UNITED
STATES SECURITIES AND EXCHANGE COMMISSION


Washington D.C. 20549





FORM
10-KSB








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





For the
Fiscal year ended December 31, 2007





Commission
File number  0-15078





NOVA
NATURAL RESOURCES CORPORATION


(Name of
Small Business Issuer in its charter)













Colorado
              (State or
      other jurisdiction of incorporation Identification
      No.)
            84-1227328
              (I.R.S.
      Employerof
      incorporation
              Identification
      No.)








2000 NE 22nd ST
              Wilton Manors,
      Fl 33305
              (Address of
      principal executive offices)
            
            
            (954) 557-2688
              (issuer’s
      phone number)






Securities
registered under Section 12(b) of the Act:  NONE





Securities
registered under Section 12(g) of the Act:





Common
Stock, $.10 Par Value







(Title of
Class)








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 12months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90
days.   Yes    No X





Check if
disclosure of delinquent filers in response to Item 405 of Regulation S-B
is not 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. [X]





Issuer's
revenues for its most recent fiscal year totaled:  None


Documents
Incorporated by Reference: None


Transitional
Small Business Disclosure Format: Yes___.  No.  X





As of
December 31, 2007, the Registrant had outstanding no shares of Convertible
Preferred Stock, $1.00 par value issued and outstanding.





Number of
Shares of Common Stock Outstanding $.10 par value as of December 31,
2006 8,071,764





Transitional
Small Business Disclosure Format YES ___    NO X











NOVA
NATURAL RESOURCES CORPORATION
 
 TABLE OF
CONTENTS
  PagePART IItem 1.
                Description of Business
                3Item 2.
                Description of Property
                5Item 3.
                Legal Proceedings
                5Item 4.
                Submission of Matter to a Vote of Security
      Holders
                6PART IIItem 5.
                Market for Common Equity and Related Stockholder
      Matters
                6Item 6.
                Management's Discussion and Analysis or Plan of
      Operation
                6Item 7.
                Financial Statements
                8Item 8.
                Changes in and Disagreements with Accountants on Accounting
      and Financial Disclosure
                17Item 8A.
                Controls and Procedures
                17Item 8B
                Other Information
                17PART IIIItem 9.
                Directors, Executive Officers, Promoters and Control
      Persons; Compliance with Section 16(a) of the Exchange
    Act
                18Item 10.
                Executive Compensation
                20Item 11.
                Security Ownership of Certain Beneficial Owners and
      Management and Related Stockholder Matters
                20Item 12.
                Certain Relationships and Related
      Transactions
                21Item 13.
                Exhibits
                21Item 14.
                Principal Accountant Fees and Services
                22Signatures
                23






2




PART 1
 
 Item
1.  Description of Business
 
 Nova has
been a business in transition since the divesture of the electronic business.
Management has reviewed many business opportunities but has passed on those that
did not insure the company with free and clear assets and exclusive protection
of the opportunity. The company is evaluating several opportunities and expects
to acquire a new business interest in 2008 and return to the status of an
operating company.
 
 Nova
Natural Resources Corporation (the "Registrant", "Company" or "Nova") was
incorporated under Colorado Law on April 1, 1993 and is the surviving company in
a merger, effective February 1, 1995, of the Company and Nova Natural Resources
Corporation, a Delaware corporation. The merger was effected to change the
Company's domicile from Delaware to Colorado and caused no change in the
Company's capitalization.  The Delaware Corporation was the successor
to Nova Petroleum Corporation and Power Resources Corporation, which merged in
1986.  Prior to that merger, Nova Petroleum Corporation and Power
Resources Corporation operated since 1979 and 1972, respectively.
 
 Significant
changes in the Company business
 
 On
February 27, 2001, the Company closed a transaction pursuant to the terms of an
Asset Purchase Agreement dated February 9, 2001 (the "Agreement") with TORITA
DONGHAO LLC ("Torita Delaware"), a Delaware Corporation, by which Torita
Delaware acquired control of the Company.
 
 Torita
Delaware manufactures, markets, and sells electronic
equipment,  including computer hardware, computer monitors, television
sets, internet access devices for use with TV sets, digital video devices
(DVD's) and related equipment.  Torita Delaware's products are
marketed in Southeast Asia.  Its production facilities occupy 128,000
square feet in Zhuhai City in the People's Republic of China ("PRC") and
include six manufacturing lines with an annual production capacity of
approximately 1 million PC's, 1 million DVD devices and 200,000 TV
sets.   Torita Delaware owns 50% of the former cosmetics arm of
Torita Group, though this business line has not played a significant role in the
Company's operations.  The Company wrote off its equity investment of
$15,107 in the cosmetics company in the fourth quarter of the fiscal year, since
it is uncertain whether this investment will be recoverable.
 
 Torita
Delaware was formed by the spin-off of the electronics and the cosmetics
divisions of the Torita Group of the PRC.  Torita Group ("Torita"), a
large, diversified company with over ten years of operating history in China,
was composed of several divisions with diverse business
interests.  During calendar year 2001, Torita went into receivership
due to its large portfolio of non-performing real estate
assets.  These assets are in the process of disposition, a process
expected to take several years to accomplish. Although Torita Delaware and
Torita are completely separate companies, this event caused an indirect effect
on the Company's ability to do business.
 
