UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________ FORM 10-K ___________________________

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ýUNITED ~~ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~STATES

~~For~~SECURITIES AND ~~the~~EXCHANGE ~~fiscal year ended November 30, 2011~~ COMMISSION

¨Washington, ~~TRANSITION~~D.C. ~~REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~20549

FORM 10-K

☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended November 30, 2012

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 333-131599

~~HIPSO MULTIMEDIA,~~BUILDABLOCK ~~INC~~CORP. ~~(Exact Name Of Registrant As Specified In Its Charter)~~

F	22-3914075
(State of Incorporation)	(I.R.S. Employer Identification No.)
	H3E 1A8
(Address of Principal Executive Offices)	(ZIP Code)

(Exact Name Of Registrant As Specified In Its Charter)

Registrant's Telephone Number, Including Area Code: (514) 380-5353

Florida		22-3914075
(State of Incorporation)		(I.R.S. Employer Identification No.)

382 NE 191st Street, #83251, Miami, Florida		33179
(Address of Principal Executive Offices)		(ZIP Code)

Registrant’s Telephone Number, Including Area Code: (855) 946-5255

Securities Registered Pursuant to Section 12(g) of The Act: None

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

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~~ has been subject to such filing requirements for the past 90 days. Yes x ☒ No ¨ ☐

Indicate by check mark whether the registrant ishas asubmitted ~~shell~~electronically ~~company~~and ~~(as~~posted ~~defined~~on inits corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule ~~12b~~405 of Regulation S-2T (§232.405 of this chapter) during the ~~Exchange~~preceding ~~Act~~12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ ☐ No x☒

~~Indicate~~If bysecurities ~~check mark~~are ifregistered ~~disclosure of delinquent filers~~ pursuant to ~~Item~~Section ~~405~~12(b) of ~~Regulation~~the ~~S-K is not contained herein~~Act, ~~and~~indicate ~~will~~by ~~not~~check bemark ~~contained,~~whether to the ~~best~~financial statements of the registrant's included ~~knowledge,~~ in the ~~definitive~~filing ~~proxy~~reflect orthe ~~information~~correction ~~statements incorporated by reference in Part III~~ of ~~this~~ ~~Form~~an ~~10-K~~error ~~or any amendment~~ to ~~this~~previously ~~Form~~issued ~~10-K~~financial statements. ¨ ☐

OnIndicate ~~November~~by ~~30, 2011,~~check ~~the~~mark ~~aggregate~~whether any ~~market value~~ of ~~the~~those ~~14,257,410~~error ~~common~~corrections ~~stock~~are ~~held~~restatements bythat ~~non-affiliates~~required ~~of the~~a ~~Registrant~~recovery ~~was~~analysis ~~approximately~~of ~~$1,425,741.~~incentive-based Oncompensation ~~November~~received ~~30,~~by ~~2011,~~any of the registrant’s ~~Registrant~~executive ~~had 68,477,765~~officers ~~shares~~during ofthe ~~common~~relevant ~~stock~~recovery ~~issued~~period ~~and~~pursuant ~~outstanding~~to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a ~~large~~shell ~~accelerated~~company ~~filer,~~(as andefined ~~accelerated~~in ~~filer,~~Rule ~~or a non~~12b-~~accelerated~~2 ~~filer~~of the Exchange Act). Yes ☐ No ☒

~~Large~~Indicate by ~~accelerated~~check ~~filer~~mark ¨if ~~Accelerated~~disclosure ~~filer~~of ¨delinquent ~~Non~~filers pursuant to Item 405 of Regulation S-~~Accelerated~~K ~~filer~~is ¨not ~~Smaller~~contained ~~reporting~~herein, ~~company~~and xwill not be contained, to the best of the registrant’s knowledge, in the definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☐

~~TABLE~~The OFaggregate ~~CONTENTS Item ____ Description _________ Page ____ PART~~market ~~I ITEM~~value ~~1. DESCRIPTION~~of OFthe ~~BUSINESS 3 ITEM~~common ~~1A. RISK~~stock ~~FACTORS~~held ~~RELATED~~by TOnon-affiliates ~~OUR~~of ~~BUSINESS 5 ITEM~~the ~~1B. UNRESOLVED~~registrant ~~STAFF~~as ~~COMMENTS 8 ITEM~~of ~~2. DESCRIPTION~~the OFlast ~~PROPERTY 8 ITEM~~business ~~3. LEGAL~~day ~~PROCEEDINGS 9 ITEM~~of ~~4. SUBMISSION OF~~the ~~MATTERS TO A VOTE OF SECURITY HOLDERS~~registrant’s ~~9 PART~~most ~~II ITEM~~recently ~~5. MARKET FOR~~completed ~~REGISTRANT'S~~second ~~COMMON~~fiscal ~~EQUITY~~quarter ~~AND~~was ~~RELATED STOCKHOLDER MATTERS 10 ITEM 6~~$3,643,799. SELECTED FINANCIAL DATA 11 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND PLAN OF OPERATION 11 ITEM 7A. QUANTITATIVEAND QUALITATIVE DISCLOSURE ABOUT MARKET RISK 16 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 17 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 35 ITEM 9A. CONTROLS AND PROCEDURES 35 ITEM 9B. OTHER INFORMATION 35 PART III ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT AND CORPORATE GOVERNANCE 36 ITEM 11. EXECUTIVE COMPENSATION 37 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS 38 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 38 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 38 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 39

On November 30, 2012, the Registrant had 23,937,979 shares of common stock issued and outstanding. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.

Large accelerated filer ☐

Accelerated filer ☐

Non-Accelerated filer ☐

Smaller reporting company ☒

EXPLANATORY NOTE:

The current management submitting the following unaudited financial statements were not employed by the Company nor Board members for the financial periods presented below. The current Board of Directors in the best interests of the Shareholders chooses to file the necessary reporting obligations as a Voluntary Reporting Company. These unaudited financial reports are for a period prior to the filing of the FORM 15 dated October 4, 2013 with the SEC. The information is to the best of managements knowledge at the time of the filing.

TABLE OF CONTENTS

Item	Description	Page

	PART I

ITEM 1.	DESCRIPTION OF BUSINESS	3
ITEM 1A.	RISK FACTORS RELATED TO OUR BUSINESS	5
ITEM 1B.	UNRESOLVED STAFF COMMENTS	8
ITEM 2.	DESCRIPTION OF PROPERTY	8
ITEM 3.	LEGAL PROCEEDINGS	8
ITEM 4.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS	8

	PART II

ITEM 5.	MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS	9
ITEM 6.	SELECTED FINANCIAL DATA	10
ITEM 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND PLAN OF OPERATION	10
ITEM 7A.	QUANTITATIVEAND QUALITATIVE DISCLOSURE ABOUT MARKET RISK	13
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	14
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	30
ITEM 9A.	CONTROLS AND PROCEDURES	30
ITEM 9B.	OTHER INFORMATION	30

	PART III

ITEM 10.	DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT AND CORPORATE GOVERNANCE	31
ITEM 11.	EXECUTIVE COMPENSATION	32
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS	33
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE	33
ITEM 14.	PRINCIPAL ACCOUNTING FEES AND SERVICES	33
ITEM 15.	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	34

Forward-Looking Statements and Associated Risks

This Annual Report on Form 10-K of Buildablock Corp. (hereinafter the “Company” or the “Registrant”) includes forward-looking statements. The Registrant has based these forward-looking statements on its current expectations and projections about future events. These forward- looking statements are subject to known and unknown risks, uncertainties and assumptions about the Registrant that may cause its actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in this Annual Report on Form 10-K and in the Registrant’s other Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. For a more detailed discussion of the foregoing risks and uncertainties, see “Risk Factors”.

PART I

ITEM 1. DESCRIPTION OF BUSINESS Back to Table of Contents

~~Hipso Multimedia, Inc. (the "Company") was incorporated under the laws of the~~The ~~State of Florida on April 5, 2005, under the name Physicians Remote Solutions, Inc. On June 2, 2008, the~~ Company ~~entered into an agreement to acquire all of the issued and outstanding common shares of Valtech Communications Inc. (“Valtech”)~~, f/k/a ~~Canadian corporation~~HIPSO ~~and a wholly-owned subsidiary of Hipso~~ Multimedia, Inc., a Florida corporation, inwas ~~consideration~~incorporated ofin ~~the~~April ~~issuance of 40,000,000 shares of common stock of the Company~~2005. The ~~effective~~Company ~~date~~entered ofinto ~~the~~an ~~reverse~~Asset ~~merger~~Purchase Agreement ~~was~~on ~~June~~November 230, ~~2008. On July 8~~2011, ~~2008,~~providing ~~the Company~~for ~~changed its name to Hipso Multimedia, Inc. Prior to~~ the ~~merger,~~acquisition ~~the~~of ~~Company~~intellectual ~~had not~~property ~~generated~~rights ~~any~~comprised ~~revenues. As a result~~ of ~~the~~an ~~transaction~~Internet ~~(the “reverse merger”)~~ and ~~for~~mobile ~~accounting purposes, the reverse merger has been treated as an~~service ~~acquisition~~platform ofwhose ~~the~~purpose ~~Company~~is byto ~~Valtech~~empower ~~and~~or acapitalize ~~recapitalization~~on of the ~~Company.~~growth ~~The historical financial statements are those~~ of ~~Valtech. Since~~ the ~~reverse merger is a recapitalization and not a business combination~~neighborhood, ~~pro-forma~~local ~~information~~economy is(the ~~not~~“Buildablock ~~presented~~Assets”).

~~The~~Effective March 7, 2012, the Company' completed the acquisition of the Buildablock Assets. In connection with the completion of the acquisition, the Company effected a reverse st ck split oft e Company’s outstanding shares of common stock, ispar ~~subject~~value to$0.00001, ~~quotation~~on a one-for-eight (1:8) basis (which occurred on March 7, 2012) and issued an aggregate of 8,755,484 shares of common s to ck effective March 7, 2012, representing 50% of the ~~FINRA~~Company’s ~~OTCBB~~then-outstandmg ~~under~~shares, after givmg effect to the ~~symbol~~one-for-eight reverse stock split and issuance ~~“HPSO.”~~of the shares.

~~Valtech is offering and delivering high speed internet, telephone~~Upon and high definition TV in one package to over 1,500 subscribers on a recurring revenue model. The Company leases fiber optic bandwith from an unaffiliated suppliers at competetive rates. These suppliers directly connect our technical center to the ~~various buildings~~closing weof ~~serve. These fiber optic pairs are delivered to~~ the ~~meet-me point where we cross connect to the Valtech internal building network. We initially targeted the multi-dwelling unit (MDU) market in the greater Montreal~~transaction, ~~Canada~~Gary ~~area.~~Oberman ~~The Company offers its retail customers a bundled package including IP telephony, internet bandwidth in 5~~ and 10 ~~megabytes~~Bartek ~~per~~Bulzak ~~second~~were ~~(Mbps)~~elected ~~increments~~ to athe ~~maximum~~Company’s Board of ~~50 Mbps~~Directors, ~~and 83 television channels~~Mr. InOberman ~~addition to marketing our services to the MDU market, we also offer~~was ~~our~~appointed ~~services~~President toand ~~real~~Chief ~~estate~~Executive ~~businesses,~~Officer ~~hotels, hospital~~ and ~~retirements homes The Company's services are marketed through its website, valtech~~Mr.~~ca,~~ asBulzak ~~well~~was asappointed ~~through advertisements~~Chief inTechnology ~~print media and direct mailings~~Officer.

~~Our main hardware suppliers are: (i) Zyxel supplies~~Effective ~~IPswitch~~February ~~Dslam~~24, ~~and~~2012, VDSL modems; (ii) Mediatrix supplies VOIP gateways; (iii) SMC supplies IPSwitch; and (iv) Grandstream supplies VOIP gateways. All these equipments are bought and paid for. They are integral parts of the ~~Valtech~~name ~~network. All the buildings have been cabled by Valtech therefore we are owner~~ of the ~~total~~Company ~~network~~was ~~within~~changed ~~the buildings~~to weBuildablock ~~serve~~Corp.

Valtech wires its customers facilities, including apartments, office complexes and hotels, among others, which in some instances, are at its expense and in others is paid for by the property owners or operators. Costs of installation for an end-user average US$200 Note: below it states “free installation) , which cost is amortized over a period of six to twelve months through service charges. As a result, the addition of new customers may cause initial cash flow deficits which are recouped over the period of amortization.Business

IfSummary. Buildablock.com ~~the~~is ~~partnership~~an ~~commences~~Internet ~~operations,~~service ofplatform ~~which~~whose ~~there~~mission ~~can~~is beto noact as a transactional catalyst between buyers and sellers while ~~assurance,~~leveraging ~~Valtech~~a ~~believes~~growing ~~that~~collection itof ispatented, ~~could~~sophisticated beuser ~~well-positioned~~friendly ~~for~~tools. Growing beyond the ~~highly~~scope ~~attractive~~of aggregation sites or group ~~IPTV~~buying ~~market~~catalogs, ~~opportunity~~Buildablock.com Atoffers ~~present~~consumers maximum value for their purchasing dollar by combining group buying leverage, ~~Valtech~~social media ~~offers~~interactivity ~~two~~and ~~triple~~automated ~~play~~negotiating ~~packages~~tools. ~~Each~~ Buildablock.com’s dashboard of buying tools and follow-on services represent ~~includes~~a ~~high~~new ~~speed~~paradigm ~~internet,~~in ~~digital~~supply ~~TV,~~chain interaction for both retailers and ~~VoIP~~consumers alike. The ~~packages~~Company ~~are~~expects ~~differentiated~~that ease of customer acquisition asand ~~follows:~~diverse, recurring revenue streams will combine to return exceptional value to the Company’s shareholders.

~~Emeraude~~Recent Activities. ~~Package~~In January 2013, the Company launched its e-commerce website, Buildablock.com and the site is now live and fully integrated.

-In the ~~Price:~~Company’s ~~Cdn$69.99~~press /release ~~month~~announcing ~~(US$56.63);~~the launch, the Company’s CEO, Gary Oberman, stated, “we are excited by the live launch of our e-commerce ~~Very~~website. ~~high~~We ~~speed~~believe ~~internet:~~that 1group ~~meg/sec~~buying inusing ~~and~~the ~~out;~~Buildablock platform is the wave of the future since it -provides ~~Digital~~for ~~TV:~~negotiated 43discounting ~~channels~~and ~~plus~~user 30empowerment ~~Galaxie~~since ~~channels;~~it is the customer that chooses products for discounting by just uploading -them ~~VoIP~~onto ~~with~~our ~~Caller~~site. ~~Id,~~As ~~Voicemail,~~just ~~Email~~one ~~Voicemail~~example of how our economies of scale work, ~~Call~~by ~~Waiting~~consolidating large blocks of fuel buyers that number in the thousands, ~~Transfer~~the onBuildablock noplatform ~~answer;~~can approach large fuel providers to negotiate fleet pricing for its members. This is a very ~~and -~~compelling ~~Transfer on~~application ~~Call~~of ~~Busy,~~our ~~Permanent~~business ~~Transfer,~~model ~~Caller~~that Idcan onprovide ~~Call~~the ~~Waiting~~opportunity for Buildablock users to save money on gas.”

~~Saphir~~This press ~~Package~~release further stated that the Company had progressed into the marketing phase where initiatives will include merchant awareness programs and buyer incentive campaigns. One such program is its joint venture relationship with Linen Chest, Canada’s leading retailer in home fashion, with over 28 stores. Linen Chest is a very strong Canadian brand with an emerging digital presence that had been looking for an online solution to help drive traffic to its physical stores and increase online sales without the need for deep discounting.

-Sheldon Liebner, ~~Price:~~President ~~Cdn$119.99~~of /the ~~month~~Linen ~~(US$97.10); -~~Chest, ~~Very~~was ~~high~~quoted ~~speed~~in ~~internet:~~the 3Company’s ~~meg/sec~~press inrelease, ~~and~~stating, ~~out;~~“Buildablock’s unique group -bidding ~~Digital~~methodology ~~TV:~~ensures ~~80 channels~~maximum ~~plus~~traffic 30through ~~Galaxie~~negotiated ~~channels;~~price -management. ~~VoIP~~We had entertained doing business with ~~Caller~~fixed ~~Id,~~discounters like ~~Voicemail~~Groupon, ~~Email~~but ~~Voicemail,~~found ~~Call~~very ~~Waiting~~little user engagement during the sales process, ~~Transfer~~which onlimits nocustomer ~~answer~~loyalty. With Buildablock, our view ~~Transfer on~~is ~~Call~~that ~~Busy,~~the ~~Permanent~~user ~~Transfer~~experience will be very engaging, ~~Caller~~which Idwill onmaintain ~~Call~~maximum ~~Waiting;~~value to both the buyer and the seller alike. Buildablock -users ~~Unlimited~~completed ~~calls~~several totransactions with Linen Chest in the USearly phase of its live launch, which was easily facilitated and ~~Canada~~which Linen Chest reports drove new traffic to both its website and physical stores. Buildablock is the only platform we found that delivers high quality, free advertising without degrading our brand. This is very encouraging news for our firm as we transition our way across the digital landscape”.

~~Competition~~ 3

~~Valtech~~From this ~~faces~~alliance ~~competition~~with inLinen Chest, the ~~triple~~Company ~~play~~was ~~telecommunications~~able ~~arena~~to ~~primarily~~obtain ~~from Bell~~essential ~~Canada~~user ~~and~~feedback ~~Videotron,~~through ~~both~~its ofsoft ~~which~~launch ~~have~~in ~~significantly~~order ~~longer~~to ~~operating~~finalize ~~histories and~~systems ~~far~~and ~~greater~~procedures ~~financial~~ and ~~other~~prepare ~~resources~~for ~~than~~its ~~does~~live ~~the Company~~launch. InBuildablock ~~the~~is ~~opinion~~now ~~of management,~~focused ~~Valtech~~upon ~~offers~~increasing ~~clearer~~its ~~television~~shopper ~~service~~population ~~and Internet~~through ~~services~~various ~~with~~programs ~~broader~~and ~~bandwidth (a maximum of 50 mgbd vs~~initiatives. 10Since ~~mgbd)~~Buildablock’s ~~and~~social atlogin arequirement ~~substantially~~is ~~lower~~similar ~~monthly price than does its competitors. Valtech has gained and continues~~ to ~~gain~~that ~~customers from both~~ of ~~its~~other ~~major~~leading ~~competitors.~~social ~~Valtech~~networking ~~believes~~sites, ~~that its main advantage over its~~the ~~competition~~Company isexpects ~~that~~to itgain ~~provides~~exposure ~~the “last mile” (the connection~~ to the ~~building in~~friends ~~which~~networks ~~its~~of ~~customers~~new ~~live,~~subscribers ~~stay~~it orgained ~~work) and that its Telecommunication Services are provided~~ via ~~fiber~~marketing ~~optic~~efforts ~~rather~~already ~~than~~undertaken, ~~coaxial cable as used by the incumbent competition.~~which ~~While its competitors~~ could ~~replace~~lead ~~there~~to ~~coaxial~~over ~~cable with fiber optic~~400,000 ~~the~~potential ~~expense~~new ~~is disproportionate~~subscribers toby ~~the~~way ~~financial~~of ~~rewards and such replacement is sporadic at best~~referral.

The Company views the social networking element as a key to enhancing the shopper experience and expects to go live with its mobile application in the near future. The Company is intent on increasing the consumer and merchant adoption of the Buildablock platform and remains confident in its ultimate success of its vibrant and exciting e-commerce platform.

A Unique Shopping Platform. Buildablock.com is an online shopping platform that revolutionizes conventional online shopping. The site brings together great ideas, such as group discounts, wish lists, online negotiations, and more, into a unique venue that empowers consumers to save on the items they want from the merchants they choose.

When a Buildablock.com user finds an item he or she likes, whether online or in a retail store, the Buildablock.com user simply posts basic details about it on Buildablock.com and shares the information on social media. The Company calls that action a “Wink”. Then, others with the same interest can join the Wink to form a buyer group. Once a certain number of buyers have joined the Wink, Buildablock.com automatically opens a negotiation with the merchant to win a substantial discount for everyone in the buyer group.

The Buildablock Advantage. Buildablock.com is capable of saving users money when it comes to buying the things users really want to purchase. While arranging terrific deals for users will always be Buildablock.com’s primary objective, Buildablock.com is not one-dimensional. Rather, Buildablock.com empowers both shoppers and merchants, by acting as a mediator between shoppers and merchants.

Employees

We currently have approximately 4 full employees, including our president, and two part-time per diem installers for our Telecommunication Services and equipment.

Patents, Trademarks, Service Marks And Licenses and Other Intellectual Property

AtOn November 30, 2011, the ~~present~~Company, ~~time~~entered into an Asset Purchase Agreement (the “Agreement”) with 3324109 Canada Inc., ~~Valtech~~a ~~owns~~Canadian corporation noowned ~~patents~~by orGary ~~intellectual~~Oberman ~~property~~(“GaryCo”) and 8040397 Canada Inc., ~~Thus~~a Canadian corporation, ~~its~~owned by Bartek Bulzak (“BulzakCo”), ~~competitors~~collectively, ~~can~~the ~~use~~“Sellers”, providing for the ~~same~~acquisition ~~communications~~by ~~technology~~the asCompany ~~Valtech~~of ~~and~~the ~~offer~~Buildablock ~~identical service~~Assets. ~~However,~~The ~~because~~Sellers have conducted no other business other than the development of ~~installation~~this platform. The intellectual property was funded l 00% by the respective owners of the Sellers personally. The Agreement provides for the ~~coaxial~~issuance ~~network~~of 4,377,742 shares of the ~~incumbent~~Company’s common stock to each of GaryCo ~~carriers~~and BulzakCo, ~~they~~for ~~cannot~~an ~~without~~aggregate ~~unreasonable~~of ~~expense~~8,755,484 ~~over~~shares, representing 50% of the ~~same~~Company’s ~~maximum~~outstanding ~~bandwidth~~shares ~~which~~after giving effect to ~~Valtech~~a ~~offers~~one-for-eight ~~through~~reverse stock split. On March 7, 2012, the ~~use~~Company completed the acquisition of ~~fiber~~the ~~optics.~~Buildablock Assets and the common shares were issued at that time

Major Customers

As of November 30, ~~2011~~2012, the Company had one customer who generated 75% of our revenues.

Government Regulation

The Company’s business is not subject to any governmental regulation.

Recent Developments

OnEffective March ~~November 30~~7, ~~2011~~2012, the Company, ~~entered~~completed ~~into~~the anacquisition ~~Asset~~of ~~Purchase Agreement (~~the ~~“Agreement”)~~ ~~with~~Buildablock ~~3324109~~Assets. ~~Canada~~In ~~Inc.,~~connection awith ~~Canadian~~the ~~corporation~~completion ~~owned~~of bythe ~~Gary~~acquisition, ~~Oberman~~the ~~(“GaryCo”)~~Company ~~and~~effected ~~8040397 Canada Inc.,~~ a ~~Canadian~~reverse ~~corporation,~~stock ~~owned~~split ~~by Bartek~~of ~~Bulzak~~the ~~(“BulzakCo”),~~Company’s ~~collectively,~~outstanding ~~the~~shares ~~“Sellers”, “Buildablock”~~of orcommon ~~“BAB”~~stock, ~~pursuant~~par tovalue ~~which~~$0.00001, ~~the~~on ~~Company~~a ~~will acquire and~~one-for- ~~the~~eight ~~Sellers~~(1:8) ~~will~~basis ~~sell~~(which ~~assets~~occurred ~~comprised~~on ofMarch an7, ~~Internet~~2012) and ~~mobile~~issued ~~service~~an ~~platform~~aggregate ~~whose purpose~~of is8,755,484 toshares ~~empower~~of orcommon ~~capitalize~~stock oneffective ~~the~~March ~~growth~~7, 2012, representing 50% of the ~~neighborhood,~~Company’s ~~local~~outstanding ~~economy.~~shares Asafter ~~a social~~giving ~~network~~effect ~~platform,~~to ~~Buildablock~~the ~~addresses~~one-for-eight areverse ~~powerful~~stock ~~need~~split inand ~~social~~issuance of ~~networking~~the shares. The ~~assets~~ ~~have~~Buildablock aAssets ~~fair~~were ~~value~~valued ofat $10,000. ~~The~~Upon ~~Sellers~~the ~~have~~closing ~~conducted~~of nothe ~~other~~transaction, ~~business~~Messrs. ~~other~~Gary Oberman and Bartek Bulzak ~~than~~were elected to the ~~development~~Company’s Board of ~~this~~Directors, ~~platform~~Mr. ~~The~~Oberman ~~intellectual~~was ~~property~~appointed ~~was~~President ~~funded~~and ~~100%~~Chief byExecutive ~~the respective~~Officer ~~Sellers~~and ~~personally~~Mr. ~~The~~Bulzak was ~~Company~~appointed ~~will~~Chief ~~issue~~Technology toOfficer. ~~the~~Effective ~~Sellers~~upon ~~50%~~the closing of the ~~outstanding~~ ~~stock~~transaction, ~~following~~Mr. aRene ~~proposed~~Arbic 1resigned ~~for~~as 8President ~~reverse~~and ~~stock~~Chief Executive ~~split.~~Officer ~~The amount~~ of the ~~shares~~ ~~post-split~~Company. ~~will~~In ~~amount to 8~~addition,~~559,721~~ ~~common shares~~Mr. ~~Control~~Arbic ~~will~~has ~~remain~~agreed ~~with~~to ~~the current~~resign ~~board~~from ofthe ~~directors,~~Board ~~and~~within ~~the~~one ~~Company~~year ~~will~~of ~~add~~ the ~~Sellers~~closing toof the ~~board of directors~~transaction.

~~ITEM~~In addition ~~1A.~~on ~~RISK~~April ~~FACTORS~~13, ~~RELATED~~2012, TOthe ~~OUR~~Board of Directors approved the sale ofValtech back to some or all of the original shareholders ofValtech ~~BUSINESS~~for $1.00. This sale occurred on April 30, 2012.

~~Investing in our common stock will provide an investor with an equity ownership~~As ~~interest.~~a ~~Shareholders~~result ~~will be subject to risks inherent in our business. The performance~~ of ~~our~~this ~~shares~~sale, ~~will reflect~~ the ~~performance~~Company ofon ~~our~~April ~~business relative to~~13, ~~among other things~~2012, ~~general~~became ~~economic~~a ~~and~~development ~~industry~~stage ~~conditions~~company, ~~market~~as ~~conditions~~it ~~and~~continues ~~competition.~~the ~~The value~~development of ~~the~~its ~~investment may increase or decrease and could result in a loss. An investor~~social ~~should~~networking ~~carefully~~platform ~~consider~~under the ~~following~~“Buildablock” ~~factors as well as other information contained in this annual report on Form 10-K for the year ended November 30, 2011~~name.

