UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-K

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2008~~2010, or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to _________________.

COMMISSION FILE NUMBER: 000-26585

GEORGE FOREMAN ENTERPRISES, INC.

(Name of Small Business Issuer as Specified in Its Charter)

DELAWARE (State or Other Jurisdiction of Incorporation)	54-1811721 (I.R.S. Employer Identification No.)
DELAWARE	54-1811721
100 N. WILKES-BARRE BLVD, 4TH FLOOR, WILKES-BARRE, PA (Address of principal executive offices)	18702 (Zip Code)
(State or Other Jurisdiction of Incorporation)	(I.R.S. Employer Identification No.)
100 N. WILKES-BARRE BLVD, 4TH FLOOR,
WILKES-BARRE, PA	18702
(Address of principal executive offices)	(Zip Code)

Issuer's telephone number, including area code (570) 822-6277

Securities registered pursuant to Section 12(b) of the Securities Act: None.

Securities registered pursuant to Section 12(g) of the Securities Act: Common stock, par value $.01 per share.

Indicate by check mark whether the issuer is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ¨ Yes x No

Indicate by check mark whether the issuer is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act ¨.

Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the 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 ¨ No x.

Indicate by check mark whether the issuer 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 (Section 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 ¨x No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (Section 232.405 of this chapter) is not contained herein, and will not be contained, to the best of the Registrant's knowledge, in definitive proxy or information statements incorporated by reference to Part III of this Form 10-K or any amendment to this Form 10-K ¨o.

Indicate by check mark whether the issuer 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.

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 issuer is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ¨ No x.

The issuer had revenues of $512,541 for its most recent fiscal year ended December 31, 2010.

The aggregate market value of voting stock held by non-affiliates of the registrant was approximately $3,918,344 as of August 23, 2011, based upon the closing price of such equity as of such date.

As of August 23, 2011, 5,088,759 shares of the issuer's common stock were outstanding.

GEORGE FOREMAN ENTERPRISES, INC.

ANNUAL REPORT ON FORM 10-K

FOR THE FISCAL YEAR ENDED DECEMBER 31, ~~2008~~2010

TABLE OF CONTENTS

PART I
Item 1.	~~Item~~Description 1.of Business	~~Description of Business~~	3	3
Item 2.	~~Item~~Description 2.of Property	~~Description of Property~~	7	6
Item 3.	~~Item~~Legal 3.Proceedings	~~Legal Proceedings~~	7	6
Item 4.	~~Item~~Submission 4.of Matters to a Vote of Security Holders	~~Submission of Matters to a Vote of Security Holders~~	7	7
PART II
Item 5.	~~Item~~Market 5.For Common Equity, Related Stockholder Matters and Small Business Issuer Purchases of Equity Securities	~~Market For Common Equity, Related Stockholder Matters and Small Business Issuer Purchases of Equity Securities~~	7	7
Item 6.	~~Item~~Selected 6.Financial Data	~~Selected Financial Data~~	9	9
Item 7.	~~Item~~Management's 7.Discussion and Analysis of Financial Condition and Results of Operations	~~Management's Discussion and Analysis of Financial Condition and Results of Operations~~	9	9
Item 7A.	~~Item~~Quantitative ~~7A.~~and Qualitative Disclosures about Market Risk	~~Quantitative and Qualitative Disclosures about Market Risk~~	12	13
Item 8.	~~Item~~Financial 8.Statements and Supplementary Data	~~Financial Statements and Supplementary Data~~	13	14
Item 9.	~~Item~~Changes 9.in and Disagreements with Accountants on Accounting and Financial Disclosure	~~Changes in and Disagreements with Accountants on Accounting and Financial Disclosure~~	30	32
Item 9A.	~~Item~~Controls ~~9A.~~and Procedures	~~Controls and Procedures~~	30	32
Item 9B.	~~Item~~Other ~~9B.~~Information	~~Other Information~~	31	33
PART III
Item 10.	~~Item~~Directors ~~10.~~and Executive Officers of the Registrant; Compliance with Section 16(a) of the Exchange Act	~~Directors and Executive Officers of the Registrant; Compliance with Section 16(a) of the Exchange Act~~	31	34
Item 11.	~~Item~~Executive ~~11.~~Compensation	~~Executive Compensation~~	34	36
Item 12.	~~Item~~Security ~~12.~~Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	~~Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters~~	36	38
Item 13.	~~Item~~Certain ~~13.~~Relationships and Related Transactions and Director Independence	~~Certain Relationships and Related Transactions and Director Independence~~	37	39
Item 14.	~~Item~~Principal ~~14.~~Accountant Fees and Services	~~Principal Accountant Fees and Services~~	38	40
Item 15.	~~Item~~Exhibits, ~~15.~~Financial Statement Schedules	~~Exhibits, Financial Statement Schedules~~	38	40

George Foreman Enterprises, Inc. (referred to in this report as "we" or the "Company") is filing this Annual Report on Form 10-K for the fiscal year ended December 31, ~~2008~~2010 (this "Report"). The Company is delinquent in compliance with its reporting obligations with the Securities and Exchange Commission (the "SEC"). The filing of this Report is part of the ongoing process to bring the Company in compliance with its reporting obligations under the rules and regulations of the SEC.

This Report reflects the Company's financial position, results of operations, business and prospects only as of the end of the period covered by this Report. The readers are cautioned not to place undue reliance on such information, because the Company's financial position has deteriorated further since the end of the period covered by this Report due to additional expenses incurred by the Company as a result of continued operation expenses and the challenges being faced by the Company to generate meaningful revenues from its business. Additionally, as disclosed in this Report and the Company's other filings with the SEC, the Company has had a history of operating losses, and there is substantial doubt about the Company's ability to continue as a going concern. Any forward-looking statements included in this Report represent management's view as of the filing date of this Report.

PART I

NOTE REGARDING FORWARD-LOOKING INFORMATION

The statements contained in this Annual Report that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expectations, beliefs, intentions or strategies regarding the future. Without limiting the foregoing, the words "anticipates," "believes," "expects," "intends," "may" and "plans" and similar expressions are intended to identify forward-looking statements. The Company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's views as of the date they are made with respect to future events, but are subject to many risks and uncertainties, which could cause the actual results of the Company to differ materially from any future results expressed or implied by such forward-looking statements. These statements speak only as of the date hereof. We are under no duty to update, and do not undertake to update, any of the forward-looking statements contained in this Annual Report to conform them to actual results or to changes in our expectations.

ITEM 1. BUSINESS

The Company was incorporated in Delaware on April 23, 1996. The Company’s operations are derived from licensing agreements and royalties received from the right to use the George Foreman name. The consolidated financial statements include the accounts of George Foreman Enterprises, Inc, its wholly-owned subsidiary, George Foreman Management, Inc., and its ~~majority~~wholly-owned subsidiary, George Foreman Ventures, LLC ("Ventures") as of May 28, 2010. G-Nutritional, LLC ("G-Nutritional") is a wholly-owned subsidiary of Ventures through which a majority ownership position in Vita Ventures, LLC ("Vita Ventures") was acquired. Ventures also acquired a majority ownership position in InStride Ventures, LLC ("InStride Ventures"). All significant intercompany balances have been eliminated.

On August 15, 2005 the Company and Ventures, entered into a series of agreements with George Foreman and George Foreman Productions, Inc. ("GFPI," and, collectively with George Foreman, "Foreman") pursuant to which, among other things, Mr. Foreman assigned certain trademarks and rights to the name, image, signature, voice, likenesses, caricatures, sobriquets, and all other identifying features and indicia of Mr. Foreman to Ventures, and GFPI agreed to furnish the personal services of Mr. Foreman to Ventures. In exchange, Mr. Foreman and GFPI were issued membership interests in Ventures. These membership interests ~~can be~~were, at GFPI and Foreman's option, exchanged into approximately thirty-five percent (35%), or 1,799,753 shares, of the fully-diluted shares of common stock of the Company on May 28, 2010. In addition, a trust of which George Foreman, Jr. and George Foreman III are the trustees was issued two shares of the Company's Series A Preferred Stock, which shares entitle the holders thereof, voting separately as a class, to elect two (2) members of the Company's Board of Directors (the "Board"). The trust, as holder of such Series A Preferred Stock, ~~has~~ elected George Foreman and George Foreman, Jr. to serve as its designated directors on the Board. On May 28, 2010, George Foreman and George Foreman Jr. resigned as directors and waived all rights to the preferred stock which was then cancelled by the Company.

AtOn ~~December~~May 3128, ~~2008~~2010, the Company ~~had~~and ~~$102~~Ventures entered into an agreement with George Foreman (“Foreman”) and GFPI,~~944~~ inwhich ~~cash~~restructured the contractual rights and ~~cash~~obligations ~~equivalents~~of ~~compared~~the toparties. ~~$344~~In addition,~~631~~ atForeman ~~December~~and ~~31,~~GFPI ~~2007. There~~exchanged isall anof ~~uncertainty~~their ~~about~~membership interests in Ventures for the Company'’s ~~ability~~common tostock ~~continue~~under the Investor Rights Agreement entered into as aof ~~going~~August ~~concern~~15, 2005. The ~~consolidated~~parties ~~financial~~agreed ~~statements~~to doterminate the Services and Assignment Agreements and all of the rights and obligations of the parties thereunder. Ventures agreed to sell, grant, assign and otherwise set over to Foreman and GFPI, solely and exclusively and forever, irrevocably and unconditionally, all of their right, title and interest, of every nature and description, whether or not ~~include~~such ~~any~~rights ~~adjustments~~are ~~that~~now ~~might~~known, berecognize ~~necessary~~or ifcontemplated, including the ~~Company~~right isto ~~unable~~enforce the same for all past, present and future infringements, in and to: ~~continue~~the asForeman aIndicia ~~going~~and ~~concern~~the Indicia Rights, marks any and all registrations of, and applications to register, the Marks filed in the United States Patent and Trademark Office, in any states within the United States and anywhere else in the world; and all materials created or produced using the Marks, the Foreman Indicia and/or Indicia Rights including, without limitation, all copyrights therein.

The Company, Ventures, and each of the respective Affiliates agreed to cease and desist from any and all uses of, and shall not use, the Foreman Indicia, the Indicia Rights and/or the Marks, subject only to the licenses previously provided to Ventures for the use of the Foreman Indicia, the Indicia Rights, the Materials and/or the Marks solely in connection with and for the purpose of complying with and/or exercising its contractual rights, representations, commitments and obligations under the Ventures’ License Agreements.

Foreman and GFPI Parties agreed to waive any right to receive shares of preferred stock pursuant to the Registration Rights Agreement and any amounts due to them. Foreman and George Foreman Jr. resigned from the Company’s board of directors immediately upon the execution of this agreement. George Foreman Jr. and George Foreman III, former employees of the Company, agreed to waive any right to receive any amounts due to them under their employment contracts. As a result of this waiver by George Foreman Jr. and George Foreman III, George Foreman Management Inc. recognized forgiveness of indebtedness of $68,621. When these rights were waived, the Company reclassified the elimination of the $68,621 payroll accrual to additional paid-in capital.

Ventures entered into another Agreement with Foreman and United States Pharmaceutical Group, LLC (d/b/a NationsHealth) (“NationsHealth”) on May 28, 2010 pursuant to which Foreman was appointed as NationsHealth’s exclusive spokesman for core diabetic supplies and Foreman granted NationsHealth, through the Agreement with Ventures, an exclusive worldwide license to use the Foreman name, likeness, image and signature in connection with advertising to promote the core diabetic supplies. As part of the Agreement, both Ventures and Foreman will share qualified lead income received from NationsHealth in addition to 10% of the net profits derived from the value of diabetic supplies. Ventures has received $50,000 of revenue to-date from NationsHealth.

The Company’s current revenues are derived from the sale of diabetic shoes in InStride Ventures as well as shares of stock and quarterly royalty payments received by Ventures from UFood. There is also the potential of additional revenue to be received as a result of our agreement with NationsHealth. But to date, Ventures has only received the initial lead income from NationsHealth in accordance with the terms of Ventures’ agreement with NationsHealth. At December 31, 2010, the Company had $170,996 in cash and cash equivalents compared to $99,059 at December 31, 2009. There is an uncertainty about the Company's ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

On March 7, 2008, the Company sold, in a private placement mostly to third-party investors, its 8% Convertible Promissory Notes (the “Notes”) in the aggregate principal amount of $800,000. The Notes are convertible into units of the Company at a conversion price of $2.50 per unit, subject to adjustment. Each unit consists of one share of the Company’s common stock, par value $0.01 and one common stock purchase warrant, exercisable at a price of $3.00 per share, subject to adjustment. The proceeds from the Securities Purchase Agreement were used for working capital. The buyers of the Notes included two entities that are controlled by Seymour Holtzman. Mr. Holtzman was a director, chief executive officer and co-chairman of the board of directors of the Company until November 8, 2010. The buyers also include Jeremy Anderson, the chief financial officer of the Company.

The Company also sold, in a private placement, its 8% Convertible Notes on March 31, 2008 in the aggregate principal amount of $200,000. The Notes are also convertible into units of the Company at a conversion price of $2.50 per unit, subject to adjustment. Each unit consists of one share of the Company’s common stock, par value $0.01 and one common stock purchase warrant, exercisable at a price of $3.00 per share, subject to adjustment. The proceeds from these transactions have been used to fund working capital. The amounts raised in these two transactions were not sufficient to ensure the Company's ability to continue as a going concern.

The Company can give no assurance that the Company's existing cash and cash equivalents are sufficient to satisfy its current obligations. The Company’s current revenues are derived from the sale of diabetic shoes in InStride Ventures as well as shares of stock and quarterly royalty payments received by Ventures from UFood Restaurant Group, Inc. (“UFood”). The Company expects that its primary use of cash over the short-term will be for the payment of expenses to develop sales of the therapeutic footwear of InStride Ventures LLC, possible test marketing of the LifeShake, costs associated with the operation as a public company (legal, accounting, consulting, insurance, etc.) and the repayment of its interest and debt under the Notes. The Company is in default under the Notes due to its failure to pay principal and interest in the aggregate amount of $1,200,708 through July 31, 2011.

The Company's success will depend primarily upon its ability to exploit and protect the intellectual property rights that Mr. Foreman has assigned to Ventures. Mr. Foreman has entered into numerous licensing, endorsement and other agreements, and there can be no assurances that a third party will not assert a claim to some or all of the intellectual property rights that the Company believes have been assigned to Ventures. In addition, the United States Patent and Trademark Office (the "PTO") may cite preexisting trademark applications and registrations by third parties against, and prior trademark owners may oppose, future trademark applications by the Company or Ventures incorporating the George Foreman name. Further, even if the Company or Ventures were able to obtain acceptance of its trademark applications by the PTO, a significant number of similar marks registered by, and licensed to, third parties could diminish the value and protectability of the intellectual property held by the Company or Ventures. The value of the George Foreman name may be diminishing as Mr. Foreman gets older and the memory of his career as a boxer fades.

On September 7, 2006, G-Nutritional, an indirect majority-owned subsidiary of the Company, entered into an agreement with Vitaquest International, LLC ("Vitaquest") to operate a newly formed limited liability company for the purpose of marketing and selling certain products principally related to wellness, vitamins and nutritional supplements (the "Products") using the name and likeness of George Foreman. G-Nutritional and Vitaquest entered into an Operating Agreement (the "Operating Agreement") for the newly formed limited liability company, Vita Ventures, under which G-Nutritional and Vitaquest are the sole members. Under the terms of the Operating Agreement, G-Nutritional has sole approval over matters relating to the selection of products and the use of the Foreman trade name. G-Nutritional is therefore considered to hold a controlling interest over Vita Ventures. G-Nutritional owns 50.1% of the membership interests of Vita Ventures and Vitaquest owns 49.9% of the membership interests of Vita Ventures. Additionally, as part of this transaction, G-Nutritional entered into a Trademark License and Service Agreement with Vita Ventures on September 7, 2006 under which Vita Ventures was granted a worldwide non-exclusive license to use the name and likeness of George Foreman in connection with the sale of the Products. ~~We acquire our inventory from our business partner and then resell it through our infomercial.~~ Vita Ventures produced an informercial to promote the Products, which aired for the first time during the fourth quarter of 2007. During the twelve months ended December 31, 2008, Vita Ventures recognized $1,048,168 of revenue from the Lifeshake product marketed in the infomercial. Vita Ventures discontinued the sale of its products during the last quarter of 2008 and is currently contemplating marketing the Products again on a test basis through our infomercial.

4On April 20, 2007, Ventures entered into an agreement with InStride LLC ("InStride"), Olen Rice and Paul Koester to operate a newly formed limited liability company named InStride Ventures for the purpose of manufacturing, marketing and selling therapeutic footwear using the name and likeness of George Foreman. Ventures owns 50.1% of the membership interest of InStride Ventures, In Stride owns 47.9% of the membership interest of InStride Ventures and Messrs. Rice and Koester each own 1% of the membership interest of InStride Ventures. Additionally, in connection with this transaction, Ventures entered into a License Agreement with InStride Ventures granting InStride Ventures a license to use the name and likeness of George Foreman in connection with the business activities of InStride Ventures. Also, in accordance with the terms of an Exclusive Trademark License Agreement, InStride granted InStride Ventures a license to use certain trademarks owned by InStride in connection with the business activities of InStride Ventures. We also acquire our inventory from our business partner and then resell it. During the twelve months ended December 31, 2010, InStride Ventures recognized $84,143, of sales as a result of its agreement to supply therapeutic footwear using the name and likeness of George Foreman. About two-thirds of our sales recognized by InStride Ventures in 2010 were from one customer. This concentration of sales to one customer is consistent with prior years.

On April 20, 2007, Ventures entered into an agreement with InStride LLC ("InStride"), Olen Rice and Paul Koester to operate a newly formed limited liability company named InStride Ventures for the purpose of manufacturing, marketing and selling therapeutic footwear using the name and likeness of George Foreman. Ventures owns 50.1% of the membership interest of InStride Ventures, In Stride owns 47.9% of the membership interest of InStride Ventures and Messrs. Rice and Koester each own 1% of the membership interest of InStride Ventures. Additionally, in connection with this transaction, Ventures entered into a License Agreement with InStride Ventures granting InStride Ventures a license to use the name and likeness of George Foreman in connection with the business activities of InStride Ventures. Also, in accordance with the terms of an Exclusive Trademark License Agreement, InStride granted InStride Ventures a license to use certain trademarks owned by InStride in connection with the business activities of InStride Ventures. We also acquire our inventory from our business partner and then resell it. During the twelve months ended December 31, 2008, InStride Ventures recognized $129,051, of sales as a result of its agreement to supply therapeutic footwear using the name and likeness of George Foreman. About two-thirds of our sales recognized by InStride Ventures in 2008 were from one customer.

On June 12, 2007, Ventures granted KnowFat Franchise Company, Inc. ("KnowFat") a non-exclusive limited license to use the name and likeness of George Foreman in connection with the promotion of restaurants operated by KnowFat and its franchisees. As consideration for use of the license, Ventures was granted 900,000 shares of common stock of KnowFat, half of which vested as of the closing date and half of which vests over the four year term of the license agreement. In addition, Ventures has the potential to earn additional shares based on the number of franchises sold, as well as earning royalties based on KnowFat sales. On December 18, 2007, KnowFat merged with and into a publicly traded company and now operates under the name UFood Restaurant Group, Inc. The number of KnowFat shares owned by Ventures was converted to 1,371,157 shares of UFood as part of the transaction. Ventures recognized licensing fees and royalties of $252,417 for the twelve months ended December 31, 2008. As of August 23, 2011, Ventures had disposed of 745,933 UFood shares and had 625,224 UFood shares remaining. The value of the UFood shares owned by Ventures based on the August 23, 2011 market price was $100,036.