 Historically,
the Company's electronics manufacturing operations utilized Torita's credit
facilities as its major source of working capital.  When the Company
became independent of Torita, it no longer had access to that capital, but the
relationship was retained with Torita's lenders, including the maintenance of a
$7 million line of credit with a local bank. .  When Torita
subsequently went into receivership, even though the Company was no longer
affiliated with Torita, this line of credit was withdrawn.  In
addition, Torita's bankruptcy filing caused many of the Company's existing
suppliers to cut off their credit terms with the Company, due to the past close
association of the two companies.  These events made it much more
difficult for the Company to obtain credit in China.
 
 On March
16, 2003, pursuant to unanimous approval of the board of directors of Nova, the
Company authorized its president to secure a convertible note from Henan Zhenyuen
(Group) Co., LTD, and to appoint three new Directors. The company appointed Ms.
Li Wang, Mr. Yanbo Yin both Chinese Nationals and reappointed Mr. Chris Tse. Mr.
Tse was also appointed the President and CEO of the company upon the resignation
of its former President Mr. Edward Chan. Mr. Chan also resigned as a Director of
the company.  Additionally, Mr. Han Zhende of the Torita group
resigned as a Director.  The note from Zhenyuen (Group) was never
secured. The company secured funding from a company called Good Creative Limited
a BVI. This information was communicated in an 8K filing and press release by
the current management.
  3




On 11
November 2003 Nova entered into an agreement to divest of the core business, the
electronic assets the company had idled at 2002 year end.  The
electronic business unit declined shortly after acquisition due to a slow down
in demand for existing products and a lack of immediate working capital required
for new product introduction. Revenue decreased significantly from 2001 of
$4.8MM to 2002 of $.4MM whereby the company was unable to continue operations.
Previous management was unsuccessful in efforts to raise the necessary working
capital in the time frame in which the business unit had opportunities for its
product. The decrease in demand, consumption of saleable inventory and lack of
working capital resulted in discontinuing the operations at year end 2002. The
business had remained idle while the new management team and board of directors
accessed the market conditions for the company products and production
capabilities. The current board of directors had determined that restarting the
operations created significant risk for its shareholders and determined that
raising funds with equity would be difficult if not impossible. Therefore, the
Directors approached the original owners and reached an agreement for the return
of assets in turn for the return of the Torita Electronic (Hong Kong) Ltd.,
common stock in the amount of 138,612,287 shares. This was the control block
originally issued for the assets but did not include stock issued for services
in connection with facilitation of the deal and payment for services. The
divesture agreement was entered into with Han Zhende, President of Torita
Electronic (Hong Kong) Company Ltd., and provided for the return of the assets
acquired from the original agreement, dated Feb 09 2001 between Torita Donghao,
LLC and Nova Natural Resource Corporation. The agreement provided for the return
of assets, assumption of all liabilities associated with the Chinese operation
in turn for the return to Nova the 138,612,287 shares of common stock originally
issued to Torita Electronic (Hong Kong) Ltd.
 
 On 17 Jun
2004 Nova entered into an agreement to purchase the assets of two Gas Stations
located in Anyang City, Henan Province, China from Great Frame International
Enterprise Limited, a Hong Kong Company. The stations were equipped with LPG
refilling equipment. The stations along with a recently acquired LPG conversion
technology would allow Nova to continue the conversion of additional
vehicles within the Anyang market and expand into other markets within the
region. The stations had the capacity to generate in excess of two million
dollars in combined fuel alternatives, but the primary focus was to convert and
service LPG vehicles. This was due to higher gross margins and the positive
environmental impact. Nova intended to issue 600,000 shares of common stock at
an agreed price of $2.00 per share, for a total purchase price of $1,200,000.
The majority owner and President/Director of Great Frame International
Enterprise Limited was Wang Li; Ms Li was also a director of Nova. Upon the
completion of the proposed agreement Wang Li would have become the largest
shareholder of NOVA with approximately 45% of the issued and outstanding
shares. This acquisition was designed to prove the LPG conversion technology was
a benefit for both Nova and the Chinese market. The average cost to convert a
taxi from gas to LPG was approximately $420 and the conversion cost for a bus
was approximately 25% higher. It was estimated that the average taxi would drive
450KM per day with a monthly fuel saving of $73.00, creating a pay back for the
driver in six months. The pay back for a bus was approximately one and a half
years, but combined with the positive environmental results the local
governments were eager to convert. The company expected the primary growth
revenue generator would be the refilling of the LPG vehicles; the current gross
margin was significantly higher than that of the non converted petrol vehicles.
Given the increasing vehicles entering the Chinese market and vast number of
vehicles that could benefit from the conversion the company worked for over one
year to try and bring this deal to a successful close.  The company
engaged several outside parties in both the US and China to develop a successful
structure for the transaction whereby Nova would have full rights privileges and
true ownership of the assets identified in the deal.  Although
representatives of Nova visited the sites of these assets, the deal was
complicated by a transfer of the state assets to the Hong Kong Company. This
transfer could not be assured was acceptable under Chinese Law, making the deal
risky on the representations made by Great Frame International and since Wang Li
was a director of both companies Nova consulted with additional resources. The
company evaluated several alternatives in restructuring the deal, but in meeting
with Chinese Accountants and Legal Advisors, it was determined that the
transaction could not be structured in a manner initially negotiated. This
information was communicated in an 8K filing and press release by the current
management.
 
