542			(779	)		(1,118	)		(2,207	)
Weighted average shares, basic		406,868,929			316,856,739			384,499,719			316,510,824
Weighted average shares, diluted		406,868,929			316,856,739			384,499,719			316,510,824
Basic net profit (loss) from continuing operations per share	$	-		$	(-)		$	(-)		$	(-)
Diluted net profit (loss) from continuing operations per share	$	-		$	(-)		$	(-)		$	(-)

Goodwill is measured at fair value on a non-recurring basis using discounted cash flows and is classified within level 3 of the value hierarchy.

~~Note~~ The 5following -table ~~Other~~represents ~~intangible~~a summary ~~assets~~of the changes in the fair value of the Company’s Level 3 financial liabilities that are measured at fair value on a recurring basis (dollars in thousands):

In accordance with Accounting Standards Codification 805 (“ASC 805”), Business Combinations, the Company has identified and recognized trade name and customer relationships in Tre Kronor as intangible assets. Based on a discounted cash flow model the fair value of the intangible assets was determined to $610,000 and $220,000 respectively, both having a useful life of 5 years. For the three and nine months ended September 30, 2010 intangible assets were amortized by $41,500 and $67,300 respectively. At September 30, 2010 the net carrying amount of intangible assets related to the acquisition of Tre Kronor was $769,466.

		March 31,			December 31,
		2011			2010

Beginning balance – Derivative liabilities	$	185		$	-
Derivative liabilities recorded		-			155
Net unrealized loss (gain) on change in fair value of derivative liabilities		(96	)		30
Reclassifed to equity		(89	)		-
Ending balance – Derivative liabilities	$	-		$	185

The following table set forts the future amortization of intangible assets:

		March 31,			December 31,
		2011			2010
Beginning balance – Contingent consideration	$	30		$	-
Recorded contingent consideration		-			365
Net unrealized gain on change in fair value of contingent consideration		(2	)		(335	)
Ending balance – Contingent consideration	$	28		$	30

2010 (October – December):	$	41,500
2011:	$	166,000
2012:	$	166,000
2013:	$	166,000
2014:	$	166,000
2015 (January – May):	$	58,930

The following table represents a summary of the changes in the fair value of goodwill that is measured at fair value on a non-recurring basis (dollars in thousands.)

Note 6 - Concentration of credit risk

		March 31,		December 31,
		2011		2010

Beginning balance	$	3,710	$	3,289
Acquired		-		3,710

Impaired		-		(2,812	)
Currency adjustment		-		(477	)
Ending balance	$	3,710	$	3,710

~~Credit~~- ~~risk~~11 ~~represents the loss that would be recognized if counterparties failed to completely perform as contracted.~~ -

During the ~~nine~~year ~~months~~ ended ~~September~~December 3031, 2010, ~~customer~~the ABCompany ~~accounted~~had ~~for~~impaired ~~approximately~~the ~~23%~~goodwill ofrelated ~~revenue.~~to Nothe ~~other customers~~Danish ~~individually represented more than 10% of revenue for any period presented~~subsidiaries.

AsNote of8 ~~September~~– ~~30,~~Notes 2010 customers AC, AA and AB accounted for approximately 13%, 27% and 36% of the Company’s accounts receivables, respectively. No other customers individually represented more than 10% of accounts receivables at the end of any period presented.payable

-Long 12and short-term debt

The Company's ~~loss~~obtained ofa ~~these~~short orterm ~~other~~loan ~~customers~~from a private investor in the amount of DKK 1,000,000 or($179,953) ~~any~~on ~~decrease~~March 4, 2010, in ~~sales~~order to ~~these~~fund orworking ~~other~~capital ~~customers,~~until additional capital could be ~~have~~raised. aThe ~~material~~loan ~~adverse~~matured ~~effect~~on June 30, 2010, together with accrued interest of DKK 200,000 ($37,970). On June 25, 2010, and on ~~the~~September ~~Company's~~23, ~~business~~2010, ~~financial~~the ~~condition~~loan, which orwas ~~results~~not called on its maturity date, was partially paid in cash of ~~operations~~$184,975 and $10,700 respectively. As at March 31, 2011, the amount outstanding including accrued interest was $22,248

On March 10, 2010, the Company obtained a Convertible Debenture totaling $80,000. The note bears interest at a rate of 8% per annum and is due nine months from date of issuance. The Note is convertible into shares of common stock of the Company ~~monitors~~at ~~its~~a ~~exposure~~conversion price equal to ~~customers~~65% of the "market price" at the time of conversion, which "market price" will be calculated as the average of the three lowest "trading prices" for the Company's common stock during the ten day trading period prior to ~~minimize~~the ~~potential~~date ~~credit~~the ~~losses~~conversion note is sent to the Company. During the period October 27 – December 23, 2010, the investor converted a total of $74,000 into 9,759,025 shares of common stock. At December 31, 2010, the amount outstanding was $9,556 including interest of $3,556. On January 3, 2011, the outstanding balance was converted into 1,877,551 shares of common stock

~~The~~On March 15, 2010, the Company obtained ~~maintains~~a ~~cash~~loan from a private investor of $250,000. The loan bears no interest and is due one year from date of issue. If the Company choose not to repay the loan in cash ~~equivalent~~the ~~balances~~holder atof ~~several~~the ~~financial~~note ~~institutions~~is ~~throughout~~entitled ~~its~~to convert the note into shares ~~operating~~of ~~area,~~common ~~and~~stock at ~~times,~~a ~~may~~price ~~exceed~~equal ~~insurance~~to ~~limits~~85% ~~and~~of ~~expose~~the market price of the Company’s tocommon ~~credit~~stock ~~risk.~~at Asthe ~~part~~time of ~~its~~conversion. ~~cash~~Based ~~management~~on ~~process,~~ the Black – Scholes model the Company ~~periodically~~calculated a call option value of $0.08 resulting in a deferred debt ~~reviews~~discount of $149,603. Since the ~~relative~~note ~~credit~~contains ~~standing~~a ofcontingent ~~these~~conversion ~~financial~~feature ~~institutions~~no deferred debt discount was recognized. As at March 31, 2011, the amount outstanding was $250,000

~~The~~On April 20, 2010, the Company’s obtained ~~cash~~a Convertible Debenture totaling $40,000. The note bears interest at a rate of 8% per annum and ~~cash~~is due nine months from date of issuance. The Note is ~~equivalent~~convertible ~~balances~~into ~~are~~shares ~~maintained~~of common stock of the Company at ~~financial~~a ~~institutions~~conversion ~~located~~price equal to 55% of the "market price" at the time of conversion, which "market price" will be calculated as the average of the three lowest "trading prices" for the Company's common stock during the ten day trading period prior to the date the conversion note is sent to the Company. Based on the Black – Scholes model the Company calculated a call option value of $0.06 resulting in ~~USA~~a deferred debt discount of $29,702 which was recorded as interest expense ratably ~~Denmark~~over ~~and~~the ~~Sweden~~loans maturity. On January 18, 2011, the Company converted $10,000 into 2,702,703 shares of common stock and on the date of maturity, the remaining balance of $31,600 including accrued interest was converted into 7,977,733 shares of common stock.

On May 4, 2010, the Company obtained a Convertible Debenture totaling $37,500. The note bears interest at a rate of 8% per annum and is due nine months from date of issuance. The Note 7is convertible into shares of common stock of the Company at a conversion price equal to 65% of the "market price" at the time of conversion, which "market price" will be calculated as the average of the three lowest "trading prices" for the Company's common stock during the ten day trading period prior to the date the conversion note is sent to the Company. Based on the Black – ~~Non-controlling~~Scholes model ~~interests~~the Company calculated a call option value of $0.07 resulting in ~~discontinued~~a ~~operations~~deferred debt discount of $25,286 which was recorded as interest expense ratably over the loans maturity. On March 17, 2011 $15,000 of the loan was converted into 3,480,372 shares of common stock. As the loan matured on February 4, 2011 the balance of the loan including accrued interest will be converted into 3,771,072 shares of common stock per request from the lender. As at March 31, 2011, the balance of the loan of $24,750 has been classified as a component of additional paid in capital in the stockholders equity. Such shares will be issued as soon as administratively feasible. Subsequent to March 31, 2011 the Company issued 2,604,167 shares of common stock per request from the lender.

~~For~~On ~~consolidated~~May ~~majority-owned subsidiaries~~27, in2010, ~~which~~ the Company obtained ~~owns~~a ~~less~~Convertible ~~than~~Debenture ~~100~~totaling $50,000. The note bears interest at a rate of 8% per annum and is due nine months from date of ~~the~~issuance. ~~total~~The ~~outstanding~~Note is convertible into shares, of common stock of the Company ~~recognizes~~at a ~~non-controlling~~conversion ~~interest~~price equal ~~for~~to 65% of the ~~ownership~~"market price" at the time of conversion, which "market ~~interest~~price" will be calculated as the average of the ~~holders~~three lowest "trading prices" for the Company's common stock during the ten day trading period prior to the date the conversion note is sent to the Company. Based on the

In- ~~May 2007, 651 Class B shares in Bark Advertising were issued to the selling shareholders of Bark Copenhagen at a price of DKK~~ 12~~,912~~ ($2,373) per share and 50 Class B shares were sold to two senior employees of the Company at a price of DKK 12,000 ($2,206) per share. In November 2007 Bark Advertising sold 25 Class B shares to one senior employee at a price of DKK 12,000 ($2,206) per share.-

InBlack ~~January~~– ~~2009,~~Scholes ~~two~~model ~~Class~~the BCompany ~~shareholders representing~~calculated ~~131~~a ~~shares~~call ~~were~~option value ~~redeemed~~of $0.05 ~~The~~resulting ~~redeemable~~in ~~amount~~a asdeferred debt discount of ~~September 30~~$29,142 ~~2010~~which ~~and~~was recorded ~~December~~as ~~31,~~interest ~~2009~~expense ~~was~~ratably ~~DKK~~over ~~637,393~~the ~~($116,737)and~~loans ~~DKK~~maturity. ~~994,356~~As ~~($191,587),~~the loan ~~respectively.~~matured ~~The~~on ~~redemption~~February of27, ~~shares~~2011, isthe ~~paid~~balance inof 8the ~~quarterly~~loan ~~installments,~~ including accrued interest will atbe ~~variable~~converted ~~rates~~into ~~(5%~~10,321,324 atshares ~~December~~of ~~31,~~common ~~2009).~~stock Onper ~~September 8,~~request ~~2010,~~from the lender. ~~Company~~As isat noMarch ~~longer~~31, ~~obligated~~2011, tothe ~~pay~~balance of the ~~remaining~~loan ~~installments to~~of ~~Class~~$53,000 Bhas ~~shareholder~~been classified as ~~the~~a ~~liabilities~~component ~~were~~of ~~transferred~~additional topaid ~~the~~in ~~Danish~~capital ~~Courts~~in the stockholders ~~upon~~equity. ~~acceptance~~Such ofshares ~~control~~will ofbe ~~the~~issued ~~Danish~~as ~~subsidiaries~~soon byas ~~the~~administratively ~~Courts~~feasible.

InOn ~~November~~June ~~2009~~25, ~~three~~2010, ~~additional~~The Company ~~Class~~obtained Ba ~~shareholders~~short ~~representing~~term 75loan ~~shares~~from ~~were~~a ~~redeemed~~private ~~for~~investor ~~DKK~~in ~~900~~the amount of DKK 1,000,000 ($~~180~~165,~~000~~166). in order to fund working capital until additional capital could be raised. The ~~redeemable~~loan ~~amount~~matured ~~was~~on ~~converted~~September to30, a2010, ~~total~~together with accrued interest of 2DKK 250,000 ($41,~~000~~292). The loan agreement includes an option to convert the loan including interest into shares of common stock inat ~~Bark~~a ~~Group~~price of $0.06. As at March 31, 2011, the amount outstanding including accrued interest was $246,749. Since the note contains a contingent conversion feature no deferred debt discount was recognized.

