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**UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549**___________________**FORM 10-QSB**________________________________

**ý                                QUARTERLY REPORT PURSUANTTO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

  

For the quarterly period ended September 30, 2007

  

or

  

** ̈                                TRANSITION REPORTPURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

   

For the transition period from               to

  

Commission file number 0-19041

  

**AMERICANBIOGENETIC SCIENCES, INC.**(Exact Name Of RegistrantAs Specified In Its Charter)
| Delaware                                    | 11-2655906                              |
|---------------------------------------------|-----------------------------------------|
| (State of Incorporation)                    | (I.R.S. Employer    Identification No.) |
|                              |                          |
| 90    John Street, Suite 626, New York, NY  | 10038                                   |
| (Address of Principal    Executive Offices) | (ZIP Code)                              |

Registrant'sTelephone Number, Including Area Code: (646) 202-9679

Indicate by check markwhether the registrant (1) has filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for suchshorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.  Yes x  No  ̈

On September 30,2007, the Registrant had 184,949,909 shares of common stock outstanding.

Indicateby check mark whether the registrant is an accelerated filer (as defined inRule 12b-2 of the Exchange Act). Yes   ̈ No x Indicate by check mark whether the registrant is a shell company (asdefined in Rule 12b-2 of the Exchange Act). Yes x No  ̈

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**TABLE OF CONTENTS**
| Item                               |                          | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           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| **PART I - FINANCIAL INFORMATION** |
|                               |
| ITEM 1.                            |      |   FINANCIAL    STATEMENTS.
    3  
ITEM 2.
    
  MANAGEMENT'S    DISCUSSION AND ANALYSIS AND PLAN OF OPERATION.
    3   
ITEM 3.
    
  CONTROLS AND    PROCEDURES.
    4     
**PART    II - OTHER INFORMATION**
  
ITEM 1.
    
  LEGAL    PROCEEDINGS.
    4  
ITEM 2.
    
  CHANGES    IN SECURITIES.
    5   
ITEM 3.
    
  DEFAULT    UPON SENIOR SECURITIES.
    5   
ITEM 4.
    
  SUBMISSION    OF MATERS TO A VOTE OF SECURITY HOLDERS.
    5   
ITEM 5.
    
  OTHER    INFORMATION.
    5   ITEM 6.  EXHIBITS    AND REPORTS ON FORM 8-K.5
 
****
**PART I - FINANCIAL INFORMATION**

ITEM1. FINANCIAL STATEMENTS****Back to Table ofContents

The Registrant's unaudited interim financial statementsare attached hereto. UnauditedInterim Financial Statements

ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATIONBack to Table ofContents

Some of the statements contained in this quarterlyreport of American Biogenetic Sciences, Inc., a Delaware corporation discuss futureexpectations, contain projections of our plan of operation or financial condition or stateother forward-looking information. Forward-looking statements give our currentexpectations or forecasts of future events. You can identify these statements by the factthat they do not relate strictly to historical or current facts. They use of words such as"anticipate," "estimate," "expect," "project,""intend," "plan," "believe," and other words and terms ofsimilar meaning in connection with any discussion of future operating or financialperformance. From time to time, we also may provide forward-looking statements in othermaterials we release to the public.

General Background

AmericanBiogenetic Sciences, Inc., a Delaware corporation, is sometimes referred to herein as"we", "us", "our", "Company" and the"Registrant". The Registrant was formed in 1983 for the purpose ofresearching, developing and marketing cardiovascular and neurobiology products forcommercial development and distributing vaccines. The Registrant's products were designedfor in vitro and in vivo diagnostic procedures and therapeutic drugs, and its products hadbeen identified for use in the treatment of epilepsy, migraine and mania,neurodegenerative diseases, coronary artery diseases and cancer. The Registrantcommenced selling its products during the last quarter of 1997 but did not generate anysufficient revenues from operations to fund its operating expenses.

On September 19, 2002, the Registrant filed a petitionunder the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District ofNew York. On November 4, 2005, the Bankruptcy Court approved an order authorizing a changein control and provided that the Company, subsequent to the bankruptcy proceeding, is freeand clear of all liens, claims and other obligations.

