**U.S.
      SECURITIES AND EXCHANGE COMMISSION**


WASHINGTON,
      D.C. 20549





**FORM
      10-QSB**


(Mark
      One)





x
      Quarterly report
      pursuant to Sections 13 or 15(d) of the Securities


Exchange
      Act of 1934





For
      the
      quarterly period ended September 30, 2007





o
      Transition report
      pursuant to Sections 13 or 15(d) of the Securities


Exchange
      Act of 1934





For
      the
      transition period from _______________ to _______________





*Commission
      File Number:000-32341*





**Soyodo
      Group Holdings, Inc.**


(Formerly
      TOP Group Holdings, Inc.)


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





Delaware
            84-1482082(State
                or Other Jurisdiction of
            (I.R.S.
                EmployerIncorporation
                or Organization)
            Identification
                No.)





1390
      Monterey Pass Road, Monterey Park, CA 91754


(Address
      of Principal Executive Offices, Including Zip Code)





(323)
      261-1888


(Issuer's
      Telephone Number, Including Area Code)





The
      number of shares outstanding of our Common Stock, $0.0001 par value per


share,
      as
      of September 30, 2007, was 8,195,000 shares.





**Transitional
      Small Business Disclosure Format (check one):**





Yes
o No
x









**Soyodo
      Group Holdings, Inc.**





INDEX
      TO
      FORM 10-QSB


PAGEPART
                  I.
              
              Financial
                  InformationItem
                  1.
              
              Financial
                  Statements
              
              1Item
                  2.
              
              Management's
                  Discussion and Analysis of Plan of Operation
              
              1Item
                  3.
              
              Controls
                  and Procedures
              
              2PART
                  II.
              
              Other
                  InformationItem
                  2.
              
              Unregistered
                  Sales of Equity Securities and Use of Proceeds
              
              2Item
                  4.
              
              Submission
                  of Matters to a Vote of Security Holders
              
              2Item
                  6.
              
              Exhibits
                  and Reports on Form 8-K
              
              3SIGNATURES
              
              4CERTIFICATIONS











**PART
      I. FINANCIAL INFORMATION**





**Item
      1. Financial Statements**





For
      the
      Company's response to this item, please refer to the Financial Statements
      annexed pages F-1 to F-7 of this Form 10-QSB.





**Item
      2. Management's Discussion and Analysis of Plan of Operation**





This
      Quarterly Report on Form 10-QSB contains statements that may constitute
      "forward-looking statements" within the meaning, and made pursuant to the Safe
      Harbor provisions, of the Private Securities Litigation Reform Act of 1995.
      Such
      statements are based on management's current expectations and are subject to
      a
      number of risks and uncertainties, including, but not limited to, the difficulty
      inherent in operating an early-stage company in a new and rapidly evolving
      market, market and economic conditions, the impact of competitive products,
      product demand and market acceptance risks, changes in product mix, costs and
      availability of raw materials, fluctuations in operating results, delays in
      development of highly complex products, risk of customer contract or sales
      order
      cancellations and other risks detailed from time to time in our filings with
      the
      Securities and Exchange Commission (the "SEC"). These risks and uncertainties
      could cause our actual results to differ materially from those described in
      the
      forward-looking statements. Any forward-looking statement represents our
      expectations or forecasts only as of the date it was made and should not be
      relied upon as representing its expectations or forecasts as of any subsequent
      date. Except as required by law, we undertake no obligation to correct or update
      any forward-looking statement, whether as a result of new information, future
      events or otherwise, even if our expectations or forecasts change.





The
      following discussion and analysis should be read in conjunction with the
      financial statements, related notes and other information included in this
      Quarterly Report on Form 10-QSB, as well as in conjunction with the consolidated
      financial statements and the related notes. The financial statements have been
      prepared in accordance with US Generally Accepted Accounting Principles, or
      GAAP.