OnNote ~~June~~9 1,– ~~2010~~Line ~~the remaining three holders~~ of ~~51,820 Series B shares were redeemed. Two of the three holders were affiliates to the Company.~~Credit

OnThe ~~August~~Company ~~18,~~has ~~2010~~a ~~the~~floating ~~total redemption~~rate ~~value~~line of ~~the~~credit ~~51,820~~facility ~~Series~~with BNordea ~~shares~~Bank ofin ~~DKK~~the ~~6,753,000~~amount ~~($1,167,551) was converted to a total~~ of ~~717~~$317,~~260~~000. ~~shares~~As of ~~common stock in Bark Group Inc. The Company~~March ~~recognized~~31, a2011, ~~total beneficial gain from~~ the ~~conversion~~amount ~~of $1~~outstanding,~~127,385.~~ ~~Gain~~under ~~related to~~this ~~the~~line ~~affiliates~~of ~~was~~credit ~~recognized~~facility, ~~with~~ was $~~943,077~~-(nil). asThe ~~additional~~rate ~~paid~~of ininterest ~~capital, whereas~~payable ~~gain~~under ~~related to~~ the ~~non-affiliate~~line of ~~$184,308~~credit ~~was~~facility ~~recognized in the~~is ~~Company’s~~presently ~~income~~4.25 ~~statement~~% asper ~~gain on extinguishment of debts~~annum.

Note 810 -– ~~Derivative~~Equity ~~Liabilities~~Capital

InDuring ~~June 2008,~~ the ~~FASB~~three ~~finalized~~months ended ~~ASC~~March ~~815~~31, ~~“Determining Whether an Instrument (or Embedded Feature) is indexed to an Entity’s Own Stock.” Under ASC 815~~2011, ~~instruments~~the ~~which do not have fixed settlement provisions are deemed to be derivative instruments. The~~ Company ~~has determined that it needs to account for 4 convertible debentures (see note 10)~~ issued ~~during~~9,337,000 ~~the~~share ~~second quarter 2010 for its shares~~ of common stock, asfor ~~derivative liabilities, and apply~~ the proceeds ~~provisions~~ of ~~ASC~~cash ~~815~~for $79,365. The ~~instruments have~~Company aalso ~~ratchet~~issued ~~provision~~258,000 ~~that adjust either the exercise price and/or quantity of the~~ shares ~~as the conversion price equals to 55% - 65%~~ of ~~the~~common stock ~~"market~~valued ~~price"~~ at ~~the time of conversion~~$17,200 ~~which~~to ~~"market~~a ~~price"~~consultant ~~will be calculated as the average of the three lowest "trading prices"~~ for ~~the~~services ~~Company's~~rendered ~~common stock~~ during the three ~~ten~~months ~~day~~ended ~~trading~~March ~~period~~31, ~~prior to the date the conversion note is sent to the Company~~2011.

As During ~~a result,~~ the ~~instruments~~three ~~need~~months ended toMarch be31, ~~accounted for as derivative liabilities. In accordance with ASC 815~~2011, ~~these convertible~~the ~~debentures~~Company ~~have~~issued ~~been re-characterized as derivative liabilities. ASC 815~~16,308,359 ~~“Accounting~~shares ~~for Derivative Instruments and Hedging Activities” (“ASC 815”) requires that the fair value~~ of ~~these~~common ~~liabilities~~stock befor ~~re-measured~~the atconversion ~~the end~~ of ~~every~~certain ~~reporting~~notes ~~period~~aggregating ~~with~~$65,800 ~~the~~(Note ~~change~~- ~~in fair value reported in the consolidated statement of operations~~8).

~~The~~Note ~~fair~~11 ~~value~~– ~~of the derivative liabilities was measured using the Black~~Non-~~Scholes~~vested ~~option pricing model and the following assumptions:~~shares

In September 2007, the Company issued 7,778,720 non-vested 13share awards to two executives of the Company having a stated value of DKK 330,000 ($65,100). A weighted average grant date fair value of per share. The fair value of the non-vested share awards on the date of issuance was DKK 3,939,000 ($777,000). The non-vested awards became fully vested on May 31, 2010. During the three months ended March 31, 2010, the Company recorded $59,180 of compensation expense, related to these awards.

		September 30,		Date of
		2010		issuance
$80,000 Debenture:
Discount Rate – Bond Equivalent Yield		0.16%		0.39%
Annual rate of dividends		-		-
Volatility		154%		152%
Weighted Average life (months)		3		9
$40,000 Debenture:
Discount Rate – Bond Equivalent Yield		0.16%		0.42%
Annual rate of dividends		-		-
Volatility		154%		160%
Weighted Average life (months)		3		9
$37,500 Debenture:
Discount Rate – Bond Equivalent Yield		0.16%		0.43%
Annual rate of dividends		-		-
Volatility		154%		160%
Weighted Average life (months)		4		9
$50,000 Debenture:
Discount Rate – Bond Equivalent Yield		0.16%		0.37%
Annual rate of dividends		-		-
Volatility		154%		161%
Weighted Average life (months)		5		9
Fair Value	$	313,035	$	155,163

Note 12 – Stock based compensation

~~The~~In ~~discount~~the ~~rate~~first ~~was~~quarter ~~based~~of on2011 and ~~rates~~during ~~established~~the byyears ~~the~~2010 ~~Federal~~and ~~Reserve.~~2009 ~~The~~the ~~Company~~company ~~based~~issued ~~expected~~258,000, ~~volatility~~1,250,000 and on3,000,000 ~~the~~shares ~~historical~~of ~~volatility~~common stock respectively to eight consultants for ~~its~~services rendered ~~common~~during ~~stock~~the periods from 2009 through 2012. The ~~expected~~total ~~life~~market value of the shares, on the ~~debentures~~ ~~was~~date ~~based~~of onsigning ~~their~~the ~~full~~agreements, ~~term~~was $653,740. ~~The~~For ~~expected~~the ~~dividend~~three months ~~yield~~ended ~~was~~March ~~based upon~~31, ~~the~~2011 ~~fact~~and ~~that~~2010 the Company ~~has~~expensed ~~not~~$58,821 ~~historically~~and ~~paid~~$23,021 respectively ~~dividends~~as selling, general and ~~does not~~administrative ~~expect~~expenses. toThe ~~pay~~Company ~~dividends~~will record incompensation expense ratably over the ~~future~~remaining period.

OnAs ~~the date~~ of ~~issuance~~March ~~the~~31, ~~derivative liabilities~~2011, ~~associated~~there ~~with the debentures~~ was $~~155~~92,~~163.~~084 Atof ~~September~~total ~~30, 2010,~~unrecognized ~~the~~compensation ~~derivative~~costs ~~liability~~related ~~associated~~to ~~with~~ the ~~debenture was revalued to $313,035~~issuance. The ~~$170,703 increase in the derivative liability at September~~ ~~30,~~remaining ~~2010~~cost is ~~included~~expected asto ~~loss~~be onrecognized ~~change~~ratably inover ~~fair~~a ~~value~~period of ~~derivative liabilities~~4 ~~in the Company’s condensed consolidated statement of operations for three months ended September 30, 2010~~quarters. ~~For the nine months ended September 30, 2010 the loss on change in fair value was $157,872.~~

Note 913 - ~~Fair~~Related ~~Value~~party ~~Measurement~~transactions

~~Valuation~~Fee ~~Hierarchy ASC~~to ~~820~~Secretary ~~establishes a valuation hierarchy for disclosure~~ of the ~~inputs~~Board ~~to valuation used to measure fair value. This~~Bent ~~hierarchy~~Helvang During ~~prioritizes~~ the ~~inputs into~~ three ~~broad~~months ~~levels~~ended asMarch 31, ~~follows~~2011 Mr. ~~Level 1~~Helvang ~~inputs~~received ~~are~~a ~~quoted~~fee ~~prices~~of ~~(unadjusted)~~$22,512 inwhich ~~active~~has ~~markets~~been ~~for~~classified ~~identical~~as ~~assets~~a orcomponent ~~liabilities.~~of ~~Level~~selling, 2general ~~inputs are quoted prices for similar assets~~ and ~~liabilities in~~administrative ~~active~~expenses. ~~markets~~Since ~~or inputs that are observable for~~ the ~~asset~~Company ~~or liability,~~no ~~either~~longer ~~directly~~maintains ora ~~indirectly~~corporate ~~through~~entity ~~market~~in ~~corroboration~~Denmark, ~~for substantially the full term of the financial instrument~~Mr. ~~Level~~Helvang 3is ~~inputs are unobservable inputs based on~~ the Company’s administrative ~~own~~body, ~~assumptions~~where ~~used~~he toholds ~~measure~~a ~~assets and~~bank ~~liabilities~~account aton ~~fair~~behalf ~~value.~~of Athe ~~financial~~Company. ~~asset or liability’s classification~~The ~~within~~balance of the ~~hierarchy~~bank isaccount ~~determined~~at ~~based~~March on31, ~~the~~2011 ~~lowest~~is ~~level~~$21,143 ~~input~~which ~~that~~has isbeen ~~significant~~classified toas ~~the~~administrative ~~fair~~deposit ~~value~~held ~~measurement~~by related party.

~~The following table provides the assets and liabilities carried at fair value measured on a recurring and non~~-~~recurring~~ ~~basis~~13 ~~as of September 30, 2010:~~-

-Klaus 14Aamann -– Member of the Board

				Fair Value Measurements at September 30, 2010
		Total Carrying		Quoted prices		Significant
		Value at		in active		other		Significant
		September		markets		observable		unobservable
		30, 2010		(Level 1)		inputs (Level 2)		inputs (Level 3)
Derivative liabilities	$	313,035	$	-	$	-	$	313,035
Contingent Consideration	$	82,000	$	-	$	-	$	82,000
Goodwill	$	3,710,000	$	-	$	-	$	3,710,000

During the year ended December 31, 2010 Mr. Aamann provided the Company a cash loan of $24,800. Further Mr. Aamann was entitled to a reimbursement of expenses of $12,513 during the year ended December 31, 2010. The expense’s was classified as a component of selling, general and administrative expenses. At March 31, 2011 and December 31, 2010 Mr. Aamann has a receivable of $6,935 and $11,580 respectively which has been classified in advances from related parties.

~~The~~Lars ~~derivative~~Thomassen ~~liabilities~~– ~~are~~Chairman of the ~~measured~~Board During atthe ~~fair~~year ~~value~~ended ~~using~~December ~~quoted~~31, 2010 ~~market~~Lars ~~prices~~Thomassen ~~and~~made ~~estimated~~payments ~~volatility factors~~of ~~based~~$24,034 to creditors on ~~historical~~behalf ~~quoted~~of ~~market~~the Company. ~~prices~~Further ~~for~~Mr. ~~the~~Thomassen ~~Company~~is entitled to have he’s ~~common~~travel ~~stock~~expenses etc. reimbursed. Such expenses amounted to $17,781 during the year ended December 31, 2010 and ~~are~~was classified ~~within~~as ~~Level~~a 3component of ~~the~~selling, ~~valuation~~general ~~hierarchy~~and administrative expenses. At March 31, 2011 and December 31, 2010 Mr. Thomassen has a receivable of $41,815 which has been classified in advances from related parties.

~~The~~Niclas ~~contingent~~Fröberg ~~consideration~~– isCEO of Tre ~~measured~~Kronor According atto ~~fair~~the ~~value~~Share Purchase ~~using~~Agreement ~~quoted~~with ~~market~~the ~~prices~~former shareholders of Tre Kronor, the Company’s is committed to pay an aggregate amount of SEK 3,000,000 ($387,000) to Mr. Fröberg against redemption of a portion of his shares. The Company has agreed to extend the redemption of ~~common~~the share portion to December 31, 2011. During the year ended ~~stock~~December 31, 2010 the Company advanced a payment of $387,000 to Mr. Fröberg. Such advance has been classified as a component of the Company’s Stockholders Equity as Notes Receivable from Affiliate.

~~Goodwill~~Note is14 ~~measured~~– atSubsequent ~~fair value on a non-recurring basis using discounted cash flows and is classified within level 3 of the value hierarchy.~~events

~~The~~On ~~following~~April ~~table~~15, ~~sets~~2011 ~~forth a summary of~~ the ~~changes~~Company inissued ~~the~~2,604,167 ~~fair~~shares ~~value~~ of ~~the~~common stock ~~Company’s~~related ~~Level~~to 3the ~~financial liabilities~~convertible ~~that~~note ~~are~~which ~~measured~~matured aton ~~fair~~February ~~value~~4, on2011 a(See Note ~~recurring~~8 ~~basis:~~above).

		September 30,		December 31,
		2010		2009
Beginning balance – Derivative liabilities	$	-	$	-
Derivative liabilities recorded		155,163		-
Net unrealized loss on change in fair value of derivative liabilities		157,872		-
Ending balance – Derivative liabilities	$	313,035	$	-

- 14 -

		September 30,			December 31,
		2010			2009
Beginning balance – Contingent consideration	$	365,000		$	-
Net unrealized gain on change in fair value of contingent consideration		(283,000	)		-
Ending balance – Contingent consideration	$	82,000		$	-

The following table set forth a summary of the changes in the fair value of goodwill that is measured at fair value on a non-recurring basis.