 On 1 July
2005 Nova rescinded the agreement entered into on June 17, 2004 to purchase the
assets of two Gas Stations located in Anyang City, Henan Province, China. The
agreement previously entered into with Great Frame International Enterprise
Limited, a Hong Kong Company, provided that Great Frame would provide written
evidence that the agreement was in compliance with Chinese Laws and procedures
and that the assets described in the agreement were not encumbered in any
manner. Failing to comply with this requirement the company cancelled the
agreement. Additionally, Mr. Chris Tse President & CEO and Chairman of the
Board, accepted the resignation of Wang Li and Yin Yanbo as directors of the
company and decided to serve as sole officer and director of the company until
such time as qualified replacements could be selected. This information was
communicated in the form of an 8K filing by the current management.
  4




Change
in Control
 
 Effective
at Closing of the Torita Delaware transaction, all of Nova's officers and
directors, except Brian B. Spillane, resigned, as contemplated by the
Agreement.  Edward T. S. Chan, CEO of Torita Delaware, thereupon was
named President, Treasurer and a Director of the Company.  Mr.
Spillane resigned as President, but remains a Director of the Company, and was
appointed its Secretary.  Mr. Spillane continued his affiliation with the
Company and continued to maintain the Company's corporate office in Denver,
Colorado at the request of Torita Delaware.  This request was not a
requirement for approval of the transaction by the Company's former Board of
Directors.  In September 2001, Han Zhende and Chris Tse, both based in
China, were appointed Directors of the Company.  Mr. Han is the
Company's Chief Operating Officer, and is in charge of the Company's electronics
manufacturing operations in Zhuhai City, the People's Republic of
China.  Mr. Tse resigned as Vice President and a Director of the
Company in November.
 
 Upon
effectuation of the Agreement, Torita Electronic (Hong Kong) Ltd. held
138,612,287 shares of the Registrant's $0.10 par value common
stock,  59.5% of the total common shares issued and outstanding, and
therefore became the new controlling shareholder of the
Company.  Affiliates of Torita Delaware controlled an additional 32%
of the then-issued and outstanding shares.  The consideration used to
obtain such control was the acquisition by the Company of 100% of the business
and operating assets of Torita Delaware.
 
 On March
16 2003 the board of directors accepted the resignation of Mr. Edward Chan as
the President and CEO and appointed Mr. Chris Tse to the position of President
and CEO.
 
 On June
30, 2003, pursuant to majority shareholder consent and affirmed by 199,873,886
votes constituting 71.5% of the 279,551,551 shares issued and outstanding as of
June 28, 2003, the majority shareholders voted and approved the appointment of
Mr. Chris Tse as the Company President and Chief Executive Officer and
appointment to the Board of Directors. Mr. Edward Chan was terminated as the
President and Chief Executive Officer and removed from the Board of Directors.
This action was in response to the failure of Mr. Chan to place into writing his
verbal resignation as the President and from the Board of Directors. This
information was communicated in an 8K filing and press release by the current
management.
 
 Employees
 
 At
December 31, 2007, Nova had only one employee, its President  & CEO,
Mr. Wayne A. Doss.
 
 Environmental
Regulations
 
 The
Company is not currently subject to any pending administrative or judicial
enforcement proceedings arising under environmental laws or
regulations.  Environmental laws and regulations may be adopted in the
future which may have an impact upon the Company's operations.
 
 Item 2.
Description of Properties
 
 The
executive offices of the Company are located at 2000 NE 22ND 
Street, Wilton Manors, Florida, 33305.  The space
is approximately 500 sq ft. The Company is currently in the process of
relocating its executive offices.
  Item3.  Legal
Proceedings
 
 The
Company knows of no legal proceedings contemplated or threatened against
it.
  5




Item 4.
Submission of Matter to a Vote of Security Holders
 
 No matters
were submitted to a vote of security holders during the fourth quarter of fiscal
2007.
 
 
 Part
II
 
 Item5.  Market for
Common Equity and Related Shareholder matters
 
 The
Company's Common Stock is quoted on the OTC Bulletin Board under the symbol
"NVNJ" at December 31, 2007 and has had no trading
activity.
 
 Shareholders
 
 The number
of record holders of the Company's Common Stock as of December 31, 2007 was
approximately 107.
 
 Dividends
 
 To date,
we have not paid any cash dividends on our common stock, nor do we anticipate
that we will pay dividends in the foreseeable future. Payment of dividends in
the future will depend upon the Company’s earnings and its cash requirements at
that time.
 
 Securities
Authorized for Issuance Under Equity Compensation Plans
 
 As of
fiscal 2007, no securities were authorized for issuance under compensation plans
previously approved by security holders. As of fiscal 2007, no securities were
authorized for issuance under compensation plans not previously approved by
security holders.
 
 Equity
Securities Issuances During Fiscal 2007
 
 ·
              On
      March 31, 2007 the Company issued two million five hundred thousand
      shares of restricted common stock to each of the new Directors Mr. Putnam
      and Mr. Laroche, for a total of five million (5,000,000)
      shares.
 
 ·
              On
      March 31, 2007 the Company issued 1,250,000 shares of restricted common
      stock to its consultant Mr. Wayne A Doss for
  services.
  ·
              On
      April 15, 2007, the Company was authorized to issue 10,000,000 shares of
      restricted common stock for the acquisition of the Lotta Minutes Calling
      Card rights.
 
 ·
              On
      April 30, 2007 the Company was authorized to issue 5,000,000 shares of
      restricted common stock to two consultants involved in the Lotta Minutes
      Deal.
 
