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, 2012

¨ 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 0-14278

BRAVO ENTERPRISES LTD.

NEVADA		88-01955105
(STATE OF INCORPORATION)		(I.R.S. ID)

35 South Ocean Avenue, Patchogue, New York, 11772

1-888-488-6882

Securities registered pursuant to Section 12(b) of the Act:
COMMON STOCK		OTC: BB

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

Common Stock, Par Value $.001

(Title of Class)

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

Securities registered pursuant to Section 12(g) of the Act: Common stock, $.001 par value per share

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

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. o Yes x 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 Yes x 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). o Yes o No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K 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. o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a smaller reporting company.

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

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

As of March 31, 2013, there were 147,178,530 shares of the issuer's $0.001 par value common stock issued and outstanding.

Documents incorporated by reference:

8-K filed February 3, 2012 with respect with respect to a change in Directors.

8-K filed May 15, 2012 with respect to announcing name change and 1:20 reverse split.

8-K filed May 15, 2012 with respect to approval of name change and 1:20 reverse split.

8-K filed November 30, 2012 with respect to entering into a material definitive agreement.

Bravo Enterprises Ltd.

FORM 10-K

For The Fiscal Year Ended December 31, 2012

INDEX

PART I		4

ITEM 1.	BUSINESS	4
ITEM 1A.	RISK FACTORS	8
ITEM 1B.	UNRESOLVED STAFF COMMENTS	8
ITEM 2.	PROPERTIES	8
ITEM 3.	LEGAL PROCEEDINGS	9
ITEM 4.	MINE SAFETY DISCLOSURES	9

PART II		10

ITEM 5.	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES	10
ITEM 6.	SELECTED FINANCIAL DATA	14
ITEM 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	14
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	16
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	F-1
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	17
ITEM 9A.	CONTROLS AND PROCEDURES	17
ITEM 9B.	OTHER INFORMATION	18

PART III		19

ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	19
ITEM 11.	EXECUTIVE COMPENSATION	19
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	21
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	22
ITEM 14.	PRINCIPAL ACCOUNTING FEES AND SERVICES	23

PART IV		24

ITEM 15.	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	24

SIGNATURES		25

Note About Forward-Looking Statements

Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled “Risk Factors” (refer to Part I, Item 1A). We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

PART I

ITEM 1. BUSINESS

GENERAL

The following should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements.

Our Company, Bravo Enterprises Ltd., was formed under the laws of the State of Nevada on November 29, 1983 under the name Venture Group, Inc. On February 11, 1986, an amendment to the Articles of Incorporation was filed changing the corporate name to Asdar Corporation. On December 10, 1987, another amendment to the Articles of Incorporation was filed changing the corporate name to Asdar Group. On February 18, 2001, Asdar Group filed a Certificate of Reinstatement with the Secretary of State of Nevada. On April 30, 2002, another amendment to the Articles of Incorporation was filed changing the corporate name to Precise Life Sciences Ltd. Additional amendments to the Articles of Incorporation were filed changing the corporate name as follows:

February 18, 2003	-	Iceberg Brands Corporation
August 28, 2003	-	Avalon Gold Corporation
March 22, 2005	-	Avalon Energy Corporation
September 25, 2007	-	Shotgun Energy Corporation
April 7, 2009	-	Organa Gardens International Inc.
June 8, 2012	-	Bravo Enterprises Ltd.

Air to Water Harvesting Units Project.

On November 23, 2012, the Company signed an exclusive licensing agreement with Water-For-The-World-Manufacturing Inc, a Company incorporated in Washington State with respect to its commercial atmospheric water harvester system.

Water-For-The-World-Manufacturing Inc is the legal and beneficial owner of all right, title, intellectual property and patent interest in with respect to certain Water Harvesting Equipment.

Water-For-The-World-Manufacturing Inc is the legal and beneficial owner of Water Harvesting Equipment and has developed packaging, accessories and promotional materials for the purposes of its sale. The Product is described as Air-to-Water Harvesters.

The harvesters feature innovative technology that operates by:

* Pulling air through a filter and coil.

* This cools the incoming air, thus producing condensation.

* It then captures the water.

* The water is pumped through a series of filtration systems and germicidal ultraviolet reactors for purification.

Water-For-The-World-Manufacturing Inc. is a leader in the design, manufacture and distribution of water from air systems known as Air-to-Water Harvesters that extracts moisture from the air through a dehumidification process then filters and purifies the water for consumption. The company has developed a unique air drive system that will enable the machine not only to be powered through a conventional power source but also in emergency situations the machine can be powered directly from an engine using its patented drive system. The atmospheric water harvester can produce up to 3000 gallons of drinking water under optimum conditions.

Bravo Enterprises Ltd. (“Bravo”) requested and Water For The World Manufacturing Inc. has agreed to grant Bravo, the exclusive manufacturing, distribution and marketing rights for the Water Harvesting Equipment. The term of this agreement is for a period of nine (9) years and is renewable for an additional nine (9) years.

Water For The World Manufacturing Inc. appointed Bravo its exclusive world wide manufacturing and sales representative (the "Territory") for consideration of 120,000,000 restricted common shares of Bravo to be issued to Water For The World Manufacturing Inc. and/or its nominees Bravo will use its best efforts to advertise and promote the sale of the Product and to make regular and sufficient contact with the present and prospective customers of the Company in the Territory.

A portion of the 120,000,000 restricted common share consideration is being received by certain shareholders that also owned shares in Bravo Enterprises Ltd. prior to the November 23, 2012 agreement. The value of these shares considered a related party portion is $67,257 and as such, this amount has been eliminated from the transaction.

Intangible assets include the following:

Description	December 31,			December 31,
	2012			2011

18 year general license to manufacture and distribute water units	$	1,560,000		$	-
Less: related party portion of consideration for license		(67,257	)		-
Less: accumulated amortization		-			-

Balance	$	1,492,743		$	-

For additional information, refer to the Company’s website, www.splashwatersolutions.org or www.bravoenterprises.ws

Vertical Hydroponic Farming Project

On March 6, 2009, the Company signed an agreement to acquire all of the assets of Organa Gardens Inc.(OGI), a Nevada Corporation in the business of hydroponics vertical farming. These assets include, but are not limited to all proprietary designs, engineering, technology, business models, plans and intellectual properties pertaining to the Organa Garden System-Discovery (OGS-D) and the Organa Garden System-Enterprise (OGS-E). Both the OGS-D and OGS-E are a rotary hydroponics vertical farming system designed with serviceability, ease-of-use and maximum harvest in mind. Both models are modular, allowing them to be expanded by stacking them. Its specially designed waterwheel technology allows the fully automated system to recycle and reuse 95% of the water used while requiring a negligible amount of energy to run.

