Quantum Bit Induction Technology, Inc.						10:42 AM
Profit & Loss						02/27/2009
January through December 2008						Accrual Basis
						Jan - Dec 08
	Ordinary Income/Expense
		Income
			Interest			63.07
		Total Income				63.07
		Expense
			refund			-20.41
			WF CASH ACCOUNT CREDIT OFFSET			-3,348.00
			WF CASH ACCOUNT DEBIT OFFSET			94.00
			Security Monatering			246.16
			State Fees			2,100.00
			Medical			170.97
			Cleaning Service			1,060.00
			Uncategorized Expenses			-500.00
			Automobile Expense
				Registration		130.60
				Insurance		1,864.00
				Automobile Expense - Other		1,095.18
			Total Automobile Expense			3,089.78
			Bank/Credit Service Charges			663.90
			* Compensation of Officers			3,583,893.00
			Computer/Internet
				Software		54.11
				Internet / Web		100.00
				Computer/Internet - Other		25.38
			Total Computer/Internet			179.49
			Director's Fees			360,000.00
			Marketing
				Art Work		2,000.00
				Marketing - Other		-30.00
			Total Marketing			1,970.00
			Materials/Parts			44.33
			Miscellaneous			-1,032.13
			Office Supplies
				Furniture		-120.56
				Office Supplies - Other		183.51
			Total Office Supplies			62.95
			Postage and Delivery
				mail box		1,013.32
				Postage and Delivery - Other		1,371.87
			Total Postage and Delivery			2,385.19
			Professional Services
				Project work		308.37
				Public Relations
					News Releases	1,770.00
					Public Relations - Other	400.00
				Total Public Relations		2,170.00
				Financial		105.00
				Legal Fees		275.00
				Transfer Agent		5,212.96
				Professional Services - Other		1,512.50
			Total Professional Services			9,583.83
			Rent
				mgmt fee		50.00
				Trash fee		25.50
				Rent - Other		10,245.65
			Total Rent			10,321.15
			Taxes
				Sales
					State & Local	21.93
				Total Sales		21.93
				State		104.00
			Total Taxes			125.93
			Telephone
				Celllular		4,667.76
				Telephone - Other		5,438.82
			Total Telephone			10,106.58
			Travel & Ent
				Shareholder realations		248.50
				Entertainment		43.25
				Meals		3,611.59
				Travel & Ent - Other		6,228.78
			Total Travel & Ent			10,132.12
			Utilities
				cable		621.07
				Gas and Electric		3,915.66
				Water		91.22
			Total Utilities			4,627.95
		Total Expense				3,995,956.79
	Net Ordinary Income					-3,995,893.72
	Other Income/Expense
		Other Income
			Other Income			3,564.88
		Total Other Income				3,564.88
		Other Expense
			reverse charge			-6.50
			Balance Adjustment			125.30
			Other Expenses			9,673.97
		Total Other Expense				9,792.77
	Net Other Income					-6,227.89
Net Income						-4,002,121.61

* Does NOT reflect money paid. Debt to officers is mostly accrued.