**Background**





The
      Company was incorporated as "Quixit, Inc." on May 15, 1997, under the laws
      of
      the State of Colorado. On January 16, 2003, we engaged in the Change in Control,
      whereby TOP Group Corp. (New York) purchased 4,400,000 shares of the Company's
      common stock from H. Daniel Boone, who was then President and Chairman of the
      board of directors. Right after the purchase, TOP Group Corp. (New York) owned
      88% of our outstanding capital stock. On August 22, 2005, due
      to
      its inactive status and its intension to wind up, TOP
      Group
      Corp. (New York) conveyed its 4,400,000shares to Song Ru-hua, the Company’s
      President and Chairman of the Board.





Prior
      to
      the Change in Control, our purpose was to investigate opportunities to be
      acquired by a company that desired to be registered under the Securities
      Exchange Act of 1934, as amended (the "Exchange Act"). In the second quarter
      of
      2005, the company decided to commence
      a chain of member-only stores in locations with large Chinese immigrant
      populations, offering Chinese culture-related merchandise such as books,
      pre-recorded CDs, stationery, gifts, and sports goods. Subsequently, six retail
      stores were
      opened. On June 30, 2006, however, the Company started to concentrate on its
      wholesale operation and sold to Ru-Hua Song, its majority shareholder &
Principal Executive Officer, all the six retail stores. Then on November 30,
      2006, the company decided to go back to its original plan of investigating
      opportunities to be acquired, and sold to Ru-Hua Song its remaining wholesale
      operation.




In
      March
      of 2003, our stockholders approved a change in our state of incorporation from
      Colorado to Delaware and a change in our name from Quixit, Inc. to TOP Group
      Holdings, Inc. Again in August of 2005, our stockholders approved a change
      in
      our name from TOP Group Holdings, Inc. to Soyodo Group Holdings, Inc.




**A.
      PLAN OF OPERATIONS**





Prior
      to
      the takeovers, we operated in the retail business in
      locations within continental USA with large Chinese immigrant
      populations. Presently, we look for an opportunity to be acquired by a buyer who desires
      to
      be registered under the Securities Exchange Act of 1934.





**Results
      of Operations for the Nine months Ended September 30, 2007 Compared to the
      Nine
      months Ended September 30, 2006**





Due
      to
      the fact that the Company decided to go back to its original plan of
      investigating opportunities to be acquired, we had no revenue during the nine
      months ended September 30, 2007, compared with retail sales of $2,428,337 and
      gross profit of $602,901 in the nine months ended September 30, 2006. As a
      result, we incurred only $12,639 in operating expenses in the nine months ended
      September 30, 2007, compared to $980,667in the nine months ended September
      30,
      2006. We had a net loss of $12,639 in the nine months ended September 30, 2007,
      compared to $400,842 in the nine months ended September 30, 2006.





1




**B.
      LIQUIDITY AND CAPITAL RESOURCES**





As
      of
      September 30, 2007, we had $835 operating capital, thanks to a loan of $493,875
      from Mr. Song Ru-hua. Currently we have to rely upon advances or loans from
      shareholders to pay our expenses. However, we have no commitments from any
      person for advances or loans.




We
      incurred a loss of $12,639 from operations for the nine months ended September
      30, 2007, and losses are expected in the future as well. This does raise
      substantial doubt about our ability to continue as a going concern. Our plans
      include seeking additional capital and/or debt financing. There is no guarantee
      that additional capital and/or debt financing will be available when and to
      the
      extent required, or that if available, it will be on terms acceptable to us.
      Our
      financial statements do not include any adjustments that might result from
      the
      outcome of this uncertainty.





**Item
      3. Controls and Procedures**





Evaluation
      of Disclosure Controls and Procedures





Based
      on
      their evaluation as of September 30, 2007, our chief executive officer and
      chief
      financial officer have concluded that our disclosure controls and procedures
      (as
      defined in Rules 13a-l5(e) and 15d-15(e) under the Securities Exchange Act
      of I
      934, as amended) were effective to ensure the information required to be
      disclosed by us in reports that we file or submit under the Securities Exchange
      Act of 1934 is recorded, processed, summarized and reported within the time
      periods specified in the SEC’ s rules and forms.