Ventures entered into a License Agreement, dated as of June 13, 2007, with Northern Foods plc ("Northern Foods"). Pursuant to this License Agreement, Ventures granted to Northern Foods, its subsidiaries and affiliated entities under its own ownership or control the nonexclusive right to manufacture, and the exclusive right to distribute and sell, frozen meats, poultry and fish that utilize, use or otherwise feature the name, image and likeness of George Foreman on packaging or other sales materials, to food stores and food wholesalers operating in the United Kingdom and the Republic of Ireland. As of December 31, 2008, Ventures recognized royalty income of $113,938 for the twelve months from its licensing agreement with Northern Foods. Ventures’ License Agreement with Northern Foods expired in September 2009 and it was not renewed.

The Company's employees are retained by the Company's wholly-owned subsidiary, George Foreman Management, Inc. ("Foreman Management"). As of December 31, 2008, Foreman Management had six part-time employees. These employees also perform services for other entities.

The Company's principal executive offices are located in Wilkes-Barre, Pennsylvania in space leased by Jewelcor Management, Inc. ("JMI") from Seymour Holtzman and his wife and made available to the Company (without separate charge). JMI, a company controlled by Mr. Holtzman, the Company's former Co-Chairman of the Board and former Chief Executive Officer of the Company, provides the Company with certain consulting, administrative and other services in exchange for a monthly fee of $4,167. Since July 2008 these fees have been accruing but have not been paid.

On June 12, 2007, Ventures granted KnowFat Franchise Company, Inc. ("KnowFat") a non-exclusive limited license to use the name and likeness of George Foreman in connection with the promotion of restaurants operated by KnowFat and its franchisees. As consideration for use of the license, Ventures was granted 900,000 shares of common stock of KnowFat, half of which vested as of the closing date and half of which vests over the four year term of the license agreement. In addition, Ventures has the potential to earn additional shares based on the number of franchises sold, as well as earning royalties based on KnowFat sales. On December 18, 2007, KnowFat merged with and into a publicly traded company and now operates under the name UFood Restaurant Group, Inc ("UFood"). The number of KnowFat shares owned by Ventures was converted to 1,371,157 shares of UFood as part of the transaction. Ventures recognized licensing fees and royalties of $378,398 for the twelve months ended December 31, 2010. As of August 23, 2011, Ventures had disposed of 745,933 UFood shares and had 625,224 UFood shares remaining. The value of the UFood shares owned by Ventures based on the August 23, 2011 market price was $100,036.

Ventures entered into a License Agreement, dated as of June 13, 2007, with Northern Foods plc ("Northern Foods"). Pursuant to this License Agreement, Ventures granted to Northern Foods, its subsidiaries and affiliated entities under its own ownership or control the nonexclusive right to manufacture, and the exclusive right to distribute and sell, frozen meats, poultry and fish that utilize, use or otherwise feature the name, image and likeness of George Foreman on packaging or other sales materials, to food stores and food wholesalers operating in the United Kingdom and the Republic of Ireland. Ventures’ License Agreement with Northern Foods expired in September 2009 and it was not renewed.

The Company's employees are retained by the Company's wholly-owned subsidiary, George Foreman Management, Inc. ("Foreman Management"). As of December 31, 2010, Foreman Management had two part-time employees. These employees also perform services for other entities.

We are required to file or furnish with or to the Securities and Exchange Commission (“SEC” or “Commission”) our quarterly reports on Form 10−Q, annual reports on Form 10−K, current reports on Form 8−K, annual reports to stockholders and annual proxy statements and amendments to such filings. Our SEC filings are available to the public at the SEC's Public Reference Room at 100 F Street, NE., Washington, DC 20549, on official business days during the hours of 10 a.m. to 3 p.m. The public may obtain information on the operation of the Public Reference Room by calling the Commission at 1-800-SEC-0330. Our SEC filings are also available to the public on the SEC’s website at http://www.sec.gov.

The Company failed to file on a timely basis its Annual Reports on Form 10-K for the years ended December 31, 2008, December 31, 2009 and December 31, 2010, and its Quarterly Reports on Form 10-Q for each of the three quarters of ~~both 2009 and~~ 2010 and for the first and second quarters of 2011 on account of its severe cash shortage. The filing of this Form 10-K evidences the determination of our management to take steps to bring the Company in compliance with its reporting obligations under the rules and regulations of the Securities and Exchange Commission, however no assurance can be given as to the timing or ultimate success of these efforts.

ITEM 2. DESCRIPTION OF PROPERTY.

The Company's principal executive offices are located in Wilkes-Barre, Pennsylvania, in a space leased by JMI from Mr. Holtzman and his wife, and made available to the Company (without separate charge) through the Company's consulting arrangement with JMI.

ITEM 3. LEGAL PROCEEDINGS

On November 23, 2005, the Company entered into a letter agreement (the "Agreement") with Circle Group Holdings, Inc., now known as Z-Trim Holdings, Inc. ("Circle"), pursuant to which both parties were to form a new limited liability company for the purpose of promoting Circle's zero calorie fat replacement food ingredient, Z-Trim(R) (the "Joint Venture"). The parties agreed to extend until April 28, 2006 the date by which the parties were to enter into a further definitive agreement consistent with the Agreement. As of April 28, 2006, the parties had not entered into the further definitive agreement. The Company forwarded to Circle a signed definitive agreement that it contends is consistent with the terms of the Agreement, but Circle did not return a fully executed copy of the definitive agreement to the Company. On May 9, 2006, Circle filed a Complaint against the Company in the Circuit Court of the Nineteenth Judicial Circuit, Lake County, Illinois. The Complaint alleged, among other things, that the Company breached a mutual nondisclosure agreement by filing with the SEC a Form 8-K containing certain information with respect to the passing of the previously disclosed date by which the parties were to enter into a further definitive agreement in connection with the Joint Venture. In the Complaint, Circle was seeking (a) injunctive relief restricting the Company's ability to discuss certain matters relating to the Joint Venture and (b) damages in an amount no less than the minimum amount required to bring an action in that court, which the Company believes to be $50,000. The Company believes, among other things, that Circle's failure to sign and return the definitive agreement constitutes a breach of the Agreement. Accordingly, on July 17, 2006, the Company filed a Complaint against Circle in the United States District Court for the Northern District of Illinois, Eastern Division, under Case number 06CV3853, alleging claims for specific performance, breach of contract, promissory estoppel, and unjust enrichment. Circle filed a motion for summary judgment alleging that, as matter of law, the Agreement was not an enforceable contract. On June 22, 2006, the Court denied Circle's Request for Temporary Injunction, but signed an Order Issuing a Preliminary Injunction on August 3, 2006 that enjoins the Company from making any disclosure of "Information" described in the nondisclosure agreement without first providing written notice to Circle and giving it a reasonable and fair opportunity to limit the disclosure. The Company appealed the Court's ruling granting the Preliminary Injunction. By decision filed on October 30, 2006, the appellate court affirmed the Court's August 3, 2006 decision. The Company continues to believe that the claims set forth in the Circle's Complaint are without merit and has vigorously defended these claims. On April 17, 2007, the court entered a Memorandum and Order denying Circle's motion for summary judgment with respect to the Company's claims for breach of contract, specific performance and unjust enrichment but granting summary judgment with respect to the promissory estoppel claim.

On August 29, 2008, the Company settled all outstanding litigation with Circle on amicable terms. Pursuant to the Settlement Agreement, both Parties are obligated to dismiss with prejudice all existing claims between them, in both the Federal and State courts after Circle satisfies all of its obligations in the Agreement. Circle paid the Company a total sum of $300,000. Circle granted 3 million shares of Circle's registered-for-resale and unrestricted common stock to the Company. The Company received a stock certificate for three million unregistered shares of Circle's common stock. All other obligations between the parties have been mutually resolved and neither party has admitted wrong-doing or liability of any kind.

On December 13, 2010, Ventures received a letter from the minority members of InStride Ventures claiming that Ventures breached its fiduciary duty to InStride Ventures by entering into an Agreement with United States Pharmaceutical Group, LLC (“USPG”) on May 28, 2010 and demanding that the Company protect and the rights of InStride Ventures. InStride Ventures had previously entered into a product distribution agreement with USPG on September 4, 2008 and the minority members contend that the May 28, 2010 agreement bypassed the rights of InStride Ventures LLC. No further action has been taken by the minority members of InStride Ventures. The Company believes that the claims set forth in the demand letter are without merit and will vigorously defend these claims.

We are, from time to time, involved in various legal proceedings in the ordinary course of business. We do not believe that the resolution of any currently pending legal proceedings, either individually or taken as a whole, will have a material adverse effect on our business, results of operations or financial condition. Nevertheless, we cannot assure you that lawsuits, arbitrations or other litigation will not have a material adverse effect on our business, financial condition or results of operations. We anticipate that we will continue to be subject to litigation and arbitration proceedings in the ordinary course of business. There can be no assurance that any such future litigation will not have a material adverse effect on our business, financial condition or results of operations.

ITEM 4. [REMOVED AND RESERVED]

PART II

ITEM 5.

MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND SMALL BUSINESS ISSUER PURCHASES OF EQUITY SECURITIES

Market Price of our Common Stock.

The Company's common stock is trading over-the-counter in the pink sheets under the symbol "GFME.PK"

At August 23, 2011 the Company had 5,088,759 shares of common stock outstanding, held by 41 shareholders of record. This does not reflect persons or entities that held their stock in nominee or "street" name. The following table sets forth the high and low bid quotations per share as reported inby the pink sheets for the periods stated. The quotations set forth below reflect inter-dealer prices, without retail mark-up, mark-down or commission, and may not necessarily represent actual transactions.

2007 Quarterly Period	High Bid		Low Bid
First Quarter	$	3.74	$	3.00
Second Quarter	$	3.72	$	3.00
Third Quarter	$	3.77	$	3.20
Fourth Quarter	$	3.85	$	2.90
2008 Quarterly Period
First Quarter	$	3.40	$	1.90
Second Quarter	$	2.25	$	1.55
Third Quarter	$	1.55	$	0.35
Fourth Quarter	$	0.35	$	0.05

	High Bid		Low Bid

2009 Quarterly Period

First Quarter	$	0.20	$	0.05

Second Quarter	$	0.05	$	0.02

Third Quarter	$	0.05	$	0.02

Fourth Quarter	$	0.05	$	0.02

2010 Quarterly Period

First Quarter	$	0.05	$	0.03

Second Quarter	$	0.10	$	0.03

Third Quarter	$	0.85	$	0.10

Fourth Quarter	$	1.80	$	0.57

On August 23, 2011, the last sale price of our common stock in the pink sheets was $0.77 per share.

Recent Sales of Unregistered Shares.

On August 15, 2005, as consideration for the assignment of certain trademarks and rights to the name, image, signature, voice, likenesses, caricatures, sobriquets, and all other identifying features and indicia of Mr. Foreman to Ventures, Foreman was issued membership interests in Ventures, which membership interests will be exchangeable into approximately thirty-five percent (35%), or 1,799,753 shares, of the fully-diluted shares of common stock of the Company. Additionally, a trust of which George Foreman, Jr. and George Foreman III are the trustees was issued shares of the Company's Series A Preferred Stock, which shares entitle the holders thereof, voting separately as a class, to elect two (2) members of the Board. The membership interests and the Series A Preferred Stock were issued in private transactions exempt from registration under the Securities Act of 1933, as amended, in reliance on Section 4(2) thereof. The membership interests ~~are~~were ~~exchangeable~~exchanged, at Foreman's option, into shares of the Company's common stock aton ~~any~~May ~~time~~28, ~~or from time to time~~2010, at an exchange rate determined in accordance with the provisions of an investor rights agreement by and among the Company and Ventures, on the one hand, and Mr. Foreman and GFPI on the other hand.

On March 7 and March 31, 2008, the Company conducted closings under Securities Purchase Agreements of the same dates with various buyers (the "Securities Purchase Agreement"). The Securities Purchase Agreements were accepted by the Company, and became enforceable against it, on said closing dates. Pursuant to the Securities Purchase Agreements, as more fully set forth therein, the Company sold 8% Convertible Promissory Notes (the "Notes") in the aggregate principal amount of $1,000,000. The Notes are convertible into units of the Company at a conversion price of $2.50 per unit, subject to adjustment. Each unit consists of one share of the Company's common stock, par value $0.01 and one common stock purchase warrant, exercisable at a price of $3.00 per share, subject to adjustment. Each of the Notes is substantially identical in all material respects except as to the parties thereto, the amounts of securities purchased, the dates of execution, and other minor details. The Company expects that, when issued, each of the Warrants will likewise be substantially identical in all material respects. The buyers included two entities that are controlled by Seymour Holtzman. Mr. Holtzman was a director, chief executive officer and co-chairman of the board of directors of the Company until November 8, 2010. The buyers also include Jeremy Anderson, the chief financial officer of the Company. The aggregate sale price of the Notes was $1,000,000, and the Company paid no underwriting discounts or commissions. The proceeds of these sales were used to fund working capital and to further develop the Foreman brand. The sales were made in reliance upon an exemption from securities registration pursuant to Section 4(2) and/or Rule 506 of Regulation D and/or Regulation S as promulgated by the U.S. Securities and Exchange Commission under the Securities Act of 1933, as amended. The Company believes that these exemptions are available because, among other things, each of the buyers was, to the knowledge of the Company, an accredited investor who acquired the securities for investment purposes and agreed to restrictions on transfer.

Dividend Policy

The Company has not declared or paid any cash dividends on Common Stock and does not intend to declare or pay any cash dividend in the foreseeable future. The payment of dividends, if any, is within the discretion of the Board of Directors and will depend on the Company’s earnings, if any, its capital requirements and financial condition and such other factors as the Board of Directors may consider.

Issuer Purchases of Equity Securities

None.

Securities Authorized for Issuance under Equity Compensation Plans

None.

ITEM 6. SELECTED FINANCIAL DATA

Not applicable.

ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the consolidated financial statements contained in Item 8 of this Form 10-K.

Results of Operations

Year Ended December 31, ~~2008~~2010 Compared to Year Ended December 31, ~~2007~~2009

The Company's net sales were $1512,~~543,574~~541 for the year ended December 31, ~~2008~~2010. Sales were derived from ~~Northern~~UFood ~~Foods~~ ($~~113~~378,~~938~~398), ~~Vita~~NationsHealth ~~Ventures~~ ($150,~~048,168~~000), and Instride Ventures ($~~129~~84,~~051~~143) ~~and UFood ($252,417)~~. The cost of sales was $7137,~~607~~376 related to Instride Ventures' therapeutic footwear ~~and $180,864 for the Vita Ventures' Lifeshake product~~. The Company's net sales were $~~202~~595,~~203~~914 for the year ended December 31, ~~2007~~2009. Sales were derived from ~~the~~UFood ~~newly signed agreements with Northern Foods~~ ($43348,~~750~~032), ~~Vita~~Northern ~~Ventures~~Foods ($33142,~~973~~312), and Instride Ventures ($45105,~~447~~570) ~~and UFood ($79,033)~~. The cost of sales was $3242,~~625~~929 related to Instride Ventures' therapeutic footwear. As ~~and~~part ~~Vita~~of the NationsHealth Agreement signed on May 28, 2010, both Ventures and Foreman will share qualified lead income received from NationsHealth in addition to 10% of the net profits derived from the value of diabetic supplies. The Company's ~~Lifeshake~~licensing ~~product~~agreement with Northern Foods expired in September 2009.

Selling, general and administrative expenses were $2360,~~308,106~~886 for the year ended December 31, ~~2008~~2010, compared to $3539,~~044,511~~224 for the year ended December 31, ~~2007~~2009. Selling, general and administration expenses primarily consisted of marketing expenses and payroll and related expenses for accounting and legal personnel, professional and consulting fees, and Directors and Officers insurance, as well as other general corporate expenses. Selling, general and administrative expenses decreased by approximately $~~736~~178,000 incompared ~~2008.~~to ~~The~~last ~~decrease~~year inas ~~selling, general and administrative expenses was primarily due to~~ a ~~$1,000,000~~result ~~contingent liability recorded by the Company in 2007 for the issuance~~ of ~~preferred~~reduced ~~shares~~payroll toand ~~Mr.~~consulting ~~Foreman~~fees. ~~Legal~~ ~~and~~Consulting ~~professional~~ fees ~~decreased~~were byabout $7530,000 inhigher ~~2008.~~for Inthe ~~2007,~~year ~~there~~ended ~~were~~December ~~legal~~31, ~~fees~~2009. ~~associated~~As ina ~~negotiating~~result ~~and~~of ~~preparing~~ the ~~agreements~~May ~~with Northern Foods~~28, ~~Vita~~2010 ~~Ventures,~~agreement ~~Instride~~between Ventures and ~~Knowfat.~~Foreman ~~Accounting~~ and ~~audit fees were approximately $106~~GFPI,~~000~~ ~~higher~~Foreman inagreed ~~2007~~to aswaive aany ~~result~~consulting offees ~~the~~due ~~Company's~~to ~~restatement~~him. ofAlso, ~~its~~George ~~financial~~Foreman, ~~statements for 2005 during the year~~Jr. ~~Marketing~~ and ~~fulfillment~~George ~~expenses~~Foreman, ~~were approximately $400~~III,~~000~~ ~~higher~~former inemployees ~~2008~~of as the Company, ~~promoted~~agreed ~~and~~to ~~sold~~waive ~~diabetic~~any ~~shoes~~right ~~and~~to ~~the~~receive ~~LifeShake.~~any ~~Consulting~~amounts ~~fees~~due ~~were~~to ~~about~~them ~~$99,000~~under ~~higher~~their inemployment ~~2008~~contracts. inThis ~~connection~~was ~~with~~ the ~~Instride~~primary ~~Venture's~~reason ~~operations.~~payroll ~~Payroll~~costs ~~expenses~~ were ~~approximately~~about $36155,000 lower in ~~2008~~2010 ascompared ~~the~~to ~~Company eliminated one employee from its payroll~~2009.

AnOther ~~impairment~~expense ~~loss~~for ofthe ~~$909~~years ended December 31,~~629~~ 2010 and December 31, 2009 was ~~recorded~~$107,843 asand $684,339, respectively. Included in other income(expense) ~~during~~for the year ended December 31, ~~2008~~2010 is interest expense of $141,547 ~~whereas~~as ~~there~~the ~~was~~Company noaccrued ~~similar~~interest ~~loss~~on ~~during~~the ~~2007. The~~convertible ~~Company~~notes ~~determined~~issued ~~that~~in ~~its~~March ~~trade~~2008 ~~name~~at ~~was~~the ~~significantly~~default ~~impaired,~~rate of 15% and interest expense on amortization on discount of those same notes of $67,000. Ventures recorded angains ~~impairment~~on ~~charge~~the sale of UFood shares of $~~909~~100,~~629~~566 ~~for~~during the ~~quarter~~year ended ~~June~~December 3031, ~~2008~~2010. For the year ended December 31, ~~reflecting~~2009, interest expense was $82,663 and interest expense on amortization of the ~~entire~~notes ~~net~~was ~~book~~$400,000. ~~value~~George Foreman, Jr. and George Foreman, III, former employees of ~~these~~the ~~assets~~Company, agreed to waive any right to receive any amounts due to them under their employment contracts. ~~Similarly,~~Also ~~there~~included ~~was~~in noother ~~amortization~~expenses ~~expense~~for ~~recorded~~the ~~after~~year ended December 31, 2009 are holding losses on the ~~impairment~~UFood ~~charge~~shares ~~reduced~~of $147,018 and realized losses on the ~~net~~sale ~~book~~of ~~value~~the Z-Trim securities of $55,000. Included in other income(expense) for the ~~trade~~year ~~name~~ended toDecember 31, 2010 and 2009 is interest income on money market accounts of $~~-0-~~138 and $342, respectively.

