UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

x	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended: December 31, 2010
For the fiscal year ended: December 31, 2011
or
o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from: _____________ to _____________

BAY ACQUISITION CORP.

(Exact name of registrant as specified in its charter)

Nevada	001- 28099	77-0571784
(State or Other Jurisdiction	(Commission	(I.R.S. Employer
of Incorporation or Organization)	File Number)	Identification No.)

420 Lexington Avenue, Suite 2320, New York, NY 10170

(Address of Principal Executive Office) (Zip Code)

(212) 661-6800

Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class		Name of each exchange on which registered
none		none

———————

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Name of each exchange on which registered
none		none

Securities registered pursuant to Section 12(g) of the Act:

Common Stock $0.001 Par Value
	(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
		o	oYes	~~Yes~~x	xNo	No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
		o	oYes	~~Yes~~x	xNo	No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
		o	oYes	~~Yes~~x	xNo	No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (¤ 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).
		o	oYes	~~Yes~~x	xNo	No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
				x	x
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
Large accelerated filer	o	Accelerated filer			o
Non-accelerated filer	o	Smaller reporting company			x
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).			x	Yes	o	No
As of June 30, 2011 the aggregate value of the voting common stock held by non-affiliates of the registrant was approximately $1,879,000 based on the closing market price of the registrants common stock of $0.11 on that day.
As of October 15, 2012 there were 23,422,663 shares outstanding with a par value of $0.001.
APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
			o	Yes	o	No

~~2010~~Large ~~ANNUAL~~accelerated ~~REPORT~~filer OFo ~~FORM~~Accelerated 10filer o Non-Kaccelerated filer o Smaller reporting company x

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

As of June 30, 2011 the aggregate value of the voting common stock held by non-affiliates of the registrant was approximately $1,879,000 based on the closing market price of the registrants common stock of $0.11 on that day.

As of October 25, 2012 there were 23,422,663 shares outstanding with a par value of $0.001.

APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
	o	Yes	o	No

2011 ANNUAL REPORT OF FORM 10-K

TABLE OF CONTENTS

		Page
PART I
Item 1.	Business	3	3
Item 1A.	Risk Factors		65
Item 1B.	Unresolved Staff Comments		65
Item 2.	Properties		65
Item 3.	Legal Proceedings		65
Item 4.	Submission of Matters to a Vote of Security Holders		65
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities		76
Item 6.	Selected Financial Data		7
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		87
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk		108
Item 8.	Financial Statements and Supplementary Data		109
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosures		109
Item 9A(T).	Controls and Procedures		109
Item 9B	Other Information		1110
PART III
Item 10.	Directors, Executive Officers and Corporate Governance		1211
Item 11.	Executive Compensation		1312
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		1312
Item 13.	Certain Relationships and Related Transactions, and Director Independence		1413
Item 14.	Principal Accounting Fees and Services.		1413
Item 15.	Exhibits, Financial Statement Schedules		1514
SIGNATURES			1715

PART I

Item 1.

Business.

Introduction

We are a Nevada corporation organized in 1997. From 1999 through 2004, we were in the business of developing and publishing packaged software for Macintosh and Windows computers. In 2005, we acquired SpaceLogic, Ltd., an Israeli corporation, which developed and sold systems related to airport baggage inspection. We operated this business until July, 2008 when we sold SpaceLogic, Ltd back to its original stockholders. Although we own several non-exclusive licenses to SpaceLogic’s products, we have yet to re-enter into the airport security business. Since July, 2008, we have not conducted any material business operations and have been searching to acquire an operating business. Our only expenses have related to seeking an acquisition, our auditing and legal fees, and other public company expenses.

Since July 2008, our business plan is to seek, investigate, and, if warranted, acquire an interest in a business opportunity. In the event that we acquire another business, the acquisition may be made by merger, exchange of stock, or otherwise.

Our business plan is to seek, investigate, and, if warranted, acquire an interest in a business opportunity. In the event that we acquire another business, the acquisition may be made by merger, exchange of stock, or otherwise. We have no target under consideration, we have very limited sources of capital, and we probably will only be able to take advantage of one business opportunity. At the present time we have not identified any business opportunity that we plan to pursue, nor have we reached any preliminary or definitive agreements or understandings with any person concerning an acquisition or merger.

Our management intends to create operating revenue through acquiring an operating business. Our search for a business opportunity will not be limited to any particular geographical area or industry, including both U.S. and international companies. Our management has unrestricted discretion in seeking and participating in a business opportunity, subject to the availability of such opportunities, economic conditions and factors. Our management believes that companies who desire a public market to enhance liquidity for current stockholders or plan to acquire additional assets through issuance of securities rather than for cash will be potential merger or acquisition candidates.

Investigation and Selection of Business Opportunities

We anticipate that business opportunities will come to our attention from various sources, including our sole officer/director, our stockholders, professional advisors such as attorneys and accountants, securities broker-dealers, investment banking firms, venture capitalists, members of the financial community and others who may present unsolicited proposals. Management expects that prior personal and business relationships may lead to contacts for business opportunities; however, we have not entered into any direct or indirect negotiations at the time of this filing with any person, corporation or other entity regarding any possible business reorganization involving the Company.