Change in Control following Bankruptcy

The Bankruptcy Court authorized Park AvenueGroup to appoint new members to the Registrant's board of directors and management, andthe authority to change the Registrant's articles of incorporation with respect to thecapital stock of the Company. On November 29, 2005, the Registrant's board of directorsapproved an amendment to the Registrant's articles of incorporation to (i) increase thenumber of authorized shares of capital stock to 910,000,000 shares, including 900,000,000shares of common stock, par value $0.0001, and 10,000,000 shares of preferred stock, parvalue $0.0001. On November 8, 2005, Park Avenue Group appointed RichardRubin to the board of directors of theRegistrant, which then appointed Mr. Rubin to be chief executive officer and chieffinancial officer of the Registrant.

New BusinessObjectives of the Registrant

Asa result of the bankruptcy proceeding, the Registrant has no present operations and hasdetermined to direct its efforts and limited resources to pursue potential new businessopportunities. The Registrant does not intend to limit itself to a particular industry andhas not established any particular criteria upon which it shall consider and proceed witha business opportunity.

There is currently only a limited trading market in theRegistrant's shares. There can be no assurance that there will be an active trading marketfor our common stock. In the event that an active trading market commences, there can beno assurance as to the market price of our shares of common stock, whether any tradingmarket will provide liquidity to investors, or whether any trading market will besustained.

Registrant'sexecutive officer/director intends to devote such time as he deems necessary to carry outthe Registrant's affairs. The exact length of time required for the pursuit of any newpotential business opportunities is uncertain. No assurance can be made that theRegistrant will be successful in its efforts. We cannot project the amount of time thatour executive officer/director will actually devote to the Registrant's plan of operation.

Plan of Operation

We have no present operations orrevenues and our current activities are related to seeking new business opportunities,including seeking an acquisition or merger with an operating company. If our managementseeks to acquire another business or pursue a new business opportunity, it would havesubstantial flexibility in identifying and selecting a prospective business. Registrantwould not be obligated nor does management intend to seek pre-approval from ourshareholders. Under the laws of the State of Delaware, the consent of holders of amajority of the issued and outstanding shares, acting without a shareholders meeting, canapprove an acquisition.

The Registrant is entirely dependent onthe judgment of its executive officer/director in connection with pursuing a new businessopportunity or a selection process for a target operating company. In evaluating aprospective new business opportunity or an operating company, he would consider, amongother factors, the following: (i) costs associated with effecting a transaction; (ii)equity interest in and opportunity to control the prospective candidate; (iii) growthpotential of the target business; (iv) experience and skill of management and availabilityof additional personnel; (v) necessary capital requirements; (vi) the prospectivecandidate's competitive position; (vii) stage of development of the business opportunity;(viii) the market acceptance of the business, its products or services; (ix) theavailability of audited financial statements of the potential business opportunity; and(x) the regulatory environment that may be applicable to any prospective businessopportunity. 

The foregoing criteria are not intendedto be exhaustive and there may be other criteria that management may deem relevant. Inconnection with an evaluation of a prospective or potential business opportunity,management may be expected to conduct a due diligence review.

Liquidity and Capital Resources

We will use our limited personnel andfinancial resources in connection with seeking new business opportunities, includingseeking an acquisition or merger with an operating company. It may be expected thatentering into a new business opportunity or business combination will involve the issuanceof a substantial number of restricted shares of common stock. If such additionalrestricted shares of common stock are issued, our shareholders will experience a dilutionin their ownership interest in the Registrant. If a substantial number of restrictedshares are issued in connection with a business combination, a change in control may beexpected to occur. 

Inconnection with our plan to seek new business opportunities and/or effecting a businesscombination, we may determine to seek to raise funds from the sale of restricted stock ordebt securities.We have no agreements to issue any debt or equity securities and cannotpredict whether equity or debt financing will become available at terms acceptable to us,if at all.

Thereare no limitations in our articles of incorporation on our ability to borrow funds orraise funds through the issuance of restricted common stock to effect a businesscombination. Our limited resources and lack of operating history may make it difficult todo borrow funds or raise capital. Our inability to borrow funds or raise funds through theissuance of restricted common stock required to effect or facilitate a businesscombination may have a material adverse effect on our financial condition and futureprospects, including the ability to complete a business combination. To the extent thatdebt financing ultimately proves to be available, any borrowing will subject us to variousrisks traditionally associated with indebtedness, including the risks of interest ratefluctuations and insufficiency of cash flow to pay principal and interest, including debtof an acquired business. 