		September 30,			December 31,
		2010			2009
Beginning balance	$	3,289,000		$	3,230,000
Acquired		3,710,000			-
Impaired		(2,812,000	)		-
Currency adjustment		(477,000	)		59,000
Ending balance	$	3,710,000		$	3,289,000

- 15 -

Note 10 – Long and short-term debt

Long and short-term debt

The Company obtained a short term loan from a private investor in the amount of DKK 1,000,000 ($186,000) on February 4, 2010 in order to fund working capital until additional capital could be raised. The loan matured on April 30, 2010 together with accrued interest of DKK 200,000 ($37,970). On September 9, 2010 the loan was converted into 4,000,000 new issued shares of common stock.

The Company obtained a short term loan from a private investor in the amount of DKK 1,000,000 ($179,953) on March 4, 2010 in order to fund working capital until additional capital could be raised. The loan matured on June 30, 2010 together with accrued interest of DKK 200,000 ($37,970). On June 25, 2010 the loan, which was not called on the date of maturity, were partly repaid in cash. On September 23, 2010 the loan were partly repaid in cash. As at September 30, 2010 the amount outstanding including accrued interest was $22,248

On March 10, 2010 the Company obtained a Convertible Debenture totaling $80,000. The note bears interest at a rate of 8% per annum and is due nine months from date of issuance. The Note is convertible into shares of common stock of the Company at a conversion price equal to 65% of the "market price" at the time of conversion, which "market price" will be calculated as the average of the three lowest "trading prices" for the Company's common stock during the ten day trading period prior to the date the conversion note is sent to the Company. Based on the Black – Scholes model the Company calculated a call option value of $0.08 resulting in a deferred debt discount of $71,033 which will be recorded as interest expenses ratably over the loans maturity. As at September 30, 2010 the amount outstanding including accrued interest, net of deferred discount was $65,140.

On March 15, 2010 the Company obtained a loan from a private investor of $250,000. The loan bears no interest and is due one year from date of issue. If the Company choose not to repay the loan in cash the holder of the note is entitled to convert the note into shares of common stock at a price equal to 85% of the market price of the Company’s common stock at the time of conversion. Based on the Black – Scholes model the Company calculated a call option value of $0.08 resulting in a possible deferred debt discount of $149,603. As the note holds a contingent conversion no deferred debt discount was recognized. As at September 30, 2010 the amount outstanding was $250,000.

On April 20, 2010 the Company obtained a Convertible Debenture totaling $40,000. The note bears interest at a rate of 8% per annum and is due nine months from date of issuance. The Note is convertible into shares of common stock of the Company at a conversion price equal to 55% of the "market price" at the time of conversion, which "market price" will be calculated as the average of the three lowest "trading prices" for the Company's common stock during the ten day trading period prior to the date the conversion note is sent to the Company. Based on the Black – Scholes model the Company calculated a call option value of $0.06 resulting in a deferred debt discount of $29,702 which will be recorded as interest expenses ratably over the loans maturity. As at September 30, 2010 the amount outstanding including accrued interest, net of deferred discount was $29,321

On May 4, 2010 the Company obtained a Convertible Debenture totaling $37,500. The note bears interest at a rate of 8% per annum and is due nine months from date of issuance. The Note is convertible into shares of common stock of the Company at a conversion price equal to 65% of the "market price" at the time of conversion, which "market price" will be calculated as the average of the three lowest "trading prices" for the Company's common stock during the ten day trading period prior to the date the conversion note is sent to the Company. Based on the Black – Scholes model the Company calculated a call option value of $0.07 resulting in a deferred debt discount of $25,286 which will be recorded as interest expenses ratably over the loans maturity. As at September 30, 2010 the amount outstanding including accrued interest, net of deferred discount was $27,104.

On May 27, 2010 the Company obtained a Convertible Debenture totaling $50,000. The note bears interest at a rate of 8% per annum and is due nine months from date of issuance. The Note is convertible into shares of common stock of the Company at a conversion price equal to 65% of the "market price" at the time of conversion, which "market price" will be calculated as the average of the three lowest "trading prices" for the Company's common stock during the ten day trading period prior to the date the conversion note is sent to the Company. Based on the Black – Scholes model the Company calculated a call option value of $0.05 resulting in a deferred debt discount of $29,142 which will be recorded as interest expenses ratably over the loans maturity. As at September 30, 2010 the amount outstanding including accrued interest, net of deferred discount was $35,501.

- 16 -

The Company obtained a short term loan from a private investor in the amount of DKK 1,000,000 ($165,166) on June 25, 2010 in order to fund working capital until additional capital could be raised. The loan matures on September 30, 2010 together with accrued interest of DKK 250,000 ($41,292). The loan agreement includes an option to convert the loan including interest into shares of common stock at a price of $0.06. As at September 30, 2010 the amount outstanding including accrued interest was $228,934. As the note holds a contingent conversion no deferred debt discount was recognized.

Note 11 – Non-vested shares

In September 2007, the Company issued 7,778,720 non-vested share awards to two executives of the Company having a stated value of DKK 330,000 ($65,100). A weighted average grant date fair value of per share. The fair value of the non-vested share awards on the date of issuance was DKK 3,939,000 ($777,000). The non-vested awards became fully vested on May 31, 2010. The Company records compensation expense ratably over the vesting period. During the nine months ended September 30, 2010 and 2009, the Company recorded $94,753 and $175,489 of compensation expense, respectively, related to these awards. During the three months ended September 30, 2010 and 2009 the Company recorded $0 and $61,360 of compensation expense.

Note 12 – Stock based compensation

In August and September 2009 the Company issued 3,000,000 shares to three consulting companies for services to be rendered during 2009 through 2012. The market value of the shares, on the date of signing the agreements was $487,500. During the nine months ended September 30, 2010 and 2009 the Company recorded stock based compensation of $69,063 and $236,979 respectively. During the three months ended September 30, 2010 and 2009 the Company recorded stock based compensation of $23,021 and $236,979 respectively. The Company will record compensation expense ratably over the remaining period. As of September 30, 2010 there was $138,125 of total unrecognized compensation costs related to the issuance. The cost is expected to be recognized over a period of 6 quarters.

During the second quarter of 2010 the Company issued 1,348,000 shares of common stock to five consultants for services to be rendered during 2010 and 2011. The market value of the shares, on the date of signing the agreements was $151,920. During the three and nine months ended September 30, 2010 the Company recorded stock based compensation of $29,760 and $103,560.

The Company will record compensation expense ratably over the remaining period. As of September 30, 2010 there was $48,360 of total unrecognized compensation costs related to the issuance. The cost is expected to be recognized over a period of 2 quarters.

Note 13 - Related party transactions

Fee to Secretary and member of the Board Bent Helvang BH Media ApS (a company 100% owned by Bent Helvang) is according to contract entitled to invoice the Company DKK 270,000 ($49,450) during the nine months ended September 30, 2010 and 2009, respectively, for services provided to the Company relating to acquiring new companies, strategy planning and management services. For the three months ended September 30, 2010 and 2009 the contract entitled BH Media ApS to invoice DKK 90,000 ($16,483). Such services have been recorded as a component of selling, general, and administrative expenses. At September 30, 2010, and December 31, 2009 BH Media ApS has a receivable of DKK 938,100($171,810) and DKK 867,744 ($167,192) respectively which has been classified in advances from related parties.

Fee to Director Anders Hageskov Lugano Communication and Entertainment (a company in which Anders Hageskov was employed up until October 31, 2009) invoiced the Company $196,875 during the nine months ended September 30, 2009, for services rendered by Anders Hageskov to Bark Copenhagen and Bark Advertising. For the three months ended September 30, 2009 Lugano Communication invoiced the Company $54,755. The fee’s included reimbursement of costs incurred by Lugano Communication and Entertainment for operating an office in Lugano, Switzerland and has been recorded as a component of selling, general, and administrative expenses.

Loan to Anaconda tv Gmbh On April 8 and May 27, 2010, the Company made payments to creditors on behalf of Anaconda at a total amount of $16,047. Anaconda will repay this loan no later than December 31, 2010. On August 25, 2010 the loan was written off, following the re-convey described below.

- 17 -

Acquisition of Anaconda – re convey On June 15, 2010 and on August 25, 2010, we entered into agreements with Jesper Svane, a 10% shareholder of the Company, and Svaneco Ltd., a private company controlled by Mr. Svane and Rene Lauritsen, a 10% shareholder of the Company, in respect of the ownership of Anaconda.tv GmbH, whereby Bark Corporation agreed to re-convey to Mr. Svane and Mr. Lauritsen a total of 51% interest in Anaconda that was acquired by us on March 31, 2010. As consideration for the re-conveyance, Mr. Svane and Mr. Lauritsen agreed to surrender 14,000,000 shares of the common stock of the Company issued to them originally in connection with Bark Corporation’s acquisition of an interest in Anaconda.

Niclas Fröberg – CEO of Tre Kronor According to the Share Purchase Agreement with the former shareholders of Tre Kronor, the Company is committed to pay an aggregate amount of SEK 3,000,000 ($387,000) to Mr. Fröberg. The payments were due as follows (i) SEK 750,000 ($97,000) in May 2010, and (ii) SEK 750,000 ($97,000) in June 2010, and (iii) SEK 1,500,000 ($193,000) in July 2010. At September 30, 2010 the amount outstanding was $150,520 which has been classified in debt to former shareholder – Tre Kronor.

Lars Thomassen – Chairman of the BoardDuring the third quarter of 2010 Lars Thomassen made payments of DKK 105,489 ($19,320) to creditors on behalf of the Company. The loan is to be repaid in full by the end of November 2010.

Note 14 – Subsequent events

On November 3, 2010, two of the Company’s majority shareholders made cash investments of approximately DKK 2,400,000 ($440,000) in the Company.

- 18 -

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis summarizes the significant factors affecting our condensed consolidated results of operations, financial condition and liquidity position for the three ~~and nine~~ months ended ~~September~~ 30March 31, 2011 ~~2010~~ and ~~2009~~2010. This discussion and analysis should be read in conjunction with our audited financial statements and notes thereto included in our Annual Report on Form 10-K for our year-ended December 31, ~~2009~~2010 and the condensed consolidated unaudited financial statements and related notes included elsewhere in this filing. The following discussion and analysis contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements.

Forward-Looking Statements

Forward-looking statements in this Quarterly Report on Form 10-Q, including without limitation, statements related to our plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including without limitation the following: (i) our plans, strategies, objectives, expectations and intentions are subject to change at any time at our discretion; (ii) our plans and results of operations will be affected by our ability to manage growth; and (iii) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.

In some cases, you can identify forward-looking statements by terminology such as ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘could,’’ ‘‘expects,’’ ‘‘plans,’’ ‘‘intends,’’ ‘‘anticipates,’’ ‘‘believes,’’ ‘‘estimates,’’ ‘‘predicts,’’ ‘‘potential,’’ or ‘‘continue’’ or the negative of such terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We are under no duty to update any of the forward-looking statements after the date of this Report.

Overview

We are a commercial communication services company ~~that~~based in Sweden that provides integrated media, advertising and marketing consulting services to our clients. We conduct our business through various subsidiaries which enables us to merge various communication expertise including advertising (creativity and strategy), media consulting, digital know-how and television production. We believe this mix of skills allows us to customize advertising and ~~marketing~~ marketing communication services to create the most value for our clients and ~~their~~ their businesses.

Our clients are comprised primarily of European businesses that range in size from small local businesses to larger ~~transnational~~trans-national and multi-national corporations.

Due to the changing dynamics within the communications industry, along with an intimate knowledge concerning the needs of independent agencies, the ~~Board~~board of ~~Bark~~directors ~~Group~~of ~~Inc.~~the Company recently revised its business strategy to reflect these considerations.

WeThe ~~are~~Company is in the process of forming partnerships with ~~strong~~ strong creative agencies and marketing service companies, in order to enable it to be able to deliver a broad spectrum of communications disciplines in selected countries. The intent is to provide strong creative entrepreneurs with the combined advantages of retaining local independence while enjoying the benefits of a ~~listed~~public traded company.