A decision to participate in a specific business opportunity may be made upon our management’s analysis of the quality of the other company’s management and personnel, the anticipated acceptability of the business opportunity’s new products or marketing concept, the merit of its technological changes, the perceived benefit that it will derive from becoming a publicly held entity, and numerous other factors which are difficult, if not impossible, to analyze through the application of any objective criteria. In many instances, we anticipate that the historical operations of a specific business opportunity may not necessarily be indicative of the potential for the future because of the possible need to shift marketing approaches substantially, expand significantly, change product emphasis, change or substantially augment management, or make other changes. We will be dependent upon the owners of a business opportunity to identify any such problems which may exist and to implement, or be primarily responsible for the implementation of, required changes.

In our analysis of a business opportunities, we anticipate that we will consider, among other things, the following factors:

·	Potential for growth and profitability, indicated by new technology, anticipated market expansion, or new products;

·	Our perception of how any particular business opportunity will be received by the investment community and by our stockholders;

Whether, following the business combination, the financial condition of the business opportunity would be, or would have a significant prospect in the foreseeable future of becoming sufficient to enable our securities to qualify for listing on a exchange or on a national automated securities quotation system, such as the stock market.

·	Capital requirements and anticipated availability of required funds, to be provided by us or from operations, through the sale of additional securities, through joint ventures or similar arrangements, or from other sources;

·	The extent to which the business opportunity can be advanced;

·	Competitive position as compared to other companies of similar size and experience within the industry segment as well as within the industry as a whole;

·	Strength and diversity of existing management, or management prospect that are scheduled for recruitment;

·	The cost of our participation as compared to the perceived tangible and intangible values and potential; and

·	The accessibility of required management expertise, personnel, raw materials, services, professional assistance, and other required items.

No one of the factors described above will be controlling in the selection of a business opportunity. Management will attempt to analyze all factors appropriate to each opportunity and make a determination based upon reasonable investigative measures and available data. Potentially available business opportunities may occur in many different industries and at various stages of development. Thus, the task of comparative investigation and analysis of such business opportunities will be extremely difficult and complex. Potential investors must recognize that, because of our limited capital available for investigation, we may not discover or adequately evaluate adverse facts about the opportunity to be acquired.

Notwithstanding the foregoing, as further discussed in Footnote 8 to our audited financial statements which can be found in Item 15 herein, on February 13, 2012, we entered into a Stock Purchase Agreement with Goozex, Inc., a Maryland corporation (“Goozex”) and the principal stockholders of Goozex for the acquisition of all of the outstanding and issued shares of Goozex (the “Goozex Shares”).

Notwithstanding the foregoing, as further discussed in Footnote 7 to our audited financial statements which can be found in Item 15 herein, on February 13, 2012, we entered into a Stock Purchase Agreement with Goozex, Inc., a Maryland corporation (“Goozex”) and the principal stockholders of Goozex for the acquisition of all of the outstanding and issued shares of Goozex (the “Goozex Shares”).

Form of Acquisition

We cannot predict the manner in which we may participate in a business opportunity. Specific business opportunities will be reviewed as well as our needs and desires and those of the promoters of the opportunity. The legal structure or method deemed by management to be suitable will be selected based upon management’s review and our relative negotiating strength. We may agree to merge, consolidate or reorganize with another corporation or form of business organization.

Regardless of the legal structure, we likely will acquire another corporation or entity through the issuance of Common Stock or other securities. Although the terms of any such transaction cannot be predicted, it is possible that the acquisition will occur simultaneously with a sale of shares representing a controlling interest by our current principal stockholder. In addition, our present management and stockholders most likely will not have control of a majority of our voting shares following a merger or reorganization transaction. As part of such a transaction, our existing director will probably resign and new directors may be appointed without any vote by our stockholders.

This method may also include, but is not limited to, leases, purchase and sale agreements, licenses, joint ventures and other contractual arrangements. We may act directly or indirectly through an interest in a partnership, corporation or other forms of organization.

Competition

In our effort to locate an attractive opportunity, we expect to encounter competition from business development companies, venture capital partnerships and corporations, venture capital affiliates of large industrial and financial companies, small investment companies, and wealthy individuals. Many of these persons or entities have significantly greater experience, resources and managerial capabilities than we do and will be in a better position than we are to obtain access to attractive business opportunities. We also will experience competition from other public “blank check” companies, many of which may have more funds available for the investigation and selection of a business opportunity. In addition, we expect competition will be especially tough due to the recent downturns in the economy which includes poor performance by stocks in both the national markets and in the over-the-counter markets making it less attractive for private companies to “go public.”

Item 1A.

Risk Factors.

Not applicable for smaller reporting companies.

Item 1B.

Unresolved Staff Comments.

None.

Item 2.

Properties.

We do not currently own or lease any property. Pending the resumption of operations or an acquisition, our sole officer and director provides us with office space and administrative services.

Item 3.

Legal Proceedings.

None.

Item 4.

Submission of Matters to a Vote of Security Holders.

None.

PART II

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

The following table sets forth, for the periods indicated, the range of quarterly high and low sales prices for our Common Stock which trades on the Over-the-Counter Bulletin Board under the symbol “SLGI.”

Common Stock	High		Low
2011
First Quarter	$	.16	$	.11
Second Quarter		.13		.091
Third Quarter		.14		.07
Fourth Quarter		.098		..06
2010
First Quarter	$	.14	$	.0825
Second Quarter		.18		.06
Third Quarter		.25		.12
Fourth Quarter		.24		.09
2009
First Quarter	$	.019	$	.006
Second Quarter		.095		.01
Third Quarter		.25		.10
Fourth Quarter		.20		.10

Holders

As of December 31, ~~2010~~2011, there were approximately 60 stockholders of record. The Company believes that it has approximately 300 beneficial stockholders.

