UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549


                           FORM 10-KSB

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

      For the fiscal year ended December 31, 2004

[_]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
      AND EXCHANGE ACT OF 1934

                Commission file number: 000-30529

                      Wings & Things, Inc.
      -----------------------------------------------------
      (Exact name of registrant as specified in its charter)


             Nevada                                 87-0464667
     ---------------------             -----------------------------------
     (State incorporation)             (I.R.S. Employer Identification No.)


#149, 369 East 900 South, Salt Lake City, Utah       84111
----------------------------------------------     ----------
(Address of principal executive offices)           (Zip code)


Issuer's telephone number, including area code:   (801) 323-2395

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

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

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file
such reports) and (2) has been subject to such filing requirements for the
past 90 days.  Yes [X]  No [_]

Check if disclosure of delinquent filers in response to item 405 of Regulation
S-B is not contained herein, and will not be contained, to the best of
registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB. [X]

State issuer's revenue for its most recent fiscal year:   None

Since the registrant does not have an active trading market, a market value of
the voting stock held by non-affiliates cannot be determined.

As of March 3, 2005 the registrant had 18,000,000 shares of common stock
outstanding.

Documents incorporated by reference: None.

Transitional Small Business Disclosure Format: Yes [_]   No [X]


<PAGE>


                        TABLE OF CONTENTS

                              PART I

Item 1.  Description of Business...........................................3
Item 2.  Description of Property...........................................5
Item 3.  Legal Proceedings.................................................5
Item 4.  Submission of Matters to a Vote of Security Holders...............5

                             PART II

Item 5.  Market for Common Equity and Related Stockholder Matters
         and Issuer Purchase of Securities.................................5
Item 6.  Plan of Operation.................................................6
Item 7.  Financial Statements..............................................7
Item 8.  Changes In and Disagreements with Accountants on Accounting
         and Financial Disclosure.........................................17
Item 8A.  Controls and Procedures.........................................17
Item 8B. Other Information................................................17

                             PART III

Item 9.  Directors, Executive Officers, Promoters and Control Persons,
         Compliance with Section 16(a) of the Exchange Act................17
Item 10. Executive Compensation...........................................18
Item 11. Security Ownership of Certain Beneficial Owners and Management
         and Related Stockholder Matters..................................18
Item 12. Certain Relationships and Related Transactions...................19
Item 13. Exhibits.........................................................19
Item 14. Principal Accountant Fees and Services...........................19
Signatures................................................................20




In this annual report references to "Wings & Things," "we," "us," and "our"
refer to Wings & Things, Inc.


        SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

The Securities and Exchange Commission ("SEC") encourages companies to
disclose forward-looking information so that investors can better understand
future prospects and make informed investment decisions.  This report contains
these types of statements.  Words such as "may," "will," "expect," "believe,"
"anticipate," "estimate," "project," or "continue" or comparable terminology
used in connection with any discussion of future operating results or
financial performance identify forward-looking statements.  You are cautioned
not to place undue reliance on the forward-looking statements, which speak
only as of the date of this report.  All forward-looking statements reflect
our present expectation of future events and are subject to a number of
important factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.


                                2
<PAGE>


                              PART I
                              ------

ITEM 1. DESCRIPTION OF BUSINESS

Business Development

Wings & Things, Inc. was incorporated in the state of Nevada on December 9,
1997, as the wholly-owned subsidiary of Yellow Pines Corporation, a Utah
corporation.  On March 10, 2000, Wings & Things merged with Yellow Pines for
the sole purpose of changing Yellow Pines' domicile from Utah to Nevada.
Yellow Pines was originally incorporated in the state of Utah on March 11,
1986 as WorldNet, Inc. of Utah and was a wholly-owned subsidiary of Nautilus
Entertainment, Inc., a Nevada corporation.  Wings & Things does not have
active business operations and remains a subsidiary of Nautilus Entertainment,
Inc., now called VIP WorldNet, Inc.

Our Plan

We are a development stage" company and have had recurring operating losses
for the past two fiscal years.  Our independent auditors have expressed doubt
that we can continue as a going concern unless we obtain financing to continue
operations.

Our business plan is to seek, investigate, and, if warranted, acquire an
interest in a business opportunity.  Our acquisition of a business opportunity
may be made by merger, exchange of stock, or otherwise.  We have very limited
sources of capital, and we probably will only be able to take advantage of one
business opportunity. As of the date of this filing we have not identified any
business opportunity that we plan to pursue, nor have we reached any
preliminary or definitive agreements or understandings with any person
concerning an acquisition or merger.