 ·
              On
      October 1, 2007 the Company cancelled the Lotta Minutes deal for non
      performance of the acquisition agreement terms, ten million (10,000,000)
      shares were authorized to be issued in conjunction with the closing of the
      deal, the shares were never issued and the board of directors cancelled
      the authorization to issue said shares and the five million (5,000,000)
      shares for the consultants associated with the Lotta Minutes
      Deal.
 
 
 Item6.  Management
Discussion and Analysis
 
 The
following Management’s Discussion and Analysis (“MD&A) for the twelve month
period ended December 31, 2007 compared with the twelve month period ended
December 31, 2006 provides readers with an overview of the operations of Nova
Natural Resources Corporation (“Nova”).  The MD&A provides
information that the management of Nova believes is important to access and
understand the results of operations and the financial condition of the
Company.
  6




Our
objective is to present readers with a view of Nova through the eyes of
management.
  This
discussion and analysis should be read in conjunction with Nova’s financial
statements and accompanying notes to the financial statements for the twelve
month period ended December 31, 2007.
 
 
 About
Nova Natural Resources Corporation
 
 Nova has
been a business in transition since the divesture of the electronic business.
Management has reviewed many business opportunities but has passed on those that
did not insure the company with free and clear assets and exclusive protection
of the opportunity. The company is evaluating several opportunities and expects
to acquire a new business interest in 2008 and return to the status of an
operating company.
 
 The
Company has not earned any revenue from limited principal operations since 2002.
Accordingly, the Company's activities have been accounted for as those of a
"Development Stage Enterprise" as set forth in Financial Accounting Standards
Board Statement No. 7 ("SFAS 7").
 
 Since the
company’s fiscal year ended December 31, 2002, the company has not generated any
revenue but has continued incurring administrative expenses. The accumulated
deficit since 2002 is $255,903 as at December 31, 2007 (2006 -
$167,403).
 
 Management's
discussion of anticipated future operations contains predictions and projections
which may constitute forward looking statements.  The Private
Securities Litigation Reform Act of 1995, including provisions contained in
Section 21E of the Securities Exchange Act of 1934, provides a safe harbor for
forward-looking statements.  In order to comply with the terms of the
safe harbor, the Company notes that a variety of factors could cause the
Company's actual results and experience to differ materially from the
anticipated results or other expectations expressed in the Company's
forward-looking statements.  The risks and uncertainties that may
affect the operations, performance, development and results of the Company's
business include, but are not limited to, the following:
 
 
 Forward-looking
Information
 
 This
Form 10-KSB contains certain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995.  For this
purpose any statements contained in this Form 10-KSB which is not statements of
historical fact may be deemed to be forward-looking
statements.  Without limiting the foregoing, words such as "may",
"will", "expect", "believe", "anticipate", "estimate", or "continue" or
comparable terminology are intended to identify forward-looking
statements.  These statements by their nature involve substantial
risks and uncertainties and actual results may differ materially depending on a
variety of factors, many of which are not within the Company's
control.
     7




Item 7. Financial Statements
 
 
 NOVA NATURAL RESOURCES
CORPORATION
 
 FINANCIAL
STATEMENTS
 
 AND
 
 AUDITOR’S
REPORT
 
 DECEMBER
31, 2007
    8






TABLE
OF CONTENTS
     TABLE
      OF CONTENTS
              9AUDITOR'S
      REPORT
              10BALANCE
      SHEETS
              11STATEMENTS
      OF OPERATIONS AND ACCUMULATED SURPLUS
              12STATEMENTS
      OF STOCKHOLDERS' EQUITY
              13STATEMENTS
      OF CASH FLOW
              14NOTES
      TO THE FINANCIAL STATEMENTS
              15NOTES
      TO THE FINANCIAL STATEMENTS
              15
    9




AUDITOR’S REPORT
  
 To the
Shareholders of
 Nova
Natural Resources Corporation
 
 I have
audited the accompanying balance sheets of Nova Natural Resources Corporation as
of December 31, 2007 and the related statements of operations, stockholders’
equity and cash flows for each of the three years in the period ended December
31, 2007. These statements are the responsibility of the corporation’s
management. My responsibility is to express an opinion on these financial
statements based on my audit.
 
 I
conducted my audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that I plan
and perform an audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit also includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. I believe that my audit provides a
reasonable basis for my opinion.
 
 In my
opinion, these financial statements referred to above present fairly in all
material respects, the financial position of the corporation for the year ended
December 31, 2007 and the results of its operations and its cash flows for each
of the three years in the period ended December 31, 2007, in conformity with
U.S. generally accepted accounting principles.
 
  
 
 
 
 
 Chartered
Accountant
 Licensed
Public Accountant
 Thornhill,
Ontario, Canada
 March 13,
2008
   10









NOVA
NATURAL RESOURCES CORPORATION
  BALANCE
SHEETS
  AS
AT DECEMBER 31, 2007




ASSETS
              
              12/31/07
              
              
              12/31/06CurrentCash
      on Hand
              
              $
              -
              
              
              $
              -LIABILITIESCurrentAccounts
      Payable and Accruals
              
              
              48,000
              
              
              
              22,000CurrentNotes
      Payable – Note 5
              
              
              50,500
              
              
              
              50,50098,500
              
              
              
              72,500STOCKHOLDERS’
      EQUITYCommon
      stock, $0.10 par value, 50,000,000 shares authorized; 8,071,764 shares
      issued and outstanding
              
              
              13,421,316
              
              
              
              13,358,816Additional
      Paid in Capital
              
              
              (7,718,434
              )
              
              
              (7,718,434
              )Accumulated
      Deficit – Note 5
              
              
              (5,801,382
              )
              
              
              (5,712,882
              )(98,500
              )
              
              
              (72,500
              )$
              -
              
              
              $
              -






Approved
By:
 
 Director:
              
              Director:








The
accompanying summary of significant accounting policies and notes are an
integral part of these financial statements.