The Company was to issue up to 1,250,000 post-reverse split Rule 144 shares of its common stock to OGI, to be held in trust and released based on the following terms and gross revenue requirements:

(a) Release of 500,000 shares of the Company upon signing this Agreement.

(b) Release of 250,000 shares of the Company upon attaining $1,000,000 US in gross revenue.

(d) Release of 250,000 shares of the Company upon attaining $4,000,000 US in gross revenue.

The Company was to raise up to $500,000 US to market and fulfill the required obligations of OGI as outlined in the supplemental agreement(s) to follow. The Company and Organa Gardens Inc. agree to allow the shares to sit in trust for a period of 5 years in order for OGI to meet its sales goals. Should the requirements not be met in all or part, then all of the remaining shares will be returned back to the treasury of the Company.

However, On June 9, 2009, the Company signed an amended agreement to acquire all of the assets of Organa Gardens Inc., a Nevada Corporation in the business of hydroponics vertical farming. These assets include but are not limited to all proprietary designs, engineering, technology, business models, plans and intellectual properties pertaining to the Organa Garden System-Discovery (OGS-D) and the Organa Garden System-Enterprise (OGS-E).

Under the terms of the acquisition, the Company will issue 175,000 post-reverse split restricted 144 shares to Organa Gardens Inc. and/or its nominees (issued) and render a cash commitment of up to $250,000 (not paid) to complete the final steps of taking the OGS-D and OGS-E to market. This agreement replaces the agreement dated March 9, 2009.

All research and development costs are expensed as incurred and include costs of consultants who conduct research and development on behalf of the Company. For the years ended December 30, 2012 and 2011, the Company incurred $Nil in research and development costs. The Company has determined that it will no longer be proceeding with this project.

Ownership Interests.

The following chart specifies our stock ownership at December 31, 2012.

Percent Ownership	Entity	Nature of Ownership

2.10%	Legacy Platinum Group Inc.	3,676,335 Shares of Common Stock *
0.10%	Terralene Fuels Corporation	98,612 Shares of Common Stock

* 3,384,945 of these shares are restricted common shares

Employees.

At December 31, 2012, Bravo Enterprises Ltd. had 2 full time employee/consultants and 5 part time consultants other than its Officers and Directors.

Change in Directors

On February 1, 2012, the Registrant accepted the resignation of Sharon Deutsch as Secretary, Treasurer, Director and Chief Financial Officer of the Registrant. The resignation was not motivated by a disagreement with the Registrant on any matter relating to the Registrant's operations, policies or practices.

On February 1, 2012 Matt Kelly, an American businessman, based in New York U.S.A., joined the Board of Directors and was appointed Secretary, Treasurer and Chief Financial Officer of the Registrant.

ITEM 1A. RISK FACTORS

Not applicable to smaller reporting companies

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

As of the dates specified in the following table, Bravo Enterprises Ltd. held the following property in the following amounts:

Property	December 31, 2012		December 31, 2011

Cash and equivalents	$	86,781	$	90

Bravo Enterprises Ltd. defines cash equivalents as all highly liquid investments with a maturity of 3 months or less when purchased. Bravo Enterprises Ltd. does not presently own any interests in real estate. Bravo Enterprises Ltd. does not presently own any inventory or equipment.

We do not own any real property. As of August 1, 2012, Bravo Enterprises Ltd. has leased 1250 sq. ft of office space from Holm Investments Ltd. at $2,500 per month for a period of 3 years.

Bravo Enterprises Ltd.’s principal corporate offices are located at 35 South Ocean Avenue

Patchogue, NY, 11772 Fax – 1 888 265 0498 Phone – 1 888 488 6882

ITEM 3. LEGAL PROCEEDINGS

On February 21, 2002, the Company issued 350,000 shares valued at $119,000 to Empire Sterling Corporation for services to be rendered with respect to the acquisition of ACGT Corporation. The shares were to be held in trust and not sold until all necessary financing was in place to complete the ACGT acquisition. Empire Sterling Corporation breached the trust agreement and the Company placed a stop transfer on these shares and requested they be returned to the Company. Empire Sterling Corporation failed to return the share certificate and as such, the Company commenced court proceedings against the principals of Empire Sterling Corporation. The Company argued for an interim injunction against all parties and was successful. On May 9, 2002, the Court ordered Empire Sterling Corporation to deposit the shares with the Court pending judicial disposition. The Company continued to file legal process claiming ownership of the shares and breach of trust inter alia. The Company was successful and has now applied to have the share certificate released and subsequently cancelled. As of December 31, 2012, the Company is still in the legal process of having the certificate released.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

As at December 31, 2012 there were approximately 2,000 holders of the outstanding shares of the Bravo Enterprises Ltd. $0.001 par value common stock. Bravo Enterprises Ltd. participates in the OTC Bulletin Board Electronic Quotation System maintained by the National Association of Securities Dealers, Inc., under the most recent trading symbol "OGNG". According to quotes provided by quotemedia.com, the Bravo Enterprises Ltd.'s common stock has closed at:

Quarter	High		Low

2010 First Quarter	$	0.01	$	0.01
2010 Second Quarter	$	0.01	$	0.01
2010Third Quarter	$	0.01	$	0.01
2010 Fourth Quarter	$	0.01	$	0.01
2011 First Quarter	$	0.0043	$	0.0025
2011 Second Quarter	$	0.0184	$	0.012
2011Third Quarter	$	0.032	$	0.012
2011 Fourth Quarter	$	0.0099	$	0.002
2012 First Quarter	$	0.0085	$	0.0025
2012 Second Quarter	$	0.05	$	0.02
2012 Third Quarter	$	0.06	$	0.02
2012 Fourth Quarter	$	0.215	$	0.015

Such quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.

The public may read and copy any materials filed with the SEC at the SEC's Public Reference Room at 450 Fifth Street NW, Washington, D.C. 20549. The public may also obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The address of that site is http://www.sec.gov.

Common Stock. Bravo Enterprises Ltd. is authorized to issue 500,000,000 shares of common stock, $.001 par value, each share of common stock having equal rights and preferences, including voting privileges. The shares of $.001 par value common stock of Bravo Enterprises Ltd. constitute equity interests in Bravo Enterprises Ltd. entitling each shareholder to a pro rata share of cash distributions made to shareholders, including dividend payments. As of December 31, 2012, 147,178,530 shares of the Bravo Enterprises Ltd. common stock were issued and outstanding.