Based on current economic and regulatory conditions, management believes that
it is possible, if not probable, for a company like ours, without many assets
or liabilities, to negotiate a merger or acquisition with a viable private
company.  The opportunity arises principally because of the high legal and
accounting fees and the length of time associated with the registration
process of "going public."  However, should any of these conditions change, it
is very possible that there would be little or no economic value for anyone
taking over control of Wings & Things.

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

The selection of a business opportunity in which to participate is complex and
extremely risky and will be made by management in the exercise of its business
judgement.  Our activities are subject to several significant risks which
arise primarily as a result of the fact that we have no specific business and
may acquire or participate in a business opportunity based on the decision of
management which will, in all probability, act without consent, vote, or
approval of our stockholders.   We can not assure you that we will be able to
identify and acquire any business opportunity which will ultimately prove to
be beneficial to us and our stockholders.  Should a merger or acquisition
prove unsuccessful, it is possible management may decide not to pursue further
acquisition activities and management may abandon its activities and we may
become dormant or be dissolved.

It is possible that the range of business opportunities that might be
available for consideration by us could be limited by the fact that our common
stock is not listed on any market.  We cannot assure that a market will
develop or that a stockholder will be able to liquidate his investments
without considerable delay, if at all.  If a market develops, our shares will
likely be subject to the rules of the Penny Stock Suitability Reform Act of
1990.  The liquidity of penny stock is affected by specific disclosure
procedures required by this Act to be followed by all broker-dealers,
including but not limited to, determining the suitability of the stock for a
particular customer, and obtaining a written agreement from the customer to
purchase the stock.  This rule may affect the ability of broker-dealers to
sell our securities and may affect the ability of purchasers to sell our
securities in any market.


                                3

<PAGE>

Investigation and Selection of Business Opportunities

We anticipate that business opportunities will come to our attention from
various sources, including our officers and directors, our stockholders,
professional advisors such as attorneys and accountants, securities
broker-dealers, investment banking firms, venture capitalists, members of the
financial community and others who may present unsolicited proposals.
Management expects that prior personal and business relationships may lead to
contacts with these various sources.

Our management will analyze the business opportunities; however, none of our
management are professional business analysts.  (See, Part III, Item 9:
Directors, Executive Officers, . . .)  Our management has had limited
experience with mergers and acquisitions of business opportunities and has not
been involved with an initial public offering.

Certain conflicts of interest exist or may develop between us and our officers
and directors.  Our management has other business interests to which they
currently devote attention, which include their primary employment and
management of other development stage reporting companies.  They may be
expected to continue to devote their attention to these other business
interests although management time should be devoted to our business.  As a
result, conflicts of interest may arise that can be resolved only through
their exercise of judgement in a manner which is consistent with their
fiduciary duties to us.

A decision to participate in a specific business opportunity may be made upon
our management's analysis of:
..    the quality of the business opportunity's management and personnel,
..    the anticipated acceptability of its new products or marketing concept,
..    the merit of its technological changes,
..    the perceived benefit that it will derive from becoming a publicly held
     entity, and
..    numerous other factors which are difficult, if not impossible, to analyze
     through the application of any objective criteria.

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

In many instances, we anticipate that the historical operations of a specific
business opportunity may not necessarily be indicative of the potential for
the future because of the possible need to substantially shift marketing
approaches, significantly expand operations, change product emphasis, change
or substantially augment management, or make other changes.  We will be
dependent upon the owners of a business opportunity to identify any such
problems which may exist and to implement, or be primarily responsible for,
the implementation of required changes.

Form of Acquisition

We cannot predict the manner in which we may participate in a business
opportunity.  Specific business opportunities will be reviewed as well as our
needs and desires and those of the promoters of the opportunity.  The legal
structure or method deemed by management to be suitable will be selected based
upon our review and our relative negotiating strength. Such methods may
include, but are not limited to, leases, purchase and sale agreements,
licenses, joint ventures and other contractual arrangements.  We may act
directly or indirectly through an interest in a partnership, corporation or
other forms of organization.  We may be required to merge, consolidate or
reorganize with other corporations or forms of business organizations. In
addition, our present management and stockholders most likely will not have
control of a majority of our voting shares following a merger or
reorganization transaction.  As part of such a transaction, our existing
directors may resign and new directors may be appointed without any vote by
our stockholders.

