**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


WASHINGTON,
      D.C. 20549




**FORM
      10-KSB**




(Mark
      One)




**x
      ANNUAL REPORT UNDER
      SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF**


**1934
      FOR THE FISCAL YEAR ENDED DECEMBER 31, 2006.**




**o
      TRANSITION REPORT UNDER SECTION 13 or
      15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**


**FOR
      THE** **TRANSITION
      PERIOD FROM ________ TO ________**




*COMMISSION
      FILE NO. 000-31763*




**PLANETLINK
      COMMUNICATIONS, INC.**


(Exact
      name of issuer as specified in its charter)


GEORGIA
              
              58-2466623(State
                  or other jurisdiction of
              
              (I.R.S.
                  Employer Identification No.)incorporation
                  or organization)1415
                  BOOKHOUT DRIVE, CUMMING, GEORGIA
              
              30041(Address
                  of principal executive offices)
              
              (Zip
                  Code)




Registrant's
      telephone number, including area code: (678) 455-7075




Securities
      registered under


Section
      12(b) of the Exchange Act: NONE.




Securities
      registered under


Section
      12(g) of the Exchange Act: COMMON STOCK, PAR VALUE $0.001 PER
      SHARE.


(Title
      of
      class)




Check
      whether the issuer is not required to file reports pursuant to Section
      13


or
      15(d)
      of the Exchange Act. o




Check
      whether the issuer (1) filed all reports required to be filed by Section 13
      or
      15(d) of the Exchange Act during the past twelve months (or 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 o




Check
      if
      there is no disclosure of delinquent filers in response to Item 405 of
      Regulation S-B contained in this form, and no disclosure will 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. o




Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act).


Yes
o
      No x




State
      issuer's revenues for its most recent fiscal year: $280,741.





As
      of
      March 21, 2007, the aggregate market value of the issuer's common stock held
      by
      non-affiliates was $537,880.68 (based on the closing price of $0.0005 per share
      of common stock on March 21, 2007, as reported by the Over-the-Counter Bulletin
      Board).




State
      the
      number of shares outstanding of each of the issuer's classes of common stock
      as
      of March 21, 2007: 1,093,683,760




Documents
      incorporated by reference: None.









**PLANETLINK
      COMMUNICATIONS, INC.**


**FORM
      10-KSB**





**TABLE
      OF CONTENTS**




PAGE
                NO.PART
                  I
            
            3ITEM
                1.
            DESCRIPTION
                OF BUSINESS.
            3ITEM
                2.
            DESCRIPTION
                OF PROPERTY.
            7ITEM
                3.
            LEGAL
                PROCEEDINGS.
            7ITEM
                4.
            SUBMISSION
                OF MATTERS TO A VOTE OF SECURITY HOLDERS.
            8PART
                II
            
            8ITEM
                5.
            MARKET
                FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
            8ITEM
                6.
            MANAGEMENT'S
                DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
            9ITEM
                7.
            FINANCIAL
                STATEMENTS.
            12ITEM
                8.
            CHANGES
                IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
                DISCLOSURE.
            14ITEM
                8A.
            CONTROLS
                AND PROCEDURES.
            14ITEM
                8B.
            OTHER
                INFORMATION.
            14PART
                III
            
            15ITEM
                9.
            DIRECTORS,
                EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS AND CORPORATE
                GOVERNANCE; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE
                ACT.
            15ITEM
                10.
            EXECUTIVE
                COMPENSATION.
            17ITEM
                11.
            SECURITY
                OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
                STOCKHOLDER MATTERS.
            17ITEM
                12.
            CERTAIN
                RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
                INDEPENDENCE.
            18ITEM
                13.
            EXHIBITS.
            19ITEM
                14.
            PRINCIPAL
                ACCOUNTANT FEES AND SERVICES.
            20




2




**PART
      I**




**FORWARD
      LOOKING STATEMENTS DISCLAIMER**





This
      report contains forward-looking statements that involve risks and uncertainties.
      We generally use words such as "believe," "may," "could," "will," "intend,"
      "expect," "anticipate," "plan," and similar expressions to identify
      forward-looking statements. You should not place undue reliance on these
      forward-looking statements. Our actual results could differ materially from
      those anticipated in the forward-looking statements for many reasons, including
      the risks described below in our “Risk Factor” section, elsewhere in this report
      and in our SEC filings from time to time. Although we believe the expectations
      reflected in the forward-looking statements are reasonable, they relate only
      to
      events as of the date on which the statements are made, and our future results,
      levels of activity, performance or achievements may not meet these expectations.
      We do not intend to update any of the forward-looking statements after the
      date
      of this document to conform these statements to actual results or to changes
      in
      our expectations, except as required by law.




**ITEM
      1. DESCRIPTION OF BUSINESS**




**HISTORICAL
      DEVELOPMENT**




In
      May
      1999, we incorporated in Georgia under the name PlanetLink Communications,
      Inc.
      for the purpose of providing international telecommunications and wireless
      services, principally in Georgia. Prior to the end of fiscal 2001, we directed
      our efforts toward satellite television services and products. During the fiscal
      years ended December 31, 2002 and 2003, we provided television services and
      consumer two-way, satellite-based Internet service through our dealership
      agreement with EchoStar Communications. Virtually all of our revenue during
      these periods was the result of the Echostar Agreement. In 2003, after four
      years of retail operations and an evolving business strategy, we moved away
      from
      store retailing to focus on developing satellite-enabled products based on
      Global Positioning Systems, or GPS, technology. In April 2004, we formed our
      subsidiary, PlanetTRAKS, Inc., a Nevada corporation whose headquarters is in
      San
      Antonio, Texas. PlanetTRAKS focuses on the satellite-based mobile asset
      management market. In the fourth quarter of 2004, we recorded our first sales
      from the TransTRAKS product line.





In
      September 2006, we formed a new subsidiary, Coin Wash Associates, Inc., a
      Florida corporation, in order to diversify our business portfolio and enter
      the
      coin laundry market which has traditionally had very strong cash flow. Part
      of
      our strategy was to grow our Company by acquisition. Coin Wash Associates was
      incorporated to acquire coin laundry facilities in the southeastern part of
      the
      United States. The acquisition of Heavenly Suds, a coin laundry facility in
      Oakland Park, Florida was accomplished with cash. The transaction closed on
      November 15, 2006. We are currently reevaluating our business plans and
      acquisition policy. In an agreement dated March 29, 2007, we agreed to transfer
      to Sean Fulda, a majority investor in the Company, all rights in Coin Wash
      Associates, Inc., including all of the assets and liabilities within 30 days
      from closing. The net assets of Coin Wash Associates, Inc., $48,117, are
      included as assets held for sale in the accompanying balance sheet, as of
      December 31, 2006.




In
      the fourth quarter of 2006, we determined to wind
      down our PlanetTRAKS operations due to lack of capital. As a result, at December
      31, 2006, we were no longer seeing new accounts. However, we continue to service
      our existing portfolio of accounts.




**INDUSTRY
      OVERVIEW**




The
      convergence of satellite-based position location technologies with the
      widespread availability and use of wireless data communications has created
      opportunities for a variety of new products and services. The Mobile Asset
      Management industry emerged to offer one of the first commercial applications
      using GPS technology to provide precise location information to automotive
      and
      various other "mobile" asset industries such as trucking, railways, enterprise
      fleets and rental cars.




In
      the
      commercial market, the trucking industry was one of the early adopters of asset
      management solutions led by Qualcomm's OmniTRACS(R) solutions. Qualcomm drove
      initial growth in the industry, and while several other industry verticals
      have
      since emerged, many of the service providers targeting this market have
      experienced difficulties as a result of insufficient capital. We believe the
      outlook for the industry is favorable as equipment and airtime costs continue
      to
      decline and awareness and adoption in the commercial and consumer markets
      increase.




**OUR
      PRODUCTS**




In
      July
      2004, we introduced TransTRAK to the market. TransTRAK is a vehicle tracking
      system that is designed to rapidly deliver vehicle location, speed, distance
      monitoring, and other vehicle behavior variables to our customers. The TransTRAK
      system is built around a simple, cost-effective hardware device that is placed
      in a vehicle, which coupled with our proprietary software tracking system,
      and
      wireless and mapping components, can be customized to the needs of each
      customer. TransTRAK allows a user to actively monitor and manage virtually
      any
      type of mobile asset. We bill our customers monthly for our monitoring
      services.




3




**STRATEGIC
      ALLIANCES**




Our
      operations depend largely upon strategic alliances with four primary service
      providers.




WebTech
      Wireless, Inc. provides our mobile locator units, or MLUs, on an "as ordered"
      basis. We have no minimum purchase requirement with WebTech.




Karta
      Technologies Inc. led the research and development effort for our
      satellite-enabled products beginning in September 2003. Karta completed the
      development of the TransTRAK fleet monitoring software in 2004.




MapQuest.com,
      Inc. provides our map data. We have a contract with Mapquest that renews
      annually. The contract provides mapping services to us based on our specific
      geographic needs. Our current contract covers all of the continental United
      States.




Cingular
      Wireless, LLC provides our wireless data services under a contract which renews
      annually. Our current contract provides for different levels of wireless
      coverage and data transmission depending upon the customer's needs. This pricing
      model provides us with the greatest flexibility to meet customer
      demands.




**CUSTOMERS**




In
      the
      fourth quarter of 2006, we stopped seeking new customers. Our existing customers
      cover a range of industries with the common thread being that each customer
      has
      a fleet of vehicles. We have found demand for TransTRAK in the moving and
      storage industry, various types of transportation companies and service
      providers to the public.




We
      have
      established a position in certain markets because of our reputation. It is
      our
      experience that when we provide our services to customers in a particular
      market, others within that market become aware of our TransTRAK product from
      the
      testimonials of these customers within that market. We believe that these
      testimonials strengthen our reputation and make it more likely a potential
      customer will purchase our products.




We
      receive repeat business from our existing customers. Customers typically place
      an initial order to try our TransTRAK product and services and subsequently
      reorder additional units when the customer finds that the TransTRAK product
      performs to their satisfaction. We believe this pattern establishes that
      customers are pleased with our TransTRAK product and services.





**SALES
      AND MARKETING**




In
      the
      fourth quarter of 2006, we stopped our sales and marketing activities. The
      primary market for our products and services has been commercial customers
      who
      utilize our products to improve their operations. We market TransTRAK to
      businesses that are interested in managing their rolling assets, controlling
      transportation expenses and monitoring employee productivity. We believe some
      of
      our potential markets are:


·
              Wholesale/Retail
                  Delivery fleets;
  ·
              Landscape
                  Contractors,
  ·
              Towing
                  Companies;
  ·
              Plumbing
                  and Electrical Contractors;
  ·
              Utility
                  and Service Fleets;
  ·
              Heating
                  and A/C Contractors;
  ·
              Cattle
                  Hauling Companies; and
  ·
              Local
                  Moving and Pest Control
                  Companies.




4


**DEVICE
      HARDWARE SUPPLY**




We
      do not
      manufacture the GPS devices that we sell. We purchase the devices from WebTech
      Wireless. The devices are delivered to the customer after the insertion of
      a SIM
      card from our wireless provider. We assign the devices by serial number and
      SIM
      card number to the customer's account in our proprietary software. Upon
      installation of the device, the customer defines the telemetry functions to
      the
      device.





If
      we
      were to lose our alliance with WebTech Wireless, we believe we could purchase
      similar GPS devices from other suppliers at a similar price with minimal changes
      made to the flow of data from the device to our proprietary TransTRAK
      software.




**RESEARCH
      AND DEVELOPMENT**




In
      September 2003, we developed a strategic alliance with San Antonio, Texas-based
      Karta Technologies, Inc. to lead the research and development effort for our
      satellite-enabled products. The vehicle tracking system was developed to be
      as
      simple as possible, utilizing the Internet, a mapping component, our proprietary
      software and a GPS device. This architecture has enabled us to bring the service
      to market with the least amount of risk. The design of the system also
      facilitates the ability to roll out new features and services to vehicle
      tracking devices that are already in service. The result of this effort has
      established the technical foundation on which an integrated portfolio of
      personal and asset tracking products and services may be based.





We
      spent
      $0 in fiscal year 2006 and $12,781 in fiscal year 2005, respectively, on
      capitalized costs of our proprietary TransTRAK software. In 2005 we outsourced
      specific customer requests to Karta Technologies. In 2006, these customer
      service functions were returned to PlanetTRAKS.





**EMPLOYEES**




As
      of
      December 31, 2006, we had one full-time employee.




**COMPETITION**




We
      face
      intense competition in the mobile asset management business. We compete with
      larger companies that have a longer history of providing tracking systems with
      event notification systems. Additionally, our competitors generally have
      substantially greater resources, including greater financial resources, a larger
      customer base and greater name and brand recognition.




Our
      competitors are generally differentiated by segments served and technology.
      On
      the technology side, some of our competitors such as Qualcomm's OmniTRACS
      solution have focused their efforts on two-way relatively expensive
      satellite-based solutions, while the majority of our other competitors use
      wireless technology augmented with GPS location capabilities. Our most direct
      competitors are @Road, Discreet Wireless and Nextel.




Many
      of
      our competitors still provide legacy systems that use more expensive hardware
      components and data networks. While some of these companies have the ability
      to
      adapt and offer newer technologies, we believe we are positioned favorably
      to
      compete in the mobile asset management market. We compete by:


·
              coming
                  to market early with a product that is designed to leverage the
                  latest
                  advancements in technologies;
  ·
              catering
                  to a broader customer base;
  ·
              catering
                  to customers who are currently dissatisfied with the products and
                  services
                  they are receiving from the larger
                  companies.




**RISK
      FACTORS**




**RISKS
      RELATING TO OUR BUSINESS**




WE
      ARE NOT CURRENTLY SEEKING NEW BUSINESS IN OUR
      PLANETTRAKS SUBSIDIARY AND WE HAVE AGREED TO SELL OUR COIN WASH ASSOCIATES
      SUBSIDIARY AND IF WE DO NOT FIND A WAY TO GENERATE REVENUES OUR BUSINESS WILL
      FAIL.


Due
        to
        lack of capital, we have stopped seeking new customers in our PlanetTRAKS
        subsidiary and are currently only managing our existing portfolio of customers.
        On March 29, 2007, we agreed to sell our Coin Wash Associates subsidiary.
        We
        entered into a Letter of Intent on March 29, 2007 with Pluginz, LLC. However,
        as
        of May 15, 2007, that transaction has not yet closed. If we do not successfully
        change our business model and generate revenues, our business will
        fail.




WE
      NEED
      ADDITIONAL CAPITAL TO GROW AND SUPPORT OUR LONG TERM BUSINESS PLAN AND, IF
      WE
      CAN NOT OBTAIN SUCH CAPITAL, WE MAY BE REQUIRED TO CHANGE OUR BUSINESS
      PLAN.




5


We
      need
      additional capital to facilitate our business plan. It is likely we will have
      to
      seek additional financing through future public or private sales of our
      securities, including equity securities. Such funds may not be available
      when needed, or on terms acceptable to us, or at all. Additionally, any issuance
      of equity securities will result in dilution to existing stockholders. If
      adequate funds are not available, we may be required to change our future
      strategies and our business may fail.




OUR
      INDEPENDENT AUDITORS HAVE STATED THAT THERE IS SUBSTANTIAL DOUBT THAT WE CAN
      CONTINUE AS A GOING CONCERN AND IF WE DO NOT CONTINUE AS A GOING CONCERN YOU
      COULD LOSE PART OR ALL OF YOUR INVESTMENT.