AThe ~~number~~Company’s ofobjective ~~independent~~will ~~local~~be ~~agencies~~to ~~have~~acquire ~~already~~key ~~expressed~~partners in ~~their~~order ~~desire~~to expand and grow its business through share-for-share acquisitions. The Company’s strategy is to beinvolve ~~part~~key partners as shareholders of athe ~~future~~Company ~~network~~and to ~~which~~align ~~combines~~their interests with the ~~advantages~~interests of athe shareholders of the Company ~~network~~in ~~agency~~building ~~relationship,~~and ~~while~~promoting ~~striving~~the tosuccess ~~preserve~~of ~~their~~the ~~sovereignty~~Company. The financial incentive will further enhance and therefore drive the cooperation between the Company and its key partners.

~~Our new acquisition model is based on a share~~-~~for-share agreement,~~ ~~usually~~15 ~~starting with a minority position in the new partner. Cash is not immediately released, which we believe will ensure a higher and more sustainable long~~-~~term profit.~~

The ~~key~~Company ~~partners~~has ~~will~~identified ~~share~~and ~~the~~initiated ~~ownership~~discussions ofwith ~~Bark as~~ a ~~listed~~ ~~company~~number ~~along~~of ~~with~~potential ~~all~~partners ~~other~~from ~~shareholders~~highly ~~and~~regarded ~~will~~independent ~~have~~agencies abased ~~substantial incentive~~ in Spain, ~~promoting~~Sweden ~~the~~and ~~success~~Italy ofwith ~~Bark~~the ~~Group~~objective ~~Inc.~~of ~~This~~establishing ~~financial~~future ~~incentive~~partners ~~will~~for ~~further enhance and therefore drive~~ the ~~cooperation~~Company’s ~~between the individual companies~~network.

-Ceasing 19of -Operation of Danish Subsidiaries

WeDuring ~~have~~July ~~identified~~ and ~~initiated~~August ~~discussions~~2010, ~~with~~the aDanish ~~number~~subsidiaries of the ~~potential~~Company, ~~partners~~Bark Corporation, Bark Advertising and Bark Media, continued to experience losses from ~~highly~~operations ~~regarded~~due ~~independent~~to ~~agencies~~decreased ~~based~~advertising inspending ~~London~~by clients combined with local management’s inability to generate sufficient new business activities. Moreover, management determined that the fixed costs and ~~Sweden~~the expected revenues in the second half of 2010 would lead to continued substantial losses in 2010 and ~~Italy~~the first half of 2011. The continuing declining revenues and rising losses would increase the Company’s net working capital deficiency and increase demands for the Company’s cash resources to service its debt in the Danish operations. On August 31, 2010, the Danish companies were not in ~~order~~possession of sufficient cash to ~~establish~~continue its operations. Thus, the Company’s management decided to cease its Danish operations. On September 8, 2010, management in the Danish companies filed for closing of all operations in Denmark, with the Danish court in Copenhagen. As a ~~future~~consequence ~~partnership~~of filing of bankruptcy ~~our~~and ~~network~~control of the Danish subsidiaries being accepted by the court effective September 8, 2010, the Company has deconsolidated the Danish subsidiaries. The operations of the Company’s Danish subsidiaries through September 8, 2010, have been presented as discontinued operations.

~~Tre~~Abrego ~~Kronor~~Spain ~~Media AB~~SL

WeAlbrego ~~completed~~Spain ~~the~~SL ~~acquisition~~was ofestablished ~~all~~in ofNovember ~~the~~2010 ~~issued~~as ~~and outstanding shares of Tre Kronor Media AB,~~ a ~~Swedish~~wholly-owned ~~media~~Spanish ~~company~~incorporated ~~(“Tre Kronor”)~~subsidiary onof ~~May~~the ~~4, 2010~~Company. ~~The~~Albrego ~~acquisition~~Spain was ~~completed~~established ~~further~~in order to aenable ~~share purchase~~us ~~agreement~~to ~~dated~~expand ~~April~~our 9,operations ~~2010~~in ~~entered~~Southern ~~into between Bark Group and each of the shareholders of Tre Kronor~~Europe. We ~~issued~~are anpresently ~~aggregate~~in ofthe ~~35,000,000~~process ~~shares~~ of ~~common~~identifying ~~stock~~acquisitions towith the ~~shareholders~~objective of ~~Tre~~enabling ~~Kronor,~~a ~~pro~~projected ~~rata~~growth ~~with~~in ~~their respective~~revenue ~~ownership~~and ~~interests~~profit in ~~Tre Kronor, to complete~~ the ~~acquisition.~~region ~~In the~~during ~~event that we do raise share capital injections or external financing via convertible notes before 31 December 2010 in~~ the ~~minimum amount of $3~~2011,~~000,000, the~~ ~~Tre~~although ~~Kronor~~there ~~shareholders~~is ~~will~~no ~~have~~assurance ~~the~~that ~~right~~we towill ~~re-acquire~~complete ~~all~~such ofacquisitions ~~the~~or ~~issued and~~achieve ~~outstanding~~an ~~shares~~increase ofin ~~Tre~~revenue ~~Kronor~~or ~~from~~profit usduring ~~by (i) delivering written notice by 15 January~~ 2011. ~~and~~For ~~returning~~the tothree usmonths ~~all~~ended ~~consideration~~March ~~issued to such shareholders within 30 days of such notice~~31, ~~including~~2011 ~~the~~no ~~cash~~revenues ~~value~~derived offrom ~~any shares~~Abrego ~~that~~Spain ~~may have been sold by the Tre Kronor shareholders~~SL.

OnAcquisition ~~August 11, 2010 the former shareholders~~ of ~~Tre~~30% ~~Kronor renounced~~Interest ~~their~~in ~~right~~InSight ~~to re-acquire the issued and outstanding shares as described above.~~AS

~~Anaconda~~Effective January 1, 2011 TKM acquired a non-controlling 30% interest in InSight AS (a Norwegian media company) pursuant to an agreement dated June 2, 2010 between Insight and TKM.

WeInSight ~~completed~~AS ~~the~~is ~~acquisition of~~ a ~~51%~~Norwegian ~~interest~~based inmedia ~~Anaconda.tv GmbH,~~agency aestablished ~~television production company incorporated~~ in ~~Munich, Germany~~ ~~(“Anaconda”)~~2009. ~~effective~~During ~~March 31,~~ 2010. ~~Under~~and ~~the~~effective ~~terms~~from ofJanuary ~~the~~1, ~~Share Purchase Agreement~~2011, weInSight ~~agreed~~AS toexpanded ~~purchase a 25.5% interest in the issued and~~its ~~outstanding~~business ~~share~~significantly ~~capital~~after ofsigning ~~Anaconda.~~a ~~The~~contract ~~Share~~with ~~Purchase~~one ~~Agreement also included the grant by Bark Holding to Bark Corporation A/S~~ of the ~~option to~~largest ~~purchase~~retailers anin ~~additional~~Norway ~~25.5%~~regarding ~~interest~~media instrategy, ~~Anaconda.~~counseling, Wemedia ~~were~~purchases ~~entitled to exercise~~and ~~this~~campaign ~~option~~execution. onEffective orJanuary ~~before March 31~~1, ~~2010.~~2011 WeTre ~~determined~~Kronor toacquired ~~exercise~~a ~~this option~~30% ~~and~~non-controlling ~~completed the acquisition of the 51%~~ interest in ~~Anaconda~~InSight ~~effective~~AS ~~March 31,~~for ~~2010.~~cash As consideration ~~for this acquisition, we have issued an aggregate~~ of ~~14,000,000~~ ~~shares~~Swedish ~~of our common stock~~ Kronor (~~the “Consideration Shares”~~SEK). ~~Of the Consideration Shares~~4,756,550 7($701,000~~,000~~) ~~shares~~which ~~were~~was ~~issued~~paid toon ~~Mr.~~October ~~Jesper Svane~~31, ~~one of~~2010. ~~our~~Subsequent ~~principal shareholders, and 7,000,000 shares were issued~~ to ~~Mr. René~~ ~~Lauritsen,~~TKM’s atacquisition ~~the direction~~ of ~~Bark~~the ~~Holding.~~non-controlling ~~Bark~~interest ~~Holding~~our isCEO ~~a private corporation owned by~~ Mr. ~~Lauritsen~~Niclas ~~and~~Fröberg ~~Mr.~~was appointed ~~Svane,~~director ~~each~~in ~~of whom is~~ the ~~owner~~board of ~~more~~ ~~than~~InSight ~~10% of our outstanding common stock~~A/S.

OnAtna ~~August~~World 25, 2010 the Company entered into an agreement with Rene Lauritsen, a 10% shareholder of the Company, and Sapiens Alliance Ltd., a private company controlled by Mr. Lauritsen, in respect of the ownership of Anaconda.tv GmbH, a television production company incorporated in Munich, Germany (“ Anaconda ”) whereby: AB

~~Bark~~During ~~Corporation~~the ~~agreed~~first toquarter reof 2011, TKM entered into a non-~~convey~~definitive letter of intent to ~~Mr.~~acquire ~~Lauritsen~~all aissued ~~25.5%~~and ~~interest~~outstanding shares in ~~Anaconda~~the Swedish advertising company Atna World AB (“Atna”). It is anticipated that ~~was~~the ~~acquired~~Company bywould uscomplete inthis ~~January~~acquisition ~~2010,~~through the issuance of new shares to the principals of Atna and that Atna would be merged with TKM following completion of the acquisition.

asAtna ~~consideration~~is ~~for~~a ~~the~~Swedish ~~re-conveyance,~~advertising ~~Mr.~~agency ~~Lauritsen~~with ~~agreed~~seven toemployees ~~surrender~~and a ~~7,000,000~~portfolio ~~shares~~ of ~~the~~clients. ~~common~~Since ~~stock~~the beginning of 2010, Atna conducted its business from the ~~Company~~premises ~~issued~~of toTKM. ~~him~~During ~~originally~~2010, TKM and Atna has cooperated successfully in ~~connection~~new ~~with~~business ~~Bark~~activities ~~Corporation’s~~and ~~acquisition~~in the execution of anadvertising ~~interest~~projects infor ~~Anaconda,~~TKM ~~and~~clients. The Company is presently negotiating a definitive agreement for the completion of the acquisition. Closing is anticipated to be effective during May 2011 provided that a definitive agreement can be concluded.

~~each~~- ~~party~~16 ~~agreed to complete such transfers, assignments and surrenders of shares to give effect to the above agreements.~~ -

The agreement was entered into as Anaconda had failed to deliver to us audited financial statements of Anaconda for the year ended December 31, 2009 in the manner that Anaconda had represented that it would deliver.

As a consequence of these transactions, we no longer own any ownership interest in Anaconda effective August 25, 2010.

Danish subsidiaries

During July and August 2010 our Danish subsidiaries experienced unexpected losses from operations due to clients decreasing their advertising spending combined with local management’s inability to create sufficient new business activities. Moreover it became obvious that the fixed cost base and the expected revenues in the latter half of 2010 would lead to a substantial loss from operations in 2010 and a projected loss for the first half of 2011.

- 20 -

The declining revenues and rising losses contributed to aggravate the Group's already large net working capital deficit and hence, increased demands for the Group's cash capital raising to repay short term debt’s and to service long-term debt’s in the Danish operation.

On August 31, 2010, the Danish subsidiaries were not in possession of sufficient cash to continue operating. Thus, Group Management decided to cease operations. On September 8, 2010, management in the Danish companies filed for closing of all operations in Denmark, at the Danish court in Copenhagen.

As a consequence of filing of bankruptcy and control of the Danish subsidiaries was accepted by the court effective September 8, 2010, the Company has deconsolidated of Danish subsidiaries from Bark Group, Inc.

Results of Operations

Results of operations reflect inclusion of ~~Tre~~ ~~Kronor~~TKM from May 4, 2010 to ~~September~~March 3031, ~~2010~~2011 and inclusion of ~~discontinued~~Abrego ~~operations~~ Spain from ~~January~~November 1, 2010 to ~~August~~March 31, ~~2010~~2011.

Revenues

We ~~earn~~derive revenues from fees charged by us in connection with the provision of advertising and media services. ~~that~~We ~~we provide~~earn revenues based on various different fee arrangements, including:

fees for advertising services,
fees for strategic counseling,
commissions on media placements,
incentive/performance based revenue, ~~and~~or
a combination of all of the above.