We likely will acquire our participation in a business opportunity through the
issuance of common stock or other


                                4
<PAGE>


securities.  Although the terms of any such transaction cannot be predicted,
it should be noted that issuance of additional shares also may be done
simultaneously with a sale or transfer of shares representing a controlling
interest by current principal stockholders.

In the event we merge or acquire a business opportunity, the successor company
will be subject to our reporting obligations.  This is commonly referred to as
a "back door registration."  A back door registration occurs when a
non-reporting company becomes the successor of a reporting company by merger,
consolidation, exchange of securities, acquisition of assets or otherwise.
This type of event requires the successor company to file a current report
with the SEC which provides the same kind of information about the company to
be acquired that would appear in a registration statement, including audited
and pro forma financial statements.  Accordingly, we may incur additional
expense to conduct due diligence and present the required information for the
business opportunity in any report.  Also, the SEC may elect to conduct a full
review of the successor company and may issue substantive comments on the
sufficiency of disclosure related to the company to be acquired.

Competition

We expect to encounter substantial competition in our effort to locate
attractive opportunities.  Business development companies, venture capital
partnerships and corporations, venture capital affiliates of large industrial
and financial companies, small investment companies, and wealthy individuals
will be our primary competition. Many of these entities will have
significantly greater experience, resources and managerial capabilities than
we do and will be in a better position than we are to obtain access to
attractive business opportunities.  We also will experience competition from
other public development stage companies, many of which may have more funds
available for these type of transactions.

Employees

We currently have no employees.  Our management expects to confer with
consultants, attorneys and accountants as necessary.  We do not anticipate a
need to engage any full-time employees so long as we are seeking and
evaluating business opportunities.

ITEM 2. DESCRIPTION OF PROPERTY

We do not currently own or lease any property.  Until we pursue a viable
business opportunity and recognize income, we will not seek independent office
space.

ITEM 3. LEGAL PROCEEDINGS

We are not a party to any proceedings or threatened proceedings as of the date
of this filing.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

We have not submitted a matter to a vote of our shareholders during the fourth
quarter of the 2004 fiscal year.

                             PART II
                             -------

ITEM 5:  MARKET PRICE FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

Our common stock is not listed on a public trading market.  As of March 3,
2005 we had 78 stockholders of record.  We have not declared dividends on our
common stock and do not anticipate paying dividends on our common stock in the
foreseeable future.

Recent Sales of Unregistered Securities

None.



                                5


<PAGE>


Issuer Purchase of Securities

None.

ITEM 6. PLAN OF OPERATION

At December 31, 2004 we had no cash and total liabilities of $50,000 and we
have experienced losses from inception.  During the next twelve months our
management intends to actively seek an operating company to acquire or merge
with which will create operating revenue.

We currently cannot satisfy our cash requirements for our operations.  The
majority of our operating expenses are related to our reporting obligations
under the Exchange Act.  These expenses are related to legal, accounting and
professional services required to prepare and file our reports with the SEC.
We are unable to pay cash for these services and have relied on related and
third parties to pay for these costs on our behalf.  These parties have not
entered into written agreements guaranteeing advances and, therefore, these
parties are not obligated to provide funds in the future.  However, management
anticipates that these parties will continue to pay for these costs on our
behalf during the next twelve months.  Historically, we have paid for these
advances by converting the debt into common stock.

If we obtain a business opportunity, then it may be necessary to raise
additional capital.  We likely will sell our common stock to raise this
additional capital.  We expect to issue such stock pursuant to exemptions
provided by federal and state securities laws.  The purchasers and manner of
issuance will be determined according to our financial needs and the available
exemptions.  We do not currently intend to make a public offering of our
stock.  We also note that if we issue more shares of our common stock, then
our shareholders may experience dilution in the value per share of their
common stock.




                                6
<PAGE>



ITEM 7. FINANCIAL STATEMENTS




                       Wings & Things, Inc.