Dividend Policy

We have never paid cash dividends on our Common Stock. Payment of dividends is within the discretion of board of directors and will depend upon our earnings, capital requirements and operating and our future financial condition.

Sales of Unregistered Securities for the year ended December 31, ~~2010~~2011.

None

Purchases of Equity Securities.

During the year ended December 31, ~~2010~~2011, we did not purchase any of our equity securities, nor did any person or entity purchase any equity securities on our behalf.

Item 6.

Selected Financial Data.

Not Applicable.

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operation.

The following Management’s Discussion and Analysis or Plan of Operation contains forward-looking statements. Forward-looking statements reflect management’s current expectations and are inherently uncertain. Our actual results may differ significantly from management’s expectations.

The following discussion and analysis should be read in conjunction with our audited ~~2010~~2011 and ~~2009~~2010 financial statements which are included herein. This discussion should not be construed to imply that the results discussed herein will necessarily continue into the future, or that any conclusion reached herein will necessarily be indicative of actual operating results in the future. Such discussions represent only the best present assessment of our management.

Overview

Since July, 2008, we have not conducted any material business operations and have been searching to acquire an operating business. Our business plan is to seek, investigate, and, if warranted, acquire an interest in a business opportunity

Results of Operations

We had no revenue for both the year ended December 31, ~~2010~~2011 and for the year ended December 31, ~~2009~~2010.

Expenses

Our expenses are comprised of legal and professional fees incurred in connection with maintaining the Company’s reporting obligations. Total expenses for the year ended December 31, ~~2010~~2011 was $~~33,000~~0 as compared to $6033,000 for the year ended December 31, ~~2009~~2010.

Operating Profit (Loss)

Our operating profit (loss) for the year ended December 31, ~~2010~~2011 was $~~33,000~~0 ~~which represents the expenses described above,~~ as compared to an operating loss of $6033,000 for the year ended December 31, ~~2009~~2010.

Liquidity and Capital Resources

As of December 31, ~~2010~~2011, total current assets were $~~182~~212,000 and total current liabilities were $5265,000. As of December 31, ~~2010~~2011, the Company had a cash balance of $118,000. Our financial statements raise doubt to our ability to continue operating as a “going concern. In the event that that Company shall acquire additional products or subsidiaries, we may require significant amounts of additional capital. sooner. In such a case, we may seek to sell additional equity or debt securities or obtain a credit facility. The sale of additional equity or convertible debt securities could result in additional dilution to our stockholders. Incurring indebtedness could result in an increase in our fixed obligations and could result in borrowing covenants that would restrict our operations. There can be no assurance that financing will be available in amounts or on terms acceptable to us, if at all. If financing is not available when required or is not available on acceptable terms, we may be unable to develop or enhance our products or services, or, we may potentially not be able to continue business activities. Any of these events could have a material and adverse effect on our business, results of operations and financial condition.

Critical Accounting Policies and Estimates

Our discussion and analysis of ~~its~~our financial condition and results of operations are based upon ~~its~~our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to bad debts, income taxes and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Off-Balance Sheet Arrangements

We do not currently have any off-balance sheet arrangements as defined in Item 303(c)(2) of Regulation S-K.

Forward-Looking Statements

The statement made above relating to the adequacy of our working capital is a forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. The statements that express the “belief,” “anticipation,” “plans,” “expectations,” “will” and similar expressions are intended to identify forward-looking statements.

The results anticipated by any or all of these forward-looking statements might not occur. Important factors, uncertainties and risks that may cause actual results to differ materially from these forward-looking statements include matters relating to the business and financial condition of any company we acquire. We undertake no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk.

Not Applicable

Item 8.

Financial Statements and Supplementary Data.

See Item 15.

Item 9.

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

We have had no disagreements with our independent registered public accounting firms during our last two fiscal years. In January 2010, Friedman, LLP was retained as our independent registered public accounting firm upon their combination with our former independent registered public accounting firm Bagell, Josephs, Levine & Company, LLC.

Item 9A(T)

Controls and Procedures.

Disclosure Controls.

We carried out an evaluation required by Rule 13a-15(b) of the Securities Exchange Act of 1934 under the supervision and with the participation of our chief executive and financial officer of the effectiveness of the design and operation of our “disclosure controls and procedures” as of the end of the period covered by this Report.

Disclosure controls and procedures are designed with the objective of ensuring that (i) information required to be disclosed in an issuer’s reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and (ii) information is accumulated and communicated to management, including our Principal Executive and Financial Officer, as appropriate to allow timely decisions regarding required disclosures.

The evaluation of our disclosure controls and procedures included a review of our objectives and processes and effect on the information generated for use in this Report. This type of evaluation will be done quarterly so that the conclusions concerning the effectiveness of these controls can be reported in our periodic reports filed with the SEC. We intend to maintain these controls as processes that may be appropriately modified as circumstances warrant.