~~Other~~There ~~income(expense)~~are ~~for~~both challenges and opportunities in the ~~year~~development ~~ended~~of ~~December~~the ~~31,~~current ~~2008~~products ~~was~~being ~~$(1,116,266)~~marketed. If ~~compared~~we are able to ~~$262,189~~capitalize ~~for~~on the ~~year~~recognition ~~ended~~of ~~December~~the 31George Foreman name over other less-recognizable promoters, ~~2007~~consumers may choose our product. ~~Included~~Our inbiggest ~~other~~challenge ~~income~~in ~~(expense)~~sales ~~for~~of the ~~year~~therapeutic ~~ended~~shoe ~~December~~being ~~31,~~sold ~~2008~~by isInStride ~~income~~Ventures ofappears ~~$750,000~~to onbe in the ~~settlement~~large ~~with~~pharmacy ~~Z-Trim~~retailers. Each ~~Holdings,~~retailer ~~Inc.,~~needs ~~see~~to ~~Item~~dedicate 3,resources ~~Legal~~to ~~Proceedings,~~properly ~~offset~~train ~~by interest~~and ~~expense~~promote onour ~~amortization~~product onto ~~discount~~ensure that diabetic patients are aware of the ~~Notes~~benefits ofin ~~$(333,000)~~using ~~and~~the ~~net~~shoe. The ~~interest~~licensing ~~expense~~agreement ofwith ~~$(59,581)~~UFood asmay ~~the~~or ~~Company~~may ~~paid~~not ~~interest~~be onsuccessful ~~the~~depending ~~convertible~~upon ~~notes~~UFood's ~~issued~~ability into ~~March~~grow ~~2008. Also~~and ~~included~~profitably inmanage ~~other~~their ~~expenses~~franchises. ~~for~~The ~~the~~licensing ~~year~~agreement ~~ended~~with ~~December~~NationsHealth ~~31,~~may ~~2008~~or ~~are~~may ~~unrealized~~not ~~holding~~be ~~losses~~successful independing ~~marketable~~upon ~~securities~~NationsHealth's ofability ~~UFood~~to promote and ~~Z-Trim~~profitably ~~Holdings,~~manage ~~Inc.~~their ~~shares~~core ofdiabetic ~~$(1,473,685)~~supply business. ~~Net~~The ~~interest~~success ~~income~~of ~~was~~the ~~$41,620~~LifeShake ~~for~~is ~~the~~dependent ~~year~~on ~~ended~~our ~~December~~partner’s ~~31,~~ability ~~2007. Other~~to ~~income~~market ~~for~~ the ~~year~~product ~~ended~~and ~~December~~fulfill ~~31,~~orders ~~2007~~in ~~also~~a ~~included~~timely ~~$220,569~~manner ofshould ~~unrealized~~any ~~holding~~test ~~gains~~marketing inindicate ~~marketable~~such ~~securities~~an ~~from~~opportunity ~~the~~for ~~UFood shares~~success.

There are both challenges and opportunities in the development of the current products being marketed. The products promoted in Vita Ventures through its infomercial are in the highly competitive health and wellness markets. If we are able to capitalize on the recognition of the George Foreman name over other less-recognizable promoters, consumers may choose our product. Our biggest challenge in sales of the therapeutic shoe being sold by InStride Ventures appears to be in the large pharmacy retailers. Each retailer needs to dedicate resources to properly train and promote our product to ensure that diabetic patients are aware of the benefits in using the shoe. The licensing agreement with UFood may or may not be successful depending upon UFood's ability to grow and profitably manage their franchises.

Critical Accounting Policies and Estimates

The SEC has recently issued Financial Reporting Release No. 60, "Cautionary Advice Regarding Disclosure About Critical Accounting Policies" ("FRR 60"), suggesting companies provide additional disclosure and commentary on those accounting policies considered most critical. FRR 60 considers an accounting policy to be critical if it is important to the Company's financial condition and results, and requires significant judgment and estimates on the part of management in its application as contemplated by FRR 60 based on our current state of operations. For a summary of all of the Company's significant accounting policies, including the accounting policies the Company believes to be critical, see Note 4 to the accompanying consolidated financial statements based on the Company's current activities.

Operating Lease Accruals

The Company has vacated possession of its premises subject to operating leases. See also Item 2, Part 1, of this Form 10-K.

Liquidity and Capital Resources

Net cash used in operating activities was $1111,~~217,882~~719 for the year ended December 31, ~~2008~~2010. The cash used resulted from the ~~Company's loss of $3,249,870, the~~ amortization of deferred royalties of $~~200~~362,~~000~~362, anand ~~increase~~gains inon ~~accounts~~the ~~receivable~~sale of ~~$124,091,~~UFood ~~lease~~shares ~~payments~~ of $82100,~~390~~566, aoffset ~~decrease~~by innet ~~accounts~~earnings ~~payable and accrued expenses~~ of $656,~~159~~436, ~~and~~a ~~marketable~~decrease ~~securities received~~ in aaccounts ~~legal~~receivable ~~settlement~~ of $~~450~~18,~~000~~693, ~~offset~~an byincrease ~~the change~~ in ~~unrealized~~accounts ~~holding~~payable ~~losses~~and onaccrued ~~the~~expenses ~~marketable securities~~ of $1150,~~473~~080,~~685,~~ ~~amortization~~an ~~expense~~increase ofin ~~$206,972,~~interest ~~impairment~~payable ~~charges~~ of $~~909~~109,~~629~~000, and the amortization of discounted notes of $~~333~~67,000.

Net cash provided by investing activities was $98143,~~000~~349 for the year ended December 31, ~~2008~~2010. This was the result of proceeds from athe ~~matured~~sale ~~time deposit~~ of ~~$250,000~~UFood shares of ~~which~~ $~~152~~143,~~000 was used to purchase another time deposit~~349.

Net cash provided by financing activities was $~~878~~40,~~195~~307 for the year ended December 31, ~~2008~~2010. This was ~~primarily~~ due to ~~$1,000,000~~net ~~from~~ proceeds ~~of convertible notes~~ received ~~in March as well as proceeds of $53,195 received~~ from related parties ~~offset by Vitaquest's $175,000 distribution from Vita Ventures~~.

At December 31, 2010, the Company had $170,996 in cash and cash equivalents compared to $99,059 at December 31, 2009. On March 7, 2008 and March 31, 2008, the Company sold Notes in the aggregate principal amount of $1,000,000. The Company does not believe that its existing cash and cash equivalents are sufficient to satisfy its current obligations. The Company expects that its primary use of cash over the short-term will be for the payment of expenses to develop sales of the therapeutic footwear of InStride Ventures LLC, possible test marketing of the LifeShake, costs associated with the operation as a public company (legal, accounting, consulting, insurance, etc.) and the repayment of its interest and debt under the Notes. To the extent that management of the Company develops the Foreman brand, it may have a significant impact on our liquidity.

At December 31, 2008, the Company had $102,944 in cash and cash equivalents compared to $344,631 at December 31, 2007. On March 7, 2008 and March 31, 2008, the Company sold Notes in the aggregate principal amount of $1,000,000. The Company can give no assurance that the Company's existing cash and cash equivalents are sufficient to satisfy its current obligations. The Company expects that its primary use of cash over the short-term will be for the payment of expenses to develop sales of the therapeutic footwear of InStride Ventures, possible test marketing of the LifeShake, costs associated with the operation as a public company (legal, accounting, consulting, insurance, etc.) and the repayment of its interest and debt under the Notes. To the extent that management of the Company develops the Foreman brand, it may have a significant impact on our liquidity.

Factors That May Affect Our Business, Financial Condition and Results of Operations

We are in default on certain debt obligations.

We have debt obligations of over $1 million that are currently in default under the Notes and we continue to face significant interest expenses under the Notes. A more detailed discussion of the Notes is set forth under Note 16 to our audited financial statements below. Our ability to generate cash flows from operations and to make scheduled payments on our indebtedness, including the notes, will depend on our future financial performance. Our future performance will be affected by a range of factors, many of which we cannot control, such as general economic and financial conditions in our industry or the economy at large. A significant reduction in operating cash flows resulting from changes in economic conditions, increased competition, or other events could increase the need for additional or alternative sources of liquidity and could have a material adverse effect on our business, financial condition, results of operations and prospects and our ability to service our debt, including the Notes, and other obligations. The Company is in default under the Notes due to its failure to pay principal and interest through July 2011 in the aggregate amount of $1,200,708.

A large percentage of our revenues are derived from a small number of customers.

For the year ended December 31, ~~2008~~2010, we derived approximately 1674% of our consolidated revenues from UFood and 10% from both ShopKo Stores and NationsHealth. Furthermore, our agreement with UFood expires in June 2011, which will significantly decrease our revenues going forward. ~~Approximately~~The ~~68%~~success of ~~our consolidated revenues for~~ the ~~year~~NationsHealth ~~ended~~agreement ~~December~~is ~~31,~~dependent ~~2008~~on ~~where~~NationsHealth’s ~~from~~ability ~~the~~and ~~sale~~desire ofto ~~the~~promote ~~LifeShake. The~~their ~~Company~~core ~~discontinued~~diabetic ~~the marketing of the LifeShake in 2008~~supplies. The Company is contemplating possible test marketing of the LifeShake but our cash shortage may limit our marketing ability. That being said, there are no apparent leads for additional revenue in the short or long term.

The Company's success will depend primarily upon its ability to exploit and protect the intellectual property rights that Mr. Foreman has assigned to Ventures.

Mr. Foreman has entered into numerous licensing, endorsement and other agreements over the last decade, and there can be no assurances that a third party will not assert a claim to some or all of the intellectual property rights that the Company believes have been assigned to Ventures. In addition, the PTO may cite preexisting trademark applications and registrations by third parties against, and prior trademark owners may oppose, future trademark applications by the Company or Ventures incorporating the George Foreman name. Further, even if the Company or Ventures were able to obtain acceptance of its trademark applications by the PTO, a significant number of similar marks registered by, and licensed to, third parties could diminish the value and protectability of the intellectual property held by the Company or Ventures. As Mr. Foreman gets older, the intellectual property rights that the Company has been assigned to Ventures may have diminishing market appeal/value.

Resignation of George Foreman, Sr. from the Board of Directors.

George Foreman, Sr. retired from the Board of Directors on May 28, 2010. Furthermore, Ventures is limited in the use of Mr. Foreman’s name and likeness to the products and categories it has already developed. Ventures may not explore the further development of the Foreman brand into new products and categories and may only promote and develop those agreements it has under the InStride, Vita Ventures, UFood, and NationsHealth. These limitations may significantly impede our ability to grow, which would adversely affect our financial conditions, results of operations and business prospects.

Our independent registered public accounting firm has issued a "going concern" opinion.

We ~~incurred a net loss of $3,249,870 and negative cash flows from operating activities of $1,217,882 for the year ended December 31, 2008. In addition, we~~ have a history of net losses and negative cash flows from operations and the remaining cash available at December 31, ~~2008~~2010 is $~~102~~170,~~944~~996. Our ability to continue as a going concern is dependent upon our ability to generate profitable operations in the future and/or obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. We cannot give assurance that we will achieve sufficient revenues in the future to achieve profitability and cash flow positive operations. The outcome of these matters cannot be predicted at this time and there are no assurances that, if achieved, we will have sufficient funds to execute our business plan or to generate positive operating results. Our independent registered public accounting firm has indicated that these matters, among others, raise substantial doubt about our ability to continue as a going concern.

~~Our stockholders may have difficulty in recovering monetary damages from directors.~~11

Our certificate of incorporation contains a provision, which eliminates personal liability of our directors for monetary damages to be paid to us and our stockholders for some breaches of fiduciary duties. As a result of this provision, our stockholders may be unable to recover monetary damages against our directors for their actions that constitute breaches of fiduciary duties, negligence or gross negligence. Inclusion of this provision in our certificate of incorporation may also reduce the likelihood of derivative litigation against our directors and may discourage lawsuits against our directors for breach of their duty of care even though some stockholder claims might have been successful and benefited stockholders.

Following the filing of this report, we will remain delayed in our SEC reporting obligations, we cannot assure you when we will complete our remaining SEC filings for periods subsequent to those included in this report, and we are likely to continue to face challenges related to the delayed filings until we complete these filings.

We continue to face challenges with regard to completing our remaining SEC filings for periods subsequent to those included in this report. We remain delayed with our SEC reporting obligations as of the filing date of this report and we cannot assure you that we will be able to complete our remaining filings for periods subsequent to those included in this report. Until we complete these remaining filings, we expect to continue to face many of the risks and challenges we have experienced during our extended filing delay period, including, without limitations:

the possibility that the SEC could commence an enforcement action against the Company;

continued concern on the part of customers, partners, investors, and employees about our financial condition and extended filing delay status, including potential loss of business opportunities;

continued distraction of our senior management team and our board of directors as we work to complete our remaining filings;

limitations on our ability to raise capital and make acquisitions; and

general reputational harm as a result of the foregoing.

Even if we complete our remaining filings for periods subsequent to those included in this report, we cannot assure you that all of the risks and challenges described above will be eliminated. For example, we cannot assure you that lost business opportunities can be recaptured or that general reputational harm will not persist.

Our stockholders may have difficulty in recovering monetary damages from directors.

Off-balance sheet arrangements

None.

Challenges and Opportunities

We face a number of challenges and opportunities in the near term. Our primary challenge is to raise sufficient cash to meet our operating activities. There is no assurance that we will be able to raise sufficient cash to meet those needs, if at all. Another challenge is that our products are marketed in highly competitive fields. Our primary opportunity is to most effectively use the well-known George Foreman name in our current product offerings.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable.

1312

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

Index to Consolidated Financial Statements
Report of Independent Registered Public Accounting Firms		15
Consolidated Balance Sheets As of December 31, 2008 and 2007		17
Consolidated Balance Sheets As of December 31, 2010 and 2009		16
Consolidated Statements of Operations For the years ended December 31, 2008 and 2007		18
Consolidated Statements of Operations For the years ended December 31, 2010 and 2009		17
Consolidated Statements of Stockholders' (Deficit) Equity For the years ended December 31, 2008 and 2007		19
Consolidated Statements of Stockholders' (Deficit) Equity For the years ended December 31, 2010 and 2009		18
Consolidated Statements of Cash Flows For the years ended December 31, 2008 and 2007		20
Consolidated Statements of Cash Flows For the years ended December 31, 2010 and 2009		19
Notes to Consolidated Financial Statements		2120

1413

Madsen & Associates, CPA's Inc.

684 East Vine Street

Murray, UT 84107

~~Report~~REPORT ofOF ~~Independent~~INDEPENDENT ~~Registered~~REGISTERED ~~Public~~PUBLIC ~~Accounting~~ACCOUNTING ~~Firm~~FIRM

ToBoard ~~the Shareholders~~ of Directors

George Foreman Enterprises, Inc.:

~~We have audited the accompanying consolidated balance sheet of George Foreman Enterprises~~Wilkes-Barre, Inc. (the "Company") as of December 31, 2008, and the related consolidated statements of operations, stockholders' deficiency, and cash flows for the year ended December 31, 2008. These consolidated financial statements are the responsibility of the Company's management.PA Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of George Foreman Enterprises, Inc. as of December 31, 2007, were audited by other auditors whose report, dated March 31, 2008, expressed a going concern opinion on those statements.18702

We have audited the accompanying consolidated balance sheets of George Foreman Enterprises, Inc. (collectively, the “Company”) as of December 31, 2010 and 2009, and the related statements of operations, deficiency and cash flows for the two years then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. We were not engaged to perform an audit of the Company’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.

In our opinion, the ~~consolidated~~2010 and 2009 financial statements ~~referred to above~~ present fairly, in all material respects, the financial position of ~~George~~the ~~Foreman~~Company ~~Enterprises, Inc.~~ as of December 31, ~~2008~~2010 and 2009, and the results of its operations and its cash flows ~~for~~each of the ~~year~~two ~~ended~~years ~~December~~then 31ended, ~~2008~~ in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming ~~that~~ the Company will continue as a going concern. As ~~discussed~~of inDecember ~~Note~~31, ~~3 to the consolidated financial statements~~2010, ~~the~~current ~~Company~~liabilities ~~has~~exceeded ~~suffered~~current ~~recurring~~assets ~~losses~~by ~~from~~$1.9 ~~operations~~million and ~~has~~had ~~negative~~a ~~cash~~stockholders’ ~~flows~~deficiency ~~from~~of ~~operations~~approximately ~~that~~$1.8 ~~raise substantial doubt about its ability to continue as a going concern~~million. ~~Management’s~~These ~~plans~~factors inand ~~regard~~others ~~to these matters are also~~ described in Note 3~~. The~~ ~~financial~~raise ~~statements~~substantial dodoubt ~~not~~about ~~include~~the ~~any~~Company’s ~~adjustments~~ability ~~that~~to ~~might~~continue ~~result~~as ~~from~~a ~~the~~going ~~outcome of this uncertainty~~concern.

~~/s/~~These ~~Madsen~~financial &statements ~~associates~~do not include any adjustments relating to the recoverability and classification of recorded assets, ~~CPA's~~or ~~Inc~~the amounts and classifications of liabilities that might be necessary in the event the Company cannot continue in existence.

~~February~~/s/ 25Madsen & Associates, ~~2011~~CPA's Inc. Madsen & Associates, CPA's Inc.

15August 22, 2011

~~Report of Independent Registered Public Accounting Firm~~14

To the Shareholders of

George Foreman Enterprises, Inc.:

We have audited the accompanying consolidated balance sheet of George Foreman Enterprises, Inc. (the "Company") as of December 31, 2007, and the related consolidated statement of operations, stockholders' equity, and cash flows for the year ended December 31, 2007. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of George Foreman Enterprises, Inc. as of December 31, 2007, and the results of its operations and its cash flows for the year ended December 31, 2007 in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company has suffered recurring losses from operations and has negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ Parente Randolph, LLC.