                Consolidated Financial Statements

                    December 31, 2004 and 2003





                                7

<PAGE>


                             CONTENTS


Independent Auditor's Report ..............................................F-3

Consolidated Balance Sheets................................................F-4

Consolidated Statements of Operations......................................F-5

Consolidated Statements of Stockholders' Equity............................F-6

Consolidated Statements of Cash Flows......................................F-7

Notes to the Consolidated  Financial Statements ...........................F-8




                                8

<PAGE>

   Chisholm,
     Bierwolf &                                 533 West 2600 South, Suite 250
       Nilson, LLC                                       Bountiful, Utah 84010
                                                         Office (801) 292-8756
Certified Public Accountants                                Fax (801) 292-8809

______________________________________________________________________________


                   INDEPENDENT AUDITOR'S REPORT

To the Board of Directors and Stockholders
of Wings & Things, Inc.:

We have audited the accompanying consolidated balance sheets of Wings &
Things, Inc. (a development stage company) as of December 31, 2004 and 2003
and the related consolidated statements of operations, stockholders' equity
and cash flows for the years ended December 31, 2004 and 2003 and from
inception March 11, 1986 through December 31, 2004.  These consolidated
financial statements are the responsibility of the Company's management.  Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States).  Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of Wings &
Things, Inc. (a development stage company) as of December 31, 2004 and 2003
and the results of its operations and cash flows for the years ended December
31, 2004 and 2003 and from inception March 11, 1986 through December 31, 2004
in conformity with generally accepted accounting principles in the United
States of America.

The accompanying consolidated financial statements have been prepared assuming
that the Company will continue as a going concern.  The Company has suffered
recurring losses from operations which raises substantial doubt about its
ability to continue as a going concern.  Management's plans in regard to these
matters are described in Note 2.  The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.


/s/ Chisholm, Bierwolf & Nilson

Chisholm, Bierwolf & Nilson
Bountiful, Utah
March 2, 2005

                               F-3
<PAGE> 9






                       Wings & Things, Inc.
                  (A Development Stage Company)
                   Consolidated Balance Sheets

                              ASSETS

                                                          December 31
                                                  ---------------------------
                                                      2004          2003
                                                  ------------- -------------
CURRENT ASSETS

Cash                                              $          -  $          -
                                                  ------------- -------------

  TOTAL ASSETS                                    $          -  $          -
                                                  ============= =============


               LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Accounts Payable                                  $     50,000  $     45,000
                                                  ------------- -------------

  Total Liabilities                                     50,000        45,000
                                                  ------------- -------------
STOCKHOLDERS' EQUITY

Common Stock, $.001 par value;
  20,000,000 shares authorized; 18,000,000
  shares issued and outstanding                         18,000        18,000

Additional Paid-in Capital                               9,000         9,000

Deficit Accumulated during the development stage       (77,000)      (72,000)
                                                  ------------- -------------

  Total Stockholders' Equity (deficit)                 (50,000)      (45,000)
                                                  ------------- -------------

  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY      $          -  $          -
                                                  ============= =============







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

                               F-4



<PAGE> 10


                       Wings & Things, Inc.
                  (A Development Stage Company)
              Consolidated Statements of Operations

                                                                From
                                                                Inception on
                                                                March 11,
                                        For the Years Ended     1986 to
                                            December 31         Dec. 31,
                                         2004          2003     2004
                                    ------------- ------------- -------------

REVENUES                            $          -  $          -  $          -
                                    ------------- ------------- -------------
EXPENSES
  General & Administrative                 5,000        10,000        77,000
                                    ------------- ------------- -------------

    TOTAL EXPENSES                         5,000        10,000        77,000
                                    ------------- ------------- -------------

NET INCOME (LOSS)                   $     (5,000) $    (10,000) $    (77,000)
                                    ============= ============= =============

NET LOSS PER SHARE                  $      (0.00) $      (0.00) $      (0.00)
                                    ============= ============= =============

WEIGHTED AVERAGE SHARES OUTSTANDING   18,000,000    17,079,452    17,057,496
                                    ============= ============= =============





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

                               F-5


<PAGE> 11



                       Wings & Things, Inc.
                  (A Development Stage Company)
         Consolidated Statements of Stockholders' Equity
    From Inception on March 11, 1986 through December 31, 2004


                                                                 Deficit
                                                                 Accumulated
                                                     Additional  During the
                                Common Stock         Paid in     Development
                             Shares       Amount     Capital     Stage
                           ------------- ----------- ----------- -------------
Issuance of shares for
 marketing rights            17,000,000  $   17,000  $        -  $          -

Net (loss) for the year
 ended December 31, 1986              -           -           -       (17,000)

Net (loss) for the year
 ended December 31, 1987              -           -           -             -

Net (loss) for the year
 ended December 31, 1988              -           -           -             -

Net (loss) for the year
 ended December 31, 1989              -           -           -             -

Net (loss) for the year
 ended December 31, 1990              -           -           -             -