Management‘s **** Report
      on Internal Control over Financial Reporting





Our
      management is responsible for establishing and maintaining adequate internal
      control over financial reporting, as such term is defined in Exchange Act Rules
      13a- 15(f) and l5d-15(f). Under the supervision and with the participation
      of
      our management, including our Chief Executive Officer and Chief Financial
      Officer, we conducted an evaluation of the effectiveness of our internal control
      over financial reporting as of September 30, 2007. In making this assessment,
      our management used the criteria set forth by the Committee of Sponsoring
      Organizations of the Treadway Commission (COSO) in Internal Control-Integrated
      Framework. Our management has concluded that, as of September 30, 2007, our
      internal control over financial reporting was effective based on these
      criteria.





Changes
      in Internal Control over Financial Reporting





There
      were no changes in our internal control over financial reporting during the
      quarter ended September 30, 2007 that have materially affected, or are
      reasonably likely to materially affect our internal control over financial
      reporting.





Inherent
      Limitations on Effectiveness of Controls





Our
      management, including our chief executive officer and chief financial officer,
      does not expect that our procedures or our internal controls will prevent or
      detect all error and all fraud. An internal control system, no matter how well
      conceived and operated, can provide only reasonable, not absolute, assurance
      that the objectives of the control system are met. Because of the inherent
      limitations in all control systems, no evaluation of our controls can provide
      absolute assurance that all control issues and instances of fraud, if any,
      have
      been detected.




**PART
      II. OTHER INFORMATION**




**Item
      2.  Unregistered Sales of Equity Securities and Use of
      Proceeds** ******





None





**Item
      4. Submission of Matters to a Vote of Security Holders**





On
      September 17, 2007, by a written consent in lieu of a meeting, our shareholders
      elected Song Ru-hua, to serve as our directors in place of the entire prior
      Board. At the same time, the shareholders also adopted and approved a
      restatement to the Company’s Certificate of Incorporation to set the total
      shares authorized to issue at 120,000,000.





2




**Item
      6. Exhibits and Reports on Form 8-K**





(a)
      Exhibits




Exhibit
              Number
            
            Description3.1
            
            Articles
                of Amendment to the Articles of Incorporation of the Company (incorporated
                by reference to the Company's proxy statement on Schedule 14A filed
                with
                the Commission on March 5, 2003 (the "Proxy statement")3.2
            
            Agreement
                and Plan of Merger between Quixit, Inc., a Colorado corporation,
                and TOP
                Group Corporation (now known as TOP Group Holdings, Inc.), a Delaware
                corporation (incorporated by reference to the Proxy
                Statement)3.3
            
            Certificate
                of Incorporation of the Company (incorporated by reference to the
                Proxy
                Statement)3.4
            
            By-Laws
                of the Company (incorporated by reference to the Proxy
                Statement)3.5
            
            Restated
                Certificate of Incorporation of the Company (incorporated by reference
                to
                the Company’s proxy statement on Schedule 14C filed with the commission on
                March 15, 2005 for an increase of authorized shares)3.6
            
            Restated
                Certificate of Incorporation of the Company (incorporated by reference
                to
                the Company’s proxy statement on Schedule l4C filed with the commission on
                August 26, 2005 for a name change)3.7
            
            Restated
                Certificate of Incorporation of the Company (incorporated by reference
                to
                the Company’s proxy statement on Schedule l4C filed with the commission on
                June 20, 2006 to set the new total authorized shares)3.7
            
            Restated
                Certificate of Incorporation of the Company (incorporated by reference
                to
                the Company’s proxy statement on Schedule l4C filed with the commission on
                September 27, 2007 for an increase of authorized
                shares)31
            
            Certification
                of Principal Executive Officer and Principal Financial Officer pursuant
                to
                18 U.S.C. Section as adopted pursuant to Section 906 of the Sarbanes-Oxley
                Act of 2002*32
            
            Certification
                *





*Filed
      herewith





b)
      Reports on Form 8-K





On
      April
      20, 2007 we filed a report on Form 8-K to inform the resignations of our
      directors and officers except Song Ru-Hua to facilitate the search of a
      potential buyer.




3





SIGNATURES





In
      accordance with the requirements of the Exchange Act, the registrant has duly
      caused this report to be signed on its behalf by the undersigned, thereunto
      duly
      authorized.