Our
      independent auditors have included a going concern opinion and related
      discussion in the notes to our financial statements for the fiscal year ended
      December 31, 2006. The auditors have included the going concern provision
      because we have incurred significant and recurring losses and have a large
      working capital deficit that the auditors believe raises substantial doubt
      about
      our ability to continue as a going concern. Until such time that we receive
      additional debt or equity financing, there is a risk that our auditors will
      continue to include a going concern provision in the notes to our financial
      statements.




We
      expect
      to incur significant capital expenses in pursuing our development and
      acquisition strategy plans to increase sales volume, expanding our product
      lines
      and obtaining additional financing through stock offerings, or licensing
      agreements or other feasible financing alternatives. In order for us to continue
      our operations, we will require additional funds in the near future. While
      we
      hope we will be able to generate funds necessary to maintain our operations,
      without additional funds there will be a limitation to the number of new
      projects that we could take on, which may have an effect on our ability to
      maintain our operations. Additional financing may not be available on terms
      favorable to us, or at all. If additional funds are not available, we may not
      be
      able to execute our business model plan or take advantage of business
      opportunities. Our ability to obtain such additional financing and to achieve
      our operating goals is uncertain. In the event that we do not obtain additional
      capital or are not able to increase cash flow through the increase of revenues,
      there is a substantial doubt of our being able to continue as a going
      concern.




WE
      NEED
      TO CONTINUE TO CULTIVATE ALTERNATE SUPPLIERS FOR KEY COMPONENTS OF THE SERVICES
      WE PROVIDE OR OUR BUSINESS MAY BE INTERRUPTED AND OUR REVENUES MAY DECREASE
      OR
      OUR COSTS MAY INCREASE.




We
      currently have strategic alliances with WebTech Wireless, Karta Technologies,
      Cincular Wireless and Mapquest. Should we be unable to hire qualified personnel
      or develop an alternative supplier in each of the areas covered by these
      alliances, our business could be adversely affected. At present, we could buy
      our devices from an alternate supplier, we could outsource programming changes
      to another systems design firm or hire qualified personnel, change providers
      for
      wireless service to another company such as Verizon and we could contract with
      another mapping provider such TeleAtlas or NavTeq. However, if our alliances
      expire or our current suppliers could no longer provide the products and
      services we need, we may experience an interruption in our business while we
      locate an alternative supply. Our success is dependent upon our ability to
      maintain key supplier relationships.





**RISKS
      RELATING TO OUR STOCK**




OUR
      COMMON STOCK HAS EXPERIENCED IN THE PAST, AND IS EXPECTED TO EXPERIENCE IN
      THE
      FUTURE, SIGNIFICANT PRICE AND VOLUME VOLATILITY, WHICH SUBSTANTIALLY INCREASES
      THE RISK THAT YOU MAY NOT BE ABLE TO SELL YOUR SHARES AT OR ABOVE THE PRICE
      THAT
      YOU PAY FOR THE SHARES.




Because
      of the limited trading market for our common stock, and because of the possible
      price volatility, you may not be able to sell your shares of common stock when
      you desire to do so. During 2005 and 2006, our common stock was sold and
      purchased at prices that ranged from a high of $0.03 to a low of $0.0005 per
      share. The inability to sell your shares may substantially increase your risk
      of
      loss because of such illiquidity since the price for our common stock may suffer
      greater declines due to its price volatility.




The
      price
      of our common stock that will prevail in the market may be higher or lower
      than
      the price you pay. Certain factors, some of which are beyond our control, that
      may cause our share price to fluctuate significantly include, but are not
      limited to, the following:


·
              Variations
                  in our quarterly operating results;
  ·
              The
                  development of a market in general for our products and
                  services;
  ·
              Changes
                  in market valuations of similar
                  companies;
  ·
              Announcement
                  by us or our competitors of significant contracts, acquisitions,
                  strategic
                  partnerships, joint ventures or capital
                  commitments;
  ·
              Loss
                  of a major customer or failure to complete significant
                  transactions;
  ·
              Additions
                  or departures of key personnel; and
  6
  ·
              Fluctuations
                  in stock market price and
                  volume.




Additionally,
      in recent years the stock market in general, and the OTC Bulletin Board in
      particular, have experienced extreme price and volume fluctuations. In some
      cases, these fluctuations are unrelated or disproportionate to the operating
      performance of the underlying company. These market and industry factors may
      materially and adversely affect our stock price, regardless of our operating
      performance.




Over
      the
      past few months, there have been periods of significant increases in trading
      volume of our common stock during which the price of our stock has both
      increased and decreased. The historical trading of our common stock is not
      necessarily an indicator of how it will trade in the future and our trading
      price as of the date of this Annual Report does not necessarily portend what
      the
      trading price of our common stock might be in the future.




Moreover,
      class action litigation has often been brought against companies following
      periods of volatility in the market price of the common stock of those
      companies. If we become involved in this type of litigation in the future,
      it
      could result in substantial costs and diversion of management’s attention and
      resources, which could have a further negative effect on your investment in
      our
      stock.




OUR
      DIRECTORS HAVE THE RIGHT TO AUTHORIZE THE ISSUANCE OF PREFERRED STOCK AND
      ADDITIONAL SHARES OF OUR COMMON STOCK WHICH MAY CAUSE YOUR SHARES TO BE DILUTED
      AND LOSE VALUE.




Our
      directors, within the limitations and restrictions contained in our articles
      of
      incorporation and without further action by our stockholders, have the authority
      to issue shares of preferred stock from time to time in one or more series
      and
      to fix the number of shares and the relative rights, conversion rights, voting
      rights, and terms of redemption, liquidation preferences and any other
      preferences, special rights and qualifications of any such series. Should
      we issue additional shares of our common stock at a later time, each investor's
      ownership interest in our stock would be proportionally reduced. No investor
      will have any preemptive right to acquire additional shares of our common stock,
      or any of our other securities. If we issue more equity securities, your shares
      may be diluted and, as a result, the share prices of our common stock may
      decline.




IF
      WE
      FAIL TO REMAIN CURRENT ON OUR REPORTING REQUIREMENTS, WE COULD BE REMOVED FROM
      THE OTC BULLETIN BOARD WHICH WOULD LIMIT THE ABILITY OF BROKER-DEALERS TO SELL
      OUR SECURITIES AND THE ABILITY OF STOCKHOLDERS TO SELL THEIR SECURITIES IN
      THE
      SECONDARY MARKET.




Our
      stock
      trades on the OTC Bulletin Board. Companies trading on the OTC Bulletin Board
      must be reporting issuers under Section 12 of the Exchange Act, and must be
      current in their reports under Section 13, in order to maintain price quotation
      privileges on the OTC Bulletin Board. If we fail to remain current on our
      reporting requirements, we could be removed from the OTC Bulletin Board. As
      a
      result, the market liquidity for our securities could be severely adversely
      affected by limiting the ability of broker-dealers to sell our securities and
      the ability of stockholders to sell their securities in the secondary
      market.





"PENNY
      STOCK" RULES MAY MAKE BUYING OR SELLING OUR SECURITIES DIFFICULT WHICH MAY
      MAKE
      OUR STOCK LESS LIQUID AND MAKE IT HARDER FOR INVESTORS TO BUY AND SELL OUR
      SHARES.





The
      Securities and Exchange Commission has adopted rules that regulate broker-dealer
      practices in connection with transactions in "penny stocks." Penny stocks
      generally are equity securities with a price of less than $5.00, other than
      securities registered on certain national securities exchanges or quoted on
      NASDAQ, provided that current price and volume information with respect to
      transactions in such securities is provided by the exchange or system. Prior
      to
      a transaction in a penny stock, a broker-dealer is required to: deliver a
      standardized risk disclosure document prepared by the SEC; provide the customer
      with current bid and offers quotations for the penny stock; explain the
      compensation of the broker-dealer and its salesperson in the transaction;
      provide monthly account statements showing the market value of each penny stock
      held in the customer's account; make a special written determination that the
      penny stock is a suitable investment for the purchaser and receives the
      purchaser's; and provide a written agreement to the transaction. These
      requirements may have the effect of reducing the level of trading activity
      in
      the secondary market for our stock. Because our shares are subject to the penny
      stock rules, you may find it more difficult to sell your shares.




**ITEM
      2. DESCRIPTION OF PROPERTY**




On
      September 30, 2006 we moved our offices to premises owned and controlled by
      our
      President/Chief Executive Officer. There is no charge to the Company to use
      this
      space.





**ITEM
      3. LEGAL PROCEEDINGS**




In
      the
      ordinary course of business, we may be involved in legal proceedings from time
      to time. Although occasional adverse decisions or settlements may occur, we
      believe that the final disposition of such matters will not have material
      adverse effect on our financial position, results of operations or liquidity.
      We
      will seek to minimize disputes with our customers but recognize the
      inevitability of legal action in today's business environment as an unfortunate
      price of conducting business.




7


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




On
      March
      5, 2007, we held our annual meeting of shareholders in Atlanta, Georgia. The
      total number of shares outstanding as of the record date of January 29, 2007
      was
      1,093,683,760. The total number of shares represented either in person or by
      proxy was 2,034,524,815. The following matters were voted on at the
      meeting:




·
      The election of our Board of Directors for
      the upcoming year: M. Dewey Bain, James T. Crane and Amy M. Trombly were elected
      by a majority of the shares represented as follows:




·
            M.
                Dewey Bain - 2,019,704,634 For; 14,820,181
                Withheld;




·
            James
                T. Crane - 2,020,088,744 For; 14,436,071 Withheld;
                and




·
            Amy
                M. Trombly - 2,019,871,544 For; 14,653,271
                Withheld.


· A
        proposal to increase the total number of authorized shares to 5,000,000,000,
        of
        which 150,000,000 was to be designated as preferred stock. Authorized common
        shares of stock would increase from 1,350,000,000 to 4,850,000,000. The proposal
        passed by a vote of 1,345,072,705 - For; 55,423,133 - Against; and 7,486,957-
        Abstain.
 
 · A
        proposal to authorize the Company to effect a reverse split of our common
        stock
        in the range of 50:1 to 150:1, as determined in the sole discretion of our
        Board
        of Directors. The proposal passed by a vote of 1,930,647,485 - For; 88,602,935
        -
        Against; and 15,274,393 - Abstain.


Each
      of
      the above proposals was passed by our stockholders.




**PART
      II**




**ITEM
      5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER
      MATTERS.**




**Market
      Information**




Our
      common stock is quoted on the OTC Bulletin Board under the symbol "PLKC.OB."
      Our
      stock was not actively traded until August 2002, and the following table sets
      forth, for the fiscal quarters indicated, the high and low sales prices. These
      quotations reflect inter-dealer prices, without mark-up, mark-down or
      commission, and may not represent actual transactions.





HIGH
            
            LOW2005
                FISCAL YEARFirst
                Quarter
            
            $
            0.01
            
            $
            0.01Second
                Quarter
            
            $
            0.01
            
            $
            0.01Third
                Quarter
            
            $
            0.03
            
            $
            0.01Fourth
                Quarter
            
            $
            0.02
            
            $
            0.012006
                FISCAL YEARFirst
                Quarter
            
            $
            0.0076
            
            $
            0.0029Second
                Quarter
            
            $
            0.0045
            
            $
            0.0003Third
                Quarter
            
            $
            0.0044
            
            $
            0.0012Fourth
                Quarter
            
            $
            0.0016
            
            $
            0.0005




**Dividends**




Since
      our
      inception, we have not paid dividends on our common stock. We do not expect
      to
      pay dividends on our common stock in the foreseeable future; rather we intend
      to
      retain any earnings for use in our business activities.




**Holders**




As
      of
      March 21, 2007 there were approximately 93 stockholders of record of our common
      stock. The number of record holders was determined from the records of our
      transfer agent and does not include beneficial owners of common stock whose
      shares are held in the names of various security brokers, dealers, and
      registered clearing agencies.





8


**SECURITIES
      AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS**





None.





**RECENT
      SALES OF UNREGISTERED SECURITIES**




We
      had no
      sales of unregistered securities during the fourth quarter of 2006.




**ITEM
      6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
      OPERATION.**




**BASIS
      OF PRESENTATION**




The
      accompanying consolidated financial statements, included elsewhere in this
      Annual Report on Form 10-KSB, have been prepared in conformity with accounting
      principles generally accepted in the United States of America, which contemplate
      continuation as a going concern. We incurred a net loss of $2,436,483 and
      $3,183,751 for the years ended December 31, 2006 and 2005, respectively. As
      of
      December 31, 2006, we had a working capital deficit of $488,690 as compared
      to a
      working capital deficit of $651,208 as of December 31, 2005. In addition, as
      of
      December 31, 2006, we had not yet developed a substantial revenue stream to
      meet
      our ongoing cash flow needs.




These
      conditions raise substantial doubt as to our ability to continue as a going
      concern. The financial statements do not include any adjustments that might
      result from the outcome of this uncertainty. The financial statements do not
      include any adjustments relating to the recoverability and classification of
      recorded asset amounts, or amounts and classification of liabilities that might
      be necessary if we are unable to continue as a going concern.




**CRITICAL
      ACCOUNTING POLICIES**




**Cash
      and Cash Equivalents**





For
      purposes of reporting cash flows, we consider all highly liquid debt instruments
      purchased with 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 of America requires management to make
      estimates and assumptions that affect the reported amounts of assets and
      liabilities and disclosure of contingent assets and liabilities at the date
      of
      the financial statements, as well as the reported amounts of revenues and
      expenses during the reporting period. Actual results could differ from those
      estimates. Estimates and assumptions are periodically reviewed and the effects
      of revisions are reflected in the consolidated financial statements in the
      period they are determined to be necessary.




**Property
      and Equipment**




Property
      and equipment are stated at cost. Depreciation is computed using the
      straight-line method over the estimated economic lives of the assets which
      range
      from five to seven years. Depreciation on our internal use software is computed
      using the straight-line method for five years. We also lease assets to our
      customers. Leased assets are amortized on a straight-line basis over a
      three-year period. We capitalize certain costs associated with the development
      of our proprietary internal use software. Costs incurred to develop the software
      prior to the achievement of technological feasibility were expensed as incurred.
      Amortization of internal use software costs commences when the related product
      become available for general release to track assets for our customers. The
      straight-line method of depreciation is used to compute depreciation with a
      useful life of five years. As discussed in Note 3 to the financial statements,
      we recorded an impairment loss as of December 31, 2006, on the internally
      developed software costs of $312,742. We determined an impairment loss existed
      when our board of directors determined it would permanently suspend further
      expansion of our GPS subsidiary in January 2007.




Our
      leasing operations consist of leasing GPS devices which operate in conjunction
      with our proprietary software to provide fleet management services to our
      customers. The operating leases are written for periods ranging from three
      to
      four years.




Total
      depreciation expense, which is inclusive of amortization expense, for the years
      ended December 31, 2006 and 2005 was $162,275 and $172,052,
      respectively.




**Long-Lived
      Assets**




We
      have
      adopted Statement of Financial Accounting Standards No. 144 ("SFAS 144"). The
      Statement requires that long-lived assets and certain identifiable intangibles
      held and used by us be reviewed for impairment whenever events or changes in
      circumstances indicate that the carrying amount of an asset may not be
      recoverable. Events relating to recoverability may include significant
      unfavorable changes in business conditions, recurring losses, or a forecasted
      inability to achieve break-even operating results over an extended period.
      We
      evaluate the recoverability of long-lived assets based upon forecasted
      undiscounted cash flows. Should an impairment in value be indicated, the
      carrying value of intangible assets will be adjusted, based on estimates of
      future discounted cash flows resulting from the use and ultimate disposition
      of
      the asset. SFAS No. 144 also requires assets to be disposed of be reported
      at
      the lower of the carrying amount or the fair value less costs to
      sell.