ITEM 1A. RISK FACTORS RELATED TO OUR BUSINESS Back to Table of Contents

Investing in our common stock will provide an investor with an equity ownership interest. Shareholders will be subject to risks inherent in our business. The performance of our shares will reflect the performance of our business relative to, among other things, general economic and industry conditions, market conditions and competition. The value of the investment may increase or decrease and could result in a loss. An investor should carefully consider the following factors as well as other information contained in this annual report on Form 10-K for the year ended November 30, 2012.

This annual report on Form 10-K also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of many factors, including the risk factors described below and the other factors described elsewhere in this Form 10-K.

Risk factors related to our business

With the disposition of Valtech’s, ~~limited~~the Company commenced operating ~~history~~in ~~makes~~the development stage as it ~~difficult~~develops its purchased intellectual property. The Company has no revenues and nominal assets other than cash which was raised during May 2012 as part of a private placement. New management has had some preliminary discussions regarding further capitalization of the Company. These plans include the raising of capital through the equity markets to fund future operations and generating adequate revenues for anthe ~~investor~~new business of the Company. Even if the Company raises sufficient capital to ~~evaluate~~support its operating expenses and generates revenues, there can be no assurance that the revenues will be sufficient to enable it to develop business to a level where it will generate profits and cash flows from operations. These matters raise substantial doubt about the Company’s ~~past~~ability ~~performance~~to continue as a going concern. However, the accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and ~~future~~satisfaction ~~prospects~~of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. new and retain existing customers, generate and sustain a revenue base sufficient to meet operating expenses, and achieve profitability, if ever.

~~The Company’s operating subsidiary, Valtech, was formed and commenced offering its~~Our ~~Telecommunication~~auditor ~~Services in 2006. As a result, the Company~~ has ~~limited~~raised ~~historical financial~~doubts ~~and~~about ~~operating data upon which an investor can evaluate~~ the Company’s ~~present~~ ~~business and future prospects. This limited operating history makes it very difficult for investors to evaluate or predict our~~ ability to, ~~among~~continue ~~other~~as ~~things, achieve new and retain existing customers, generate and sustain~~ a ~~revenue~~going ~~base sufficient to meet operating expenses, and achieve profitability, if ever~~concern.

~~Our~~The Company ~~auditor~~ has ~~raised~~lost ~~doubts~~money ~~about~~in every quarter since the inception of its business. As of November 30, 2012, our accumulated loss was $1,884,979. In April 2012, the related party loans with the four principal shareholders of the Company's ~~ability~~were assumed by Valtech, upon the sale back to ~~continue~~Valtech asalong with the accrued interest on those loans. Currently there is a ~~going~~$0 balance due those shareholders. The amount outstanding ~~concern~~prior to the sale was $1,928,319. The loans did bear interest at an annual rate of 10% for individual amounts exceeding $150,000 (CDN$). Interest expense for the years ended November 30, 2012 and 2011 were $35,361 and $97,401, respectively, and are reflected in operations from discontinued operations. Accrued interest on these loans prior to the sale was $329,395. The accrued interest along with the notes were sold in April 2012, and the balance is $0 as of November 30, 2012.

The Company has lost money in every quarter since the inception of its business. As of November 30, 2011, our accumulated loss was $4,150,676. The four principal shareholders of the Company had advanced $1,874,681 to the Company for working capital purposes. These loans bear interest at an annual rate of 10% for individual amounts exceeding $150,000 (CDN$) or (US$141,870. The loans have no specific terms of repayment and are unsecured. Interest expense for the years ended November 30, 2011 and 2010 were $131,402 and $120,775, respectively. Accrued interest on these loans as of November 30, 2011 and 2010 were $285,354 and $157,075, respectively.

The Company is attempting to raise equity funding but, thus far, has been unsuccessful. Given its present plans to expand its business, in the absence of such loans or successful fundraising, the Registrant through Valtech, which is its operating subsidiary, will fail. If, however, Valtech ceased trying to expand and simply administered the accounts it has developed, in management's opinion, it is anticipated that we could become cash flow positive within twelve months.

The Company may not be successful in implementing its business plan.

While the Company’s business model and strategy of offering “triple play” Telecommunications Services is similar to those being utilized by many existing providers of telecommunication services, the Company may not be successful, for many reasons, including but not limited to insufficient resources to compete in its present market or in expanded markets in Canada or elsewhere. If the assumptions underlying the business model are not valid or if the Company is unable to implement the business plan, achieve predicted levels of market penetration or obtain the desired level of pricing of services for sustained periods, the Company may not be successful. The Company focuses on selling directly to consumers and through hotels and apartment buildings. It may never be able to achieve significant market acceptance, favorable operating results or profitability.

The Company ishas ~~dependent~~a ~~upon~~concentration ~~one~~of ~~major~~credit ~~customer~~risk.

~~Valtech~~On August is31, ~~dependent~~2011, ~~upon~~$6,372, ~~one~~or ~~major customer representing 75~~76% of the Company'’s ~~revenues in~~accounts ~~fiscal~~receivable ~~year~~was ~~2011.~~with ~~One~~three customers. ~~accounted~~In ~~for~~addition, ~~100~~there was one customer who represented approximately 66% of the ~~Company’s~~revenue ~~accounts receivable~~for atthe ~~November~~nine 30months ended August 31, 2011. This customer is considered a major customer of the Company.

The Company expects that its losses will continue for the foreseeable future.

The Company has incurred losses and experienced negative cash flow from operations since it commenced its Telecommunications Services business. It expects to continue to incur significant losses and negative cash flow from operations for the foreseeable future. If revenue does not grow as it expects or if its ability to raise capital is insufficient or operating expenditures exceed its expectations, then the Company’s business, prospects, financial condition and results of operations will face materially adverse effects.

Competitive forces may result in the decrease of the price for the Company’s Telecommunication Services.

~~Valtech~~Prices for ~~owns~~communications noservices ~~patents~~have orhistorically ~~other~~decreased ~~proprietary~~over ~~technology~~time. The Company expects that prices for its Telecommunications Services may decrease after the market for such services becomes saturated. While the Company believes that the market for Telecommunication Services shall continue to grow, the Company cannot predict with any certainty the number of years before which saturation occurs. At such time that market saturation occurs, the Company may have to reduce prices in order to remain competitive. The inability to sell its Telecommunication Services at desired pricing levels would significantly impair its ability to achieve profitability.

Valtech has not applied for any patents nor does it own proprietary technology. As a result, competitive companies can offer the same services as Valtech utilizing the same technologies

The market in which Valtech operates is highly competitive.

The market for telecommunications and Internet services in the Company’s market is extremely competitive. Valtech faces competition on price and quality of service from traditional communications companies with longer operating histories, more established customer relationships, greater financial, technical and marketing resources, larger customer bases and greater brand or name recognition. Furthermore, companies that may seek to enter our markets may expose us to severe price competition and technological developments. Any of these factors may limit the Company’s ability to compete effectively. At present, Valtech does not have a significant presence in the Montreal triple play market but the Company believes that its market share will grow because of its growing name recognition through advertising (both print and Internet) and customer referrals and a combination of quality of its service and lower prices than the incumbent competition. The completion is primarily from Bell Canada and Videotron.

The Company has been dependent upon loans from its principal shareholders to fund its negative cash flow from operations.

The Company requires additional funding in the future in order to grow its business.

The Company is attempting to raise debt or equity funding from unaffiliated entities but, to date, it has not been successful. Given its present plans to expand its business, in the absence of continued loans from its principal shareholders or successful fundraising, the Company may not be able to successfully compete and fully develop its business plan. Notwithstanding the foregoing, the Company believes that if Valtech reduced efforts for expansion and simply administered its existing customer accounts, it would become cash flow positive within twelve months.

The actual amount and timing of future capital requirements will depend upon a number of factors, including, but not limited to:

-	the number of new markets it enters and the timing of entry;
-	the rate and price at which customers purchase services;
-	the level of marketing required to attract and retain customers; and
-	opportunities to invest in or acquire complementary businesses.

Failure to manage growth could have a detrimental effect on the Company’s business.

The Company anticipates that the number and rate of installations for new customers will continue to increase provided that the Company is able to raise sufficient capital. However, rapid growth would place a significant strain on the Company’s management, financial controls, operations, personnel and other resources. If the Company fails to manage its anticipated rapid growth, its business could be materially adversely affected. If the Company is unable to provide its existing customers with adequate service and if it does not institute adequate financial and reporting systems, managerial controls and procedures, its financial condition will be adversely affected. It is currently implementing operational support systems to bill customers, process customer orders and coordinate with vendors and contractors. To manage growth effectively, it must successfully implement these systems on a timely basis and continually expand and upgrade these systems as our operations expand.

The Company’s success depends in large part on its retention of executive officers.

The Company is managed by a small number of executive officers. Competition for qualified executives in the telecommunications industry is intense, and there are a limited number of persons with comparable experience. The Company depends upon its executive officers, and, in particular, Rene Arbic, President and Chief Executive Officer, to execute its business strategy and manage employees. While Company does not have employment agreements with nor does it have "“key person"” life insurance policies on any of its executive officers, Rene Arbic has an employment agreement with Valtech, the Company’s operating subsidiary. The loss of these key individuals would have a material adverse effect on the Company’s business.

If the Company fails to recruit and hire qualified personnel in a timely manner or to retain its employees, it will not be able to execute its business strategy.

The Company’s strategy is to continue expanding its presence in Montreal and in Quebec Province. It also plans to expand its service areas to other provinces in Canada. In order to execute this strategy, it must identify, hire, train and retain highly qualified technical, sales, marketing and customer service personnel. If it cannot hire and retain a sufficient number of qualified employees, it will not be able to expand as planned. The Company may be unable to identify, hire or retain employees with experience in the telecommunications industry. Any failure to attract suitable employees would adversely affect its business.

The Company may make acquisitions of complementary businesses in the future which may disrupt its business and be dilutive to existing shareholders.

The Company intends to consider acquisitions of businesses in the future. Acquisitions of businesses and technologies involve numerous risks, including the diversion of the attention of management, difficulties in assimilating the acquired operations, loss of key employees from the acquired company and difficulties in transitioning key customer relationships. In addition, acquisitions may result in dilutive issuances of equity securities, the incurrence of additional debt, large one-time expenses and the creation of goodwill or other intangible assets that result in significant amortization expense. Any of these factors could materially harm the Company’s business or operating results. ~~On November 30, 2011, the Company entered into an asset purchase agreement with Buildablock Corp. See disclosure under subheading "Recent Developments"~~

The Company’s quarterly operating results are likely to fluctuate significantly, causing its stock price to be volatile.

The Company cannot accurately forecast quarterly revenue and operating results, which may fluctuate significantly from quarter to quarter. If quarterly revenue or operating results fall below the expectations of investors or securities analysts, the price of its common stock could fall substantially. Its quarterly revenue and operating results may fluctuate as a result of a variety of factors, many of which are outside our control, including:

-	the amount and timing of expenditures relating to the rollout of services;
-	the rate at which it is able to attract and retain customers;
-	the availability of future financing to continue expansion;
-	technical difficulties;
-	the introduction of new services or technologies by our competitors and
-	pressures on the pricing of services.

The Company’s principal shareholders and management own a significant percentage of its capital stock and are able to exercise significant influence over the Company.

The Company’s executive officers and directors and principal shareholders together beneficially own a majority of the total common stock of the Company. Accordingly, these stockholders, as a group, will be able to determine the composition of the board of directors and will retain the power to approve all matters requiring shareholder approval and will continue to have significant influence over the Company’s affairs. This concentration of ownership could have the effect of delaying or preventing a change in control of the Company or otherwise discouraging a potential acquirer from attempting to obtain control of our company, which in turn could have a material and adverse effect on the market price of our common stock or prevent our stockholders from realizing a premium over the market prices for their shares of common stock.

Risk factors related to the market for our common stock

There is no assurance that an active trading market will be sustained for our common stock.

Our common stock became eligible for quotation on the FINRA OTCBB under the symbol “HPSO” on August 8, 2008. Further, there can be no assurance regarding the market price of our shares. In addition, the liquidity of any trading market in our common stock, and the market price quoted for the shares of common stock, may be adversely affected by changes in the overall market for securities generally and by changes in our financial performance or prospects for companies in our industry generally. As a result, you cannot be sure that an active trading market will develop or be sustained for our shares.

State blue sky registration; potential limitations on resale of our securities.

It is the intention of the management to seek coverage and publication of information regarding the Company in an accepted publication which permits a manual exemption. This manual exemption permits a security to be distributed in a particular state without being registered if the Company issuing the security has a listing for that security in a securities manual recognized by the state. However, it is not enough for the security to be listed in a recognized manual. The listing entry must contain (1) the names of issuers, officers, and directors, (2) an issuer'’s balance sheet, and (3) a profit and loss statement for either the fiscal year preceding the balance sheet or for the most recent fiscal year of operations. Furthermore, the manual exemption is a nonissuer exemption restricted to secondary trading transactions, making it unavailable for issuers selling newly issued securities.

Most of the accepted manuals are those published in Standard and Poor'’s, Moody'’s Investor Service, Fitch'’s Investment Service, and Best'’s Insurance Reports, and many states expressly recognize these manuals. A smaller number of states declare that they "“recognize securities manuals"” but do not specify the recognized manuals. The following states do not have any provisions and therefore do ~~not~~ not expressly recognize the manual exemption: Alabama, Georgia, Illinois, Kentucky, Louisiana, Montana, South Dakota, Tennessee, Vermont and Wisconsin.

Dividends unlikely.

We do not expect to pay dividends for the foreseeable future. The payment of dividends, if any, will be contingent upon our future revenues and earnings, capital requirements and general financial condition. The payment of any dividends will be within the discretion of our board of directors. It is our intention to retain all earnings for use in the business operations and accordingly, we do not anticipate that the Company will declare any dividends in the foreseeable future.

Possible Issuance of Additional Securities.

Our Articles of Incorporation authorize the issuance of 100,000,000 shares of common stock, par value $0.00001. As of November 30, ~~2011~~2012, we had 6823,~~477~~937,~~765~~ 979 shares of common stock issued and outstanding. We may issue additional shares of common stock in connection with any financing activities, as compensation for services or in connection with any future acquisitions. To the extent that additional shares of common stock are issued, our shareholders would experience dilution of their respective ownership interests in the Company. The issuance of additional shares of common stock may adversely affect the market price of our common stock and could impair our ability to raise additional capital through the sale of our equity securities.

Compliance with Penny Stock Rules.

Our securities are considered a "“penny stock"” as defined in the Exchange Act and the rules thereunder, since the price of our shares of common stock is less than $5. Unless our common stock will otherwise be excluded from the definition of " “penny stock," ” the penny stock rules apply with respect to our common stock. The penny stock rules require a broker-dealer prior to a transaction in penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document prepared by the SEC that provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer ~~with~~ with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its sales person in the transaction, and monthly account statements showing the market value of each penny stock held in the customer'’s account. In addition, the penny stock rules require that the broker-dealer, not otherwise exempt from such rules, must make a special written determination that the penny stock is suitable for the purchaser and receive the purchaser'’s written agreement to the transaction. These disclosure rules have the effect of reducing the level of trading activity in the secondary market for a stock that becomes subject to the penny stock rules. So long as the common stock is subject to the penny stock rules, it may become more difficult to sell such securities. Such requirements, if applicable, could additionally limit the level of trading activity for our common stock and could make it more difficult for investors to to sell our common stock.

~~ITEM 1B. UNRESOLVED STAFF COMMENTS~~ 7

ITEM 1B. UNRESOLVED STAFF COMMENTS Back to Table of Contents

None.

ITEM 2. DESCRIPTION OF PROPERTIES Back to Table of Contents

The Company'’s corporate offices are located at 550 Chemin du Golf, Suite 202, Ile des Soeurs, Quebec H3E 1A8. The office building is owned by Canvar Group, which is owned by Peter Varadi, a principal shareholder. The office space is made available to us on a month-to-month basis on a rent-free basis. The Company believes that the office facilities of approximately 2,500 square feet are sufficient for the foreseeable future and that this arrangement will remain in effect.

~~On April 7, 2008, the Company entered into a consulting agreement with Thomas Klein and~~ITEM ~~Arshad~~3. ~~Shaw~~LEGAL ~~(the~~PROCEEDING ~~“Consultants”),~~Back ~~pursuant~~ to ~~which~~Table ~~each Consultant was issued 300,000 restricted shares~~ of the Company’s common stock, granted options to purchase 500,000 shares and options to purchase additional shares during the period commencing May 1, 2008 through October 1, 2008. As a result of the failure of Consultants to provide the services required under the consulting agreement, the Company terminated the consulting agreement on August 28, 2008.Contents

~~The~~On April 7, 2008, the Company ~~commenced~~entered into a ~~lawsuit~~consulting ~~against~~agreement ~~the~~with ~~Consultants~~Thomas Klein and ~~the~~Arshad ~~former~~Shaw ~~transfer~~(the ~~agent~~“Consultants”), pursuant ~~for~~to ~~its~~which each Consultant was issued 300,000 restricted shares of the Company’s common stock, granted options to purchase 500,000 shares and ~~filed~~options anto ~~amended~~purchase ~~complaint~~additional onshares ~~February~~during 3,the ~~2009,~~period ~~alleging~~commencing May 1, ~~among other~~2008 ~~things~~through October 1, ~~non-performance~~2008. byAs a result of the failure of Consultants ofto ~~their~~provide ~~obligations~~the services required under the consulting agreement, ~~and~~the ~~their~~Company ~~failure~~terminated tothe ~~pay~~consulting ~~for~~agreement on ~~the~~August ~~initial 500~~28,~~000~~ ~~options that each exercised~~2008.

OnThe Company ~~August~~commenced ~~30, 2009, the Court entered~~ a ~~default~~lawsuit ~~judgment~~ against the ~~defendants~~Consultants ~~which provide~~and ~~for an injunction against~~ the former transfer agent ~~ordering~~for itits ~~not to lift restrictions on the certificates evidencing the 300,000 restricted shares of~~ common stock ~~issued to~~ and ~~the~~ ~~500,000~~filed ~~shares~~an ~~underlying~~amended ~~the~~complaint on ~~options~~February ~~granted~~3, ~~to each Consultant. On January 26~~2009, ~~2011~~alleging, ~~the~~ ~~successor~~among ~~transfer~~other ~~agent~~things, ~~cancelled~~non-performance ~~the~~by ~~restricted shares in~~ the Consultants~~’ names.~~ Onof ~~March~~their 1,obligations ~~2011,~~under ~~attorneys for~~ the ~~Consultants~~consulting ~~filed~~agreement and atheir ~~motion~~failure ~~seeking~~to ~~legal~~pay ~~fess from~~for the ~~Company~~initial ~~not~~500,000 tooptions ~~exceed~~that ~~$1,762~~each exercised.~~50.~~

~~The~~On August ~~Company~~30, is2009, ~~not~~the Court entered a ~~party~~default tojudgment ~~any~~against ~~other~~the ~~litigation~~defendants ~~and~~which ~~does~~provide for an injunction against the transfer agent ordering it not ~~believe~~to lift restrictions on the certificates evidencing the 300,000 restricted shares of common stock issued to and the 500,000 ~~that~~shares ~~any~~underlying ~~litigation~~the isoptions ~~pending~~granted orto ~~threatened~~each Consultant. On January 26, 2011, the successor transfer agent cancelled the restricted shares in the Consultants’ names. On March 1, 2011, attorneys for the Consultants filed a motion seeking legal fess from the Company not to exceed

~~ITEM 4~~$1,762. ~~SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS~~50.

~~None~~The Company is not a party to any other litigation and does not believe that any litigation is pending or threatened.

~~PART~~ITEM 4. IISUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS Back to Table of Contents

~~ITEM 5~~None. ~~MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTER Back to Table of Contents~~

(a) Market Price Information The Registrant's common stock is subject to quotation on the FINRA OTCBB under the symbol HPSO. To the best knowledge of the Registrant, there has been no liquid trading market for the Registrant's common stock since its registration statement was declared effective. The following table shows the high and low bid prices for the Registrant's common stock during the last three fiscal years as reported by the National Quotation Bureau Incorporated. These prices reflect inter-dealer quotations without adjustments for retail markup, markdown or commission, and do not necessarily represent actual transactions.8

	Fiscal 2011				Fiscal 2010				Fiscal 2009
	High		Low		High		Low		High		Low
First Quarter ended February 28,	$	0.18	$	0.06	$	0.12	$	0.04	$	1.29	$	0.09
Second Quarter ended May 31,	$	0.10	$	0.05	$	0.18	$	0.09	$	0.25	$	0.06
Third Quarter ended August 31,	$	0.06	$	0.02	$	0.15	$	0.10	$	0.16	$	0.06
Fourth Quarter ended November 30,	$	0.08	$	0.03	$	0.16	$	0.09	$	0.13	$	0.04

PART II

~~Approximate~~ITEM 5. ~~Number~~MARKET ofFOR ~~Holders~~REGISTRANT’S ofCOMMON ~~Common~~STOCK ~~Stock:~~AND OnRELATED ~~November~~STOCKHOLDER ~~30,~~MATTER ~~2011, there~~Back ~~were~~to ~~approximately~~Table ~~25 shareholders~~ of ~~record of our common stock.~~Contents

~~Securities~~(a) ~~Authorized~~Market ~~for~~Price ~~Issuance Under Equity Compensation Plans~~ Information

The Registrant'’s ~~board~~common ofstock ~~director~~is ~~approved~~subject anto ~~equity~~quotation ~~compensation plan~~on the FINRA OTCBB under ~~which~~the ~~3,000,000~~symbol ~~shares~~BABL. To the best knowledge of ~~our~~the Registrant, there has been no liquid trading market for the Registrant’s common stock issince ~~authorized~~its ~~for~~registration ~~issuance.~~statement Nowas declared effective. ~~shares~~The ~~have~~following ~~been~~table ~~issued~~shows ~~under~~the ~~such~~high ~~plan~~and aslow ofbid prices for the ~~filing~~Registrant’s ofcommon ~~this~~stock ~~mended~~during ~~annual~~the ~~report~~last ~~for~~three fiscal years as reported by the ~~year~~National ~~ended~~Quotation ~~November~~Bureau 30Incorporated. These prices reflect inter-dealer quotations without adjustments for retail markup, ~~2011~~markdown or commission, and do not necessarily represent actual transactions.

Dividend Policy

	Fiscal 2011				Fiscal 2010				Fiscal 2009
	High		Low		High		Low		High		Low
First Quarter ended February 28,	$	0.18	$	0.06	$	0.12	$	0.04	$	1.29	$	0.09
Second Quarter ended May 31,	$	0.10	$	0.05	$	0.18	$	0.09	$	0.25	$	0.06
Third Quarter ended August 31,	$	0.06	$	0.02	$	0.15	$	0.10	$	0.16	$	0.06
Fourth Quarter ended November 30,	$	0.08	$	0.03	$	0.16	$	0.09	$	0.13	$	0.04

~~Holders~~Approximate Number of ~~our~~Holders ~~common~~of ~~stock~~Common ~~are~~Stock: ~~entitled~~On toNovember ~~dividends when~~30, as2012, ~~and~~there ~~if declared~~were byapproximately ~~the~~25 ~~Board~~shareholders of ~~Directors,~~record ~~out~~ of ~~funds legally available therefore. There are no restrictions in~~ our ~~articles~~common ~~of incorporation or by-laws that restrict us from declaring dividends~~stock.

Date of Issuance	Name	No. of Shares	Consideration	Exemption
02/13/2009	Dan Ryan	50,000	Exercise of options in exchange for $7,000	Section 4(2)
06/15/2009	Claude Gendron	300,000	For services valued at $48,000	Section 4(2)
09/05/2009	Marc Chabot	250,000	Private placement valued at $25,000	Section 4(2)
09/21/2009	MLCIA Publication	180,000	For services valued at $18,900	Section 4(2)
02/10/2010	Harold Gervais	125,000	For services valued at $7,500	Section 4(2)
02/10/2010	Daniel Ringuet	90,000	Exercise of options in exchange for $5,400	Section 4(2)
02/10/2010	Daniel Ringuet	10,000	For services valued at $600	Section 4(2)
02/10/2010	Solnex Inc.	25,000	For services valued at $1,500	Section 4(2)
02/23/2010	Joel Pensley	500,000	Exercise of options in exchange for $25,000	Section 4(2)
04/01/2010	Claude Gendron	500,000	Private placement valued at $24,000	Section 4(2)
04/08/2010	Daniel Ringuet	90,000	Exercise of options in exchange for $12,600	Section 4(2)
04/08/2010	Solnex Inc.	25,000	For services valued at $3,500	Section 4(2)
04/08/2010	Harold Gervais	75,000	For services valued at $10,500	Section 4(2)
05/21/2010	Guylain Pelletier	400,000	Conversion of $50,000 of debt into equity	Section 4(2)
05/28/2010	Gaetan Giguere	80,000	Conversion of $10,000 of debt into equity	Section 4(2)
06/01/2010	Michael Price	200,000	Conversion of $25,000 of debt into equity	Section 4(2)
06/09/2010	David Cleale	160,000	Conversion of $20,000 of debt into equity	Section 4(2)
06/18/2010	David Oliver-Trottier	64,000	Conversion of $8,000 of debt into equity	Section 4(2)
06/25/2010	Rene Mathieu	270,256	Conversion of $33,800 of debt into equity	Section 4(2)
06/25/2010	Leandre Vachon	160,000	Conversion of $20,000 of debt into equity	Section 4(2)
06/25/2010	Julee Pare	80,000	Conversion of $10,000 of debt into equity	Section 4(2)
07/02/2010	Charles Rancourt	200,000	Conversion of $25,000 of debt into equity	Section 4(2)
07/02/2010	Jean Boissonneault	120,000	Conversion of $15,000 of debt into equity	Section 4(2)
07/22/2010	Richard Chevenal	200,000	Conversion of $25,000 of debt into equity	Section 4(2)
07/15/2010	Sylvie Vachon	80,000	Conversion of $10,000 of debt into equity	Section 4(2)
07/16/2010	Hugues Pomerleau	200,000	Conversion of $25,000 of debt into equity	Section 4(2)
07/16/2010	Dave Jacques	80,000	Conversion of $10,000 of debt into equity	Section 4(2)
08/06/2010	Eric Lessard	120,000	Conversion of $15,000 of debt into equity	Section 4(2)
09/01/2010	Peter John Burningham	100,000	Conversion of $12,500 of debt into equity	Section 4(2)
09/01/2010	Gilles Lamarche	150,000	For services valued at $9,000	Section 4(2)
09/01/2010	Benoit Desmeules	100,000	For services valued at $6,000	Section 4(2)
09/01/2010	Jean-Rene Lemieux	50,000	For services valued at $3,000	Section 4(2)
11/15/2010	Constellation Asset Management	570,000	For services valued at $68,400	Section 4(2)
11/15/2010	Jens Dalsgaard	570,000	For services valued at $68,400	Section 4(2)

Securities Authorized for Issuance Under Equity Compensation Plans

The Registrant’s ~~Company~~board ~~believes that the above issuances~~ of ~~restricted~~ ~~shares~~director ~~were~~approved ~~exempt~~an ~~from~~equity ~~registration~~compensation ~~pursuant~~plan tounder ~~Section~~which ~~4(2) of the Act as privately negotiated~~3, ~~isolated~~000,000 ~~non-recurring~~shares ~~transactions~~of ~~not~~our ~~involving~~common ~~any~~stock ~~public~~is authorized ~~solicitation~~for issuance. ~~The~~No ~~recipients~~shares inhave ~~each~~been ~~case~~issued ~~represented~~under ~~their~~such ~~intention~~plan toas ~~acquire~~of the ~~securities~~ ~~for~~filing ~~investment~~of ~~only~~this ~~and~~mended ~~not~~annual ~~with~~report afor ~~view to~~ the ~~distribution~~year ~~thereof. Appropriate~~ended ~~restrictive~~November ~~legends are affixed to the stock certificates issued in such~~30, ~~transactions~~2012.