Net (loss) for the year
 ended December 31, 1991              -           -           -             -

Net (loss) for the year
 ended December 31, 1992              -           -           -             -

Net (loss) for the year
 ended December 31, 1993              -           -           -             -
                           ------------- ----------- ----------- -------------

Balance - December 31, 1993  17,000,000      17,000           -       (17,000)

Net (loss) for the year
 ended December 31, 1994              -           -           -             -
                           ------------- ----------- ----------- -------------

Balance - December 31, 1994  17,000,000      17,000           -       (17,000)

Net (loss) for the year
 ended December 31, 1995              -           -           -             -
                           ------------- ----------- ----------- -------------

Balance - December 31, 1995  17,000,000      17,000           -       (17,000)

Net (loss) for the year
 ended December 31, 1996              -           -           -             -
                           ------------- ----------- ----------- -------------

Balance - December 31, 1996  17,000,000      17,000           -       (17,000)

Net (loss) for the year
 ended December 31, 1997              -           -           -             -
                           ------------- ----------- ----------- -------------

Balance - December 31, 1997  17,000,000      17,000           -       (17,000)

Net (loss) for the year
 ended December 31, 1998              -           -           -             -
                           ------------- ----------- ----------- -------------

Balance - December 31, 1998  17,000,000      17,000           -       (17,000)

Net (loss) for the year
 ended December 31, 1999              -           -           -       (40,000)
                           ------------- ----------- ----------- -------------

Balance - December 31, 1999  17,000,000      17,000           -       (57,000)

Net (loss) for the year
 ended December 31, 2000              -           -           -             -
                           ------------- ----------- ----------- -------------

Balance - December 31, 2000  17,000,000      17,000           -       (57,000)

Net (loss) for the year
 ended December 31, 2001              -           -           -             -
                           ------------- ----------- ----------- -------------

Balance - December 31, 2001  17,000,000      17,000           -       (57,000)

Net (loss) for the year
 ended December 31, 2002              -           -           -        (5,000)
                           ------------- ----------- ----------- -------------

Balance - December 31, 2002  17,000,000      17,000           -       (62,000)

Common stock issued
 for services                 1,000,000       1,000       9,000             -

Net (loss) for the year
 ended December 31, 2003              -           -           -       (10,000)
                           ------------- ----------- ----------- -------------

Balance - December 31, 2003  18,000,000      18,000       9,000       (72,000)

Net (loss) for the year
 ended December 31, 2004              -           -           -        (5,000)
                           ------------- ----------- ----------- -------------

Balance - December 31, 2004  18,000,000  $    1,000  $    9,000  $    (77,000)
                           ============= =========== =========== =============


The accompanying notes are an integral part of these financial statements

                               F-6

<PAGE> 12



                       Wings & Things, Inc.
                  (A Development Stage Company)
              Consolidated Statements of Cash Flows



                                                                From
                                                                Inception on
                                                                March 11,
                                         For the Years Ended    1986 Through
                                            December 31         December 31,
                                         2004          2003     2004
                                    ------------- ------------- -------------
Cash Flows from Operating Activities

  Net Loss                          $    ( 5,000) $    (10,000) $    (77,000)
  Less  Non-cash Items:
  Depreciation & Amortization                  -             -        17,000
  Increase in Accounts Payable             5,000             -        50,000
  Stock issued for services                    -        10,000        10,000
                                    ------------- ------------- -------------
  Net Cash Provided (Used) by
  Operating Activities                         -             -             -
                                    ------------- ------------- -------------

Cash Flows from Investing Activities           -             -             -
                                    ------------- ------------- -------------
  Net Cash Provided (Used) by
  Investing Activities                         -             -             -
                                    ------------- ------------- -------------

Cash Flows from Financing Activities           -             -             -
                                    ------------- ------------- -------------
  Net Cash Provided (Used) by
  Financing Activities                         -             -             -
                                    ------------- ------------- -------------

Increase (Decrease) in Cash                    -             -             -

Cash and Cash Equivalents at
 Beginning of Period                           -             -             -
                                    ------------- ------------- -------------
Cash and Cash Equivalents at
 End of Period                      $          -  $          -  $          -
                                    ============= ============= =============
Supplemental Cash Flow Information:

  Stock issued for marketing rights $          -  $          -  $     17,000
  Stock issued for services         $          -  $     10,000  $     10,000

  Cash Paid For:
    Interest                        $          -  $          -  $          -
    Income Taxes                    $          -  $          -  $          -



The accompanying notes are an integral part of these financial statements

                               F-7


<PAGE> 13


                       Wings & Things, Inc.
                  (A Development Stage Company)
          Notes to the Consolidated Financial Statements
                    December 31, 2004 and 2003

NOTE 1 - Summary of Significant Accounting Policies

a.  Organization & Consolidation Policy

Wings & Things, Inc. (the Company), a Nevada corporation, was incorporated
December 9, 1997.  On March 10, 2000 the Company merged with Yellow Pines
Corporation, a Utah corporation.