11






NOVA
NATURAL RESOURCES CORPORATION
  STATEMENTS
OF OPERATIONS AND ACCUMULATED SURPLUS
  FOR
THE YEAR ENDED DECEMBER 31, 2007
  
  12 Months Ended12/31/2007
                
                
                12/31/2006
                
                
                12/31/2005Revenue
                
                $
                -
                
                
                $
                -
                
                
                $
                -Expenses:Administrative
                
                
                88,500
                
                
                
                12,000
                
                
                
                9,45488,500
                
                
                
                12,000
                
                
                
                9,454Net
      Income / (Loss) for the year
                
                $
                (88,500
                )
                
                $
                (12,000
                )
                
                $
                (9,454
                )Basic
      and diluted net income (loss) per share
                
                $
                (0.011
                )
                
                $
                (0.007
                )
                
                $
                (0.010
                )Weighted
      Average Common Shares Outstanding
                
                
                8,071,764
                
                
                
                1,821,764
                
                
                
                971,764












The
accompanying summary of significant accounting policies and notes are an
integral part of these financial statements.
 12










NOVA
NATURAL RESOURCES CORPOATION
  STATEMENTS
OF STOCKHOLDERS’ EQUITY
  FOR
THE YEARS ENDED DECEMBER 31, 2007











Common Stock
              
              
              
              
              
              Additional
                Paid-In Capital
              
              
              Accumulated Surplus
    (Deficit)
              
              
              Total Stockholders’ EquityShares before
                reverse split
              
              
              Shares after
                reverse split
              
              
              AmountBalances,
      December 31, 2006
              
              
              1,115,291,264
              
              
              
              1,821,764
              
              
              $
              13,358,816
              
              
              $
              (7,718,434
              )
              
              $
              (5,712,882
              )
              
              $
              (72,500
              )Consulting
      Fee
              
              
              
              
              
              
              6,250,000
              
              
              
              62,500
              
              
              
              
              
              
              
              
              
              
              
              62,500Net
      Income (Loss) for the year
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              (88,500
              )
              
              
              (88,500
              )Balances,
      December 31, 2007
              
              
              1,115,291,264
              
              
              
              8,071,764
              
              
              $
              13,421,316
              
              
              $
              (7,718,434
              )
              
              $
              (5,801,382
              )
              
              $
              (98,500
              )








13




---



NOVA
NATURAL RESOURCES CORPORATION
  STATEMENTS
OF CASH FLOW
  FOR
THE YEAR ENDED DECEMBER 31, 2007









12 Months
      Ended12/31/07
              
              
              12/31/06
              
              
              12/31/05Cash
      Provided by (Used in):Operating
      ActivitiesCash
      from Operations
              
              $
              (88,500
              )
              
              $
              (12,000
              )
              
              $
              (9,454
              )Cash
      Provided from non cash itemsAmortization
              
              
              -
              
              
              
              -
              
              
              
              -Net
      Change in Accounts Payable andAccruals
              
              
              26,000
              
              
              
              4,000
              
              
              
              4,000(62,500
              )
              
              
              (8,000
              )
              
              
              (5,454
              )Investing
      ActivitiesReversal
      of Technology Agreement
              
              
              -
              
              
              
              -
              
              
              
              -Financing
      ActivitiesIssue
      of Shares
              
              
              62,500
              
              
              
              8,000
              
              
              
              5,000Issue
      of Note Payable
              
              
              -
              
              
              
              -
              
              
              
              -62,500
              
              
              
              8,000
              
              
              
              5,000Increase
      (Decrease) in Cash during the year
              
              
              -
              
              
              
              -
              
              
              
              (454
              )Cash
      Balance – beginning of year
              
              
              -
              
              
              
              -
              
              
              
              454Cash
      Balance - end of year
              
              $
              -
              
              
              $
              -
              
              
              $
              -






The
accompanying summary of significant accounting policies and notes are an
integral part of these financial statements.


14







NOVA
NATURAL RESOURCES CORPORATION
  NOTES
TO THE FINANCIAL STATEMENTS
  FOR
THE YEAR ENDED DECEMBER 31, 2007







1.
Nature of Business
 
 Management
has decided that the company would be more valuable and the interest of its
shareholders would be better served by the sale, reassignment and abandonment of
the company’s assets and marketing the company as a “shell” to potential
buyers.
 