**SOYODO
                Group Holdings, Inc.***Dated:
              November 6, 2007*
            *By:*
            */s/
              Song Ru-Hua**Song
                Ru-Hua*
              *President*
              *(Principal
                Executive Officer & Principal*
              *Financial
                and Accounting Officer)*




4




SOYODO
        GROUP HOLDINGS, INC.
 (Formerly
        TOP Group Holdings, Inc.)
 Balance
        Sheets
 September
        30,
 (Unaudited)
  2007
              
              2006**ASSETS**Current
                  Assets:Cash
                  & cash equivalents
              
              $
              835
              
              $
              67,565Accounts
                  Receivable
              
              
              -
              
              
              144,183Inventory,
                  retail
              
              
              -
              
              
              -Prepaid
                  expenses
              
              
              -
              
              
              -Related
                  parties receivable
              
              
              -
              
              
              320,180Total
                  Current Assets
              
              
              835
              
              
              531,928Property
                  & equipment, net
              
              
              -
              
              
              5,878Security
                  deposits
              
              
              -
              
              
              137,962**TOTAL
                  ASSETS**
              
              $
              835
              
              $
              675,768**LIABILITIES
                  & STOCKHOLDERS' EQUITY (DEFICIT)**Current
                  LiabilitiesAccounts
                  payable & accrued expense
              
              $
              4,400
              
              $
              620,374Accrued
                  payroll & related liabilities
              
              
              -
              
              
              843Accrued
                  other liabilities
              
              
              9,676
              
              
              23,017Advance
                  from shareholders & directors
              
              
              493,875
              
              
              -Note
                  payable
              
              
              -
              
              
              500,000Total
                  Current Liabilities
              
              
              507,951
              
              
              1,144,234Stockholders
                  Equity (Deficit)Common
                  stock, $.0001 par value, 12,000,000 shares
              
              
              820
              
              
              820authorized,
                  8,195,000 shares issued and outstandingas
                  of 9/30/07 and 9/30/06Additional
                  Paid-In Capital
              
              
              585,223
              
              
              585,223Accumulated
                  Deficit
              
              
              (1,093,159
              )
              
              (1,054,509
              )Total
                  Stockholders' Equity ( Deficit)
              
              
              (507,116
              )
              
              (468,466
              )**TOTAL
                  LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)**
              
              $
              835
              
              $
              675,768
 The
          accompanying notes are an integral part of these financial
          statements.
  F-1
 SOYODO
          GROUP HOLDINGS, INC.
 (Formerly
          TOP Group Holdings, Inc.)
 Statements
          of Operations
 For
          the
          nine months Ended
 September
          30,
 (Unaudited)
  2007
                
                2006**Net
                    Sales**
                
                $
                -
                
                $
                2,428,337**Cost
                    of Goods Sold**
                
                
                -
                
                
                (1,825,436
                )**Gross
                    Profit**
                
                
                -
                
                
                602,901**Operating
                    Expenses**Sales
                    & Marketing
                
                
                -
                
                
                55,360Store
                    Rents
                
                
                -
                
                
                311,773General
                    & Administrative
                
                
                12,639
                
                
                613,534**Total
                    Operating Expenses**
                
                
                12,639
                
                
                980,667**Net
                    Loss From Operations**
                
                
                (12,639
                )
                
                (377,766
                )**Interest
                    Expense**
                
                
                -
                
                
                23,076**Net
                    Income**
                
                $
                (12,639
                )
                $
                (400,842
                )**Per
                    Share Information:**Weighted
                    average numberof
                    common shares outstanding
                
                
                8,195,000
                
                
                7,595,989Net
                    Loss per common share
                
                
                *
                
                $
                (0.05
                )
  *
                    Less than $0.01
 The
          accompanying notes are an integral part of these financial
          statements.
  F-2
 SOYODO
          GROUP HOLDINGS, INC.
 (Formerly
          TOP Group Holdings, Inc.)
 Stockholders'
          Equity
 September
          30, 2007
 (Unaudited)
  Additional
                
                
                