Yellow Pines, formerly known as WorldNet, Inc. was incorporated March 11, 1986
to lease, sell, and market airships, which rights were acquired from VIP
Worldnet, Inc. initially the only shareholder.  The technology to further
develop the airship by the parent company proved to be prohibitive, and
shortly after the acquisition of the marketing rights further activity ceased.
Yellow Pines has been inactive since that date.

The merger was recorded under the pooling of interest method of accounting.
Each share of the Company remained outstanding as one fully paid and
non-assessable share of capital stock of the surviving corporation, and each
share of Yellow Pines was converted into one fully paid and non-assessable
share of capital stock of the surviving corporation.

The Company incurred no revenue, expenses and had neither assets nor
liabilities on its balance sheet from the date of its inception to the date of
the merger.  Therefore, the accompanying financial statements present the
financial condition and results of operations of Yellow Pines from its
inception through the merger date and of the surviving entity, the Company, as
of the merger date.

b.  Recognition of Revenue

The Company recognizes income and expense on the accrual basis of accounting.

c.  Earnings (Loss) Per Share

The computation of earnings per share of common stock is based on the weighted
average number of shares outstanding at the date of the financial statements.

                                        Income (loss)    Shares     Per Share
                                        (Numerator)   (Denominator)   Amount
                                        ------------- ------------- ----------
For the year ended December 31, 2004:

 Basic EPS
  Income (loss) to common stockholders  $     (5,000)   18,000,000  $       -
                                        ============= ============= ==========
For the year ended December 31, 2003:

 Basic EPS
  Income (loss) to common stockholders  $    (10,000)   17,079,452  $       -
                                        ============= ============= ==========




                               F-8
<PAGE> 14

                       Wings & Things, Inc.
                  (A Development Stage Company)
          Notes to the Consolidated Financial Statements
                    December 31, 2004 and 2003

NOTE 1 - Summary of Significant Accounting Policies (continued)

d.  Earnings (loss) per share (continued)


From inception on March 11, 1986 to
December 31, 2004:

 Basic EPS
   Income (loss) to common stockholders $    (77,000)   17,057,496  $   (0.00)
                                        ============= ============= ==========

e.  Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three
months or less to be cash equivalents.

f.  Provision for Income Taxes

No provision for income taxes have been recorded due to net operating loss
carryforwards totaling approximately $77,000 that will be offset against
future taxable income.  These NOL carryforwards began to expire in the year
2001.  No tax benefit has been reported in the financial statements because
the Company believes there is a 50% or greater chance the carryforward will
expire unused.

Deferred tax asset and the valuation account is as follows at December 31,
2004 and 2003:


                                                         December 31,
                                                     2004           2003
                                                ------------- -------------
Deferred tax asset:
     NOL carryforward                           $     20,400  $     18,700
     Valuation allowance                             (20,400)      (18,700)
                                                ------------- -------------
                                                $          -  $          -
                                                ============= =============
g. Use of estimates

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the 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.
Actual results could differ from those estimates.



                               F-9

<PAGE> 15


                       Wings & Things, Inc.
                  (A Development Stage Company)
          Notes to the Consolidated Financial Statements
                    December 31, 2004 and 2003


NOTE 2 - Going Concern

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern.  The Company has no assets and has
had recurring operating losses for the past several years and is dependent
upon financing to continue operations.  The financial statements do not
include any adjustments that might result from the outcome of this
uncertainty.  It is management's plan to find an operating company to merge
with, thus creating necessary operating revenue.

NOTE 3 - Capitalization

In 1986, the Company issued 17,000,000 shares of common stock for the
marketing rights to an airship.  The value of this issuance was $17,000.

During 1997, the Company issued 100 shares of stock in the formation of Wings
& Things, Inc., and subsequently canceled these shares.