The holders of Bravo Enterprises Ltd.'s common stock are entitled to one vote for each share of record on all matters to be voted on by shareholders. There is no cumulative voting with respect to the election of directors of Bravo Enterprises Ltd. or any other matter, with the result that the holders of more than 50% of the shares voted for the election of those directors can elect all of the Directors.

The holders of Bravo Enterprises Ltd.'s common stock have no conversion, preemptive or other subscription rights, and there are no redemption provisions applicable to Bravo Enterprises Ltd.'s common stock. All of the outstanding shares of Bravo Enterprises Ltd.'s common stock are duly authorized, validly issued, fully paid and non-assessable.

Dividends. The holders of the Bravo Enterprises Ltd. 's common stock are entitled to receive dividends when, as and if declared by Bravo Enterprises Ltd. 's Board of Directors from funds legally available therefore; provided, however, that cash dividends are at the sole discretion of Bravo Enterprises Ltd. 's Board of Directors. In the event of liquidation, dissolution or winding up of Bravo Enterprises Ltd. the shareholders of common stock are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities of Bravo Enterprises Ltd. and after provision has been made for each class of stock, if any, having preference in relation to Bravo Enterprises Ltd.'s common stock. Bravo Enterprises Ltd. has never declared or paid any dividends on its common stock. Bravo Enterprises Ltd. does not intend to declare or pay any dividends in the foreseeable future.

Sales of Securities

In April, 2012, a majority of the shareholders entitled to vote on such matters approved a change of name from Organa Gardens International Inc. to “Bravo Enterprises Ltd.” and a one-for-twenty (1:20) stock split of all of this Company’s outstanding common stock, without any change in par value for the shares of common stock of this Company. The stock split did not include a change in the authorized capital of the Company. On April 23, 2012, a Certificate of Amendment to its Articles of Incorporation was filed with the State of Nevada changing the name to Bravo Enterprises Ltd., effective June 1, 2012. As advised on May 9, 2012, the Company’s CUSIP Number changed from 68618Y 10 6 to 10567L 10 7. On June 8, 2012, the Company began to trade as Bravo Enterprises Ltd. under the same trading symbol being “OGNG”. Pre-split the total shares outstanding was 61,796,467 and post-split the total shares outstanding was 3,089,823.

(1)	2012 Stock Transactions- During the year ended December 31, 2012:

(a)	The Company issued 4,500,000 restricted common shares valued at $99,450 pursuant to deferred compensation agreements.

(b)	The Company issued 120,000,000 restricted common shares valued at $1,492,743 pursuant to the exclusive licensing agreement acquiring the manufacturing and distribution rights for the air to water harvester units.

(c)	The Company issued a total of 19,000,000 common shares pursuant to the exercise of options under the Company’s 2012 Stock Incentive and Option Plan. These shares were issued at $0.013 per share for cash in the amount of $50,000 and to satisfy debt to related parties in the amount of $197,000.

(d)

The Company issued 625,000 restricted common shares for cash in the amount of $50,000 pursuant to a private placement subscription agreement. The Company received an additional $5,000 pursuant to a private placement subscription agreement and issued the 62,500 restricted common shares to the subscriber subsequent to year end.

(2)	2011 Stock Transactions -During the year ended December 31, 2011:

(a)	The Company issued 25,000 restricted common shares valued at $125 to a new director for his services.

(b)	The Company issued 6,950,000 restricted common shares valued at $99,300 pursuant to deferred compensation agreements.

(c)

The Company issued a total of 2,345,000 common shares pursuant to the exercise of options under the Company’s 2009 Stock Incentive and Option Plan. 1,650,000 shares were issued at $0.02 per share to satisfy debt to related parties in the amount of $33,000 and 695,000 shares were issued at $0.01 per share for consulting services totaling $6,950.

(d)	The Company issued 9,800,000 common shares pursuant to the Company’s 2011 Stock. Incentive and Option Plan with a value of $78,000 for satisfaction of debt to related parties.

(3)

2012 Stock Options

The Company issued a total of 19,000,000 common shares pursuant to the exercise of options under the Company’s 2012 Stock Incentive and Option Plan. These shares were issued at $0.013 per share for cash in the amount of $50,000 and to satisfy debt to related parties in the amount of $197,000.

The Company’s stock option activity is as follows:

	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)
Balance, December 31, 2011		-			-		-
Granted during 2012		26,000,000			0.013		5.00
Exercised during 2012		(19,000,000	)		0.013
Balance, December 31, 2012		7,000,000			0.013		5.00

On December 7, 2012 the Company filed Registration Statements on Form S-8 to register 26,000,000 to be issue pursuant to the Company’s 2012 Stock. Incentive and Option Plan. All 26,000,000 shares have been granted and 19,000,000 have been exercised under the December 2012 Stock Option Plan.

The fair value of 7,000,000 of the common stock options granted during the year was measured at the grant date using the Black-Scholes option pricing model with the following weighted average assumptions:

Expected dividend yield	0	%
Risk-free interest rate	4.99	%
Expected volatility	164.35	%
Expected option life (in years)	1

The Company recognized stock-based compensation of $70,000 in accordance with SFAS 123R which represented the fair value of stock options granted to consultants in exchange for services rendered to the Company.

(4)

2011 Stock Options

The Company issued 9,800,000 common shares pursuant to the Company’s 2011 Stock. Incentive and Option Plan with a value of $78,000 for satisfaction of debt to related parties.

The Company’s stock option activity is as follows:

	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)

Balance, December 31, 2007		-			-		-
Granted during 2008		419,300			0.11		5.00
Exercised during 2008		(419,300	)		0.11
Balance, December 31, 2008		-			-		-
Granted during the period		8,498,000			0.01
Exercised during the period		(8,498,000	)		0.01
Balance, December 31, 2009		-			-		-
Granted during 2010		9,361,033			0.01
Exercised during 2010		(9,361,033	)		0.01
Balance, December 31, 2010		-			-		-
Granted during the period		12,145,000			0.01
Exercised during the period		(12,145,000	)		0.01

Balance, December 31, 2011		-			-		-

On June 30, 2011 the Company filed Registration Statements on Form S-8 to register 9,800,000 to be issue pursuant to the Company’s 2011 Stock. Incentive and Option Plan. All 9,800,000 shares have been granted and exercised under the June 2011 Stock Option Plan.