ITEM 3.CONTROLS AND PROCEDURES****Back to Table ofContents

*Evaluation of disclosure controls andprocedures.*As of September 30, 2007, theCompany's chief executive officer/chief financial officer conducted an evaluationregarding the effectiveness of the Company's disclosure controls and procedures (asdefined in Rules 13a-15(e) or 15d-15(e) under the  Exchange Act. Based upon theevaluation of these controls and procedures, our chief executive officer/chief financialofficer concluded that our disclosure controls and procedures were effective as of thedate of filing this quarterly report.

*Changes in internal controls.*During the quarterly period covered by this report, no changesoccurred in our internal control over financial reporting that materially affected, or isreasonably likely to materially affect, our internal control over financial reporting.

**PART II - OTHER INFORMATION**

ITEM 1. LEGALPROCEEDINGS****Back to Table ofContents

None.

ITEM 2. CHANGESIN SECURITIESBack to Table of Contents

None.

ITEM3. DEFAULTS UPON SENIOR SECURITIES****Back to Table ofContents

None.

ITEM4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSBack to Table ofContents

None.

ITEM5. OTHER INFORMATION****Back to Table ofContents

None.

ITEM6. EXHIBITS AND REPORTS ON FORM 8-K****Back to Table ofContents

(a) The following documents are filed as exhibits tothis report on Form 10-QSB or incorporated by reference herein. Any document incorporatedby reference is identified by a parenthetical reference to the SEC filing that includedsuch document.

Exhibit    No.Description31Certification of CEO/CFO    pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act pursuant to Section 302 of the    Sarbanes-Oxley Act of 2002.32Certification of CEO/CFO    pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the    Sarbanes-Oxley Act of 2002.
(b) Reports on Form 8-K during the quarter covered by this report:None.

SIGNATURES

Pursuant to therequirements of the Securities Exchange Act of 1934, this report has been signed below bythe following persons on behalf of the registrant and in the capacities and on the dateindicated.

/s/ RichardRubinRichard Rubin   *CEO, CFO and Chairman**   Dated: November 12, 2007*

FinancialStatements for the three-and nine-month periods ended September 30, 2007 and 2006

**American Biogenetic Sciences, Inc.**
Balance    Sheets  **September    30, 2007****December    31, 2006**** **(Unaudited)    
AssetsCurrent assets:   Cash$3,023$19   Prepaid expenses00           Total current assets3,02319               Total assets$3,023$19  
Liabilities    and Stockholders' DeficiencyCurrent liabilities:   Accounts payable -    trade$500$0   Accrued expenses00   Advances from and    accruals due to related parties25,18613,186            Total current liabilities25,68613,186  Stockholders' deficiency:Common stock, 900,000,000    shares authorized, $0.0001 par value;     184,949,909    shares issued and outstanding at September 30, 2007; and    184,949,909    shares issued and outstanding at December 31, 200618,49518,495   Additional paid-in    capital(4,495)(4,495)   Subscription    receivable(2,270)(6,050)   Accumulated    deficit(34,393)(21,117)     Total    stockholders' deficiency(22,663)(13,167)            Total liabilities and stockholders' deficiency$3,023$19     See    notes to unaudited interim financial statements.**American    Biogenetic Sciences, Inc.**Statement of    Operations  **Three Months****Three Months****Nine Months****Nine Months****Ended****Ended****Ended****Ended****September 30, 2007****September 30, 2006****September 30, 2007****September 30, 2006**(Unaudited)(Unaudited)(Unaudited)(Unaudited)  Revenue$0$0$0$0  Costs and expenses:   General and administrative5006,50013,2767,500   Interest0000Total costs and expenses5006,50013,2767,500  Net loss$(500)$(6,500)$(13,276)$(7,500)  Basic and diluted per shares amounts:Basic and diluted net loss$0.00$(0.00)$0.00$(0.00)  Weighted average shares outstanding:Basic and diluted184,949,909184,949,909184,949,909166,253,938  See notes to unaudited interim    financial statements.
**American Biogenetic Sciences, Inc.**
Statements    of Cash Flows  **Nine Months****Nine Months****Ended****Ended**                   **September 30, 2007****September 30, 2006**  (Unaudited)(Unaudited)Cash flows from operating activities:Net loss$(13,276)$(7,500)Adjustment required to reconcile net loss to    cash used in operating activities:   Fair value of expenses provided    from related parties12,0000   Increase (decrease) in accounts    payable and accrued expenses5001,965    Cash    flows used by operating activities(776)(5,535)  Cash flows from investing    activities:     Cash    used in investing activities00   Cash flows from financing activities:   Proceeds from the issuance of    common stock3,7805,200   Advances from related parties00     Cash    provided by financing activities3,7805,200       Change in cash3,004(335)Cash - beginning of period19404Cash - end of period$3,023$69  See notes to    unaudited interim financial statements.**AMERICAN BIOGENETIC SCIENCES, INC.Notes to Unaudited Interim Financial Statements