~~The~~During ~~majority~~the ofthree ~~our~~months ~~revenues~~ended ~~are~~March ~~attributable~~31, to2010 all our revenues ~~earned~~were onattributable ato ~~fee for services basis for the advertising and media services that we provide~~TKM.

During the three and nine months ended September 30, 2010 all our revenues was attributable to Tre Kronor Media. Note that the revenue is based on a 5 months period since acquisition date May 4, 2010 up until September 30, 2010.

Cost of Revenues

Our cost of revenues is attributable to direct costs that we incur to produce a final communication product incorporating the marketing and advertising concepts that we develop. The final communication product is then delivered to media outlets who then broadcast to the public. These direct costs include, for example, the following:

a portion of salaries for professional staff attributable to providing professional services,
consultancy fees,
film production,
cost of placement of media,
photography,
web site design,
production of radio commercials,
printed materials, and
- 21 -
layout of advertisements for newspapers and magazines.

~~Our~~These ~~cost~~expenses, expect from the portion of ~~revenues~~salaries, ~~for~~represent external ~~the~~costs ~~three~~that ~~and~~we ~~nine~~pay ~~months~~to ~~ended~~third parties as part of the creation and ~~September~~implementation ~~30,~~of ~~2010~~advertising ~~was~~and ~~attributable~~marketing tocampaigns ~~subsidiaries.~~for our clients.

~~Gross~~Our ~~Profit~~cost of revenues for the three months ended March 31, 2011, was all attributable to TKM.

Gross Profit from our affiliates in the three and nine months ended September 30, 2010 were $332,000 and $503,000 respectively.

Selling, General and Administrative Expenses

Our selling, general and administrative expenses include the following expenses:

salaries for administrative staff and administrative functions,
~~fees~~reimbursement of expenses to our chairman ~~which are not included in salaries~~,
aStock ~~portion of stock~~ based compensation relating to ~~stock~~two ~~issued to 2~~ employees,
office rental and associated office costs,
professional expenses, including lawyers, auditors and other consultancy costs,
client marketing, travel and entertainment expenses,

- 17 -

allowance for doubtful accounts, and
information technology costs.

Our selling, general and administrative expenses totaled $1,~~647~~158,000 for the ~~nine~~three months ended ~~September~~March 3031, ~~2010~~2011 as compared to $~~794~~58,000 for the ~~nine~~three months ended ~~September~~March 3031, ~~2009~~2010, representing an increase of $~~853~~1,100,000. ~~For~~The ~~the~~increase ~~three~~is ~~months~~comprised ~~ended~~by ~~September~~audit ~~30, 2010 the~~ expenses ~~increased to~~of approximately $~~832~~125,000 asand ~~compared~~approximately to $~~421~~975,000 ~~for the three months ended September 30, 2009. For the nine and the three months periods ended September 30, 2010 selling, general and administrative~~ expenses ~~attributable~~related to ~~subsidiaries~~TKM ~~was $678,000~~ and ~~$465,000 respectively~~Abrego.

Depreciation and Amortization

Depreciation includes depreciation on ~~building, plant,~~ equipment and amortization of customer relationships.

Depreciation and ~~amortizations~~amortization ~~totaled~~was $8155,000 ~~for~~in the ~~nine months~~three months ended ~~September~~March 3031, ~~2010~~2011 and ~~$46,000~~was ~~for~~principally ~~the~~attributable ~~three~~to ~~months~~amortization ~~ended September~~of 30customer relationships, ~~2010.~~with ~~For~~ the ~~three~~balance ~~and~~associated ~~nine~~with ~~months,~~depreciation ~~ended September 30, 2010 amortization~~ of ~~intangible assets amounted to $42,000 and $61,000 respectively~~ equipment.

~~Other~~Profit ~~income~~from ~~and~~equity ~~expenses~~investment

~~Gain~~Effective onJanuary ~~extinguishment~~1, 2011 TKM acquired a 30% interest in InSight AS. According to InSight AS’s unaudited financial statements for the three month ended March 31, 2011 InSight AS reported a total profit of ~~debt~~$40,000 of which $12,000 was allocated to us.

~~For~~Gain ~~the three and nine months ended September 30, 2010 we recognized a gain~~ on ~~extinguishment~~Derivatives ~~of debts of $184,000 from conversion of debt to a redeemed minority shareholder in Bark Advertising A/S~~

~~Loss~~During onthe ~~derivatives~~three months ended March 31, 2011, we recognized a gain of approximately $96,000 from derivative liabilities being the difference in fair value between December 31, 2010 and the date of maturities of the notes..

~~For~~Gain ~~the three and nine months ended September 30, 2010 we recognized a loss of $170,703 and $157,872 respectively~~ from ~~derivative liabilities~~Fair ~~being~~Value ~~the difference in fair value between date~~ of ~~issuance and date~~Contingent ~~of reporting. Derivative liabilities relates to convertible debentures issued to private investors.~~ Consideration

-In 22conjunction -with the acquisition of TKM, we calculated a contingent consideration to former shareholders of TKM on a basis of a total consideration of 4,000,000 of the Company’s shares of common stock at the fair value of the market closing price per date of acquisition. As the calculated consideration is based on TKM’s projected EBT (Earnings Before Tax) in fiscal 2011 and 2012 the fair value per date of acquisition was discounted back to a present value of $365,000 which the Company recorded as a long term liability. During the three months ended March 31, 2011, we recognized a gain of $2,000 from the contingent consideration, being the difference in fair value between date of acquisition and date of reporting.

Gain on change in fair value of contingent consideration

For the three and nine months ended September 30, 2010 we recognized a gain of $283,000 from contingent consideration being the difference in fair value between date of contingent consideration agreed upon and date of reporting. Contingent consideration related to the issuance of shares of common stock to the previous shareholders of Tre Kronor.

Interest Expense

Interest expense includes interest that we pay on our credit ~~facility~~facilities ~~with~~in Nordea ~~Bank~~ and ~~interest~~loans ~~plus deferred discounts~~ from ~~loans and convertible notes issued to~~ private investors. These loans ~~and notes~~ are ~~described~~ described in detail below under “Liquidity and Capital Resources – Bank Indebtedness”.

Interest ~~expenses~~expense ~~totaled~~increased to $~~249~~71,000 for the ~~nine~~three months ~~ended~~ ~~September~~ended 30March 31, ~~2010~~2011, as compared to $1836,000 for the ~~nine months ended September 30, 2009. For the~~ three months ended ~~September~~March 3031, 2010. ~~interest~~The ~~expenses totaled~~increase ~~$169,000~~is asattributable ~~compared~~ to ~~$15,000~~foreign incurrency ~~2009~~translation adjustments.

The variance is attributable to increased interest expenses and deferred discounts on loans and convertible notes from private investors.

Loss from discontinued operations

For the nine months ended September 30, 2010 the loss from discontinued operations increased to $3,687,000 as compared to $1,184,000 for the nine months ended September 30, 2009. The increased loss arises primarily from a decreased gross profit and impairment of goodwill. For the three months ended September 30, 2010 loss from discontinued operations was $1,878,000 as compared to a loss of $237,000 for the three months ended September 30, 2009.

Gain on disposal of assets in subsidiaries

For the three and nine months ended September 30, 2010 we recognized a gain on disposal of assets in subsidiaries of $3,839,000 being comprised of fair value of liabilities ($9,042,000) less fair value of assets ($5,203,000).

Net Loss

~~After~~We ~~inclusion~~recorded ofa net loss ~~from~~of ~~discontinued~~$394,000 ~~operations~~for ~~and~~the ~~gain on~~three ~~disposal~~months ofended March ~~assets~~31, in2011 ~~subsidiaries~~as wecompared ~~recorded~~to a net ~~profit~~loss of $1302,~~542,~~000 for the three months ended March ~~September 30~~31, 2010, ~~and~~representing aan increase in our loss of $192,~~013~~000. During the three months ended March 31, 2011 we expensed audit fee of approximately $125,000 ~~for~~related to fiscal 2010 whereas the ~~nine~~audit fee’s related to fiscal 2009 was expensed in the second quarter of 2010. During the three months ended ~~September~~March 31, 302011, ~~2010~~TKM contributed with a profit of approximately $26,000 including 30% of the profit derived from InSight AS during the first quarter of 2011.

~~For~~- ~~the~~18 ~~three and nine months ended September 30, 2010 we recorded losses from discontinued operations of $1,878,000 and $3,687,000 respectively as compared to losses of $237,000 and $1,184,000 in 2009.~~ -

Continued affiliate operations contributed with expected losses of $214,000 in the nine months ended September 30, 2010 and $181,000 for the three months ended September 30, 2010. It is expected that affiliates will be profitable for 2010.

Liquidity and Capital Resources

Cash and Working Capital

As at ~~September~~March 3031, ~~2010~~2011 and December 31, ~~2009~~2010, we had cash of $18208,000 and $0395,000 respectively. Our working capital deficit ~~decreased~~increased from $53,~~809~~007,000 at December 31, ~~2009~~2010 to $23,~~550~~131,000 at ~~September~~March 3031, ~~2010~~2011, aan ~~decrease of~~increase of $3124,~~259,~~000. The ~~decrease~~increase into our working capital deficit is mainly due to ~~the ceased~~increased ~~Danish~~cost ~~operations~~and ~~partly~~estimated ~~offset~~earnings ~~by convertible notes obtained~~ in ~~2010~~excess ~~with a maturity~~ of ~~less~~billings ~~than~~on ~~12 months~~projects. ~~At September 30, 2010 the aggregated outstanding amount of these notes was approximately $1,006,000.~~

Cash Requirements and future financing

WeOur ~~are~~current ~~presently~~source ~~experiencing~~of ~~negative~~funding, in addition to cash ~~flows~~on ~~from~~hand ~~our~~is ~~operating~~any ~~activities~~cash ~~and~~derived wefrom ~~have~~operations aand ~~working~~an ~~capital~~operating ~~deficit.~~line ~~Our~~of ~~working~~credit ~~capital~~of ~~deficit~~approximately ~~was~~ $2317,~~550,~~000. asWe plan to use our operating line of ~~September~~credit ~~30,~~to ~~2010.~~finance ~~Based~~a portion onof our ~~current~~operations ~~forecast it~~over ~~anticipates~~the ~~that~~next ~~cash~~twelve ~~flow~~months. ~~from~~However, ~~operations~~we will berequire additional ~~sufficient~~financing to ~~cover~~conduct its ~~current~~ ~~on-going~~business ~~operating~~in ~~expenses~~accordance ~~for~~with ~~the~~its ~~next~~plan 12of operations ~~months.~~on ~~Therefore~~a long term basis.

-Based 23on our current forecast we anticipate that cash flow from operations will be sufficient to cover i) our current on-going operating expenses for the next 12 months and ii) the majority of the working capital deficit at March 31, 2011. We estimate that we will require approximately $1,510,000 over the next twelve months in order to sustain our current obligations and to fully satisfy its working capital deficiency. There is no assurance however, that cash flow from operations will achieve forecasted levels and accordingly additional capital required over the next twelve months in order to sustain our current obligations and to fully statisfy our working capital deficiency may be greater than the amounts anticipated.

weWe ~~estimates~~also ~~that~~entered weinto ~~will~~an ~~require~~engagement ~~approximately~~agreement ~~$1,010,000~~with an investment ~~(working~~bank ~~capital~~with ~~deficit~~the objective of ~~$2,550,000~~securing ~~less~~additional i)financing, ~~convertible~~but ~~notes~~we ~~with~~do ~~less~~not ~~than~~have any ~~one~~commitment ~~year~~from ~~maturity~~the ofinvestment ~~$1,006,000~~bank ~~which~~to itcomplete ~~intends~~any tofinancing. ~~convert,~~There ~~ii)~~is ~~proceeds from~~no ~~shares~~assurance ~~not~~that ~~issued~~we ~~for~~will ~~$94,000~~raise ~~and~~any ~~iii)~~additional ~~equity~~ financing from ~~major~~either ~~shareholders~~this ofinvestment ~~$440,000)~~bank ~~over~~or ~~the~~any ~~next~~other ~~twelve~~investors ~~months~~or inon ~~order~~acceptable toterms. ~~sustain~~There ~~our~~is ~~current~~also a ~~obligations~~risk ~~and~~that tocash ~~satisfy~~used ~~our~~in ~~working~~operations ~~capital~~will ~~deficiency~~be greater than anticipated in the event that projected revenues are not achieved.