ITEM 6. SELECTED FINANCIAL DATA

FINANCIAL HIGHLIGHTS

Fiscal Year Ended December 31	2012			2011

Revenue	$	2,995		$ Nil
Operating Loss		(302,218	)		(147,748	)
Net Loss		(302,218	)		(202,130	)
Basic net loss per share		0.03			0.08
Cash dividends declared per share		-			-
Cash, cash equivalents, and short-term investments		86,781			90
Total assets		1,667,141			8,331
Long-term obligations		-			-
Stockholders’ equity (deficit)		1,090,942			(554,374	)

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This following information specifies certain forward-looking statements of management of the company. Forward-looking statements are statements that estimate the happening of future events are not based on historical fact. Forward-looking statements may be identified by the use of forward-looking terminology, such as "may", "shall", "will", "could", "expect", "estimate","anticipate", "predict", "probable", "possible", "should", "continue", or similar terms, variations of those terms or the negative of those terms. The forward-looking statements specified in the following information have been compiled by our management on the basis of assumptions made by management and considered by management to be reasonable. Our future operating results, however, are impossible to predict and no representation, guaranty, or warranty is to be inferred from those forward-looking statements.

The assumptions used for purposes of the forward-looking statements specified in the following information represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives require the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results, and, accordingly, no opinion is expressed on the achievability of those forward-looking statements. No assurance can be given that any of the assumptions relating to the forward-looking statements specified in the following information are accurate, and we assume no obligation to update any such forward-looking statements.

Liquidity and Capital Resources.

For the year ended December 31, 2012, we had total assets of $1,587,141, compared to total assets in 2011 of $8,331. This includes a cash balance of $86,781, compared to $90 in 2011. We also have taxes recoverable of $1,233, accounts receivable of $3,354, available for sale securities with a fair value of $3,030 as at December 31, 2012 and intangible assets of $1,492,743 representing the exclusive license agreement to manufacture and distribute the air to water harvester units worldwide. The increase in assets was due the acquisition of the licensing agreement.

At December 31, 2012, we had current liabilities of $496,199, which was represented by accounts payable and accrued liabilities of $494,057 and $2,142 due to related parties. At December 31, 2011 we had current liabilities of $562,705. The decrease in liabilities was due to a decrease in amounts due to related parties. At December 31, 2012, we had a working capital deficiency of $(404,831) (2011 - $(560,493).

We do not believe that our current cash resources will be able to maintain our current operations for an extended period of time. We will be required to raise additional funds or arrange for additional financing over the next 12 months to adhere to our development schedule. No assurance can be given, however, that we will have access to additional cash in the future, or that funds will be available on acceptable terms to satisfy our working capital requirements. If we are not able to arrange for additional funding or if our officers, directors and shareholders stop advancing funds to us, we may be forced to make other arrangements for financing such as loans or entering into strategic alliances. We have not identified any alternative sources of financing.

Results of Operations

We realized $2,995 in income in 2012 from the sale of water harvester units ($Nil – 2011). During the year ended December 31, 2012 the loss is $302,218 (2011 - $202,130). This increase in loss was due to a increase in management and consulting fees and stock based compensation.

From inception to December 31, 2011 Bravo Enterprises Ltd. has incurred cumulative net losses of $25,201,690 resulting primarily from the write-down of $3,815,655 in its interests in oil and gas properties, write-down of $1,406,000 in its interest in ACGT Corporation, write-down of $258,580 of its investment in Legacy Platinum Group Inc., write-down of its investment in Terralene Fuels Corporation of $15,768 and also as a result of selling, general and administrative expenses including a litigation settlement of $2,291,070; management and consulting fees of $5,014,218, stock based compensation of $1,989,869; office and general expenses of $2,928,361; professional fees of $1,217,981; interest expense of $98,282, research & development costs of $278,231 and software development costs of $737,300. In addition, we received $130,000 in property option income as a recorded value of certain restricted shares in Terralene Fuels Corporation

The cash and equivalents constitute our present internal sources of liquidity. Because we are not generating any significant revenues, our only external source of liquidity is the sale of our capital stock and any advances from officers, directors or shareholders.

Our Plan of Operation for the Next Twelve Months

We do anticipate that we will need to raise additional capital within the next 12 months in order to continue as a going concern. We will need to fund the manufacturing and distribution of the air to water harvester units. To the extent that additional capital is raised through the sale of equity or equity- related securities, the issuance of such securities could result in dilution of our stockholders. There can be no assurance that additional funding will be available on favorable terms, if at all. If adequate funds are not available within the next 12 months, we may be required to curtail our operations significantly or to obtain funds through entering into arrangements with collaborative partners or others that may require us to relinquish rights to certain of our assets that we would not otherwise relinquish.

Bravo Enterprises Ltd. does not anticipate some expenditures within the next 12 months for further development of the air to water harvester units .The Company may elect to raise funds for further research and development through equity financing or possible joint venture partnerships. Bravo Enterprises Ltd. does not anticipate any significant exploration costs within the next 12 months, nor does the Bravo Enterprises Ltd. anticipate that it will lease or purchase any significant equipment within the next 12 months. Bravo Enterprises Ltd. does not anticipate a significant change in the number of its employees within the next 12 months.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Securities held in our equity and other investments portfolio and equity derivatives are subject to price risk, and generally are not hedged.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders

Bravo Enterprises Ltd.

New York, USA

We have audited the accompanying balance sheets of Bravo Enterprises Ltd. (formerly Organa Gardens International Inc.) (a development stage company) as of December 31, 2012 and 2011, and the related statements of operations, stockholders’ (deficit), cash flows and other comprehensive loss for each of the years in the two-year period ended December 31, 2012 and for the cumulative period from January 1, 1996 (inception of development stage) through to December 31, 2012. Bravo Enterprises Ltd.’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits 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 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 Bravo Enterprises Ltd. as of December 31, 2012 and 2011, and the results of its activities and cash flows for each of the years in the two-year period ended 2012 and for the cumulative period from January 1, 1996 (inception) to December 31, 2012 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 1 to the financial statements, the Company’s current liabilities exceed current assets, has incurred significant losses since inception and further losses are anticipated, all of which raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regards to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ L.L. Bradford & Company, LLC

Las Vegas, Nevada

April 15, 2013

F-1

BRAVO ENTERPRISES LTD.

(formerly Organa Gardens International Inc.)

