**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


Washington,
      D.C. 20549





**FORM
      10-KSB**








**x** **ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE**


**SECURITIES
      EXCHANGE ACT OF 1934**





For
      the
      year ended December 31, 2006





o  **TRANSITION
      REPORT UNDER SECTION 13 OR 15(d) OF THE**


**SECURITIES
      EXCHANGE ACT OF 1934**





For
      the
      transition period from ______ to _______





*Commission
      file number 0-52128*




**PLASTINUM
                CORP.**(Exact
                name of registrant as specified in its
                charter)




Delaware
            
            20-4255141(State
                or other jurisdiction of incorporation)
            
            (IRS
                employer identification no.)


c/o
                245 Park Avenue
              New
                York, New York 10167Address
                of principal executive offices) (Zip
                Code)




Issuer's
      telephone number: (212) 792-4030




**Securities
      registered pursuant to Section 12(b) of the Exchange Act:**


Title
                of each class
            
            Name
                of each exchange on which registeredNone
            
            None





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





Common
      Stock, par value $.01 per share





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





Check
      if
      there is no disclosure of delinquent filers in response to Item 405 of
      Regulation S-B contained in this form, and no disclosure will be contained,
      to
      the best of registrant's knowledge, in definitive proxy or information
      statements incorporated by reference in Part III of this Form 10-KSB or any
      amendment to this Form 10-KSB. x





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





The
      issuer's revenues from continuing operations for the year ended December 31,
      2006 were $0.





As
      of February 21, 2007, the issuer had 92,085,920 shares of Common
      Stock, par value $0.01 per share, outstanding. There is currently no public
      trading market for the Company’s common stock and consequently the aggregate
      market value of the common stock of the Company held by non-affiliates can
      not
      be determined.





**Transitional
      Small Business Disclosure Format YES**  o  **NO**  x







**PART
      I**





**FORWARD-LOOKING
      STATEMENTS**





When
      used
      in this Form 10-KSB, in filings by the Company with the Securities and Exchange
      Commission (the "SEC"), in the Company's press releases or other public or
      stockholder communications, or in oral statements made with the approval of
      an
      authorized executive officer of the Company, the words or phrases "would be,"
      "will allow," "intends to," "will likely result," "are expected to," "will
      continue," "is anticipated," "estimate," "project," or similar expressions
      are
      intended to identify "forward-looking statements" within the meaning of the
      Private Securities Litigation Reform Act of 1995.





The
      Company cautions readers not to place undue reliance on any forward looking
      statements, which speak only as of the date made, are based on certain
      assumptions and expectations which may or may not be valid or actually occur,
      and which involve various risks and uncertainties. The Company's actual results
      for future periods could differ materially from those anticipated or
      projected.





Unless
      otherwise required by applicable law, the Company does not undertake, and
      specifically disclaims any obligation, to update any forward-looking statements
      to reflect occurrences, developments, unanticipated events or circumstances
      after the date of such statement.





**ITEM
      1. DESCRIPTION OF BUSINESS.**





**CURRENT
      BUSINESS**





Plastinum
      Corp. ("we," "us,", “our”, "Plastinum" or “the Company") is a Delaware
      corporation originally formed under the name NG Plastic, Inc. in February of
      2000. We changed our name to New Generation Plastic, Inc. in May
      of 2000. On May 19, 2006, we changed our name to Plastinum Corp. At
      December 31, 2006, we were a subsidiary of New Generation Holdings, Inc.
      ("NGH"), which owned approximately 94% of our outstanding common stock. On
      February 20, 2007, NGH effected a pro rata distribution of our common stock
      (commonly referred to as a "spin off") pursuant to which each stockholder of
      NGH
      received one share of our common stock for each share of NGH owned by such
      stockholder. As a result, NGH no longer has any ownership interest in us.





There
      is
      currently no public trading market for our common stock. We have submitted
      an
      application so that our common stock will be quoted on the Over the Counter
      Bulletin Board (the “OTCBB”). However, there is no assurance that our stock will
      in fact be quoted on the OTCBB or, if it is so quoted, when that will
      occur.





We
      are a
      development stage company, as defined by Statement of Financial Accounting
      Standards No. 7 ("SFAS No. 7"), and we are currently developing a proprietary
      technology designed to process and blend two or more discrete plastic polymers.
      The technology is in the final stages of testing and, when testing is completed,
      we intend to market the technology primarily in the United States and the
      European Union (the "EU"). To date, we have generated no sales revenues, have
      incurred significant expenses and have sustained significant recurring losses.
      Consequently, our operations are subject to all the risks inherent in the
      establishment of a new business enterprise. For the period from entering the
      development stage on April 7, 2003 through December 31, 2006, we accumulated
      losses of $5,111,569.