**1. Basis of Presentation**

American Biogenetic Sciences, Inc. (the "Company", “We” or"ABS") was incorporated in Delaware on September 1, 1983. Prior to filing forbankruptcy under chapter 7, the Company engaged in the research, development andproduction of bio-pharmaceutical products. 

The Financial Statements presented herein have been prepared by us in accordance withthe accounting policies described in our December 31, 2006 Annual Report on Form 10-KSBand should be read in conjunction with the Notes to Financial Statements which appear inthat report.

The preparation of these financial statements in conformity with accounting principlesgenerally accepted in the United States requires us to make estimates and judgments thataffect the reported amounts of assets, liabilities, revenues and expenses, and relateddisclosure of contingent assets and liabilities. On an on going basis, we evaluate ourestimates, including those related intangible assets, income taxes, insurance obligationsand contingencies and litigation. We base our estimates on historical experience and onvarious other assumptions that are believed to be reasonable under the circumstances, theresults of which form the basis for making judgments about the carrying values of assetsand liabilities that are not readily apparent from other resources. Actual results maydiffer from these estimates under different assumptions or conditions.

In the opinion of management, the information furnished in this Form 10-QSB reflectsall adjustments necessary for a fair statement of the financial position and results ofoperations and cash flows as of and for the three and nine-month periods ended September30, 2007 and 2006. All such adjustments are of a normal recurring nature. The FinancialStatements have been prepared in accordance with the instructions to Form 10-QSB andtherefore do not include some information and notes necessary to conform with annualreporting requirements
**“Fresh Start” Accounting: On September 19, 2002 all of the Company’sassets were transferred to the chapter 7 trustee in settlement of all outstandingcorporate obligations. We adopted "fresh-start" accounting as of September 20,2002 in accordance with procedures specified by AICPA Statement of Position("SOP") No. 90-7, "Financial Reporting by Entities in Reorganization underthe Bankruptcy Code."

All results for periods subsequent to September 19, 2002 are referred to as those ofthe "Successor Company". The results of operations and cash flows as presentedon the 2002 financial statements reflect the predecessor company. The successor companyhad no transactions between September 19 and the end of the reporting period, December 31,2002. 

In accordance with SOP No. 90-7, the reorganized value of the Company was allocated tothe Company's assets based on procedures specified by SFAS No. 141, "BusinessCombinations". Each liability existing at the plan sale date, other than deferredtaxes, was stated at the present value of the amounts to be paid at appropriate marketrates. It was determined that the Company's reorganization value computed immediatelybefore September 20, 2002 was $0. We adopted "fresh-start" accounting becauseholders of existing voting shares immediately before filing and confirmation of the salereceived less than 50% of the voting shares of the emerging entity and its reorganizationvalue is less than its post-petition liabilities and allowed claims. 

The accounts of the former subsidiaries were not included in the sale and have not beencarried forward. **2. Bankruptcy Proceedings**
On September 19, 2002, the Registrant filed a voluntary Chapter 7petition under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court Eastern District ofNew York (case no. 02-86689). On November 4, 2005, the Bankruptcy Court approved an Orderconfirming the sale of debtor's interest in personal property to Park Avenue Group Inc.The material terms of the transaction confirmed by Bankruptcy Court authorized Park AvenueGroup to appoint new members to the Registrant's board of directors and authorized thenewly-appointed board of directors to amend the Article of Incorporation with respect tothe capital stock of the Company.

The accounts of the former subsidiaries were not included in the sale and have not beencarried forward. 
**Resultant Change in Control: In connection with the Orderconfirming the sale of debtor's interest in certain intangible personal property to ParkAvenue Group Inc. approved by the U.S. Bankruptcy Court Eastern District of New York onNovember 4, 2005, the Court authorized a change in control pursuant to which Richard Rubinbecame our sole director on November 29, 2005, and was appointed CEO by the new board ofdirectors on November 29, 2005. The Court order further provided that the sale was freeand clear of liens, claims and interests of others and that the sale was free and clear ofany and all other real or personal property interests, including any interests inABS’s subsidiaries.