Based on his evaluation, our chief executive and financial officer has concluded that our disclosure controls and procedures are not effective for the following reasons:

The deficiency was identified as the Company’s limited segregation of duties amongst the Company’s employees with respect to the Company’s control activities. This deficiency is the result of the Company’s limited number of employees. This deficiency may affect management’s ability to determine if errors or inappropriate actions have taken place. Management is required to apply its judgment in evaluating the cost-benefit relationship of possible changes in our disclosure controls and procedures.

The deficiency was identified with respect to the Company’s Board of Directors. This deficiency is the result of the Company’s limited number of external board members. This deficiency may give the impression to the investors that the board is not independent from management. Management and the Board of Directors are required to apply their judgment in evaluating the cost-benefit relationship of possible changes in the organization of the Board of Directors.

Internal Controls.

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Under the supervision and with the participation of our management, consisting of one person who serves as our Principal Executive Officer and Principal Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, ~~2010~~2011 based on the criteria set forth in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under that criteria, our management concluded that our internal control over financial reporting was not effective as of December 31, ~~2010~~2011.

This Annual Report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. We were not required to have, nor have we engaged our independent registered public accounting firm to perform, an audit on our internal control over financial reporting pursuant to the rules of the Securities and Exchange Commission that permit us to provide only management’s report in this Annual Report.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the fourth quarter of fiscal ~~2010~~2011 that have materially affected, or are reasonably likely to material affect, our internal control over financial reporting.

Item 9B.

Other Information.

None.

1110

PART III

Item 10.

Directors, Executive Officers and Corporate Governance.

We have only one officer and director.

Name		Age		Position(s)
Paul Goodman		4950		President, Secretary, Treasurer and Director

Mr. Goodman has been our sole officer and director since July 2008. Mr. Goodman is senior counsel in the New York City law firm of Cyruli Shanks Hart & Zizmor LLP and concentrates on the representation of Internet and new media clients handling a wide range of corporate and financing transactions including venture capital, angel round investing and mergers and acquisitions. He was formerly a faculty member of the Queens College Computer Science Department and is the author of five books on computer programming. Mr. Goodman became a director of Maxus Technology Corporation in December 2006. He has also been on the board of directors of the Company since 1999. Mr. Goodman received his law degree from the City University of New York and also holds a Bachelors and Masters Degree in Computer Science.

Audit Committee

We do not have an audit committee.

Audit Committee Financial Expert

Not applicable.

Limitation of Our Director’s Liability

Our Articles of Incorporation eliminate the liability of our directors for monetary damages to the fullest extent possible. However, our sole director (and future directors) remains liable for:

any breach of the director's duty of loyalty to us or our stockholders,

acts or omission not in good faith or that involve intentional misconduct or a knowing violation of law,

payments of dividends or approval of stock repurchases or redemptions that are prohibited by Delaware law, or

any transaction from which the director derives an improper personal benefit.

These provisions do not affect any liability any director may have under federal and state securities laws.

1211

Code of Ethics

On March 15, 2005, the Company 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. For purposes of this Item, the term “Code of Ethics” means written standards that are reasonably designed to deter wrongdoing and to promote: Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; full, fair, accurate, timely, and understandable disclosure in reports and documents that the issuer files with, or submits to, the SEC and in other public communications made by the Company; compliance with applicable governmental laws, rules and regulations; the prompt internal reporting of violations of the code to the board of directors or another appropriate person or persons; and, accountability for adherence to the code. A copy of the Code of Ethics can be found as Exhibit 99 to our Form 10-KSB dated April 15, 2005.

Item 11.

Executive Compensation.

We currently have no employees, and Mr. Paul Goodman our President, is our only executive officer. Mr. Goodman receives no compensation.

Outstanding Awards at Fiscal Year End

The Company had no unexercised options, restricted stock that has not vested, or equity incentive plans as of December 31, ~~2010~~2011.

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The following table provides information as of March 31, ~~2011~~2012 concerning the beneficial ownership of our Common Stock by each director, each person known by us to be the beneficial owner of at least 5% of any class of our Common Stock, and all executive officers and directors as a group. All addresses are c/o the Company,

Name and Address of Beneficial Owners	Number of Shares of Common Stock(1)			Percentage of Class
Officers and Directors

Paul Goodman		140,000			*

All officers and directors as a group (one person)		140,000			*

Baytree Capital Associates, LLC		6,200,000	(2)		30.5	%

———————

* - Less than 1.0%

(1)

Unless otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all securities beneficially owned by them. Beneficial ownership exists when a person has either the power to vote or sell our Common Stock. A person is deemed to be the beneficial owner of securities that can be acquired by such person within 60 days whether upon the exercise of options, warrants or otherwise.

(2)	Includes shares of Common Stock held by Michael Gardner. Mr. Gardner is the managing member of Baytree Capital Associates, LLC.

Item 13.

Certain Relationships and Related Transactions, and Director Independence.

None

Item 14.

Principal Accounting Fees and Services.

Audit Fees

The fees billed for professional services rendered by our independent registered public accounting firm for the audit of our annual financial statements and review of our financial statements included in our Forms 10-K and 10-Q for the fiscal year ended December 31, ~~2010~~2011 were $~~9,000~~0 as compared to $319,~~200~~000 for the fiscal year ended December 31, ~~2009~~2010.

Audit-Related Fees

We did not incur any audit related fees during the fiscal years ended December 31, ~~2010~~2011 or ~~2009~~2010.

Tax Fees

Our principal independent registered public accounting firms did not perform any tax related services for us during the fiscal years ended December 31, ~~2010~~2011 or ~~2009~~2010.