~~Equity Compensation Plans~~Dividend Policy

~~Securities~~Holders of ~~Authorized~~our ~~for~~common ~~Issuance~~stock ~~Under~~are ~~Equity~~entitled ~~Compensation~~to ~~Plans~~dividends when, as, and if declared by the Board of Directors, out of funds legally available therefore. There are no restrictions in our articles of incorporation or by-laws that restrict us from declaring dividends.

Equity Compensation Plan Information
Plan category	Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)	Weighted-average exercise price of outstanding options, warrants and rights (b)	Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a) (c)
Equity compensation plans approved by security holders	-0-	-0-	3,000,000
Equity compensation plans not approved by security holders	-0-	-0-	-0-
Total	-0-	-0-	3,000,000

Recent Sales of Unregistered Securities

ITEM 6. SELECTED FINANCIAL DATA Back to Table of Contents

Date of Issuance	Name	No. of Shares	Consideration	Exemption
02/13/2009	Dan Ryan	50,000	Exercise of options in exchange for $7,000	Section 4(2)
06/15/2009	Claude Gendron	300,000	For services valued at $48,000	Section 4(2)
09/05/2009	Marc Chabot	250,000	Private placement valued at $25,000	Section 4(2)
09/21/2009	MLCIA Publication	180,000	For services valued at $18,900	Section 4(2)
02/10/2010	Harold Gervais	125,000	For services valued at $7,500	Section 4(2)
02/10/2010	Daniel Ringuet	90,000	Exercise of options in exchange for $5,400	Section 4(2)
02/10/2010	Daniel Ringuet	10,000	For services valued at $600	Section 4(2)
02/10/2010	Solnex Inc.	25,000	For services valued at $1,500	Section 4(2)
02/23/2010	Joel Pensley	500,000	Exercise of options in exchange for $25,000	Section 4(2)
04/01/2010	Claude Gendron	500,000	Private placement valued at $24,000	Section 4(2)
04/08/2010	Daniel Ringuet	90,000	Exercise of options in exchange for $12,600	Section 4(2)
04/08/2010	Solnex Inc.	25,000	For services valued at $3,500	Section 4(2)
04/08/2010	Harold Gervais	75,000	For services valued at $10,500	Section 4(2)
05/21/2010	Guylain Pelletier	400,000	Conversion of $50,000 of debt into equity	Section 4(2)
05/28/2010	Gaetan Giguere	80,000	Conversion of $10,000 of debt into equity	Section 4(2)
06/01/2010	Michael Price	200,000	Conversion of $25,000 of debt into equity	Section 4(2)
06/09/2010	David Cleale	160,000	Conversion of $20,000 of debt into equity	Section 4(2)
06/18/2010	David Oliver-Trottier	64,000	Conversion of $8,000 of debt into equity	Section 4(2)
06/25/2010	Rene Mathieu	270,256	Conversion of $33,800 of debt into equity	Section 4(2)
06/25/2010	Leandre Vachon	160,000	Conversion of $20,000 of debt into equity	Section 4(2)
06/25/2010	Julee Pare	80,000	Conversion of $10,000 of debt into equity	Section 4(2)
07/02/2010	Charles Rancourt	200,000	Conversion of $25,000 of debt into equity	Section 4(2)
07/02/2010	Jean Boissonneault	120,000	Conversion of $15,000 of debt into equity	Section 4(2)
07/22/2010	Richard Chevenal	200,000	Conversion of $25,000 of debt into equity	Section 4(2)
07/15/2010	Sylvie Vachon	80,000	Conversion of $10,000 of debt into equity	Section 4(2)
07/16/2010	Hugues Pomerleau	200,000	Conversion of $25,000 of debt into equity	Section 4(2)
07/16/2010	Dave Jacques	80,000	Conversion of $10,000 of debt into equity	Section 4(2)
08/06/2010	Eric Lessard	120,000	Conversion of $15,000 of debt into equity	Section 4(2)
09/01/2010	Peter John Burningham	100,000	Conversion of $12,500 of debt into equity	Section 4(2)
09/01/2010	Gilles Lamarche	150,000	For services valued at $9,000	Section 4(2)
09/01/2010	Benoit Desmeules	100,000	For services valued at $6,000	Section 4(2)
09/01/2010	Jean-Rene Lemieux	50,000	For services valued at $3,000	Section 4(2)
11/15/2010	Constellation Asset Management	570,000	For services valued at $68,400	Section 4(2)
11/15/2010	Jens Dalsgaard	570,000	For services valued at $68,400	Section 4(2)

Operating Results Data:		2011		2010
Revenues	$	134,422	$	188,908
Net loss		(860,465)		(1,151,835)
Net loss per basic common shareholder		(0.01)		(0.02)
Basic weighted average common shares		67,167,107		58,431,597
Financial Position Data:
Total assets		35,181		168,732
Total liabilities		2,611,047		2,223,045
Stockholders' deficit		(2,575,866)		(2,054,313)

The Company believes that the above issuances of restricted shares were exempt from registration pursuant to Section 4(2) of the Act as privately negotiated, isolated, non-recurring transactions not involving any public solicitation. The recipients in each case represented their intention to acquire the securities for investment only and not with a view to the distribution thereof. Appropriate restrictive legends are affixed to the stock certificates issued in such transactions.

~~ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS AND RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS Back to Table of Contents~~9

~~Forward-Looking~~Equity Compensation ~~Statements~~Plans

~~The following discussion contains forward-looking statements. Forward-looking~~Securities ~~statements~~Authorized ~~give~~for ~~our~~Issuance ~~current~~Under ~~expectations~~Equity orCompensation ~~forecasts of future events~~Plans. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use of words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. From time to time, we also may provide forward-looking statements in other materials we release to the public.

~~The following discussion should be read in conjunction with our financial statements~~Equity ~~and~~Compensation ~~the~~Plan related notes appearing elsewhere in this report. The following discussion contains forward-looking statements reflecting our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to those discussed below and elsewhere in this report, particularly in the section entitled "Risk Factors".Information

To the extent that statements in the report are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking. The forward-looking statements contained in this annual report are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Other important factors that could cause actual results to differ materially include the following: business conditions and the amount of growth in the Company's industry and general economy; competitive factors; ability to attract and retain personnel; the price of the Company's stock; and the risk factors set forth from time to time in the Company's SEC reports, including but not limited to its annual report on Form 10-K; its quarterly reports on Forms 10-Q; and any reports on Form 8-K.

Plan category	Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)		Weighted-average exercise price of outstanding options, warrants and rights (b)		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a) (c)
Equity compensation plans approved by security holders		-0-		-0-		3,000,000
Equity compensation plans not approved by security holders		-0-		-0-		-0-
Total		-0-		-0-		3,000,000

~~In June 2008, we acquired our wholly-owned subsidiary, Valtech Communications Inc.~~ITEM ~~("Valtech")~~6. inSELECTED aFINANCIAL ~~reverse~~DATA ~~merger~~Back ~~transaction, issuing 40 million restricted shares~~ to ~~the~~Table ~~Valtech~~of ~~shareholders.~~Contents

Valtech offers low-cost, highly reliable triple-play service of Digital Phone, Digital Voice, High-Speed Internet and Digital TV backed by fast, friendly and live customer service (“Telecommunication Services”). Our present plan is to expand our bundled services by providing an end-to-end IPTV solution consisting of IPTV middleware, video on demand, network based PVR, IPTV head ends, content protection, IPTV infrastructure, system integration and IPTV applications such as games. In order to expand our services to include end-to-end IPTV service, the Company is dependent upon its ability to raise sufficient capital to fund its agreement with Ericsson. To date, the Company has been unable to meet its obligations under the Ericsson agreement and at present no agreement with Ericsson has been negotiated and no negotiations with Ericsson are on-going.

Operating Results Data:	2012			2011
Revenues	$	0		$	134,422
Net loss		(1,379,032	)		(860,465	)
Net loss per basic common shareholder		(0.01	)		(0.01	)
Basic weighted average common shares		17,790,270			67,167,107

Financial Position Data:
Total assets		372,007			35,181
Total liabilities		131,963			2,611,047
Stockholders’ deficit		240,044			(2,575,866	)

~~We intend to use our limited resources to market our services to new residential and~~ITEM ~~commercial building complexes and existing hotel chains~~7. ~~Further,~~MANAGEMENT’S weDISCUSSION ~~intend~~AND toANALYSIS ~~market~~AND ~~our bundled~~RESULTS ~~Telecommunication~~OF ~~Services~~OPERATIONS inAND ~~industry~~FINANCIAL ~~publications~~CONDITIONS ~~and~~Back ~~intend~~ to ~~develop~~Table ~~our website~~of ~~and promote its presence in order to increase web traffic and possible sales to new clients (www.valtech.ca).~~Contents

Our management believes that the trend in our business is toward greater convergence to high speed Internet and high definition television. We believe that our bundled Telecommunication Services are competitive in terms of reliability and pricing as compared to the services offered by incumbent operators. Since we have no patent protection, it is possible that a wellForward-~~funded company could enter the field and diminish our prospective~~Looking business growth. We face uncertainties regarding our future growth because we must compete on price and quality of service with traditional communications companies with far longer operating histories, more established customer relationships, greater financial, technical and marketing resources, larger customer bases and greater brand or name recognition. Furthermore, companies that may seek to enter our markets may expose us to severe price competition and future technological developments could make us less competitive.Statements

~~Cash~~The following discussion contains forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and ~~Cash~~other ~~Equivalents~~words and terms of similar meaning in connection with any discussion of future operating or financial performance. From time to time, we also may provide forward-looking statements in other materials we release to the public.

~~Accounts~~The following ~~Receivable~~discussion should be read in conjunction with our financial statements and the related notes appearing elsewhere in this report. The following discussion contains forward-looking statements reflecting our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to those discussed below and elsewhere in this report, particularly in the section entitled “Risk Factors”.

~~Deferred~~To the ~~Costs~~extent that statements in the report are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company’s development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking. The forward-looking statements contained in this annual report are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Other important factors that could cause actual results to differ materially include the following: business conditions and the amount of growth in the Company’s industry and general economy; competitive factors; ability to attract and retain personnel; the price of the Company’s stock; and the risk factors set forth from time to time in the Company’s SEC reports, including but not limited to its annual report on Form 10-K; its quarterly reports on Forms 10-Q; and any reports on Form 8-K.

~~Revenue Recognition.~~ 10

~~Property and Equipment.~~ Overview

~~Results~~In June of2008, ~~Operations~~we acquired our wholly-owned subsidiary, Valtech Communications Inc. (“Valtech”) in a reverse merger transaction, issuing 40 million restricted shares to the Valtech shareholders.

~~Comparison~~Valtech offers low-cost, highly reliable triple-play service of Digital Phone, Digital Voice, High-Speed Internet and Digital TV backed by fast, friendly and live customer service (“Telecommunication Services”). Our present plan is to expand our bundled services by providing an end-to- end IPTV solution consisting of IPTV middleware, video on demand, network based PVR, IPTV head ends, content protection, IPTV infrastructure, system integration and IPTV applications such as games. In order to expand our services to include end-to-end IPTV service, the ~~years~~Company ~~ended~~is ~~November~~dependent 30upon its ability to raise sufficient capital to fund its agreement with Ericsson. To date, ~~2011~~the Company has been unable to meet its obligations under the Ericsson agreement and ~~2010~~at present no agreement with Ericsson has been negotiated and no negotiations with Ericsson are on-going.

~~Revenues:~~We intend ~~Our~~to ~~wholly-owned~~use ~~subsidiary~~our ~~Valtech~~limited ~~accounted~~resources ~~for~~to ~~one~~market ~~hundred~~our ~~per cent~~services ~~(100%)~~to ofnew ~~revenues~~residential ~~for~~and ~~November~~commercial ~~30,~~building ~~2011~~complexes and ~~2010,~~existing ~~respectively.~~hotel ~~Our revenues for the~~chains. ~~year ended November 30~~Further, ~~2011~~we ~~were~~intend ~~$134,422 compared~~ to ~~$188,908~~market ~~for~~our ~~year~~bundled ~~ended~~Telecommunication ~~November 30,~~Services ~~2010.~~in ~~The~~industry ~~Company's~~publications ~~revenues~~and ~~decreased~~intend byto ~~$54,486,~~develop ~~which~~our ~~represents~~website aand ~~29% decrease~~promote ~~from~~its ~~the~~presence ~~prior~~in ~~year. The~~order ~~Company's~~to ~~decrease~~increase inweb ~~revenues~~traffic isand ~~mainly~~possible ~~attributable~~sales to ~~the general~~new ~~economic~~clients ~~downturn in the construction business~~(www.valtech.ca).

~~Cost~~Our management believes that the trend in our business is toward greater convergence to high speed Internet and high definition television. We believe that our bundled Telecommunication Services are competitive in terms of ~~Sales:~~reliability and pricing as compared to the services offered by incumbent operators. Since we have no patent protection, it is possible that a well-funded company could enter the field and diminish our prospective business growth. We face uncertainties regarding our future growth because we must compete on price and quality of service with traditional communications companies with far longer operating histories, more established customer relationships, greater financial, technical and marketing resources, larger customer bases and greater brand or name recognition. Furthermore, companies that may seek to enter our markets may expose us to severe price competition and future technological developments could make us less competitive.

~~Depreciation~~ Cash and ~~Amortization:~~Cash ~~For~~Equivalents. ~~the~~The ~~year~~Company ~~ended~~considers all highly liquid fixed income investments with maturities of three months or less, to be cash equivalents. On November 30, ~~2011~~2012, ~~we recorded~~the Company had $~~132~~362,~~490~~007 in ~~depreciation~~cash and ~~amortization~~cash ~~expenses~~equivalents. ~~compared~~At toNovember ~~$92~~30,~~446~~ ~~during~~2011, the ~~year~~ ~~ended~~company ~~November~~had $0 ~~30,~~in ~~2010~~cash.

~~General~~Accounts Receivable. ~~and~~Management ~~Administrative~~periodically ~~Expenses:~~reviews ~~General~~the ~~and~~current ~~Administrative~~status ~~Expenses~~of ~~for~~existing ~~the year~~receivables ~~ended~~and ~~November~~management’s ~~30,~~evaluation ~~2011~~of ~~was~~periodic aging ~~$429,616~~of ~~compared~~accounts. toThe ~~$757,481~~Company accounts receivable for ~~year~~the years ended November 30, ~~2010.~~ ~~The~~2012 ~~Company's general~~ and ~~administrative~~2011 ~~expenses~~were ~~decrease~~$0 ~~was~~and $~~327~~26,~~865,~~147 ~~which represents~~an ~~a 43% decrease from the prior year mainly due to decreased non-cash compensation expenses~~respectively.

~~Interest~~Deferred Costs. ~~Expense:~~Deferred costs as of November 30, 2012 and 2011, are reflected in assets held under discontinued operations. There was $0 and $71,100 charged to operations for amortization expense for the year ended November 30, 2012 and 2011, respectively, which are reflected in discontinued operations.

~~Liquidity~~Revenue Recognition. Through April 30, 2012, the Company through Valtech received revenue from subscribers to its triple play network in which it provided digital TV, voice over internet protocol (VoIP), and ~~Capital~~high ~~Resources~~speed internet access, all via fiber optic cable. The Company billed its subscribers on a monthly basis and recognized the monthly revenue based upon the specific plan selected by the subscriber. The Company additionally provided contracted services to wire commercial buildings with fiber optic cable in order to provide for similar services. Valtech was sold on April 30, 2012. For reporting periods ended after April 30, 2012, revenues for Valtech are reported net of operating expenses as gain or loss from discontinued operations.

~~During~~Buildablock is ~~the~~a ~~year~~development ~~ended~~stage ~~November~~company ~~30,~~and ~~2011,~~has ~~our~~not ~~net~~yet ~~cash~~recorded ~~decreased~~any ~~by $13,005~~revenues. ~~During~~Buildablock ~~the year~~plans ~~ended~~to ~~November~~recognize ~~30,~~revenue ~~2011~~from ~~and~~sales ~~2010,~~when ~~net~~the ~~cash used in operating activities was $388,545~~following ~~and~~criteria ~~$591,945,~~are ~~respectively.~~met: ~~This~~persuasive ~~cash~~evidence ~~was~~of ~~used~~an toarrangement ~~fund~~exists; ~~our~~delivery ~~operations~~has ~~for~~occurred; the ~~periods, adjusted~~selling ~~for~~price ~~non-cash~~is ~~expenses~~fixed ~~and~~or ~~changes~~determinable; inand collectability ~~operating~~is ~~assets~~reasonably ~~and liabilities~~assured.

WeFixed Assets: ~~had~~Fixed noassets ~~investing~~as ~~activities~~of November 30, 2012 and 2011, are reflected in assets held under discontinued operations. There was $0 and $4,997 charged to operations for depreciation expense for the years ended November 30, ~~2011~~2012 and ~~2010~~2011, respectively, which are reflected in discontinued operations.

~~Net cash provided by financing activities was $355,851 during the year ended November~~Results 30, 2011 compared to $609,914 net cash provided by financing activities during the year ended November 30, 2010. The net cash provided by financing activities for the year ended November 30, 2011 resulted from proceeds of ~~$70,000 related to the issuance of stock, proceeds of $285,749 in loans from affiliated shareholders~~Operations. The net cash provided by financing activities for the year ended November 30, 2010 resulted from proceeds of $338,282 related to the issuance of stock, proceeds of $542,632 in loans from affiliated shareholders offset by $270,639 in repayments of a bank loan.

~~The Company has only limited capital. Additional financing~~Comparison isof ~~necessary for~~ the ~~Company~~years ~~to continue as a going concern. Our independent auditors have issued an uncertainty for the year~~ ended November 30, ~~2010~~2012 ~~based~~and ~~on going concern.~~ 2011

Revenues: Our ~~continued~~revenues ~~operations~~for ~~will~~the ~~depend~~year onended ~~whether~~November we30, ~~are~~2012 ~~able~~were to$0 ~~raise~~compared ~~additional~~to ~~funds through third parties~~$134,422for ~~such~~year asended ~~equity~~November ~~and debt financing~~30, as2011. ~~well~~The ~~as additional loans from~~Company’s ~~our~~revenues ~~affiliated~~decreased ~~shareholders.~~by ~~However~~$143,422, ~~there~~which ~~can~~represents bea no100% ~~assurance~~decrease ~~that~~from ~~such~~the ~~additional~~prior ~~funds will~~year. beThe ~~available~~Company’s ondecrease ~~acceptable terms and there can be no assurance that any additional funding that we do obtain will be sufficient to meet our needs~~ in ~~the~~revenues ~~long~~is ~~term. We will~~mainly ~~continue~~attributable to ~~fund operations from cash on hand and through~~ the ~~similar~~sale ~~sources~~ of ~~capital previously described~~Valtech. ~~We can give no assurances that any additional capital that we are able to obtain will be sufficient to fully fund our growth plan.~~

~~Current~~Cost of Sales: Cost of Sales for the year ended November 30, 2012 was $0 compared to $301,379 for year ended November 30, 2011. The Company’s cost of sales decrease was $301,379, which represents a 100% decrease from prior year. Thus, the decrease in the cost of sales was directly related to the decrease in wirings and ~~Future~~installations ~~Financing~~as ~~Needs~~well as equipment.

WeDepreciation and ~~have~~Amortization: ~~incurred~~For anthe ~~accumulated~~year ~~deficit~~ended ~~of $4,150,676 through~~ November 30, ~~2011.~~2012 ~~We have incurred negative cash flow from operations since~~ we ~~started~~recorded ~~our~~$0 ~~Telecommunication Services business. We may need to obtain additional funds sooner or~~ in ~~greater~~depreciation ~~amounts than we currently anticipate. Potential sources of financing include strategic relationships, public or private sales of our shares or debt~~ and ~~other~~amortization ~~sources.~~expenses Wecompared ~~may seek~~ to ~~access the public or private equity markets when conditions are favorable due to~~ ~~our long-term capital requirements. We do not have any committed sources of financing at this time~~$132,490 ~~and~~during it is uncertain whether additional funding will be available when we need it on terms that will be acceptable to us, or at all. If we raise funds by selling additional shares of common stock or other securities convertible into common stock, the ~~ownership~~ ~~interest~~year ofended ~~our~~November ~~existing stockholders will be diluted. If we are not able to obtain financing when needed~~30, ~~we may be unable to carry out our business plan~~2011. ~~As a result, we may have to significantly limit our operations and our business, financial condition and results of operations would be materially harmed.~~

~~Effect~~General and ofAdministrative ~~Exchange~~Expenses: ~~Rate~~General onand ~~Cash~~Administrative Expenses for the year ended November 30, 2012 was $1,121,464 compared to $429,616 for year ended November 30, 2011. The Company’s general and administrative expenses increase was 691,848, which represents a 161% increase from the prior year mainly due to increased non-cash compensation expenses.

During 2011, the Company reported a gain of $19,689 due to changes in the exchange rate compared to a loss of $4,964 in 2010. A loss reflects an increase in the value of the Canadian dollar as compared to the United States dollar.11

~~Cash~~Interest Expense: ~~end~~The Company’s interest expense for the year ended November 30, 2012 was $0 compared to $131,402 for year ended November 30, 2010. The decrease of ~~Year~~131,402 were due to the fact that the related party loans with the four principal shareholders of the Company were assumed by Valtech, upon the sale back to Valtech along with the accrued interest on those loans. Currently there is a $0 balance due those shareholders.

~~Off-Balance~~Liquidity and ~~Sheet~~Capital ~~Arrangements~~Resources

AsDuring the ofyear ended November 30, ~~2011~~2012, weour ~~did~~net ~~not~~cash ~~have~~increased ~~any~~by ~~off-balance~~362,007. ~~sheet~~During ~~arrangements~~the asyear ~~defined~~ended November 30, 2012 and 2011, net cash used in ~~Item 303(a)(4)(ii)~~operating ofactivities ~~Regulation~~was ~~S-K~~$1,083,641and ~~promulgated~~$388,545, ~~under~~respectively. This cash was used to fund our operations for the ~~Securities~~periods, ~~Act~~adjusted for ofnon-cash ~~1934~~expenses and changes in operating assets and liabilities.

~~Contractual~~We had ~~Obligations~~no investing activities in the years ended November 30, 2012 and ~~Commitments~~2011.

Net cash provided by financing activities was $(1,486,449) during the year ended November 30, 2012 compared to $355,851 net cash provided by financing activities during the year ended November 30, 2011. The ~~Company~~net ~~leases~~cash ~~its~~provided ~~office~~by ~~space~~financing activities for the year ended November 30, 2012 resulted from aproceeds of $1,486,730 related ~~party~~to the issuance of stoc. ~~See~~The ~~also~~net ~~footnote~~cash 7provided inby financing activities for the ~~consolidated~~year ~~financial~~ended ~~statements~~November 30, 2011 resulted from proceeds of $355,851 related to the issuance of stock.

~~Critical~~The Company ~~Accounting~~has ~~Policies~~only limited capital. Additional financing is necessary for the Company to continue as a going concern.

Our continued ~~financial~~operations ~~statements~~will depend on whether we are ~~prepared~~able into ~~accordance~~raise ~~with~~additional ~~accounting~~funds ~~principles generally~~through ~~accepted~~third inparties, ~~the~~such ~~United~~as ~~States~~equity and debt financing, as ~~which~~well ~~require~~as ~~management~~additional toloans ~~make~~from ~~estimates~~our ~~and assumptions~~affiliated ~~that~~shareholders. ~~affect~~However, ~~the~~there ~~reported~~can ~~amounts~~be ofno ~~assets~~assurance ~~and~~that ~~liabilities~~such atadditional ~~the~~funds ~~date~~will ofbe ~~the~~available ~~financial~~on ~~statements,~~acceptable ~~the~~terms ~~disclosure~~and ofthere ~~contingent~~can ~~assets~~be ~~and~~no ~~liabilities~~assurance ~~and~~that ~~the~~any ~~reported amounts~~additional offunding ~~revenues~~that ~~and~~we ~~expenses~~do ~~during~~obtain ~~the~~will ~~reporting~~be ~~period.~~sufficient ~~Actual~~to ~~results~~meet ~~could~~our ~~differ~~needs ~~from~~in ~~those~~the ~~estimates~~long term. ~~The~~We ~~critical~~will ~~accounting~~continue ~~policies~~to ~~that~~fund ~~affect~~operations ~~our~~from ~~more~~cash ~~significant estimates~~on hand and ~~assumptions~~through ~~used in~~ the ~~preparation~~similar sources of ~~our~~capital ~~financial~~previously ~~statements~~described. We ~~are~~can ~~reviewed and~~give no assurances that any ~~required~~additional ~~adjustments~~capital that we are ~~recorded~~able onto aobtain ~~monthly~~will ~~basis.~~be sufficient to fully fund our growth plan.