PARENTE RANDOLPH, LLC

Wilkes-Barre, Pennsylvania

March 31, 2008

GEORGE FOREMAN ENTERPRISES, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

	December 31,
	2008			2007
	2010			2009
ASSETS
Current assets:
Cash and cash equivalents	$	~~102~~170,~~944~~996		$	~~344~~99,~~631~~059
Time deposit		98,000			98,000
Accounts receivable, less allowance for doubtful accounts of $1,100 at December 31, 2010 and 2009		20,641			39,334
Accrued interest receivable		1,984			5,100
Prepaid expenses and other current assets		25,000			25,000
Accounts receivable, less allowance for doubtful accounts of $1,100 at December 31, 2008 and 2007		137,027			12,936
Marketable securities, at amortized cost		94,333			91,410
Prepaid expenses and other current assets		31,512			41,670
Total assets	$	310,970		$	254,803
Inventory		-			12,860
Marketable securities , $1,551,075 and $513,000 at cost at December 31, 2008 and 2007, respectively		297,959			733,569
Total current assets		669,426			1,248,766
Time deposit, net of current portion		54,000			152,000
Trade name-net of accumulated amortization of $983,115 at December 31, 2007		-			1,116,601
Total assets	$	723,426		$	2,517,367
LIABILITIES AND DEFICIENCY
Current liabilities:
Accounts payable and accrued expenses	$	~~414~~825,~~805~~121		$	~~479~~743,~~964~~662
Deferred royalties, current portion		~~466~~176,~~587~~396			~~234~~339,~~500~~509
Accrued interest payable		4113,208			-4,208
Lease obligation, current portion		87,036			81,980
Related party payables		136,063			95,756
Related party payables		76,357			23,162
Convertible notes payable, net of discount		1,000,000			933,000
		1,048,993			819,606
Total current liabilities		2,250,788			2,116,135
Long-term liabilities:
Contingent liability		-			1,000,000
Contingent liability		1,000,000			1,000,000
Deferred royalties, net of current portion		-			153,543
Convertible notes payable, net of discount		533,000			-
Total liabilities		2,250,788			3,269,678
Deferred royalties, net of current portion		470,200			314,212
Lease obligation, net of current portion		15,530			102,976
Total liabilities		3,067,723			2,236,794
Deficiency:
Series A Preferred Stock, $0.01 par value, 2 shares authorized, issued and outstanding at December 31, 2008 and 2007		30,000			30,000
Series A Preferred Stock, $0.01 par value, 2 shares authorized at December 31, 2010, and 2 shares authorized, issued and outstanding at December 31, 2009		-			30,000
Common stock, $0.01 par value, 25,000,000 shares authorized; 3,358,444 shares issued and 3,289,006 shares outstanding at December 31, 2008 and 2007		33,585			33,585
Common stock, $0.01 par value, 25,000,000 shares authorized; 5,158,197 issued and outstanding at December 31, 2010; 3,358,444 issued and outstanding at December 31, 2009		51,583			33,585
Additional paid-in capital		~~186~~188,~~393~~745,~~716~~120			~~185~~186,~~593~~393,716
Accumulated deficit		(~~189~~190,~~920~~648,~~678~~785	)		(~~187~~190,~~026~~651,~~317~~923	)
Treasury stock, 69,438 shares at cost		(91,533	)		(91,533	)
Total George Foreman Enterprises, Inc. and Subsidiaries		(3,554,910	)		(1,460,549	)
Total George Foreman Enterprises, Inc. and Subsidiaries Stockholders' Deficiency		(1,943,615	)		(4,286,155	)
Non-controlling interest		13,~~210,613~~797			1,~~741~~271,~~122~~280
Total deficiency		(21,~~344~~939,~~297~~818	)		(~~280~~3,~~573~~014,875	)
Total liabilities and deficiency	$	~~723~~310,~~426~~970		$	2254,~~517,367~~803

See accompanying notes to these consolidated financial statements.

1715

GEORGE FOREMAN ENTERPRISES, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

	For the Years Ended December 31,
	2008			2007
Sales	$	1,543,574		$	202,203
Costs and expenses:
Cost of goods sold		252,471			32,625
Selling, general and administrative		2,308,106			3,044,511
Impairment loss		909,629			-
Amortization		206,972			413,943
Total costs and expenses		3,677,178			3,491,079
Loss from operations		(2,133,604	)		(3,288,876	)
Other income/(expense):
Gain on settlement		750,000			-
Other than temporary impairment and realized gains/ (losses) on marketable securities		(1,473,685	)		220,569
Interest income		13,412			54,824
Interest expense on amortization on discount of notes		(333,000	)		-
Interest expense		(72,993	)		(13,204	)
Total other income/(expense)		(1,116,266	)		262,189
Net loss		(3,249,870	)		(3,026,687	)
Less: Net loss attributable to non-controlling interest		355,509			303,339
Net loss attributable to George Foreman Enterprises, Inc. and Subsidiaries	$	(2,894,361	)	$	(2,723,348	)
Loss per share basic and diluted:
Less per common share attributable to George Foreman Enterprises, Inc. and Subsidiaries common shareholders	$	(0.86	)	$	(0.81	)
Weighted average common shares outstanding – basic and diluted		3,358,444			3,358,444

For the Year Ended December 31

	2010			2009
Sales	$	512,541		$	595,914

Costs and expenses:
Cost of goods sold		37,376			42,929
Selling, general and administrative		360,886			539,224
Total costs and expenses		398,262			582,153

Income from operations		114,279			13,761

Other income/(expense):
Other than temporary impairment and realized gains (losses) on marketable securities		100,566			(202,018	)
Interest income		138			342
Accretion of interest expense on amortization on discount of notes		(67,000	)		(400,000	)
Interest expense		(141,547	)		(82,663	)
Total other income/(expense)		(107,843	)		(684,339	)

Net earnings (loss)		6,436			(670,578	)

Less: Net earnings attributable to non-controlling interest		(3,298	)		(60,667	)

Net earnings (loss) attributable to George Foreman Enterprises, Inc. and Subsidiaries	$	3,138		$	(731,245	)

Net earnings (loss) per common share - basic	$	0.00		$	(0.22	)

Net earnings (loss) per common share - diluted	$	0.00		$	(0.22	)

Weighted average common shares outstanding – basic		4,644,984			3,358,444

Weighted average common shares outstanding – diluted		5,444,984			3,358,444

See accompanying notes to these consolidated financial statements.

1816

GEORGE FOREMAN ENTERPRISES, INC. AND SUBSIDIARIES

Consolidated Statements of Stockholders' ~~(Deficit) Equity~~Deficiency

For the Years Ended December 31, ~~2008~~2010 and ~~2007~~2009

	Common Stock		Preferred Stock			~~Preferred~~Additional ~~Stock~~Paid-In Capital			Accumulated Deficit			~~Additional~~Treasury ~~Paid-In~~Stock			Non- Controlling interest			~~Treasury~~Total			~~Non- Controlling~~
	Shares		Amount			Shares			Amount			Capital			Deficit			Stock			interest			Total
Balance at January 1, 2009		33,585	$	30,000		$	186,393,716		$	(189,920,678	)	$	(91,533	)	$	1,210,613		$	(2,344,297	)
Balance at January 1, 2007		3,358,444	$	33,585			2		$	30,000		$	185,593,716		$	(184,302,969	)	$	(91,533	)	$	2,044,461		$	3,307,260
Net loss										(731,245	)					60,667			(670,578	)
Net loss																(2,723,348	)					(303,339	)		(3,026,687	)
Balance at December 31, 2009		33,585	$	30,000			186,393,716			(190,651,923	)	$	(91,533	)		1,271,280			(3,014,875	)
Balance at December 31, 2007		3,358,444		33,585			2			30,000			185,593,716			(187,026,317	)		(91,533	)		1,741,122			280,573
Common shares issued		17,998					(17,998	)											-
Issuance of warrants in connection with financing													800,000												800,000
Preferred shares cancelled				(30,000	)		30,000												-
Distributions to non-controlling interest																						(175,000	)		(175,000	)
Waiver of contingent liability							1,000,000												1,000,000
Net loss																(2,894,361	)					(355,509	)		(3,249,870	)
Forgiveness of debt							68,621												68,621
Balance at December 31, 2008		3,358,444	$	33,585			2		$	30,000		$	186,393,716		$	(189,920,678	)	$	(91,533	)	$	1,210,613		$	(2,344,297	)
Exchange of membership interest in subsidiary							1,270,781									(1,270,781	)		-
Net income										3,138						3,298			6,436
Balance at December 31, 2010	$	51,583	$	-		$	188,745,120		$	(190,648,785	)	$	(91,533	)	$	3,797		$	(1,939,818	)

See accompanying notes to these consolidated financial statements.

1917

GEORGE FOREMAN ENTERPRISES, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

	For the Years Ended December 31,
	2008			2007
CASH FLOWS USED IN OPERATING ACTIVITIES:
Net loss	$	(3,249,870	)	$	(3,026,687	)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment loss		909,629			-
Amortization expense		206,972			413,943
Amortization of deferred royalties		(350,000	)		(114,288	)
Amortization of discounted notes		333,000			-
Marketable securities received in settlement		(450,000	)		-
Other than temporary impairment and realized (gains)losses on marketable securities		1,473,685			(220,569	)
Changes in operating assets and liabilities:
Accounts receivable		(124,091	)		(12,936	)
Note receivable		-			5,000
Accrued interest receivable		3,116			16,792
Inventory		12,860			(12,860	)
Prepaid expenses and other current assets		10,158			61,230
Accounts payable and accrued expenses		(65,159	)		271,400
Accrued interest payable		4,208			-
Deferred royalties		150,000			150,000
Lease obligation		(82,390	)		(77,603	)
Contingent loss		-			1,000,000
Other assets		-			234
Net cash used in operating activities		(1,217,882	)		(1,546,344	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of time deposit		(152,000	)		(250,000	)
Proceeds from a matured time deposit		250,000			333,000
Net cash provided by investing activities		98,000			83,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from convertible notes		1,000,000			-
Proceeds of related party payable		53,195			23,162
Distribution of minority interests		(175,000	)		-
Contribution of minority interests		-			125,499
Net cash provided by financing activities		878,195			148,661
Net decrease in cash and cash equivalents		(241,687	)		(1,314,683	)
Cash and cash equivalents at beginning of period		344,631			1,659,314
Cash and cash equivalents at end of period	$	102,944		$	344,631
Supplemental disclosure of non-cash investing and financing activities,
Investment in common stock received in settlement	$	450,000		$	-
Investment in common stock in exchange for deferred royalties		588,075			513,000
Supplemental disclosure:
Income taxes paid	$	-		$	-
Interest paid	$	72,993		$	13,204

For the Year Ended December 31

	2010			2009
CASH FLOWS USED IN OPERATING ACTIVITIES:
Net earnings (loss)	$	6,436		$	(670,578	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of deferred royalties		(362,362	)		(474,204	)
Amortization of discounted notes		67,000			400,000
Other than temporary impairment and realized (gains) losses on marketable securities		(100,566	)		202,018
Changes in operating assets and liabilities:
Accounts receivable		18,693			97,693
Accrued interest receivable		-			1,984
Prepaid expenses and other current assets		-			6,512
Accounts payable and accrued expenses		150,080			328,857
Accrued interest payable		109,000			-
Lease obligation		-			(102,566	)
Net cash used in operating activities		(111,719	)		(210,284	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of marketable securities		143,349			35,000
Proceeds from a matured time deposit		-			152,000
Net cash provided by investing activities		143,349			187,000

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds of related party payable		50,000			19,399
Payment of related party payable		(9,693	)		-
Net cash provided by financing activities		40,307			19,399

Net increase (decrease) in cash and cash equivalents		71,937			(3,885	)
Cash and cash equivalents at beginning of period		99,059			102,944
Cash and cash equivalents at end of period	$	170,996		$	99,059

Supplemental disclosure of non-cash investing and financing activities,
Waiver of contingent liability	$	1,000,000		$	-
Forgiveness of debt from related party	$	68,621		$	-
Investment in common stock in exchange for deferred royalties	$	45,705		$	30,470

Supplemental disclosure:
Income taxes paid	$	-		$	-
Interest paid	$	32,547		$	82,663

See accompanying notes to these consolidated financial statements.

2018

GEORGE FOREMAN ENTERPRISES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, ~~2008~~2010 AND ~~2007~~2009

1.	ORGANIZATION

THE COMPANY

The consolidated financial statements include the accounts of George Foreman Enterprises, Inc, its wholly-owned subsidiary, George Foreman Management, Inc. ("the Company"), and its previously majority-owned subsidiary, George Foreman Ventures, LLC ("Ventures"), which became wholly-owned on May 28, 2010. G-Nutritional, Inc. is a wholly-owned subsidiary of Ventures through which a majority ownership position in Vita Ventures, LLC was acquired. Ventures also acquired a majority ownership position in InStride Ventures, LLC. The Company was formed in Delaware in April 1996. The Company’s operations are derived from licensing agreements and royalties received from the right to use the George Foreman name.

On August 15, 2005, the Company and Ventures entered into a series of agreements with George Foreman and George Foreman Productions, Inc. ("GFPI") pursuant to which, among other things, Mr. Foreman assigned certain trademarks and rights to the name, image, signature, voice, likenesses, caricatures, sobriquets, and all other identifying features and indicia of Mr. Foreman to Ventures, and GFPI agreed to furnish the personal services of Mr. Foreman to Ventures. In exchange, Mr. Foreman and GFPI were issued a 15% membership interest in Ventures. These membership interests ~~can be~~were, at GFPI and Mr. Foreman's option, exchanged into approximately thirty-five percent (35%), or 1,799,753 shares, of the fully-diluted shares of common stock of the Company on May 28, 2010. By exchanging these membership interests, Mr. Foreman and GFPI’s non-controlling interest of the Company was eliminated. The only remaining non-controlling interests are the 49.9% non-controlling members of InStride Ventures, LLC and Vita Ventures, LLC. In addition, a trust of which George Foreman, Jr. and George Foreman III are the trustees was issued two shares of the Company's Series A Preferred Stock, which shares entitle the holders thereof, voting separately as a class, to elect two (2) members of the Company's Board of Directors (the "Board"). The trust, as holder of such Series A Preferred Stock, has elected George Foreman and George Foreman, Jr. to serve as its designated directors on the Board. On May 28, 2010, George Foreman and George Foreman Jr. resigned as directors and waived all rights to the shares of preferred stock which was then cancelled by the Company.

As part of the May 28, 2010 agreement, Mr. Foreman agreed to waive any right to receive shares of preferred stock pursuant to the Registration Rights Agreement. See Note 14 for further information. George Foreman Jr. and George Foreman III, former employees of the Company, agreed to waive any right to receive any amounts due to them under their employment contracts. The parties agreed to terminate the Services and Assignment Agreements and all of the rights and obligations of the parties thereunder. The Company, Ventures, and each of the respective Affiliates agreed to cease and desist from any and all uses of, and shall not use, the Foreman Indicia, the Indicia Rights and/or the Marks, subject only to the licenses previously provided to Ventures for the use of the Foreman Indicia, the Indicia Rights, the Materials and/or the Marks solely in connection with and for the purpose of complying with and/or exercising its contractual rights, representations, commitments and obligations under the Ventures’ License Agreements.

Effective for the year ended December 31, 2009, the Company adopted the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The ASC was established as the sole source of US GAAP and superseded existing accounting and reporting guidance issued by the FASB, Emerging Issues Task Force and other sources. The ASC did not change US GAAP. All references to accounting standards in these consolidated financial statements correspond to ASC references.

2. RECENT DEVELOPMENTS

On May 28, 2010, the Company and Ventures entered into an agreement with George Foreman (“Foreman”) and GFPI, which restructured the contractual rights and obligations of the parties. In addition, Foreman and GFPI exchanged all of their membership interests in Ventures for the Company’s common stock under the Investor Rights Agreement entered into as of August 15, 2005. The parties agreed to terminate the Services and Assignment Agreements and all of the rights and obligations of the parties thereunder. Ventures agreed to sell, grant, assign and otherwise set over to Foreman and GFPI, solely and exclusively and forever, irrevocably and unconditionally, all of their right, title and interest, of every nature and description, whether or not such rights are now known, recognize or contemplated, including the right to enforce the same for all past, present and future infringements, in and to: the Foreman Indicia and the Indicia Rights, marks any and all registrations of, and applications to register, the Marks filed in the United States Patent and Trademark Office, in any states within the United States and anywhere else in the world; and all materials created or produced using the Marks, the Foreman Indicia and/or Indicia Rights including, without limitation, all copyrights therein.

Foreman and GFPI Parties agreed to waive any right to receive shares of preferred stock pursuant to the Registration Rights Agreement (see Note ~~15 below~~14) and any amounts due to them. Foreman and George Foreman Jr. resigned from the Company’s board of directors immediately upon the execution of this agreement. George Foreman Jr. and George Foreman III, former employees of the Company, agreed to waive any right to receive any amounts due to them under their employment contracts. As a result of this waiver by George Foreman Jr. and George Foreman III, George Foreman Management Inc. recognized forgiveness of indebtedness of $68,621. When these rights were waived, the Company reclassified the elimination of the $68,621 payroll accrual to additional paid-in capital

21Ventures entered into another Agreement with Foreman and United States Pharmaceutical Group, LLC (d/b/a NationsHealth) (“NationsHealth”) on May 28, 2010 pursuant to which Foreman was appointed as NationsHealth’s exclusive spokesman for core diabetic supplies and Foreman granted NationsHealth, through the Agreement with Ventures, an exclusive worldwide license to use the Foreman name, likeness, image and signature in connection with advertising to promote the core diabetic supplies. As part of the Agreement, both Ventures and Foreman will share qualified lead income received from NationsHealth in addition to 10% of the net profits derived from the value of diabetic supplies

On December 13, 2010, Ventures received a demand letter from the minority members of InStride Ventures claiming that Ventures breached its fiduciary duty to InStride Ventures by entering into this Agreement with NationsHealth on May 28, 2010. InStride Ventures had previously entered into a product distribution agreement with NationsHealth on September 4, 2008 and the minority members contend that the May 28, 2010 agreement bypassed the rights of InStride Ventures LLC. The Company believes that the claims set forth in the demand letter are without merit and will vigorously defend these claims.

3.	GOING CONCERN

As shown in the accompanying consolidated financial statements, the Company ~~incurred~~has aliabilities ~~net~~in ~~loss~~excess of ~~$3,249,870 for the year ended December 31, 2008. In addition, the Company is currently in default with~~ its ~~debt~~ ~~holders~~assets, has a history of net losses and negative cash flows from operations, mainly due to its inability to generate significant revenues to date, and the remaining cash available at December 31, ~~2008~~2010 is $~~102~~170,~~944~~996. These factors create substantial doubt about the Company's ability to continue as a going concern. Management of the Company is developing a plan to meet the Company's long-term cash needs. The ability of the Company to continue as a going concern is dependent on the plan's success. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

On March 7, 2008, the Company sold 8% Convertible Promissory Notes (the “Notes”) in the aggregate principal amount of $800,000 (see Note 1615 below). The Notes are convertible into units of the Company at a conversion price of $2.50 per unit, subject to adjustment. Each unit consists of one share of the Company’s common stock, par value $0.01 and one common stock purchase warrant, exercisable at a price of $3.00 per share, subject to adjustment. The proceeds from these transactions have been used to fund working capital. The buyers of the Notes included two entities that are controlled by Seymour Holtzman. Mr. Holtzman was a director, chief executive officer and co-chairman of the board of directors of the Company until November 8, 2010. The buyers also included Jeremy Anderson, the chief financial officer of the Company.

The Company sold 8% Convertible Notes on March 31, 2008 in the aggregate principal amount of $200,000. The Notes are also convertible into units of the Company at a conversion price of $2.50 per unit, subject to adjustment. Each unit consists of one share of the Company’s common stock, par value $0.01 and one common stock purchase warrant, exercisable at a price of $3.00 per share, subject to adjustment. The proceeds from these transactions have been used to fund working capital. The amounts raised in these two transactions were not sufficient to ensure the Company's ability to continue as a going concern.

The Company's success will depend primarily upon its ability to exploit and protect the intellectual property rights that Mr. Foreman has assigned to NationsHealth through the Agreement with Ventures. Mr. Foreman has entered into numerous licensing, endorsement and other agreements over the last decade, and there can be no assurances that a third party will not assert a claim to some or all of the intellectual property rights that the Company believes have been assigned to Ventures. In addition, the United States Patent and Trademark Office ("the "PTO") may cite preexisting trademark applications and registrations by third parties against, and prior trademark owners may oppose, future trademark applications by the Company or Ventures incorporating the George Foreman name. Further, even if the Company or Ventures were able to obtain acceptance of its trademark applications by the PTO, a significant number of similar marks registered by, and licensed to, third parties could diminish the value and protectability of the intellectual property held by the Company or Ventures.20

The Company's ~~can~~success ~~give~~will nodepend ~~assurance~~primarily ~~that~~upon ~~the~~its ~~Company's~~ability ~~existing~~to ~~cash~~exploit and ~~cash~~protect ~~equivalents~~the ~~are~~intellectual ~~sufficient~~property torights ~~satisfy~~that ~~its~~Mr. ~~current~~Foreman ~~obligations~~has assigned to Ventures. ~~The~~Furthermore, ~~Company~~Ventures ~~believes~~is ~~its~~limited ~~current~~in ~~obligations~~the ~~will~~use ~~primarily~~of ~~relate~~Mr. Foreman’s name and likeness to ~~costs~~the ~~associated~~products ~~with~~and categories it has already developed. Ventures may not explore the further development of the Foreman brand into new products and categories and may only promote and develop those agreements it has under the ~~repayment~~InStride, Vita Ventures, Ufood, and NationsHealth. These limitations may significantly impede our ability to grow, which would adversely affect our financial conditions, results of operations and business prospects. Mr. Foreman has entered into numerous licensing, endorsement and other agreements over the last decade, and there can be no assurances that a third party will not assert a claim to some or all of the intellectual property rights that the Company believes have been assigned to Ventures. In addition, the United States Patent and Trademark Office ("the "PTO") may cite preexisting trademark applications and registrations by third parties against, and prior trademark owners may oppose, future trademark applications by the Company or Ventures incorporating the George Foreman name. Further, even if the Company or Ventures were able to obtain acceptance of its ~~debt~~trademark ~~under~~applications by the ~~Notes~~PTO, a significant number of similar marks registered by, and licensed to, third parties could diminish the value and protectability of the intellectual property held by the Company or Ventures.