All Other Fees

Our independent registered public accounting firms did not perform any other services for us during the fiscal years ended December 31, ~~2010~~2011 or ~~2009~~2010. We have not adopted audit committee pre-approval policies and procedures.

1413

PART IV

Item 15.

Exhibits, Financial Statement Schedules.

(a)

Documents filed as part of the report.

(1) All Financial Statements Balance Sheets at December 31, ~~2010~~2011 and ~~2009~~2010 Statements of Operations for the Years Ended December 31, ~~2010~~2011 and ~~2009~~2010 Statement of Stockholders’ Equity for Years Ended December 31, ~~2010~~2011 and ~~2009~~2010 Statements of Cash Flows for Years Ended December 31, ~~2010~~2011 and ~~2009~~2010

(2)

Financial Statements Schedule

(3)

Exhibits

Exhibit Number		Description

3.1		Articles of Incorporation of the Registrant.*
3.2		Certificate of Amendment to the Articles of Incorporation of the Registrant.*
3.3		By-Laws of Registrant.*
4.1		Form of Common Stock Certificate *
14		Code of Ethics.**
21.1		Subsidiaries of Registrant
31		CEO and CFO certifications required under Section 302 of the Sarbanes-Oxley Act of 2002
32		CEO and CFO certifications required under Section 906 of the Sarbanes-Oxley Act of 2002

Exhibit Number		Description
101.INS ***		XBRL Instance Document
3.1		Articles of Incorporation of the Registrant.*
101.SCH ***		XBRL Taxonomy Extension Schema Document
3.2		Certificate of Amendment to the Articles of Incorporation of the Registrant.*
101.CAL ***		XBRL Taxonomy Extension Calculation Linkbase Document
3.3		By-Laws of Registrant.*
101.DEF ***		XBRL Taxonomy Extension Definition Linkbase Document
4.1		Form of Common Stock Certificate *
101.LAB ***		XBRL Taxonomy Extension Label Linkbase Document
14		Code of Ethics.**
101.PRE ***		XBRL Taxonomy Extension Presentation Linkbase Document
21.1		Subsidiaries of Registrant
31		CEO and CFO certifications required under Section 302 of the Sarbanes-Oxley Act of 2002
32		CEO and CFO certifications required under Section 906 of the Sarbanes-Oxley Act of 2002
*		Incorporated into this Report by reference to the Registrant's Registration Statement on Form 10 dated November 15, 1999.
**		Incorporated into this Report by reference to Exhibit 99 to the Registrant's Annual Report on Form-10KSB filed April 14, 2005.
***		Incorporated into this Report by reference to the Registrant's Annual Report on Form-10KSB filed April 12, 2007.

*		Incorporated into this Report by reference to the Registrant's Registration Statement on Form 10 dated November 15, 1999.

**		Incorporated into this Report by reference to Exhibit 99 to the Registrant's Annual Report on Form-10KSB filed April 14, 2005.

***		XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

SIGNATURES

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

	BAY ACQUISITION CORP.
Date: October 19, 2012	By:	/s/ Paul Goodman
Date: November 5, 2012	By:	/s/ Paul Goodman
		Paul Goodman
		President (Principal Executive Officer and Principal Financial Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, 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/ Paul Goodman	Director	~~October~~November 195, 2012
Paul Goodman

1715

BAY ACQUISITION CORP.

INDEX TO FINANCIAL STATEMENTS

	Page
Report of Independent Registered Public Accounting Firm	~~F-2~~	F-2
Financial Statements:
Balance Sheets as of December 31, 2010 and 2009	F-3
Balance Sheets as of December 31, 2011 and 2010		F-3
Statement of Operations for the years ended December 31, 2010 and 2009		F-4
Statement of Operations for the years ended December 31, 2011 and 2010		F-4
Statement of Shareholders’ Equity for the years ended December 31, 2010 and 2009		F-5
Statement of Shareholders’ Equity for the years ended December 31, 2011 and 2010		F-5
Statements of Cash Flows for the years ended December 31, 2010 and 2009		F-6
Statements of Cash Flows for the years ended December 31, 2011 and 2010		F-6
Notes to Financial Statements		F-7 - F-11

F-1

FRIEDMAN, LLP

Accountants and Advisors

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Stockholders

Bay Acquisition Corp.

We have audited the accompanying balance sheets of Bay Acquisition Corp. (the “Company”) as of December 31, ~~2010~~2011 and ~~2009~~2010, and the related statements of operations, stockholders' deficit, and cash flows for each of the two years in the period ended December 31, ~~2010~~2011. 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 audits.

We conducted our audits in accordance with standards established by the Public Company Accounting Oversight Board (United States of America). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, ~~2010~~2011 and ~~2009~~2010, and the results of its operations and its cash flows for each of the two years in the period ended December 31, ~~2010~~2011, in conformity with U.S. generally accepted accounting principles.