                Stock
                
                TotalCOMMON
                      STOCKS
                
                Paid-In
                
                Accumulated
                
                Subscription
                
                Stockholders'#
                    of Shares
                
                Amount
                
                Capital
                
                Deficit
                
                Receivable
                
                EquityBalance
                    - December 31, 2003
                
                
                5,000,000
                
                
                500
                
                
                135,293
                
                
                (192,065
                )
                
                -
                
                
                (56,272
                )Net
                    Loss for the Year
                
                
                -
                
                
                -
                
                
                -
                
                
                (26,516
                )
                
                -
                
                
                (26,516
                )Balance
                    - December 31, 2004
                
                
                5,000,000
                
                
                500
                
                
                135,293
                
                
                (218,581
                )
                
                -
                
                
                (82,788
                )Issurance
                    of stock for cash
                
                
                2,160,000
                
                
                216
                
                
                329,784
                
                
                -
                
                
                45,000
                
                
                285,000Net
                    Loss for the year
                
                
                -
                
                
                -
                
                
                -
                
                
                (435,086
                )
                
                -
                
                
                (435,086
                )Balance
                    - December 31, 2005
                
                
                7,160,000
                
                
                716
                
                
                465,077
                
                
                (653,667
                )
                
                45,000
                
                
                (232,874
                )Issurance
                    of stock for cash
                
                
                1,035,000
                
                
                104
                
                
                120,146
                
                
                -
                
                
                (45,000
                )
                
                165,250Net
                    Loss for the year
                
                
                -
                
                
                -
                
                
                -
                
                
                (426,853
                )
                
                -
                
                
                (426,853
                )Balance
                    - December 31, 2006
                
                
                8,195,000
                
                
                820
                
                
                585,223
                
                
                (1,080,520
                )
                $
                -
                
                
                (494,477
                )Net
                    Loss 1/1/07 to 9/30/07
                
                
                -
                
                
                -
                
                
                -
                
                
                (12,639
                )
                
                -
                
                
                (12,639
                )Balance
                    - March 31, 2007
                
                
                8,195,000
                
                
                820
                
                
                585,223
                
                
                (1,093,159
                )
                
                -
                
                
                (507,116
                )
 The
          accompanying notes are an integral part of these financial
          statements.
  F-3
  SOYODO
        GROUP HOLDINGS, INC.
 (Formerly
        TOP Group Holdings, Inc.)
 Statements
        of Cash Flow
 For
        the
        nine months Ended September 30,
 Indirect
        Method
 (Unaudited)
  2007
              
              2006**Cash
                  Flows from Operating Activities:**Net
                  Loss
              
              $
              (12,639
              )
              $
              (400,842
              )Adjustments
                  to reconcile net loss to net cash usedby
                  operating activitiesDepreciation
              
              
              -
              
              
              20,125Decrease
                  (Increase) in Inventory
              
              
              -
              
              
              643,356Decrease
                  (Increase) in Accounts Receivable
              
              
              -
              
              
              (144,183
              )Decrease
                  (Increase) in other currect assets
              
              
              -
              
              
              (166,114
              )Decrease
                  (Increase) in security deposits
              
              
              -
              
              
              -Increase
                  (Decrease) in accounts payable
              
              
              (3,220
              )
              
              (173,980
              )Increase
                  (Decrease) in current liabilities
              
              
              3,377
              
              
              (43,715
              )**Net
                  Cash Used by Operating Activities**
              
              
              (12,482
              )
              
              (265,353
              )**Investing
                  Activities:**Purchase
                  of property and equipment
              
              
              -
              
              
              186,546**Net
                  Cash from Investing Activities**
              
              
              -
              
              
              186,546**Financing
                  Activities**Net
                  proceeds from issurance of common stock
              
              
              -
              
              
              120,250Decrease
                  (Increase) in Stock Subscription Receivable
              
              
              -
              
              
              45,000Increase
                  in notes payable
              
              
              -
              
              
              55,683Increase
                  in loan from shareholders & directors
              
              
              10,646
              
              
              (180,000
              )**Net
                  Cash from Financing Activities**
              
              
              10,646
              
              
              40,933**Net
                  Increase in Cash & Cash Equivalents**
              
              
              (1,836
              )
              