9


There
      were no impairment charges for long-lived assets in 2005 while an impairment
      loss of $312,742 was recorded for 2006 for the impairment of our internally
      developed software costs.




**Fair
      Value of Financial Instruments**




Statement
      of Financial Accounting Standards No. 107, "Disclosures About Fair Value of
      Financial Instruments," requires disclosure of the fair value of certain
      financial instruments. The carrying value of cash and cash equivalents, accounts
      receivable, accounts payable and short-term borrowings, as reflected in the
      balance sheets, approximate fair value because of the short-term maturity of
      these instruments.




**Concentrations
      of Credit Risk**




Financial
      instruments and related items, which potentially subject us to concentrations
      of
      credit risk, consist primarily of cash, cash equivalents and related party
      receivables. We place our cash and temporary cash investments with credit
      quality institutions. At times, such investments may be in excess of the FDIC
      insurance limit. We periodically review our trade receivables in determining
      our
      allowance for doubtful accounts.




**Income
      Taxes**





We
      use
      the asset and liability method of accounting for income taxes. The asset and
      liability method accounts for deferred income taxes by applying enacted
      statutory rates in effect for periods in which the difference between the book
      value and the tax bases of assets and liabilities are scheduled to reverse.
      The
      resulting deferred tax asset or liability is adjusted to reflect changes in
      tax
      laws or rates. We record a valuation allowance for any deferred tax allowance
      that we believe will not be realized.




**Revenue
      Recognition**




Revenues
      are recognized in the period that services are provided. For revenue from
      product sales, we recognize revenue in accordance with Staff Accounting Bulletin
      No. 104, *Revenue
      Recognition* ("SAB104"),
      which superceded Staff Accounting Bulletin No. 101, *Revenue
      Recognition in Financial Statements* ("SAB101").
      SAB 101 requires that four basic criteria must be met before revenue can be
      recognized: (1) persuasive evidence of an arrangement exists; (2) delivery
      has
      occurred; (3) the selling price is fixed and determinable; and (4)
      collectibility is reasonably assured. Determination of criteria (3) and (4)
      are
      based on management's judgments regarding the fixed nature of the selling prices
      of the products delivered and the collectibility of those amounts. Provisions
      for discounts and rebates to customers, estimated returns and allowances, and
      other adjustments are provided for in the same period the related sales are
      recorded. We defer any revenue for which the product has not been delivered
      or
      is subject to refund until such time that our Company and the customer jointly
      determine that the product has been delivered or no refund will be required.
      Payments received in advance are deferred until the trusses are built and
      shipped to customers.




SAB
      104
      incorporates Emerging Issues Task Force 00-21 ("EITF 00-21"), *Multiple-Deliverable
      Revenue Arrangements.* EITF
      00-21 addresses accounting for arrangements that may involve the delivery or
      performance of multiple products, services and/or rights to use assets. The
      effect of implementing EITF 00-21 on our consolidated financial position and
      results of operations was not significant.




We
      recognize revenue for the services that we provide in the following
      manner:




1.
      All
      revenue for the sale of devices plus their installation, and shipping costs
      is
      recognized upon installation of the device.




2.
      Internal Lease Revenue is recognized when billed to the customer on a monthly
      basis.




3.
      Revenue from monitoring services is billed to the customer on a monthly basis
      on
      the 15th of the month for the following month.




**Internal
      Use Software Costs**




Internal
      use software costs include expenses we incurred for research, design and
      development of our proprietary technology.




**Advertising**




We
      expense all advertising costs as incurred. Advertising expense charged to
      operations amounted to $0 and $8,907 for the years ended December 31, 2006
      and
      2005, respectively.




**Net
      Loss per Common Share**





We
      utilize SFAS No. 128, “Earnings per Share” to calculate earnings/loss per share.
      Basic earnings/loss per share is computed by dividing the earnings/loss
      available to common stockholders (as the numerator) by the weighted-average
      number of common shares outstanding (as the denominator). Diluted earnings/loss
      per share is computed similar to basic earnings/loss per share except that
      the
      denominator is increased to include the number of additional common shares
      that
      would have been outstanding if all potential common stock (including common
      stock equivalents) had all been issued, and if such additional common shares
      were dilutive. Under SFAS No. 128, if the additional common shares are dilutive,
      they are not added to the denominator in the calculation. Where there is a
      loss,
      the inclusion of additional common shares is anti-dilutive (since the increased
      number of shares reduces the per share loss available to common stock
      holders).




10


**Stock-Based
      Compensation**





We
      applied the recognition and measurement principles of Accounting Principles
      Board Opinion No. 25, *Accounting for Stock Issued to Employees* , and
      related Interpretations in accounting for those plans through June 30,
      2005.





In
      December 2004, FASB issued Statement No. 123(R), *Share-Based Payment,* which
      establishes accounting standards for transactions in which an entity receives
      employee services in exchange for (a) equity instruments of the entity or
      (b) liabilities that are based on the fair value of the entity’s equity
      instruments or that may be settled by the issuance of equity instruments.
      Effective July 1, 2005, SFAS 123(R) we adopted SFAS 123(R), which requires
      us to recognize the grant-date fair value of stock options and equity based
      compensation issued to employees in the statement of operations. The statement
      also requires that such transactions be accounted for using the fair-value-based
      method, thereby eliminating use of the intrinsic method of accounting in APB
      No. 25, *Accounting for Stock Issued to Employees,* which
      was permitted under Statement 123, as originally issued.




**New
      Accounting Pronouncements**


In
        February 2006, the FASB issued SFAS No. 155, “Accounting for Certain Hybrid
        Financial Instruments,” which allows the preparer of financial statements to
        elect fair value measurement of a financial instrument at time of acquisition,
        issuance, or a remeasurement event so that similar instruments are accounted
        for
        similarly regardless of their form.  This applies to all financial
        instruments acquired or issued by the entity beginning fiscal year 2007.
        We do
        not expect this accounting pronouncement will have a material effect on the
        Company’s financial statements.
 
 In
        March
        2006, the FASB issued SFAS No. 156, “Accounting for Servicing of Financial
        Assets,” which requires all separately recognized servicing assets and servicing
        liabilities be initially measured at fair value, if practicable.  This
        applies to any future servicing assets and servicing liabilities beginning
        fiscal year 2007. We do not expect this accounting pronouncement will have
        a
        material effect on the Company’s financial statements.
 
 In
        September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements”, whose
        purpose is to increase consistency and comparability of fair value estimates
        by:
        defining fair value, establishing a framework for measuring fair value; and
        expanding disclosure of fair value measurements. The pronouncement applies
        to
        other accounting pronouncements that require or permit fair value measurements.
        The statement emphasizes that fair value is a market based measurement other
        than an entity based. This applies to all financial instruments acquired
        or held
        by the Company beginning in fiscal 2008. We do not expect this accounting
        pronouncement will have a material effect on the Company’s financial
        statements.
 
 In
        September 2006, the FASB issued SFAS No. 158, “Employer’s Accounting for Defined
        Benefit Pension and Other Postretirement Plan”, whose purpose is to improve
        financial reporting by requiring an employer to recognize the overfunded
        or
        underfunded status of a defined benefit postretirement plan, other than a
        multiemployer plan, as an asset or liability in its statement of financial
        position and to recognize changes in that funded status in the year in which
        the
        changes occur. The Statement also requires employers to measure the funded
        status of a plan as of the date of its year-end statement of financial position,
        with limited exception. An employer with publicly traded equity securities
        is
        required to initially recognize the funded status of a defined benefit
        postretirement plan and to provide the required disclosures as of the end
        of the
        fiscal year ending after December 15, 2006. We do not expect this accounting
        pronouncement will have a material effect on the Company’s financial
        statements.




**Reclassifications**




Certain
      reclassifications have been made to the 2005 financial statements to conform
      to
      classifications used in the 2006 financial statements.




**RESULTS
      OF OPERATIONS**




**COMPARISON
      OF THE YEAR ENDED DECEMBER 31, 2006 TO THE YEAR ENDED DECEMBER 31,
      2005**




Operations :
      In
      2006, we had $280,741 of revenue with associated costs of goods sold of $200,042
      resulting in a gross profit of $80,699. In 2005, we had gross revenues of
      $178,113 with associated costs of goods sold of $99,237 resulting in a gross
      profit of $78,876. We invested heavily in a marketing program to drive expansion
      of the GPS business in both 2005 and 2006. Our marketing program increased
      our
      revenues, however it was very costly.




Stock-based
      compensation: Total stock-based compensation was $1,370,324 in 2006 as compared
      to $1,329,346 in 2005. We paid for the majority of our marketing resources
      through the issuance of our common stock to consultants for services rendered
      and for employees, as part of an incentive-laden marketing plan.




11


Selling
      and administrative expenses: Our selling and administrative expenses in 2006
      totaled $568,660 as compared to $1,521,050 in 2005. These costs were primarily
      associated with the development of a marketing infrastructure. In 2005, we
      expanded our consulting relationships to refine our sales and marketing
      infrastructure. We attended trade shows for vertical market segments that have
      the potential to utilize GPS vehicle tracking and made contacts with corporate
      franchisors and recruited additional experienced sales personnel to expedite
      the
      sales process. Throughout 2006, we continued to pursue sales through marketing
      relationships we developed in recent years. However, in 2006, management and
      our
      board of directors committed less funding towards the expansion as the results
      of these efforts were not as fruitful as originally anticipated.




Depreciation
      expense: Depreciation, which is inclusive of amortization expense, totaled
      $162,275 in 2006 as compared to $172,052 in 2005. The decrease in depreciation
      and amortization in 2006 was a result of the disposal of the office equipment
      and furniture at the San Antonio office, which was shut down in September 2006.
      There was no depreciation in the fourth quarter of 2006 related to this office
      equipment and furniture as a result.




Interest
      expense: We incurred $68,119 and $247,044 of interest expense during the years
      ended December 31, 2006 and 2005, respectively. The significant decrease in
      interest expense in 2006 over 2005 was a result of the fact that the majority
      of
      our convertible debentures and the associated beneficial conversion feature
      were
      not present in 2006. As a result of the decreased debt balance, there was less
      interest expense in 2006. Also, in 2005, upon the conversion of certain debts
      to
      common stock, a large portion of the beneficial conversion feature associated
      with those debts was classified as interest expense and was expensed entirely
      upon the conversion of the debts, thus producing a larger than normal value
      for
      interest expense for 2005. In 2006, there were some conversions of the
      debentures but the effect was not as significant as in 2005.




Net
      loss:
      Our net loss for the year ended December 31, 2006 and 2005 was $2,436,483 and
      $3,183,751, respectively. Our net loss per common share (basic and diluted)
      was
      $0.00 and $0.01 for the years ended December 31, 2006 and 2005, respectively.
      Marketing-related expenses in 2006 were not as significant as they were in
      2005,
      which greatly reduced the net loss for 2006. Additionally, we doubled the number
      of shares of common stock outstanding in 2006, thus providing a larger number
      of
      shares to allocate the net loss amongst.




The
      weighted average number of outstanding shares was 920,164,219 and 452,416,231
      for the years ended December 31, 2006 and 2005, respectively.




**LIQUIDITY
      AND CAPITAL RESOURCES**




As
      of
      December 31, 2006, we had a working capital deficit of $488,690 as compared
      to
      $651,208 as of December 31, 2005. We had $355,204 and $631,917 in cash flows
      used in operations in 2006 and 2005, respectively. The deficit in cash flow
      from
      operating activities for both years ended was primarily attributable to lack
      of
      a significant revenue stream. The cash outflows for 2006 were slightly less
      than
      in 2005 due to reduced expenditures related to the marketing programs instituted
      in prior years.




Cash
      flows used in investing activities totaled $53,670 and $85,488 for the years
      ended December 31, 2006 and 2005, respectively. We purchased fewer GPS units
      in
      2006 and did not spend any of our funds to improve our internal use software.
      In
      2006, we spent $48,117 to acquire the assets included within the Coin Wash
      Associates, Inc. subsidiary. In 2005, we spent cash to purchase devices which
      were leased to our customers and also improve our internal use
      software.





We
      met
      our cash requirements during 2006 through proceeds from the exercise of employee
      stock options to purchase common stock of $332,000, and proceeds from the
      purchase of preferred stock of $100,000, which resulted in net cash provided
      by
      financing activities of $432,000. In 2005, the majority of our cash flows from
      financing consisted of proceeds from the exercise of stock options.




While
      we
      have raised capital to meet our working capital and financing needs in the
      past,
      additional financing is required in order to meet our current and projected
      cash
      flow deficits from operations and development.




We
      have currently curtailed our marketing programs and
      operations due to a lack of capital. We are actively seeking new capital. If
      we
      cannot raise capital in the immediate future, our business may fail.




Capital
      Expenditures and Commitments. We negotiated the sale of our recently acquired
      Coin Wash Associates, Inc. subsidiary in March 2007, and may consider the sale
      of additional material property, plant or equipment during the next 12 months.
      Without substantial financial resources we do not anticipate the acquisition
      of
      any material property, plant or equipment during the next 12
      months.




**OFF-BALANCE
      SHEET ARRANGEMENTS**




At
      December 31, 2006 we do not have any off-balance sheet arrangements.




**ITEM
      7. FINANCIAL STATEMENTS.**




The
      financial statements and related notes are included as part of this Annual
      Report as indexed on pages F1 through F18.




12


**CHISHOLM,
      BIERWOLF & NILSON LLP**


**CERTIFIED
      PUBLIC ACCOUNTANTS**




**Report
      of Independent Registered Public Accounting Firm**




To
      the
      Stockholders and Board of Directors Planetlink Communications, Inc.


Cumming,
      Georgia




We
      have
      audited the accompanying balance sheet of Planetlink Communications, Inc. as
      of
      December 31, 2006 and 2005 and the related statements of operations,
      stockholders' equity and cash flows for the years then ended. These 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 standards of the PCAOB (United States).
      Those standards require that we plan and perform the audit to obtain reasonable
      assurance about whether the financial statements are free of material
      misstatement. The Company is not required to have, nor were we engaged to
      perform, audits of its internal control over financial reporting. Our audit
      included consideration of internal control over financial reporting as a basis
      for designing audit procedures that are appropriate in the circumstances, but
      not for the purpose of expressing an opinion on the effectiveness of the
      Company's internal control over financial reporting. Accordingly, we express
      no
      such opinion. An audit also includes examining, on a test basis, evidence
      supporting the amounts and disclosures in the financial statements, assessing
      the accounting principles used and significant estimates made by management,
      as
      well as evaluating the overall financial statement presentation. We believe
      that
      our audits provide a reasonable basis for our opinion.




In
      our
      opinion, the financial statements referred to above present fairly, in all
      material respects, the financial position of Planetlink Communications, Inc.
      as
      of December 31, 2006 and 2005, and the results of their operations and their
      cash flows for the years then ended, in conformity with accounting principles
      generally accepted in the United States of America.




The
      accompanying financial statements have been prepared assuming that the Company
      will continue as a going concern. As discussed in Note 1, the Company's
      recurring operating losses and lack of working capital raise substantial doubt
      about its ability to continue as a going concern. Management's plans in regard
      to those matters are also described in Note 1. The financial statements do
      not
      include any adjustments that might result from outcome of this
      uncertainty.