The accompanying financial statements have been prepared assuming that Bay Acquisition Corp. will continue as a going concern. The Company has incurred substantial accumulated deficits and operating losses and will require additional financing to meet its obligations. These issues lead to substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regards to these matters are also discussed in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ Friedman LLP ~~East Hanover, New Jersey October 19, 2012~~

East Hanover, New Jersey

November 5, 2012

F-2

BAY ACQUISITION CORP

BALANCE SHEETS

(U.S. Dollars in thousands, except share data)

	2010			2009
	December 31,			December 31,
	2011			2010
Assets
Current assets:
Cash	$	118		$	41
Loan to shareholder		157			~~171~~157
Interest receivable		2437			1124
Total current assets		~~182~~212			~~186~~182
Total assets	$	~~182~~212		$	~~186~~182
Liabilities and Shareholders' Equity
Current liabilities:
Trade payables	$	52		$	3652
Total current liabilities		52			36
Accrued interest		1			-
Convertible Note Payable, net of discount		12			-
Total current liabilities		65			52
Commitments and contingencies
Shareholders' equity:
Common stock $0.001 par value; 100,000,000 shares authorized, 23,422,663 issued and outstanding at December 31, 2010 and December 31, 2009		23			23
Common stock $0.001 par value; 100,000,000 shares authorized,
Additional paid-in capital		14,247			14,247
23,422,663 issued and outstanding at March 31, 2011
and December 31, 2010		23			23
Additional paid-in capital		14,264			14,247
Treasury stock (32,899,667 shares)		(4,957	)		(4,957	)
Accumulated deficit		(9,183	)		(9,~~163~~183	)
Accumulated other comprehensive income		-			-
Total shareholders' equity		147			130
Total shareholders' equity		130			150
Total liabilities and shareholders' equity	$	212		$	182
Total liabilities and shareholders' equity	$	182		$	186

The accompanying notes are an integral part of these financial statements

F-3

BAY ACQUISITION CORP.

STATEMENTS OF OPERATIONS

(U.S. Dollars in thousands, except share and per share data)

	Year Ended
	December 31			December 31
	December 31,			December 31,
	2010			2009
	2011			2010
Revenue	$	-		$	-
Cost of revenue		-			-
Gross profit		-			-
General and administrative expenses		33-			6033
Operating loss		~~(33~~-	)		(6033	)
Interest income (expense), net		13			11
Interest and other income, net		-			13
Loss before income taxes		~~(20~~-	)		(4920	)
Provision for income taxes		-			-
Net loss applicable to common shares	$	~~(20~~-	)	$	(4920	)
Net loss per share - Basic and Diluted	$	~~(0.00~~-	)	$	(0.00	)
Weighted average shares outstanding Basic and Diluted		23,422,663			23,422,663

The accompanying notes are an integral part of these financial statements

F-4

BAY ACQUISITION CORP.

STATEMENT OF STOCKHOLDERS’ EQUITY

For the years ended December 2010 and 2009

(U.S. Dollars in thousands, except share data)

					Additional								~~Other~~
	Common		Par		Paid-in		Treasury			Accumulated			~~Comprehensive~~			~~Comprehensive~~
	Stock		Value		Capital		Stock			Deficit			~~Income (loss)~~Total			~~Income (loss)~~			~~Total~~
Balance January 1, 2009		23,422,663	$	23	$	14,247	$	(4,957	)	$	(9,114	)	$	-					$	199
Balance January 1, 2010		23,422,663	$	23	$	14,247	$	(4,957	)	$	(9,163	)	$	150
Net Loss											(4920	)		(20	)	$	~~(49~~	)		~~(49~~	)
Translation adjustment														-			-			-
Balance December 31, 2010		23,422,663	$	23	$	14,247	$	(4,957	)	$	(9,183	)	$	130
Comprehensive loss																$	(49	)
Benefical conversion feature						17								17
Balance December 31, 2009		23,422,663	$	23	$	14,247	$	(4,957	)	$	(9,163	)	$	-					$	150
Net Loss											-			-
Net Loss											(20	)					(20	)		(20	)
Balance December 31, 2011		23,422,663	$	23	$	14,264	$	(4,957	)	$	(9,183	)	$	147
Translation adjustment														-			-			-
Comprehensive loss																$	(20	)
Balance December 31, 2010		23,422,663	$	23	$	14,247	$	(4,957	)	$	(9,183	)	$	-					$	130

The accompanying notes are an integral part of these financial statements

F-5

BAY ACQUISITION CORP.

STATEMENTS OF CASH FLOWS

(U.S. Dollars in thousands)

	Year Ended
	December 31,			December 31,
	2010			2009
	2011			2010
Cash flows from operating activities:
Net loss	$	~~(20~~-	)	$	(4920	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Increase in interest receivable		(13	)		(11	)
Amortization of debt discount		12			-
Increase in accounts payable		16			20
Increase in interest receivable		(13	)		(13	)
Net cash (used in) operating activities		(17	)		(40	)
Increase in accounts payable and accrued expense		1			16
Net cash provided by operating activities		-			(17	)
Cash flows from financing activities:
Repayment by (loan to) stockholder		14-			~~(171~~14	)
Net decrease in cash		(3	)		(211	)
Proceeds from convertible note payable		17
Cash at beginning of period		4			215
		17			14
Cash at end of period	$	1		$	4
Net decrease in cash		17			(3	)
Cash at beginning of period		1			4
Cash at end of period	$	18		$	1
Supplemental Cash Flow Information
During the period, cash was paid for the following:
Interest	$	-		$	-
Income taxes	$	-		$	-

The accompanying notes are an integral part of these financial statements.

F-6

BAY ACQUISITION CORP.

NOTES TO THE FINANCIAL STATEMENTS

(U.S. dollars in thousands, except share and per share data)

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

Bay Acquisition Corp. (“formerly: SecureLogic Corp.) (the “Company”) is incorporated in Nevada.