**3. Earnings/Loss Per Share**

Basic earnings per share is computed by dividing income available to commonshareholders (the numerator) by the weighted-average number of common shares outstanding(the denominator) for the period. Diluted earnings per share assume that any dilutiveconvertible securities outstanding were converted, with related preferred stock dividendrequirements and outstanding common shares adjusted accordingly. It also assumes thatoutstanding common shares were increased by shares issuable upon exercise of those stockoptions for which market price exceeds the exercise price, less shares which could havebeen purchased by us with the related proceeds. In periods of losses, diluted loss pershare is computed on the same basis as basic loss per share as the inclusion of any otherpotential shares outstanding would be anti-dilutive.

**4. New Accounting Standards**

On January 1, 2006, we adopted the provisions of Statement of Financial AccountingStandards (“SFAS”) 123R, “Share-Based Payment” (“SFAS123(R)”), which requires that companies measure and recognize compensation expense atan amount equal to the fair value of share-based payments granted under compensationarrangements. Prior to January 1, 2006, we accounted for our stock-based compensationplans under the recognition and measurement principles of Accounting Principles Board(“APB”) Opinion 25, “Accounting for Stock Issued to Employees,” andrelated interpretations, and would typically recognize no compensation expense for stockoption grants if options granted had an exercise price equal to the market value of theunderlying common stock on the date of grant. 

We adopted SFAS 123(R) using the “modified prospective” method, which resultsin no restatement of prior period amounts. Under this method, the provisions of SFAS123(R) apply to all awards granted or modified after the date of adoption. In addition,compensation expense must be recognized for any unvested stock option awards outstandingas of the date of adoption on a straight-line basis over the remaining vesting period. Wecalculate the fair value of options using a Black-Scholes option pricing model. We do notcurrently have any outstanding options subject to future vesting therefore no charge isrequired for the nine months ended September 30, 2007 and 2006. SFAS 123(R) also requiresthe benefits of tax deductions in excess of recognized compensation expense to be reportedin the Statement of Cash Flows as a financing cash inflow rather than an operating cashinflow. In addition, SFAS 123(R) required a modification to the Company’s calculationof the dilutive effect of stock option awards on earnings per share. For companies thatadopt SFAS 123(R) using the “modified prospective” method, disclosure of proforma information for periods prior to adoption must continue to be made. 

In May 2005, the FASB issued SFAS No. 154, “Accounting Changes and ErrorCorrections,” which replaces APB Opinion No. 20 “Accounting Changes,” andFASB Statement No. 3 “Reporting Accounting Changes in Interim FinancialStatements,” and changes the requirements for the accounting for and reporting of achange in accounting principle. This Statement requires retrospective application to priorperiods’ financial statements of changes in accounting principle, unless it isimpracticable to determine either the period-specific effects or the cumulative effect ofthe change. This Statement shall be effective for accounting changes and corrections oferrors made in fiscal years beginning after December 15, 2005. Early adoption is permittedfor accounting changes and corrections of errors made in fiscal years beginning after thedate this Statement is issued. We do not believe that adoption of SFAS 154 will have amaterial impact on our financial statements.

 In September 2006, the SEC staff issued Staff AccountingBulletin No. 108, *Considering the Effects of Prior Year Misstatements whenQuantifying Misstatements in Current Year Financial Statements*(“SAB 108”).SAB 108 establishes an approach that requires quantification of financial statementmisstatements based on the effects of the misstatements on each of the Company’sfinancial statements and the related financial statement disclosures. SAB 108 iseffective for the year ending December 31, 2006. We are currently evaluating theeffect that the adoption of SAB 108 will have on our results of operations and financial.

In June 2006, the FASB issued FASB Interpretation No. 48, *Accounting forUncertainty in Income Taxes—an Interpretation of FASB Statement 109* ("FIN48"), which clarifies the accounting for uncertain tax positions. This Interpretationallows the tax effects from an uncertain tax position to be recognized in the Company'sfinancial statements if the position is more likely than not to be sustained upon audit,based on the technical merits of the position. FIN 48 also provides guidance onderecognition, classification, interest and penalties, accounting in interim periods,disclosure and transition. FIN 48 is effective for fiscal years beginning afterDecember 15, 2006. We do not expect the adoption of FIN 48 to have a material impacton our financial statements.****** |