~~Recent~~Current and ~~Accounting~~Future ~~Pronouncements~~Financing Needs

InWe have ~~June~~incurred ~~2011,~~an ~~FASB~~accumulated ~~issued~~deficit ~~ASU~~of ~~No. 2011-05~~$1,884,979 ~~Presentation of~~through ~~Comprehensive~~November ~~Income~~30, ~~which~~2012. ~~amends~~We ~~the~~have ~~disclosure~~incurred ~~and~~negative ~~presentation~~cash ~~requirements~~flow offrom operations since ~~Comprehensive~~we ~~Income.~~started ~~Specifically,~~our ~~FASB~~Telecommunication ~~ASU~~Services Nobusiness. ~~2011-05~~We ~~requires~~may ~~that~~need ~~all~~to ~~nonowner changes~~obtain inadditional ~~stockholders’~~funds ~~equity~~sooner beor ~~presented either~~ in 1)greater aamounts ~~single~~than ~~continuous~~we currently ~~statement~~anticipate. Potential sources of ~~comprehensive~~financing ~~income~~include strategic relationships, public or 2)private ~~two~~sales ~~separate~~of ~~but~~our ~~consecutive~~shares ~~statements,~~or indebt ~~which~~and other sources. We may seek to access the ~~first~~public ~~statement~~or ~~presents~~private ~~total~~equity ~~net~~markets ~~income~~when ~~and~~conditions ~~its~~are ~~components,~~favorable ~~and~~due ~~the~~to ~~second~~our ~~statement~~long-term capital requirements. We ~~presents~~do ~~total~~not ~~other~~have ~~comprehensive~~any ~~income~~committed sources of financing at this time, and ~~its~~it ~~components.~~is ~~These~~uncertain ~~new~~whether ~~presentation~~additional funding will be available when we ~~requirements,~~need asit ~~currently~~on ~~set~~terms ~~forth~~that will be acceptable to us, ~~are~~or ~~effective~~at ~~for~~all. ~~the~~If ~~Company~~we ~~beginning~~raise ~~October~~funds 1,by selling additional shares of common stock or other securities ~~2012~~convertible into common stock, ~~with~~the ~~early~~ownership ~~adoption~~interest ~~permitted.~~of ~~The~~our ~~Company~~existing ~~plans~~stockholders towill ~~adopt~~be ~~this~~diluted. ~~amended~~If ~~guidance~~we onare not able to obtain financing ~~October~~when 1needed, ~~2012~~we ~~and~~may atbe ~~this~~unable ~~time~~to ~~does~~carry ~~not~~out ~~anticipate~~our ~~that~~business itplan. ~~will~~As a result, we may have ato ~~material~~significantly ~~impact~~limit our operations and our onbusiness, ~~the~~financial ~~Company’s~~condition and results of operations, ~~cash~~would ~~flows~~be ormaterially ~~financial position~~harmed.

~~In September 2011, FASB issued ASU 2011-08, Testing~~Effect ~~Goodwill for Impairment, which amended goodwill impairment guidance to provide an option for entities to first assess qualitative factors to determine whether the existence~~ of ~~events~~Exchange orRate circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. After assessing the totality of events and circumstances, if an entity determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, performance of the two-step impairment test is no longer required. This guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, with early adoption permitted. Adoption of this guidance is not expected to have any impact on ~~the Company’s results of operations, cash flows or financial position~~Cash.

~~There~~During 2012, ~~were~~the ~~other~~Company ~~updates~~reported ~~recently~~a ~~issued,~~loss ~~most~~ of ~~which~~ ~~represented~~$59 ~~technical~~due ~~corrections~~ to ~~the~~changes ~~accounting~~in ~~literature~~the orexchange ~~application~~rate compared to ~~specific~~ ~~industries~~a ~~and~~gain ~~are~~of ~~not~~$19,689 ~~expected~~in to2011. ~~have~~A aloss ~~material~~reflects ~~impact~~an increase onin the ~~Company’s financial~~value ~~position,~~of ~~results~~the ofCanadian ~~operations~~dollar oras ~~cash~~compared ~~flows~~to the United States dollar.

~~ITEM~~Cash end 7Aof Year. The Company’s cash increased by $362,007 to $362,007 at the end of November 30, 2012 compared to an decrease of $13,005 at the end of November 30, 2011.

~~ITEM~~Off-Balance Sheet ~~8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Back to Table of Contents~~Arrangements

Report of Independent Registered Public Accounting Firm	18
Consolidated Balance Sheets as of November 30, 2011 and 2010	19
Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended November 30, 2011 and 2010	20
Consolidated Statement of Changes in Stockholders' Deficit for the Years Ended November 30, 2011 and 2010	21
Consolidated Statements of Cash Flows for the Years Ended November 30, 2011 and 2010	22
Notes to the Consolidated Financial Statements	23

As of November 30, 2012 we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated under the Securities Act of 1934.

~~Report of independent~~Contractual ~~registered~~Obligations ~~public~~and ~~accounting firm Back to Table of Contents~~Commitments

~~Board~~The Company ofleases ~~Directors HIPSO~~its ~~Multimedia,~~office ~~Inc~~space from a related party. ~~Montreal,~~ ~~Canada~~See also footnote 7 in the consolidated financial statements.

~~We have audited the accompanying consolidated balance sheets of HIPSO~~Critical ~~Multimedia,~~Accounting Inc. and subsidiary (the “Company”) as of November 30, 2011 and 2010 and the related consolidated statements of operations and comprehensive income (loss), changes in stockholders’ equity (deficit), and cash flows for the years ended November 30, 2011 and 2010. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. Policies

WeOur financial ~~conducted~~statements ~~our~~are ~~audits~~prepared in accordance with ~~standards~~accounting ofprinciples ~~the~~generally ~~Public Company~~accepted ~~Accounting~~in ~~Oversight~~the ~~Board (~~United States)., ~~Those~~which ~~standards~~ require ~~that we plan~~management ~~and perform the audits~~ to ~~obtain~~make ~~reasonable~~estimates ~~assurance~~and ~~about~~assumptions ~~whether~~that affect the ~~consolidated financial~~reported ~~statements~~amounts ~~are free~~ of ~~material~~assets ~~misstatement.~~and Weliabilities ~~were~~at ~~not~~the ~~engaged~~date ~~to perform an audit~~ of the ~~Company’s internal control over~~ financial ~~reporting. Our audits included~~statements, ~~consideration~~the disclosure of ~~internal~~contingent ~~control~~assets ~~over~~and ~~financial~~liabilities ~~reporting~~and ~~as a basis for designing audit procedures that are appropriate in~~ the ~~circumstances,~~reported ~~but~~amounts ~~not for the purpose~~ of ~~expressing~~ anrevenues ~~opinion~~and onexpenses ~~the~~during ~~effectiveness of~~ the ~~Company’s~~reporting ~~internal~~period. ~~control over~~Actual ~~financial~~results ~~reporting.~~could ~~Accordingly,~~differ wefrom ~~express~~those ~~no such opinion~~estimates. AnThe ~~audit~~critical ~~includes~~accounting ~~examining, on~~policies athat ~~test~~affect ~~basis,~~our ~~evidence~~more ~~supporting~~significant ~~the~~estimates ~~amounts~~ and ~~disclosures~~assumptions used in the ~~financial statements.~~preparation Anof ~~audit~~our ~~also~~financial ~~includes~~statements ~~assessing~~are ~~the~~reviewed ~~accounting principles used~~ and ~~significant~~ ~~estimates~~any ~~made~~required byadjustments ~~management,~~are asrecorded ~~well~~on ~~as evaluating the overall consolidated financial statement presentation. We believe that our audits provide~~ a ~~reasonable~~monthly basis ~~for our opinion~~.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of HIPSO Multimedia, Inc. as of November 30, 2011 and 2010, and the results of its consolidated statements of operations and comprehensive income (loss), changes in stockholders’ equity (deficit), and cash flows for the years ended November 30, 2011 and 2010 in conformity with U.S. generally accepted accounting principles. 12

~~The accompanying consolidated financial statements have been prepared~~Recent ~~assuming~~Accounting that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has sustained operating losses and capital deficits that raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Pronouncements

~~/s/~~In May ~~KBL~~2011, ~~LLP~~FASB issued Accounting Standards Update (ASU) No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure ~~New~~Requirements ~~York~~in U.S. GAAP and IFRSs . FASB ASU 2011-04 amends and clarifies the measurement and disclosure requirements of FASB ASC 820 resulting in common requirements for measuring fair value and for disclosing information about fair value measurements, NYclarification of how to apply existing fair value measurement and disclosure requirements, and changes to certain principles and requirements for measuring fair value and disclosing information about fair value measurements. The new requirements are effective for fiscal years beginning after December 15, 2011. The Company plans to adopt this amended guidance on October 1, 2012 and at this time does not anticipate that it will have a material impact on the Company’s results of operations, cash flows or financial position.

~~February~~In June 242011, FASB issued ASU No. 2011-05, Presentation of Comprehensive Income , which amends the disclosure and presentation requirements of Comprehensive Income. Specifically, FASB ASU No. 2011-05 requires that all nonowner changes in stockholders’ equity be presented either in 1) a single continuous statement of comprehensive income or 2) two separate but consecutive statements, in which the first statement presents total net income and its components, and the second statement presents total other comprehensive income and its components. These new presentation requirements, as currently set forth, are effective for the Company beginning October 1, 2012, with early adoption permitted. The Company plans to adopt this amended guidance on October 1, 2012 and at this time does not anticipate that it will have a material impact on the Company’s results of operations, cash flows or financial position.

INIn September ~~US$~~2011, FASB issued ASU 2011-08, Testing Goodwill for Impairment , which amended goodwill impairment guidance to provide an option for entities to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. After assessing the totality of events and circumstances, if an entity determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, performance of the two-step impairment test is no longer required. This guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, with early adoption permitted. Adoption of this guidance is not expected to have any impact on the Company’s results of operations, cash flows or financial position.

~~November~~There were 30other updates recently issued, ~~2011~~most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

~~November~~ITEM 7A. ~~30,~~QUANTITATIVEAND ~~2010~~QUALITATIVE DISCLOSURE ABOUT MARKET RISK Back to Table of Contents

~~ASSETS~~We have not entered into, and do not expect to enter into, financial instruments for trading or hedging purposes.

~~LIABILITIES AND STOCKHOLDERS' DEFICIT~~13

$ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Back to Table of Contents

IN US$

Consolidated Balance Sheets as of November 30, 2012 and 2011		15
Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended November 30, 2012 and 2011		16
Consolidated Statement of Changes in Stockholders’ Deficit for the Years Ended November 30, 2012 and 2011		17
Consolidated Statements of Cash Flows for the Years Ended November 30, 2012 and 2011		19
Notes to the Consolidated Financial Statements		21

~~For the Year ended~~14

~~For the Year ended~~BUILDABLOCK CORP.

~~November~~(formerly Hipso 30Multimedia, ~~2011~~Inc.

~~November~~(a ~~30,~~development ~~2010~~stage company)

$CONSOLIDATED BALANCE SHEETS

$November 30, 2012 and 2011

$(unaudited)

(860,465)

	11/30/12			11/30/11
	(unaudited)			(unaudited)
ASSETS
CURRENT ASSETS
Cash	$	362,007		$	-
Current assets held under discontinued operations		-			35,181
Total Current Assets		362,007			35,181

OTHER ASSETS
Intellectual property		10,000
Total other assets		10,000
Total Assets		372,007			35,181

LIABILITY AND STOCKHOLDERS’ EQUITY (DEFICIT)

CURRENT LIABILITIES
Cash overdraft	$	-		$	301
Accounts payable		69,083			38
Accrued expenses		60,380			60,380
Convertible note payable - third party		2,500
Current liabilities held under discontinued operations		-			2,550,328
Total Current Liabilities		131,963			2,611,047
Total Liabilities		131,963			2,611,047

STOCKHOLDERS’ EQUITY (DEFICIT)

Common stock, par value $0.00001, 100,000,000 shares authorized, 23,937,979 and 8,559,721 shares issued and outstanding at November 30, 2012 and 2011, respectively		239			86
Additional paid-in capital		2,357,129			1,551,368
Additional paid-in capital - options and warrants		1,075,539			145,512
Subscription receivable		(76,927	)		-
Accumulated deficit		(1,884,979	)		(4,150,676	)
Deficit accumulated during the development stage		(1,042,104	)		-
Accumulated other comprehensive income (loss)		(188,853	)		(122,156	)
Total Stockholders’ Equity (Deficit)		240,044			(2,575,866	)
Total Liabilities and Stockholders’ Equity (Deficit)	$	372,007		$	35,181

$See accompanying notes to consolidated financial statements

~~(1,151,835)~~15

~~67,176,107~~BUILDABLOCK CORP.

58(formerly Hipso Multimedia,~~431,597~~ Inc.

~~HIPSO~~(a development ~~MULTIMEDIA,~~stage ~~INC. AND SUBSIDIARY Consolidated Statements of Changes in Stockholders' Deficit~~company)

~~Additional~~CONSOLIDATED STATEMENTS OF OPERATIONS

~~Preferred~~AND COMPREHENSIVE LOSS

~~Common~~For the Years Ended November 30, 2012 and 2011, and the

~~Paid-in~~Period May 1, 2012, through November 30, 2012 (Development Stage)

~~Shares~~(unaudited)

Amount

	Year Ended			Year Ended			Period 5/1/12
	11/30/12			11/30/11			through 11/30/12
							(unaudited)
REVENUE	$	-		$	134,422		$	-
COSTS AND EXPENSES
Cost of sales		-			301,379			-
Depreciation and amortization		-			132,490			-
Research and development		257,568						257,568
Administrative expenses		1,121,464			429,616			784,536
Total costs and expenses		1,379,032			863,485			1,042,104
OPERATING LOSS		(1,379,032	)		(729,063	)		(1,042,104	)

NON-OPERATING INCOME (EXPENSE)
Interest expense		-			(131,402	)
Total Non-Operating Expense					(131,402	)
NET LOSS FROM CONTINUING OPERATIONS		(1,379,032	)		(860,465	)		(1,042,104	)
DISCONTINUED OPERATIONS
Gain (loss) on disposal of subsidiary		2,648,735
Gain (loss) from discontinued operations		(46,110	)
NET GAIN FROM DISCONTINUED OPERATIONS		2,602,625

NET INCOME (LOSS)	$	1,223,593		$	(860,465	)	$	(1,042,104	)

NET INCOME PER COMMON SHARE (BASIC)
From continuing operations	$	(0.08	)	$	(0.10	)
From discontinued operations		0.15
Net income per common share (basic)	$	0.07		$	(0.10	)
Weighted average shares outstanding (BASIC)		17,790,270			8,397,013

NET INCOME PER COMMON SHARE (DILUTED)
From continuing operations	$	(0.08	)	$	(0.10	)
From discontinued operations		0.15
	$	0.07		$	(0.10	)
Weighted average shares outstanding (DILUTED)		17,790,270			8,397,013

OTHER COMPREHENSIVE LOSS - CONTINUING OPERATIONS
Comprehensive loss - beginning of period	$	(1,379,032	)	$	(860,465	)
Cumulative translation adjustments		(59	)		(12,648	)
Comprehensive loss - end of period	$	(1,379,091	)	$	(873,113	)

~~Shares~~The accompanying notes are an integral part of these statements.

~~Amount~~16

~~Capital~~BUILDABLOCK CORP.

~~Income~~ (~~Loss)~~formerly Hipso Multimedia, Inc.

~~Total~~(a development stage company)

-CONSOLIDATED STATEMENTS OF CHANGES IN

$STOCKHOLDERS’ EQUITY (DEFICIT)

-For the Years Ended November 30, 2012 and 2011

~~54,888,508~~(unaudited)

	Shares		Amount		Shares		Amount		Capital		Warrants		Receivable		(Deficit)			Stage		(Loss)			Total
	Preferred Stock				Common Stock				Additional Paid-in		Additional Paid-in Capital-		Subscription		Retained Earnings			Deficit Accumulated During the Development		Accumulated Other Comprehensive Income
	Shares		Amount		Shares		Amount		Capital		Warrants		Receivable		(Deficit)			Stage		(Loss)			Total
Balance 11/30/09		-	$	-		7,150,439	$	71	$	668,793	$	-	$	-	$	(2,138,376	)	$	-	$	(61,301	)	$	(1,530,813	)
Shares issued for cash						376,782		4		192,766		145,512												338,282
Shares issued for services						212,500		2		178,398														178,400
Exercise of stock options						85,000				42,999														43,000
Fair value of options granted										36,000														36,000
Fair value of rent contributed by major shareholder										40,860														40,860
Conversion of liability to paid in capital - related party										40,000														40,000
Net loss for the year ended 11/30/10		-		-										-		(1,151,835	)		-		(48,207	)		(1,200,042	)
Balance 11/30/10		-		-		7,824,721		78		1,199,816		145,512		-		(3,290,211	)		-		(109,508	)		(2,054,313	)
Shares issued for conversion of loan payable to shareholders						381,250		4		121,996														122,000
Shares issued for services, net of shares cancelled for services						174,583		2		93,698														93,700
Shares issued for cash						179,167		2		94,998														95,000
Fair value of rent contributed by major shareholder										40,860														40,860

~~549~~17

$BUILDABLOCK CORP.

~~271~~(formerly Hipso Multimedia,~~303~~ Inc.

$(a development stage company)

-CONSOLIDATED STATEMENTS OF CHANGES IN

$STOCKHOLDERS’ EQUITY (DEFICIT)

(1For the Years Ended November 30,~~117,753)~~ 2012 and 2011

$(unaudited)

113,013

	Shares		Amount		Shares		Amount		Capital		Warrants		Receivable			(Deficit)			Stage			(Loss)			Total
											Additional								Deficit Accumulated			Accumulated Other
	Preferred Stock				Common Stock				Additional Paid-in		Paid-in Capital-		Subscription			Retained Earnings			During the Development			Comprehensive Income
	Shares		Amount		Shares		Amount		Capital		Warrants		Receivable			(Deficit)			Stage			(Loss)			Total
Net loss for the year ended 11/30/11		-		-								-		-			(860,465	)		-			(12,648	)		(873,113)
Balance 11/30/11		-		-		8,559,721		86		1,551,368		145,512		-			(4,150,676	)		-			(122,156	)		(2,575,866	)
Shares issued for services						195,763		2		75,458																75,460
Fair value of rent contributed by major shareholder										10,215																10,215
Net income for the five months ended 4/30/12		-		-								-		-			2,265,697			-			(66,638	)		2,199,059
Balance 4/30/12		-		-		8,755,484		88		1,637,041		145,512		-			(1,884,979	)		-			(188,794	)		(291,132	)
Balance		-		-		8,755,484		88		1,637,041		145,512		-			(1,884,979	)		-			(188,794	)		(291,132	)
Shares issued for services and accounts payable						480,000		4		119,996																120,000
Shares issued for cash						5,947,000		59		590,181		896,510		(85,655	)											1,401,095
Shares issued for intellectual property						8,755,484		88		9,912																10,000
Fractional shares issued				-		11				( 1)																(1	)
Cash received for shares issued														8,728												8,728
Fair value of options granted												33,517														33,517
Net loss for the period 5/1/12 through 11/30/12 (development stage)																	-			(1,042,104	)		(59	)		(1,042,163	)
Net (income) loss																				(1,042,104	)		(59	)		(1,042,163	)
Balance 11/30/12		-		-		23,937,979	$	239	$	2,357,129	$	1,075,539	$	(76,927	)	$	(1,884,979	)	$	(1,042,104	)	$	(188,853	)	$	240,044
Balance		-		-		23,937,979	$	239	$	2,357,129	$	1,075,539	$	(76,927	)	$	(1,884,979	)	$	(1,042,104	)	$	(188,853	)	$	240,044

$See accompanying notes to consolidated financial statements.

~~(732,888)~~18

-BUILDABLOCK CORP.

-(formerly Hipso Multimedia, Inc.

-(a development stage company)

-CONSOLIDATED STATEMENTS OF CASH FLOWS

-For the Years Ended November 30, 2012 and 2011, and the

-Period May 1, 2012, through November 30, 2012 (Development Stage)

(~~1,020,623~~unaudited)

(174,314)

	Year Ended			Year Ended			Period 5/1/12 through 11/30/12
	11/30/12			11/30/11			(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES - CONTINUING OPERATIONS:
Net income (loss)	$	(1,379,032	)	$	(860,465	)	$	(1,042,104	)
Adjustments to reconcile net income (loss) to net cash used for operating activities:		-			-			-
Depreciation and amortization		-			132,490			-
Stock based compensation and shares issued for services		192,476			73,270			-
Contributed expenses by management		30,645			40,860			-
Changes in operating assets and liabilities:		-			-			-
Accounts receivable		-			(7,708	)
Prepaid expenses and other current assets		-			-			-
Accounts payable and accrued expenses		72,270			233,008			113,930
Net cash used for operating activities		(1,083,641	)		(388,545	)		(928,174	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in cash overdraft		(301	)		102			(196,569	)
Cash received for common stock		1,486,750			70,000			1,486,750
Loan payable to bank		-			-			-
Loan payable to shareholders		-			285,749			-
Net cash provided by financing activities		1,486,449			355,851			1,290,181
DISCONTINUED OPERATIONS
Operating activities		(40,765	)		-			-
Investing activities					-			-
Financing activities		23			-			-
Total Discontinued Operations		(40,742	)		-			-
EFFECT OF EXCHANGE RATE ON CASH		(59	)		19,689			-
INCREASE (DECREASE) IN CASH		362,007			(13,005	)		362,007
CASH, BEGINNING OF YEAR		-			13,005			-
CASH, END OF PERIOD		362,007		$	-			362,007

~~(1,194,937)~~See accompanying notes to financial statements.

-19

$BUILDABLOCK CORP.

-(formerly Hipso Multimedia, Inc. (a development stage company)

~~57,203,508~~CONSOLIDATED STATEMENTS OF CASH FLOWS

$For the Years Ended November 30, 2012 and 2011, and the

~~572~~Period May 1, 2012, through November 30, 2012 (Development Stage)

$(unaudited)

668,292

	Year Ended 11/30/12		Year Ended 11/30/11		Period 5/1/12 through 11/30/12 (unaudited)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	$	-	$	-	$	-
NONCASH OPERATING AND FINANCING ACTIVITIES:
Conversion of notes payable - related parties for equity	$	-	$	25,000	$	-
Common shares issued for intellectual property	$	10,000	$	-	$	-

$See accompanying notes to financial statements.

-20

$BUILDABLOCK CORP.

(2formerly Hipso Multimedia,~~138,376)~~ Inc.

$(a development stage company)

~~(61,301)~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

$November 30, 2012 and 2011

(~~1,530,813~~unaudited)

NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION

-These consolidated unaudited financial statements reflect all adjustments, including normal recurring adjustments which, in the opinion of management, are necessary to present fairly the consolidated operations and cash flows for the periods presented.

Buildablock Corp. (the “Company”) formerly HIPSO Multimedia, Inc., a Florida corporation, was incorporated in April 2005. As described in Note 7, the Company entered into an Asset Purchase Agreement on November 30, 2011 providing for the acquisition of intellectual property rights comprised of an Internet and mobile service platform whose purpose is to empower or capitalize on the growth of the neighborhood, local economy (the “Buildablock Assets”). The Buildablock Assets are in the development stage. In addition to Buildablock’s social networking library, the service is enriched by its new “DealWink” engine, a new e-commerce platform that combines the power of group buying, couponing, and price aggregation, among other things, to drive both value to its customers and opportunity to the retailer. Effective March 7, 2012, the Company completed the acquisition of the Buildablock Assets. In connection with the completion of the acquisition, the Company effected a reverse stock split of the Company’s outstanding shares of common stock, par value $0.00001, on a one-for-eight (1:8) basis (which occurred on March 7, 2012) and issued an aggregate of 8,755,484 shares of common stock effective March 7, 2012, representing 50% of the Company’s outstanding shares after giving effect to the one-for-eight reverse stock split and issuance of the shares. The Buildablock Assets were valued at $10,000. Upon the closing of the transaction, Messrs. Gary Oberman and Bartek Bulzak were elected to the Company’s Board of Directors, Mr. Oberman was appointed President and Chief Executive Officer and Mr. Bulzak was appointed Chief Technology Officer. Effective February 24, 2012, the name of the Company was changed to Buildablock Corp.

-On June 5, 2012, the Company formed a Canadian subsidiary, Buildablock Canada Inc. (“Buildablock Canada”). Since inception, Buildablock Canada has had little activity. The Company anticipates that Buildablock Canada will engage in research and development activities.

Effective July 1, 2009, the Company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 105-10, Generally Accepted Accounting Principles - Overall (“ASC 105-1 0”). ASC 105-10 establishes the FASB Accounting Standards Codification (the “Codification”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with U.S. GAAP. Rules and interpretive releases of the SEC under authority offederal securities laws are also sources of authoritative U.S. GAAP for SEC registrants. All guidance contained in the Codification carries an equal level of authority. The Codification superseded all existing n·on-SEC accounting and reporting standards. All other non-grandfathered, non-SEC accounting literature not included in the Codification is non-authoritative. The FASB will not issue new standards in the form of Statements, FASB Positions or Emerging Issue Task Force Abstracts. Instead, it will issue Accounting Standards Updates (“ASUs”). The FASB will not consider ASUs as authoritative in their own right. ASUs will serve only to update the Codification, provide background information about the guidance and provide the bases for conclusions on the change(s) in the Codification. References made to FASB guidance throughout this document have been updated for the Codification.

-Going Concern

(1With the disposition of Valtech,~~151~~ the Company commenced operating in the development stage as it develops its purchased intellectual property. The Company has no revenues and nominal assets other than cash which was raised during May 2012 as part of a private placement. New management has had some preliminary discussions regarding further capitalization of the Company. These plans include the raising of capital through the equity markets to fund future operations and generating adequate revenues for the new business of the Company. Even if the Company raises sufficient capital to support its operating expenses and generates revenues,~~835)~~ there can be no assurance that the revenues will be sufficient to enable it to develop business to a level where it will generate profits and cash flows from operations. These matters raise substantial doubt about the Company’s ability to continue as a going concern. However, the accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

~~(48,207)~~21

~~(1,200,042)~~NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

-Principles of Consolidation

$The consolidated financial statements include the accounts of the Company and its subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation.

-Development Stage Company

~~62,597,764~~The Company is considered to be in the development stage as defined in ASC 915. The Company has devoted substantially all of its efforts to the development of its software platform.

$Use of Estimates

~~626~~The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, the Company evaluates its estimates, including, but not limited to, those related to investment tax credits, bad debts, income taxes and contingencies. The Company bases its 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 the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

$Cash and Cash Equivalents

~~1,199,268~~The Company considers all highly liquid debt instruments and other short-term investments with an initial maturity of three months or less to be cash equivalents.

$Comprehensive Income

~~145~~The Company adopted ASC 220-10,~~512~~ “Reporting Comprehensive Income,” (formerly SFAS No. 130). ASC 220-10 requires the reporting of comprehensive income in addition to net income from operations.

$Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of information that historically has not been recognized in the calculation of net income.

~~(3,290,211)~~Fair Value of Financial Instruments

$The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. For the loans payable, the carrying amount reported is based upon the incremental borrowing rates otherwise available to the Company for similar borrowings.