The Company is defined as a shell entity and is actively seeking to merge, invest in or acquire other companies to generate revenues and profits.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”).

FINANCIAL STATEMENTS IN U.S. DOLLARS

The reporting currency of the Company is the U.S. dollar (“dollar"). The dollar is the functional currency of the Company.

USE OF ESTIMATES

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Actual results could differ from those estimates.

CASH AND CASH EQUIVALENTS

The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. The Company had no cash equivalents at December 31, ~~2010~~2011 and December 31, ~~2009~~2010. The Company maintains cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to federally insured limits. At times balances may exceed FDIC insured limits. The Company has not experienced any losses in such accounts.

CONCENTRATION OF CREDIT RISKS

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents.

F-7

FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company estimates that the fair value of all financial instruments at December 31, ~~2010~~2011 and December 31, 2009, as defined in Accounting Standards Codification (“ASC”) 825-10, does not differ materially from the aggregate carrying values of its financial instruments recorded in the accompanying balance sheets. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value, and accordingly, the estimates are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

BENEFICIAL CONVERSION FEATURE AND ACCRETIVE INTEREST EXPENSE

Under U.S. GAAP, a beneficial conversion feature is required to be recognized on the date that a convertible instrument becomes convertible into equity shares and the fair market value of those equity shares exceeds the conversion price under the convertible instrument. These amounts are recorded as a reduction in the face value of the issued convertible or debt instrument with an offset going to additional paid-in-capital. This reduction will accrete through the profit and loss statement as interest expense using the interest rate method over the life of the convertible or debt instrument. In accordance with U.S. GAAP we recognized approximately $17,000 as a reduction to the face value of the Note Payable as a discount at issuance, as disclosed in Note 6.

BASIC AND DILUTED NET LOSS PER SHARE

ASC 260-10 requires the presentation of basic earnings (loss) per share ("basic EPS") and diluted earnings (loss) per share ("diluted EPS").

The Company’s basic loss per common share is based on net loss for the relevant period, divided by the weighted average number of common shares outstanding during the period. Diluted loss per common share is based on net loss, divided by the weighted average number of common shares outstanding during the period, including common share equivalents, such as outstanding stock options and beneficial conversion of related party accounts.

Outstanding share options and shares issued and reserved for outstanding share options have been excluded from the calculation of basic and diluted net loss per share to the extent such securities are anti-dilutive

INCOME TAXES

The Company accounts for income taxes under the provisions of ASC 740, “Income Taxes.” This pronouncement requires recognition of deferred tax assets and liabilities for the estimated future tax consequences of events attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of operations in the period in which the enactment rate changes. Deferred tax assets and liabilities are reduced through the establishment of a valuation allowance at such time as, based on available evidence, it is more likely than not that the deferred tax assets will not be realized.

Effective January 1, 2007, the Company adopted the provisions of FASB ASC 740-10-05, “Accounting for Uncertainties in Income Taxes” The ASC clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The ASC prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

Federal, state and local income tax returns for years prior to 2007 are no longer subject to examination by tax authorities.

F-8

NOTE 3 – GOING CONCERN

As reflected in the accompanying financial statements, the Company’s operations for the years ended December 31, ~~2010~~2011 and ~~2009~~2010 resulted in a net income (loss) of $~~20,000~~0 and $49(20,000), respectively. The Company’s ability to continue operating as a “going concern” is dependent on its ability to raise sufficient additional working capital. Management’s plans in this regard include raising additional cash from current stockholders and potential investors and lenders. As such, these factors raise substantial doubt as to the company's ability to continue as a going concern.

These financials statements do not include adjustments relating to the recoverability and classifications of recorded asset amounts and reclassification of liabilities that might be necessary should the Company be unable to continue its existence.

NOTE 4 – RELATED PARTY TRANSACTIONS

The President and CEO of the Company, Mr. Paul Goodman, had performed legal services for the Company and received remuneration in the amount of $~~10,000~~0 and $810,~~500~~000 for the years ended December 31, ~~2010~~2011 and ~~2009~~2010, respectively. Included in trade payables at December 31, 2011 and 2010 were $18, 500 due to Mr. Goodman’s law firm.

NOTE 5 – LOAN TO SHAREHOLDER

On February 11, 2009, the Company made a loan to a stockholder of the Company in the amount of $171,000. The loan bears interest at a rate of 8% per annum and was due and payable on May 15, 2010. In May 2010, a partial payment of $14,000 was received. On October 3, 2012 the Company extended the due date to December 31, 2012.

NOTE 6 – ~~INCOME~~CONVERTIBLE ~~TAXES~~NOTE PAYABLE

On April 18, 2011, the Company received a loan from Heriot Holdings Limited in the amount of $17,000 (“2011 Note”). The ~~tax~~loan ~~effect~~bears interest at a rate of ~~temporary~~10% ~~differences,~~per ~~primarily~~annum ~~net~~and ~~operating~~is ~~loss~~due ~~carryforwards~~and payable on April 18, ~~gave~~2012. ~~rise~~The toloan is classified as “Convertible Note Payable” on the accompanying consolidated balance sheet of the Company's. ~~deferred~~As ~~tax~~of ~~asset~~the indate of these financials the ~~accompanying~~loan ~~December~~is ~~31,~~in ~~2010~~default and ~~December~~has ~~31,~~not ~~2009~~been ~~balance~~converted. The ~~sheets~~Company is currently negotiating an extension. The 2011 Note is convertible at $0.05.