/s/
              Chisholm, Bierwolf & Nilson, LLCChisholm,
                Bierwolf & Nilson, LLCBountiful,
              UtahApril
              26, 2007




13




PLANETLINK
      COMMUNICATIONS, INC. AND SUBSIDIARIES


CONSOLIDATED
      BALANCE SHEETS


AS
      OF
      DECEMBER 31, 2006 AND 2005


2006
              
              2005ASSETSCurrent
                  AssetsCash
              
              $
              50,909
              
              $
              27,782Accounts
                  receivable, net of allowance for doubtful accounts of $3,000 and
                  $15,000
                  for 2006 and 2005 (Note 2)
              
              
              10,222
              
              
              26,056Other
                  receivable
              
              
              1,425
              
              
              -Total
                  Current Assets
              
              
              62,556
              
              
              53,838Property
                  and equipment (Note 3)Office
                  Furniture & Fixtures
              
              
              -
              
              
              39,216Internal
                  Use Software
              
              
              104,248
              
              
              710,463Leased
                  Equipment (Note 4)
              
              
              89,810
              
              
              84,258Less
                  accumulated depreciation
              
              
              (73,610
              )
              
              (224,794
              )Total
                  Fixed Assets
              
              
              120,448
              
              
              609,143Other
                  AssetsDeferred
                  financing costs, net (Note 5)
              
              
              -
              
              
              32,805Assets
                  held for sale (Note 14)
              
              
              48,117
              
              
              -Deposits
                  and other assets
              
              
              -
              
              
              26,116Total
                  Other Assets
              
              
              48,117
              
              
              58,921Total
                  Assets
              
              $
              231,121
              
              $
              721,902


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


F-1




PLANETLINK
      COMMUNICATIONS, INC. AND SUBSIDIARIES


CONSOLIDATED
      BALANCE SHEETS


AS
      OF
      DECEMBER 31, 2006 AND 2005





LIABILITIES
      AND STOCKHOLDERS' EQUITY (DEFICIT)


2006
              
              2005Current
                  LiabilitiesAccrued
                  expenses and accounts payable
              
              $
              178,219
              
              $
              161,768Loan
                  payable - officer (Note 6)
              
              
              361,380
              
              
              349,594Convertible
                  debentures, net (Note 7)
              
              
              -
              
              
              193,684Total
                  Current Liabilities
              
              
              539,599
              
              
              705,046Long
                  Term LiabilitiesCustomer
                  deposits
              
              
              -
              
              
              2,575Total
                  Long Term Liabilities
              
              
              -
              
              
              2,575Total
                  Liabilities
              
              
              539,599
              
              
              707,621Commitments,
                  Contingencies and Other Matters (Note 13)Stockholders'
                  Equity (Deficit) (Note 10)Preferred
                  stock - $1.00 par value; 150,000,000 authorized; 25,000 and 25,000
                  shares issued and outstanding at December 31, 2006 and December
                  31, 2005,
                  respectively
              
              
              25,000
              
              
              25,000Preferred
                      stock - Series A; $0.001 par value; 50,000,000 shares authorized;
                      2,583,334 and 0 shares issued and outstanding at December 31,
                      2006 and
                      December 31, 2005, respectively
              
              
              2,583
              
              
              -Preferred
                  stock discount (Note 10)
              
              
              (278,217
              )
              
              -Common
                      stock - $0.001 par value; 1,350,000,000 shares authorized;
                      1,093,683,760 and 586,504,078 shares issued and outstanding at
                      December 31, 2006 and 2005, respectively
              
              
              1,093,684
              
              
              586,504Additional
                  paid-in capital
              
              
              17,219,722
              
              
              15,175,761Accumulated
                  deficit
              
              
              (18,371,250
              )
              
              (15,772,984
              )Total
                  Stockholders' Equity (Deficit)
              
              
              (308,477
              )
              
              14,281Total
                  Liabilities and Stockholders' Equity (Deficit)
              
              $
              231,121
              
              $
              721,902





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





F-2




PLANETLINK
      COMMUNICATIONS, INC. AND SUBSIDIARIES


CONSOLIDATED
      STATEMENTS OF OPERATIONS


FOR
      THE
      YEARS ENDED DECEMBER 31, 2006 AND 2005


2006
              
              2005Revenue
              
              $
              280,741
              
              $
              178,113Cost
                  of Goods Sold
              
              
              200,042
              
              
              99,237Gross
                  Profit
              
              
              80,699
              
              
              78,876Operating
                  ExpensesStock-based
                  compensation
              
              
              1,370,324
              
              
              1,329,346Selling,
                  general and administrative expenses
              
              
              568,660
              
              
              1,521,050Depreciation
              
              
              162,275
              
              
              172,052Total
                  Operating Expenses
              
              
              2,101,259
              
              
              3,022,448Operating
                  Loss
              
              
              (2,020,560
              )
              
              (2,943,572
              )Other
                  Income and ExpensesOther
                  income
              
              
              684
              
              
              6,865Interest
                  expense
              
              
              (68,119
              )
              
              (247,044
              )Loss
                  on disposal of assets
              
              
              (35,746
              )
              
              -Impairment
                  loss on internal use software
              
              
              (312,742
              )
              
              -Total
                  Other Income (Expenses)
              
              
              (415,923
              )
              
              (240,179
              )Loss
                  Before Income Taxes
              
              
              (2,436,483
              )
              
              (3,183,751
              )Income
                  taxes (Benefit)
              
              
              —
              
              
              —Net
                  Loss
              
              $
              (2,436,483
              )
              $
              (3,183,751
              )Basic
                  net loss per common share
              
              $
              (0.00
              )
              $
              (0.01
              )Weighted
                  Average Number of Common SharesOutstanding,
                  Basic
              
              
              920,164,219
              
              
              452,416,231




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





F-3




PLANETLINK
      COMMUNICATIONS, INC. AND SUBSIDIARIES


STATEMENT
      OF STOCKHOLDERS’ EQUITY (DEFICIT)


AS
      OF
      DECEMBER 31, 2006


**Preferred Stock**
              
              **Series A**
                **Preferred Stock**
              
              **Common Stock**
              
              **Preferred
                  Stock**
              
              **Additional**
                **Paid - in**
              
              **Accumulated****Shares**
              
              **Par $.001**
              
              **Shares**
              
              **Par $.001**
              
              **Shares**
              
              **Par $.001**
              
              **Discount**
              
              **Capital**
              
              **Deficit**
              
              **Total****Balance,
                  December 31, 2004**
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              208,516,804
              
              
              208,516
              
              
              -
              
              
              12,545,930
              
              
              (12,589,233
              )
              
              165,213Issuance
                  of common stock for compensation
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              281,734,339
              
              
              281,735
              
              
              —
              
              
              1,310,106
              
              
              -
              
              
              1,591,841Issuance
                  of common stock for conversion of debt
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              76,252,935
              
              
              76,253
              
              
              —
              
              
              865,439
              
              
              -
              
              
              941,692Exercise
                  of common stock options
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              20,000,000
              
              
              20,000
              
              
              —
              
              
              180,000
              
              
              -
              
              
              200,000Stock
                  option expense
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              —
              
              
              274,286
              
              
              -
              
              
              274,286Issuance
                  of preferred stock for cash
              
              
              25,000
              
              
              25,000
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              —
              
              
              -
              
              
              -
              
              
              25,000Net
                  loss
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              —
              
              
              —
              
              
              -
              
              
              -
              
              
              (3,183,751
              )
              
              (3,183,751
              )**Balance,
                  December 31, 2005**
              
              
              25,000
              
              
              25,000
              
              
              -
              
              
              -
              
              
              586,504,078
              
              
              586,504
              
              
              —
              
              
              15,175,761
              
              
              (15,772,984
              )
              
              14,281Issuance
                  of common stock for compensation
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              242,627,150
              
              
              242,627
              
              
              
              
              
              550,620
              
              
              
              
              
              793,247Issuance
                  of common stock for conversion of debt
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              116,552,532
              
              
              116,553
              
              
              
              
              
              114,847
              
              
              
              
              
              231,400Exercise
                  of common stock options
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              148,000,000
              
              
              148,000
              
              
              
              
              
              184,000
              
              
              
              
              
              332,000Stock
                  option expense
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              
              
              
              
              
              
              
              
              
              577,077
              
              
              
              
              
              577,077Issuance
                  of preferred stock for cash
              
              
              
              
              
              
              
              
              2,083,334
              
              
              2,083
              
              
              
              
              
              
              
              
              (400,000
              )
              
              497,917
              
              
              
              
              
              100,000Issuance
                  of preferred stock for conversion of debt
              
              
              
              
              
              
              
              
              500,000
              
              
              500
              
              
              
              
              
              
              
              
              (40,000
              )
              
              119,500
              
              
              
              
              
              80,000Amortization
                  of preferred stock discount
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              
              
              
              
              
              
              161,783
              
              
              
              
              
              (161,783
              )
              
              -Net
                  loss
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              (2,436,483
              )
              
              (2,436,483
              )**Balance,
                  December 31, 2006**
              
              
              25,000
              
              
              25,000
              
              
              2,583,334
              
              
              2,583
              
              
              1,093,683,760
              
              
              1,093,684
              
              
              (278,217
              )
              
              17,219,722
              
              
              (18,371,250
              )
              
              (308,478
              )




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


F-4




PLANETLINK
      COMMUNICATIONS, INC. AND SUBSIDIARIES


CONSOLIDATED
      STATEMENTS OF CASH FLOWS


FOR
      THE
      YEARS ENDED DECEMBER 31, 2006 AND 2005


2006
              
              2005CASH
                  FLOWS FROM OPERATING ACTIVITIES:Net
                  Loss
              
              $
              (2,436,483
              )
              $
              (3,183,751
              )Adjustments
                  to reconcile net loss tonet
                  cash used in operating activities:Stock-based
                  compensation
              
              
              793,246
              
              
              1,801,752Stock
                  option expense
              
              
              577,077
              
              
              274,286Common
                  stock cancelled
              
              
              -
              
              
              (375
              )Impairment
                  loss
              
              
              312,742
              
              
              -Loss
                  on disposal of assets
              
              
              35,746
              
              
              -Bad
                  debt expense
              
              
              3,000
              
              
              15,000Amortization
                  of deferred financing costs
              
              
              32,805
              
              
              94,707Amortization
                  of beneficial conversion feature
              
              
              42,406
              
              
              97,399Depreciation
              
              
              129,470
              
              
              172,052Changes
                  in assets and liabilitiesAccounts
                  receivable
              
              
              12,834
              
              
              (39,042
              )Other
                  assets
              
              
              (1,425
              )
              
              32,839Accounts
                  payable and accrued expenses
              
              
              54,167
              
              
              46,198Officer
                  note payable
              
              
              91,786
              
              
              30,744Customer
                  deposits
              
              
              (2,575
              )
              
              2,575Convertible
                  debentures
              
              
              -
              
              
              23,699NET
                  CASH USED IN OPERATING ACTIVITIES
              
              
              (355,204
              )
              
              (631,917
              )CASH
                  FLOWS FROM INVESTING ACTIVITIESCapital
                  expenditures
              
              
              (5,553
              )
              
              (85,488
              )Purchase
                  of assets held for sale
              
              
              (48,117
              )
              
              -NET
                  CASH USED IN INVESTING ACTIVITIES
              
              
              (53,670
              )
              
              (85,488
              )CASH
                  FLOWS FROM FINANCING ACTIVITIESRepayment
                  of officer's loan
              
              
              —
              
              
              (46,000
              )Proceeds
                  from the exercise of employee stock options
              
              
              —
              
              
              537,156Proceeds
                  from the exercise of stock options held by contractors
              
              
              332,000
              
              
              200,000Proceeds
                  from purchase of preferred stock
              
              
              100,000
              
              
              25,000NET
                  CASH PROVIDED BY FINANCING ACTIVITIES
              
              
              432,000
              
              
              716,156(DECREASE)
                  INCREASE IN CASH
              
              
              23,126
              
              
              (1,249
              )CASH
                  - BEGINNING OF PERIOD
              
              
              27,782
              
              
              29,031CASH
                  - END OF PERIOD
              
              $
              50,909
              
              $
              27,782


Supplemental
                  disclosure:Cash
                  paid for interest
              
              
              —
              
              
              —Cash
                  paid for taxes
              
              
              —
              
              
              —NONCASH
                  INVESTING AND FINANCING ACTIVITIESIssuance
                  of common stock for conversion of debt
              
              
              231,400
              
              
              941,692Issuance
                  of preferred stock for conversion of debt
              
              
              80,000
              
              
              —




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





F-5


**PLANETLINK
      COMMUNICATIONS, INC. AND SUBSIDIARIES**


**NOTES
      TO CONSOLIDATED FINANCIAL STATEMENTS**


**December
      31, 2006 and 2005**




**NOTE
      1 - SIGNIFICANT ACCOUNTING POLICIES**




**Nature
      of Business**




The
      Company was incorporated in May 1999 under the laws of the State of Georgia
      for
      the purpose of providing international telecommunications and wireless services.
      In 2004, the Company phased out of the satellite television services business.
      The Company developed the TransTRAK product line that utilizes Global
      Positioning Systems ("GPS") technology for vehicle tracking and fleet
      management. TransTRAK is a Web-based turnkey solution for real-time, mobile
      asset management.





The
      Company has contracted with a San Antonio, Texas-based research and development
      company to lead in the research and development effort of its satellite-enabled
      products. In April 2004, the Company formed a wholly-owned subsidiary,
      PlanetTRAKS, for the purpose of introducing TransTRAK to the satellite-based
      mobile asset management market.





In
      September 2006, the Company formed a new subsidiary, Coin Wash Associates,
      Inc.,
      a Florida corporation, in order to diversify its business portfolio and enter
      the coin laundry market which has traditionally had very strong cash flow.
      Coin
      Wash Associates was incorporated to acquire coin laundry facilities in the
      southeastern part of the United States. The acquisition of Heavenly Suds, a
      coin
      laundry facility in Oakland Park, Florida was accomplished with cash. The
      transaction closed on November 15, 2006. In an agreement dated March 29, 2007,
      the Company agreed to transfer to Sean Fulda, a majority investor in the
      Company, all rights in Coin Wash Associates, Inc., including all of the assets
      and liabilities within 30 days from closing.




**Principles
      of Consolidation**




The
      consolidated financial statements present the results of PlanetLink
      Communications, Inc. and its wholly-owned subsidiaries, PlanetTRAKS, Inc.
      ("PlanetTRAKS") and Coin Wash Associates, Inc., collectively, the "Company."
      All
      inter-company balances and transactions have been eliminated in
      consolidation.




**Going
      Concern**




As
      reflected in the accompanying consolidated financial statements, the Company
      incurred net losses of $2,436,483 and $3,183,751 for the years ended December
      31, 2006 and 2005, respectively, and has an accumulated deficit of $18,371,250
      as of December 31, 2006. The Company has incurred negative cash flow from
      operating activities for the years ended December 31, 2006 and 2005 in the
      amount of ($355,204) and ($631,917), respectively. These factors among others
      may indicate that the Company will be unable to continue as a going concern
      for
      a reasonable period of time.




The
      accompanying consolidated financial statements have been prepared assuming
      that
      the Company will continue as a going-concern which contemplates the realization
      of assets and the satisfaction of liabilities in the normal course of
      business.




The
      Company has limited capital resources and requires additional funding to sustain
      its operations, accomplish its growth objectives and market its planned products
      and services. The Company's continued existence is dependent upon several
      factors, including its ability to attain a substantial base of subscribers
      for
      TransTRAK, its web based mobile asset management system, and its ability to
      raise additional capital. There can be no assurance that the Company will be
      successful in its efforts to generate operating cash flows through the execution
      of its business plan or that it will be able to raise the capital it needs
      to
      sustain its operations. Management continues to seek strategic alliances which
      will enable the Company to reach its growth objectives. The accompanying
      financial statements do not include any adjustments relating to the
      recoverability and classification of recorded asset amounts or amounts and
      classification of liabilities that might be necessary should the Company be
      unable to continue in existence




If
      operations and cash flow improve through these efforts, management believes
      that
      the Company can continue to operate. However, no assurance can be given that
      management's actions will result in profitable operations or the resolution
      of
      its liquidity problems.