~~(109,508)~~Currency Translation

$For subsidiaries outside the United States that prepare financial statements in currencies other than the U.S. dollar, the Company translates income and expense amounts at average exchange rates for the year, translates assets and liabilities at year-end exchange rates and equity at historical rates. The Company’s functional currency is the Canadian dollar, while the Company reports its currency in the US dollar. The Company records these translation adjustments as accumulated other comprehensive income (loss). Gains and losses from foreign currency transactions are included in other income (expense) in the results of operations.

~~(2,054,313)~~Revenue Recognition

-Through April 30, 2012, the Company through Valtech received revenue from subscribers to its triple play network in which it provided digital TV, voice over internet protocol (VoIP), and high speed internet access, all via fiber optic cable. The Company billed its subscribers on a monthly basis and recognized the monthly revenue based upon the specific plan selected by the subscriber. The Company additionally provided contracted services to wire commercial buildings with fiber optic cable in order to provide for similar services. Valtech was sold on April 30, 2012. For reporting periods ended after April 30, 2012, revenues for Valtech are reported net of operating expenses as gain or loss from discontinued operations.

-Buildablock is a development stage company and has not yet recorded any revenues. Buildablock plans to recognize revenue from sales when the following criteria are met: persuasive evidence of an arrangement exists; delivery has occurred; the selling price is fixed or determinable; and collectability is reasonably assured.

-22

-The Company plans to record as revenue the net amount it retains fr m the sale of produ ts, excluding any applicab e taxes, after remitting the payment to the merchant minus the transaction fees. Revenue will be recorded on a net basis because the Company plans to act as an agent of the merchant in the transaction.

-The Company plans that the merchant will be the primary obligor in these transactions,_ will be s bject to inventory risk, and will have latitude in establishing prices. The Company plans to perform a service by actmg as the agent of the merchant which will be responsible for fulfillment, and therefore revenue is planned to be recorded on a net basis.

-Accounts Receivable

~~(860~~The Company conducts business and extends credit based on an evaluation of the customers’ financial condition,~~465)~~ generally without requiring collateral.

~~(12~~Exposure to losses on receivables is expected to vary by customer due to the financial condition of each customer. The Company monitors exposure to credit losses and maintains allowances for anticipated losses considered necessary under the circumstances. The Company has no allowance for doubtful accounts as of August 31,~~648)~~ 2012.

~~(873,113)~~Accounts receivable are generally due within 30 days and collateral is not required. Unbilled accounts receivable represents amounts due from customers for which billing statements have not been generated and sent to the customers.

-Income Taxes

$The Company accounts for income taxes utilizing the liability method of accounting.Under the liability method, deferred taxes are determined based on differences between financial statement and tax bases of assets and liabilities at enacted tax rates in effect in years in which differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to amounts that are expected to be realized.

-Advertising Costs

68The Company expenses the costs associated with advertising as incurred. Advertising expenses for the nine months ended August 31,~~477,765~~ 2012 and 2011 are included in administrative expenses in the consolidated statements of operations.

$Fixed Assets

~~685~~Fixed assets are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets; office and computer equipment - 5 years.

$When assets are retired or otherwise disposed of, the costs and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to income as incurred; significant renewals and betterments are capitalized. Deduction is made for retirements resulting from renewals or betterments.

~~1,550,769~~Impairment of Long-Lived Assets

$Long-lived assets, primarily fixed assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. The Company does perform a periodic assessment of assets for impairment in the absence of such information or indicators. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or a significant adverse change that would indicate that the carrying amount of an asset or group of assets is not recoverable. For long-lived assets to be held and used, the Company recognizes an impairment loss only if its carrying amount is not recoverable through its undiscounted cash flows and measures the impairment loss based on the difference between the carrying amount and estimated fair value.

~~145,512~~Income (Loss) Per Share of Common Stock

$Basic net loss per common share is computed using the weighted average number of common shares outstanding. Diluted earnings per share (EPS) includes additional dilution from common stock equivalents, such as stock issuable pursuant to the exercise of stock options and warrants. All shares are reflected post 1:8 reverse split which occurred March 7, 2012. Common stock equivalents were not included in the computation of diluted earnings per share when the Company reported a loss because to do so would be antidilutive for periods presented.

~~(4,150,676)~~23

$Stock-Based Compensation

~~(122~~In 2006,~~156)~~ the Company adopted the provisions of ASC 718-10 “Share Based Payments” for its year ended November 30, 2008. The adoption of this principle had no effect on the Company’s operations.

$The Company has elected to use the modified-prospective approach method.Under that transition method, the calculated expense in 2006 is equivalent to compensation expense for all awards granted prior to, but not yet vested as of January 1, 2006, based on the grant-date fair values. Stock-based compensation expense for all awards granted after January 1, 2006 is based on the grant-date fair values. The Company recognizes these compensation costs, net of an estimated forfeiture rate, on a pro rata basis over the requisite service period of each vesting tranche of each award.

(2The Company considers voluntary termination behavior as well as trends of actual option forfeitures when estimating the forfeiture rate. The Company measures compensation expense for its non-employee stock-based compensation under ASC 505-50,~~575~~ “Accounting for Equity Instruments that are Issued to Other Than Employees for Acquiring,~~866)~~ or in Conjunction with Selling, Goods or Services”. The fair value of the option issued is used to measure the transaction, as this is more reliable than the fair value of the services received. The fair value is measured at the value of the Company’s common stock on the date that the commitment for performance by the counterparty has been reached or the counterparty’s performance is complete. The fair value of the equity instrument is charged directly to expense and additional paid-in capital.

HIPSO MULTIMEDIA, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows Back to Table of Contents
For the Years Ended November 30, 2011 and 2010
		IN US$
		November 30, 2011		November 30, 2010
Net loss	$	(860,465)	$	(1,151,835)
Cash flows from operating activities:
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization		132,490		92,446
Stock based compensation and shares issued for services		73,270		214,400
Contributed expenses by management		40,860		40,860
Changes in operating assets and liabilities:
Accounts receivable		(7,708)		16,078
Prepaid expenses and other current assets		-		31,360
Accounts payable and accrued expenses		233,008		164,746
Net cash used in operating activities		(388,545)		(591,945)
Cash flow from investing activities:
Deferred development		-		-
Net cash provided by investing activities		-		-
Cash flows from financing activities:
Increase (decrease) in cash overdraft		102		(361)
Cash received for common stock		70,000		338,282
Loan payable to bank		-		(270,639)
Loan payable to shareholder		285,749		542,632
Net cash provided by financing activities		355,851		609,914
Effect of exchange rate on cash		19,689		(4,964)
Increase (decrease) increase in cash		(13,005)		13,005
Cash - beginning of year		13,005		-
Cash - end of the year	$	-	$	13,005
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	$	-	$	7,732
NONCASH OPERATING AND FINANCING ACTIVITIES:	$	-	$	40,000
Conversion of liability for additional paid in capital	$	25,000	$	-
Conversion of stock liability for equity
See accompanying notes to consolidated financial statements.

Segment Information

~~HIPSO~~The Company ~~MULTIMEDIA~~follows the provisions of ASC 280-10, ~~INC~~“Disclosures about Segments of an Enterprise and Related Information”. ~~AND~~This standard ~~SUBSIDIARY~~requires that companies disclose operating segments based on the manner in which management disaggregates the Company in making ~~CONSOLIDATED~~internal ~~FINANCIAL~~operating ~~STATEMENTS~~decisions. As of November 30, 2012 and for the years ended November 30, 2012 and 2011, the Company operates in only one segment and in only one geographical location.

~~NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION~~Reclassifications

~~HIPSO Multimedia, Inc. (the “~~The Company”) ~~formerly~~has ~~Physicians Remote~~reclassified ~~Solutions,~~certain ~~Inc.,~~amounts ain ~~Florida~~its ~~Corporation~~condensed ~~incorporated~~consolidated instatement ~~April~~of ~~2005,~~operations ~~operates~~for ~~a “triple~~the ~~play”~~year ~~network~~ended ~~providing~~November ~~digital TV~~30, ~~voice~~2011 ~~over internet protocol (VoIP)~~to ~~and~~conform awith ~~high~~the ~~speed~~November ~~internet~~30, ~~access~~2012 ~~all~~presentation. ~~via~~These ~~fiber~~reclassifications ~~optic~~had ~~cable.~~no ~~The~~effect ~~Company~~on ~~targets~~ the ~~multi-dwelling~~ ~~unit~~net ~~market~~loss infor ~~Montreal and eventually throughout~~ the ~~Canadian~~year ~~market.~~ended ~~The Company~~November ~~offers its retail customer base a bundled package including IP telephony~~30, ~~internet~~ ~~bandwidth in 5 and 10 megabytes per second (Mbps) increments and 80 television channels~~2011. ~~The Company also targets hotels, hospitals and retirement homes by offering bulk long-term agreements to their connected customers.~~

~~The Company is now offering and delivering high speed internet,~~Uncertainty ~~telephone and high definition TV~~ in ~~one~~Income package to over 1,500 subscribers on a recurring revenue model. The Company is now launching the second phase of its international business plan. They have completed the design and engineering of the next phase of the network deployment. The Company is expanding its business from being a retail “triple play” service provider to adding and becoming a wholesale supplier of IPTV (Internet Protocol Television) services to thousands of North American ISP’s (Internet Service Providers) and small rural telecommunication companies that currently cannot offer these needed services to their customer base. The Company is currently in negotiations with service providers for long-term delivery of IPTV services. In addition, the Company has secured a North American distributor license agreement from Oriana Technologies, the licensee of Taxes

~~“Select~~The Company TVfollows ~~S.A.”~~ASC 740-10, “Accounting for ~~the~~Uncertainty ~~distribution~~in Income Taxes” (“ASC 740-10”). This interpretation requires recognition and measurement of ~~the~~uncertain ~~most~~income ~~advanced~~tax positions using a “more-likely-than-not” approach. ASC 740-10 IPis ~~Set~~effective ~~top~~for ~~box~~fiscal ~~available~~years beginning after December 15, 2006. Management has adopted ASC 740-10 for 2009, and they evaluate their tax positions on an annual basis, and has determined that as ofN ovember 30, 2012, no additional accrual for income taxes other than the ~~market.~~federal and state provisions is considered necessary.

~~On June 2, 2008, the Company entered into a share exchange agreement~~Fair ~~with~~Value Valtech Communications, Inc. (“Valtech”) and issued 40,000,000 shares of its common stock to acquire Valtech. In connection with the share exchange agreement, Valtech became a wholly owned subsidiary of the Company and the Valtech officers and directors became the officers and directors of the Company. Prior to the merger, the Company had not generated any revenues. As a result of the transaction (the “reverse merger”) and for accounting purposes, the reverse merger has been treated as an acquisition of the Company by Valtech and a recapitalization of the Company. The historical financial statements are those of Valtech. Since the reverse merger is a recapitalization and not a business combination, pro-forma information is not presented.Measurements

~~Effective~~In September ~~July 1~~2006, ~~2009,~~ the ~~Company adopted the Financial Accounting Standards Board (“~~FASB”) ~~Accounting~~issued ~~Standards Codification (“~~ASC~~”) 105-10~~ 820, ~~Generally~~Fair ~~Accepted~~Value ~~Accounting~~Measurements. ~~Principles~~ASC –820 ~~Overall~~defines ~~(“ASC~~fair ~~105-10”). ASC~~value, ~~105-10~~ establishes ~~the~~a ~~FASB~~framework ~~Accounting~~for ~~Standards~~measuring ~~Codification (the~~fair ~~“Codification”)~~value asin ~~the~~generally ~~source~~accepted ~~of authoritative~~ accounting principles, ~~recognized by~~and ~~the~~expands ~~FASB~~disclosure toabout befair ~~applied~~value ~~by nongovernmental entities in the preparation of financial statements in conformity with U~~measurements.S. ~~GAAP.~~This ~~Rules~~statement ~~and~~is ~~interpretive releases of the SEC under~~effective ~~authority~~for offinancial ~~federal~~statements ~~securities~~issued ~~laws are also sources of authoritative U.S. GAAP~~ for ~~SEC registrants.~~fiscal ~~All~~years ~~guidance~~beginning ~~contained~~after inNovember ~~the~~15, ~~Codification carries an equal level of authority~~2007. ~~The~~Early ~~Codification~~adoption ~~superseded all existing non-SEC accounting and reporting standards. All other non-grandfathered, non-SEC accounting literature not included in the Codification~~ is ~~non-authoritative~~encouraged. The ~~FASB~~adoption ~~will not issue new standards in the form~~ of ~~Statements,~~ ~~FASB Positions or Emerging Issue Task Force Abstracts. Instead, it will issue~~ASC ~~Accounting~~820 ~~Standards~~is ~~Updates (“ASUs”). The FASB will~~ not ~~consider~~expected ~~ASUs as authoritative in their own right. ASUs will serve only~~ to ~~update~~have ~~the~~a ~~Codification,~~material ~~provide background~~impact ~~information about the guidance and provide the bases for conclusions~~ on the ~~change(s)~~ infinancial ~~the Codification~~statements. ~~References made to FASB guidance throughout this document have been updated for the Codification.~~

~~Going~~In February ~~Concern~~2007, the FASB issued ASC 825-10, The Fair Value Option for Financial Assets and Financial Liabilities- Including an amendment of ASC 320-10, (“ASC 825-10”) which permits entities to choose to measure many financial instruments and certain other items at fair value at specified election dates. A business entity is required to report unrealized gains and losses on items for which the fair value option has been elected in earnings at each subsequent reporting date. This statement is expected to expand the use of fair value measurement. ASC 825-10 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years.

~~As shown in the accompanying consolidated financial statements the~~Recent ~~Company~~Accounting ~~has incurred net losses of $860,465 and $1,151,835 for the years ended November 30, 2011 and 2010, and has a working capital deficiency of $2,575,866 as of November 30, 2011.~~ Pronouncements

~~Management’s plans include the raising of capital through the~~In ~~equity~~May ~~markets~~2011, toFASB ~~fund~~issued ~~future~~Accounting ~~operations~~Standards ~~and~~Update ~~generating~~(ASU) ~~adequate revenues through its business~~No. ~~Even~~2011-04, ifAmendments ~~the~~to ~~Company~~Achieve ~~does~~Common ~~not~~Fair ~~raise~~Value ~~sufficient~~Measurement ~~capital~~and toDisclosure Requirements ~~support~~in ~~its~~U.S. ~~operating expenses~~GAAP and ~~generate~~IFRSs. ~~adequate~~ASU ~~revenues,~~2011-04 ~~there~~amends ~~can~~and beclarifies ~~no assurance that~~ the ~~revenue~~measurement ~~will be~~and ~~sufficient~~disclosure torequirements ~~enable~~of itASC to820 ~~develop~~resulting in ~~business~~common torequirements afor ~~level~~measuring ~~where~~fair itvalue ~~will generate profits~~ and ~~cash~~for ~~flows~~disclosing ~~from~~information ~~operations.~~about ~~These~~fair ~~matters~~value ~~raise~~measurements, ~~substantial~~clarification ~~doubt~~of ~~about~~how ~~the~~to ~~Company’s~~apply ~~ability~~existing tofair ~~continue~~value asmeasurement aand ~~going~~disclosure ~~concern. However~~requirements, ~~the~~and ~~accompanying consolidated~~changes ~~financial~~to ~~statements~~certain ~~have~~principles ~~been~~and ~~prepared~~requirements onfor ameasuring ~~going concern basis, which~~fair ~~contemplates~~value ~~the realization of assets~~ and ~~satisfaction~~disclosing ofinformation ~~liabilities~~about infair ~~the~~value ~~normal course of business~~measurements. ~~These~~The ~~financial~~new ~~statements~~requirements doare ~~not~~effective ~~include~~for ~~any~~fiscal ~~adjustments~~years ~~relating~~beginning toafter December ~~the~~15, ~~recovery~~2011. ofThe ~~the~~Company ~~recorded~~adopted ~~assets~~this oramended ~~the~~guidance, ~~classification~~which ofdid ~~the~~not ~~liabilities~~have ~~that~~a ~~might~~material ~~be necessary~~impact ~~should~~on the Company’s beresults ~~unable~~of tooperations, cash ~~continue~~flows asor afinancial ~~going concern~~position.

~~Principles of Consolidation~~24

~~The~~In June ~~consolidated~~2011, ~~financial~~FASB ~~statements~~issued ~~include~~ASU ~~the~~No. ~~accounts~~2011-05, Presentation of Comprehensive Income, which amends the ~~Company~~ disclosure and ~~its~~presentation ~~subsidiary~~requirements of Comprehensive Income. ~~All~~Specifically, ~~significant~~ASU ~~intercompany~~No. ~~accounts~~2011-05 ~~and~~requires ~~transactions~~that ~~have~~all nonowner changes in stockholders’ equity be presented ~~been~~either ~~eliminated~~in 1) a single continuous statement_ of compreh nsive income or 2) two separate but consecutive statements, in ~~consolidation.~~which the first statement presents total net mcome and its components, and the second statement presents total other comprehensive income and its components.

~~Use~~The Company adopted this amended guidance, which did not have a material impact on the Company’s results of ~~Estimates~~operations, cash flows or financial position.

~~The~~In September ~~preparation~~2011, ofFASB ~~financial~~issued ~~statements~~ASU in2011-08, ~~conformity~~Testing ~~with~~Goodwill ~~accounting principles~~for ~~generally~~Impairment, ~~accepted~~which inamended ~~the~~goodwill ~~United~~impairment ~~States~~guidance ofto ~~America~~provide ~~requires~~an ~~management to make~~option ~~estimates~~for ~~and~~entities ~~assumptions~~to ~~that~~first ~~affect~~assess ~~the~~qualitative ~~reported~~factors ~~amounts~~to ofdetermine ~~assets~~whether ~~and~~the ~~liabilities~~existence ~~and disclosure~~ of ~~contingent~~events ~~assets~~or ~~and~~circumstances ~~liabilities~~leads atto ~~the~~a ~~date of the financial statements~~determination ~~and~~that ~~the~~it ~~reported~~is ~~amounts~~more oflikely ~~revenues~~than ~~and~~not ~~expenses~~that ~~during~~ the ~~reporting~~fair ~~period.~~value Onof ~~an on-going~~a ~~basis,~~reporting ~~the~~unit ~~Company~~is ~~evaluates~~less than its ~~estimates,~~carrying ~~including,~~amount. ~~but~~After ~~not~~assessing ~~limited~~the ~~to, those~~totality ~~related~~of toevents ~~investment~~and ~~tax credits~~circumstances, ~~bad~~if ~~debts,~~an ~~income~~entity ~~taxes~~determines ~~and~~that ~~contingencies.~~it ~~The~~is ~~Company bases~~not ~~its~~more ~~estimates~~likely onthan ~~historical~~not ~~experience~~that ~~and~~the onfair ~~various~~value ~~other~~of ~~assumptions~~a ~~that~~reporting ~~are believed~~unit tois beless than ~~reasonable~~its ~~under~~carrying ~~the circumstances~~amount, ~~the~~performance ~~results~~ of ~~which form~~ the ~~basis~~two-step ~~for making~~impairment ~~judgments~~test ~~about~~is ~~the~~no ~~carrying~~longer ~~value~~required. ofThis ~~assets~~guidance ~~and~~is ~~liabilities~~effective ~~that~~for ~~are~~annual ~~not readily~~and ~~apparent~~interim ~~from~~goodwill ~~other~~impairment ~~sources.~~tests ~~Actual~~performed ~~results~~for ~~could~~fiscal ~~differ~~years ~~from~~beginning ~~those~~after ~~estimates~~December 15, 2011.

~~Cash~~There were other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and ~~Cash~~are ~~Equivalents~~not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

~~The Company considers all highly liquid debt instruments and other~~NOTE ~~short~~3 -~~term~~ ~~investments~~FIXED ~~with an initial maturity of three months or less to be cash equivalents.~~ASSETS

~~Comprehensive~~Fixed assets ~~Income~~as of November 30, 2012 and 2011, are reflected in assets held under discontinued operations. There was $0 and $4,997 charged to operations for depreciation expense for the years ended November 30, 2012 and 2011, respectively, which are reflected in discontinued operations.

~~The Company adopted ASC 220-10, “Reporting Comprehensive~~NOTE ~~Income,”~~4 ~~(formerly SFAS No. 130). ASC 220~~-10 ~~requires~~DEFERRED ~~the reporting of comprehensive income in addition to net income from operations.~~ COSTS

~~Comprehensive~~Deferred costs ~~income~~as isof aNovember ~~more~~30, ~~inclusive~~2012 ~~financial~~and ~~reporting methodology~~2011, ~~that~~are ~~includes~~reflected ~~disclosure~~in ofassets ~~information~~held ~~that~~under ~~historically~~discontinued ~~has~~operations. ~~not~~There ~~been~~was $0 and $71,100 charged ~~recognized~~to inoperations for amortization expense for the ~~calculation~~year ofended ~~net~~November ~~income~~30, 2012 and 2011, respectively, which are reflected in discontinued operations.

~~Fair~~NOTE 5 ~~Value~~- ofRELATED ~~Financial~~PARTY ~~Instruments~~ LOANS

~~The~~In April ~~carrying~~2012, ~~amounts~~the ~~reported~~related inparty loans with the ~~consolidated~~four ~~balance~~principal ~~sheets~~shareholders ~~for cash~~of ~~and~~the ~~cash~~Company ~~equivalents~~were assumed by Valtech, ~~accounts~~upon ~~receivable~~the ~~and~~sale ~~accounts~~back ~~payable~~to Valtech ~~approximate~~along ~~fair~~with ~~value~~the accrued interest on those loans. Currently there is a $0 balance due those shareholders. The amount outstanding ~~because~~prior ofto the ~~immediate~~sale orwas ~~short-term~~$1,928,319. ~~maturity~~The loans did bear interest at an annual rate of ~~these~~10% ~~financial~~for ~~instruments~~individual amounts exceeding $150,000 (CDN$). Interest ~~For~~expense for the years ended November 30, 2012 and 2011 were $35,361 and $97,401, respectively, and are reflected in operations from discontinued operations. Accrued interest on these loans ~~payable,~~prior to the ~~carrying~~sale ~~amount~~was ~~reported~~$329,395. isThe ~~based~~accrued ~~upon~~interest ~~the~~along ~~incremental~~with ~~borrowing~~the ~~rates~~notes ~~otherwise~~were ~~available~~sold toin April 2012, and the ~~Company~~balance ~~for~~is ~~similar~~$0 ~~borrowings.~~as of November 30, 2012 (see Note 12).

~~Currency~~NOTE 6 ~~Translation~~– COMMITMENTS

~~For subsidiaries outside the United States that prepare financial~~Office statements in currencies other than the U.S. dollar, the Company translates income and expense amounts at average exchange rates for the year, translates assets and liabilities at year-end exchange rates and equity at historical rates. The Company’s functional currency is the Canadian dollar, while the Company reports its currency in the US dollar. The Company records these translation adjustments as accumulated other comprehensive income (loss). Gains and losses from foreign currency transactions are included in other income (expense) in the results of operations. Space

~~Revenue~~The Company ~~Recognition~~occupies approximately 2,500 square feet of office space owned by a company that is owned by a shareholder of the Company. The occupancy is on a month-to-month basis, without a lease and without payment ofrent. The Company has occupied the space since February 1, 2008. Accordingly, a rent expense was recorded at the fair value of the applicable rent and with an offset to additional paid-in capital. The Company as of April 1, 2012, no longer utilized this space.

~~The Company receives revenue from subscribers to its triple play~~Service network in which it provides digital TV, voice over internet protocol (VoIP), and high speed internet access, all via fiber optic cable. The Company bills its subscribers on a monthly basis and recognizes the monthly revenue based upon the specific plan selected by the subscriber. The Company additionally provides contracted services to wire commercial buildings with fiber optic cable in order to provide for similar services.Agreement

~~Accounts~~In July ~~Receivable~~2009, the Company’s subsidiary, Valtech Communications, Inc. entered into a written agreement with Groupe Canvar Inc. (a related party through common ownership). The agreement provides for Groupe Canvar, Inc. to provide brochures, price lists, contact information and other literature relating to Valtech Communications, Inc. services to the tenants leasing the apartments or office space in the buildings owned by Groupe Canvar, Inc. In addition, the agreement provides for Valtech Communications, Inc. to install wiring in new and refurbished buildings owned by Groupe Canvar, Inc. to their server for these services. All pricing is at the same terms as those for Valtech Communications, Inc. other customers. The agreement was to expire July 2010, and was extended for another two years through July 2012. This agreement will remain with Valtech in connection with the sale of Valtech in April 2012 (see Note 12).

~~The Company conducts business and extends credit based on an evaluation of the customers’ financial condition, generally without requiring collateral.~~ 25

~~Exposure to losses on receivables is expected to vary by customer due~~Financing to the financial condition of each customer. The Company monitors exposure to credit losses and maintains allowances for anticipated losses considered necessary under the circumstances. The Company has an allowance for doubtful accounts of $29,863 at November 30, 2011.Agreement

~~Accounts~~On June ~~receivable~~15, ~~are~~20 ~~generally~~l ~~due~~0, ~~within~~the 30Company ~~days~~entered ~~and~~into ~~collateral~~an isEngagement Agreement with DME Securities LLC (“DME”) to raise $10,000,000 in ~~not~~debt ~~required~~or equity financing on a best efforts basis. ~~Unbilled~~The ~~accounts~~Company ~~receivable~~was ~~represents~~responsible ~~amounts~~to ~~due~~pay ~~from~~a ~~customers~~10% ~~for~~success ~~which~~fee and to issue Placement Agent Warrants ~~billing~~upon ~~statements~~the ~~have~~successful ~~not~~completion ~~been~~of ~~generated~~any ~~and~~amounts ~~sent~~raised. DME was not able to raise any funds for the ~~customers~~Company and the Engagement Agreement terminated on May 31, 2011.

~~Income~~On August ~~Taxes~~18, 20 l 0, the Company executed an equity financing commitment ofup to $5,000,000 from Dutchess Capital through its Dutchess Opportunity Fund, L.P. The commitment had a 3 year term, and the Company would sell its shares of common stock to Dutchess Capital up to the total committed amount. The Company would determine, at its sole discretion, the amount and timing of any sales of these shares. The purchase price of the shares would be set at 95% of the lowest daily VW AP of the common stock of the Company during the 5 consecutive trading days immediately after the put date as defined in the term sheet. The Company has not sold any shares under this term sheet and the agreement was cancelled.