~~Deferred~~Under ~~income~~U.S. ~~taxes~~GAAP, ~~are~~a beneficial conversion feature is required to be recognized ~~for~~on the ~~tax~~date ~~consequence~~that ofa ~~such~~convertible ~~temporary~~instrument ~~differences~~becomes atconvertible into equity shares and the ~~enacted~~fair ~~tax~~market ~~rate~~value ~~expected~~of tothose beequity inshares ~~effect~~exceeds ~~when~~the conversion price under the ~~differences~~convertible ~~reverse~~instrument. ~~Because~~These ofamounts ~~the~~are ~~current~~recorded ~~uncertainty~~as ofa ~~realizing~~reduction in the ~~benefit~~face value of the ~~tax~~issued ~~carry~~convertible ~~forward,~~or adebt ~~valuation~~instrument ~~allowance~~with ~~equal~~an offset going to additional paid-in-capital. This reduction will accrete through the ~~tax~~profit ~~benefit~~and ~~for~~loss ~~deferred~~statement ~~taxes~~as ~~has~~interest ~~been~~expense ~~established.~~using ~~The~~the ~~full~~interest ~~realization~~rate method over the life of the ~~tax~~convertible ~~benefit~~or ~~associated~~debt instrument. In accordance with U.S. GAAP we recognized approximately $17,000 as a reduction to the ~~carry~~face ~~forward~~value ~~depends~~of ~~predominantly~~the ~~upon~~Note Payable as a discount at issuance. For the ~~Company's~~year ~~ability~~ended toDecember ~~generate~~31, ~~taxable~~2011 ~~income~~we ~~during~~amortized approximately $12,000 of the ~~carry~~discount ~~forward~~as ~~period~~non-cash interest expense in the accompanying financial statements in “Interest and other income, net”. "Interest income (expense), net"

As of December 31, 2010, the Company has net operating loss carry forwards of approximately $9,183,000 that can be utilized to offset future taxable income for Federal income tax purposes through 2030. Utilization of these net loss carry forwards is subject to the limitations of Internal Revenue Code Section 382.

F-9

Convertible Note Payable obligations as of December 31, 2011 and 2010 is as follows:

	2011			2010
Convertible Note Payable	$	17,000		$	-
Less: Debt Discount		(5,000	)		-
	$	12,000		$	-

NOTE 7 – INCOME TAXES

The tax effect of temporary differences, primarily net operating loss carryforwards, gave rise to the Company's deferred tax asset in the accompanying December 31, 2011 and December 31, 2010 balance sheets.

Deferred income taxes are recognized for the tax consequence of such temporary differences at the enacted tax rate expected to be in effect when the differences reverse. Because of the current uncertainty of realizing the benefit of the tax carry forward, a valuation allowance equal to the tax benefit for deferred taxes has been established. The full realization of the tax benefit associated with the carry forward depends predominantly upon the Company's ability to generate taxable income during the carry forward period.

As of December 31, 2011, the Company has net operating loss carry forwards of approximately $9,183,000 that can be utilized to offset future taxable income for Federal income tax purposes through 2030. Utilization of these net loss carry forwards is subject to the limitations of Internal Revenue Code Section 382.

Deferred tax assets and liabilities reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities are summarized as follows:

	December 31,
	2010			2009
	2011			2010
Deferred tax asset:
Net operating loss carryforwards	$	3,673,000		$	3,~~207~~673,000
Less: Valuation allowance		(3,673,000	)		(3,~~207~~673,000	)
Net Deferred Tax Asset	$	-		$	-

~~NOTE 7 – SUBSEQUENT EVENTS~~F-10

OnNOTE ~~April~~8 ~~18,~~– ~~2011,~~SUBSEQUENT the Company received a convertible note payable (“2011 Note”) from Heriot Holdings Limited in the amount of $17,000. The loan bears interest at a rate of 10% per annum and was originally due and payable on April 18, 2012. As of the date of these financials the loan is in default and has not been converted. The Company is currently negotiating an extension. The 2011 Note is convertible at $0.05.EVENTS

On April 13, 2012, the Company received an additional convertible note payable (“2012 Note”) from Heriot Holdings Limited in the amount of $20,000. The loan bears interest at a rate of 10% per annum and is due and payable on October 13, 2012. The 2012 Note is convertible into shares of the Company’s common stock at $0.05 per share.

On February 13, 2012, the Company entered into a Stock Purchase Agreement (the “Agreement) with Goozex, Inc., a Maryland corporation (“Goozex”) and the principal stockholders of Goozex for the acquisition of all of the outstanding and issued shares of Goozex (the “Goozex Shares”) by the Company.

In consideration for the sale of the Goozex Shares, the stockholders of Goozex, at the closing, will receive (a) $150,000 in cash and (b) such number of newly issued shares of the Company’s common stock which shall represent 15% of the issued and outstanding shares of the Company after taking into account the Private Placement, described below.

On May 11, 2012, the Company entered into an Engagement Agreement with a registered broker-dealer (the “Broker-Dealer”) pursuant to which the Broker-Dealer agreed to act as the Company’s placement agent for a private placement of units of the Company’s common stock and warrants in any amount of up to $2,000,000.

F-1011

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