During 2003, the Company issued 1,000,000 of its common stock for services
valued at $10,000 (or $.01 per share)

NOTE 4 - Related Party Transactions

During the year ended December 31, 1999, the Company incurred $40,000 of
professional fees payable to professionals affiliated with First Equity
Holdings Corp. (formerly Mutual Ventures Corp.)  An officer of the Company was
an employee of First Equity Holdings Corp.

During the years ended December 31, 2002 and 2004 the Company incurred $5,000
each year of professional fees payable to professionals affiliated with First
Equity Holdings Corp.

NOTE 5 - Development Stage Company

The Company is a development stage company as defined in Financial Accounting
Standards Board Statement No. 7.  It is concentrating substantially all of its
efforts in raising capital and searching for a business operation with which
to merge, or assets to acquire, in order to generate significant operations.







                               F-10

<PAGE> 16


ITEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
         ON ACCOUNTING AND FINANCIAL DISCLOSURE

In our current report dated February 9, 2004, we reported that our independent
auditors, Chisholm & Associates, Certified Public Accountants, resigned as our
independent auditors and we engaged Chisholm, Bierwolf & Nilson, LLC,
Certified Public Accountants, as our independent auditors.

ITEM 8A. CONTROLS AND PROCEDURES

Our President, who acts in the capacity as principal executive officer and
principal financial officer, has reevaluated the effectiveness of our
disclosure controls and procedures as of the end of the period covered by this
report and determined that there continued to be no significant deficiencies
in these procedures.  Also, there were no changes made or corrective actions
to be taken related to our internal control over financial reporting.

ITEM 8B. OTHER INFORMATION

None.


                             PART III
                             --------

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS,
        COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT

Our executive officers and directors, their respective ages, positions and
biographical information are presented below.  Our bylaws require at least one
director and our directors serve for the term of one year or until replaced by
a qualified director.  Our executive officers are chosen by our Board of
Directors and serve at its discretion.  There are no existing family
relationships between or among any of our executive officers or directors.

Name             Age    Position Held                     Director Since
---------------- ------ --------------------------------- -----------------
Linda L. Perry    60    President, Director               July 13, 2001
M. Jeanne Ball    47    Secretary/Treasurer, Director     February 9, 1998

Linda L. Perry -  Mrs. Perry serves as President of Business Builders, Inc., a
privately held business consulting firm which she co-founded in 1997.  She
also serves as a director of Globalwise Investments, Inc., a development stage
reporting company.  She attended Weber State College, located in Ogden, Utah.

M. Jeanne Ball -  Ms Ball was appointed a director and officer shortly after
our incorporation.  For the past five years, Ms Ball, has worked as an
independent contractor performing duties of a legal secretary for an attorney.
She is a Director of Skinovation Pharmaceutical Incorporated, a development
stage reporting company.

Audit Committee Financial Expert

Because we have minimal operations we do not have an audit committee serving
at this time.  Thus, we do not have an audit committee financial expert
serving on our audit committee.

Compliance with Section 16(a) of the Exchange Act

Section 16(a) of the Securities Exchange Act of 1934 requires our directors,
executive officers and persons who own more than five percent of a registered
class of our equity securities, to file with the Securities and Exchange
Commission initial reports of ownership and reports of changes in ownership of
common stock and our other equity securities.  Officers, directors and greater
than ten-percent beneficial owners are required by SEC regulations to furnish
us with copies of all Section 16(a) reports they file.  We believe no reports
were required to be filed during the past year.

                                17

<PAGE>

Code of Ethics

Due to the fact that we have minimal operations, we have not adopted a code of
ethics for our principal executive and financial officers.  Our board of
directors will revisit this issue in the future to determine if adoption of a
code of ethics is appropriate.  In the meantime, our management intends to
promote honest and ethical conduct, full and fair disclosure in our reports to
the SEC, and compliance with applicable governmental laws and regulations.

ITEM 10. EXECUTIVE COMPENSATION

None of our named executive officers received any cash compensation, bonuses,
stock appreciation rights, long term compensation, stock awards or long-term
incentive rights from us during the past three fiscal years.  No person acting
in a capacity similar to chief executive officer received compensation during
the 2004 fiscal year.  We have not entered into employment contracts with our
executive officers and their compensation, if any, will be determined at the
discretion of our Board of Directors.

Compensation of Directors

We do not have any standard arrangement for compensation of our directors for
any services provided as director, including services for committee
participation or for special assignments.

ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
          AND RELATED STOCKHOLDER MATTERS

Securities Under Equity Compensation Plans

We do not have any securities authorized for issuance under any equity
compensation plans.