 2.
Summary of Significant Accounting Policies
 
 a.  Basis
of Presentation - Development Stage Company
  The
Company has not earned any revenue from limited principal operations since 2002.
Accordingly, the Company's activities have been accounted for as those of a "Development
Stage Enterprise" as set forth in Financial Accounting Standards Board Statement
No. 7 ("SFAS 7").
 
 b.  Use
of Estimates
  The
preparation of the company’s financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the amounts reported in the financial statements and
accompanying notes. The actual
results could differ from those estimates.
 
 c.  Cash
Equivalents
  The
company considers all highly liquid debt instruments purchased with an original
maturity of three months or less to be cash equivalents.
 
 d.  Earnings
per Share
  Net loss
per share is presented in accordance with the provisions of the Statement of
Financial Accounting Standards (SFAS) No: 128, Earnings Per Share. SFAS No:
128 replaces
the presentation of primary and diluted earnings per share (EPS), with a
presentation of basic EPS and diluted EPS. Under SFAS No: 128, basic EPS
excludes dilution for potential common shares and is computed by dividing the
net loss by the weighted average number of common shares outstanding for the
year. Diluted EPS reflects the potential dilution that could occur if securities
or other contracts to issue common shares were exercised or converted into
common stock. Basic and diluted EPS are the same in 2005, 2006 and 2007 as all
potential common shares were anti-dilutive.
   The
accompanying summary of significant accounting policies and notes are an
integral part of these financial statements.
 15







NOVA
NATURAL RESOURCES CORPORATION
  NOTES
TO THE FINANCIAL STATEMENTS
  FOR
THE YEAR ENDED DECEMBER 31, 2007







e.  Stock-based
Compensation
  Effective
January 1, 2006 the Company adopted Statement of Financial Accounting Standard
No. 123R “Share-Based Payment” (“FAS 123R”) and Staff Accounting Bulletin No.
107 (“SAB 107”), which was issued in March 2005 by the Securities and Exchange
Commission regarding the SEC's interpretation of FAS 123R. FAS 123R addresses
the accounting for share-based payment transactions in which a company obtains
employee services in exchange for (a) equity instruments of a company or (b)
liabilities that are based on the fair value of a company’s equity instruments
or that may be settled by the issuance of such equity instruments.
  
 4.
Notes Payable
 
 The notes
payable are non-interest bearing, have no repayment terms and are convertible to
common shares at the option of the note holder.
  
 5.  Accumulated
Deficit
 
 Since the
company’s fiscal year ended December 31, 2002, the company has not generated any
revenue but has continued incurring administrative expenses. The accumulated
deficit since 2002 is $255,903 as at December 31, 2007 (2006 -
$167,403).
   12 Months
      Ended12/31/2006
                
                
                12/31/2006Accumulated
      Deficit from inactivity
                
                $
                255,903
                
                
                $
                167,403Accumulated
      Deficit from business operations
                
                
                5,545,479
                
                
                
                5,545,479Accumulated
      Deficit – end of year
                
                $
                5,801,382
                
                
                $
                5,712,882








16




Item 8.
Changes in and Disagreements with Accountants on Accounting Financial
Disclosure
 
 None
 
 
 Item 8A.
Controls and Procedures
 
 As of the
end of fiscal 2007, we carried out an evaluation, under the supervision and with
the participation of management, including our Chief Executive Officer and Chief
Financial Officer, of the effectiveness of the design and operation of our
disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e)
of the Securities Exchange Act of 1934. Based upon that evaluation, our Chief
Executive Officer and Chief Financial Officer concluded that our disclosure
controls and procedures are effective, however the Company lacked the resources
to cause the material information required to be disclosed by us in the reports
that we file or submit under the Exchange Act to be recorded, processed,
summarized and reported within the time periods specified in the SEC's rules and
forms. The Company now has the resources required to ensure the materials
required are filed in a timely manner.
 
 Item
8B.Other
Information
 
 Material
Events that occurred during 2007
 
 On March
15, 2007 the shareholders of Nova Natural Resources Corp., by majority consent
accepted the resignation of the sole Director and Officer of the Company Mr.
Chris Tse, appointed Mr. David Putnam as the President & CEO and Chief
Financial Officer of the Company, and appointed Mr. Nick Laroche as a Company
Director. Mr. Putnam currently resides in Toronto, Ontario, therefore the
Company executive offices are in the process of being relocated to Toronto,
Ontario. This action was taken by the Shareholders of the Corporation by a vote,
or concurrence of the majority of the outstanding shares. This action was
approved in excess of the two third majority as required by Colorado Law and the
Company Articles of Incorporation.
 
 On March
31, 2007 the newly appointed Board of Directors approved the appointment of Mr.
Putnam as the Company President & CEO and the majority consent in reference
to the appointment of the new Directors, Mr. Putnam and Mr. Laroche. The New
Board of Directors approved the issuance of 2,500,000 shares of rule144
restricted common stock for each of it new Directors. The Board of directors
authorized the President to proceed with the acquisition of the Lotta Minutes
Prepaid Calling Card transaction after reviewing the Executive Summary. The
Board authorized the President to proceed with securing the rights and
privileges in an asset acquisition structure whereby Nova Natural Resources
would acquire 100% of said rights and privileges. The President was authorized
to issue up to ten million (10,000,000) shares of Nova Natural Resources Rule
144 Restricted Common Shares and up to $500,000.00 (with the condition the funds
would be paid based upon a future funding or once the company has adequate
working capital) to secure rights.
 
 On April
15, 2007 the Board approved the Lotta Minutes Pre-Paid Calling Card transaction
and authorized the President to issue ten million (10,000,000) shares of Nova
Natural Resources Rule 144 Restricted Common Stock to Glen Simon for 100% of
2133185 Ontario Inc., for all rights and privileges concerning the Lotta Minutes
deal as defined in the Lotta Minutes Executive Summary and
documentation.
 
 On April
30, 2007 the Board approved the consulting contracts with two outside
consultants to assist the company in its new venture. The consultants, Mr.
Aluwahlia and Mr. Wendlegoed will each receive 2,500,000 shares of rule 144
Restricted Common Stock at .01 for said services.
 