(A Development Stage Company)

BALANCE SHEETS

	December 31, 2012			December 31, 2011
ASSETS
CURRENT ASSETS
Cash	$	86,781		$	90
Taxes recoverable		1,233			2,122
Accounts receivable - related party		2,683			-
Accounts receivable		671			-
TOTAL CURRENT ASSETS		91,368			2,212

AVAILABLE FOR SALE SECURITIES – related parties		3,030			6,119
INTANGIBLE ASSETS		1,492,743			-

TOTAL ASSETS	$	1,587,141		$	8,331

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable and accrued liabilities	$	494,057		$	483,634
Due to related parties		2,142			79,071
TOTAL CURRENT LIABILITIES		496,199			562,705

COMMITMENTS AND CONTINGENCIES


STOCKHOLDERS’ EQUITY (DEFICIT)
Convertible preferred stock:
- Class A voting stock, $0.001 par value, 5,000,000 shares authorized					-
- Class B voting stock, $0.001 par value, 5,000,000 shares authorized					-
Common stock, $.001 par value, 500,000,000 shares authorized
147,178,530 (December 31, 2011 – 3,052,323) shares issued and outstanding		147,178			61,046
Additional paid-in capital		26,214,714			24,341,653
Shares to be issued		93,000			-
Subscriptions receivable		(80,000	)		-
Deferred compensation		(84,160	)		(62,590	)
Deficit accumulated during the development stage		(20,741,057	)		(20,438,839	)
Deficit accumulated prior to the development stage		(4,460,633	)		(4,460,633	)
Accumulated other comprehensive income		1,900			4,989
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)		1,090,942			(554,374	)

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$	1,587,141		$	8,331

The accompanying notes are an integral part of these financial statements

F-2

BRAVO ENTERPRISES LTD.

(formerly Organa Gardens International Inc.)

(A Development Stage Company)

STATEMENTS OF OPERATIONS

	Year ended December 31, 2012			Year ended December 31, 2011			Cumulative from January 1, 1996 (inception of development stage) to December 31, 2012

REVENUES – Water Unit Sales - related party	$	2,396		$	-		$	2,396
Water Unit Sales - other		599			-			599
COST OF GOODS SOLD		1,500			-			1,500

GROSS PROFIT		1,495			-			1,495

GENERAL AND ADMINISTRATIVE EXPENSES
Litigation settlement		-			-			2,291,070
Management and consulting fees		109,050			36,046			5,014,668
Consulting fees – stock based compensation		70,000			-			1,989,869
Exploration costs		-			-			113,678
Loss on settlement of debt		-			-			718,784
General and administrative		86,279			86,463			2,928,361
Professional fees		38,384			25,239			1,217,981
Interest expense		-			-			98,282
Research and development costs		-			-			285,231
Software development costs		-			-			737,300
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES		303,713			147,748			15,395,224

OTHER (INCOME) EXPENSES
Interest, royalty and other income		-			-			(82,138	)
(Gain)/loss on sale of securities – related parties		-			-			(21,541	)
Property Option Income		-			-			(130,000	)
Write-down of securities - Legacy Platinum Group Inc.		-			51,469			258,580
Write-down of securities - Terralene Fuels Corporation		-			2,909			15,768
Write-down of interest in ACGT Corporation		-			-			1,406,000
Write-down of interest in oil and gas properties		-			4			3,815,659
Loss on Iceberg Drive Inn investment		-			-			85,000

TOTAL OTHER (INCOME) EXPENSES		-			54,382			5,347,328

Loss before income taxes		(302,218	)		(202,130	)		(20,741,057	)
Income tax provision		-			-			-

NET LOSS	$	(302,218	)	$	(202,130	)	$	(20,741,057	)

BASIC AND DILUTED NET LOSS PER SHARE	$	(0.03	)	$	(0.08	)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING		13,653,008			2,436,168

The accompanying notes are an integral part of these financial statements

F-3

BRAVO ENTRPISES LTD.

(An Exploration Stage Company)

STATEMENT OF STOCKHOLDERS’ EQUITY

FOR THE PERIOD FROM JANUARY 1, 1996 (INCEPTION OF EXPLORATION STAGE) TO DECEMBER 31, 2012

	Number Of Shares			Amount		Additional Paid In Capital			Accumulated Other Comprehensive Income (Loss)		Deferred Compensation		Subscriptions		Treasury Stock			Promissory Notes Receivable		Deficit Accumulated During The Exploration Stage			Total

Balance, January 1, 1996		208			-	$	4,361,900		$	-	$	-	$	-	$	(199,167	)	$	-	$	(4,460,633	)	$	(297,900	)
Shares issued to settle litigation – Jan. 9, 1996		21			-		2,469,882			-		-		-		-			-		-			2,469,882
					-		-			-		-		-		-					-			-
Net loss for the year ended December 31, 1996		-			-		-			-		-		-		-			-		(2,726,232	)		(2,726,232	)
Balance, December 31, 1996		229			-		6,831,782			-		-		-		(199,167	)		-		(7,186,865	)		(554,250	)

Shares issued to settle note payable and accrued interest –Jan. 25, 1997		208			-		477,000			-		-		-		-			-		-			477,000
Shares issued for services at $1,801.20 per share – April 15, 1997		23			-		41,250			-		-		-		-			-		-			41,250
Shares issued for services at $610.00 per share – May 26, 1997		173			-		105,500			-		-		-		-			-		-			105,500
Net loss for the year ended December 31, 1997		-			-		-			-		-		-		-			-		(93,933	)		(93,933	)
Balance, December 31, 1997		633			-		7,455,532			-		-		-		(199,167	)		-		(7,280,798	)		(24,433	)

Shares issued for services at $288.00 per share – Dec. 28, 1998		83			-		24,000			-		-		-		-			-		-			24,000
Shares issued for services at $120.00 per share – Dec. 28, 1998		6			-		750			-		-		-		-			-		-			750
Net loss for the year ended December 31, 1998		-			-		-			-		-		-		-			-		(45,655	)		(45,655	)
Balance, December 31, 1998		722			-		7,480,282			-		-		-		(199,167	)		-		(7,326,453	)		(45,338	)
					-		-			-		-		-		-					-			-
Shares issued for services at $547.60 – Dec. 28, 1999		67			-		36,500			-		-		-		-			-		-			36,500
Net loss for the year ended December 31, 1999		-			-		-			-		-		-		-			-		(26,218	)		(26,218	)
Balance, December 31, 1999		789			-		7,516,782			-		-		-		(199,167	)		-		(7,352,671	)		(35,056	)

Correction of treasury stock		-					(199,167	)		-		-		-		199,167			-		-			-
Shares issued for software development at $720.00 per share– March 23, 2000		833			1		599,999			-		-		-		-			-		-			600,000
Shares issued for services and interest at $240.00 per share –Sept. 22, 2000		55			-		13,250			-		-		-		-			-		-			13,250
Shares issued for interest in oil and gas property at $696.00 per share – Sept. 22, 2000		2,292			3		1,594,997			-		-		-		-			-		-			1,595,000
Shares issued for services and advances at $1,008.00 per share – Sept. 24, 2000		304			-		306,600			-		-		-		-			-		-			306,600
Shares issued for services at $1,800.00 per share – Nov. 6, 2000		198			-		355,800			-		-		-		-			-		-			355,800
Share reconciliation		(1	)		-		(1	)		-		-		-		-			-		-			(1	)
Net loss for the year ended December 31, 2000		-			-		-			-		-		-		-			-		(1,223,108	)		(1,223,108	)
Balance, December 31, 2000		4,470			4		10,188,260			-		-		-		-			-		(8,575,779	)		1,612,485