              (37,874
              )**Beginning
                  Cash & Cash Equivalents**
              
              
              2,671
              
              
              105,439**Ending
                  Cash & Cash Equivalents**
              
              $
              835
              
              $
              67,565**SUPPLEMENTAL
                  DISCLOSURE OF CASH FLOW INFORMATION**Cash
                  paid for Interest
              
              $
              -
              
              $
              23,076Cash
                  paid for Income Taxes
              
              $
              -
              
              $
              -
  The
        accompanying notes are an integral part of these financial
        statements.
  F-4




**SOYODO
      HOLDINGS, INC.**


Notes
      to
      Financial Statements


September
      30, 2007





**Note
      1 - Organization and Summary of Significant Accounting Policies:**





**Organization:**





The
      Company was incorporated on May 15, 1997, under the laws of the state of
      Colorado. On January 16, 2003, TOP Group Corp., a New York corporation,
      purchased 4,400,000 shares of the Company's common stock, which represented
      88%
      of the Company's outstanding capital stock at that time. Prior to the change
      in
      control, the Company's purpose was to investigate opportunities to be acquired
      by a company that desired to be registered under the Securities Exchange Act
      of
      1934, as amended.





In
      the
      second quarter of 2005, the company decided to commence
      a chain of member-only stores in locations with large Chinese immigrant
      populations, offering Chinese culture-related merchandise such as books,
      pre-recorded CDs, stationery, gifts, and sports goods. Subsequently, six retail
      stores had been
      opened. On June 30, 2006, however, the Company started to concentrate on its
      wholesale operation
      and sold to Song Ru-Hua, its majority shareholder & Principal Executive
      Officer, all the six retail stores. Then on November 30, 2006, the company
      decided to go back to its original plan of investigating opportunities to be
      acquired, and sold to Song
      Ru-Hua the remaining wholesale operation.





In
      March
      2003, the Company changed its state of incorporation from Colorado to Delaware
      and its name from Quixit, Inc. to TOP Group Holdings, Inc. In August of 2005,
      the company changed its name again from TOP Group Holdings, Inc. to Soyodo
      Group
      Holdings, Inc. The Company's fiscal year end is December 31.





**Basis
      of Accounting:**





The
      accompanying financial statements have been prepared on the accrual basis of
      accounting in accordance with accounting principles generally accepted in the
      United States.





**Cash
      and Cash Equivalents:**





The
      Company considers all highly liquid debt instruments, purchased with an original
      maturity of three months or less, to be cash equivalents.





**Use
      of Estimates:**





The
      preparation of financial statements, in conformity with accounting principles
      generally accepted in the United States, 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 revenue and expenses during the reporting
      period. Actual results could differ from those estimates.





**Net
      Loss Per Share:**





Net
      loss
      per share is based on the weighted average number of common shares outstanding
      during the period.





**Other
      Comprehensive Income:**





The
      Company has no material components of other comprehensive income (loss), and
      accordingly, net loss is equal to comprehensive loss in all periods.





**Inventory:**





The
      valuation method used for our closing inventory is lower of cost or market.
      There was no inventory at the end of September, 2007.





F-5




**SOYODO
      GROUP HOLDINGS, INC.**


Notes
      to
      Financial Statements


September
      30, 2007





**Note
      2 - Property and Equipment:**





Due
      to
      its divestitures in 2006, the company had nothing left in property and equipment
      as of September 30, 2007.





**Note
      3 - Commitments—operating leases** **:**





As
      of
      September 30, 2007,the Company still had three retail store leases outstanding,
      all of them in California. One expires on October 31, 2007 while the remaining
      two will expire in July of 2010. Without adjustment for cost escalation clauses,
      our minimum lease payments will be about $ 262,120 for the 12-month period
      ended
      September 30, 2008, and about $ 733,610 for the 36-month period ended September
      30, 2010.





Back
      in
      June of 2006, Ru-Hua Song and his privately held corporations took over these
      three leases. They have been and will be responsible for store rents. Currently,
      we are working with the involved landlords to grant us a discharge.