~~The~~On October ~~Company~~12, ~~accounts~~20 ~~for~~l ~~income~~0, ~~taxes~~the ~~utilizing~~Company ~~the~~entered ~~liability~~into ~~method~~an ~~of accounting.~~agreement ~~Under~~with ~~the~~Notre-Dame ~~liability~~Capital ~~method~~Inc. to raise $15,000,000 ~~deferred~~through ~~taxes~~an ~~are~~equity ~~determined~~and ~~based~~debt financing on ~~differences between~~a ~~financial~~best ~~statement~~effort ~~and~~basis. ~~tax~~Debentures ~~bases~~would be offered in tranches of ~~assets~~$50,000 and ~~liabilities~~would bear interest at ~~enacted~~a ~~tax~~rate ~~rates~~of 8% per annum, inpayable ~~effect~~quarterly in ~~years~~arrears, inand ~~which~~maturing ~~differences~~five ~~are~~years ~~expected~~from tothe ~~reverse~~date of issuance. ~~Valuation~~The ~~allowances~~principal ~~are~~amount of each debenture would be convertible ~~established,~~into ~~when~~common ~~necessary,~~shares toof ~~reduce~~the ~~deferred~~Company’s ~~tax~~stock ~~assets~~at tothe ~~amounts~~option ~~that~~of ~~are~~the ~~expected~~holder. to The conversion price would be ~~realized~~$2.00 per share for the first two years from the date of issuance, and thereafter at a price per share of $2.40 until maturity.

~~Advertising~~In connection ~~Costs~~with the financing, Notre-Dame Capital Inc. would receive a cash fee equal to 8% of the gross proceeds raised under the offering plus 4% warrants of the raised funds. Each warrant would entitle Notre-Dame Capital Inc. to purchase one share of common stock. The warrants would be exercisable at the financing price for a period of three years after the closing of the financing. In addition to the proposed financing, Notre-Dame Capital Inc. and its affiliates would purchase 375,000 common shares of the Company from the directors of the Company. No money was raised under this proposed financing and the agreement was cancelled.

~~The Company expenses the costs associated with advertising as incurred.~~Investor ~~Advertising~~Relation/Public ~~expenses~~Relation ~~for the years ended November 30, 2011 and 2010 are included in selling and promotion expenses in the consolidated statements of operations.~~ Agreements

~~Fixed~~The Company ~~Assets~~entered into an agreement with Complete Advisory Partners on April 12, 2011 to provide public relation services. The agreement is for a term of one year but the Company can terminate the services every 90 days. In accordance with the term of the agreement, the Company issued 50,000 shares of common stock as an initial payment. The Agreement with Complete Advisory Partners was cancelled and the company retained the 50,000 shares of common stock issued to it.

~~Fixed~~The Company ~~assets~~entered ~~are~~into ~~stated~~an atInvestor ~~cost~~Relations Agreement with CCG Investor Relations effective July 1, 2012. ~~Depreciation~~The Agreement is ~~computed~~for ~~using~~a ~~the~~term ~~straight-line~~of ~~method~~l ~~over~~year. Consideration for the ~~estimated~~services ~~useful~~that ~~lives~~CCG ofInvestor Relations will provide is in the ~~assets;~~form ~~office~~of ~~and~~20,000 ~~computer~~options per month under the ~~equipment~~2012 –Plan 5(as ~~years~~defined in Note 8).

~~When assets are retired or otherwise disposed of, the costs and related~~Distribution accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to income as incurred; significant renewals and betterments are capitalized. Deduction is made for retirements resulting from renewals or betterments. Agreement

~~Impairment~~On April 11, 2011, the Company signed a long-term distribution agreement with Level Vision Electronics Ltd (“Level”). The five (5) year renewable distribution agreement with Level includes the distribution in North America of ~~Long~~its 3-~~Lived~~D ~~Assets~~Television screens technology, including High Definition, LCD screens and computer monitors for commercial applications. The Company was to deploy and bring to market a unique new multimedia solution to enhance the advertising market. This agreement will remain with Valtech in connection with the sale of Valtech in April 2012 (see Note 12).

~~Long-lived assets, primarily fixed assets, are reviewed for impairment~~NOTE ~~whenever~~7 ~~events~~- orACQUISITION changes in circumstances indicate that the carrying amount of the assets might not be recoverable. The Company does perform a periodic assessment of assets for impairment in the absence of such information or indicators. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or a significant adverse change that would indicate that the carrying amount of an asset or group of assets is not recoverable. For long-~~lived~~ assets to be held and used, the Company recognizes an impairment loss only if its carrying amount is not recoverable through its undiscounted cash flows and measures the impairment loss based on the difference between the carrying amount and estimated fair value. BUILDABLOCK

~~Loss~~On November ~~Per~~30, ~~Share~~2011, the Company, entered into an Asset Purchase Agreement (the “Agreement”) with 3324109 Canada Inc., a Canadian corporation owned by Gary Oberman (“GaryCo”) and 8040397 Canada Inc., a Canadian corporation, owned by Bartek Bulzak (“BulzakCo”), collectively, the “Sellers”, providing for the acquisition by the Company of ~~Common~~the ~~Stock~~Buildablock Assets. The Sellers have conducted no other business other than the development of this platform. The intellectual property was funded 100% by the respective owners of the Sellers personally. The Agreement provides for the issuance of 4,377,742 shares of the Company’s common stock to each of GaryCo and BulzakCo, for an aggregate of 8,755,484 shares, representing 50% of the Company’s outstanding shares after giving effect to a one-for-eight reverse stock split. On March 7, 2012, the Company completed the acquisition of the Buildablock Assets and the common shares were issued at that time (see Note 12).

Basic net loss per common share is computed using the weighted average number of common shares outstanding. Diluted earnings per share (EPS) includes additional dilution from common stock equivalents, such as stock issuable pursuant to the exercise of stock options and warrants. Common stock equivalents were not included in the computation of diluted earnings per share when the Company reported a loss because to do so would be antidilutive for periods presented.26

~~The~~NOTE 8 ~~following~~- isSTOCKHOLDERS’ ~~a reconciliation of the computation for basic and diluted EPS:~~DEFICIT

Common Stock~~-Based Compensation~~

InAs of ~~2006~~November 30, 2012, the Company ~~adopted~~has ~~the~~100,000,000 shares ~~provisions~~ of ~~ASC~~common ~~718-10~~stock ~~“Share Based~~authorized ~~Payments”~~with ~~for~~a ~~its~~par value ~~year~~of ~~ended November 30, 2008~~$.00001 ~~The~~per ~~adoption of this principle had no effect on the Company’s operations~~share.

The Company has ~~elected to use the modified–prospective approach method. Under that transition method~~23, ~~the calculated expense in 2006 is equivalent to compensation expense for all awards granted prior to~~937,979 ~~but~~shares ~~not~~issued ~~yet~~and ~~vested~~outstanding as of ~~January~~November 130, ~~2006,~~ ~~based on the grant-date fair values~~2012. ~~Stock-based~~During ~~compensation expense for all awards granted after January 1, 2006 is based on~~ the ~~grant-date~~year ~~fair~~ended ~~values.~~November ~~The Company recognizes these compensation costs~~30, ~~net of an estimated forfeiture rate~~2012, ~~on a pro rata basis over~~ the ~~requisite service period of each vesting tranche of each award. The~~ Company ~~considers~~ ~~voluntary termination behavior as well as trends of actual option forfeitures when estimating the forfeiture rate.~~issued:

The Company ~~measures~~issued ~~compensation~~8,755,484 ~~expense~~shares ~~for~~of ~~its non-employee~~ stock~~-based~~ ~~compensation under ASC 505-50, “Accounting~~ for ~~Equity~~the ~~Instruments~~acquisition ~~that are~~of ~~Issued~~the toBuildablock ~~Other~~Assets ~~Than~~valued ~~Employees~~at ~~for Acquiring~~$10,000; ~~or in Conjunction with Selling~~480,000 ~~Goods~~shares orofcommon stock ~~Services”.~~to ~~The~~settle ~~fair~~accounts ~~value~~payable of ~~the option issued is used to measure the transaction~~$36,500 asand ~~this~~for isservices ~~more reliable than the fair value~~ of$83,500; ~~the~~and ~~services~~issued ~~received.~~5,947,000 ~~The fair~~shares ~~value is measured at the value~~ of ~~the Company’s~~ common stock onin ~~the~~a ~~date~~private ~~that the~~placement ~~commitment for performance by the counterparty has been reached or the~~which ~~counterparty’s~~included ~~performance~~5,947,000 iswarrants ~~complete.~~at ~~The~~a ~~fair~~ value of ~~the equity instrument is charged directly to expense and additional paid-in capital~~$1,486,750.

~~Segment~~The Company ~~Information~~issued 195,750 shares of stock for services rendered valued at $75,460 at prices per share ranging from $0.24 to $0.48 for the quarter.

The Company ~~follows~~occupied ~~the~~office ~~provisions~~space ofowned ~~ASC~~by ~~280-10,~~a ~~“Disclosures about~~principal ~~Segments~~shareholder, ~~of an Enterprise~~ and ~~Related~~recorded ~~Information”.~~$10,215 ~~This~~of ~~standard~~rent ~~requires that~~expense ~~companies~~as ~~disclose~~contributed ~~operating~~capital ~~segments~~for ~~based on~~ the ~~manner in which management~~space. ~~disaggregates~~There ~~the~~was ~~Company~~an inadjustment ~~making~~made ~~internal~~for ~~operating~~back ~~decisions.~~rent Asin ~~of November 30, 2011 and for~~ the ~~years~~amount ~~ended~~of ~~November 30~~$20,430 ~~2011~~as ~~and 2010, the Company operates in only one segment and in only one geographical location~~well.

~~Reclassifications~~The Company occupied office space owned by a principal shareholder, and recorded $10,215 of rent expense as contributed capital for the space.

The Company ~~has~~issued ~~reclassified~~50,000 ~~certain~~shares ~~amounts in their consolidated statement~~ of ~~operations~~stock for ~~the~~cash ~~years~~and ~~ended~~liability ~~November~~for ~~30,~~stock ~~2010~~ to ~~conform~~be ~~with~~issued ~~the~~and ~~November 30~~12,500 ~~2011~~shares ~~presentation.~~of ~~These~~stock ~~reclassifications had no effect on the net loss~~ for ~~the~~services ~~year~~rendered ~~ended November 30~~($5, ~~2010~~000).

~~Uncertainty~~The Company inoccupied ~~Income~~office ~~Taxes~~space owned by a principal shareholder, and recorded $10,215 of rent expense as contributed capital for the space.

The Company ~~follows~~issued ~~ASC 740-10~~366,250 ~~“Accounting~~shares ~~for~~of ~~Uncertainty~~stock ~~in Income~~for ~~Taxes”~~cash ~~(“ASC 740-10”). This interpretation requires recognition~~ and ~~measurement~~ ofliability ~~uncertain income tax positions using a “more-likely-than-not” approach. ASC 740-10 is effective~~ for ~~fiscal~~stock ~~years~~to ~~beginning~~be ~~after~~issued ~~December 15, 2006. Management has adopted ASC 740-10 for 2009,~~ and ~~they~~services ~~evaluate~~rendered ~~their tax positions on an annual basis~~($124,700) ~~and~~at ~~has~~a ~~determined~~value ~~that as~~ of ~~November 30~~$199, ~~2011, no additional accrual for income taxes other than the federal and state provisions and related interest and estimated penalty accruals is not considered necessary~~700.

~~Fair~~The Company ~~Value~~occupied ~~Measurements~~office space owned by a principal shareholder, and recorded $10,215 of rent expense as contributed capital for the space.

InThe Company ~~September 2006, ASC~~ issued ~~820~~38,125 ~~Fair~~shares ~~Value~~of ~~Measurements.~~common ~~ASC 820~~stock ~~defines~~to ~~fair~~three ~~value,~~of ~~establishes~~its ashareholders ~~framework~~to ~~for~~convert ~~measuring fair value in generally accepted accounting principles~~$122,000 and expands disclosure about fair value measurements. This statement is effective for financial statements issued for fiscal years beginning after November 15, 2007. Early adoption is encouraged. The adoption of ~~ASC~~loans ~~820 is not expected~~ to ~~have a material impact on the financial statements~~them.

~~In February 2007, ASC issued 825-10,~~ The ~~Fair Value Option for~~ ~~Financial~~Company ~~Assets~~also ~~and~~cancelled ~~Financial~~75,000 ~~Liabilities~~shares ~~– Including an amendment~~ of ~~ASC~~stock ~~320-10, (“ASC 825-10”) which permits entities~~ to ~~choose~~consultants ~~to measure many financial instruments and certain other items~~ at ~~fair value at specified election dates~~$0.48 Afor ~~business entity~~services ~~is required~~ to ~~report~~be ~~unrealized~~rendered ~~gains~~to ~~and losses on items for which~~ the ~~fair~~Company ~~value option~~back ~~has been elected~~ in ~~earnings~~2008 at(see ~~each subsequent reporting date. This statement is~~Note ~~expected to expand the use of fair value measurement~~6). ~~ASC 825-10 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years.~~

~~Recent~~The Company ~~Accounting~~also ~~Pronouncements~~incurred a $50,000 liability for stock to be issued for subscriptions of cash received in the three months ended February 28, 2011 for certificates not issued.

InThe Company ~~May~~occupied ~~2011,~~office ~~FASB~~space ~~issued~~owned ~~Accounting~~by ~~Standards~~a ~~Update~~principal ~~(ASU) No. 2011-04~~shareholder, ~~Amendments~~ ~~to Achieve Common Fair Value Measurement~~ and ~~Disclosure~~recorded Requirements in U.S. GAAP and IFRSs. FASB ASU 2011-04 amends and clarifies the measurement and disclosure requirements of FASB ASC 820 resulting in common requirements for measuring fair value and for disclosing information about fair value measurements$10,215 ~~clarification~~ of ~~how~~rent toexpense ~~apply existing~~as ~~fair~~contributed ~~value~~capital ~~measurement and disclosure requirements, and changes to certain principles and requirements~~ for measuring fair value and disclosing information about fair value measurements. The new requirements are effective for fiscal years beginning after December 15, 2011. The Company plans to adopt this amended guidance on October 1, 2012 and at this time does not anticipate that it will have a material impact on the ~~Company’s results of operations, cash flows or financial position~~space.

~~In June 2011, FASB issued ASU No. 2011-05, Presentation of~~Stock Comprehensive Income, which amends the disclosure and presentation requirements of Comprehensive Income. Specifically, FASB ASU No. 2011-05 requires that all nonowner changes in stockholders’ equity be presented either in 1) a single continuous statement of comprehensive income or 2) two separate but consecutive statements, in which the first statement presents total net income and its components, and the second statement presents total other comprehensive income and its components. These new presentation requirements, as currently set forth, are effective for the Company beginning October 1, 2012, with early adoption permitted. Options

The Company ~~plans~~accounts tofor ~~adopt~~stock-based ~~this~~compensation ~~amended~~using ~~guidance~~the onfair ~~October~~value 1,method. ~~2012~~The ~~and~~fair value method requires the cost of employee services atreceived ~~this~~for ~~time~~awards ~~does~~of ~~not~~equity ~~anticipate~~instruments, ~~that~~such itas ~~will~~stock ~~have~~options aand ~~material~~restricted ~~impact~~stock, to be recorded at the fair value on the ~~Company’s~~date of ~~results~~the grant. The value of ~~operations~~restricted stock awards, ~~cash~~based ~~flows~~upon ormarket ~~financial~~prices, ~~position~~is amortized over the requisite service period.

InOn July ~~September 2011~~6, ~~FASB issued ASU 2011-08~~2012, ~~Testing~~the ~~Goodwill~~Board ~~for Impairment,~~ofDirectors ~~which~~of ~~amended~~the ~~goodwill~~Company ~~impairment~~adopted ~~guidance~~the to2012 ~~provide~~Equity anIncentive ~~option~~Plan ~~for entities~~(the to“2012 ~~first~~Plan”). ~~assess~~The ~~qualitative~~2012 ~~factors to determine whether the existence of events~~Plan orprovides ~~circumstances~~for ~~leads to a determination that it is more likely than not that~~ the ~~fair value~~grant of astock ~~reporting~~options, ~~unit~~stock isappreciation ~~less~~rights, ~~than~~restricted ~~its~~stock ~~carrying~~awards, ~~amount.~~restricted ~~After~~stock ~~assessing~~units, ~~the~~performance ~~totality~~shares ~~of events~~ and ~~circumstances,~~performance ifshare anunits ~~entity~~to ~~determines~~employees, ~~that~~consultants itand isnon-employee ~~not~~directors ~~more~~of ~~likely than not that~~ the ~~fair~~Company ~~value~~and ~~of a reporting unit is less than~~ its ~~carrying~~subsidiaries. ~~amount,~~The ~~performance~~Company ofhas ~~the~~reserved ~~two-step~~2,000,000 ~~impairment~~ofits ~~test~~shares ~~is no longer required. This guidance is effective~~ for ~~annual and~~issuance ~~interim~~under ~~goodwill~~the ~~impairment~~2012 ~~tests~~Plan. ~~performed~~During ~~for~~the ~~fiscal~~year ~~years~~ended ~~beginning~~November ~~after December 15~~30, ~~2011~~2012, ~~with early adoption permitted. Adoption of this guidance is not expected to have any impact on~~ the Company’s ~~results~~issued ~~of operations~~440,000 options ~~cash~~under ~~flows~~the or2012 ~~financial position~~Plan.

~~There~~The estimated ~~were~~fair ~~other~~value ~~updates~~of ~~recently~~stock ~~issued,~~options ~~most~~and ofwarrants ~~which~~on ~~represented technical~~the ~~corrections~~grant todate ~~the~~is ~~accounting~~amortized ~~literature~~on ora ~~application~~straight toline ~~specific~~basis ~~industries and~~over ~~are~~the ~~not~~requisite ~~expected~~service period. toDuring ~~have~~the ayears ~~material~~ended ~~impact~~November on30, ~~the~~2012 ~~Company’s~~and ~~financial position~~2011, ~~results~~ ofstock ~~operations~~based orcompensation ~~cash~~was ~~flows~~$33,516 and $0, respectively.

~~NOTE 3 -~~27

~~Fixed~~In February ~~assets~~2010, asthe Company entered into a few option agreements for the issuance of ~~November~~options 30relating to various consulting agreements. The Company is obligated to issue to consultants in one agreement 33,750 ~~2011~~options ~~and~~that ~~2010~~vest ~~were~~evenly asover ~~follows:~~a 3-month period of time at a $0.48 exercise price. The Company who is receiving the options has agreed to reduce their invoices by the cash required to exercise the options. These options expired in February 2011.

	Estimated Useful
	Lives (Years)		November 30, 2011		November 30, 2010
Computer and office equipment	5	$	31,966	$	31,758
Less: accumulated depreciation			31,966		25,429
Property and equipment, net		$	0	$	6,329

In another agreement entered into in February 2010, the Company is obligated to issue 75,000 options evenly over a 6-month period of time at a $0.48 exercise price. The Company expensed the fair value of these options ($36,000) as of August 31, 2010 to this consultant. These options also expired February 2011.

~~There~~On August ~~was $6~~25,~~576~~ 2008 and $6October 30,~~289~~ ~~charged~~2008, the Company issued a total of 75,000 stock options to ~~operations~~two ~~for~~consultants. ~~depreciation~~Of these options, 62,500 ~~expense~~vested ~~for~~upon issuance and the ~~years~~remaining ~~ended~~options ~~November~~vest 30March 4, ~~2011~~2009. These options have a three-year life and ~~2010~~are exercisable at $0.40. These options were issued in the money as the market value of the underlying shares was $1.44 and $1.12, respectively.

~~NOTE~~The fair 4value -of these options were determined to be the intrinsic value at the date of issuance, or $32,500 ($0.13 per share) and $22,500 ($0.09 per share) on August 25, 2008 and October 30, 2008, respectively. Additionally, the Company did not receive the total required option payments of $25,000 (500,000 options at $0.05).

~~Deferred~~The Company ~~costs~~has asexpensed the entire amount due to the uncertainty of ~~November~~the ~~30,~~collectability ~~2011~~of ~~and~~this ~~2010~~amount. Of the 75,000 options, there were 6,250 asoptions ~~follows:~~that remained unexercised, however expired in May 2012.

		November 30, 2011		November 30, 2010
Deferred Costs	$	450,876	$	447,934
Less: accumulated depreciation		450,876		325,830
Property and equipment, net	$	0	$	122,104

Warrants

~~There~~The Company ~~was~~entered ~~$125,911~~into ~~and~~private ~~$86,157~~placement ~~charged~~agreements towith ~~operations~~various individuals through November 30, 2010 for ~~amortization~~the issuance of 339,282 shares ~~expense~~of ~~for~~common stock along with 339,282 warrants. The Company received the ~~years~~proceeds ~~ended~~of ~~November~~$314,282 30for these units. The warrants expire 3 years from issuance, ~~2011~~at an exercise price of $1.60 per share. The warrants were valued using the Black-Scholes method and ~~2010~~were recorded as additional paid in capital - warrants of $145,512. ~~respectively~~The criteria established for the valuation of these warrants were as follows: risk free interest rate- 1.25%; dividend yield

~~NOTE~~- 0%; 5 volatility- ~~RELATED~~185%. ~~PARTY~~The ~~LOANS~~warrants were issued in November 2010.

AsThe Company ofentered ~~November~~into ~~30,~~private ~~2011,~~placement ~~the~~agreements ~~four~~with ~~principal~~various ~~shareholders~~individuals offor the ~~Company had~~issuance ~~advanced~~of $15,~~874~~947,~~681~~000 toshares ~~the~~of ~~Company~~common ~~for~~stock ~~working~~along with ~~capital~~5,947,000 ~~purposes~~warrants. ~~These~~The ~~loans~~Company ~~bear interest~~received atthe anproceeds ~~annual~~of$1,486,750 ~~rate~~for ofthese ~~10%~~units. ~~for~~The ~~individual~~warrants ~~amounts~~expire ~~exceeding~~August ~~$150~~31,~~000~~ ~~(CDN$)~~2013 and have ~~($147,105~~an ~~(US~~exercise price of $))0.50 per share. The ~~loans~~warrants ~~have~~were novalued ~~specific~~using ~~terms~~the ofBlack-Scholes ~~repayment~~method and ~~are~~were ~~unsecured.~~recorded as additional paid in ~~Interest~~capital- ~~expense~~warrants of$896,510. The criteria established for the ~~years~~valuation ~~ended~~of ~~November~~these ~~30,~~warrants ~~2011~~were ~~and~~as ~~2010~~follows: ~~were~~risk ~~$131,402~~free ~~and $120,775,~~interest ~~respectively~~rate - 0.75%; ~~Accrued~~dividend ~~interest~~yield on- ~~these~~0%; ~~loans~~volatility as- of235%. ~~November~~The ~~30,~~warrants ~~2011~~were ~~was $285,354~~issued in May 2012.

NOTE 9 6 - ~~COMMITMENTS~~PROVISION FOR INCOME TAXES

~~Office~~Deferred income ~~Space~~taxes are determined using the liability method for the temporary differences between the financial reporting basis and income tax basis of the Company’s assets and liabilities. Deferred income taxes are measured based on the tax rates expected to be in effect when the temporary differences are included in the Company’s tax return. Deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities and their respective tax bases.

~~The Company occupies approximately 2,500 square feet of office space~~NOTE ~~owned~~10 ~~by a company that is owned by a shareholder of the Company. The occupancy is on a month~~-~~to-month~~ ~~basis,~~FAIR ~~without~~VALOE a lease and without payment of rent. The Company has occupied the space since February 1, 2008. Accordingly, a rent expense was recorded at the fair value of the applicable rent and with an offset to additional paid-in capital.MEASUREMENTS

~~Consulting~~On January ~~Agreements~~1, 2008, the Company adopted ASC 820. ASC 820 defines fair value, provides a consistent framework for measuring fair value under generally accepted accounting principles and expands fair value financial statement disclosure requirements. ASC 820’s valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. ASC 820 classifies these inputs into the following hierarchy:

~~The Company has entered into consulting agreements for a period of no~~Level ~~more~~1 ~~than~~inputs: 6Quoted ~~months~~prices ~~with various consultants. These agreements require the Company to pay~~ for ~~the~~identical ~~consulting~~instruments ~~services~~in ~~and~~active ~~issue shares of common stock and stock options over the period of the agreements~~markets.

~~Service~~Level 2 ~~Agreement~~inputs: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

~~In July 2009, the Company’s subsidiary, Valtech Communications,~~Level ~~Inc.~~3 ~~entered~~inputs: ~~into~~Instruments ~~a written agreement~~ with ~~Groupe~~primarily ~~Canvar~~unobservable ~~Inc.~~value ~~(a related party through common ownership)~~drivers. The agreement provides for Groupe Canvar, Inc. to provide brochures, price lists, contact information and other literature relating to Valtech Communications, Inc. services to the tenants leasing the apartments or office space in the buildings owned by Groupe Canvar, Inc. In addition, the agreement provides for Valtech Communications, Inc. to install wiring in new and refurbished buildings owned by Groupe Canvar, Inc. to their server for these services. All pricing is at the same terms as those for Valtech Communications, Inc. other customers. The agreement was to expire July 2010, and was extended for another two years through July 2012.

~~Financing Agreement~~28

~~On June 15, 2010, the Company entered into an Engagement Agreement with~~NOTE ~~DME~~11 ~~Securities~~- ~~LLC~~CONCENTRATION ~~(“DME”)~~OF toCREDIT raise $10,000,000 in debt or equity financing on a best efforts basis. The Engagement Agreement terminates on May 31, 2011 and the Company is responsible to pay a 10% success fee upon the successful completion of the Placement of funds. DME is also to receive Placement Agent Warrants upon the Placement. DME has not able to raise any funds for the Company as and the agreement was not renewed.RISK

On August 1831, ~~2010~~2011, ~~the Company executed an equity financing commitment of up to~~ $56,~~000~~372,~~000~~ ~~from~~or ~~Dutchess~~76% ~~Capital~~of ~~through its Dutchess Opportunity Fund, L.P. The commitment has a 3 year term, and~~ the Company’s ~~may~~accounts ~~sell~~receivable ~~its~~was ~~shares~~with ofthree ~~common stock to Dutchess Capital up to the total committed amount~~customers. ~~The~~In ~~Company will determine~~addition, atthere ~~its~~was ~~sole discretion,~~one ~~the amount and timing of any sales of these shares. The purchase price of the~~customer ~~shares~~who ~~shall~~represented beapproximately ~~set at 95~~66% of the ~~lowest~~revenue ~~daily~~for ~~VWAP of~~ the ~~common~~nine ~~stock~~months ofended ~~the~~August ~~Company during~~31, ~~the 5 consecutive trading days immediately after the put date as defined in the term sheet~~2011. ~~The~~This ~~Company~~customer ~~has~~is ~~not~~considered ~~sold~~a ~~any~~major ~~shares under this term sheet as~~ customer of ~~November~~the ~~30, 2011~~Company.