22The Company can give no assurance that the Company's existing cash and cash equivalents are sufficient to satisfy its current obligations. The Company expects that its primary use of cash over the short-term will be for the payment of expenses to develop sales of the therapeutic footwear of InStride Ventures LLC, possible test marketing of the LifeShake, costs associated with the operation as a public company (legal, accounting, consulting, insurance, etc.) and the repayment of its interest and debt under the Notes. Ventures is limited in the use of Mr. Foreman’s name and likeness to the products and categories it has already developed. Ventures may not explore the further development of the Foreman brand into new products and categories and may only promote and develop those agreements it has under the InStride, Vita Ventures, Ufood, and NationsHealth. These limitations may significantly impede our ability to grow, which would adversely affect our financial conditions, results of operations and business prospects.

4.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

PRINCIPALS OF CONSOLIDATION

The financial statements include the accounts of the Company and the Company’s subsidiaries and majority-owned subsidiaries. All material intercompany balances and transactions have been eliminated. For the consolidated subsidiaries in which the Company’s ownership is less then 100 percent (100%), the outside stockholders’ interest are shown as non-controlling interest. The non-controlling interest of the Company’s earnings or loss is classified as net earnings or loss attributable to non-controlling interests in the consolidated statement of operations.

CASH AND CASH EQUIVALENTS

The Company considers all highly-liquid investments with an original maturity date of three months or less when purchased to be cash equivalents.

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS

Accounts receivable are recorded at amounts the Company expects to collect. The Company calculates allowances for estimated losses resulting from the inability of customers to make required payments. The Company does not require collateral on credit sales and reviews its accounts receivable aging on a regular basis to determine if any of the receivables are past due. While historical loss experience is utilized in determining the Company’s allowance for doubtful accounts, the Company believes this factor may not by itself provide an accurate depiction of future losses, given the current economic conditions. If the financial condition of the Company’s customers were to deteriorate, to the extent that their ability to make payments is impaired, additional allowances may be required. The Company writes off all uncollectible trade receivables against its allowance for doubtful accounts.

MARKETABLE SECURITIES

The Company generally classifies its equity securities as “available for sale” and, accordingly, reflects unrealized gains and losses, net of deferred income taxes, as a component of accumulated other comprehensive income (loss). The Company periodically reviews its marketable securities and determines whether the investments are other-than-temporarily impaired. If the investments are deemed to be other-than-temporarily impaired, the investments are written down to their then current fair market value. During the years ended December 31, ~~2008~~2010 and ~~2007~~2009, the Company recorded impairment charges ~~and realized losses~~ of $~~1,473,685~~-0- and ~~realized gains of~~ $~~220~~147,~~569~~018, respectively, related to certain of its investments.

REVENUE RECOGNITION

The Company recognized revenue in accordance with the guidance contained in ASC 605, (“Revenue Recognition”). Revenue is recognized from earnings from license fee arrangements for use of the George Foreman name. Revenues are recognized on a straight-line basis over the life of the contracts. Any unearned portion of the license fees received isare recorded as deferred royalties on the Company’s consolidated balance sheet.

INCOME TAXES

The Company accounts for income taxes under the asset and liability method, in accordance with Financial Accounting Standards Board (“FASB”) ~~Issued Statement of Financial~~ Accounting Standards Codification (~~"SFAS"~~“ASC”) ~~No. 109~~740, ~~("Accounting for~~ “Income Taxes")” (~~"SFAS 109"~~“ASC740”), which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company records net deferred tax assets to the extent that the Company believes that these assets will more-likely-than-not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial results. In the event that the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of its net recorded amount, the Company would make an adjustment to the valuation allowance, which would reduce the provision for income taxes.

The principal item giving rise to deferred taxes is expenses deductible for tax purposes that are not deductible for book purposes and a net operating loss carry forward.

IMPAIRMENT OF LONG-LIVED ASSETS

The Company records impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows expected to be generated by those assets are less than the carrying amount of those items. The Company's cash flow estimates are based on limited operating history and have been adjusted to reflect management's best estimate of future market and operating conditions. The net carrying values of assets deemed not recoverable are reduced to fair value. The Company's estimates of fair value represent management's best estimates based on industry trends.

~~STOCK~~NET ~~BASED~~EARNINGS ~~COMPENSATION~~(LOSS) PER SHARE

~~Effective~~Basic ~~for~~earnings ~~the~~(loss) ~~quarter~~per ~~ended~~share ~~March~~excludes ~~31,~~dilution ~~2006,~~ and ~~thereafter,~~is ~~the~~computed ~~Company~~by ~~adopted~~dividing ~~SFAS~~earnings ~~No.~~(loss) ~~123R,~~available ~~Share-Based~~to ~~Payment,~~common instockholders ~~accounting~~by ~~for~~the ~~its~~weighted ~~employee~~average ~~stock~~number ~~options~~of common shares outstanding for the period. ~~SFAS~~Diluted ~~No.~~earnings ~~123R~~(loss) ~~requires~~per share reflects the ~~Company~~potential todilution ~~recognize~~that ascould ~~compensation~~occur ~~expense~~if ansecurities ~~amount~~or ~~equal~~other contracts to ~~the~~issue ~~grant~~common ~~date~~stock ~~fair~~were ~~value~~exercised ofor converted into common stock or resulted in the issuance of common stock ~~options~~that ~~issued~~then ~~over~~shares in the ~~required~~earnings ~~service~~(loss) ~~period~~of the Company. ~~Compensation~~Certain ~~cost~~unexercised ~~was~~stock ~~measured~~options ~~using~~and stock warrants to purchase shares of the ~~modified~~Company's ~~prospective~~common ~~approach~~stock ~~provided~~as ~~under~~of ~~SFAS~~December ~~No.~~31, ~~123R~~2010 and, ~~consequently~~2009, were excluded in the computation of diluted earnings (loss) per share because the options' and warrants’ exercise price was greater than the average market price of the Company's ~~has~~common ~~not~~stock ~~retroactively~~and ~~adjusted~~the ~~results~~effect ~~from~~would ~~prior~~be ~~periods~~antidilutive. ~~There~~For ~~was~~the noyears ~~option~~ended ~~activity~~December to31, ~~report~~2010 inand ~~2007~~2009, ~~and~~there ~~2008~~were 1,515,000 potential common shares outstanding.

~~NET LOSS PER SHARE~~22

~~Basic~~The ~~earnings (loss) per share excludes dilution and is computed by dividing earnings (loss) available to common stockholders by the~~ weighted average ~~number of common~~ shares outstanding ~~for~~used the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the ~~issuance~~computation of ~~common~~basic ~~stock that then shares in the earnings (loss) of the Company. Certain unexercised stock options~~ and ~~stock warrants to purchase shares of the Company's common stock as of December 31, 2008 and 2007, were excluded in the computation of~~ diluted earnings (loss) per share ~~because~~are ~~the~~as options' and warrants’ exercise price was greater than the average market price of the Company's common stock and the effect would be antidilutive. For the years ended December 31, 2008 and 2007, there were 6,603,759 and 5,822,151 potential total common shares outstanding, respectively.follows:

	2010		2009
Weighted average shares outstanding - basic		4,644,984		3,358,444

Potential common shares		800,000		-

Weighted average shares - diluted		5,444,984		3,358,444

USE OF ESTIMATES

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. On an on-going basis, the Company evaluates its estimates, including those related to future cash flows associated with impairment testing for long-lived assets. The Company bases its estimates on assumptions that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

RECENT ACCOUNTING PRONOUNCEMENTS

InThe ~~December 2007, the FASB simultaneously issued SFAS No. 141R, “Business Combinations (2007 Amendment),” and SFAS 160, Noncontrolling Interests in Consolidated~~ Financial Statements, an Amendment of ARB 51.” Both standards update United States guidance on accounting for “noncontrolling interests,” sometimes referred to as minority interests, which interests represent a portion of a subsidiary not attributable, directly or indirectly, to a parent. FASB and the International Accounting Standards Board (“~~IASB~~FASB”) ~~have~~has ~~been~~published ~~working~~an ~~together~~update to ~~promote~~the ~~international convergence of~~ accounting ~~standards.~~guidance ~~Prior~~on tofair ~~promulgation~~value ofmeasurements ~~these~~and ~~new~~disclosures ~~standards~~as ~~there~~it ~~were~~relates ~~specific~~to ~~areas~~investments in ~~accounting~~certain ~~for~~entities ~~business~~that ~~acquisitions~~calculate innet ~~which~~asset ~~conversion~~value ~~was~~per ~~not~~share ~~achieved.~~(or ~~The~~its ~~objective~~equivalent). ofThis ~~both~~accounting ~~standards~~guidance ispermits ~~to improve the relevance, comparability, and transparency of the financial information that~~ a reporting entity provides in “business combinations” and consolidated financial statements by establishing accounting and reporting standards. In business combinations it is accomplished by establishing principles and requirements concerning how an “acquirer” recognizes and measures identifiable assets acquired, liabilities assumed, and noncontrolling interest in the acquiree, as well as goodwill acquired in the combination or gain from a bargain purchase; and determines information to bemeasure ~~disclosed to enable users to evaluate~~ the ~~nature~~fair ~~and~~value ~~effects~~ of ~~business~~certain ~~combinations.~~investments Inon ~~consolidated financial statements~~ the ~~standards~~basis ~~require: identification~~ of ~~ownership~~the ~~interests~~net ~~held~~asset invalue ~~subsidiaries~~per byshare ~~parties~~of ~~other than~~ the ~~parent~~investment ~~be clearly identified, labeled and presented in consolidated financial position within equity~~ (~~rather~~or ~~than~~its ~~“mezzanine” between liabilities and equity~~equivalent). ~~separately~~This ~~from~~update ~~amounts~~also ~~attributed~~requires tonew ~~the parent~~disclosures, ~~with~~by ~~net~~major ~~income~~category ~~attributable~~of toinvestments, ~~the~~about ~~parent and to~~ the ~~minority~~attributes ~~interest~~of ~~clearly~~investments ~~identified~~included ~~and~~within ~~presented on~~ the ~~face~~scope of ~~consolidated~~this ~~statements of income~~update. The ~~standards also provide~~ guidance in ~~situations~~this ~~where~~update ~~the~~is parent’s ownership interest in a subsidiary changes while the parent retains its controlling financial interest. The standard also provides guidance on recording a gain or loss based on fair value in situations involving deconsolidation of a subsidiary. Entities must provide sufficient disclosures that distinguish between interests of the parent and that of the noncontrolling interest. Both standards are effective for ~~fiscal~~interim ~~years~~ and ~~interims~~annual ~~beginning~~periods onending or after December 15, ~~2008 (that is January 1,~~ 2009~~) for entities with calendar years~~. ~~Earlier~~The adoption ~~is prohibited. The standards shall be applied prospectively as~~ of ~~the~~this ~~beginning~~standard ofdid ~~the~~not ~~fiscal~~have year in which initially applied, except for the presentation and disclosure requirements, which shall be applied retrospectively for all periods presented. The Company decided to early adopt SFAS 160 and the adoption had a material impact on the Company'’s ~~consolidated~~results ~~statement~~ of operations, ~~and~~ financial ~~position~~condition or cash flows.

~~In September 2006, the FASB issued SFAS No~~5. ~~157,~~ ~~Fair~~FAIR ~~Value~~VALUE Measurements (“SFAS 157”). SFAS 157 clarifies the definition of fair value, establishes a framework for measuring fair value and expands disclosures on fair value measurements. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years; however, the FASB did provide a one year deferral for the implementation of SFAS 157 for other nonfinancial assets and liabilities.MEASUREMENT

~~SFAS~~The ~~157~~Company ~~establishes~~utilizes athe ~~valuation~~accounting ~~hierarchy~~guidance for ~~disclosure~~fair ofvalue ~~the~~measurements ~~inputs~~and todisclosures ~~valuation~~for ~~used~~all tofinancial ~~measure~~assets ~~fair~~and ~~value.~~liabilities ~~This~~and ~~hierarchy~~nonfinancial ~~prioritizes~~assets ~~the~~and ~~inputs~~liabilities ~~into~~that ~~three~~are ~~broad~~recognized ~~levels~~or asdisclosed ~~follows.~~at ~~Level~~fair 1value ~~inputs~~in ~~are~~the ~~quoted~~condensed ~~prices~~consolidated ~~(unadjusted)~~financial instatements ~~active~~on ~~markets~~a ~~for~~recurring ~~identical~~basis ~~assets~~ or ~~liabilities.~~on ~~Level~~a 2nonrecurring ~~inputs~~basis ~~are~~during ~~quoted~~the ~~prices~~reporting ~~for~~period. The ~~similar~~fair ~~assets~~value ~~and~~is ~~liabilities~~an inexit ~~active~~price, ~~markets~~representing orthe ~~inputs~~price that ~~are~~would ~~observable~~be ~~for~~received ~~the~~to sell an asset or paid to transfer a liability, ~~either~~in ~~directly~~an ororderly ~~indirectly~~transaction ~~through~~between market ~~corroboration,~~participants ~~for~~based ~~substantially~~upon the ~~full~~best ~~term~~use of the ~~financial~~asset ~~instrument.~~or ~~Level~~liability 3at ~~inputs~~the ~~are~~measurement ~~unobservable~~date. The ~~inputs~~Company ~~based~~utilizes onmarket ~~management’s~~data ~~own~~or assumptions ~~used~~that tomarket ~~measure~~participants ~~assets~~would ~~and~~use ~~liabilities~~in atpricing ~~fair~~the ~~value. A financial~~ asset or liability’s. The ~~classification~~accounting ~~within~~guidance ~~the~~establishes ~~hierarchy~~a isthree-tier ~~determined~~fair ~~based~~value onhierarchy, which prioritizes the ~~lowest~~inputs ~~level~~used ~~input~~in ~~that~~measuring isfair ~~significant~~value. These totiers ~~the~~are ~~fair~~defined ~~value~~as ~~measurement.~~follows:

~~The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2008:~~23

			Fair Value Measurements at December 31, 2008 Using
	Total Carrying value as of December 31, 2008		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Marketable Securities	$	297,959	$	297,959	$	—	$	—
Total	$	297,959	$	297,959	$	—	$	—

Level 1 - Observable inputs such as quoted market prices in active markets

25Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable

~~Marketable securities are measured at fair value using quoted market prices and are classified within~~ Level 13 of- ~~the~~Unobservable ~~valuation~~inputs ~~hierarchy.~~about ~~The~~which ~~Company~~little ~~realized~~or ~~cumulative~~no ~~holding~~market ~~losses~~data ~~from marketable securities of $893~~exists,~~116~~ attherefore ~~December~~requiring ~~31,~~an ~~2008,~~entity asto ~~management~~develop ~~determined~~its ~~the~~own ~~investments were other than temporarily impaired (See Note 7).~~assumptions

5As of December 31, 2010, the Company held certain financial assets that are measured at fair value on a recurring basis. These ~~PREPAID~~consisted ~~EXPENSES~~of ~~AND~~cash ~~OTHER~~and ~~CURRENT~~cash ~~ASSETS~~equivalents and investments in marketable securities. The fair value of the cash and cash equivalents and marketable securities is determined based on quoted market prices in public markets and is categorized as Level 1. The Company does not have any financial assets measured at fair value on a recurring basis as Level 2 or Level 3 and there were no transfers in or out of Level 1, Level 2 or Level 3 during the year ended December 31, 2010.

~~Prepaid~~The ~~expenses~~following ~~and~~table ~~other~~sets ~~current~~forth ~~assets~~by ~~at December 31~~level, ~~2008~~within ~~and~~the ~~2007~~fair ~~were~~value ~~$31~~hierarchy,~~512~~ ~~and~~the ~~$41,670,~~Company’s ~~respectively. Balances~~financial ofassets ~~$31,512~~accounted ~~and~~for ~~$35,000~~ at ~~December~~fair ~~31,~~value ~~2008~~on ~~and~~a ~~2007,~~recurring ~~respectively~~basis ~~represent~~as ~~prepaid~~of ~~insurance~~December ~~for~~31, ~~the~~2010 ~~Directors~~ and ~~Officers Liability Policy~~2009. ~~The amounts are being expensed monthly over the life of the policy.~~

6. INTANGIBLE ASSETS – TRADE NAME

	Assets at Fair Value as of December 31, 2010 and
	'December 31, 2009
			Quoted Prices
			in
			Active		Significant		Significant
			Markets		Other		Other
			for Identical		Observable		Unobservable
			Assets		Inputs		Inputs
December 31, 2010	Total		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	170,995	$	170,995	$	-	$	-
Available for sale marketable securities		94,333		94,333		-		-
Total	$	265,328	$	265,328	$	-	$	-

December 31, 2009	Total		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	99,059	$	99,059	$	-	$	-
Available for sale marketable securities		91,410		91,410		-		-
Total	$	190,469	$	190,469	$	-	$	-

OnMarketable ~~August~~securities ~~15,~~are ~~2005,~~measured ~~the~~at ~~Company~~fair ~~and~~value ~~Ventures,~~using ~~entered~~quoted ~~into~~market aprices ~~series of agreements with George Foreman~~ and ~~GFPI~~are ~~pursuant~~classified towithin ~~which,~~Level ~~among~~1 ~~other~~of ~~things,~~the Mrvaluation hierarchy. As ~~Foreman~~of ~~assigned~~December ~~certain trademarks and rights to the name~~31, ~~image~~2009, ~~signature,~~management ~~voice,~~determined ~~likenesses,~~the ~~caricatures,~~investments ~~sobriquets,~~were ~~and all~~ other-than-temporarily ~~identifying~~impaired ~~features~~ and ~~indicia~~recorded ~~of Mr. Foreman to Ventures, and GFPI agreed to furnish~~ the ~~personal~~investments ~~services~~at ofamortized ~~Mr.~~fair ~~Foreman to Ventures~~value. ~~The~~In ~~initial~~accordance ~~capital~~with ~~contribution~~ASC ~~of intellectual property by Mr. Foreman and George Foreman Productions~~###-##-####, ~~Inc.~~the ~~was~~investments ~~valued~~should ~~for~~not ~~consolidated~~be ~~financial~~adjusted ~~statement purposes at $2,099,716. The intangible asset was being amortized over its five year estimated useful life. The Company recorded amortization expense of $206,972~~ for ~~the~~subsequent ~~year~~recoveries ~~ended~~in ~~December~~fair ~~31, 2008~~value.