 On October
1, 2007 the Company cancelled the Lotta Minutes deal for non performance of the
acquisition agreement terms, ten million (10,000,000) shares were authorized to
be issued in conjunction with the closing of the deal, the shares were never
issued and the board of directors cancelled the authorization to issue said
shares and the five million (5,000,000) shares for the consultants associated
with the Lotta Minutes Deal.
   17




On October
1, 2007 the Board accepted the resignation of Mr. David Putnam,  its
President and CEO, additionally Mr. Putnam resigned from the Board of Directors.
The Board accepted the appointed of Mr. Wayne A. Doss to serve as the President
and CEO and Director replacing Mr. Putnam. Mr. Doss has been a consultant and
business advisor for the company since 2001.
 
 PART III
  Item 9.
Directors, Executive Officers, Promoters and Control Persons; Compliance with
Section 16(A) Of The Exchange Act
  The
following table sets forth the names and ages of the member(s) of our Board of
Directors and our executive officers and the positions held by
each.
 Name
                  
                  Age
                  
                  PositionWayne
      A. Doss
                  
                  54
                  
                  President,
      chief executive officer and
director
  Mr. Doss
was elected as president, chief executive officer and director in October
2007.
 
 Set forth
below are descriptions of the background of the executive officer and director
of the Company and principal occupations for the past five years:
 
 Wayne A.
Doss was elected as president, chief executive officer and director of Nova
Natural Resources Corporation in October 2007 and has acted in a consultant
capacity since 2003.  Before being elected as president, chief
executive officer and director of Nova Mr. Doss was a business consultant for
several Public Companies.
 
 The
President and Chief Executive Officer was appointed by the Board of Directors
and holds office at the discretion of the Board.
 
 None of
the officers or Board member(s) has been involved in any bankruptcy petition
filed by or against any business of which they were a general partner or
executive officer, either at the time of the bankruptcy or within two years
prior to that time.
 
 None of
the officers or Board member(s) has any conviction in a criminal proceeding or
is subject to a pending criminal proceeding.
 
 None of
the officers or Board members is subject to any order, judgment or decree, not
subsequently reversed, suspended or vacated, of any court of competent
jurisdiction, permanently or temporarily enjoining, barring, suspending or
otherwise limiting his involvement in any type of business, securities or
banking activities.
 
 None of
the officers or Board members have been found by a court of competent
jurisdiction (in a civil action), the Commission or the Commodity Futures
Trading Commission to have violated a federal or state securities or commodities
law.
 
 Section
16(a) Beneficial Ownership Reporting Compliance
 
 Section
16(a) of the Exchange Act requires our officers and directors and persons who
own more than 10% of a registered class of our equity securities, to file
reports of ownership and changes in ownership of equity securities of Phinder
with the SEC. Officers, directors and greater than 10% stockholders are required
by the SEC regulations to furnish us with copies of all Section 16(a) forms that
they file.
  Mr. Chris
Tse and Mr. Wayne Doss have not filed Form 4 Statement of Changes in Beneficial
Ownership.
 18




Code
of Ethics
 
 The Board
of Directors adopted a Code of Business Conduct and Ethics applicable to all of
our directors, officers and employees, including our CEO and senior
officers.  A copy of our Code of Ethics is attached hereto as an
Exhibit 14.  Shareholders may also request a copy of the Code of
Ethics from:
 
 Nova
Natural Resources Corporation
 Attention:  Investor
Relations
 2000 NE 22nd
Street
 Wilton
Manors, Fl. 33305
 
 
 Board
Meetings and Committees
 
 On March
15, 2007 the shareholders of Nova Natural Resources Corp., by majority consent
accepted the resignation of the sole Director and Officer of the Company Mr.
Chris Tse, appointed Mr. David Putnam as the President & CEO and Chief
Financial Officer of the Company, and appointed Mr. Nick Laroche as a Company
Director. Mr. Putnam currently resides in Toronto, Ontario, therefore the
Company executive offices are in the process of being relocated to Toronto,
Ontario. This action was taken by the Shareholders of the Corporation by a vote,
or concurrence of the majority of the outstanding shares. This action was
approved in excess of the two third majority as required by Colorado Law and the
Company Articles of Incorporation.
 
 On March
31, 2007 the newly appointed Board of Directors approved the appointment of Mr.
Putnam as the Company President & CEO and the majority consent in reference
to the appointment of the new Directors, Mr. Putnam and Mr. Laroche. The New
Board of Directors approved the issuance of 2,500,000 shares of rule144
restricted common stock for each of it new Directors. The Board of directors
authorized the President to proceed with the acquisition of the Lotta Minutes
Prepaid Calling Card transaction after reviewing the Executive Summary. The
Board authorized the President to proceed with securing the rights and
privileges in an asset acquisition structure whereby Nova Natural Resources
would acquire 100% of said rights and privileges. The President was authorized
to issue up to ten million (10,000,000) shares of Nova Natural Resources Rule
144 Restricted Common Shares and up to $500,000.00 (with the condition the funds
would be paid based upon a future funding or once the company has adequate
working capital) to secure rights.
 
 On April
15, 2007 the Board approved the Lotta Minutes Pre-Paid Calling Card transaction
and authorized the President to issue ten million (10,000,000) shares of Nova
Natural Resources Rule 144 Restricted Common Stock to Glen Simon for 100% of
2133185 Ontario Inc., for all rights and privileges concerning the Lotta Minutes
deal as defined in the Lotta Minutes Executive Summary and
documentation.
 