We
      own a
      patented plastic blending technology that enables the production of homogeneous,
      commercially usable polymers from a varied stream of otherwise incompatible
      waste plastic or virgin plastic feedstock (the "Plastinum Process"). We believe
      that the Plastinum Process technology is unique in its ability to combine mixed
      plastic, including blending different polymers that are normally incompatible,
      into homogenous compounds (the "Plastinum Compounds") by means of a purely
      mechanical process. These Platinum Compounds are created without the use of
      costly additives, known as compatibilizers, which are typically used to link
      non-compatible resins.





***Plastinum
      Business***





Plastinum owns
      and develops a patented and proprietary plastic blending technology, whereby
      various kinds of plastic can be mixed without the use of expensive chemical
      additives. The uniqueness of this blending technology stems from its potential
      cost-effective applications in many fields of the plastic industry, from the
      recycling of plastic electronic scrap to the creation of new thermo plastic
      compounds.





The
      core
      of the Plastinum technology consists of an ultra high speed shearing chamber
      that creates in situ compatibilization of otherwise non-compatible polymers,
      resulting in a continuous mix that offers similar properties as virgin polymers.
      The process has the ability to mix multiple non-compatible polymers and create
      new, blended compounds that can be used as ingredients in conventional plastic
      manufacturing processes.










Focusing
      on the current WEEE (Waste Electrical and Electronic Equipment) EU
      legislation, we have specifically targeted the mixed plastic computer scrap
      sector for the launch of our first commercial-size plant. Currently, in this
      sector, plastic recycling technologies rely on sorting and separating the
      different plastics by type of polymer prior to recycling. This whole process
      is
      inefficient and expensive; hence most plastic is dumped in landfills or
      incinerated with troublesome ecological implications.





We
      believe that our blending technology is unique and can add value particularly
      in
      this sector, since it can treat various types of plastic scrap, and it does
      not
      require separation or chemical additives. More importantly, we believe that
      the
      process is environmentally friendly and can be undertaken on economically viable
      terms. We believe that the cost to manufacturers or other users of our
      recycled plastic compound will be lower than virgin ABS cost.





We
      are
      currently in the process of implementing our business plan and have opened
      our
      first pilot plant in The Netherlands. This plant will be our showcase for the
      recycling of plastic waste coming from the WEEE sector. We have rented a
      building, effective October 1, 2006, and our equipment has been moved to this
      location. Labor is being recruited and the plastic waste supply is being
      secured. We have identified contractors to assist in the construction of the
      plant for processing computer scrap. The plant will be located in the EMMTEC
      Industry & Business Park, Emmen, The Netherlands. Initial plant development
      commenced November 1, 2006. The anticipated cost of acquiring and outfitting
      the
      plant is $150,000, of which approximately $50,000 had been spent as of December
      31, 2006. This amount has been funded and is anticipated to continue to be
      funded with the proceeds of the $500,000 Convertible Promissory Notes issued
      by
      Plastinum in July 2006 and working capital advances from our President and
      CEO.




We
      are
      currently discussing various possibilities for the acquisition of source
      materials with interested parties in the EU as well as in the US and Asia.
      The
      potential acquisition strategies would involve either profit sharing
      collaboration or the straight purchase of source materials. We have not yet
      reached agreement with any such parties.





In
      the
      EU, it is anticipated that source materials will be purchased from specific
      sources. We are currently being assisted by two separate waste consulting and
      trading companies, both located in The Netherlands. Both companies have
      preliminarily indicated that they will assist in the organization of the supply
      of plastic eWaste and/or sale of the finished products. Terms are being
      negotiated but these companies understand that if we reach agreement with them,
      we intend to pay them based on sales of the Plastinum products.




In
      the
      US, a source has been found to secure a supply for a total of 7,500 tons of
      plastic eWaste annually. We have made a proposal for exclusive delivery of
      the
      source material needed. We are awaiting a response, which is expected before
      the
      end of the first quarter of 2007.





We
      have a
      research agreement in place with Polymer Service Center B.V. Groningen
      (“Polymer”) in The Netherlands. Polymer is commissioned to accelerate the
      development and commercialization of the Plastinum technology.





We
      have
      recently expanded the research objectives of the Polymer agreement. The expanded
      research objectives are to:





·
            demonstrate
                the improved performance of the Plastinum technology relative to
                conventional blending equipment;


·
            demonstrate
                the commercial potential of the Plastinum technology by processing
                several
                readily available mixed plastic waste streams and innovative blends
                from
                virgin materials; and


·
            gain
                process understanding to predict material properties and develop
                quality
                control software in commercial
                machines.




The
      initial agreement with Polymer involved the fine tuning of the Plastinum
      process. The initial estimate of the cost for this work was approximately
      $28,000 and a total of approximately $34,000 has been paid. No further payments
      are anticipated under the initial contract. We have incurred approximately
      $63,000 of additional costs under the expanded agreement, of which $13,000
      has
      been paid.