F-4

Common stock subscriptions, 417 shares at $1,680.00 per
share, net of finder’s fee of $70,000 – Jan. 30, 2001			-	-		-	-		-	630,000			-		630,000
Shares issued for Harvester Property finder’s fee at $1,402.80 per share – Feb. 27, 2001	21		-	29,250		-	-		-	-			-		29,250
Shares issued for debt at $1,728.00 per share – March 27, 2001	180		-	310,517		-	-		-	-			-		310,517
Shares issued for cash at $1,200.00 per share – July 13, 2001	146		-	175,000		-	-		-	-			-		175,000
Shares issued for debt at $1,200.00 per share – Aug. 15, 2001	181		-	217,229		-	-		-	-			-		217,229
Common stock subscriptions, 2 shares at $1,200.00 per share– July 10, 2001	-		-	-		-	-		-	3,000			-		3,000
Shares issued for cash at $648.00 per share, net of finder’s fee of $30,000 – Oct. 12, 2001	417		1	269,999		-	-		-	-			-		270,000
Shares issued for debt at $960.00 per share – Nov. 5, 2001	220		-	211,333		-	-		-	-			-		211,333
Shares issued for deferred compensation at $1,127.80 per share –Nov. 15, 2001	83		-	94,000		-	(94,000	)	-	-			-		-
Deferred compensation expense recorded in the year	-		-	-		-	3,917		-	-			-		3,917
Net loss for the year ended December 31, 2001	-		-	-		-	-		-	-			(3,120,340	)	(3,120,340	)
Balance, December 31, 2001	5,718		5	11,495,588		-	(90,083	)	-	633,000		-	(11,696,119	)	342,391

Shares returned to treasury and cancelled – Jan. 21, 2002	(20	)	-	(9,500	)	-	-		-	-			-		(9,500	)
Shares issued from stock subscriptions – Jan. 31, 2002	417		1	629,999		-	-		-	(630,000	)		-		-
Shares issued for services at $816.00 per share – Feb. 19, 2002	382		-	311,478		-	-		-	-			-		311,478
Shares issued for acquisition of rights at $792.00 per share –March 6, 2002	1,667		2	1,319,998		-	-		-	-			-		1,320,000
Shares issued for services at $816.00 per share – March 31, 2002	146		-	119,000		-	-		-	-			-		119,000
Shares issued for services at $336.00 per share – May 21, 2002	1,790		2	601,608		-	-		-	-			-		601,610
Shares returned to treasury and cancelled – June 5, 2002	(42	)	-	(33,000	)	-	-		-	-			-		(33,000	)
Shares issued for cash at $1,200.00 per share – Sept. 5, 2002	2		-	3,000		-	-		-	(3,000	)		-		-
Shares issued for services at $192.00 per share – Sept 5, 2002	883		1	169,599		-	-		-	-			-		169,600
Shares issued for fees at $192.00 per share – Sept. 5, 2002	167		-	32,000		-	-		-	-			-		32,000
Shares issued for deferred compensation at $28.80 per share – Dec. 13, 2002	27,083		28	779,972		-	(780,000	)	-	-			-		-
Shares issued for services at $28.80 per share – Dec. 16, 2002	15,375		15	442,785		-	-		-	-			-		442,800
Deferred compensation expense recorded in the year	-		-	-		-	44,707		-	-			-		44,707
Net loss for the year ended December 31, 2002	-		-	-		-	-		-	-			(3,360,353	)	(3,360,353	)
Balance, December 31, 2002	53,568		54	15,862,527		-	(825,376	)	-	-		-	(15,056,472	)	(19,267	)

Shares issued for stock options at $36.00 – Jan. 2, 2003	1,250		1	44,999		-	-		-	-			-		45,000
Shares issued for stock options at $36.00 –Jan. 24, 2003	417		-	15,000		-	-		-	-			-		15,000
Shares issued for stock options at $36.00 –Feb.18, 2003	416		-	15,000		-	-		-	-			-		15,000
Shares issued for stock options at $36.00 – Feb.25, 2003	1,042		1	37,499		-	-		-	-			-		37,500
Shares issued for stock options at $36.00 – Mar.3, 2003	8,125		8	292,492		-	-		-	-			-		292,500
Shares returned to treasury and cancelled – Mar. 6, 2003	(5	)	-	(5,500	)	-	-		-	-			-		(5,500	)
Shares issued for cash at $30.00 per share – Mar. 17,2003	3,333		3	99,997		-	-		-	-			-		100,000
Shares issued for stock options at $36.00 – May 12, 2003	2,917		4	104,996		-	-		-	-			-		105,000
Shares issued for stock options at $36.00 – May 30, 2003	2,916		3	104,997		-	-		-	-			-		105,000
Shares issued for stock options at $7.20 – June 13, 2003	3,750		4	26,996		-	-		-	-			-		27,000
Shares issued for stock options at $7.20 – June 23, 2003	1,250		1	8,999		-	-		-	-			-		9,000