Beneficial Ownership

The following table sets forth the beneficial ownership of our outstanding
common stock of our management and each person or group known by us to own
beneficially more than 5% of our outstanding common stock.  Beneficial
ownership is determined in accordance with the rules of the SEC and generally
includes voting or investment power with respect to securities.  Except as
indicated by footnote, the persons named in the table below have sole voting
power and investment power with respect to all shares of common stock shown as
beneficially owned by them.  The percentage of beneficial ownership is based
on 18,000,000 shares of common stock outstanding as of March 3, 2005.


                    CERTAIN BENEFICIAL OWNERS

Name and Address of             Number of Shares of
Beneficial Owners               Common Stock           Percentage of Class
------------------------------  ---------------------  -------------------
VIP WorldNet, Inc.              15,060,450 (1)         83.7%
154 E.  Ford Avenu3
Salt Lake City, Utah 84124

First Equity Holdings Corp.      1,000,000              5.6%
2157 S. Lincoln Street
Salt Lake City, Utah 84106

(1)   VIP WorldNet, Inc. holds 15,000,000 shares and its President, Joanne
      Clinger, beneficially owns 60,450 shares of our common stock.



                                18


<PAGE>



                            MANAGEMENT

Name and Address of             Number of shares of
Beneficial Owners               Common stock           Percentage of Class
------------------------------- ---------------------- -------------------
M. Jeanne Ball                         200             Less than 1%
938 Bloomsbury Cove
Murray, Utah 84123

Linda L. Perry                         200             Less than 1%
2157 S. Lincoln Street
Salt Lake City, Utah 84106

All executive officers and
  directors as a group                 400             Less than 1%


ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

We have not engaged in any transactions in excess of $60,000 during the past
two years involving our executive officers, directors, 5% stockholders or
immediate family members of such persons.

Parent Company

VIP WorldNet, Inc. is our parent company and beneficially owns 15,060,450
shares of our common stock.  These shares represent 83.7% of our issued and
outstanding shares.


ITEM 13. EXHIBITS

No.   Description
----  ------------
3.1   Articles of Incorporation, dated March 11, 1986 (Incorporated by
      reference to exhibit 2.1 of the Form 10-SB, File No. 000-30529, filed
      November 1, 2000)
3.2   Bylaws of Wings & Things, Inc. (Incorporated by reference to exhibit 2.3
      of the Form 10-SB, File No. 000-30529, filed November 1, 2000)
31.1  Principal Executive Officer Certification
31.2  Principal Financial Officer Certification
32.1  Section 1350 Certification


ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Audit Fees

The aggregate fees billed for each of the last two fiscal years for
professional services rendered by our principal account for the audit of our
annual financial statement and review of financial statements included in
quarterly reports and services normally provided by the accountant in
connection with statutory and regulatory filings or engagements were $1,287
for fiscal year ended 2003 and $1,371 for fiscal year ended 2004.

Audit-Related Fees

Our auditor did not bill any fees in each of the last two fiscal years for
assurance and related services by the principal accountant that are reasonably
related to the performance of the audit or review of our financial statements
that are not reported above.

Tax Fees

Our auditor did not bill any fees in each of the last two fiscal years for
professional services rendered by the


                                19


<PAGE>


principal accountant for tax compliance, tax advise, and tax planning.

All Other Fees

Our auditor did not bill any fees in each of the last two fiscal years for
products and services provided by the principal accountant, other than the
services reported above

Pre-approval Policies

We do not have an audit committee currently serving and as a result our board
of directors performs the duties of an audit committee.  Our board of
directors will evaluate and approve in advance, the scope and cost of the
engagement of an auditor before the auditor renders audit and non-audit
services.  We do not rely on pre-approval policies and procedures.




                            SIGNATURES

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


                                       WINGS & THINGS, INC.

                                       /s/ Linda L. Perry
Date: March 24, 2005               By: ____________________________________
                                       Linda L. Perry
                                       President


Pursuant to the requirements of the Securities Exchange Act of 1934.  This
report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.


                                       /s/ Linda L. Perry
Date: March 24, 2005                   _____________________________________
                                       Linda L. Perry
                                       Principal Executive Officer
                                       Principal Financial and Accounting
                                       Officer


                                       /s/ M. Jeanne Ball
Date: March 24, 2005                   ______________________________________
                                       M. Jeanne Ball
                                       Secretary/Treasurer and Director


                                20

<PAGE>