~~Our~~We ~~revised~~anticipate ~~acquisition~~to ~~strategy~~continue isto ~~based~~rely on ~~share-for-share~~equity sales of our common ~~agreements~~shares ~~with~~in noorder ~~immediately~~to ~~cash~~continue ~~release~~to ~~which~~fund ~~means~~our ~~that~~acquisition ~~need~~strategy. ~~for~~Issuances ~~additional~~of ~~financing~~additional shares will result in ~~order~~dilution to ~~expand~~our ~~the~~existing ~~business~~stockholders. There is no ~~limited~~assurance onthat awe ~~short~~will ~~term~~achieve ~~basis~~any additional sales of our equity securities or arrange for debt or other financing to fund our acquisition strategy.

Our current source of funding, in addition to cash from operations is our operating line of credit of approximately $293,000. We plan to use our operating line of credit to finance our operations over the next twelve months. However, we will require additional financing to conduct our business in accordance with our plan of operations on a long term basis. We plan to conduct an equity financing of our securities in order to raise additional financing. We will also pursue bridge loans and private placements from investors located outside of the United States, primarily in Europe, in order to raise the required funds. In November 2010 two of our major shareholders placed an equity financing of approximately $440,000.

We also entered into an engagement agreement with an investment bank with the objective of securing additional financing, but we do not have any commitment from the investment bank to complete any financing. There is no assurance that we will raise any additional financing from either this investment bank or any other investors. We believe that the current volatility in the financial markets will make it more difficult for us to complete an equity financing, either through the investment bank or through any other party. We also plan to pursue alternate financing beyond the arrangement with this investment bank, which may be either debt or equity financing. We do not have any commitments for any such financing in place. If we are successful in raising additional financing, then we will adjust our expansion plans based on the amount of funds available to us. We may also determine to use a portion of the proceeds to repay outstanding debt.

Bank Indebtedness

We have a floating rate line credit facility in Nordea Bank in the amount of $~~293~~317,000. As at ~~September~~March 3031, ~~2010~~2011, the amount outstanding under ~~this~~ this line of credit facility, was ~~approximately~~ $~~155,000~~-(nil). The rate of interest payable under the line of credit facility is presently 4.25 % per annum.

Loans from ~~private~~Private ~~investors~~Investors

~~The~~We ~~Company~~ obtained a short term loan from a private investor in the amount of DKK 1,000,000 ($~~186~~179,~~000~~953) on ~~February~~March 4, 2010, in order to fund ~~working~~ working capital until additional capital could be raised. The loan matured on ~~April~~ June 30, 2010, together with accrued interest of DKK 200,000 ($37,970). On June 25, 2010, and on September 923, 2010, the loan, which was ~~converted~~not ~~into~~called 4on its maturity date,~~000,000~~ was ~~new~~partially ~~issued~~paid ~~shares~~in cash of ~~common~~ ~~stock~~$184,975 and $10,700 respectively. As at March 31, 2011, the amount outstanding including accrued interest was $22,248

~~The~~On ~~Company~~March 10, 2010, we obtained a ~~short~~Convertible ~~term~~Debenture ~~loan~~totaling $80,000. ~~from~~The note bears interest at a ~~private~~rate ~~investor~~of 8% per annum and is due nine inmonths ~~the~~from ~~amount~~date of ~~DKK~~issuance. ~~1,000,000~~The ~~($179,953)~~Note onis ~~March~~convertible 4,into ~~2010~~shares inof ~~order~~common stock toof ~~fund working~~the ~~capital~~Company ~~until~~at ~~additional~~a ~~capital~~conversion ~~could~~price beequal ~~raised.~~to ~~The~~65% ~~loan~~of ~~matured~~the on"market price" at ~~June~~the 30time of conversion, ~~2010~~which ~~together~~"market ~~with~~price" ~~accrued~~will ~~interest~~be calculated as the average of ~~DKK~~the ~~200,000~~three ~~($37,970).~~lowest On"trading ~~June 25,~~prices" ~~2010~~for the ~~loan,~~Company's ~~which~~common ~~was~~stock ~~not~~during ~~called~~the ten onday trading period prior to the date ofthe ~~maturity,~~conversion ~~were~~note ~~partly repaid~~is insent ~~cash~~to the Company. OnDuring ~~September~~the period October 27 –December 23, 2010, the ~~loan~~investor ~~were~~converted a ~~partly~~total ~~repaid~~of in$74,000 ~~cash~~into 9,759,025 shares of common stock. AsAt ~~at September~~December 3031, 2010 , the amount outstanding ~~including~~was ~~accrued~~$9,556 including interest ~~was~~of $223,~~248~~556. On January 3, 2011, the outstanding balance was converted into 1,877,551 shares of common stock

On March 1015, 2010, ~~the~~we ~~Company~~ obtained a loan ~~Convertible~~from ~~Debenture totaling~~a private investor of $80250,000. The ~~note~~loan bears no interest ~~at a rate of 8% per annum~~ and is due ~~nine~~one ~~months~~year from date of ~~issuance~~issue. ~~The~~If ~~Note~~the isCompany ~~convertible~~choose ~~into~~not ~~shares~~to ofrepay ~~common stock~~the ofloan in cash the ~~Company~~holder atof athe ~~conversion~~note ~~price~~is ~~equal~~entitled to ~~65%~~convert of the ~~"market~~note ~~price"~~into ~~at the~~shares ~~time~~ of ~~conversion,~~common stock ~~which~~at ~~"market~~a price" ~~will~~equal beto ~~calculated~~85% ~~as the average~~ of the ~~three~~market ~~lowest~~price ~~"trading~~of ~~prices" for~~ the Company'’s common stock ~~during the~~ ~~ten~~at ~~day trading period prior to~~ the ~~date~~time ~~the~~of conversion ~~note is sent to the Company~~. Based on the Black – Scholes model the Company calculated a call option value of $0.08 resulting in a deferred debt discount of $71149,~~033 which will be recorded as interest expenses ratably over the loans maturity~~603. AsSince ~~at September 30, 2010~~ the ~~amount~~note ~~outstanding~~contains ~~including~~a ~~accrued~~contingent ~~interest,~~conversion ~~net~~feature ofno ~~deferred discount was $65,140.~~

On- ~~March~~19 15, 2010 the Company obtained a loan from a private investor of $250,000. The loan bears no interest and is due one year from date of issue. If the Company choose not to repay the loan in cash the holder of the note is entitled to convert the note into shares of common stock at a price equal to 85% of the market price of the Company’s common stock at the time of conversion. Based on the Black – Scholes model the Company calculated a call option value of $0.08 resulting in a possible deferred debt discount of $149,603. As the note holds a contingent conversion no deferred debt discount was recognized. As at September 30, 2010 the amount outstanding was $250,000.-

-deferred 24debt -discount was recognized. As at March 31, 2011, the amount outstanding was $250,000.

On April 20, 2010, ~~the~~we ~~Company~~ obtained a Convertible Debenture ~~totaling~~ totaling $40,000. The note bears interest at a rate of 8% per annum and is due ~~nine~~ nine months from date of issuance. The Note is convertible into shares of common stock of the Company at a conversion price equal to 55% of the "market price" at the time of conversion, which "market price" will be calculated as the average of the three lowest "trading prices" for the Company's common stock during the ten day trading period prior to the date the conversion note is sent to the Company. Based on the Black – Scholes model the Company calculated a call option value of $0.06 resulting in a deferred debt discount of $29,702 which ~~will be~~was recorded as interest ~~expenses~~expense ratably over the loans maturity. AsOn atJanuary ~~September~~18, 302011, ~~2010~~ the ~~amount~~Company ~~outstanding~~converted ~~including~~$10,000 ~~accrued~~into ~~interest~~2,702,703 ~~net~~shares of ~~deferred~~common stock and on ~~discount~~the ~~was~~date of maturity, the remaining balance of $2931,~~321~~600 including accrued interest was converted into 7,977,733 shares of common stock.

On May 4, 2010, ~~the~~we ~~Company~~ obtained a Convertible Debenture ~~totaling~~ totaling $37,500. The note bears interest at a rate of 8% per annum and is due ~~nine~~ nine months from date of issuance. The Note is convertible into shares of common stock of the Company at a conversion price equal to 65% of the "market price" at the time of conversion, which "market price" will be calculated as the average of the three lowest "trading prices" for the Company's common stock during the ten day trading period prior to the date the conversion note is sent to the Company. Based on the Black – Scholes model the Company calculated a call option value of $0.07 resulting in a deferred debt discount of $25,286 which ~~will be~~was recorded as interest ~~expenses~~expense ratably over the loans maturity. AsOn atMarch ~~September~~17, 2011 30$15,000 ~~2010~~of the ~~amount~~loan ~~outstanding~~was converted into 3,480,372 shares of common stock. As the loan matured on February 4, 2011 the balance of the loan including accrued interest will be converted into 3,771,072 ~~net~~shares of ~~deferred~~common stock per request ~~discount~~from ~~was~~the lender. As at March 31, 2011, the balance of the loan of $2724,~~104~~750 has been classified as a component of additional paid in capital in the stockholders equity. Such shares will be issued as soon as administratively feasible. Subsequent to March 31, 2011 we issued 2,604,167 shares of common stock per request from the lender.

On May 27, 2010, ~~the~~we ~~Company~~ obtained a Convertible Debenture ~~totaling~~ totaling $50,000. The note bears interest at a rate of 8% per annum and is due ~~nine~~ nine months from date of issuance. The Note is convertible into shares of common stock of the Company at a conversion price equal to 65% of the "market price" at the time of conversion, which "market price" will be calculated as the average of the three lowest "trading prices" for the Company's common stock during the ten day trading period prior to the date the conversion note is sent to the Company. Based on the Black – Scholes model the Company calculated a call option value of $0.05 resulting in a deferred debt discount of $29,142 which ~~will be~~was recorded as interest ~~expenses~~expense ratably over the loans maturity. As atthe ~~September~~loan 30matured on February 27, ~~2010~~2011 the ~~amount~~balance ~~outstanding~~of the loan including accrued interest will be converted into 10,321,324 ~~net~~shares of ~~deferred~~common stock per request from the ~~discount~~lender. ~~was~~As at March 31, 2011, the balance of the loan of $3553,~~501~~000 has been classified as a component of additional paid in capital in the stockholders equity. Such shares will be issued as soon as administratively feasible.

~~The~~On ~~Company~~June 25, 2010, we obtained a short term loan from a private ~~investor~~ investor in the amount of DKK 1,000,000 ($165,166) ~~on June 25, 2010~~ in order to fund ~~working~~ working capital until additional capital could be raised. The loan ~~matures~~matured on ~~September~~ September 30, 2010, together with accrued interest of DKK 250,000 ($41,292). The ~~loan~~ loan agreement includes an option to convert the loan including interest into ~~shares~~ shares of common stock at a price of $0.06. As at ~~September~~March 3031, ~~2010~~2011, the amount outstanding including accrued interest was $~~228~~246,~~934~~749. AsSince the note ~~holds~~contains a contingent conversion feature no deferred debt discount was recognized.

Going ConcernOur unaudited condensed consolidated financial statements have been prepared assuming that we will continue as a going concern. We continue to operate with negative working capital (approximately $2,550,000 at September 30, 2010) and has limited financial resources available to pay ongoing financial obligations as they become due. The negative working capital includes convertible debentures and related derivative liabilities of approximately $1,006,000. Further, the negative net working capital includes proceeds from sale of shares not issued, of $94,000. Concern

~~Our~~During ~~current~~the ~~source~~three months ended March 31, 2011 and 2010 we incurred net losses of ~~funding~~$394,000 inand ~~addition~~$302,000 torespectively. ~~cash~~We ~~from~~continue to ~~operations~~operate iswith a ~~operating~~working ~~line~~capital ofdeficiency ~~credit~~(approximately $3,131,000 at March 31, 2011) and have limited financial resources available to pay ongoing financial obligations as they become due. The negative working capital at March 31, 2011 includes convertible notes of approximately $~~293~~942,000. We also used cash from our operations of $308,000 during the three month ended March 31, 2011.