F-6


**PLANETLINK
      COMMUNICATIONS, INC. AND SUBSIDIARIES**


**NOTES
      TO CONSOLIDATED FINANCIAL STATEMENTS**


**December
      31, 2006 and 2005**





**General
      Statement**





The
      Securities and Exchange Commission (“SEC”), has issued Financial Reporting
      Release No. 60, “Cautionary Advice Regarding Disclosure About Critical
      Accounting Policies,” (“FRR 60”), suggesting companies provide additional
      disclosure and commentary on their most critical accounting policies. In FRR
      60,
      the SEC defined the most critical accounting policies as the ones that are
      most
      important to the portrayal of a company’s financial condition and operating
      results, and require management to make its most difficult and subjective
      judgments, often as a result of the need to make estimates of matters that
      are
      inherently uncertain. The methods, estimates and judgments the Company uses
      in
      applying these most critical accounting policies have a significant impact
      on
      the results the Company reports in its financial statements. The Company
      believes the following critical accounting policies and procedures, among
      others, affect its more significant judgments and estimates used in the
      preparation of the Company’s consolidated financial statements:




-
      Revenue
      recognition;




-
      Valuation of stock based compensation to employees and contractors




**Cash
      and Cash Equivalents**





For
      purposes of reporting cash flows, the Company considers all highly liquid debt
      instruments purchased with 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 of America requires management to make
      estimates and assumptions that affect the reported amounts of assets and
      liabilities and disclosure of contingent assets and liabilities at the date
      of
      the financial statements, as well as the reported amounts of revenues and
      expenses during the reporting period. Actual results could differ from those
      estimates. Estimates and assumptions are periodically reviewed and the effects
      of revisions are reflected in the consolidated financial statements in the
      period they are determined to be necessary.




**Property
      and Equipment**




Property
      and equipment are stated at cost. Depreciation is computed using the
      straight-line method over the estimated economic lives of the assets which
      range
      from five to seven years. Depreciation on the Company's internal use software
      is
      computed using the straight-line method for five years. The Company also leases
      assets to its customers. Leased assets are amortized on a straight-line basis
      over a three-year period. The Company capitalizes certain costs associated
      with
      the development of its proprietary internal use software. Costs incurred to
      develop the software prior to the achievement of technological feasibility
      were
      expensed as incurred. Amortization of internal use software costs commences
      when
      the related product become available for general release to track assets for
      the
      Company’s customers. The straight-line method of depreciation is used to compute
      depreciation with a useful life of five years. As discussed in Note 3 to the
      financial statements, the Company has recorded an impairment loss as of December
      31, 2006, on the internally developed software costs of $312,742. The Company
      determined an impairment loss existed when the Company’s board of directors
      determined it would permanently suspend further expansion of its GPS subsidiary
      in January 2007.




The
      Company's leasing operations consist of leasing GPS devices which operate in
      conjunction with its proprietary software to provide fleet management services
      to its customers. The operating leases are written for periods ranging from
      three to four years.




Total
      depreciation expense for the years ended December 31, 2006 and 2005 was $162,275
      and $172,052, respectively.




**Long-Lived
      Assets**




The
      Company has adopted Statement of Financial Accounting Standards No. 144 ("SFAS
      144"). The Statement requires that long-lived assets and certain identifiable
      intangibles held and used by the Company be reviewed for impairment whenever
      events or changes in circumstances indicate that the carrying amount of an
      asset
      may not be recoverable. Events relating to recoverability may include
      significant unfavorable changes in business conditions, recurring losses, or
      a
      forecasted inability to achieve break-even operating results over an extended
      period. The Company evaluates the recoverability of long-lived assets based
      upon
      forecasted undiscounted cash flows. Should an impairment in value be indicated,
      the carrying value of intangible assets will be adjusted, based on estimates
      of
      future discounted cash flows resulting from the use and ultimate disposition
      of
      the asset. SFAS No. 144 also requires assets to be disposed of be reported
      at
      the lower of the carrying amount or the fair value less costs to
      sell.




There
      were no impairment charges for long-lived assets in 2005 while an impairment
      loss of $312,742 was recorded for 2006 for the impairment of the Company’s
      internally developed software costs.




F-7


**PLANETLINK
      COMMUNICATIONS, INC. AND SUBSIDIARIES**


**NOTES
      TO CONSOLIDATED FINANCIAL STATEMENTS**


**December
      31, 2006 and 2005**




**Fair
      Value of Financial Instruments**




Statement
      of Financial Accounting Standards No. 107, "Disclosures About Fair Value of
      Financial Instruments," requires disclosure of the fair value of certain
      financial instruments. The carrying value of cash and cash equivalents, accounts
      receivable, accounts payable and short-term borrowings, as reflected in the
      balance sheets, approximate fair value because of the short-term maturity of
      these instruments.




**Concentrations
      of Credit Risk**




Financial
      instruments and related items, which potentially subject the Company to
      concentrations of credit risk, consist primarily of cash, cash equivalents
      and
      related party receivables. The Company places its cash and temporary cash
      investments with credit quality institutions. At times, such investments may
      be
      in excess of the FDIC insurance limit. The Company periodically reviews its
      trade receivables in determining its allowance for doubtful
      accounts.




**Income
      Taxes**





The
      Company uses the asset and liability method of accounting for income taxes.
      The
      asset and liability method accounts for deferred income taxes by applying
      enacted statutory rates in effect for periods in which the difference between
      the book value and the tax bases of assets and liabilities are scheduled to
      reverse. The resulting deferred tax asset or liability is adjusted to reflect
      changes in tax laws or rates. The Company records a valuation allowance for
      any
      deferred tax allowance that it believes will not be realized.




**Revenue
      Recognition**




Revenues
      are recognized in the period that services are provided. For revenue from
      product sales, the Company recognizes revenue in accordance with Staff
      Accounting Bulletin No. 104, *Revenue
      Recognition* ("SAB104"),
      which superceded Staff Accounting Bulletin No. 101, *Revenue
      Recognition in Financial Statements* ("SAB101").
      SAB 101 requires that four basic criteria must be met before revenue can be
      recognized: (1) persuasive evidence of an arrangement exists; (2) delivery
      has
      occurred; (3) the selling price is fixed and determinable; and (4)
      collectibility is reasonably assured. Determination of criteria (3) and (4)
      are
      based on management's judgments regarding the fixed nature of the selling prices
      of the products delivered and the collectibility of those amounts. Provisions
      for discounts and rebates to customers, estimated returns and allowances, and
      other adjustments are provided for in the same period the related sales are
      recorded. The Company defers any revenue for which the product has not been
      delivered or is subject to refund until such time that the Company and the
      customer jointly determine that the product has been delivered or no refund
      will
      be required. Payments received in advance are deferred until the trusses are
      built and shipped to customers.




SAB
      104
      incorporates Emerging Issues Task Force 00-21 ("EITF 00-21"), *Multiple-Deliverable
      Revenue Arrangements.* EITF
      00-21 addresses accounting for arrangements that may involve the delivery or
      performance of multiple products, services and/or rights to use assets. The
      effect of implementing EITF 00-21 on the Company's consolidated financial
      position and results of operations was not significant.




The
      Company recognizes revenue for the services that it provides in the following
      manner:




1.
      All
      revenue for the sale of devices plus their installation, and shipping costs
      is
      recognized upon installation of the device.




2.
      Internal Lease Revenue is recognized when billed to the customer on a monthly
      basis.




3.
      Revenue from monitoring services is billed to the customer on a monthly basis
      on
      the 15th of the month for the following month.




**Internal
      Use Software Costs**




Internal
      use software costs include expenses incurred by the Company for research, design
      and development of the Company's proprietary technology.




**Advertising**




The
      Company expenses all advertising costs as incurred. Advertising expense charged
      to operations amounted to $0 and $8,907 for the years ended December 31, 2006
      and 2005, respectively.




**Net
      Loss per Common Share**





The
      Company utilizes SFAS No. 128, “Earnings per Share” to calculate earnings/loss
      per share. Basic earnings/loss per share is computed by dividing the
      earnings/loss available to common stockholders (as the numerator) by the
      weighted-average number of common shares outstanding (as the denominator).
      Diluted earnings/loss per share is computed similar to basic earnings/loss
      per
      share except that the denominator is increased to include the number of
      additional common shares that would have been outstanding if all potential
      common stock (including common stock equivalents) had all been issued, and
      if
      such additional common shares were dilutive. Under SFAS No. 128, if the
      additional common shares are dilutive, they are not added to the denominator
      in
      the calculation. Where there is a loss, the inclusion of additional common
      shares is anti-dilutive (since the increased number of shares reduces the per
      share loss available to common stock holders).




F-8


**PLANETLINK
      COMMUNICATIONS, INC. AND SUBSIDIARIES**


**NOTES
      TO CONSOLIDATED FINANCIAL STATEMENTS**


**December
      31, 2006 and 2005**




**Stock-Based
      Compensation**





The
      Company applied the recognition and measurement principles of Accounting
      Principles Board Opinion No. 25, *Accounting
      for Stock Issued to Employees* ,
      and
      related Interpretations in accounting for those plans through June 30,
      2005.





In
      December 2004, FASB issued Statement No. 123(R), *Share-Based Payment,* which
      establishes accounting standards for transactions in which an entity receives
      employee services in exchange for (a) equity instruments of the entity or
      (b) liabilities that are based on the fair value of the entity’s equity
      instruments or that may be settled by the issuance of equity instruments.
      Effective July 1, 2005, SFAS 123(R) the Company adopted SFAS 123(R), which
      requires the Company to recognize the grant-date fair value of stock options
      and
      equity based compensation issued to employees in the statement of operations.
      The statement also requires that such transactions be accounted for using the
      fair-value-based method, thereby eliminating use of the intrinsic method of
      accounting in APB No. 25, *Accounting for Stock Issued to Employees,* which
      was permitted under Statement 123, as originally issued.





**New
      Accounting Pronouncements**


In
        February 2006, the FASB issued SFAS No. 155, “Accounting for Certain Hybrid
        Financial Instruments,” which allows the preparer of financial statements to
        elect fair value measurement of a financial instrument at time of acquisition,
        issuance, or a remeasurement event so that similar instruments are accounted
        for
        similarly regardless of their form.  This applies to all financial
        instruments acquired or issued by the entity beginning fiscal year 2007.
        The
        Company does not expect this accounting pronouncement will have a material
        effect on its financial statements.
 
 In
        March
        2006, the FASB issued SFAS No. 156, “Accounting for Servicing of Financial
        Assets,” which requires all separately recognized servicing assets and servicing
        liabilities be initially measured at fair value, if practicable.  This
        applies to any future servicing assets and servicing liabilities beginning
        fiscal year 2007. The Company does not expect this accounting pronouncement
        will
        have a material effect on its financial statements.
 
 In
        September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements”, whose
        purpose is to increase consistency and comparability of fair value estimates
        by:
        defining fair value, establishing a framework for measuring fair value; and
        expanding disclosure of fair value measurements. The pronouncement applies
        to
        other accounting pronouncements that require or permit fair value measurements.
        The statement emphasizes that fair value is a market based measurement other
        than an entity based. This applies to all financial instruments acquired
        or held
        by the Company beginning in fiscal 2008. The Company does not expect this
        accounting pronouncement will have a material effect on its financial
        statements.
 
 In
        September 2006, the FASB issued SFAS No. 158, “Employer’s Accounting for Defined
        Benefit Pension and Other Postretirement Plan”, whose purpose is to improve
        financial reporting by requiring an employer to recognize the overfunded
        or
        underfunded status of a defined benefit postretirement plan (other than a
        multiemployer plan) as an asset or liability in its statement of financial
        position and to recognize changes in that funded status in the year in which
        the
        changes occur. The Statement also requires employers to measure the funded
        status of a plan as of the date of its year-end statement of financial position,
        with limited exception. An employer with publicly traded equity securities
        is
        required to initially recognize the funded status of a defined benefit
        postretirement plan and to provide the required disclosures as of the end
        of the
        fiscal year ending after December 15, 2006. The Company does not expect this
        accounting pronouncement will have a material effect on its financial
        statements.




**Reclassifications**




Certain
      reclassifications have been made to the 2005 financial statements to conform
      to
      classifications used in the 2006 financial statements.




**NOTE
      2 - ACCOUNTS RECEIVABLE**




Accounts
      receivables consist of monthly equipment lease payments receivable from
      customers, amounts receivable for the purchase of GPS monitoring equipment
      and
      monitoring and maintenance services. Accounts receivables and the related
      allowance for doubtful accounts are reviewed on a regular basis to determine
      adequate adjustments, if necessary. The allowance is evaluated and deemed
      adequate based on the analysis of historical data and calculation of pro-rata
      percentages of current contracts in place, which remain subject to the
      definitization process.




Below
      is
      a table detailing activity within the allowance for contractual adjustments
      account for the years ended December 31, 2006 and 2005
      respectively.


**2006**
              
              **2005**Beginning
                  balance
              
              $
              15,000
              
              $
              -Additions
                  to allowance
              
              
              3,000
              
              
              15,000Reduction
                  to allowance
              
              
              (15,000
              )
              
              -$
              3,000
              
              $
              15,000




Historically,
      the Company has not encountered sales returns. The Company does not anticipate
      sales returns in the future.




F-9


**PLANETLINK
      COMMUNICATIONS, INC. AND SUBSIDIARIES**


**NOTES
      TO CONSOLIDATED FINANCIAL STATEMENTS**


**December
      31, 2006 and 2005**




**NOTE
      3 - PROPERTY AND EQUIPMENT**




The
      Company's property and equipment at December 31, 2006 and 2005 consist of the
      following:





**2006**
            
            **2005**Furniture
                and fixtures
            
            $
            -
            
            $
            39,216Internal
                use software
            
            
            104,248
            
            
            710,463Leased
                equipment
            
            
            89,810
            
            
            84,258Less
                depreciation and amortization
            
            
            (73,610
            )
            
            (224,794
            )Net
                property and equipment
            
            $
            120,448
            
            $
            609,143





Total
      depreciation expense was recorded as $162,275 and $172,052 for the years ended
      December 31, 2006 and 2005, respectively.


Accumulated
        depreciation for the Company’s leased equipment as of December 31, 2006 and
        2005, was $52,759 and $29,078 respectively.





Property
      and equipment are stated at cost or at the value of the operating agreement.
      The
      Company capitalizes additions and improvements which include all material,
      labor
      and engineering cost to design, install or improve the asset. Routine repairs
      and maintenance are expensed as incurred. Depreciation and amortization are
      computed using the straight-line method over the following estimated useful
      lives:




Furniture
                and fixtures
            
            5
                or 7 yearsInternal
                use software
            
            5
                yearsLeased
                equipment
            
            7
                years




The
      Company closed down operations at its San Antonio, Texas location in September
      2006 and recorded a loss on disposal of assets associated with that location
      of
      $35,746 as of October 1, 2006.




In
      December 2006, the Company’s management and board of directors determined that
      no further resources, namely cash, assets and management’s time, would be
      allocated to the GPS business going forward. The GPS business will continue
      but
      only current customers will be serviced until the Company completes revisions
      to
      its business plan and obtains additional funding from current or unknown future
      investors. Due to the decision to discontinue expansion efforts in the GPS
      business, an impairment loss was recorded internally developed software costs
      of
      $312,742 as of December 31, 2006. No impairment losses were recorded in
      2005.