**Note
      4 - Federal Income Taxes:**





The
      Company has made no provision for income taxes because there have been no net
      income for financial statements or tax purposes.





The
      Financial Accounting Standards Board (FASB) has issued Statement of Financial
      Accounting Standards Number 109 (“SFAS 109”). “Accounting for Income Taxes”,
      which requires a change from the deferred method to the asset and liability
      method of accounting for income taxes. Under the asset and liability method,
      deferred income taxes are recognized for the tax consequences of “temporary
      differences” by applying enacted statutory tax rates applicable to future years
      to differences between the financial statement carrying amounts and the tax
      basis of existing assets and liabilities.





Deferred
      tax assets




Net
                operating loss carry-forwards
            
            $
            1,093,159Valuation
                allowance
            
            
            (1,093,159
            )Net
                deferred tax assets
            
            $
            0




As
      of
      September 30, 2007,the Company had net operating loss carry-forwards of
      approximately $1,093,159 for federal income tax purposes. These carry-forwards,
      if not utilized to offset taxable income, will begin to expire in 2010.





**Note
      5 - Going Concern:**





The
      Company's financial statements have been prepared on the basis that it is a
      going concern, which contemplated the realization of assets and the satisfaction
      of liabilities in the normal course of business.





Since
      November 30, 2006, the
      company has been investigating opportunities to be acquired
      by a company that desired to be registered under the Securities Exchange Act
      of
      1934, as amended (the "Exchange Act").





As
      of
      September 30, 2007,the Company’s current liabilities exceed current assets by
      $507,116 and its net worth is negative $507,116. Therefore, the Company's
      ability to continue as a going concern is dependent upon its ability to achieve
      profitable operations and to develop additional sources of capital. The
      accompanying financial statements do not include any adjustments that might
      result from the outcome of these uncertainties.





F-6




**SOYODO
      GROUP HOLDINGS, INC.**


Notes
      to
      Financial Statements


September
      30, 2007





**Note
      6 - Capital Stock Transactions** **:**





On
      March
      25, 1999, the Company's Board of Directors approved an amendment to the Articles
      of Incorporation of the Company, declaring a 1 to 10 reverse stock split of
      outstanding common stock at March 25, 1999. In 2001, the Board of Directors
      declared a 5 to 1 forward stock split. On January 21, 2005, the company filed
      an
      Amended Certificate of Incorporation to increase the shares authorized to issue
      from 5,000,000 to 100,000,000 and to reduce the par value per share from $0.01
      to $0.0001. On September 20, 2006, the company filed an Amended Certificate
      of
      Incorporation to set the authorized shares at 12,000,000. On October 17, 2007,
      the company filed another Amended Certificate of Incorporation to set the
      authorized shares at 120,000,000.





On
      December 15, 2005, our three officers, Wu Hai, Li Ke-Guang and Zhang Hao,
      subscribed to pay $80,000 for 160,000 restricted shares, of which 100,000 shares
      were returned in 2006 to the company by Li
      Ke-Guang, who had also resigned from his Vice President position. The company
      did receive $30,000 for the remaining 60,000 restricted shares. On June 8,
      2006,
      our three independent directors, Song Pei-Kun, Yi Geng-Po and Fang Ye paid
      $170,250 to acquire 1,135,000 restricted shares of the company.




All
      shares and per share amounts in the accompanying financial statements of the
      Company and notes thereto have been retroactively adjusted to reflect the stock
      splits and the par value reduction.





**Note
      7 - Related Party Transactions:**





During
      the nine months ended September 30, 2007,the company did not have any business
      transactions.  As
      of
      September 30, 2007, the company did not have any accounts receivable and
      accounts payable with related parties.





**Note
      8 - Loans from Shareholders:**





This
      loan
      from shareholders of $493,873 has resulted from the working capital needs as
      well as the takeover settlement by Mr. Song Ru-hua.
      This loan from Mr. Song Ru-hua does not carry a due date.





**Note
      9 - Segment Information:**





The
      Company as of September 30, 2007 had no business operations. Prior to the
      takeover on November 30, 2006, it was in the wholesale business in California
      of
      the U.S.A.




F-7