WeOur ~~plan~~current tosource ~~use~~of ~~both~~funding, ~~(i)~~in ~~operating~~addition ~~line of credit~~ to ~~finance~~cash ~~its operations~~on ~~over~~hand ~~the next twelve months. However, we will require additional~~is ~~financing~~any tocash ~~conduct~~derived ~~our~~from ~~business~~operations inand ~~accordance~~an ~~with~~operating ~~our~~line ~~plan~~ of ~~operations~~credit ~~on a~~of ~~long~~approximately ~~term basis~~$317,000. We plan to ~~conduct~~use anour ~~equity~~operating ~~financing~~line of ~~our~~credit ~~securities in order~~ to ~~raise~~finance ~~additional financing. We will also pursue bridge loans and~~a ~~private~~portion ~~placements~~of ~~from~~our ~~investors~~operations ~~located~~over ~~outside~~the ofnext ~~the~~twelve ~~United~~months. ~~States~~However, ~~primarily~~ inwe ~~Europe,~~will inrequire additional ~~order~~financing to ~~raise~~conduct ~~the~~its ~~required~~business ~~funds.~~in Inaccordance ~~November~~with ~~2010~~its ~~two~~ plan of operations ~~our~~on ~~major~~a ~~shareholders~~long ~~placed~~term ~~an equity financing of approximately $440,000~~basis.

~~Based~~- on20 the our current forecast we anticipate that cash flow from operations will be sufficient to cover our current ongoing operating expenses for the next 12 months. Therefore we estimate that we will require approximately $1,010,000 (working capital deficit of $2,550,000 less i) convertible notes with less than one year maturity of $1,006,000 which we intend to convert, ii) proceeds from shares not issued for $94,000 and iii) equity financing from major shareholders of $440,000) over the next twelve months in order to sustain our current obligations and to satisfy our working capital deficiency. We plan to conduct an equity financing of our securities in order to raise additional financing. We will also pursue bridge loans and private placements from investors located outside of the United States, primarily in Europe, in order to raise the required funds.-

-Based 25on the our current forecast we anticipates that cash flow from operations will be sufficient to cover i) our current on-going operating expenses for the next 12 months and ii) the majority of the working capital deficit at March 31, 2011. We estimate that we will require approximately $1,510,000 over the next twelve months in order to sustain our current obligations and to fully satisfy its working capital deficiency. There is no assurance however, that cash flow from operations will achieve forecasted levels and accordingly additional capital required over the next twelve months in order to sustain our current obligations and to fully statisfy our working capital deficiency may be greater than the amounts anticipated.

Our ~~revised~~ acquisition strategy is based primarily on share-for-share agreements with nolimited ~~immediately~~ cash ~~release~~requirements which ~~means~~mean that the need for additional financing in order to expand the business is limited on a short term basis. However, we may require additional financing in order to fund any business acquired, even if acquired on a share for share basis, and there is no assurance that we will be able to obtain such financing.

As a result of the above, we believe that a ~~doubt~~substantial doubt about our ability to continue as a going concern remained as at ~~September~~March 3031, ~~2010~~2011, as as reflected in the notes to our condensed consolidated unaudited financial statements for the ~~nine~~three months ended ~~September~~March 3031, ~~2010~~2011. Our condensed ~~consolidated~~ consolidated unaudited financial statements for the ~~nine~~three months ended ~~September 30~~March 31, ~~2010~~2011 do not include any adjustment that might result from the outcome of ~~this~~ this uncertainty.

Cash Used In Operating Activities

We used cash of $1308,~~899,~~000 in the ~~nine~~three months ended ~~September~~March 31, 302011, ~~2010,~~ compared to use of cash of $~~618~~659,000 in the ~~nine~~three months ended ~~September 30,~~March ~~2009~~31, 2010. The ~~increased~~decrease ~~use~~in of cash used in operating activities primarily reflects increased ~~receivables~~VAT ~~and~~liabilities ~~other~~from ~~current~~customer ~~assets, decreased billings in excess of costs and estimated earnings on projects in progress offset by our decreased loss in 2010~~invoicing. ~~Discontinued operations provided respectively $2,941,000 and $1,034,000.~~

Cash From/Used in Investing Activities

WeIn ~~provided cash from investing activities of $951,000 in~~ the ~~nine~~ three months ended ~~September~~March 3031, ~~2010~~2011, byand ~~acquiring~~2010 ~~Tre~~we ~~Kronor~~used ~~offset by~~cash ~~purchasing equipment~~ of $1131,000. Inand ~~the nine months ended September 30, 2009 discontinued operations provided cash of~~ $314,000 ~~from~~respectively ~~sale~~by ofpurchasing equipment.

Cash from Financing Activities

WeIn ~~generated cash of $908,000 from financing activities during~~ the ~~nine~~three months ended ~~September~~March 3031, ~~2010,~~2011 ~~which~~we ~~represented~~generated ~~proceeds~~cash ~~from issuance~~ of ~~common stock of~~ $~~390~~47,000, ~~proceeds~~which ~~from~~represented ~~borrowings~~proceeds from ~~related parties~~issuance of ~~$39,000~~shares ~~and net proceeds from debt~~ of $~~938~~79,000, ~~partly~~ offset by ~~payment~~repayment of ~~debt~~debts to ~~former~~related ~~shareholder of $236,000 and repayments of debts in discontinued operations of $223,000~~parties.

Critical Accounting Policies and Estimates

Our financial statements are prepared in conformity with accounting principles generally accepted in the United States of America which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of our financial statements, and the reported amounts of revenues and expenses during the reporting periods. Critical accounting policies are those that require the application of management’s most difficult, subjective, or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods.

In preparing the financial statements, we utilized available information, including our past history, industry standards and the current economic environment, among other factors, in forming our estimates and judgments, giving due consideration to materiality. Actual results may differ from these estimates. In addition, other companies may utilize different estimates which may impact the comparability of our results of operations to other companies in our industry. We believe the following significant accounting policies may involve a higher degree of judgment and estimation.

Revenue recognition

Most of our client contracts are individually negotiated and accordingly, the terms of client engagements and the bases on which itthe ~~earns~~Company earns commissions and fees vary significantly. Direct costs include fees paid to external suppliers where they are retained to perform part or all of a specific project for a client and the resulting expenditure is directly attributable to the revenue earned. Revenue is stated exclusive of VAT (value added tax), sales taxes and trade discounts.

~~Revenue is typically derived from commissions on media placements and fees for advertising services. Revenue may consist of various arrangements involving fixed fees, commissions, or incentive~~-~~based~~ ~~revenue,~~21 ~~as agreed upon with each client.~~-

-Our 26revenue is typically derived from strategic counseling, campaign project management, commissions on media buying, analysis, recommendations and fees for advertising services. Revenue may consist of various arrangements involving fixed fees, commissions, or performance-based revenue, as agreed upon with each client.

We earn commissions from referrals of services to other vendors, marketing agencies, who ultimately provide the end service to the customer. Commissions are generally earned on the date of ~~broadcast~~invoice orfor media ~~publication~~buying.

Revenue for our fixed-fee contracts is recognized when all of the following criteria are satisfied: (i) persuasive evidence of an arrangement exists; (ii) the price is fixed or determinable; (iii) collectability is reasonably assured; and (iv) services have been performed. Depending on the terms of a client contract, fees for services performed can be recognized in two principal ways: proportional performance or completed contract.

Fixed-fee contracts are generally recognized as earned based on the proportional performance method of revenue recognition. In assessing contract performance, both input and output criteria reviewed. Costs incurred are used as an objective input measure of performance. The primary input of all work performed under these arrangements is labor. As a result of the relationship between labor and cost, there is normally a direct relationship between costs incurred and the proportion of the contract performed to date. Costs incurred as a proportion of expected total costs is used as an initial proportional performance measure. This indicative proportional performance measure is always subsequently validated against other more subjective criteria (i.e. relevant output measures) such as the percentage of interviews completed, percentage of reports delivered to a client and the achievement of any project milestones stipulated in the contract. In the event of divergence between the objective and more subjective measures, the more subjective measures take precedence since these are output measures.
Certain fees (such as for marketing services related to rebates offered by clients to their external customers) are deferred until contract completion as the final act is so significant in relation to the service transaction taken as a whole. Fees are also recognized on a completed contract basis if any of the criteria of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) 605-10-S99, formerly Staff Accounting Bulletin (“SAB”) No. 104, Revenue Recognition, were not satisfied prior to job completion or if the terms of the contract do not otherwise qualify for proportional performance.

Incentive-based revenue typically comprises quantitative criteria. Revenue is recognized when the quantitative targets have been achieved.

In compliance with FASB ASC 605-45 Principal Agent Considerations, ~~formerly Emerging Issues Task Force (“EITF”) Issue No. 99-19,~~ Reporting Revenue Gross as a Principal versus Net as an Agent , we assess whether our agency or the third-party supplier is the primary obligor. We evaluate the terms of our client agreements as part of this assessment. In addition, we give appropriate consideration to other key indicators such as latitude in establishing price, discretion in supplier selection and credit risk to the vendor. For a substantial portion of our client contracts we act as principal as we are the primary obligor and bear credit risk related to the services we provide. In these contracts we record revenues and costs of revenues gross. In certain contracts we record a net amount principally on those contracts where we only earn a commission.

Business Combinations

We account for our business combination transactions utilizing the acquisition method of accounting. Under the acquisition method of accounting, the total consideration paid is allocated to the underlying assets and liabilities, based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of certain acquired assets and liabilities, identifiable intangible assets in particular, is subjective in nature and often involves the use of significant estimates and assumptions. Finite-lived identifiable intangible assets are amortized over its expected life on a straight-line basis, as this basis approximates the expected cash flows from the Company’s existing definite-lived identifiable intangible assets over the expected future.

Goodwill is accounted for under FASB ASC 350 Under the provisions of this statement, our goodwill is tested for impairment on an annual basis or whenever facts or circumstances indicate that the carrying amounts may not be

- 22 -

recoverable. We elected to conduct our annual impairment test in March. Since inception, we have operated in one reporting unit. This unit is tested for impairment by comparing the implied fair value of the reporting unit with the carrying value of that unit. Implied fair value is determined based on a valuation study performed by us using the discounted cash flow method and the estimated market values of the reporting units. No impairment of goodwill was recognized during the three months ended March 31, 2011.

Non controlling interest

Certain consolidated subsidiaries of ~~Bark~~UCP ~~Group~~ issued equity ~~shares~~ shares to parties unrelated to the Company. The Company accounts for such transactions in accordance with FASB ASC 810, Consolidation, FASB 810 requires that the difference between the carrying amount of the Company’s investment in the subsidiary and the underlying net book value of the subsidiary after the issuance of the shares be recognized either as a gain or loss in the consolidated statement of operations or as a capital transaction. In these instances it is the Company’s policy to consider gains and losses arising from such issuances of shares by a subsidiary as a capital transaction; as such no gain or loss is recognized in the statement of operations.

~~The~~In ~~Company~~instances ~~accounts~~where ~~for~~subsidiary ~~such~~shares ~~transactions~~issued inare ~~accordance with FASB ASC 810~~redeemable, ~~Consolidation, formerly Staff Accounting Bulletin No. 51,~~the ~~Accounting~~Non-controlling ~~for~~interest ~~Sales~~is ofrecorded ~~Stock~~in byaccordance awith ~~Subsidiary.~~ FASB ASC 810, ~~requires~~at ~~that~~ the ~~difference~~higher ~~between the carrying amount~~ of ~~the~~(1) ~~Company’s investment in~~ the ~~subsidiary~~ ~~and~~redemption ~~the underlying net book~~ value ofrequired ~~the~~to ~~subsidiary~~be ~~after~~paid ~~the issuance~~by of the ~~shares~~Company ~~be recognized either as a gain~~ or ~~loss~~(2) in the ~~consolidated~~amount ~~statement~~that ofwould ~~operations~~result orfrom asapplying aconsolidation ~~capital~~accounting ~~transaction.~~under InFASB ~~these~~ASC ~~instances~~810. itAdjustments isrecorded by the Company’s ~~policy~~in relation to ~~consider~~the ~~gains~~recording ~~and losses arising from such issuances~~ of ~~shares~~these bycosts aare ~~subsidiary~~recorded aswithin aadditional ~~capital transaction; as such no gain or loss is recognized~~ paid-in ~~the income statement~~ capital.

InThe ~~instances~~Company ~~where~~previously ~~subsidiary~~recorded ~~shares issued are redeemable, the Non~~non-controlling interest ~~is recorded in accordance~~ dealt with ~~FASB~~certain ~~ASC~~Danish ~~810,~~subsidiaries ~~formerly EITF~~which ~~No.~~were ~~D-98~~discontinued ~~Classification~~ and ~~Measurement of Redeemable Securities at~~deconsolidated ~~the~~during ~~higher of (1)~~ 2010.