**NOTE
      4 - LEASED EQUIPMENT**




The
      Company generally leases GPS devices, see Note 3, to its customers under
      operating leases for a period of three years. The following table depicts the
      Company’s current expected future operating lease rentals by year:


2007
              
              2008
              
              2009Future
                  Rentals
              
              $
              18,731
              
              $
              8,772
              
              $
              798




**NOTE
      5 - DEFERRED FINANCING COSTS**




Deferred
      financing costs, consisting of legal fees, sales commissions and stock-based
      compensation paid to the Company’s placement agent, arose out of the sale of
      convertible debentures in June and July 2004. Amortization of the deferred
      financing costs is recorded over the term of the debts and in full if and when
      the Company retires the specific debt, either by paying off the debt or at
      the
      holder’s option, through conversion of debt into common stock. The following
      table provides the detailed activity within this account during 2006 and 2005,
      respectively:


For
                  the Years Ended December 31,2006
              
              2005Deferred
                  financing costs
              
              $
              32,805
              
              $
              157,350Less
                  accumulated amortization
              
              
              (32,805
              )
              
              (124,545
              )Deferred
                  financing costs, net
              
              $
              -
              
              $
              32,805





During
      2006, all outstanding convertible debts were converted to common stock by the
      holders. As a result, the deferred financing costs were amortized in
      full.





F-10
 
 **PLANETLINK
          COMMUNICATIONS, INC. AND SUBSIDIARIES**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **December
          31, 2006 and 2005**


**NOTE
      6 - LOAN PAYABLE - OFFICER**





The
      table
      below details transactions related to the loan payable to the Company's Chief
      Executive Officer during the years ended December 31, 2006 and 2005,
      respectively:





**2006**
            
            **2005**Beginning
                balance
            
            $
            349,594
            
            $
            364,850Payments
            
            
            (8,617
            )
            
            (46,000
            )Conversion
                of debt to common stock
            
            
            (80,000
            )
            
            -Accrual
                for 2006 salary, unpaid
            
            
            70,000
            
            
            -Accrued
                interest
            
            
            30,403
            
            
            30,744Ending
                balance
            
            $
            361,380
            
            $
            349,594





Total
      interest expense on the loan payable - officer amounted to $30,403 and $30,744
      for 2006 and 2005, respectively




**NOTE
      7 - CONVERTIBLE DEBENTURES**





In
      June
      2004, the Company issued $325,000 of its three year 6% Convertible Debentures
      (the "Debentures"). The Debentures are automatically convertible into the
      Company's common stock on the third anniversary of the closing date. The
      debentures may also be converted at any time after their closing date. The
      Company recorded a $139,038 discount, which represents the intrinsic value
      of
      the beneficial conversion feature at the date the Debentures were
      issued.





In
      July
      2004 the Company issued an additional $70,000 of its three year 6% Convertible
      Debentures. The Company recorded a $30,000 discount, which represents the
      intrinsic value of the beneficial conversion feature at the date the Debentures
      were issued.





During
      2006, there were four requests from the Debenture holders for redemption. The
      holders of the Debentures have the right to convert their Debentures plus
      accrued interest into shares of the Company's common stock at 70% of the lowest
      bid price for the twenty consecutive trading days immediately preceding the
      date
      of conversion. As per the formula in the agreement the Company issued the
      following stock to retire the Debentures:


Value
                  of
              
              Interest
                  on
              
              Number
                  ofRetired
              
              Retired
              
              SharesDate
              
              Debenture
              
              Debenture
              
              IssuedFebruary,
                  2006
              
              $
              151,000
              
              $
              20,400
              
              
              78,229,115June,
                  2006
              
              
              3,000
              
              
              2,500
              
              
              3,688,799July,
                  2006
              
              
              23,000
              
              
              4,500
              
              
              15,714,285August,
                  2006
              
              
              23,000
              
              
              4,000
              
              
              18,920,333Total
                  retired
              
              $
              200,000
              
              $
              31,400
              
              
              116,552,532





The
      intrinsic value of the beneficial conversion feature related to the Debentures
      was being amortized over the term of the Debentures. The Company recorded
      $42,406 and $97,399 of accretion during the years ended December 31, 2006 and
      2005, respectively. This cost is included as a component of interest expense
      in
      the accompanying statements of operations. Upon the conversion of the
      Debentures, the beneficial conversion feature was fully amortized.





The
      Debentures were redeemable by the Company, in whole or in part, at the Company's
      option, at 120% of the then outstanding principal amount of the Debentures.
      If
      the redemption occurred more than six (6) months from the date of the individual
      closings the redemption would be set at 125%. If the redemption occurred more
      than one (1) year from the date of individual closings the amount would be
      set
      at 131%. The Company was obligated to give ten (10) days written notice of
      its
      intent to redeem the Debentures in whole or in part, during which period no
      conversions would be permitted. All Debentures were retired as of December
      31,
      2006.





F-11


**PLANETLINK
      COMMUNICATIONS, INC. AND SUBSIDIARIES**


**NOTES
      TO CONSOLIDATED FINANCIAL STATEMENTS**


**December
      31, 2006 and 2005**




**NOTE
      8 - INCOME TAXES**







The
      Financial Accounting Standards Board (FASB) has issued Statement of Financial
      Accounting Standards Number 109 (“SFAS 109”). “Accounting for Income Taxes”,
      which requires 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.




The
      Company’s net deferred tax asset as of December 31, 2006, and 2005 consisted of
      the following:


As
                  of
              
              December
                  31,2006
              
              2005Net
                  operating loss carryforward
              
              $
              6,372,000
              
              $
              5,521,000Valuation
                  allowance
              
              
              (6,372,000
              )
              
              (5,521,000
              )Net
                  deferred tax asset
              
              $
              0
              
              $
              0




The
      components of current income tax expense as of December 31, 2006 and 2005,
      respectively, are as follows:


As
                  of December 31,2006
              
              2005Current
                  federal tax expense
              
              $
              -
              
              $
              -Current
                  state tax expense
              
              
              -
              
              
              -Change
                  in NOL benefits
              
              
              (851,000
              )
              
              (1,121,000
              )Change
                  in valuation allowance
              
              
              851,000
              
              
              1,121,000Income
                  tax expense
              
              $
              -
              
              $
              -




The
      following is a reconciliation of the provision for income taxes at the U.S.
      federal income tax rate to the income taxes reflected in the Statement of
      Operations:





**December
                31, 2006**
            
            **December
                 31, 2005**Tax
                expense (credit) at statutory rate-federal
            
            
            (35.00
            %)
            
            (35.00
            %)State
                tax expense net of federal tax
            
            
            (
                6.00
            %)
            
            (
                6.00
            %)Changes
                in valuation allowance
            
            
            (41.00
            %)
            
            (41.00%)
            )Tax
                expense at actual rate
            
            
            0
            %
            
            0
            %




**NOTE
      9 - RELATED PARTY TRANSACTIONS**




During
      2006 and 2005, the Company’s Chief Executive Officer loaned the Company funds as
      needed. See Note 6.




The
      Company’s director, Amy Trombly, provides legal
      services to the Company. As of December 31, 2006, the Company has paid $0 for
      such services.




The
      Company’s headquarters are located at premises owned by the Company's Chief
      Executive Officer. No rent is charged for maintaining the office at this
      location. The criteria under accounting principles generally accepted in the
      United States of America necessary to record contributed facilities within
      these
      financial statements were not met. Therefore, the Company has not recorded
      a
      value associated with this benefit.




**NOTE
      10 - STOCKHOLDERS’ EQUITY/DEFICIT**




The
      Company, a Georgia corporation, is authorized to issue 1,350,000,000 shares
      of
      common stock with a par value of $0.001 per share. As of December 31, 2006,
      the
      Company has 1,093,683,760 shares of common stock issued and outstanding. The
      Company is authorized to issue 150,000,000 shares of preferred stock with a
      par
      value of $1.00 per share. As of December 31, 2006 and 2005 there were 25,000
      shares of preferred stock outstanding.




F-12


**PLANETLINK
      COMMUNICATIONS, INC. AND SUBSIDIARIES**


**NOTES
      TO CONSOLIDATED FINANCIAL STATEMENTS**


**December
      31, 2006 and 2005**





In
      May
      2006, the Company filed an amendment to its Articles of Incorporation. The
      amendment authorized the Company’s board of directors to issue up to 50,000,000
      shares of the Company’s Series A Convertible Preferred Stock, par value $0.001.
      On August 15, 2006, the Company executed a certificate of designation for its
      Series A Convertible Preferred Stock. On August 21, 2006, the Company sold
      2,083,334 shares of Series A convertible preferred stock for $100,000. The
      Company also issued 500,000 shares of Series A Convertible Preferred Stock
      to
      the Company's Chief Executive Officer to retire $80,000 of the loan payable
      of
      which the Company is indebted for (see Note 6)




The
      Series A Convertible Preferred Stock has the following
      characteristics:




Voting
      -
      Each share of Series A Convertible Preferred Stock shall carry with it, the
      right to vote at annual or special meetings of the shareholders of the Company
      such that each share of Series A Convertible Preferred stock will be carry
      with
      it voting rights equal to that of 500 shares of common stock.




Dividends
      — Each holder of Series A Convertible Preferred Stock shall be entitled to
      receive dividends in cash, stock or otherwise, if, when and as declared by
      the
      Company’s board of directors.




Liquidation
      — In the event of any voluntary or involuntary liquidation, dissolution or
      winding-up of the Company, the assets of the Company available for distribution
      to its stockholders shall be distributed as follows:




(a)  Series
      A
      Convertible Preferred Stock shall rank senior to the Company’s other outstanding
      preferred stock and common stock;




(b)  Common
      stock shall rank junior to Series A Convertible Preferred Stock and the
      Company’s other outstanding preferred  stock




In
      any
      event whereby the preceding distributions are unable to be met, the rank
      considerations outlined above shall be considered and the distribution of the
      Company’s net assets shall be determined according to rank and on a pro-rata
      basis.




Conversion
      — One share of Series A convertible preferred stock shall convert into 100
      shares of common stock at the holder’s discretion, and as adjusted accordingly.
      The holder can elect to convert the Series A Convertible Preferred Stock into
      common stock no earlier than August 15, 2007.




During
      the year ended December 31, 2006, the Company recorded the following
      transactions within its stockholders’ equity accounts:




*COMMON
      STOCK TRANSACTIONS*




The
      Company issued 242,627,150 shares of the Company’s common stock, valued at
      $793,246, to contractors and non-officer employees for services provided to
      the
      Company.




The
      Company issued 116,552,532 shares of common stock upon the conversion of
      $231,400 of the Company’s 6% convertible debentures.




The
      Company issued 148,000,000 shares of the Company’s common stock, for $332,000,
      upon the exercise of stock options.




The
      Company used the Black Scholes option pricing model and recorded stock option
      expense of $577,077, which was associated with the issuance of options to
      purchase 200,000,000 shares of common stock issued to two marketing consultants
      in January 2006. The stock options vested incrementally over a 5 month
      period.




*PREFERRED
      STOCK TRANSACTIONS*




The
      Company issued 2,083,334 shares of Series A Convertible Preferred Stock for
      $100,000 in cash.




The
      Company issued 500,000 shares of Series A Convertible Preferred Stock to convert
      $80,000 in debt owed under the loan payable - officer.




The
      Company recorded a $440,000 Series A Convertible Preferred Stock discount as
      of
      August 21, 2006, in connection with the issuance of the Series A Convertible
      Preferred Stock. This value represents the beneficial conversion feature derived
      upon the issuances of the Series A Convertible Preferred Stock on August 21,
      2006. In this transaction, beneficial conversion feature is the difference
      between the fair market value of the common stock into which the Series A
      Convertible Preferred Stock is convertible less the amount paid by the holders
      to acquire the Series A Convertible Preferred Stock. The value is carried in
      the
      stockholders’ equity portion of the balance sheet in accordance with Emerging
      Issues Task Force (“EITF”) Issue No. 98-5, *Accounting
      for Convertible Securities with Beneficial Conversion Features or Contingently
      Adjustable Conversion Ratios* ,
      which
      was issued by the Financial Accounting Standards Board (“FASB”). The Company
      also referred to EITF Issue No. 00-27 for guidance. Amortization of this value
      will be recorded over the period of time until the earliest possible conversion
      date, August 15, 2007. Amortization will be recorded as an adjustment against
      accumulated deficit as the beneficial conversion feature is considered to be
      a
      form of a dividend paid to the holders of the Series A Convertible Preferred
      Stock. Amortization recorded in 2006 amounted to $161,783.




F-13
 
 **PLANETLINK
          COMMUNICATIONS, INC. AND SUBSIDIARIES**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **December
          31, 2006 and 2005**


During
      the year ended December 31, 2005, the Company recorded the following
      transactions within its stockholders’ equity accounts:




*COMMON
      STOCK TRANSACTIONS*




The
      Company issued 88,166,650 shares of the Company’s common stock, valued at
      $577,428, to employees under the Company’s employee stock incentive
      plan.




The
      Company entered into consulting agreements ranging from 6 months to 1 year
      for
      services provided by consultants. Compensation related to these consulting
      agreements consisted of 161,000,000 shares of the Company's common stock valued
      at $826,500.




The
      Company issued 32,942,689 shares of common stock, valued at $188,288 to
      contractors and non-officer employees of the Company for services provided
      to
      the Company.




The
      Company issued 76,252,935 shares of common stock upon the conversion of $195,000
      of the Company’s 6% convertible debentures. The total value of the stock issued
      to convert the convertible debentures was $941,692.




The
      Company issued 20,000,000 shares of the Company’s common stock, valued at
      $200,000, upon the exercise of stock options.




A
      total
      of 375,000 shares of the Company’s common stock, valued at $375, were returned
      to the Company.




The
      Company recorded stock option expense of $274,286.




*PREFERRED
      STOCK TRANSACTIONS*




The
      Company issued 25,000 shares of preferred stock for $25,000 in
      cash.





**NOTE
      11 - STOCK OPTIONS**





The
      Company does not have a formal stock option plan. However, the Company has
      offered its employees stock options. During 2006 and 2005, the Company issued
      options to purchase 187,500,000 and 60,000,000 shares of its unregistered common
      stock, respectively, to certain employees and contractors.





The
      Company adopted Statement of Financial Accounting Standards No. 123(R) (“SFAS
      123(R)) as of July 1, 2005. SFAS 123(R) provides for mandatory expensing of
      the
      estimated value of stock options granted to the Company’s employees over the
      period of time the stock options vest. The Company measures the total cost
      of
      each stock option grant at the date of grant using the Black Scholes option
      trading model. The Company recognizes the cost of each stock option on a
      straight line basis over the applicable vesting period.





All
      stock
      options issued in 2006 and 2005 carry a 1 year expiration date and vest over
      varying periods from immediately to 1 year.


Stock
      option expense recorded for 2006 and 2005 amounted to $577,077 and $274,286,
      respectively.





The
      Company adopted SFAS 123(R) as of July 1, 2005. Had the Company adopted SFAS
      123(R) as of January 1, 2005, the pro forma impact on the 2005 net loss would
      have been immaterial.