~~On October~~ NOTE 12, ~~2010, the Company entered into an agreement with Notre~~-~~Dame~~ ~~Capital~~SALE ~~Inc.~~OF toVALTECH/ ~~raise~~DISPOSITION ~~$15,000,000~~OF through an equity and debt financing on a best effort basis. The debentures will be offered in tranches of $50,000 and will bear interest at a rate of 8% per annum, payable quarterly in arrears, and maturing five years from the date of issuance. The principal amount of each debenture will be convertible into common shares of the Company’s stock at the option of the holder. The conversion price will be $0.25 per share for the first two years from the date of issuance, and thereafter at a price per share of $0.30 until maturity. SUBSIDIARY

InEffective March ~~connection~~7, ~~with~~2012, the ~~financing,~~Company ~~Notre-Dame~~completed ~~Capital~~the ~~Inc~~acquisition of the Buildablock Assets. ~~will~~In ~~receive~~connection with the completion of the acquisition, athe ~~cash~~Company ~~fee~~effected ~~equal~~a toreverse 8%stock split of the ~~gross~~Company’s ~~proceeds~~outstanding ~~raised~~shares ~~under~~of ~~the~~common ~~offering~~stock, ~~plus~~par 4%value ~~warrants~~$0.00001, ofon a one-for-eight ~~the~~(1:8) ~~raised~~basis ~~funds.~~(which ~~Each~~occurred ~~warrant~~on ~~entitling~~March ~~Notre-Dame~~7, ~~Capital~~2012) ~~Inc.~~and toissued ~~purchase~~an ~~one~~aggregate ~~share~~of 8,755,484 shares of common stock. ~~The~~effective ~~warrants~~March ~~will~~7, be2012, ~~exercisable~~representing 50% atof the ~~financing~~Company’s ~~price~~outstanding shares after giving effect to the one-for-eight areverse ~~period~~stock split and issuance of the shares. ~~three~~The ~~years~~Buildablock ~~after~~Assets were valued at $10,000. Upon the closing of the ~~financing~~transaction, Messrs. InGary ~~addition~~Oberman and Bartek Bulzak were elected to the ~~proposed~~Company’s ~~financing, Notre-Dame~~Board ~~Capital~~of ~~Inc~~Directors, Mr. ~~and~~Oberman ~~its~~was ~~affiliates~~appointed ~~have~~President ~~purchased~~and ~~3,000,000~~Chief ~~common~~Executive ~~shares~~Officer ofand ~~the~~Mr. Bulzak was appointed ~~Company~~Chief ~~from~~Technology Officer. Effective upon the ~~directors~~closing of the ~~Company~~transaction, Mr. AsRene Arbic resigned as President and Chief Executive Officer of ~~November~~the ~~30,~~Company. ~~2011~~In addition, ~~there~~Mr. Arbic has ~~been~~agreed ~~no money~~to ~~raised~~resign ~~under~~from ~~this~~the ~~proposed~~Board ~~financing.~~within one year of the closing of the transaction.

~~Investor~~In addition ~~Relation/Public~~on ~~Relation~~April ~~Agreements~~13, 2012, the Board of Directors approved the sale ofValtech back to some or all of the original shareholders ofValtech for $1.00. This sale occurred on April 30, 2012.

~~The Company on November 15, 2010 has entered into a Professional IR~~As ~~Industrial Relations Service Agreement with Constellation Asset Management, LLC and~~ a ~~Professional~~ ~~Consulting~~result ~~Services~~of ~~Agreement~~this ~~with Jens Dalsgaard~~sale, the ~~principal~~Company ~~of Constellation~~on ~~Asset~~April ~~Management~~13, ~~LLC~~2012, ~~for~~became a ~~period~~development ofstage ~~90 days~~company, ~~renewable~~as ~~for~~it ~~successive~~continues ~~90 day periods. Under~~ the ~~agreements,~~development ~~the services to be provided to the Company include; the identification~~ of ~~and~~its ~~presenting of potential business entities to enter into advantageous~~social ~~partnerships~~networking ~~with~~platform ~~the~~under ~~Company, including but not exclusive to, strategic marketing and sales alliances, joint ventures and/or mergers.; advising~~ the ~~Company~~“Buildablock” on product or corporate image advertising; advising the Company on matters pertaining to business development, strategy or compensation; assistance with business plans and shareholder advice and assistance in drafting press releases and various communications to the shareholdersname.

~~The~~As a ~~Company~~result ~~issued~~of tothis ~~both~~transaction, ~~Constellation~~the ~~and~~Company’s tofinancial ~~Mr.~~statements ~~Dalsgaard~~have ~~570,000 shares~~been prepared with the results of ~~common~~operations ~~stock~~and ~~under~~cash ~~both~~flows of ~~agreements~~this asdisposed ~~compensation~~entity ~~for~~shown ~~the~~as ~~services~~discontinued ~~being provided~~operations. All historical statements have been restated in accordance with GAAP.

The Company entered into an agreement with Complete Advisory Partners on April 12, 2011 to provide public relation services. The agreement is for a term of one year but the Company can terminate the services every 90 day. In accordance with the term of the agreement, the Company issued 400,000 shares of common stock as an initial payment.29

~~Distribution~~ITEM 9. ~~Agreement~~CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE Back to Table of Contents

~~On April 11, 2011, the Company signed a long-term distribution~~Not ~~agreement with Level Vision Electronics Ltd (“Level”)~~applicable. The five (5) year renewable distribution agreement with Level includes the distribution in North America of its 3-D Television screens technology, including High Definition, LCD screens and computer monitors for commercial applications. The Company will deploy and bring to market a unique new multimedia solution to enhance the advertising market.

~~Litigation~~ITEM 9A. CONTROLS AND PROCEDURES Back to Table of Contents

~~On April 7, 2008, the Company entered into a consulting agreement with~~Evaluation ~~Thomas Klein and Arshad Shaw (the “Consultants”), pursuant to which each Consultant was issued 300,000 restricted shares~~ of ~~the~~Disclosure ~~Company’s~~Controls ~~common stock, granted options to purchase 500,000 shares~~ and options to purchase additional shares during the period commencing May 1, 2008 through October 1, 2008. As a result of the failure of Consultants to provide the services required under the consulting agreement, the Company terminated the consulting agreement on August 28, 2008.Procedures

~~The~~Evaluation of ~~Company~~disclosure ~~commenced~~controls aand ~~lawsuit~~procedures. ~~against~~As ~~the~~of ~~Consultants~~November ~~and~~30, 2011, the ~~former~~Company’s chief executive officer/chief financial officer ~~transfer~~conducted ~~agent~~an ~~for~~evaluation ~~its~~regarding ~~common~~the ~~stock~~effectiveness ~~and~~of ~~filed~~the anCompany’s ~~amended~~disclosure ~~complaint~~controls onand ~~February~~procedures 3,(as ~~2009, alleging,~~defined ~~among~~in ~~other~~Rules ~~things,~~13a-15(e) or ~~non~~15d-~~performance~~ by15(e) under the ~~Consultants~~Exchange Act. Based upon the evaluation of ~~their~~these ~~obligations~~controls and procedures, our chief executive officer/chief financial ~~under~~officer ~~the~~concluded ~~consulting~~that ~~agreement~~our disclosure controls and ~~their~~procedures ~~failure~~were toeffective ~~pay~~as ~~for~~of the ~~initial~~end ~~500,000~~of ~~options that~~the ~~each~~fiscal ~~exercised~~year 2011.

~~On August 30, 2009, the Court entered a default judgment against the~~Management’s ~~defendants~~Annual ~~which~~Report ~~provide for an injunction against the transfer agent ordering it not to lift restrictions~~ on ~~the~~Internal ~~certificates~~Control ~~evidencing~~Over ~~the~~Financial 300,000 restricted shares of common stock issued to and the 500,000 shares underlying the options granted to each Consultant. On January 26, 2011, the successor transfer agent cancelled the 600,000 restricted shares in the Consultants’ names. On March 1, 2011, attorneys for the Consultants filed a motion seeking legal fees from the Company not to exceed $1,762.50.Reporting

~~NOTE~~Management is 7responsible -for ~~ACQUISITION~~establishing -and ~~BUILDABLOCK~~maintaining adequate internal control over financial reporting and for the assessment of the effectiveness of those internal controls. As defined by the SEC, internal control over financial reporting is a process designed by our principal executive officer/principal financial officer, who is also the sole member of our Board of Directors, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements in accordance with U.S. generally accepted accounting principles.

~~On November 30, 2011, the Company, entered into an Asset Purchase~~Because ~~Agreement~~of ~~(the~~its ~~“Agreement”)~~inherent ~~with 3324109 Canada Inc.~~limitations, ainternal ~~Canadian~~control ~~corporation hereby~~over ~~represented~~financial byreporting ~~Gary~~may ~~Oberman~~not ~~(“GaryCo”)~~prevent ~~and 8040397 Canada Inc., a Canadian corporation, hereby represented by Bartek Bulzak (“BulzakCo”), collectively, the “Sellers”, “Buildablock”~~ or ~~“BAB”, pursuant~~detect to which the Company will acquire and the Sellers will sell assets comprised of an Internet and mobile service platform whose purpose is to empower or capitalize on the growth of the neighborhood, local economymisstatements. ~~As a social network platform~~Also, ~~Buildablock addresses~~projections ~~a powerful need in social networking. The assets have a fair value~~ of ~~$10,000.~~ ~~The~~any ~~Sellers~~evaluation ~~have conducted no other business other than the development~~ of ~~this~~effectiveness ~~platform. The~~to ~~intellectual~~future ~~property~~periods ~~was~~are ~~funded~~subject ~~100% by the respective Sellers personally. The Company will issue~~ to the ~~Sellers~~risk ~~50%~~that ofcontrols ~~the~~may ~~outstanding~~become ~~stock~~inadequate ~~following~~because ~~a proposed 1 for 8 reverse stock split. The amount~~ of ~~the~~changes ~~shares~~in ~~post-split will amount to 8~~conditions,~~559,721 common~~ ~~shares.~~or ~~Control~~that ~~will remain with~~ the ~~current~~degree ~~board~~ of ~~directors,~~compliance ~~and~~with the ~~Company~~policies ~~will~~or ~~add the~~procedures ~~Sellers~~may ~~to the board of directors~~deteriorate.

~~NOTE~~Management has 8assessed the effectiveness of our internal control over financial reporting as of November 30, 2011. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control- ~~STOCKHOLDERS’~~Integrated Framework. ~~DEFICIT~~Based on our assessment and those criteria, we have concluded that our internal control over financial reporting was effective as of November 30, 2011.

~~Common~~This annual ~~Stock~~report does not include an attestation report of the company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only Management’s report in this annual report.

~~As of November 30, 2011, the Company has 100,000,000 shares of common~~Changes ~~stock~~in ~~authorized~~Internal ~~with~~Control aOver ~~par~~Financial ~~value of $.00001.~~ Reporting

~~The~~There were ~~Company~~no ~~has~~changes ~~68,477,764~~in ~~shares~~our ~~issued~~internal ~~and~~control ~~outstanding~~over asfinancial reporting or in other factors identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the fourth quarter ended November 30, 2011 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

~~During~~ITEM 9B. ~~the~~OTHER ~~quarter~~INFORMATION ~~ended~~Back ~~November~~to ~~30,~~Table ~~2011,~~of ~~the Company issued:~~Contents

~~During the quarter ended November 30, 2011, the Company occupied office space owned by a principal shareholder, and recorded $10,215 of rent expense as contributed capital for the space~~None.

~~During the quarter ended August 31, 2011, the Company issued:~~30

~~The Company issued 400,000 shares of stock for cash and liability for~~PART ~~stock to be issued ($20,000 of which $15,000 was received in the six months ended May 31, 2011) and 100,000 shares of stock for services rendered ($5,000).~~ III

~~During~~ITEM 10. ~~the~~DIRECTORS ~~quarter~~AND ~~ended~~EXECUTIVE ~~August~~OFFICERS ~~31,~~OF ~~2011,~~THE ~~the~~REGISTRANT ~~Company~~AND ~~occupied~~CORPORATE ~~office space~~GOVERNANCE ~~owned~~Back byto aTable ~~principal shareholder, and recorded $10,215~~ of ~~rent expense as contributed capital for the space.~~Contents

During the quarter ended May 31, 2011, the Company issued:

Name	Age	Title
Gary Oberman	51	President and Director
Bartek Bulzak	37	Chief Technical Officer, Secretary and Director

~~The~~Officers are ~~Company~~not ~~issued~~elected ~~2,930,001 shares of stock~~ for ~~cash~~a ~~and~~fixed ~~liability~~term ~~for stock to be issued ($75,000~~ of ~~which~~office ~~$50,000~~but ~~was~~hold ~~received~~office inuntil ~~the~~their ~~six~~successors ~~months~~have ~~ended~~been ~~May 31, 2011) and services rendered ($124,700) at a value of $199,700~~elected.

~~During~~Gary Oberman. ~~the~~Prior ~~quarter~~to ~~ended~~launching ~~May~~Buildablock 31as President and CEO, ~~2011~~Mr. Oberman served as CEO ofWCCL Networks, a private company and an online book publisher with a large network of commercial websites and publishers of proprietary products that serve popular niches, including the ~~Company~~self-help ~~occupied~~or ~~office~~self-improvement arenas. Mr. Oberman was instrumental in establishing WCCL as one of the largest providers of online ~~space~~self-help ~~owned~~content byfor the Internet, with approximately 1,000,000 in paid Internet downloads. WCCL also owns and operates numerous forums and online radio stations in multiple markets with a ~~principal~~network-wide ~~shareholder~~affiliate program consisting of more than 19,000 affiliates, and ~~recorded~~publishes several ~~$10~~online newsletters for each niche with over 400,~~215~~000 ofsubscribers. ~~rent~~From ~~expense~~2002 to 2007, Mr. Oberman served as the COO and co-founder ~~contributed~~of ~~capital~~Budget ~~for~~Conferencing, Inc., a conference calling company. As co-founder, Mr. Oberman maintained the ~~space~~company’s operational growth and prepared for its eventual multi-million dollar sale to Premiere Conferencing, Inc., a $1.2 billion publicly-traded corporation.

~~During~~Bartek Bulzak. Prior to co-founding Buildablock with Mr. Oberman, Mr. Bulzak served in the ~~quarter~~role ~~ended~~of ~~February~~Chief 28Technical Officer for Budget Conferencing, Inc., ~~2011~~an industry leader and pioneer of online and offline teleconferencing solutions. Mr. Bulzak has created highly innovative conferencing bridges and holds numerous patents in the field of high tech communications. In 2007, in connection with the ~~Company~~sale ~~issued:~~of Budget Conferencing to Premiere Global, a billion dollar multinational company, Mr. Bulzak was appointed to the role of chief transition engineer where he took a lead position ensuring that Premier’s acquisition of Budget Conferencing was accomplished in an efficient and cost-effective manner. Mr. Bulzak’s extensive experience in the design and development of integrated VOiP multimedia communications has enabled his development of multiple online inventions including various proprietary phone-based authentication systems. Mr. Bulzak also has extensive experience in the design and development of scalable e-commerce solutions, high availability cloud-based computing and Payment Card Industry (PCI) Data Security Standards (DSS) compliance. Mr. Bulzak was co-founder of Infinite Loop Inc., a turn-key “paper to PDF” document management software provider which was acquired by William Resources Inc.

~~The~~We have ~~Company~~not ~~issued~~adopted ~~3,050,000~~a ~~shares~~code of ~~common~~ethics ~~stock~~that applies to ~~three~~our ofprincipal ~~its shareholders~~executive toofficer, ~~convert~~principal ~~$122~~financial officer,~~000~~ ofprincipal ~~loans~~accounting officer toor ~~them.~~controller, or persons performing similar functions.

~~The Company also issued cancelled 600,000 shares of stock to consultants at $0.06 to for services rendered to the Company back in 2008 (see Note 7).~~31

~~The~~ITEM 11. ~~Company~~EXECUTIVE ~~also~~COMPENSATION ~~incurred~~Back ~~a $50,000 liability for stock~~ to beTable ~~issued for subscriptions~~ of ~~cash received in the three months ended February 28, 2011 for certificates not issued.~~ Contents

~~During~~The following ~~the~~table ~~quarter~~contains ~~ended~~the ~~February~~executive ~~28,~~compensation ~~2011,~~to the ~~Company~~chief ~~occupied~~executive ~~office space~~officer ~~owned by a principal shareholder, and recorded $10,215~~ of ~~rent~~the ~~expense~~Company ~~as contributed capital~~ for the ~~space~~periods set forth below.

During the quarter ended November 30, 2010, the Company issued:

Summary Compensation Table
			Annual Compensation						Long Term Compensation Awards
			Salary		Bonus		Other Annual Compensation		Restricted Stock Award(s)		Securities Underlying Options		All Other Compensation
Name and Principal Position	Year		($)		($)		($)		($)		($)		($)
Rene Arbic, CEO		2012		*		*		*		*		*		*
		2011		50,770		—		—		—		—		50,770
		2010		80,000		—		—		—		—		80,000
		2009		63,744		—		—		—		—		63,744
Alex Kestenbaum, CFO		2011		—		—		—		—		—		—
		2010		—		—		—		—		—		—
		2009		—		—		—		—		—		—

~~The~~Rene Arbic ~~Company~~became ~~issued~~Chief ~~shares~~Executive ~~under~~Officer aof ~~private~~the ~~placement~~Registrant ~~memorandum~~on ~~dated April~~June 52, ~~2010~~2008. toHe ~~various~~entered ~~individuals~~into ~~totaling~~a ~~2,514,256~~one ~~shares~~year ~~(of~~employment ~~which~~agreement ~~2,314,256~~to ~~shares were~~serve ~~accrued~~as ~~for~~President of ~~during~~ the ~~year)~~Registrant’s ofsubsidiary, ~~common~~Valtech, ~~stock~~on atOctober a1, ~~price~~2006 ofwhich ~~$0.125~~agreement ~~per~~has ~~share ($314,282).~~been ~~The~~extended ~~individuals~~and ~~also~~is ~~were~~still ~~issued~~in ~~2,514,256~~full ~~warrants~~force. ~~that~~He ~~expire~~receives no incompensation 3for ~~years~~serving ~~at an~~as ~~exercise~~President ~~price~~ of ~~$0.20~~the ~~per share~~Registrant.

~~The~~Alex Kestenbaum ~~Company~~became ~~also~~Chief ~~issued~~Financial 1Officer,~~440~~ Treasurer and Secretary on June 2,~~000~~ ~~shares~~2008 of ~~stock~~the toRegistrant ~~consultants~~and atChief Financial Officer of Valtech, $0its subsidiary.06 toHe ~~$0.12~~has ~~per~~not ~~share~~entered atinto a ~~value~~contract ofwith ~~$154,800~~the Registrant and receives no compensation for ~~services~~acting ~~rendered~~as toan officer or director of the ~~Company~~Registrant nor for his services to Valtech.

~~The Company converted $40,000~~ *Amount of acompensation ~~stock~~is ~~liability~~unknown tofor ~~officers~~period ~~to additional~~ending ~~paid-in capital during the quarter ended~~ November 3031, ~~2010~~2012.

~~During the quarter ended November 30, 2010, the Company occupied office~~Outstanding ~~space~~Equity ~~owned~~Awards byat aFiscal ~~principal~~Year-End ~~shareholder, and recorded $10,215 of rent expense as contributed capital for the space~~Table.

~~During~~As of November 30, 2012, there were no outstanding equity awards for the ~~quarter~~directors ~~ended~~and ~~August~~executive ~~31,~~officers ~~2010,~~of the Company ~~issued:~~.

~~The Company accrued the issuance of shares under a private placement~~Other ~~memorandum dated April 5, 2010 to various individuals totaling 1,934,256 shares of common stock at a price of $0~~Compensation.~~125 per share ($241,782) for funds received during the quarter. These were reflected in the liability for stock to be issued.~~

~~During~~The Company has no plans that provide for the ~~quarter~~payment ~~ended~~of ~~August~~retirement 31benefits, ~~2010,~~or ~~the~~benefits ~~Company~~that ~~occupied~~will ~~office~~be paid primarily following retirement. ~~space~~In ~~owned~~addition, bythere aare ~~principal~~no ~~shareholder~~contracts, ~~and~~agreements, ~~recorded~~plans ~~$10~~or arrangements that provide for payments to our executive officer in connection with the resignation,~~215~~ retirement or other termination of ~~rent~~our ~~expense~~executive ~~as contributed~~officer, ~~capital~~or ~~for~~a change in control of the ~~space~~Registrant.

~~During~~Compensation of ~~the quarter ended May 31, 2010, the Company issued:~~Directors.

The Company’s ~~accrued~~board ~~the~~members ~~issuance~~receive ofno ~~shares under a private placement memorandum dated April 5, 2010 to various individuals totaling 380,000 shares of common stock at a price of $0~~remuneration.~~125 per share ($47,500) for funds received during the quarter. These were reflected in the liability for stock to be issued.~~

~~In addition, the Company issued common stock for the quarter ended May~~Director ~~31, 2010 at $0~~Independence.~~14 per share for a total value of $14,000 to consultants for services rendered per their agreements; and 90,000 in the exercise of stock options for $12,600.~~

The Registrant ~~Company~~does ~~reduced~~not anhave ~~invoice~~a ~~for~~nominating ~~the~~committee, ~~payment~~compensation ofcommittee ~~$12,600~~or ~~associated with~~executive ~~90,000~~committee of ~~these~~the ~~options.~~board ~~The~~of ~~Company~~directors, ~~also~~stock ~~received~~plan committee ~~$24,000~~or ~~for~~any ~~the~~other ~~issuance~~committees. ~~of 500,000~~The ~~shares~~Registrant ofcurrently ~~common~~has ~~stock.~~no independent directors.

~~During the quarter ended May 31, 2010, the Company occupied office space owned by a principal shareholder, and recorded $10,215 of rent expense as contributed capital for the space.~~32

~~During~~ITEM 12. ~~the~~SECURITY ~~quarter~~OWNERSHIP ~~ended~~OF ~~February~~CERTAIN ~~28,~~BENEFICIAL ~~2010,~~OWNERS ~~the~~AND ~~Company~~MANAGEMENT ~~issued:~~AND RELATED SHAREHOLDER MATTERS Back to Table of Contents

~~160,000~~The table ~~shares~~below ofdiscloses ~~common~~any ~~stock~~person ~~issued~~(including ~~for~~any ~~the~~“group”) ~~quarter~~who ~~ended~~is ~~February 28,~~known ~~2010~~to atthe ~~$0.06~~Registrant ~~per~~to ~~share~~be ~~for~~the abeneficial ~~total~~owner ~~value~~ of ~~$9,600 to consultants for services~~more ~~rendered~~than ~~per~~five ~~their~~(5%) ~~agreements;~~percent ~~and~~of ~~590,000 in~~ the ~~exercise~~Registrant’s ofcommon stock ~~options for $30,400~~. Of ~~the~~As ~~$30,400, the Company reduced an invoice for the payment~~ of ~~$5,400~~November ~~associated with 90~~30,~~000~~ ~~of these options~~2011, ~~and~~ the ~~remaining~~Registrant ~~$25,000~~had ~~is reflected as a subscription receivable for the exercise of 500~~68,~~000 options. The Company also recorded $6~~477,~~000~~765 inshares ~~stock based compensation for the value~~ of ~~an additional 100,000 options that vested in February~~common ~~2010~~stock issued.

During the quarter ended February 28, 2010, the Company occupied office space owned by a principal shareholder, and recorded $10,215 of rent expense as contributed capital for the space.

Title of Class	Name and Address of Beneficial Owner	Amount and Nature of Beneficial Owner (1)	Percent of Class (1)
Common Stock	Gary Oberman 382 NE 191st Street, #83251 Miami, Florida 33179	4,377,742 shares		16.63	%
Common Stock	Gary Oberman 382 NE 191st Street, #83251 Miami, Florida 33179	4,377,742 shares		16.63	%
Common Stock	All officers and directors as a group (2 people)	8,755,484 shares		33.26	%

~~Stock~~(1) Based ~~Options~~on 26,329,383 shares outstanding, including 2,391,404 unissued shares that underlie the currently convertible portion of a debt instrument and outstanding warrants.

~~The~~None of ~~Company~~the ~~accounts~~above ~~for~~shareholders ~~stock-based~~has ~~compensation using~~ the ~~fair~~right ~~value method.~~to ~~The~~acquire ~~fair~~additional ~~value~~Shares. ~~method~~Unless ~~requires~~otherwise ~~the~~noted ~~cost~~below, ofwe ~~employee~~believe ~~services~~that ~~received~~all ~~for~~persons ~~awards~~named ofin ~~equity~~the ~~instruments,~~table ~~such~~have assole ~~stock~~voting ~~options~~ and ~~restricted~~investment ~~stock,~~power towith berespect ~~recorded~~to atall ~~the fair~~shares ~~value on the date~~ of ~~the~~common ~~grant. The value of restricted~~ stock ~~awards,~~beneficially ~~based~~owned ~~upon market~~by ~~prices, is amortized over the requisite service period~~them.

~~The estimated fair value of stock options and warrants on the grant~~ITEM ~~date is amortized on a straight line basis over the requisite service period~~13. ~~During~~CERTAIN ~~the years~~RELATIONSHIPS ~~ended~~AND ~~November~~RELATED ~~30,~~TRANSACTIONS ~~2011~~AND ~~and~~DIRECTOR ~~2010,~~INDEPENDENCE ~~stock~~Back ~~based~~to ~~compensation~~Table ~~was~~of ~~$0 and $36,000, respectively.~~ Contents

InAs of ~~February~~November ~~2010~~30, 2011, the ~~Company~~four ~~entered~~principal ~~into~~shareholders aof ~~few~~the ~~option~~Company ~~agreements~~had ~~for the~~advanced ~~issuance~~$1,874,681 ofto ~~options~~the ~~relating~~Company tofor ~~various~~working ~~consulting~~capital ~~agreements~~purposes. These ~~The~~loans ~~Company~~bear ~~is obligated~~interest toat ~~issue~~an toannual ~~consultants~~rate inof ~~one~~10% ~~agreement~~for ~~270~~individual amounts exceeding $150,000 ~~options~~(CDN$) ~~that~~($141,870 ~~vest~~(US$)). ~~evenly~~The ~~over~~loans ahave ~~3-month~~no ~~period~~specific terms of ~~time~~repayment atand aare $0unsecured.06 ~~exercise~~Interest ~~price.~~expense ~~The~~for ~~Company~~the ~~who~~years isended ~~receiving~~November ~~the~~30, ~~options has~~2011 ~~agreed~~and to2010 ~~reduce~~were ~~their~~$131,402 ~~invoices~~and by$120,775, respectively. ~~the~~Accrued ~~cash~~interest ~~required~~on tothese ~~exercise~~loans ~~the~~as ~~options.~~of ~~These options~~November ~~expired~~30, in2011 ~~February~~and ~~2011~~2010 was $285,354 and $157,075, respectively.