- 27 -

the redemption value required to be paid by the Company or (2) the amount that would result from applying consolidation accounting under FASB ASC 810, formerly Accounting Research Bulletin No. 51 “Consolidated Financial Statements”. Adjustments recorded by the Company in relation to the recording of these costs are recorded within additional paid-in capital.

Property, plant and equipment

Property, plant and equipment are stated at historical cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred. Additions, improvements and replacements that extend the assets life are capitalized. Property, plant and equipment, less applicable residual value, is depreciated using the straight-line method over the estimated useful lives of such assets.

The useful lives for computing depreciation are as follows:

Buildings	50 years
Furniture, fixtures and computer equipment	3 - 5 years

Analysis of Impairment

InWe ~~May~~acquired ~~2010~~our weoperating ~~acquired~~business, ~~Tre~~which ~~Kronor~~is ~~Media~~our sole goodwill reporting unit, in May 2010. We accounted for our acquisition of this business using the purchase method of accounting, which resulted in the recognition of approximately $3,710,000 of goodwill. In accordance with applicable standards specified in the Accounting Standards Codification, we test goodwill at the reporting unit’s level for possible impairment at least once annually and in between annual testing dates if events or changes in circumstances indicate that the carrying value of our goodwill might not be recoverable. We have designated March ~~December~~15 31 as ~~our as~~ the formal date of our annual goodwill impairment test.

In conjunction with our 2010 audit, we performed our annual impairment test during March 2011. During the three month ended ~~September~~March 3031, ~~2010~~ 2011 no events or changes in circumstances indicates that the carrying value of our goodwill ~~might not~~is ~~be recordable~~impaired.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements, financings, or other relationships with unconsolidated entities known as ‘‘Special Purposes Entities.’’

- 28 -

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

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

Item 4 T. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed by our Company is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the SEC. Our Chief Executive Officer, Niclas Fröberg, and our Chief Financial Officer, Ulrik Gerdes, are responsible for establishing and maintaining disclosure controls and procedures for our Company.

~~Our~~- ~~management~~23 has evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2010 (under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer), pursuant to Rule 13a–15(b) promulgated under the Securities Exchange Act of 1934, as amended. As part of such evaluation, management considered the matters discussed below relating to internal control over financial reporting. Based on this evaluation, our Company’s Chief Executive Officer and Chief Financial Officer have concluded that our Company’s disclosure controls and procedures were not effective as of September 30, 2010 due to the material weakness in Internal Control over Financial Reporting identified below.-

Our management has evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2011 (under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer), pursuant to Rule 13a–15(b) promulgated under the Securities Exchange Act of 1934, as amended. As part of such evaluation, management considered the matters discussed below relating to internal control over financial reporting. Based on this evaluation, our Company’s Chief Executive Officer and Chief Financial Officer have concluded that our Company’s disclosure controls and procedures were not effective as of March 31, 2011 due to the material weakness in Internal Control over Financial Reporting identified below.

The term “internal control over financial reporting” is defined as a process designed by, or under the supervision of, the registrant’s principal executive and principal financial officers, or persons performing similar functions, and effected by the registrant’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the registrant;

provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the registrant are being made only in accordance with authorizations of management and directors of the registrant; and

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the registrant’s assets that could have a material effect on the financial statements.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the three months ended September 30, 2010 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Our management completed an evaluation of our internal control as of December 31, 2009 and concluded that our internal control over financial reporting is not effective as of December 31, 2009. In connection with the audit of our financial statements as of December 31, 2009 and for the year ended December 31, 2009 our auditors and we have identified certain matters involving our internal control over financial reporting that constitute a material weakness under standards established by the Public Company Accounting Oversight Board (" PCAOB ").

The PCAOB defines a material weakness as a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of our annual or interim financial statement will not be presented or detected by our employees. A significant deficiency is defined as a control deficiency, or a combination of control deficiencies, that adversely affects the company's ability to initiate, authorize, record, process, or report external financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the company's annual or interim financial statements that is more than inconsequential will not be prevented or detected. A control deficiency exists when the design or operation of a control does not allow

- 29 -

management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A deficiency in design exists when:

a control necessary to meet the control objective is missing; or

an existing control is not properly designed so that, even if the control operates as designed, the control objective is not always met.

A deficiency in operation exists when a properly designed control does not operate as designed, or when the person performing the control does not possess the necessary authority or qualifications to perform the control effectively.

The material weakness identified results from currently inadequate external reporting, technical accounting and tax staff, inadequate integrated financial systems and financial reporting and closing processes, and inadequate written policies and procedures. Specifically, the following items were identified:

we do not currently have a sufficient complement of external reporting, technical accounting or tax staff commensurate to support standalone external financial reporting under public company or SEC requirements;
we do not have a fully integrated financial consolidation and reporting system and as a result, extensive manual analysis, reconciliation and adjustments are required in order to produce financial statements for external reporting purposes; and
we have not commenced design, implementation and documentation of the policies and procedures used for external financial reporting, accounting and income tax purposes.

We are in the process of implementing changes to strengthen our internal controls. Additional measures may be necessary and the measures we expect to take to improve our internal controls may not be sufficient to address the issues identified, to ensure that our internal controls are effective or to ensure that such material weakness or other material weaknesses would not result in a material misstatement of our annual or interim financial statements. In addition, other material weaknesses or significant deficiencies may be identified in the future. If we are unable to correct deficiencies in internal controls in a timely manner, our ability to record, process, summarize and report financial information accurately and within the time periods specified in the rules and forms of the SEC will be adversely affected. This failure could negatively affect the market price and trading liquidity of our common stock, cause investors to lose confidence in our reported financial information, subject us to civil and criminal investigations and penalties, and generally materially and adversely impact our business and financial condition.

-Changes 30in -Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the three months ended March 31, 2011 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

- 24 -

PART II
OTHER INFORMATION

Item 1. ~~Unregistered~~Legal ~~Sales of Equity Securities and Use of Proceeds Three Months Ended September 30, 2010~~Proceedings

~~During~~The ~~the~~Company ~~three~~has ~~months~~no ~~ended~~legal ~~September 30, 2010, we have completed the following issuances of securities without registration under the Act:~~proceedings

~~Regulation~~Item S1A. ~~Share~~Risk ~~Subscriptions: We have completed the following sales of common stock in private placement transactions:~~Factors

Date of Completion of Sale	Number of Shares Sold	Number of Investors	Aggregate Consideration Paid by Investors	Aggregate Commission Paid by Company
July 21, 2010	2,122,641	1	$90,000	-
August 18, 20101	717,260	3	$1,167,551	-
September 9, 20102	4,000,000	1	$204,911	-

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

~~All~~Item ~~private placement offerings of shares (the “Shares”) were completed pursuant to and in accordance with Rule 903 of Regulation S of the Act~~2. NoUnregistered ~~commissions~~Sales ~~were paid in connection with the completion~~ of ~~these~~Equity ~~offerings.~~Securities We completed the offerings of the Shares pursuant to Rule 903 of Regulation S of the Act on the basis that the sale of the Shares was completed in an “offshore transaction”, as defined in Rule 902(h) of Regulation S. We did not engage in any directed selling efforts, as defined in Regulation S, in the United States in connection with the sale of the Shares. Each investor represented to us that the investor was not a “U.S. person”, as defined in Regulation S, and ~~was~~Use ~~not acquiring the Shares for the account or benefit~~ of a U.S. person. The subscription agreement executed between us and each investor included statements that the securities had not been registered pursuant to the Act and that the securities may not be offered or sold in the United States unless the securities are registered under the Act or pursuant to an exemption from the Act. Each investor agreed by execution of the subscription agreement for the Shares: (i) to resell the securities purchased only in accordance with the provisions of Regulation S, pursuant to registration under the Act or pursuant to an exemption from registration under the Act; (ii) that we are required to refuse to register any sale of the securities purchased unless the transfer is in accordance with the provisions of Regulation S, pursuant to registration under the Act or pursuant to an exemption from registration under the Act; and (iii) not to engage in hedging transactions with regards to the securities purchased unless in compliance with the Act. All certificates representing the Shares were or upon issuance will be endorsed with a restrictive legend confirming that the securities had been issued pursuant to Regulation S of the Act and could not be resold without registration under the Act or an applicable exemption from the registration requirements of the Act.Proceeds

~~31_________________1~~Three ~~Issued~~Months asEnded ~~consideration~~March ~~for conversion~~31, ~~of debts 2 Issued as consideration for conversion of debts~~2011

-Consulting 31Agreements: -We issued 258,000 shares of our common stock to a consultant pursuant to a separate consultant agreements in consideration for services. We completed the share issuance pursuant to Section 4(2) and/ or Rule 506 of Regulation D of the Securities Act on the basis that the consultant is an “accredited investor”, as defined in Rule 501(a) of the Securities Act. The investor represented he’s intention to acquire the securities for investment only and not with a view toward distribution. Appropriate legends have been affixed to the stock certificates issued to the consultant confirming that the shares cannot be resold or transferred other than pursuant registration under the Securities Act or an exemption from the registration requirements of the Securities Act. None of the securities were sold through an underwriter and, accordingly, there were no underwriting discounts or commissions involved. No registration rights were granted to the consultant.
Debt conversion: We issued 16,038,359 shares of our common stock to the holder of convertible debts issued by us on March 10, 2010, April 20, 2010 and May 4, 2010. The shares were issued in reliance of the exemption from the registration requirements under the Securities Act provided by Section 3(a)(9) of the Securities Act.
Regulation S Share Subscriptions: We have completed the following sales of common stock in private placement transactions:

Date of Completion of Sale	Number of Shares Sold	Number of Investors	Aggregate Consideration Paid by Investors	Aggregate Commission Paid by Company
January 12, 2011	3,322,260	1	$-¹⁾	-
March 7, 2011	9,337,000	1	$79,365	-

(1)	Issued pursuant to investment agreement made in conjunction with the investors cash investment of $89,500 on April 26, 2010

All private placement offerings of shares (the “Shares”) were completed pursuant to and in accordance with Rule 903 of Regulation S of the Act. No commissions were paid in connection with the completion of these offerings. We completed the offerings of the Shares pursuant to Rule 903 of Regulation S of the Act on the basis that the sale of the Shares was completed in an “offshore transaction”, as defined in Rule 902(h) of Regulation S. We did not engage in any directed selling efforts, as defined in Regulation S, in the United States in connection with the sale of the Shares. Each investor represented to us that the investor was not a “U.S. person”, as defined in Regulation S, and was not acquiring the Shares for the account or benefit of a U.S. person. The subscription agreement executed between us and each investor included statements that the securities had not been registered pursuant to the Act and that the securities may not be offered or sold in the United States unless the securities are registered under the Act or pursuant

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to an exemption from the Act. Each investor agreed by execution of the subscription agreement for the Shares: (i) to resell the securities purchased only in accordance with the provisions of Regulation S, pursuant to registration under the Act or pursuant to an exemption from registration under the Act; (ii) that we are required to refuse to register any sale of the securities purchased unless the transfer is in accordance with the provisions of Regulation S, pursuant to registration under the Act or pursuant to an exemption from registration under the Act; and (iii) not to engage in hedging transactions with regards to the securities purchased unless in compliance with the Act. All certificates representing the Shares were or upon issuance will be endorsed with a restrictive legend confirming that the securities had been issued pursuant to Regulation S of the Act and could not be resold without registration under the Act or an applicable exemption from the registration requirements of the Act.

Item 6. Exhibits.

Exhibit No.	Description
31.1	Section 302 Certification of Principal Executive Officer*
31.2	Section 302 Certification of Principal Financial Officer*
32.1	Section 906 Certification of Principal Executive Officer*
32.2	Section 906 Certification of Principal Financial Officer*

* Filed as an exhibit hereto

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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.

	BARK GROUP INC.
	UNITED COMMUNICATIONS PARTNERS INC.
Date: November 22, 2010	By:	/s/ Niclas Fröberg
Date: May 13, 2011	By:	/s/ Niclas Fröberg
		Niclas Fröberg
		President and Chief Executive Officer
		(Principal Executive Officer)
Date: November 22, 2010	By:	/s/ Ulrik Gerdes
Date: May 13, 2011	By:	/s/ Ulrik Gerdes
		Ulrik Gerdes
		Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)

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EXHIBIT INDEX

Exhibit No.	Description
31.1	Section 302 Certification of Principal Executive Officer
31.2	Section 302 Certification of Principal Financial Officer
32.1	Section 906 Certification of Principal Executive Officer
32.2	Section 906 Certification of Principal Financial Officer

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