F-5

Shares issued for stock options at $7.20 – June 26, 2003	417		-		3,000		-	-		-		-		-		3,000
Shares returned to treasury and cancelled – July 11, 2003	(3,333	)	(3	)	(39,997	)	-	-		-		-		-		(40,000	)
Shares issued for stock options at $7.20 – July 24, 2003	1,354		1		9,749		-	-		-		-		-		9,750
Shares issued for stock options at $7.20 – August 1, 2003	1,146		1		8,249		-	-		-		-		-		8,250
Shares issued for stock options at $7.20 – August 3, 2003	417		-		3,000		-	-		-		-		-		3,000
Shares issued for stock options at $7.20 – August 11, 2003	937		1		6,749		-	-		-		-		-		6,750
Shares issued for stock options at $7.20 – August 14, 2003	312		-		2,250		-	-		-		-		-		2,250
Shares issued for stock options at $9.60 – August 14, 2003	1,771		2		16,998		-	-		-		-		-		17,000
Shares issued for stock options at $9.60 - August 29, 2003	5,313		5		50,995		-	-		-		-		-		51,000
Shares issued for services at $18.00 per share – October 3, 2003	4,611		5		82,995		-	-		-		-		-		83,000
Shares issued for stock options at $11.40 – October 3, 2003	7,083		7		80,743		-	-		-		-		-		80,750
Shares issued for stock options at $11.40 – October 6, 2003	2,500		3		28,497		-	-		-		-		-		28,500
Shares issued for stock options at $9.60– October 21, 2003	6,667		7		63,993		-	-		-		-		-		64,000
Shares issued for stock options at $6.60 - October 24, 2003	1,852		2		12,222		-	-		(10,984	)	-		-		1,240
Shares issued for stock options at $5.40 – October 27, 2003	6,667		7		35,993		-	-		(36,000	)	-		-		-
Shares issued for mining property at $10.80 – October 27, 2003	833		1		8,999		-	-		-		-		-		9,000
Shares issued for stock options at $4.80 – November 3, 2003	7,250		7		34,793		-	-		(34,800	)	-		-		-
Shares issued for stock options at $4.80 – November 12, 2003	8,333		8		39,992		-	-		(40,000	)	-		-		-
Shares issued for stock options at $4.80 – November 13, 2003	3,083		3		14,797		-	-		(14,800	)	-		-		-
Shares issued for stock options at $4.80 – November 18, 2003	10,750		11		51,589		-	-		(51,600	)	-		-		-
Shares issued for stock options at $4.80 – November 24, 2003	9,148		9		43,901		-	-		(43,910	)	-		-		-
Shares returned to treasury and cancelled – December 15, 2003	(1,000	)	(1	)	(17,999	)	-	-		-		-		-		(18,000	)
Stock Based Compensation	-		-		651,000		-	-		-		-		-		651,000
Deferred compensation expense recorded in the year	-		-		-		-	352,332		-		-		-		352,332
Net loss for the year ended December 31, 2003	-		-		-		-	-		-		-		(2,170,465	)	(2,170,465	)
Balance, December 31, 2003	155,090		155		17,800,510		-	(473,044	)	(232,094	)	-	-	(17,226,937	)	(131,410	)

Shares issued for services at $7.20 – January 15, 2004	17,500		17		125,983		-	(126,000	)	-		-		-		-
Share subscriptions received – January 21, 2004	-		-		-		-	-		232,094		-		-		232,094
Shares issued for debt at $6.60 – February 11, 2004	25,833		26		170,474		-	-		-		-		-		170,500
Shares issued for mineral property at $6.60 – February 27, 2004	16,667		16		109,984		-	-		-		-		-		110,000
Shares issued for debt at $4.80 – May 26, 2004	41,666		42		199,958		-	-		-		-		-		200,000
Shares issued for stock options at $3.60 – July 7, 2004	22,917		23		82,477		-	-		-		-		-		82,500
Shares returned and cancelled – July 9, 2004	(3,500	)	(4	)	(18,996	)	-	-		-		-		-		(19,000	)
Shares issued for stock options at $4.80 – September 17, 2004	16,666		17		79,983		-	-		-		-		-		80,000
Shares returned and cancelled – September 28, 2004	(16,666	)	(17	)	(79,983	)	-	-		-		-		-		(80,000	)
Shares issued for stock options at $3.60 – September 28, 2004	18,750		19		67,481		-	-		-		-		-		67,500
Shares issued for services at $7.20 – October 1, 2004	1,667		2		12,998		-	(13,000	)	-		-		-		-
Shares issued for stock options at $4.80 – October 7, 2004	10,000		10		47,990		-	-		-		-		-		48,000
Shares issued for stock options at $4.80 – November 22, 2004	55,000		55		263,945		-	-		-		-		-		264,000
Shares issued for stock options at $4.80 – November 23, 2004	11,667		11		55,989		-	-		-		-		-		56,000
Shares returned and cancelled – November 23, 2004	(5,000	)	(5	)	(23,995	)	-	-		-		-		-		(24,000	)
Shares returned and cancelled – November 24, 2004	(1,083	)	(1	)	(10,499	)	-	-		-		-		-		(10,500	)

F-6

Shares issued for salaries – December 1, 2004	1,667		2		19,998		-		-		-	-		-		20,000
Shares returned and cancelled – November 23, 2004	(33,333	)	(33	)	(159,967	)	-		-		-	-		-		(160,000	)
Shares issued for stock options at $4.80 - December 8, 2004	20,833		21		99,979		-		-		-	-		-		100,000
Shares issued for stock options at $4.80 - December 13, 2004	7,917		8		37,992		-		-		-	-		-		38,000
Shares issued for stock options at $4.80 - December 16, 2004	12,917		13		61,987		-		-		-	-		-		62,000
Stock Based Compensation	-		-		338,500		-		-		-	-		-		338,500
Deferred compensation expense recorded in the year	-		-		-		-		418,582		-	-		-		418,582
Unrealized losses on available for sale securities	-		-		-		(10,000	)	-		-	-		-		(10,000	)
Net loss for the year ended December 31, 2004	-		-		-		-		-		-	-		(1,678,056	)	(1,678,056	)
Balance, December 31, 2004	377,175		377		19,282,788		(10,000	)	(193,462	)	-	-	-	(18,904,993	)	174,710