The
      following table summarizes stock options activity for the years ended December
      31, 2006 and 2005:





Stock
                Option ActivityShares
                subject to option
            
            Exercise
                PriceBalance
                at December 31, 2004
            
            
            3,000,000
            
            $
            0.0175Stock
                options granted
            
            
            60,000,000
            
            $
            0.0100Stock
                options exercised
            
            
            (20,000,000
            )
            $
            0.0100Stock
                options terminated
            
            
            (3,000,000
            )
            $
            0.0175Balance
                at December 31, 2005
            
            
            40,000,000
            
            $
            0.0100Stock
                options granted
            
            
            187,500,000
            
            $
            0.0020-$0.0025Stock
                options exercised
            
            
            (148,000,000
            )
            $
            0.0020-$0.0025Stock
                options terminated
            
            
            (30,000,000
            )
            $
            0.0025Balance
                at December 31, 2006
            
            
            0




The
      estimated value of the compensatory warrants granted to non-employees in
      exchange for services and financing expenses was determined using the
      Black-Scholes option pricing model and the following assumptions: 2006, expected
      term of 1 year, risk free interest rate of 4.25%, dividend yield of 0% and
      volatility of 40%; 2005, expected term of 1 year, risk free interest rate of
      3.88%, dividend yield of 0% and volatility of 40%.




All
      valuations of common stock and equity issued for services were based upon value
      of the services rendered, which did not differ materially from the fair value
      of
      the Company's common stock during the period the services were
      rendered.




F-14


**PLANETLINK
      COMMUNICATIONS, INC. AND SUBSIDIARIES**


**NOTES
      TO CONSOLIDATED FINANCIAL STATEMENTS**


**December
      31, 2006 and 2005**




**NOTE
      12 - LOSSES PER SHARE**


The
        Company utilizes SFAS No. 128, "Earnings per Share" to calculate gain/loss
        per
        share. Basic earnings/loss per share is computed by dividing the earnings/loss
        available to common stockholders (as the numerator) by the weighted-average
        number of common shares outstanding (as the denominator). Diluted earnings/loss
        per share is computed similar to basic earning/loss per share except that
        the
        denominator is increased to include the number of additional common shares
        that
        would have been outstanding if all potential common stock (including common
        stock equivalents) had all been issued, and if such additional common shares
        were dilutive.
  **Basic
                  Earning Per Share Computation****2006**
              
              **2005**Loss
                  available to common shareholders
              
              $
              (2,436,483
              )
              $
              (3,183,751
              )**Basic
                  Loss per common share**
              
              $
              (0.00
              )
              $
              (0.01
              )**Weighted-average
                  shares used to compute:**Basic
                  loss per share
              
              
              920,164,219
              
              
              452,416,231**Dilutive
                  Earning Per Share Computation:****2006**
              
              
              **2005**Loss
                  available to common shareholders
              
              $
              (2,436,483
              )
              $
              (3,183,751
              )**Dilutive
                  Loss per common share**
              
              $
              (0.00
              )
              $
              (0.01
              )**Weighted-average
                  shares used to compute:**Diluted
                  loss per share
              
              
              920,164,219
              
              
              587,752,966
 
 Under
        SFAS No. 128, where there is a loss, the inclusion of additional common shares
        is anti-dilutive (since the increased number of shares reduces the per share
        loss available to common stock holders), and if the additional common shares
        are
        anti-dilutive, they are not added to the denominator in the calculation.
        For
        periods, where the additional common shares are anti-dilutive, the following
        common stock equivalents have been excluded from the calculation of diluted
        loss
        per share:
 
 **2006**
              
              **2005**Convertible
                  Debentures
              
              
              -
              
              
              96,336,735Options
              
              
              -
              
              
              40,000,000Total
              
              
              -
              
              
              135,336,735




F-15





**PLANETLINK
      COMMUNICATIONS, INC. AND SUBSIDIARIES**


**NOTES
      TO CONSOLIDATED FINANCIAL STATEMENTS**


**December
      31, 2006 and 2005**




**NOTE
      13 - COMMITMENTS, CONTINGENCIES AND OTHER MATTERS**




As
      of the
      date of this report, the Company was not aware of any threatened or pending
      legal proceedings against it.




**Office
      Rental**




The
      Company leased office space on a one year term for its cooperate offices in
      San
      Antonio, Texas. The office space renews annually on May 1. The Company shut
      down
      operations at this location in September 2006 and has continued to pay rent
      for
      this office space through January 2007. The Company is currently negotiating
      a
      settlement with the landlord, which the Company currently expects will not
      result in any additional rents payable under this lease agreement.




Rental
      expense charged to operations amounted to $18,496 and $12,672 for the years
      ended December 31, 2006 and 2005 respectively.




**NOTE
        14 - ASSETS HELD FOR SALE**
  The
        Company has classified the assets owned by Coin Wash Associates, Inc. as
        assets
        held for sale in the balance sheet as of December 31, 2006. As discussed
        in Note
        15, on March 29, 2007, the Company relinquished control of these assets,
        which
        consisted entirely of laundry facilities such as washers and dryers, in exchange
        for the cancellation of certain shares of the Company’s preferred stock, as
        outlined in Note 15.




**NOTE
      15 - SUBSEQUENT EVENTS**





On
      March
      5, 2007, the Company held its 2006 Annual Meeting of Stockholders. The results
      of the meeting were as follows:





Proposal
      1: Election of Directors.




FOR
            
            WITHELDAmy
                M. Trombly
            
            
            2,019,871,544
            
            
            14,653,271M.
                Dewey Bain
            
            
            2,019,704,634
            
            
            14,820,181James
                T. Crane
            
            
            2,020,088,744
            
            
            14,436,071





Proposal
      2: Amendment of the Amended and Restated Articles of Incorporation to increase
      the number of authorized shares from 1.5 billion to 5 billion.




FOR
            
            
            1,345,072,705AGAINST
            
            
            55,423,133ABSTAIN
            
            
            7,486,957





Proposal
      3: Amendment of the Amended and Restated Articles of Incorporation to effect
      a
      reverse split in the range of 50:1 to 150:1.





FOR
            
            
            1,930,647,485AGAINST
            
            
            88,602,935ABSTAIN
            
            
            15,274,393





On
      March
      14, 2007, the Georgia Secretary of State declared the Company’s Articles of
      Amendment effective. The Articles of Amendment amended the Company’s Amended and
      Restated Articles of Incorporation to increase its authorized common stock
      from
      1.5 billion shares to 5 billion shares.





On
      March
      29, 2007 the Company entered into a Binding Letter of Intent with Pluginz,
      LLC
      with respect to a proposed acquisition of 100% of the capital stock of Pluginz,
      Inc. and Plugin Stores, Inc. The closing date shall be within 30 days from
      the
      date of the Binding Letter of Intent, unless mutually extended in writing,
      at
      which time the Company intends to enter into a definitive agreement with
      Pluginz.





Under
      the
      terms of the Binding Letter of Intent, the Company proposed to purchase the
      stock in Pluginz with a combination of cash and stock for total consideration
      of
      approximately $1,250,000.





Further,
      under the Agreement, within 60 days calendar days from closing, the Company
      will
      merge with Pluginz, with PlanetLink Communications, Inc. as the surviving
      entity. The Company agreed to change the name of the Company from PlanetLink
      Communications, Inc. to Vanguard Digital, Inc. a name that accurately reflects
      the new business, and to reincorporate to Delaware within 60 calendar days
      from
      closing. The Company further agreed to name Mr. Robert Lott as its President
      and
      Chief Executive Officer, Mr. Christopher Gilcher as its part-time Chief
      Financial Officer, Mr. Chris Piercy as a director and Mr. Scott Gallagher as
      Co-Chairman. Mr. M. Dewey Bain will have the title of Co-Chairman. Messrs.
      Lott,
      Bain, Gilcher and Gallagher will enter into employment agreements with the
      Company and the management of Pluginz and its affiliates will enter into
      two-year non-compete agreements in addition to employment agreements. Ms.
      Trombly will remain as a director and the Company intends to appoint Mr. Piercy
      as a director. Mr. Lott will receive $100,000 per year, with incentives, and
      a
      bonus plan for up to 50% of his annual salary. Mr. Bain will receive $100,000
      per year, with incentives, and a bonus plan for up to 50% of his annual salary.
      Mr. Lott will receive $150,000 per year, with incentives, and a bonus plan
      for
      up to 50% of his annual salary. Mr. Gilcher will receive $50,000 per
      year.





F-16


Additionally,
      the Company agreed to close a financing of at least $1,000,000 within 21 days
      of
      the closing date. Upon signing the Agreement, both parties agreed that if the
      acquisition described herein does not close for reasons not described in the
      Agreement, the party that cancels the Agreement shall pay the other party a
      break-up fee of $50,000.





Also
      on
      March 29, 2007, the Company entered into two Settlement and General Release
      Agreements with Sean Fulda and with Michael Fulda with respect to the
      cancellation of all Preferred Shares held by each in consideration for $100,000
      paid to Sean Fulda and $100,000 paid to Michael Fulda. Under the terms of the
      Settlement Agreements the Company agreed to cancel the 1,041,667 Preferred
      Shares held by Sean Fulda and the 1,041,667 Preferred Shares held by Michael
      Fulda, and agreed that any and all agreements between the Company and these
      parties are cancelled and terminated. Further, under the Settlement Agreements,
      the parties mutually agreed to release the other from any present or future
      claims.





In
      addition, under the terms of the Settlement Agreement between the Company and
      Sean Fulda, the Company agreed to transfer to Sean Fulda, all rights in its
      coin
      wash subsidiary, Coin Wash Associates, Inc., including all of the assets and
      liabilities within 30 days from closing.





F-17


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




We
      have
      had changes in our auditors that have been reported on Form 8-K. We have not
      had
      any disagreements with any of our auditors.




**ITEM
      8A. CONTROLS AND PROCEDURES.**





**EVALUATION
      OF DISCLOSURE CONTROLS AND PROCEDURES**




Our
      management evaluated, with the participation of our Chief Executive
      Officer/Interim Chief Financial Officer, the effectiveness of our disclosure
      controls and procedures as of the end of the period covered by this Annual
      Report on Form 10-KSB. Based on this evaluation, our Chief Executive
      Officer/Interim Chief Financial Officer has concluded that our disclosure
      controls and procedures are effective to ensure that information we are required
      to disclose in reports that we file or submit under the Securities Exchange
      Act
      of 1934 (i) is recorded, processed, summarized and reported within the time
      periods specified in Securities and Exchange Commission rules and forms, and
      (ii) is accumulated and communicated to our management, including our Chief
      Executive Officer/Interim Chief Financial Officer, as appropriate to allow
      timely decisions regarding required disclosure. Our disclosure controls and
      procedures are designed to provide reasonable assurance that such information
      is
      accumulated and communicated to our management. Our disclosure controls and
      procedures include components of our internal control over financial reporting.
      Management's assessment of the effectiveness of our internal control over
      financial reporting is expressed at the level of reasonable assurance that
      the
      control system, no matter how well designed and operated, can provide only
      reasonable, but not absolute, assurance that the control system's objectives
      will be met.





**CHANGES
      IN INTERNAL CONTROLS**




There
      was
      no change in our internal controls, which are included within disclosure
      controls and procedures, during our most recently completed fiscal quarter
      that
      has materially affected, or is reasonably likely to materially affect, our
      internal controls.




**ITEM
      8B OTHER INFORMATION.**




None.




14




**PART
      III**




**ITEM
      9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS AND CORPORATE
      GOVERNANCE; COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE
      ACT.**




The
      following table sets forth the name, age, positions, and offices or employments
      for the past five years as of December 31, 2006, of our executive officers
      and
      directors. Members of the Board are elected and serve for one year terms or
      until their successors are elected and qualify. Our executive officers are
      elected annually by our Board of Directors. There are no family relationships
      among our Directors and executive officers.





NAME
            
            AGE
            
            POSITION
            
            Director
                SinceM.
                Dewey Bain
            
            56
            
            President,
                Chief Executive Officer, Interim Chief Financial Officer, Treasurer
                and
                Director
            
            2002James
                T. Crane
            
            30
            
            Director
            
            2006Amy
                M. Trombly
            
            39
            
            Director
            
            2006




M.
      DEWEY
      BAIN was elected to our Board of Directors in August 2002 and appointed
      President and Interim Chief Financial Officer in October 2002. In March 2003,
      Mr. Bain also was appointed Treasurer. Prior to joining PlanetLink, Mr. Bain
      was
      the principal partner of Independent Trust Administrators. Mr. Bain was a trial
      attorney for the Texas Department of Public Welfare and the City of San Antonio,
      Texas. Mr. Bain also served in the Judge Advocate General Corps (J.A.G.) of
      the
      United States Army Reserves for 10 years. Mr. Bain graduated from David Lipscomb
      College in 1971 with a Bachelor of Arts degree and earned his Juris Doctor
      degree from the University of Texas in 1975. Other than as noted above, Mr.
      Bain
      has not held any position in a reporting public company during the last five
      years.




JAMES
      T.
      CRANE was elected to our Board of Directors in October 2006. Mr. Crane serves
      as
      President of J. Crane & Company, P.C., a professional services firm he
      founded in June 2006. Prior to founding J. Crane & Company, P.C., Mr. Crane
      was a Partner at Baker, O'Connor and Sullivan, LLC from January 2005 until
      May
      2006. Mr. Crane provided accounting services as a sole proprietor of James
      T.
      Crane, CPA from September 1999 until January 2005. Mr. Crane focuses his time
      and efforts on emerging businesses, assisting them with SEC compliance and
      communication matters, accounting and accounting-related functions and debt
      and
      equity financing actions. Mr. Crane is a Certified Public Accountant. Mr. Crane
      received his B.S. in Accounting from Bentley College. Mr. Crane has also served
      as an officer or director of several private companies and currently serves
      on
      the Board of Directors of Commerce Planet, Inc.




AMY
      M.
      TROMBLY was elected to our Board of Directors in October 2006. Ms. Trombly
      serves as Principal of Trombly Business Law, a securities and corporate law
      firm
      she founded in May 2002. Prior to founding Trombly Business Law, Ms. Trombly
      worked as an associate at Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
      from February 1999 to May 2002 where she managed public transactions including
      initial public offerings, follow-on offerings and tender offers, and counseled
      clients in compliance with the federal securities laws. Ms. Trombly served
      as
      Vice President at State Street Corporation from September 1998 to February
      1999
      and worked in the Division of Corporation Finance in the U.S. Securities and
      Exchange Commission from September 1994 to August 1998. She was Special Counsel
      at the time of her departure. Ms. Trombly received her B.S. from Babson College
      and her Juris Doctor degree from Suffolk University Law School.





INVOLVEMENT
      IN CERTAIN LEGAL PROCEEDINGS





We
      are
      not aware of any material legal proceedings that have occurred within the past
      five years concerning any director, director nominee, or control person which
      involved a criminal conviction, a pending criminal proceeding, a pending or
      concluded administrative or civil proceeding limiting one's participation in
      the
      securities or banking industries, or a finding of securities or commodities
      law
      violations.




SECTION
      16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE





Section
      16(a) of the Exchange Act requires our directors, executive officers and persons
      who beneficially own more than 10 percent of a registered class of our equity
      securities, file with the SEC initial reports of ownership and reports of
      changes in ownership of our equity securities. Officers, directors and greater
      than 10 percent stockholders are required by SEC regulation to furnish us with
      copies of all Section 16(a) forms they file.




Based
      solely upon a review of copies of such forms filed on Forms 3, 4, and 5, we
      are
      aware of two persons who during the year ended December 31, 2006, were
      directors, officers, or beneficial owners of more than ten percent of our common
      stock, and who failed to file, on a timely basis, reports required by Section
      16(a) of the Securities Exchange Act of 1934 during such fiscal year as
      follows:


·  James
        T.
        Crane was elected a director during October 2006. Mr. Crane failed to timely
        file one Form 3 for the year ended December 31, 2006 by a period of 65
        days.
  15
 ·  Amy
        M.
        Trombly was elected a director during October 2006. Ms. Trombly failed to
        timely
        file one Form 3 for the year ended December 31, 2006 by a period of 65
        days.