~~Intangible assets that are subject to amortization are evaluated for impairment.~~ The Company ~~uses~~has aother ~~un-discounted~~financial ~~cash~~instruments, ~~flow~~such ~~analysis~~as ~~method~~receivables, ofaccounts ~~assessing~~payable ~~impairment~~and ofother ~~these~~liabilities, ~~assets. Significant~~notes ~~management~~payable ~~judgment~~and iscustomer ~~required in the forecasting of future operating results~~deposits, which ~~are~~have ~~used~~been inexcluded ~~the~~from ~~preparation of~~ the ~~projected~~tables ~~non-discounted cash flows~~above. Due to ~~recurring~~the ~~losses~~short-term ~~and~~nature ~~negative~~of ~~cash~~these ~~flows from operations~~instruments, ~~in 2008~~ the ~~Company~~carrying ~~evaluated~~value ~~its~~of ~~intangible assets for impairment. To date~~receivables, ~~the~~accounts ~~Company~~payable ~~has~~and ~~not~~other ~~been~~liabilities, ~~successful~~notes inpayable ~~achieving its financial projections~~ and ~~cash~~customer ~~flow~~deposits ~~estimates. Fair~~approximate ~~value~~their ~~was~~fair ~~estimated using an undiscounted cash flow method~~values. AsThe aCompany ~~result~~did ~~and~~not ~~based~~have onany ~~our~~other ~~performance~~financial toliabilities ~~date~~within ~~and~~ the ~~lack~~scope of ~~history of meeting our financial projections,~~ the ~~Company~~fair ~~determined~~value ~~that~~disclosure ~~the~~requirements ~~trade~~as ~~name was impaired and recorded an impairment charge~~ of ~~$909,629,~~December ~~the unamortized balance~~31, ~~during the quarter ended June 30, 2008 reducing the amount to $-0-~~2010.

6.	PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets at December 31, 2010 and 2009 were $25,000, respectively. These balances represent prepaid insurance for the Directors and Officers Liability Policy. The amounts are being expensed monthly over the life of the policy.

7.	INVESTMENT IN COMMON STOCK – MARKETABLE SECURITIES

On June 12, 2007, Ventures and KnowFat Franchise Company, Inc. (“KnowFat”), consummated a transaction pursuant to which Ventures granted KnowFat a non-exclusive limited license to use the name and likeness of George Foreman in connection with the promotion of restaurants operated by KnowFat and its franchisees. In exchange, Ventures was granted a total of 900,000 shares of common stock of KnowFat, of which 450,000 shares vested at date of closing and the remaining shares will vest over the four-year term of the licensing agreement. On December 18, 2007, KnowFat entered into a merger agreement and commenced business operations as a publicly traded company under the name ~~UFood~~Ufood Restaurant Group, Inc ("~~UFood~~Ufood"). Due to the conversion of shares upon the merger, the number of shares of ~~UFood~~Ufood common stock that Ventures was granted increased to 1,371,157.

This nonmonetary exchange was accounted for under ~~Emerging~~FASB ~~Issues~~ASC ~~Task Force 00~~505-0850-30-18, ~~"Accounting by a Grantee for an~~ “Equity-Based ~~Investment~~Payments to beNon-Employees” ~~Received in Conjunction with Providing Goods or Services"~~ (~~"EITF~~“ASC 00505-~~08"~~50-30-18”). Under ~~EITF~~ASC 00505-0850-30-18 the 450,000 shares of ~~UFood~~Ufood (formerly known as KnowFat) common stock was recorded at the estimated fair value of $513,000 at the date of vesting. On June 12, 2008, an additional 304,702 shares of ~~UFood~~Ufood vested in accordance with the licensing agreement. These shares were valued at their fair value of $588,075 on the vesting date. On June 12, 2009, an additional 152,351 shares of Ufood vested in accordance with the licensing agreement. These shares were valued at their fair value of $30,470 on the vesting date. On June 12, 2010, an additional 152,351 shares of Ufood vested in accordance with the licensing agreement. These shares were valued at their fair value of $45,705 on the vesting date. As the remaining shares vest in accordance with the terms of the agreement, they will also be recorded at their then estimated fair value.

26During the year ended December 31, 2010, the Company sold the 534,788 shares of Ufood common stock for $143,349 and recorded a realized gain of $100,566 which is included in the Company’s consolidated statement of operations for the year ended December 31, 2010. During the year ended December 31, 2009, the Company sold the three million shares of Z-Trim common stock for $35,000 and recorded a realized loss of $55,000 which is included in the Company’s consolidated statement of operations for the year ended December 31, 2009.

InThe ~~August~~investment ~~2008,~~in ~~the~~common ~~Company~~stock ~~and~~of ~~Z-Trim~~KnowFat ~~Holdings,~~is ~~Inc.~~accounted ~~(“Z-Trim”)~~for ~~entered~~in ~~into~~accordance awith ~~settlement~~FASB ~~agreement~~ASC to320, ~~completely~~"Investments ~~and~~- ~~finally~~Debt ~~resolve~~and ~~all~~Equity ~~disputes~~Securities", ~~between the parties~~ and ~~release~~classified ~~each~~as ~~party~~an ofavailable-for-sale ~~any allegations asserted~~security. ~~The~~As ~~settlement~~of ~~included~~December a31, ~~payment~~2010 toand 2009, the Company byowned ~~Z-Trim of $300~~760,~~000~~194 and ~~three~~1,142,631 ~~million~~ shares ~~of Z-Trim common stock valued at $450~~,~~000~~ atwith ~~the~~an ~~date~~amortized offair ~~issuance. The~~value ~~gain on settlement~~ of $~~750~~94,~~000~~333 isand ~~included in the Company’s consolidated statement of operations for the year ended December 31~~$91,410, ~~2008~~respectively. ~~The~~During ~~Company recorded an unrealized holding loss of $360,000 during~~ the year ended December 31, ~~2008~~2009, ~~reducing~~ the ~~value~~Company ofrecorded ~~the~~impairment ~~Z-Trim~~charges ~~shares~~of to $90147,~~000 as of December 31~~018, ~~2008~~ as ~~management~~the Company determined the investment was deemed to be other-than-temporarily impaired.

The investment in common stock of KnowFat was originally accounted for under the cost method, in accordance with Accounting Principal Board Opinion ("APB") 18, as Ventures owns less than a 20% interest in KnowFat including all shares granted. However, at the date of merger of KnowFat into UFood, the investment in common stock of UFood is now accounted for under FASB ASC 320, “Investments – Debt and Equity Securities”, and classified as a trading security due to management’s intent to trade the investment in the near term. The Company has recorded an unrealized holding loss of $893,116 on the UFood securities through December 31, 2008 and is included as a component of other income (expense) on the consolidated statement of operations as management determined the investments were other-than-temporarily impaired.

8.	PREFERRED SHARES

A trust of which George Foreman, Jr. and George Foreman III are the trustees was issued two shares of the Company's Series A Preferred Stock, which shares entitle the holders thereof, voting separately as a class, to elect two (2) members of the Company's Board of Directors (the "Board"). The trust, as holder of such Series A Preferred Stock, ~~has~~had elected George Foreman and George Foreman, Jr. to serve as its designated directors on the Board. On May 28, 2010, George Foreman and George Foreman Jr. resigned as directors and waived all rights to ~~the~~ shares of the preferred stock which was then cancelled by the Company.

9.	DEFERRED ROYALTY REVENUES

Deferred revenues include the ~~payment~~unearned portion of ~~the~~licensing ~~minimum royalty~~ fees from ~~Northern~~Ufood ~~Foods~~(formerly ofknown as KnowFat) amounting to $~~300~~1,~~000~~177,250, net of $~~157~~1,~~687~~000,854 recognized as revenue through December 31, ~~2008~~2010, to be recognized on a straight-line basis, ~~and~~over the four-year term of the contract. Deferred revenues include the unearned portion of licensing fees from ~~UFood~~Ufood ~~(formerly known as KnowFat)~~ amounting to $1,~~101~~131,~~075~~545, net of $~~306~~638,~~601~~493 recognized as revenue through December 31, ~~2008~~2009, to be recognized on a straight-line basis over the four-year term of the contract. As future shares of ~~UFood~~Ufood vest (see Note 7), their fair value will be deferred and recognized over the remaining term of the contract.

10. ~~LEASE~~SHARE-BASED ~~COMMITMENTS~~COMPENSATION

~~Commencing~~The ~~as of October 1, 1999, the~~ Company ~~entered~~records ~~into~~compensation aexpense ~~lease agreement ("Prime Lease") for 7,566 square feet of general office space located~~ in ~~New~~its ~~York~~consolidated ~~City,~~statement ~~which expires in February 2010. Under the terms~~ of ~~the~~operations ~~prime~~related lease, the fixed monthly rent, which commenced on March 1, 2000, was $32,156 for the initial three years, $34,678 for the next four years, and $35,939 for the remainder of the term. In July 2001, the Company entered into a sublease back with the landlord of this office space through June 30, 2006. The landlord then subleased the premises to aemployee ~~third~~stock-based ~~party~~options. ~~The~~For ~~amount of fixed rent payable under~~ the ~~sublease~~years toended ~~the~~December landlord was substantially equivalent to that payable under the Prime Lease. The Company subsequently entered into a Termination and Assignment Agreement with the landlord and the third party dated May 1031, ~~2005. Under~~2010 ~~the terms of the Termination~~ and ~~Assignment Agreement~~2009, the Company has agreed to pay the landlord $90,672 annually beginning July 1, 2006 through the expiration of the Prime Lease in February 2010. The present value of the resulting liability has been recorded on the consolidated balance sheet. A letter of credit, collateralized by a time deposit, has been established to secure the Company's payment to the landlord. Provided no ~~event~~options ofwere ~~default~~granted ~~has~~and ~~occurred,~~ the Company ~~may~~did ~~reduce~~not ~~the~~use ~~letter~~any ofcash ~~credit by $90,792 on each anniversary beginning on June 30, 2007. With the landlord's approval, the letter of credit was reduced from $333,000~~ to ~~$242,000~~settle inany ~~June~~equity ~~2007~~instruments ~~and~~granted tounder ~~$152,000~~share inbased ~~May 2008~~arrangements. A letter of credit for $152,000, collateralized by a time deposit of $152,000, was established to secure the Company's payment to the landlord. This obligation was settled with the Landlord in June 2009.

11. SHARE-BASED COMPENSATION

The Company records compensation expense in its consolidated statement of operations related to employee stock-based options. For the years ended December 31, 2008 and 2007, no options were granted and the Company did not use any cash to settle any equity instruments granted under share based arrangements.

The 1996 Stock Option Plan (the "Plan") was adopted by the Board of Directors and approved by the stockholders in 1996 and terminated on July 2, 2006. The purpose of the Plan was to promote the long-term growth and profitability of the Company by providing key people with incentives to contribute to the growth and financial success of the Company. The aggregate number of shares of common stock for which options may have been granted under the Plan could not exceed 6,500,000 shares as voted on by a majority of the stockholders during the 2000 annual stockholder meeting.

Option activity during the years ended December 31, ~~2008~~2010 and ~~2007~~2009 is as follows:

	2008						2007
	2010						2009
	Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value		Shares		Weighted Average Exercise Price
Outstanding at beginning of year		~~733~~715,~~392~~000	$	3.3813	$	-		~~733~~715,~~392~~000	$	3.3813
Options granted		-		-		-		-		-
Options canceled or expired		~~18,392~~-		~~12.81~~-		-		-		-
Outstanding at end of year		715,000	$	3.13	$	-		~~733~~715,~~392~~000	$	3.3813
Exercisable at end of year		715,000	$	3.13	$	-		~~733~~715,~~392~~000	$	3.3813

		Options Outstanding						Options Exercisable
Range of Exercise Price		Number Outstanding as of 12/31/0810		Weighted-Average Remaining Contractual Life (In Years)		Weighted- Average Exercise Price		Number Exercisable as of 12/31/0810		Weighted- Average Exercise Price
$	1.08		215,000		64.63	$	1.08		215,000	$	1.08
$	3.64		10,000		75.25	$	3.64		10,000	$	3.64
$	3.80		370,000		64.88	$	3.80		370,000	$	3.80
$	4.72		120,000		75.00	$	4.72		120,000	$	4.72
			715,000		64.83	$	3.13		715,000	$	3.13

On July 30, 2003 the Company changed from a stock/option based compensation plan to a cash-based compensation plan for directors. Independent directors are entitled to receive $7,500 on being appointed and $7,500 as an annual retainer upon the anniversary of their appointment. Each independent director is entitled to a payment of $1,000 for each board or committee meeting he attends; the chairperson of a committee will receive $2,000 per meeting. There are currently no independent directors.

The Company issued 400,000 common stock purchase warrants in connection Convertible Notes payable sold on March 7 and March 31, 2008 (see Note 16 below). These warrants are exercisable at a price of $3.00 per share.26

28The Company issued 400,000 common stock purchase warrants in connection Convertible Notes payable sold on March 7 and March 31, 2008 (see Note 15 below). These warrants are exercisable at a price of $3.00 per share.

1211. INCOME TAXES

At December 31, ~~2008~~2010, the Company had net operating loss carry-forwards of $96.47 million. The timing and manner in which the remaining operating loss carry-forwards may be utilized in any year will be limited to the Company's ability to generate future earnings and by limitations imposed due to change in ownership. Current net operating loss carry-forwards will expire principally in the years 2021 through ~~2028~~2030. As the Company has not generated any significant operating revenues during recent years and no assurance can be made of future earnings, a valuation allowance in the amount of the deferred tax asset has been recorded. The change in the valuation allowance was $~~769~~(225,000) in ~~2008~~2010 and $153,~~086,~~000 in ~~2007~~2009. There was no current or deferred provision for income taxes for the years ended December 31, ~~2008~~2010 and ~~2007~~2009.

Substantial changes in the Company’s ownership have occurred, and therefore there is an annual limitation of the amount of the Company’s net operating loss carry forward which can be utilized under Section 382. The remainder of the net operating loss carry-forward also likely might effectively be obviated if certain future events were to occur that would invoke additional Section 382 provisions. Future use of the net operating loss carry-forward therefore is extremely speculative and should not be presumed absent extensive analysis of the complex Section 382 provisions.

Net deferred tax assets consist of:

	December 31,
	2008			2007
	2010			2009
Deferred tax assets
Intangible assets - trade name	$	~~608~~713,000		$	~~243~~661,000
Contingent liability		374,000			374,000
Net operating loss carry-forward		36,161,000			36,438,000
Net operating loss carry-forward		36,054,000			35,650,000
Deferred tax assets before valuation allowance		36,874,000			37,099,000
Deferred tax assets before valuation allowance		37,036,000			36,267,000
Less valuation allowance		(36,874,000	)		(37,099,000	)
Less valuation allowance		(37,036,000	)		(36,267,000	)
Net deferred tax assets	$	-		$	-

The Company has not paid any income taxes since its inception.

The provision for income taxes differed from the amount computed by applying the U.S. federal statutory rate to the loss before income taxes due to the effects of the following:

	2008			2007
	2010			2009
Expected federal tax benefit at federal statutory tax rate	$	(~~345~~45,000	)	$	(~~990~~46,000	)
Expected state benefit, net of federal benefit		(507,000	)		(967,000	)
Increase in valuation allowance		~~395~~52,000			153,~~086,~~000
	$	-		$	-

The Company believes it is not more likely than not that the net operating loss carry-forward will be utilized in the future. Consequently, the Company has provided valuation allowances of $37,036,000 and $36,267,000 for the years ended December 31, 2008 and December 31, 2007, respectively.27

29The Company believes it is not more likely than not that the net operating loss carry-forward will be utilized in the future. Consequently, the Company has provided valuation allowances of $36,874,000 and $37,099,000 for the years ended December 31, 2010 and December 31, 2009, respectively.

OnThe ~~January 1, 2007 the~~ Company ~~adopted~~believes ~~the~~there ~~provisions~~are ofno ~~the~~potential ~~Financial~~uncertain Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB No. 109” (“FIN No. 48”). FIN No. 48 addresses the determination of how tax ~~benefits~~positions ~~claimed~~and orall ~~expected to be claimed on a~~ tax ~~return~~returns ~~should~~are becorrect ~~recorded~~as ~~in the financial statements~~filed. Should ~~Under FIN No. 48,~~ the Company ~~must~~ recognize ~~the~~a ~~tax~~liability ~~benefit~~for ~~from an~~ uncertain tax ~~position~~positions; ~~only if it is more likely than not that~~ the ~~tax~~Company ~~position~~ will beseparately ~~sustained~~recognize onthe ~~examination~~liability byfor ~~the~~uncertain ~~taxing~~tax ~~authorities,~~positions ~~based~~ on ~~the~~its ~~technical~~balance ~~merits of the position~~sheet. Included ~~The tax benefits recognized~~ in ~~the~~any ~~financial~~liability ~~statements~~for ~~from~~uncertain ~~such~~tax apositions, ~~position are measured based on~~ the ~~largest~~Company ~~benefit~~will ~~that~~also ~~has~~record a ~~greater~~liability ~~than~~for ~~50%~~interest ~~likelihood~~and ~~of being realized upon ultimate resolution~~penalties. The Company’s ~~did~~policy ~~not~~is to recognize ~~any~~interest ~~additional~~and ~~liabilities~~penalties ~~for~~related to uncertain tax positions as a ~~result~~component of the ~~implementation~~current ofprovision ~~FIN~~for Noincome taxes. ~~48.~~

1312. NON-CONTROLLING INTEREST

Effective January 1, ~~2008~~2009, the Company completed its ~~early~~ implementation of ~~FASB~~ASC ~~160~~810.

The non-controlling interest represents Mr. Foreman and GFPI’s membership interest in George Foreman Ventures, LLC and the membership interest in InStride Ventures LLC.

The following table sets forth the non-controlling interest balances and the changes in these balances attributable to the non-controlling investors’ interests:

	December 31,
	2008			2007
	2010			2009
Balance at the beginning of the period	$	1,~~741~~271,~~122~~280		$	21,~~044~~210,~~461~~613
Distributions		(175,000	)		-
Exchange of membership interest in subsidiary		(1,270,781	)		-
Non-contolling interest share of income (loss)		~~(355~~3,~~509~~298	)		~~(303~~60,~~339~~667	)
Balance at the end of the period	$	13,~~210,613~~797		$	1,~~741~~271,~~122~~280

Mr. Foreman and GFPI ~~have~~had a combined 15% interest in Ventures, a subsidiary of the Company. ~~The~~On ~~minority~~May ~~interest's~~28, ~~portion~~2010, ofthe Company and Ventures' ~~loss~~entered ~~has~~into ~~not~~an ~~been~~agreement ~~included~~with inGeorge Foreman and GFPI, which restructured the ~~consolidated~~contractual ~~financial~~rights ~~statements~~and obligations of the parties. As part of this agreement, Foreman and GFPI exchanged their combined 15% interest in Ventures for 1,799,753 common shares of the Company. Vitaquest's minority portion of future profits and losses in Vita Ventures and Instride LLC's minority portion of future profits and losses in Instride Ventures is not included in the consolidated financial statements of the Company.

1413. RELATED PARTY TRANSACTIONS

Included in related party payables at December 31, ~~2008~~2010 are advances received by InStride Ventures, LLC from its non-controlling interest owner of $263,~~623~~563, unpaid ~~consulting~~Director’s fees of $207,~~000~~500, and unpaid management fees to Jewelcor Management Inc. (“JMI”) of $25125,000. Included in related party payables at December 31, 2009 are advances received by InStride Ventures, LLC from its non-controlling interest owner of $10,832, unpaid Director’s fees of $7,500, unpaid management fees to Jewelcor Management Inc. (“JMI”) of $75,000, and smaller amounts totaling $2,424 owed to other related parties. In accordance with the operating agreements, the advances received by InStride Ventures, LLC from its non-controlling interest owner are interest-free and have no specified repayment term. The Company retains ~~Jewelcor Management Inc. ("~~JMI") for the use of their Wilkes-Barre office and use of various administrative services of JMI for $4,167 per month. The Company's principal executive offices are in space leased by JMI from Seymour Holtzman, ~~who served as~~ the Company's former Co-Chairman of the Board and Chief Executive Officer ~~until his resignation on November 8~~, ~~2010,~~ and his wife, and made available to the Company (without separate charge) through the Company's consulting arrangement with JMI, which is controlled by Mr. Holtzman.