InAs of ~~another~~November ~~agreement~~30, ~~entered~~2010, ~~into~~the infour ~~February~~principal ~~2010,~~shareholders of the Company ~~is obligated~~had advanced $1,697,980 to ~~issue~~the ~~600,000~~Company ~~options~~for ~~evenly~~working ~~over~~capital apurposes. These ~~6-month~~loans ~~period~~bear interest at an annual rate of ~~time~~10% atfor aindividual amounts exceeding $0150,000 (CDN$) ($141,870 (US$)).06 The loans have ~~exercise~~no ~~price~~specific terms of repayment and are unsecured. ~~The~~Interest ~~Company~~expense ~~expensed~~for the ~~fair~~years ~~value~~ended ofNovember ~~these~~30, ~~options~~2010 (and 2009 were $36120,~~000)~~775 and $30,879, respectively. Accrued interest on these loans as of ~~August~~ 31November 30, 2010 toand ~~this~~2009 ~~consultant.~~was ~~These~~$157,075 ~~options~~and ~~also~~$34,597, ~~expired February 2011~~respectively.

~~In February 2010, the Company issued 500,000 options to an individual~~ITEM ~~at $0~~14.~~05.~~ ~~The~~PRINCIPAL ~~options~~ACCOUNTING ~~were~~FEES ~~exercised.~~AND ~~The~~SERVICES ~~Company~~Back ~~received~~to ~~$25,000~~Table ~~for~~of ~~this exercise.~~ Contents

~~On March 13, 2008, in connection with the April 8, 2008 consulting~~Independent ~~agreement,~~Public acts, 2,400,000 five-year stock options were granted issued exercisable at a price of $0.06 per share, as follows: 1,000,000 options on the date of the consulting agreement, 400,000 options vested on May 1, 2008, and the balance vested at the rate of 200,000 per month commencing June 1, 2008 through October 1, 2008. Accountants

~~These~~The Registrant’s ~~options~~Board ~~were~~of ~~valued~~Directors ~~using~~has ~~the~~appointed ~~Black-Scholes~~KBL, ~~Pricing~~LLP, ~~Model~~which ~~with the~~firm ~~following~~has ~~assumptions:~~issued ~~volatility~~its -report ~~25%;~~on ~~risk~~our ~~free~~consolidated ~~interest~~financial ~~rate – 2.53%;~~statements ~~expected~~for ~~life~~the ~~– 5~~ years; ~~and~~ended ~~dividend~~November ~~yield~~30, –2011 0%and 2010.

~~Due to the lack of sufficient historical trading information with~~Principal ~~respect~~Accounting ~~to its own shares, the Company estimates expected volatility based on a company believed to have market and economic characteristics similar to its own.~~ Fees

OfThe following ~~the~~table ~~2,400,000~~presents ~~options issued to~~ the ~~two~~fees ~~consultants,~~for ~~1,000,000~~professional ~~of the~~audit ~~options~~services ~~that~~rendered ~~vested~~by ~~immediately~~KBL, ~~were~~LLP ~~exercised~~for ~~upon issuance. However,~~ the ~~Company has~~audit ~~not received the required option payment~~ of ~~$60,000 from~~ the ~~two~~Registrant’s ~~consultants. As~~annual ~~noted,~~financial ~~the~~statements ~~Company~~for ~~received~~the ayears ~~default~~ended ~~judgment~~November in30, an2011 ~~effort~~and ~~to recover this amount. As a result~~2010, and ~~due~~fees tobilled ~~the~~for ~~uncertainty~~other ofservices ~~the~~rendered ~~recovery~~by ~~of the $60~~KBL,~~000,~~ ~~the~~LLP ~~Company~~during ~~has~~those ~~expensed the entire amount~~periods. ~~The remaining 1,400,000 vested but unexercised options were cancelled effective November 30, 2010.~~

On August 25, 2008 and October 30, 2008, the Company issued a total of 600,000 stock options to two consultants. Of these options, 500,000 vested upon issuance and the remaining options vest March 4, 2009. These options have a three-year life and are exercisable at $0.05. These options were issued in the money as the market value of the underlying shares was $0.18 and $0.14, respectively.

	Year Ended
	November 30, 2012		November 30, 2011
Audit fees (1)	$	0	$	31,000
Audit-related fees (2)		N/A		N/A
Tax fees (3)		N/A		N/A
All other fees		N/A		N/A

~~The fair value of these options were determined to be the intrinsic~~(1) ~~value~~Audit atfees ~~the~~consist ~~date~~ of ~~issuance,~~audit ~~or $32,500 ($0.13 per share)~~ and ~~$22,500~~review ~~($0.09 per share) on August 25~~services, ~~2008~~consents and ~~October~~review ~~30,~~of ~~2008,~~documents ~~respectively.~~filed ~~Additionally,~~with the ~~Company did not receive the total required option payments of $25,000 (500,000 options at $0~~SEC.~~05).~~

~~The~~(2) Audit-related ~~Company~~fees ~~has~~consist ~~expensed the entire amount due to the uncertainty~~ of ~~the~~ ~~collectability~~assistance ofand ~~this~~discussion ~~amount.~~concerning Offinancial ~~the~~accounting ~~600,000~~and ~~options,~~reporting ~~50,000~~standards ~~options~~and ~~remain unexercised~~other ~~as of November 30, 2011~~accounting issues.

On(3) Tax ~~December~~fees ~~16,~~consist ~~2008,~~of ~~the~~preparation ~~Company~~of ~~issued~~federal ~~250,000~~and ~~options~~state attax ~~$0.05 ($25~~returns,~~000),~~ ~~which~~review ~~were~~of ~~expensed~~quarterly estimated tax payments, and ~~these~~consultation ~~options~~concerning tax ~~were~~compliance ~~exercised immediately~~issues.

~~The following is a summary of the outstanding stock options for the years ended November 30, 2011 and 2010:~~33

~~Options~~Section 16(a) Compliance

~~Weighted~~Section 16(a) ~~Average~~of ~~Exercise~~the ~~Price~~Securities and Exchange Act of 1934 requires the Registrant’s directors and executive officers, and persons who own beneficially more than ten percent (10%) of the Registrant’s Common Stock, to file reports of ownership and changes of ownership with the Securities and Exchange Commission. Copies of all filed reports are required to be furnished to the Registrant pursuant to Section 16(a). Based solely on the reports received by the Registrant and on written representations from reporting persons, the Registrant was informed that the following officers, directors and 10% sharehoders have not filed reports required under Section 16(a): Rene Arbic, Alex Kenstenbaum, Peter Varadi and Morden Lazarus .

~~Weighted~~ITEM 15. ~~Average~~EXHIBITS ~~Exercise~~AND ~~Life~~FINANCIAL STATEMENT SCHEDULES Back to Table of Contents

~~Aggregate~~(a) The ~~Intrinsic~~following ~~Value~~documents are filed as exhibits to this report on Form 10-K or incorporated by reference herein. Any document incorporated by reference is identified by a parenthetical reference to the SEC filing that included such document.

740,000

Exhibit		Description
3.01		Articles of Incorporation. (1)
3.02		Bylaws. (1)
4.01		Form of Specimen Stock Certificate for the Registrant’s Common Stock. (1)
10.01		Asset and Rights Purchase Agreement as of September 10, 2005 by and between Dr. Christina Del Pin and Voxtech Products, Inc. (1)
10.02		Amendment of January 25, 2006 to Asset and Rights Purchase Agreement as of September 10, 2005 by and between Dr. Christina Del Pin and Voxtech Products, Inc. (1)
10.03		Services Agreement of June 12, 2005 between VoxTech Products, Inc. and GetAGeek, Inc. (1)
10.04		Development Agreement of September 26, 2005 between VoxTech Products, Inc. and GetAGeek, Inc. (1)
10.06		Employment Agreement as of August 1, 2006 by and between the Registrant and Christopher LaRose. (2) (4)
10.07		Non-Exclusive Sales Agreement of August 14, 2006 between Voxtech Products, Inc. and Northcoast Biomedical, Inc. (2)
10.08		Independent Sales Representative Agreement of September 5, 2006 by and between Voxtech Products, Inc., the Registrant and Daniel P. Elsbree. (2)
10.09		2008 Employees, Directors, Officers and Consultants Stock Option and Stock Award Plan (5)
10.10		Acquisition of Valtech Communications, Inc. (6)
10.11		Certificate of amendment changing name to Hipso Multimedia, Inc. (7)
10.12		Retainer Agreement between the Registrant and Joel Pensley, Attorney at Law dated March 13, 2008 (8)
10.13		Retainer Agreement between the Registrant and Antonio Moura dated March 13, 2008 (8)
10.14		Consulting Agreement between the Registrant and Thomas Klein dated as of January 15, 2008 (8)
10.15		Consulting Agreement between the Registrant and Arshad Shah dated as of January 15, 2008 (8)
10.16		Consulting Agreement between the Registrant and Gaetan Fontaine dated August 25, 2008 (8)
10.17		Consulting Agreement between the Registrant and Downshire Capital dated December 16, 2008 (8)
10.18		Executive Employment Agreement Between Valtec Communications and Rene Arbic (8)
31.1		Certification of Ben W. Quick, Chief Executive Officer, Chief Financial Officer and Director, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (9)
32.1		Certification of Ben W. Quick, Chief Executive Officer, Chief Financial Officer and Director, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (9)

(1)	Filed as an exhibit to the registration statement on Form SB-2 and hereby incorporated by reference.
(2)	Filed as an exhibit to Amendment No. 2 to the Registration statement on Form SB-2 and hereby incorporated by reference.
(3)	Filed as an exhibit to the Annual Report on Form 10-KSB for the fiscal year ended November 30, 2006 and hereby incorporated by reference.
(4)	Management contract or compensatory plan or arrangement.
(5)	Filed as an exhibit to Form S-8 filed April 2, 2008 and hereby incorporated by reference.
(6)	Filed as an exhibit to Form 8K dated June 3, 2008 hereby incorporated by reference.
(7)	Referenced on Form 8K dated August 12, 2008 hereby incorporated by reference.
(8)	Filed as an exhibit to the Company’s annual report on Form 10-K for the year ended November 30, 2008.
(9)	Filed herewith.

~~0.06~~34

~~3.015~~SIGNATURES Back to Table of Contents

$Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

43,700

		Buildablock Corp.
		(Registrant)

Dated: November 30, 2023	By:	/s/ Ben W. Quick
		Chief Executive Officer, Chief Financial Officer, and Director (Principal Executive Officer and Principal Financial Officer)

-DISCLAIMER

0The management signing the above financial statements was not employed by the Company nor Board members for the financial periods listed above.~~056~~ The current Board of Directors in the best interests of the Shareholders chooses to file the necessary reporting obligations as a Voluntary Reporting Company. These financial reports are prior to the filing of the FORM 15 dated October 4, 2013, with the SEC. The information is to the best of managements knowledge and efforts at the time of the filing.

~~0.00~~35

0.06

0.00

(690,000)

(0.06)

1.00

(41,400)

50,000

0.06

2.015

2,300

50,000

0.06

2.015

2,300

Options

Weighted Average Exercise Price

Weighted Average Exercise Life

Aggregate Intrinsic Value

1,450,000

0.06

4.87

86,500

1,370,000

0.056

1.00

(680,000)

0.06

1.00

2,140,000

0.06

3.015

127,000

2,140,000

0.06

3.015

127,000

Warrants

The Company entered into private placement agreements with various individuals through November 30, 2010 for the issuance of 2,714,256 shares of common stock along with 2,714,256 warrants. The Company received the proceeds of $314,282 for these units. The warrants expire 3 years from issuance, at an exercise price of $0.20 per share. The warrants were valued using the black-scholes method and were recorded as additional paid in capital – warrants of $145,512. The criteria established for the valuation of these warrants were as follows: risk free interest rate – 1.25%; dividend yield – 0%; volatility – 185%. The warrants were issued in November, 2010.

Common Stock Purchase Warrants	Number of Warrants Outstanding and Exercisable	Date Warrants are Exercisable	Exercise Price	Date Warrants Expire
Investors from April 5, 2010 offering	2,714,256	May to September 2010	$ 0.20	May to Septembe 2013
	2,714,256

NOTE 9 - PROVISION FOR INCOME TAXES

Deferred income taxes are determined using the liability method for the temporary differences between the financial reporting basis and income tax basis of the Company’s assets and liabilities. Deferred income taxes are measured based on the tax rates expected to be in effect when the temporary differences are included in the Company’s tax return. Deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities and their respective tax bases.

At November 30, 2011, deferred tax assets consist of the following:

At November 30, 2011, the Company had a net operating loss carryforward in the approximate amount of $4,150,676, available to offset future taxable income through 2031. The Company established valuation allowances equal to the full amount of the deferred tax assets due to the uncertainty of the utilization of the operating losses in future periods.

A reconciliation of the Company’s effective tax rate as a percentage of income before taxes and federal statutory rate for the periods ended November 30, 2011 and 2010 is summarized as follows:

	2011	2010
Federal statutory rate	(34.0)%	(34.0)%
State income taxes, net of federal benefits	3.3	3.3
Valuation allowance	30.7	30.7
	0%	0%

NOTE 10 - FAIR VALUE MEASUREMENTS

On January 1, 2008, the Company adopted ASC 820. ASC 820 defines fair value, provides a consistent framework for measuring fair value under generally accepted accounting principles and expands fair value financial statement disclosure requirements. ASC 820’s valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. ASC 820 classifies these inputs into the following hierarchy:

Level 1 inputs: Quoted prices for identical instruments in active markets.

Level 2 inputs: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3 inputs: Instruments with primarily unobservable value drivers.

NOTE 11 - CONCENTRATION OF CREDIT RISK

On November 30, 2011, 100% of the Company’s accounts receivable (after consideration of the accounts receivable reserve) was with one customer. In addition, this customer represented approximately 75% of the revenue for the year ended November 30, 2011 and the only customer currently being serviced by the Company. This customer is considered a major customer of the Company.

On November 30, 2010, $10,815, or 39% of the Company’s accounts receivable was with two customers. In addition, there was one customer who represented approximately 56% of the revenue for the year ended November 30, 2010. This customer is considered a major customer of the Company.

NOTE 12 - TERMINATION OF PURCHASE AGREEMNET

On January 24, 2011, the Company entered into a purchase agreement to acquire a private telecommunications company named Groupe Pagex Inc., which owns and operates an existing telecommunications network in Quebec City, and surrounding Lac St-Jean and Beauce areas.

Groupe Pagex specializes in the implementation and management of IP and Wi-Fi networks in the commercial and residential market. They have generated 1.7 million in prior year sales. The Company and Groupe Pagex Inc. terminated this agreement in the fourth quarter of fiscal 2011.

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

Evaluation of Disclosure Controls and Procedures

Evaluation of disclosure controls and procedures.

Management’s Annual Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting and for the assessment of the effectiveness of those internal controls. As defined by the SEC, internal control over financial reporting is a process designed by our principal executive officer/principal financial officer, who is also the sole member of our Board of Directors, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements in accordance with U.S. generally accepted accounting principles.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management has assessed the effectiveness of our internal control over financial reporting as of November 30, 2011. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework. Based on our assessment and those criteria, we have concluded that our internal control over financial reporting was effective as of November 30, 2011.

This annual report does not include an attestation report of the company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company 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 or in other factors identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the fourth quarter ended November 30, 2011 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART III

Age

Officers are not elected for a fixed term of office but hold office until their successors have been elected.

Rene Arbic has served as President of the Registrant since June 2, 2008. From 2002 to the present he serves as a member of the board of directors of ISEE3D, a 3D camera development company. He was a founder in 2006 and serves as President of Valtech Communications Inc., Montreal, Quebec, Canada, a telecommunications company offering “triple play” - a telephony, Internet and IPTV distributor. In 2004, he founded and served as director general, from 2004 to 2006, of C.E.R., Longueuil, a renewable energy consultant, with operations in Senegal, Algeria, Comoros, and Madagascar. From 2002 to 2004, Mr. Arbic was a free lance International telecommunications consultant for companies in Russia, Slovakia, Senegal, Algeria, and Colombia,). From 2001 to 2002, he was President of GSI Technologies, an entertainment company.

In 1998, he founded and, until 2001 served as President & CEO of Bridgepoint International, a telecommunications collocation facilities builder and operator. In 1997, he founded and managed until1998, Rave Communications International, a New York and Montreal telecommunications consultancy. He was associated with Stentor International, Morristown, New Jersey (on loan from Bell Canada) from 1992 to-1997 as Director of Canadian Marketing (1992-1994) and Director of United States Marketing (1994-1997). From 1990 to 1991, Mr. Arbic was Director National Accounts for AT&T Montreal; and from 1991 to 1992 director of governmental accounts for Cellular Canada Montreal. From 1975 to 1990, Mr. Arbic served in various capacities for Bell Canada including technician, (1975 to 1982); and Director of Sales and Marketing (1984 to 1990). Mr. Arbic is a 1974 graduate of the Edward Montpetit College of Business Administrations.

Alex Kestenbaum has since June 2, 2008, served as Treasurer of the Registrant. Since 2004 he has served as Vice President Finance of Canvar Group, Inc., a Montreal, Quebec - based general contractor and administrator specializing in the construction and renovation in industrial, commercial and residential development including large-scale projects for developers, institutions and various governments. From 1997 to 2004, he was Chief Financial Officer, Chief Information Officer and Controller of Econo-Malls Management Corp., Montreal, Quebec, a manager of properties it wholly owns on behalf of limited partnerships, joint ventures, and third parties. From 1990 to 1997, Mr. Kestenbaum was Controller and Financial Manager of Canvar Groupe Inc. and from 1988 to 1990 was Controller And Property Administrator of Adlexco Management Ltd., a Montreal-based property manager. From 1984 to 1988 he was Auditor and an Accountant for Appel & Partners, a chartered accounting firm located in Montreal. Mr. Kestenbaum received his D. E. C. in Pure and Applied Sciences from Vanier C.E.G. E. P. in 1981 and his Bachelor of Commerce in Accounting from Concordia University in 1984.

We have not 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.

ITEM 11. EXECUTIVE COMPENSATION Back to Table of Contents

The following table contains the executive compensation to the chief executive officer of the Company for the periods set forth below.

Summary Compensation Table
					Long Term
		Annual Compensation			Compensation Awards
				Other	Restricted	Securities
				Annual	Stock	Underlying	All Other
		Salary	Bonus	Compensation	Award(s)	Options	Compensation
Name and Principal Position	Year	($)	($)	($)	($)	($)	($)
Rene Arbic, CEO	2011	50,770	---	---	---	---	50,770
	2010	80,000	---	---	---	---	80,000
	2009	63,744	---	---	---	---	63,744
Alex Kestenbaum, CFO	2011	---	---	---	---	---	---
	2010	---	---	---	---	---	---
	2009	---	---	---	---	---	---

Rene Arbic became Chief Executive Officer of the Registrant on June 2, 2008. He entered into a one year employment agreement to serve as President of the Registrant’s subsidiary, Valtech, on October 1, 2006 which agreement has been extended and is still in full force. He receives no compensation for serving as President of the Registrant.

Alex Kestenbaum became Chief Financial Officer, Treasurer and Secretary on June 2, 2008 of the Registrant and Chief Financial Officer of Valtech, its subsidiary. He has not entered into a contract with the Registrant and receives no compensation for acting as an officer or director of the Registrant nor for his services to Valtech.

Outstanding Equity Awards at Fiscal Year-End Table.

As of November 30, 2011, there were no outstanding equity awards for the directors and executive officers of the Company.

Other Compensation.

The Company has no plans that provide for the payment of retirement benefits, or benefits that will be paid primarily following retirement. In addition, there are no contracts, agreements, plans or arrangements that provide for payments to our executive officer in connection with the resignation, retirement or other termination of our executive officer, or a change in control of the Registrant.

Compensation of Directors.

The Company's board members receive no remuneration.

Director Independence.

The Registrant does not have a nominating committee, compensation committee or executive committee of the board of directors, stock plan committee or any other committees. The Registrant currently has no independent directors.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS Back to Table of Contents

The table below discloses any person (including any "group") who is known to the Registrant to be the beneficial owner of more than five (5%) percent of the Registrant's common stock. As of November 30, 2011, the Registrant had 68,477,765 shares of common stock issued.

Title of Class	Name and Address of Beneficial Owner	Amount and Nature of Beneficial Owner (1)	Percent of Class (1)
Common Stock	Rene Arbic, CEO and Director 550 Chemin du Golf, Suite 202 Ile des Soeurs, Quebec, H3E 1A8, Canada	14,043,634 shares	20.51%
Common Stock	Alex Kestenbaum, CFO and Director 100-2700 Rufus-Rockhead Montreal, Quebec, H3J 2Z7, Canada	1,600,000 shares	2.34%
Common Stock	Peter Varadi 100-2700 Rufus-Rockhead Montreal, Quebec, H3J 2Z7, Canada	16,348,360 shares	23.87%
Common Stock	Morden Lazarus 759 Square Victoria, Suite 200 Montreal, Quebec, H2Y 2J7, Canada	16,348,360 shares	23.87%
Common Stock	All officers and directors as a group (2 people)	15,643,634 shares	22.85%

(a) The Shares are held by 9193-0578 Quebec, Inc, beneficially owned by Alex Kestenbaum (b) 12,800,000 Shares are held by 9177-2541 Quebec, Inc. beneficially owned by Peter Varadi (c) 12,800,000 Shares are held by Interactive Classified Corporation beneficially owned by Morden Lazarus

None of the above shareholders has the right to acquire additional Shares. Unless otherwise noted below, we believe that all persons named in the table have sole voting and investment power with respect to all shares of common stock beneficially owned by them.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE Back to Table of Contents

As of November 30, 2011, the four principal shareholders of the Company had advanced $1,874,681 to the Company for working capital purposes. These loans bear interest at an annual rate of 10% for individual amounts exceeding $150,000 (CDN$) ($141,870 (US$)). The loans have no specific terms of repayment and are unsecured. Interest expense for the years ended November 30, 2011 and 2010 were $131,402 and $120,775, respectively. Accrued interest on these loans as of November 30, 2011 and 2010 was $285,354 and $157,075, respectively.

As of November 30, 2010, the four principal shareholders of the Company had advanced $1,697,980 to the Company for working capital purposes. These loans bear interest at an annual rate of 10% for individual amounts exceeding $150,000 (CDN$) ($141,870 (US$)). The loans have no specific terms of repayment and are unsecured. Interest expense for the years ended November 30, 2010 and 2009 were $120,775 and $30,879, respectively. Accrued interest on these loans as of November 30, 2010 and 2009 was $157,075 and $34,597, respectively.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES Back to Table of Contents

Independent Public Accountants The Registrant's Board of Directors has appointed KBL, LLP, which firm has issued its report on our consolidated financial statements for the years ended November 30, 2011 and 2010.

Principal Accounting Fees The following table presents the fees for professional audit services rendered by KBL, LLP for the audit of the Registrant's annual financial statements for the years ended November 30, 2011 and 2010, and fees billed for other services rendered by KBL, LLP during those periods.

	Year Ended
		November 30, 2011		November 30, 2010
Audit fees (1)	$	31,000	$	31,000
Audit-related fees (2)		N/A		N/A
Tax fees (3)		N/A		N/A
All other fees		N/A		N/A
________________
(1) Audit fees consist of audit and review services, consents and review of documents filed with the SEC.
(2) Audit-related fees consist of assistance and discussion concerning financial accounting and reporting standards and other accounting issues.
(3) Tax fees consist of preparation of federal and state tax returns, review of quarterly estimated tax payments, and consultation concerning tax compliance issues.

ITEM 15.

(a) The following documents are filed as exhibits to this report on Form 10-K or incorporated by reference herein. Any document incorporated by reference is identified by a parenthetical reference to the SEC filing that included such document.

Exhibit

Description

3.01

Articles of Incorporation. (1)

3.02

Bylaws. (1)

4.01

Form of Specimen Stock Certificate for the Registrant’s Common Stock. (1)

10.01

Asset and Rights Purchase Agreement as of September 10, 2005 by and between Dr. Christina Del Pin and Voxtech Products, Inc. (1)

10.02

Amendment of January 25, 2006 to Asset and Rights Purchase Agreement as of September 10, 2005 by and between Dr. Christina Del Pin and Voxtech Products, Inc. (1)

10.03

Services Agreement of June 12, 2005 between VoxTech Products, Inc. and GetAGeek, Inc. (1)

10.04

Development Agreement of September 26, 2005 between VoxTech Products, Inc. and GetAGeek, Inc. (1)

10.06

Employment Agreement as of August 1, 2006 by and between the Registrant and Christopher LaRose. (2) (4)

10.07

Non-Exclusive Sales Agreement of August 14, 2006 between Voxtech Products, Inc. and Northcoast Biomedical, Inc. (2)

10.08

Independent Sales Representative Agreement of September 5, 2006 by and between Voxtech Products, Inc., the Registrant and Daniel P. Elsbree. (2)

10.09

2008 Employees, Directors, Officers and Consultants Stock Option and Stock Award Plan (5)

10.10

Acquisition of Valtech Communications, Inc. (6)

10.11

Certificate of amendment changing name to Hipso Multimedia, Inc. (7)

10.12

Retainer Agreement between the Registrant and Joel Pensley, Attorney at Law dated March 13, 2008 (8)

10.13

Retainer Agreement between the Registrant and Antonio Moura dated March 13, 2008 (8)

10.14

Consulting Agreement between the Registrant and Thomas Klein dated as of January 15, 2008 (8)

10.15

Consulting Agreement between the Registrant and Arshad Shah dated as of January 15, 2008 (8)

10.16

Consulting Agreement between the Registrant and Gaetan Fontaine dated August 25, 2008 (8)

10.17

Consulting Agreement between the Registrant and Downshire Capital dated December 16, 2008 (8)

10.18

Executive Employment Agreement Between Valtec Communications and Rene Arbic (8)

31.1

Rule 13a-14(a) Amended Certification of Rene Arbic (9)

31.2

Rule 13a-14(a) Amended Certification of Alex Kestenbaum. (9)

32.1

Section 1350 Amended Certification of Rene Arbic (9)

32.2

Section 1350 Amended Certification of Alex Kestenbaum (9)

SIGNATURES Back to Table of Contents

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 date indicated.

/s/ Rene Arbic Chief Executive Officer and Director Dated: February 24, 2012 Ile des Soeurs, Quebec, Canada /s/ Alex Kestenbaum Chief Financial Officer and Director Dated: February 24, 2012 Ile des Soeurs, Quebec, Canada

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