**CODE
      OF ETHICS**




We
      have
      adopted a code of ethics that applies to our principal executive officer,
      principal financial officer, principal accounting officer or controller, or
      persons performing similar functions. The code of ethics is designed to deter
      wrongdoing and to promote:


·  Honest
        and ethical conduct, including the ethical handling of actual or apparent
        conflicts of interest between personal and professional
        relationships;
  ·  Full,
        fair, accurate, timely, and understandable disclosure in reports and documents
        that we file with, or submits to, the SEC and in other public communications
        made by us;
  ·  Compliance
        with applicable governmental laws, rules and regulations;
  ·  The
        prompt internal reporting of violations of the code to an appropriate person
        or
        persons identified in the code; and
  ·  Accountability
        for adherence to the code.




A
      copy of
      our code of ethics that applies to our principal executive officer, principal
      financial officer, principal accounting officer or controller, or persons
      performing similar functions was attached as an exhibit to our amended Annual
      Report for the fiscal year ended December 31, 2003, filed with the Commission
      on
      February 28, 2005. We have posted a copy of the code of ethics on our website
      at
      www.planettraks.com. You may go to the Investor section on our website
      www.planettraks.com and click on SEC filings to find the 10KSB/A filed with
      the
      SEC on February 28, 2005 to read our Code of Ethics. We will provide to any
      person without charge, upon request, a copy of our code of ethics. Any such
      request should be directed to our corporate secretary at 1415 Bookhout Drive,
      Cumming, Georgia 30041, telephone (678) 455-7075.




**PROCEDURE
      FOR NOMINATING DIRECTORS**




There
      have been no material changes to the procedures by which security holders may
      recommend nominees to our Board of Directors.




The
      Board
      of Directors will consider candidates for director positions that are
      recommended by any of our stockholders. Any such recommendation for the 2006
      Annual Meeting of Shareholders should be provided to our corporate secretary
      by
      June 30, 2007. The recommended candidate should be submitted to us in writing
      addressed to 1415 Bookhout Drive, Cumming, Georgia 30041. The recommendation
      shall include the following information: name of candidate; address, phone,
      and
      fax number of candidate; a statement signed by the candidate certifying that
      the
      candidate wishes to be considered for nomination to our Board of Directors
      and
      stating why the candidate believes that he or she meets the director
      qualification criteria and would otherwise be a valuable addition to our board
      of directors; a summary of the candidate's work experience for the prior five
      years and the number of shares of our stock beneficially owned by the
      candidate.




The
      Board
      shall evaluate the recommended candidate and shall determine whether or not
      to
      proceed with the candidate in accordance with our procedures. We reserve the
      right to change our procedures at any time to comply with the requirements
      of
      applicable laws.




**COMMITTEES
      OF THE BOARD OF DIRECTORS**





The
      Board
      of Directors has the responsibility for establishing broad corporate policies
      and reviewing our overall performance rather than day-to-day operations. The
      Board's primary responsibility is to oversee management of our company and,
      in
      so doing, serve the best interests of our company and our shareholders. Our
      full
      Board of Directors performs all of the functions normally designated to an
      Audit
      Committee, Compensation Committee and Nominating Committee.





**Audit
      Committee**





Although
      our Board does not have a separately-designated standing Audit Committee, our
      full Board of Directors performs the functions usually designated to an Audit
      Committee. As of December 31, 2006, James T. Crane has been designated as the
      Board's "audit committee financial expert" as defined in Item 407(d)(3) of
      Regulation S-B. Mr. Crane is a licensed CPA, and was formerly an auditor at
      Ernst & Young, an international professional services firm. Currently, Mr.
      Crane serves as an accounting and auditing consultant to 11 public companies,
      and 20% of his business during 2006 involved direct SEC representation of his
      clients. Mr. Crane’s experience and background has provided him with an
      understanding of accounting principles generally accepted in the United States
      of America and financial statements prepared thereon. Mr. Crane has experience
      preparing, auditing, analyzing and evaluating financial statements that present
      a breadth and level of complexity of accounting issues comparable to the issues
      that can reasonably be expected to be raised by our financial statements. Mr.
      Crane has an understanding of audit committee functions. We are traded on the
      Over the Counter Bulletin Board which does not have a requirement of director
      independence; however, Mr. Crane is not *independent*.




16


**ITEM
      10. EXECUTIVE COMPENSATION.**




**SUMMARY
      COMPENSATION**




The
      following table shows the compensation paid or accrued during the fiscal years
      ended December 31, 2006 and 2005 to our President and Chief Executive
      Officer.





**Summary
      Compensation Table**





Name
                and Principal Position
              (a)
            
            Year
              Ended
              December
              31,
              (b)
            
            Base
                Salary
              ($)
              (c)
            
            Dollar
                Value of total compensation for the covered fiscal year
              ($)
              (j)M.
                Dewey Bain
              President
                and Chief Executive Officer
            
            
            2006
            
            $
            93,000
            (1)
            $
            93,0002005
            
            $
            130,000
            
            $
            130,000




(1)  Mr.
      Bain
      has not received compensation since September 15, 2006. He accepts compensation
      when the Company has funds available. An accrual for unpaid salary earned in
      2006 of $70,000 was recorded by the Company as of December 31, 2006, and is
      included as an addition to Mr. Bain’s loan payable - officer. See Footnote 6 to
      the financial statements included herein.




**NARATIVE
      TO SUMMARY COMPENSATION TABLE**




EMPLOYMENT
      AGREEMENTS OF EACH NAMED EXECUTIVE OFFICER





We
      do not
      have written or oral employment agreements with our named executive
      officer.





**OUTSTANDING
      EQUITY AWARDS AT FISCAL YEAR-END**





As
      of
      December 31, 2006, the last day of our fiscal year, there were no outstanding
      equity awards owned by our named executive officer named in the Summary
      Compensation Table.





**Retirement
      Benefits**





We
      do not
      have any qualified or non-qualified defined benefit plans.





**Nonqualified
      Deferred Compensation**





We
      do not
      have any nonqualified defined contribution plans or other deferred compensation
      plans.





**Potential
      Payments Upon Termination or Change of Control**





None.




**DIRECTOR
      COMPENSATION**




No
      Board
      of Directors fees were paid to directors in either cash or stock during the
      year
      ended December 31, 2006.





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





**SECURITY
      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**





The
      following table sets forth certain information as of January 29, 2007, regarding
      the beneficial ownership of our common stock held by each of our executive
      officers and directors, individually and as a group and by each person who
      beneficially owns in excess of five percent of our common stock. In general,
      beneficial ownership includes those shares that a person has the power to vote,
      sell, or otherwise dispose. Beneficial ownership also includes that number
      of
      shares which an individual has the right to acquire within 60 days of the date
      this table was prepared (such as stock options). Two or more persons may be
      considered the beneficial owner of the same shares. The inclusion in this
      section of any shares deemed beneficially owned does not constitute an admission
      by that person of beneficial ownership of those shares.





17


NAME
                  OF BENEFICIAL OWNER (1)
              
              SHARES
                  BENEFICALLY OWNED
              
              PERCENT
                  (2)M.
                  Dewey Bain (3)
              
              
              17,922,393
              
              
              1.6
              %Amy
                  M. Trombly
              
              
              0
              
              
              *James
                  T. Crane
              
              
              0
              
              
              *All
                  officers and directors as a group
              
              
              17,922,393
              
              
              1.6
              %(3
                  persons)





*
      less
      than 1%




(1)
      Unless otherwise indicated, the address for each of these stockholders is c/o
      PlanetLink Communications, Inc., 1415 Bookhout Drive, Cumming, Georgia 30041.
      Also, unless otherwise indicated, each person named in the table above has
      the
      sole voting and investment power with respect to the shares of common stock
      beneficially owned.




(2)
      Beneficial ownership is determined in accordance with the rules of the SEC
      based
      on 1,093,683,760 shares of common stock issued and outstanding on January 29,
      2007.





(3)
      Mr.
      Bain’s beneficial ownership is comprised of 17,922,393 shares of common stock.
      In addition Mr. Bain owns 500,000 shares of Series A Convertible Preferred
      Stock
      which he cannot convert into common stock until September 15, 2007.




**ITEM
      12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.**





**CERTAIN
      RELATIONSHIPS AND RELATED TRANSACTIONS**




As
      of
      December 31, 2006 and 2005, respectively, we owe M. Dewey Bain, President and
      Chief Executive Officer, $361,380 and $349,594, respectively, including accrued
      interest as a note payable. The terms and analysis of the note are discussed
      in
      NOTE 6 of the financial statements which are made a part of this
      document.





On
      October 16, 2006 Amy Trombly was appointed as a director of the Company. Ms.
      Trombly is the principal of Trombly Business Law, which has been retained by
      the
      Board as our corporate counsel.





On
      September 30, 2006 we moved our offices to premises owned and controlled by
      our
      President at no charge to the Company. This related party transaction is not
      necessarily indicative of the amounts that would have been incurred had a
      comparable transaction been entered into with an independent party. The terms
      of
      this transaction were more favorable than would have been attained if the
      transactions were negotiated at arm's length.





**DIRECTOR
      INDEPENDENCE**




As
      of
      December 31, 2006, M. Dewey Bain, Amy M. Trombly and James T. Crane served
      as
      our directors. We are currently traded on the Over-the-Counter Bulletin Board
      or
      OTCBB. The OTCBB does not require that a majority of the board be
      independent.




18




**ITEM
      13. EXHIBITS.**


EXHIBIT
                  NO.
              
              IDENTIFICATION
                  OF EXHIBIT3.1
              
              Articles
                  of Incorporation (included as Exhibit 3(ii) to the Registration
                  Statement
                  on Form 10-SB/12g filed October 12, 2000 and incorporated herein
                  by
                  reference).3.2
              
              Amended
                  and Restated Articles of Incorporation (included as Exhibit 3.1
                  (I) on
                  Form 8-K filed January 11, 2006 and incorporated herein by
                  reference).3.3
              
              By-laws
                  (included as Exhibit 3(i) to the Registration Statement on Form
                  10-SB/12g
                  filed October 12, 2000 and incorporated herein by
                  reference).3.4
              
              Amended
                  and Restated By-laws (included as Exhibit 3.1 (I) to the Form 8-K
                  filed
                  January 11, 2006 and incorporated herein by
                  reference).
 3.5
              
              Articles
                  of Amendment of the Company, dated January 11, 2006 (included as
                  Exhibit
                  3.1 to the Form 8-K filed August 29, 2006 and incorporated herein
                  by
                  reference).3.6
              
              Articles
                  of Amendment of the Company, effective March 14, 2007 (included
                  as Exhibit
                  3.1 to the Form 8-K filed April 3, 2007 and incorporated herein
                  by
                  reference).10.1
              
              Lease
                  Agreement between the Company and Joy Unlimited, dated May 1, 2005
                  (included as Exhibit 10.1 to the Form 10-KSB filed March 30, 2006
                  and
                  incorporated herein by reference).10.2
              
              Licensing
                  Agreement between the Company and Karta Technology, dated March
                  1, 2005
                  (included as Exhibit 10.2 to the Form 10-KSB filed March 30, 2006
                  and
                  incorporated herein by reference).10.3
              
              Agreement
                  between the Company and Cingular Wireless, dated August 18, 2005
                  (included
                  as Exhibit 10.3 to the Form 10-KSB filed March 30, 2006 and incorporated
                  herein by reference).10.4
              
              Contract
                  between the Company and Mapquest, dated March 1, 2005 (included
                  as Exhibit
                  10.4 to the Form 10-KSB filed on March 30, 2006 and incorporated
                  herein by
                  reference).10.5
              
              Binding
                  Letter of Intent between the Company and Pluginz, LLC, dated March
                  29,
                  2007 (included as Exhibit 10.1 to the Form 8-K filed April 3, 2007
                  and
                  incorporated herein by reference).14.1
              
              Code
                  of Ethics (included Exhibit 14 to the Form 10-KSB/A filed February
                  28,
                  2005 and incorporated herein by reference).21.1
              
              List
                  of Subsidiaries (filed herewith).31.1
              
              Certification
                  of M. Dewey Bain, Chief Executive Officer and Interim Chief Financial
                  Officer pursuant to Section 302 of the Sarbanes-Oxley Act of
                  2002.32.1
              
              Certification
                  of M. Dewey Bain, Chief Executive Officer and Interim Chief Financial
                  Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant
                  to
                  Section 906 of the Sarbanes-Oxley Act of
                  2002.




19




**ITEM
      14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**




**AUDIT
      FEES**




In
      2005,
      we paid Russell Bedford Stefanou Mirchandani, LLP $22,500 for the 10-QSB as
      of
      March 31, 2005 review and consents to S-8 filings. Also in 2005, we paid
      Chisholm, Bierwolf & Nilson, LLP a total of $10,975 for the review of our
      10-QSB as of June 30, 2005 and September 30, 2005 and the review of our 10-KSB
      for December 31, 2005. In 2006, we paid Chisholm, Bierwolf & Nilson, LLP a
      total of $9,608.86 for the 10-QSB as of March 31, 2006, June 30, 2006 and
      September 30, 2006 review and consents to an S-8 filing.





**AUDIT-RELATED
      FEES**




There
      were no aggregate audit-related fees billed by Chisholm, Bierwolf & Nilson
      LLP for professional services rendered for the audit of our annual financial
      statements for fiscal years ended December 31, 2006, and 2005.




**ALL
      OTHER FEES**




There
      were no other fees billed by Chisholm, Bierwolf, & Nilson LLP for
      professional services rendered, other than as stated under the captions Audit
      Fees.




**THE
      BOARD OF DIRECTORS PRE-APPROVAL POLICY AND PROCEDURES**




We
      do not
      have a separate Audit Committee. Our full Board of Directors performs the
      functions of an Audit Committee. During fiscal year 2004, the Board of Directors
      adopted policies and procedures for the pre-approval of audit and non-audit
      services for the purpose of maintaining the independence of our independent
      auditors. We may not engage our independent auditors to render any audit or
      non-audit service unless either the service is approved in advance by the Board
      of Directors or the engagement to render the service is entered into pursuant
      to
      the Board of Director's pre-approval policies and procedures. On an annual
      basis, the Board of Directors may pre-approve services that are expected to
      be
      provided to us by the independent auditors during the following 12 months.
      At
      the time such pre-approval is granted, the Board of Directors must (1) identify
      the particular pre-approved services in a sufficient level of detail so that
      management will not be called upon to make judgment as to whether a proposed
      service fits within the pre-approved services and (2) establish a monetary
      limit
      with respect to each particular pre-approved service, which limit may not be
      exceeded without obtaining further pre-approval under the policy.




The
      Board
      has considered whether the provision of the services described above under
      the
      caption "All Other Fees" is compatible with maintaining the auditor's
      independence.


20




**SIGNATURES**





Pursuant
      to the requirements of Section 13 or 15(d) of the Securities Exchange Act of
      1934, the Company has duly caused this report to be signed on its behalf by
      the
      undersigned, thereunto duly authorized, in the City of Cumming, State of Georgia
      on the 17th day of May, 2007.




**PLANETLINK
                COMMUNICATIONS, INC.**By:
            /s/
                M. Dewey BainM.
                Dewey Bain
                President,
                  Chief Executive Officer,
                Interim
                  Chief Financial Officer and Principal Accounting
                  Officer




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 Company and in the
      capacities and on the date indicated.





SIGNATURE
            
            TITLE
            
            DATE/s/
                Amy M. Trombly
            
            Director
            
            May
                17, 2007Amy
                M. Trombly/s/
                James T. Crane
            
            Director
            
            May
                17, 2007James
                T. Crane




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