3028

1514. CONTINGENT LIABILITY

The Registration Rights Agreement, dated as of August 15, 2005, by and among the Company, and George Foreman and George Foreman Productions (the "Registration Rights Agreement") provides for contingent additional shares of preferred stock to be issued to GFPI unless the market capitalization of the Company exceeds an average of $20 million over a ten-day trading period within the first three years of the Registration Rights Agreement. At Mr. Foreman's request, the Company shall issue a new series of preferred stock of the Company, having an aggregate liquidation preference of $1 million, bearing interest at 8% per annum, redeemable at the option of the holder three years from the date of issuance. During the year ended December 31, 2007, the Company, in accordance with FASB Statement No. 5, "Loss Contingencies", believed it was probable at that time the market capitalization would not reach or exceed $20 million and therefore recognition of a loss contingency was appropriate. The Company recorded a charge in 2007 of $1 million for this class of contingent preferred stock. As of August 15, 2008, the market capitalization did not reach or exceed $20 million and the shares were issuable upon Mr. Foreman's request, subject to the terms of the Registration Rights Agreement. Mr. Foreman requested these shares on or about October 8, 2008. ~~As of December 31, 2008 the shares were not issued.~~ On May 28, 2010, the Company and Ventures entered into an agreement with George Foreman and GFPI, which restructured the contractual rights and obligations of the parties. As part of this agreement, Foreman agreed to waive any right to receive shares of preferred stock pursuant to the Registration Rights Agreement. The Company reclassified the elimination of the $1 million contingent liability to additional paid-in capital.

1615. CONVERTIBLE NOTES PAYABLE

On March 7, 2008, the Company sold 8% Convertible Promissory Notes (the “Notes”) in the aggregate principal amount of $800,000. The Notes are convertible into units of the Company at a conversion price of $2.50 per unit, subject to adjustment. Each unit consists of one share of the Company’s common stock, par value $0.01 and one common stock purchase warrant, exercisable at a price of $3.00 per share, subject to adjustment. The fair value of the detachable warrants was $640,000. The buyers of the Notes included two entities that are controlled by Seymour Holtzman. Mr. Holtzman was a director, chief executive officer and co-chairman of the board of directors of the Company until November 8, 2010. The buyers also included Jeremy Anderson, the chief financial officer of the Company. These notes were due on March 6, 2010 and the Company has not paid any of the outstanding principal amount of the Notes that was due and payable upon the maturity date. The Company paid interest on the March 7, 2008 Notes through February 7, 2010 but is in default under the Notes due to its failure to pay principal and interest in the aggregate amount of $805,333, which was due on March 6, 2010.

Effective March 31, 2008, the Company sold newly issued 8% Convertible Notes in the aggregate principal amount of $200,000. The Notes are also convertible into units of the Company at a conversion price of $2.50 per unit, subject to adjustment. Also, each unit consists of one share of the Company’s common stock, par value $0.01 and one common stock purchase warrant, exercisable at a price of $3.00 per share, subject to adjustment. The fair value of the detachable warrants was $160,000. These notes were due on March 31, 2010 and the Company has not paid any of the outstanding principal amount of the Notes that was due and payable upon the maturity date. The Company paid interest on the March 31, 2008 Notes through February 28, 2010 but is in default under the Notes due to its failure to pay ~~principal and~~ interest in the aggregate amount of $201,333, which was due on March 31, 2010.

Both the March 7, 2008 and the March 31, 2008 Notes are currently in default as the Notes were not paid on the maturity dates. The default interest rate under these notes is fifteen percent (15%) and is payable until all of the Company’s obligations under the notes have been satisfied.

On December 8, 2010, the Company issued checks to all holders of the notes, in an amount equal to three (3) months of interest at the pre-default rate, which amounted to $19,500. Jeremy Anderson waived the interest payment due to him as a holder of one of the notes and thus was not paid any amount. The Company currently remains in default on both the March 7, 2008 and March 31, 2008 Notes.29

~~The~~On ~~convertible~~December ~~debentures~~8, ~~were issued in accordance with EITF 00-27~~2010, ~~"Debt~~the ~~with~~Company ~~Conversion~~issued ~~and~~checks ~~Other~~to ~~Options". The~~all ~~Company~~holders ~~calculated the value~~ of the ~~beneficial conversion feature embedded in the convertible~~ notes~~. In accordance with EITF 00-27~~, ~~convertible~~in ~~notes~~an ~~are~~amount ~~split~~equal ~~into~~to ~~two~~three ~~components:~~(3) amonths ~~debt~~of ~~component~~interest ~~and~~at ~~a component representing~~ the ~~embedded~~pre-default ~~derivatives~~rate, inwhich ~~the~~amounted ~~debt~~to $19,500. ~~The~~Jeremy ~~debt~~Anderson ~~component~~waived ~~represents~~ the ~~Company’s liability for~~ interest ~~coupon~~payment ~~payments~~due ~~and redemption amounts. The embedded derivative represents the value of the warrant that debt holders have~~ to ~~convert~~him ~~into~~as ~~ordinary~~a ~~shares~~holder of ~~the~~one ~~Company. The debt component~~ of the ~~convertible~~notes ~~note is measured at amortized cost~~ and ~~therefore~~thus ~~increases,~~was ~~with~~not apaid ~~corresponding~~any ~~charge to finance cost-other than interest~~amount. The ~~debt~~Company ~~component~~currently ~~decreases~~remains byin ~~the~~default ~~cash~~on ~~interest~~both ~~coupon~~the ~~payments~~March ~~made. The~~7, ~~beneficial~~2008 ~~conversion feature is a discount against the debt~~ and ~~the~~March ~~value~~31, to2008 ~~the warrants increases additional paid-in capital~~notes.

31The convertible debentures were issued in accordance with ASC 470-20, “Debt with Conversion and Other Options”. The Company calculated the value of the beneficial conversion feature embedded in the convertible notes. In accordance with ASC 470-20, convertible notes are split into two components: a debt component and a component representing the embedded derivatives in the debt. The debt component represents the Company’s liability for interest coupon payments and redemption amounts. The embedded derivative represents the value of the warrant that debtholders have to convert into ordinary shares of the Company. The debt component of the convertible note is measured at amortized cost and therefore increases, with a corresponding charge to finance cost-other than interest. The debt component decreases by the cash interest coupon payments made. The beneficial conversion feature is a discount against the debt and the value to the warrants increases additional paid-in capital.

Convertible debt as of December 31, ~~2008~~2010 and ~~2007~~2009:

	2008			2007
	December 31,
Notes payable	$	1,000,000		$	-
	2010			2009
Discount on notes payable net of amortization		(467,000	)		-
Notes payable	$	1,000,000		$	1,000,000
		533,000			-
Discount on notes payable net of amortization		-			(67,000	)
Less: Current portion		-			-
		1,000,000			933,000
	$	533,000		$	-
Less: Current portion		(1,000,000	)		(933,000	)
	$	-		$	-

~~17.~~For ~~SUBSEQUENT~~the ~~EVENTS~~years ended December 31, 2010 and 2009, the Company recorded interest expense of $141,547 and $82,663, respectively.

OnITEM ~~May 28, 2010, the Company and Ventures entered into an agreement with George Foreman (“Foreman”) and GFPI, which restructured the contractual rights and obligations of the parties~~9. CHANGES InIN ~~addition,~~AND ~~Foreman~~DISAGREEMENTS ~~and~~WITH ~~GFPI~~ACCOUNTANTS ~~exchanged all of their membership interests in Ventures for the Company’s common stock under the Investor Rights Agreement entered into as of August 15, 2005.~~ON

~~Ventures~~ ACCOUNTING ~~entered~~AND ~~into~~FINANCIAL another Agreement with Foreman and United States Pharmaceutical Group, LLC (d/b/a NationsHealth) (“NationsHealth”) on May 28, 2010 pursuant to which Foreman was appointed as NationsHealth’s exclusive spokesman for core diabetic supplies and Foreman granted NationsHealth an exclusive worldwide license to use the Foreman name, likeness, image and signature in connection with advertising to promote the core diabetic supplies.DISCLOSURE

The Company paid interest on the March 7, 2008 Notes through February 7, 2010 but is in default due to its failure to pay interest in the aggregate amount of $5,333, which was due on March 6, 2010, and to date we have not paid any of the outstanding principal amount of the Notes that was due and payable upon the maturity date. The default interest rate under these Notes is fifteen percent (15%) and is payable until all of the Company’s obligations under the Notes have been satisfied.

The Company paid interest on the March 31, 2008 Notes through February 28, 2010 but is in default due to its failure to pay interest in the aggregate amount of $1,333, which was due on March 31, 2010, and to date we have not paid any of the outstanding principal amount of the Notes that was due and payable upon the maturity date. The default interest rate under these Notes is fifteen percent (15%) and is payable until all of the Company’s obligations under the Notes have been satisfied.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES.

The Chief Executive Officer and the Chief Financial Officer are responsible for establishing and maintaining adequate internal control over financial reporting for the Company. Under the supervision and participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the design and effectiveness of our disclosure controls and procedures as such term is defined under Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of December 31, ~~2008~~2010, based on the material weakness described below.

A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected. A significant deficiency is a control deficiency, or 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.

Based upon our evaluation, we believe that internal controls over the financial reporting process are not operating effectively because the Company's severe cash shortage has resulted in the Company having insufficient personnel and other resources. This, in turn, prevented management from being able to receive the necessary financial data and other information to be disclosed in compliance with the SEC requirements. As a result, the Company became delinquent in its filing obligations with the SEC. Specifically, the Company has not been current in its filing obligations since it filed its 10-Q for the quarter ended September 30, 2008. Our management presently is taking measures to address this delinquency; however, no assurance can be given in this regard. The Company has sold a significant amount of its marketable securities and has retained an independent public accountant to audit its financial statements for the years ended December 31, 2008, 2009, and 2010 as well as review its quarterly financial statements for those non-filed periods.

Management's Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal controls over financial reporting, as such term is defined in the Securities Exchange Act of 1934 Rule 13a-15 (f). Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of the Company's internal control over financial reporting as of December 31, ~~2008~~2010. In making this assessment we used the criteria set forth in the framework in Internal Control - Integrated Framework issued by the COSO. Based on such evaluation, management concluded that our internal control over financial reporting was not effective as of December 31, ~~2008~~2010 due to material weaknesses in the controls, as discussed above.

Changes In Internal Control Over Financial Reporting

We have taken significant actions to mitigate certain weaknesses in our disclosure controls and procedures that resulted in the above errors as described above. For ~~the years 2009 through~~ 2011, we are attempting to get current in our SEC filing obligations. All disclosures and new financial accounting pronouncements are reviewed internally and discussed with our independent registered accounting firm.

We are dedicated to maintaining the high standards of financial accounting and reporting that we are now establishing and are committed to providing financial information that is transparent, timely, complete and accurate. As a result of the described above, we believe that our financial statements for the periods set forth above fairly present in all material respects our financial condition and results of operations.

ITEM 9B. OTHER INFORMATION.

None.

PART III

ITEM 10.

DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT; COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT

Set forth below is certain information regarding the directors and executive officers of the Company.

Name	Age	Position
Chuck Gartenhaus	38	Director, Chairman of the Board and President
John Swatek	46	Director and Senior Vice President
Jeremy Anderson	41	Chief Financial Officer

Chuck Gartenhaus is Chief Executive Officer, President and Chairman of the Board of the Company and has been a member of the Company's Board of Directors since November 2010. The Board of Directors selected Mr. Gartenhaus because it believes he possesses significant operational retail experience. Mr. Gartenhaus also serves as President of Homeclick LLC which is an online retailer of home furnishings since May 2009. From March 2000 to March 2009 Mr. Gartenhaus held various positions including Senior Vice President – Merchandising of Home Décor Products, Inc. which was an online retailer of home furnishings and filed for bankruptcy in 2009.

John Swatek is Vice President of the Company and has been a member of the Company's Board of Directors since November 2010. The Board of Directors selected Mr. Swatek because of the financial experience he possesses. Mr. Swatek also serves as Chief Financial Officer of Homeclick LLC which is an online retailer of home furnishings since May 2009. From June 2007 to March 2009 Mr. Swatek was Chief Financial Officer of Home Décor Products, Inc. which was an online retailer of home furnishings and filed for bankruptcy in 2009. From April 2005 to April 2007 Mr. Swatek was Chief Financial Officer of Hanover Direct, Inc., a direct marketer of home and apparel products.

Jeremy Anderson, CPA is the Chief Financial Officer of the Company and served as a consultant in the position of Chief Financial Officer from August 2004 to August 2005. Mr. Anderson also serves as the Chief Financial Officer of Jewelcor Management, Inc. From 1997 to 2003, he worked in public accounting with Kronick Kalada Berdy & Co. P.C. Mr. Anderson earned his B.S. in accounting from Villanova University.

Set forth below is certain information regarding former directors and executive officers of the Company who resigned from their positions with the Company in 2010.

Seymour Holtzman was Chief Executive Officer and Co-Chairman of the Board of the Company until his resignation from his positions effective November 8, 2010. Mr. Holtzman's decision was not based on any disagreement with the Company. Mr. Holtzman had been a member of the Company's Board of Directors and Chairman of the Board since January 2001. Mr. Holtzman has been involved in the retail business for over 30 years. For many years he has been the President and Chief Executive Officer of Jewelcor, Inc., formerly a New York Stock Exchange listed company that operated a chain of retail stores. From 1986 to 1988, Mr. Holtzman was the Chairman of the Board and Chief Executive Officer of Gruen Marketing Corp, an American Stock Exchange listed company involved in the nationwide distribution of watches. For at least the last five years, Mr. Holtzman has operated Jewelcor Management, Inc, a private company primarily involved in investment and management services. Mr. Holtzman is currently a Director and the Chairman of the Board of Casual Male Retail Group, Inc. (NASDAQ:CMRG).

George Foreman, Sr. was Co-Chairman of the Board of Directors of the Company from 2005 until his resignation from the Board of Directors and from all other officer positions with the Company on May 28, 2010. George Foreman, Sr. also resigned as a member of the Board of Managers of Ventures on May 28, 2010. His resignations were not based on any disagreement with the Company or Ventures. In 1968, George Foreman won the Olympic Heavyweight Boxing Gold Medal. In 1973 he became the Heavyweight Boxing Champion of the World, and regained that title in 1994 to become the oldest heavyweight champion in the history of the sport. Mr. Foreman began the George Foreman Youth and Community Center in 1984, and has devoted his time and resources to the center for the past 20+ years. Mr. Foreman is recognized as one of the greatest endorsers of all time. The George Foreman Grill has sold well over 75 million units. His current portfolio of products includes the George Foreman Grill, Z-trim, which is a fat replacement product, a clothing and shoe line by Casual Male Retail Group, Inc, watches by Elgin, and many more products.

Efrem Gerszberg was President of the Company and had served in such capacity from May 2004 and had served as a member of our Board of Directors since August 15, 2005. On February 28, 2010, Efrem Gerszberg, resigned his positions as the President and a Director of the Company. Mr. Gerszberg's decision was not based on any disagreement with the Company. Since its inception in 1993, Mr. Gerszberg has served on the Board of Directors and Strategic Advisory Panel of Ecko Unlimited, a privately held young men's apparel company. Mr. Gerszberg earned his Juris Doctor degree from Rutgers University School of Law.

Jesse Choper had served as a member of the Company's Board of Directors since May 2001 until his resignation on November 8, 2010. Mr. Choper's decision to resign was not based on any disagreement with the Company. Mr. Choper is the Earl Warren Professor of Public Law at the University of California at Berkeley School of Law where he has taught since 1965. Professor Choper was the Dean of the Law School from 1982 to 1992. He has been a visiting professor at Harvard Law School, Fordham Law School, University of Milan in Italy Law School and Universitad Autonoma Law School in Barcelona, Spain. From 1960 to 1961, Professor Choper was a law clerk for Supreme Court Chief Justice Earl Warren. He is a widely recognized author, lecturer, consultant and commentator on issues of Constitution Law and Corporation Law. Mr. Choper is also a member of the Board of Directors of Casual Male Retail Group Inc. (NASDAQ:CMRG).

George Foreman, Jr. was Senior Vice President and a member of the Board of Directors of the Company from 2005 until his resignation from the Board of Directors and from all other officer positions with the Company on May 28, 2010. George Foreman, Jr. also resigned as a member of the Board of Managers of Ventures on May 28, 2010. His resignations were not based on any disagreement with the Company or Ventures. Mr. Foreman also currently serves as Director of Corporate Relations and Planned Giving at Wiley College. Prior to joining George Foreman Enterprises, Inc. Mr. Foreman was the Vice President of Strategic Management for The Knockout Group, and he worked as a senior marketing executive for Salton, Inc. Mr. Foreman earned a Masters degree from Louisiana State University.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), requires the Company's officers and directors, and persons who own more than 10% of the Company's Common Stock to file reports of ownership and changes in ownership of the Company's Common Stock with the Securities and Exchange Commission. Based solely on a review of the copies of such reports and written representations from the reporting persons that no other reports were required, the Company believes that during the fiscal year ended December 31, ~~2008~~2010, its executive officers, directors and greater than 10% stockholders filed on a timely basis all reports due under Section 16(a) of the Exchange Act.

Code of Ethics

We have adopted a code of ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. We will provide a copy of our code of ethics without charge, upon written request to George Foreman Enterprises, Inc., Attention: Richard Huffsmith, General Counsel.

Audit Committee Matters

The purpose of the audit committee is to assist our Board of Directors in the oversight of the integrity of the consolidated financial statements of the Company, the Company's compliance with legal and regulatory matters, the independent auditors' qualifications and independence, and the performance of the Company's independent auditors. The primary responsibilities of the audit committee are set forth in its charter, and include various matters with respect to the oversight of the Company's accounting and financial reporting process and audits of the consolidated financial statements of the Company on behalf of our Board of Directors.

The former member of the Company's audit committee is Jesse Choper. The Company's board had determined that Mr. Choper was an audit committee financial expert and that he is independent as defined in Item 7(d)(3)(iv) of Schedule 14A under the Exchange Act. Mr. Choper resigned effective November 8, 2010. The Company does not currently have an audit committee and has not since the resignation of Mr. Choper.

ITEM 11.

EXECUTIVE COMPENSATION.

The following table sets forth certain compensation information for the following individuals for the two most recently completed fiscal years ended December 31, ~~2008~~2010 and ~~2007~~2009. None of the outstanding options were repriced or modified in the last fiscal year. There are no outstanding grants as of December 31, ~~2008~~2010. No other compensation was paid to our named executive officers other than the compensation set forth below.