Shares issued for stock options at $16.80 – January 20, 2005	8,333		8		139,992		-		-		-	-		-		140,000
Shares issued for stock options at $15.60 – January 21, 2005	5,000		5		77,995		-		-		-	-		-		78,000
Shares issued for services at $15.60 – January 21, 2005	833		1		12,999		-		-		-	-		-		13,000
Shares issued for cash at $3.00 – February 4, 2005, net of finder’s fee of $130,900 (Note (1))	99,167		99		761,501		-		-		-	-		-		761,600
Shares issued for finder’s fees at $13.20 – February 7, 2005 (Note 7(1))	29,917		30		394,870		-		-		-	-		-		394,900
Shares issued for services at $13.20 – February 7, 2005	4,167		4		54,996		-		-		-	-		-		55,000
Shares issued for stock options at $12.00 - February 10, 2005	1,083		1		12,999		-		-		-	-		-		13,000
Shares issued for services at $10.80 – February 17, 2005	1,667		2		17,998		-		-		-	-		-		18,000
Shares issued for stock options at $10.80 – February 25, 2005	417		-		4,500		-		-		-	-		-		4,500
Shares issued for stock options at $10.80 – March 22, 2005	3,133		3		33,837		-		-		-	-		-		33,840
Shares issued for stock options at $8.40 – April 7, 2005	4,167		4		34,996		-		-		-	-		-		35,000
Shares issued for stock options at $6.60 - April 21, 2005	8,333		8		54,992		-		-		-	-		-		55,000
Shares issued for stock options at $7.80 – May 17, 2005	7,500		8		58,492		-		-		-	-		-		58,500
Shares issued for stock options at $6.60 - April 29, 2005	4,167		4		27,496		-		-		-	-		-		27,500
Shares issued for stock options at $7.80 – May 26, 2005	10,833		11		84,489		-		-		-	-		-		84,500
Shares issued for stock options at $7.80 – June 14, 2005	4,167		4		32,496		-		-		-	-		-		32,500
Shares issued for stock options at $7.80 – June 28, 2005	5,416		5		42,245		-		-		-	-		-		42,250
Shares issued for services at $8.40 – June 28, 2005	6,666		7		55,993		-		-		-	-		-		56,000
Shares issued for stock options at $7.20 – August 10, 2005	10,250		10		73,790		-		-		-	-		-		73,800
Shares issued for stock options at $7.20 – August 11, 2005	2,083		2		14,998		-		-		-	-		-		15,000
Shares returned and cancelled– August 30, 2005	(2,083	)	(2	)	(16,248	)	-		-		-	-		-		(16,250	)
Shares issued for stock options at $6.60 – August 12, 2005	28,750		29		189,721		-		-		-	-		-		189,750
Shares issued for stock options at $6.60 – September 14, 2005	4,250		4		28,046		-		-		-	-		-		28,050
Shares issued for stock options at $6.60 – September 22, 2005	4,166		4		27,496		-		-		-	-		-		27,500
Shares issued for stock options at $6.60 – October 12, 2005	4,083		4		26,946		-		-		-	-		-		26,950
Shares issued for stock options at $7.80 – November 30, 2005	1,667		2		12,998		-		-		-	-		-		13,000
Shares issued for stock options at $6.60 – December 21, 2005	4,700		5		31,015		-		-		-	-		-		31,020
Stock based compensation	-		-		620,640		-		-		-	-		-		620,640
Deferred compensation expense recorded in the year	-		-		-		-		125,172		-	-		-		125,172
Unrealized losses on available for sale securities	-		-		-		(90,000	)	-		-	-		-		(90,000	)
Net loss for the year ended December 31, 2005	-		-		-		-		-		-	-		(1,950,963	)	(1,950,963	)
Balance December 31, 2005	640,007		639		22,195,076		(100,000	)	(68,290	)	-	-	-	(20,855,956	)	1,171,469

F-7

Shares issued for stock options at $6.60 – January 16, 2006	3,333		3		21,997		-		-		-		-	-		-		22,000
Shares issued for stock options at $6.60 – February 6, 2006	3,333		3		21,997		-		-		-		-	-		-		22,000
Shares issued for stock options at $6.60 – February 23, 2006	1,667		2		10,998		-		-		-		-	-		-		11,000
Shares issued for services at $7.20 – January 21, 2006	1,667		2		11,998		-		-		-		-	-		-		12,000
Shares issued for cash at $2.00 – May 12, 2006, net of fees and expenses of $151,455 (Note (1))	133,333		133		648,412		-		-		-		-	-		-		648,545
Shares issued for finder’s fees – May 6, 2006 - (Note 7(1))	20,000		20		(20	)	-		-		-		-	-		-		-
Shares issued for services at $7.20– May 23, 2006	833		1		7,499		-		-		-		-	-		-		7,500
Shares issued for stock options at $7.20 – May 24, 2006	1,667		2		11,998		-		-		-		-	-		-		12,000
Shares issued for services at $9.00 – May 25, 2006	8,333		8		74,992		-		(75,000	)	-		-	-		-		-
Shares returned on reduction of finders’ fee – September 27, 2006 (Note 7(1))	(6,666	)	(6	)	6		-		-		-		-	-		-		-
Shares issued for stock options at $6.00 – October 2, 2006	94,583		95		567,405		-		-		-		-	(567,500	)	-		-
Shares issued for stock options at $6.00 – October 3, 2006	8,750		9		52,491		-		-		-		-	(52,500	)	-		-
Shares issued for services at $6.00 – November 1, 2006	8,000		8		47,992		-		(48,000	)	-		-	-		-		-
Shares issued for services at $7.20 – December 12, 2006	1,167		1		8,399		-		-		-		-	-		-		8,400
Stock based compensation	-		-		241,000		-		-		-		-	-		-		241,000
Interest accrued on promissory notes receivable	-		-		-		-		-		-		-	(15,500	)	-		(15,500	)
Deferred compensation expense recorded in the year	-		-		-		-		134,492		-		-	-		-		134,492
Unrealized losses on available for sale securities	-		-		-		(8,889	)	-		-		-	-		-		(8,889	)
Net loss for the year ended December 31, 2006	-		-		-		-		-		-		-	-		(738,090	)	(738,090	)
Balance December 31, 2006	920,007		920		23,922,240		(108,889	)	(56,798	)	-		-	(635,500	)	(21,594,046	)	1,527,927

Shares issued for services at $5.40 – January 16, 2007	166		-		900		-		-		-		-	-		-		900
Shares returned against promissory notes – April 25, 2007	(36,666	)	(37	)	(219,963	)	-		-		-			220,000		-		-
Shares issued for stock options at $6.00 – April 26, 2007	13,333		13		79,987		-		-		(30,000	)	-			-		50,000
Shares issued for stock options at $6.00 – June 5, 2007	3,333		3		19,997		-		-		(20,000	)	-			-		-
Shares issued for services at $ 4.80 – June 12, 2007	6,667		7		31,993		-		-		-		-			-		32,000
Shares returned against promissory notes – June 19, 2007	(41,666	)	(42	)	(249,958	)	-		-		-			250,000		-		-
Shares issued for stock options at $6.00 - July 15, 2007	833		1		4,999		-											5,000
Shares returned against promissory notes – August 15, 2007	(6,666	)	(7	)	(39,993	)								40,000				-
Shares issued for services at $4.80 – August 15, 2007	6,666		7		31,993		-		(32,000	)	-		-			-		-
Shares issued for stock options at $4.20 – September 21, 2007	1,667		1		6,999		-		-		-		-			-		7,000
Shares issued for stock options at $4.20 – September 26, 2007	2,083		2		8,748		-		-		-		-			-		8,750
Shares issued for stock options at $3.40 – October 30, 2007	5,000		5		16,995													17,000
Shares issued for stock options at $3.40 – November 1, 2007	10,000		10		33,990													34,000
Shares issued for stock options at $3.40 – December 20, 2007	8,000		8		27,192						(25,500	)						1,700
Shares cancelled - December 31, 2007	(8,333	)	(8	)	8													-
Shares cancelled - December 31, 2007	(8,333	)	(8	)	(49,992	)					50,000							-
Shares returned and cancelled - December 31, 2007	(7,500	)	(7	)	(25,493	)					25,500							-
Share reconciliation	50		-		-

BRAVO ENTERPRISES LTD. 10-K