 On April
30, 2007 the Board approved the consulting contracts with two outside
consultants to assist the company in its new venture. The consultants, Mr.
Aluwahlia and Mr. Wendlegoed will each receive 2,500,000 shares of rule 144
Restricted Common Stock at .01 for said services.
 
 On October
1, 2007 the Company cancelled the Lotta Minutes deal for non performance of the
acquisition agreement terms, ten million (10,000,000) shares were authorized to
be issued in conjunction with the closing of the deal, the shares were never
issued and the board of directors cancelled the authorization to issue said
shares and the five million (5,000,000) shares for the consultants associated
with the Lotta Minutes Deal.
   19




On October
1, 2007 the Board accepted the resignation of Mr. David Putnam its President and
CEO, additionally Mr. Putnam resigned from the Board of Directors. The Board
accepted the appointed of Mr. Wayne A. Doss to serve as the President and CEO
and Director replacing Mr. Putnam. Mr. Doss has been a consultant and business
advisor for the company since 2001.
 
 
 Audit
Committee
 
 We
currently do not have an Audit Committee, the Board currently handles the duties
of the Audit Committee. The Company does not believe that not having an Audit
Committee will have any adverse effect on its financial statements, based
upon current operations. Management will assess whether an Audit Committee
may be necessary in the future.
 
 Item 10. Executive Compensation
  The
President, Chief Executive Officer and Director has not received cash
compensation for our last fiscal year.  There have been no annuity,
pension or retirement benefits ever paid to our officers or directors. We
currently do not have an employment agreement with the President, Chief
Executive Officer and Sole Director.
 
 Summary
Compensation Table
  The
following table shows the compensation for the fiscal year ended December 31,
2007 earned by the President, Chief Executive Officer and Director:
  Name
      and Principle Position
                Fiscal
                  YearEnded
                
                Salary
      ($)
                
                Bonus
      ($)
                
                Stock
                  Awards($)
      (1)
                
                Option
                  Awards($)\
                
                All
      Other
                  Compensation($)
                
                
                Total ($)Wayne
      A. Doss (as) President, Chief Executive Officer
                2007
                
                $
                0
                
                $
                0
                
                $
                12,500
                
                $
                0
                
                $
                0
                
                
                $
                12,5002006
                
                $
                0
                
                $
                0
                
                $
                0
                
                $
                0
                
                $
                0
                
                
                $
                0






Item 11.  Security Ownership of Certain Beneficial Owners
and Management and Related Stockholder Matters.
 
 The
following table sets forth information regarding the ownership of our common
stock as of December 31, 2007 by: (i) each Director; (ii) each of the Named
Executives Officers in the Summary Compensation Table; (iii) all Executive
Officers and Directors of the Company as a group and (iv) all those known by us
to be beneficial owners of more than five percent of our common stock. As of
December 31, 2007, there are 8,071,764 shares of common stock
outstanding.
  Title
      Of Class
                Name
      and Beneficial Owner
                Amount
      and Nature of Beneficial Owner
                Percent
      of ClassCommon
      Stock
                Wayne
      Doss
                3,270,000
                40.5%Common
      Stock
                David
      Putnam
                2,500,000
                30.9%Common
      Stock
                Nick
      Laroche
                2,500,000
                30.9%Common
      Stock
                Chris
      Tse
                1,130,000
                13.9%






20




Item
12. Certain Relationshipsand
Related Transactions
 
 None
 
 Item 13.
Exhibits
  Exhibit
      No.
                DescriptionExhibit
      3.1
                Articles
      of incorporationExhibit
      14
                Code
      of EthicsExhibit
      31.1
                Section
      302 Certification of the Chief Executive OfficerExhibit
      31.2
                Section
      302 Certification of the Chief Financial OfficerExhibit
      32.1
                Certification
      of the Chief Executive Officer pursuant to 18 U.S.C. Section
      1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
      of 2003Exhibit
      32.2
                Certification
      of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350,
      as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
      2003














21




Item 14. Principal Accountant Fees and Services
  In January
2002, the Company’s Board engaged Eddy S.L. Chin Chartered Accountant as the
independent accountant of the Company.
 
 Fees that
we paid to Eddy S.L. Chin Chartered Accountant for the fiscal year ended
December 31, 2007, fees paid for the fiscal year ended December 31, 2006 and
December 31, 2005 are set forth below:
  2007
                
                
                2006
                
                
                2005Audit
      fees
                
                $
                15,000
                
                
                $
                10,000
                
                
                $
                10,000Tax
      fees
                
                
                
                
                
                
                0
                
                
                
                0All
      other fees
                
                
                
                
                
                
                0
                
                
                
                0$
                15,000
                
                
                $
                10,000
                
                
                $
                10,000
  Audit
Fees
 
 Audit fees
were for professional services rendered for the audit of our annual financial
statements for the years ended December 31, 2007,  2006 and
2005.
 
 Tax
Fees
 
 Nil fees
were paid to auditors for tax compliance, tax advice or tax compliance services
during the fiscal years ended December 31, 2007, 2006 and 2005.
 
 All
Other Fees
 
 We did not
incur any other fees billed by auditors for services rendered to our Company,
other than the services covered in “Audit Fees” for the fiscal years ended
December 31, 2007, 2006 and 2005.
    22




Pursuant to the requirements of the Securities and Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
   NOVA NATURAL RESOURCES
      CORP.
                  RegistrantDATE:  March
      14, 2008
                By:
                /S/ Wayne A.
      DossWayne
      A. DossPresident,
      CEO and CFO
 
          23