Summary Compensation Table

Name and Principal Position (a)	Year (b)	Salary($) (c)		Bonus ($) (d)		Stock Awards ($) (e)		Option Awards ($) (f)		Non-Equity Incentive Plan Compensation (4) (g)		Nonqualified Deferred Compensation Earnings		All other compensation ($) (i)		Total ($) (j)
Seymour Holtzman, CEO and Co-Chairman of the Board (1)	2008	$	73,077	—			—		—		—		—		—	$	73,077
Chuck
	2007	$	92,308		—		—		—		—		—		—	$	92,308
Gartenhaus, CEO
George Foreman, Co-Chairman of the Board (2)	2008	$	100,000		—		—		—		—		—		—	$	100,000
and Chairman of	2010	$	0											$	2,833	$	2,833
	2007	$	120,000		—		—		—		—		—		—	$	120,000
the Board (1)
Efrem Gerszberg, President (3)	2008	$	109,615		—		—		—		—		—		—	$	109,615
John Swatek,
	2007	$	138,462		—		—		—		—		—		—	$	138,462
Senior Vice	2010	$	0											$	2,000	$	2,000
George Foreman, Jr., Sr Executive Vice President (4)	2008	$	132,692		—		—		—		—		—		—	$	132,692
President (2)
	2007	$	150,000		—		—		—		—		—		—	$	150,000
Seymour
Jeremy Anderson, CFO (5)	2008	$	44,777		—		—		—		—		—		—	$	44,777
Holtzman, CEO	2010	$	0		—		—		—		—		—		—	$	0
	2007	$	32,308		—		—		—		—		—		—	$	32,308
and Co-Chairman	2009	$	0		—		—		—		—		—		—	$	0
of the Board (3)
George Foreman,
Co-Chairman of	2010	$	0		—		—		—		—		—		—	$	0
the Board (4)	2009	$	50,000		—		—		—		—		—		—	$	50,000
Efrem Gerszberg,
President (5)	2010	$	0		—		—		—		—		—		—	$	0
	2009	$	0		—		—		—		—		—		—	$	0
George Foreman,
Jr., Sr Executive	2010	$	0		—		—		—		—		—		—	$	0
Vice President (6)	2009	$	0		—		—		—		—		—		—	$	0
Jeremy Anderson,
CFO (7)	2010	$	0		—		—		—		—		—		—	$	0
	2009	$	0		—		—		—		—		—		—	$	0

Notes to summary compensation table:

(1) Mr. ~~Holtzman~~Gartenhaus was aappointed ~~member~~Director, ofChief ~~the~~Executive ~~Company's~~Officer ~~Board of Directors~~ and ~~Chairman~~President ~~of the Board from January 2001 until his resignation~~ on November 85, 2010. Mr. ~~Holtzman~~Gartenhaus ~~was~~is ~~appointed Chief Executive Officer on May 19, 2004. As of January 1, 2006, Mr. Holtzman was~~ paid for his services to the Company by ~~Foreman Management~~ at a base ~~salary~~fee of $~~100~~34,000 per year ~~through July 2008~~.

(2) Mr. ~~Foreman~~Swatek was ~~Co-Chairman~~appointed ofDirector ~~the~~and ~~Board~~Senior ofVice ~~the~~President ~~Company from August 15, 2005 until his resignation~~ on ~~May~~November 285, 2010. AsMr. ofSwatek ~~August~~is ~~15,~~paid ~~2005,~~for ~~Ventures~~his ~~entered~~services ~~into~~to athe ~~services~~Company ~~agreement~~by toat ~~pay~~a ~~Mr.~~base ~~Foreman~~fee of $~~120~~24,000 per year ~~payable in monthly installments~~.

36(3) Mr. Holtzman was a member of the Company's Board of Directors and Chairman of the Board from January 2001 until his resignation on November 8, 2010. Mr. Holtzman was appointed Chief Executive Officer on May 19, 2004. As of January 1, 2006, Mr. Holtzman was paid for his services to the Company by Foreman Management at a base salary of $100,000 per year through July 2008.

(34) Mr. ~~Gerszberg~~Foreman was ~~appointed~~Co-Chairman ~~President~~of onthe ~~May~~Board ~~19,~~of ~~2004~~the ~~and~~Company ~~served~~from inAugust ~~such~~15, ~~capacity~~2005 until his resignation on ~~February~~May 28, 2010. ~~Since~~As ~~January~~of 1August 15, ~~2006~~2005, ~~Mr.~~Ventures ~~Gerszberg~~entered ~~was~~into ~~paid~~a ~~for his~~ services agreement to ~~the~~pay ~~Company~~Mr. by Foreman ~~Management~~$120,000 atper ayear ~~base~~payable ~~salary~~in ofmonthly ~~$150,000~~installments. ~~per~~These ~~year~~installment payments were made through ~~July~~March ~~2008~~2009.

(4) Mr. Foreman, Jr. was appointed Sr. Executive Vice President on August 15, 2005 and served in such capacity until his resignation on May 28, 2010. Since January 1, 2006, pursuant to an employment agreement with Foreman Management, Mr. Foreman, Jr. was paid for his services to the Company by Foreman Management at a base salary of $150,000 per year through November 2008. The initial term of the agreement with Foreman Management expires in August 2010 with automatic extensions of one or more additional five-year periods unless Foreman Management or Mr. Foreman, Jr. gives written notice to the other party not less than one hundred twenty days prior to the end of the term.34

(5) Mr. ~~Anderson~~Gerszberg was appointed ~~Chief~~President ~~Financial~~on ~~Officer~~May 19, 2004 and served in such capacity until his resignation on ~~August~~February 1628, ~~2004~~2010. AsSince of January 1, 2006, Mr. ~~Anderson~~Gerszberg was paid for his services to the Company by Foreman Management at a base salary of $75150,000 per year through July 2008. ~~Mr. Anderson does not currently have an employment agreement with the Company or Foreman Management.~~

(6)

Mr. Foreman, Jr. was appointed Sr. Executive Vice President on August 15, 2005 and served in such capacity until his resignation on May 28, 2010. Since January 1, 2006, pursuant to an employment agreement with Foreman Management, Mr. Foreman, Jr. was paid for his services to the Company by Foreman Management at a base salary of $150,000 per year through November 2008. The initial term of the agreement with Foreman Management expires in August 2010 with automatic extensions of one or more additional five-year periods unless Foreman Management or Mr. Foreman, Jr. gives written notice to the other party not less than one hundred twenty days prior to the end of the term.

(7)

Mr. Anderson was appointed Chief Financial Officer on August 16, 2004. As of January 1, 2006, Mr. Anderson was paid for his services to the Company by Foreman Management at a base salary of $75,000 per year through July 2008. Mr. Anderson does not currently have an employment agreement with the Company or Foreman Management.

Outstanding Equity Awards at Fiscal Year End

None of the Named Executive Officers exercised any stock options during ~~2008~~2010.

	Option awards
	No. of Securities Underlying Unexercised Options at FY-End (#)				Equity incentive plan awards: number of securities underlying unexercised unearned options (#) (d)		Option exercise price ($) (e)		~~Option expiration date (f)~~	Option expiration date (f)
Name (a)	Exercisable (b)		Unexercisable (c)
Seymour Holtzman		240,500		0		0	$	3.80	11/15/2015
Chuck Gartenhaus		0		0		0		N/A		N/A
George Foreman		129,500		0		0	$	3.80	11/15/2015
John Swatek		0		0		0		N/A		N/A
George Foreman, Jr.		7,500		0		0	$	1.08	8/15/2015
Seymour Holtzman		240,500		0		0	$	3.80		11/15/2015
		50,000		0		0	$	4.72	12/27/2015
George Foreman		129,500		0		0	$	3.80		11/15/2015
Efrem Gerszberg		145,000		0		0	$	1.08	8/15/2015
George Foreman, Jr.		7,500		0		0	$	1.08		8/15/2015
		20,000		0		0	$	4.72	12/27/2015
		50,000		0		0	$	4.72		12/27/2015
Jeremy Anderson		8,000		0		0	$	1.08	8/15/2015
Efrem Gerszberg		145,000		0		0	$	1.08		8/15/2015
		20,000		0		0	$	4.72		12/27/2015
Jeremy Anderson		8,000		0		0	$	1.08		8/15/2015

	Stock awards
Name (a)	Number of shares or units or units of stock that have not vested (#) (g)		Market value of shares or units of stock that have not vested ($) (h)		Equity incentive plan awards: number of unearned shares, units or other rights that have not vested (#) (i)		Equity incentive plan awards: market or payout value of unearned shares, units or other rights that have not vested ($) (j)
Chuck Gartenhaus		0		0		0		0
John Swatek		0		0		0		0
Seymour Holtzman		0		0		0		0
George Foreman		0		0		0		0
George Foreman, Jr.		0		0		0		0
Efrem Gerszberg		0		0		0		0
Jeremy Anderson		0		0		0		0

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Currently, no plans provide for retirement benefits and there are no contracts or arrangements that provide for payment upon termination or change of control.

Director Compensation

Name (a)

Fees earned or paid in cash (b)

Stock awards($) (c)

Option Awards ($) (d)

Non-Equity Incentive Plan Compensation (e)

Nonqualified Deferred Compensation Earnings (f)

All other compensation ($) (g)

Total ($) (h)

Jesse Choper

117,~~000~~500

—

117,~~000~~500

Independent directors are entitled to receive $7,500 on being appointed and $7,500 as an annual retainer upon the anniversary of their appointment. Each independent director is entitled to a payment of $1,000 for each board or committee meeting he attends; the chairperson of a committee will receive $2,000 per meeting.

Consulting Agreements

Pursuant to the terms of a consulting arrangement, JMI provides the Company with the assistance of certain JMI employees and the use of office space and administrative services. In consideration of the foregoing, the Company pays JMI a $4,167 monthly fee. Since July 2008 these fees have been accruing but have not been paid.

ITEM 12.

SECURITY OWNERSHIP OF BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDERS MATTERS

Security Ownership of Certain Beneficial Owners and Management

The following table sets forth certain information known to us with respect to the beneficial ownership of our common stock as of August 23, 2011, by (1) all persons who are beneficial owners of 5% or more of our common stock, (2) each director and nominee, (3) the Named Executive Officers in the Summary Compensation Table above, and (4) all directors and executive officers as a group.

The number of shares beneficially owned is determined under rules promulgated by the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under those rules, beneficial ownership includes any shares as to which the individual has sole or shared voting power or investment power and also any shares which the individual has the right to acquire within 60 days of August 23, 2011, through the exercise or conversion of any stock option, convertible security, warrant or other right. Including those shares in the tables does not, however, constitute an admission that the named stockholder is a direct or indirect beneficial owner of those shares. Unless otherwise indicated, each person or entity named in the table has sole voting power and investment power (or shares that power with that person's spouse) with respect to all shares of capital stock listed as owned by that person or entity. Except as otherwise indicated in the table, the address of the stockholders listed below is that of the Company's principal executive office. Directors or executive officers not included in the table below do not hold Company securities.

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Name and Address	Number of Shares			Percent of Total Shares Outstanding(1)
Officers and Directors
Jeremy Anderson		28,000	(2)		-	%

Jesse Choper*		33,757	(3)		1	%

George Foreman*		1,929,253	(4)		37	%

George Foreman, Jr.*		59,500	(5)		2	%

Efrem Gerszberg *		195,000	(6)		6	%

Seymour Holtzman*		1,842,172	(7)		34	%

All executive officers and directors as a group (6 persons)		4,164,588	(8)		69	%

* Resigned from all positions held with the Company in 2010.

(1)	Percentage of beneficial ownership is calculated assuming 5,088,759 shares were outstanding on August 23, 2011.

(2)	Includes options to purchase 8,000 shares of common stock, 10,000 units and 10,000 warrants each convertible into one share of common stock.

(3)	Includes options to purchase 25,000 shares of common stock; and 8,757 shares of common stock.

(4)	Includes Mr. Foreman's and GFPI's membership interests of Ventures which were exchanged into 1,799,753 shares of common stock of the Company; and options to purchase 129,500 shares of common stock.

(5)	Includes options to purchase 57,500 shares of common stock; and 2,000 shares of common stock.

(6)	Includes options to purchase 165,000 shares of common stock; and 30,000 shares of common stock.

(7)

Includes 45,240 shares owned by Jewelcor Management Inc. and 21,547 units and 21,547 warrants acquired by the Holtzman Opportunity, L.P., each convertible into one share of common stock, of which the general partner's sole member is SH Independence, LLC; and options to purchase 240,500 shares of common stock and 1,433,338 shares of common stock. Seymour Holtzman is the sole member of SH Independence, LLC. Also includes 40,000 units and 40,000 warrants each convertible into one share of common stock, acquired by Jewelcor Investments LLC, a company controlled by Mr. Holtzman.

(8)	See notes (2)-(7).

ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE.

Beginning May 19, 2004, JMI provided the Company with certain legal, accounting, consulting, management, and other services. The Company's monthly payments to JMI were reduced to $4,167 effective August 15, 2005. The Company also paid Mr. Foreman $10,000 per month as part of his services agreement with Ventures. This payment ceased on May 28, 2010, when the Company and Ventures entered into an agreement with George Foreman (“Foreman”) and GFPI, which restructured the contractual rights and obligations of the parties.

On March 7, 2008, the Company issued the Notes under a Securities Purchase Agreement. The buyers of the Notes included two entities that are controlled by Seymour Holtzman. These entities purchased a total of $250,000 of the Notes. Mr. Holtzman was a director, chief executive officer and co-chairman of the board of directors of the Company until November 8, 2010. Jeremy Anderson, the chief financial officer of the Company purchased $25,000 of the Notes.

Director Independence

The Company does not have any independent directors.

ITEM 14.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Audit Fees

~~The~~Madsen ~~Company's~~& ~~auditors~~Associates, ~~Parente~~CPAs ~~Randolph LLC~~ billed the Company $4420,~~440~~000 for the independent audit of the Company's annual financial statements for the year ended December 31, ~~2007.~~2009 Parente Randolph LLC billed the Company $37,708 for the independent reviews of the financial statements included in the Company's quarterly reports for the three months ended March 31, 2008, the six months ended June 30, 2008 and ~~the nine months ended September 30, 2008. Madsen & Associates, CPAs billed the Company~~ $20,000 for the independent audit of the Company's annual financial statements for the year ended December 31, ~~2008~~2010.

Audit Related Fees

None.

Tax Fees

~~Kronick Kalada Berdy & Co~~None.~~, P.C. billed the Company $6,500 in 2008 for the preparation of the Company's 2007 federal and state tax returns.~~

All Other Fees

None.

Policy on Audit Committee Pre-Approval of

Audit and Permissible Non-Audit Services of Independent Auditors

The audit committee's policy is to pre-approve all audit and permissible non-audit services provided by the independent auditors. These services may include audit services, audit-related services, tax services, and other services.

ITEM 15.

EXHIBITS, FINANCIAL STATEMENT SCHEDULES.

3.1		Form of Amended and Restated Certificate of Incorporation.(1)
3.2		By-Laws
3.3		Certificate of Ownership and Merger.(4)
3.4		Certificate of Designations, Preferences and Relative, Participating, Optional and Other Special Rights of Preferred Stock and Qualifications, Limitations and Restrictions Thereof of Series A Preferred Stock.(4)
4.1		Form of Common Stock Certificate.(1)
4.2		Form of Series A Preferred Stock Certificate.
10.1		The Company's Amended Stock Option Plan.(1)
10.2		Stock appreciation rights agreement, dated as of December 19, 2002, between the Company and Seymour Holtzman.(2)
10.3		Code of ethics.(3)
10.4		Consulting agreement, dated as of June 10, 2004, between the Company and Jewelcor Management, Inc.(3)

3.1	Form of Amended and Restated Certificate of Incorporation.(1)

403.2 By-Laws

10.5		Assignment Agreement, dated as of August 15, 2005, by and among George Foreman and George Foreman Productions, Inc., on one hand, and George Foreman Ventures LLC, on the other hand.(4)
10.6		Services Agreement dated as of August 15, 2005, by and between George Foreman Productions f/s/o George Foreman and George Foreman Ventures LLC.(4)
10.7		Registration Rights Agreement, dated as of August 15, 2005, by and among MM Companies, Inc., on one hand, and George Foreman and George Foreman Productions, on the other hand.(4)
10.8		Investor Rights Agreement, dated as of August 15, 2005, by and among MM Companies, Inc. and George Foreman Ventures LLC, on one hand, and George Foreman and George Foreman Productions, on the other hand.(4)
10.9		Amended and Restated Limited Liability Company Agreement of George Foreman Ventures LLC, dated August 15, 2005.(4)
10.10		Employment Agreement dated as of August 15, 2005, by and between George Foreman Ventures LLC and George Foreman, Jr.(4)
10.11		Employment Agreement dated as of August 15, 2005, by and between George Foreman Ventures LLC and George Foreman III.(4)
21.1		List of Subsidiaries
31.1		Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2		Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1		Certification of the Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2		Certification of the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

3.3	Certificate of Ownership and Merger.(4)

(1)	Previously filed as an exhibit to the Company's registration statement on Form S-1, as amended and incorporated herein by reference.
(2)	Previously filed as an exhibit to the Company's annual report on Form 10-K for the year ended December 31, 2002 and incorporated herein by reference.
(3)	Previously filed as an exhibit to the Company's annual report on Form 10-K for the year ended December 31, 2004 and incorporated herein by reference.
(4)	Previously filed as an exhibit to the Company's Form 8-K filed on August 15, 2005 and incorporated herein by reference

3.4	Certificate of Designations, Preferences and Relative, Participating, Optional and Other Special Rights of Preferred Stock and Qualifications, Limitations and Restrictions Thereof of Series A Preferred Stock.(4)

414.1 Form of Common Stock Certificate.(1)

4.2	Form of Series A Preferred Stock Certificate.

10.1	The Company's Amended Stock Option Plan.(1)

10.2	Stock appreciation rights agreement, dated as of December 19, 2002, between the Company and Seymour Holtzman.(2)

10.3	Code of ethics.(3)

10.4	Consulting agreement, dated as of June 10, 2004, between the Company and Jewelcor Management, Inc.(3)

10.5	Assignment Agreement, dated as of August 15, 2005, by and among George Foreman and George Foreman Productions, Inc., on one hand, and George Foreman Ventures LLC, on the other hand.(4)

10.6	Services Agreement dated as of August 15, 2005, by and between George Foreman Productions f/s/o George Foreman and George Foreman Ventures LLC.(4)

10.7	Registration Rights Agreement, dated as of August 15, 2005, by and among MM Companies, Inc., on one hand, and George Foreman and George Foreman Productions, on the other hand.(4)

10.8	Investor Rights Agreement, dated as of August 15, 2005, by and among MM Companies, Inc. and George Foreman Ventures LLC, on one hand, and George Foreman and George Foreman Productions, on the other hand.(4)

10.9	Amended and Restated Limited Liability Company Agreement of George Foreman Ventures LLC, dated August 15, 2005.(4)

10.10

Employment Agreement dated as of August 15, 2005, by and between George Foreman Ventures LLC and George Foreman, Jr.(4)

10.11

Employment Agreement dated as of August 15, 2005, by and between George Foreman Ventures LLC and George Foreman III.(4)

21.1	List of Subsidiaries

31.1	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1	Certification of the Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2	Certification of the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(1)	Previously filed as an exhibit to the Company's registration statement on Form S-1, as amended and incorporated herein by reference.

(2)	Previously filed as an exhibit to the Company's annual report on Form 10-K for the year ended December 31, 2002 and incorporated herein by reference.

(3)	Previously filed as an exhibit to the Company's annual report on Form 10-K for the year ended December 31, 2004 and incorporated herein by reference.

(4)	Previously filed as an exhibit to the Company's Form 8-K filed on August 15, 2005 and incorporated herein by reference

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GEORGE FOREMAN ENTERPRISES, INC.

/s/ Chuck Gartenhaus

Chief Executive Officer and Director

August 25, 2011

Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Title	Date

/s/ CHUCK GARTENHAUS	Chief Executive Officer and Director	August 25, 2011
Chuck Gartenhaus

/s/ JOHN SWATEK	Director	August 25, 2011
John Swatek

/s/ JEREMY ANDERSON	Chief Financial Officer	August 25, 2011
Jeremy Anderson

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