The
      strategies for commercial implementation of the Plastinum technology range
      from
      stand-alone plants, as stated above, to units integrated within an existing
      plastic processing facility, to licensing arrangements with potential
      joint-venture partners.





***Competition***




Our
      major
      competitors consist of companies that purchase mixed plastic waste in order
      to
      separate and regrind, which entails a different process from our blending
      process. The separation process is complex and may result in a large loss of
      material, which makes that process more costly than our blending process.
      Therefore, we believe that our main competition will be for the acquisition
      of
      eWaste materials.





***Plastinum
      Patents***





The
      Plastinum Process is currently protected by U.S. Patent Number 6,107,400 and
      European Patent Number 92907183.5-2307.










**PLASTINUM
      SPIN OFF**





At
      December 31, 2006, NGH owned approximately 94% of the issued and outstanding
      equity securities of Plastinum. On January 31, 2007, NGH filed definitive proxy
      materials (after having originally filed preliminary proxy materials on July
      12,
      2006) with the SEC for the purpose of, among other things, approving a pro
      rata
      distribution (or "spin off") of Plastinum to NGH’s stockholders of record as of
      December 29, 2006 whereby the stockholders of NGH would receive one share of
      Plastinum common stock for each share of NGH common stock the stockholder owned.
      On February 16, 2007, a meeting of NGH’s stockholders was held where all of the
      matters to be voted upon as set forth in the definitive proxy materials were
      approved and/or ratified. The spin off of Plastinum was thereafter effected
      on
      February 20, 2007 and NGH no longer owns any interest in Plastinum or the
      Plastinum business discussed herein.





**RESEARCH
      AND DEVELOPMENT**





In
      2005,
      we spent approximately $715,000 on research and development of the Plastinum
      technology. In 2006, we spent approximately $719,000 on research and development
      of the Plastinum technology. Through December 31, 2006, we have spent
      approximately $1,614,000 on research and development of the Plastinum
      technology. We anticipate expending approximately $500,000 towards research
      and
      development activities during the next twelve months in connection with the
      continued development of the Plastinum technology.




**NUMBER
      OF EMPLOYEES**





As
      of
      December 31, 2006, we had five employees, Jacques Mot, our Chief Executive
      Officer, Patrick Sulzer, our Chief Operating Officer, and three plant employees
      in The Netherlands. We also use independent contractors to fulfill various
      research and development and administrative functions.





**COSTS
      AND EFFECTS OF COMPLIANCE WITH ENVIRONMENTAL LAWS**




Plastinum
      currently has no costs associated with compliance with environmental laws or
      regulations; however there can be no assurance that such costs will not be
      incurred in future to the extent the Plastinum technology is exploited.





**DEPENDENCE
      ON KEY CUSTOMERS; MAJOR SUPPLIERS**





We
      do not
      as yet have any customers or suppliers and are therefore not dependent on any
      customer or supplier.





**ITEM
      2. DESCRIPTION OF PROPERTIES.**





**LOCATION
      AND DESCRIPTION OF PROPERTIES**





Plastinum
      leases its plant in The Netherlands pursuant to a one year lease with an annual
      rental of approximately $43,000.





We
      have a
      month to month oral lease for approximately 150 square feet of office space
      located at 30 Blvd Helvetique CH-1204, Geneva, Switzerland.





We
      pay
      approximately $430 per month for use of a conference room, on an as needed
      basis, at 245 Park Avenue, New York, NY.





**ITEM
      3. LEGAL PROCEEDINGS.**




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








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





None.










**PART
      II**





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





**MARKET
      INFORMATION**





There
      is
      currently no public trading market for our common stock. We have submitted
      an
      application so that our common stock will be quoted on the Over the Counter
      Bulletin Board (the “OTCBB”). However, there is no assurance that our stock will
      in fact be quoted on the OTCBB or if it is so quoted, when that will occur.
      As
      of December 31, 2006, 25,586,570 shares of our common stock are subject to
      outstanding options or warrants to purchase, or securities convertible into,
      our
      common stock .





**HOLDERS**





At
      December 31, 2006, there were 7 stockholders of record of our common stock.
      As
      of February 20, 2007, following the spin-off by NGH of the approximately 94%
      of
      the Company’s stock it previously owned, there were 174 stockholders of record
      of our common stock.





**DIVIDEND
      POLICY**





We
      have
      not paid any dividends since our inception. We do not anticipate paying
      dividends on our common stock in the foreseeable future but plan to retain
      earnings, if any, for the operation and expansion of our business.




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





**Equity
      Compensation Plan Information**





**Number
                of securities to be issued upon exercise of outstanding options,
                warrants
                and rights**
              **(a)**
            
            **Weighted-average
                exercise price of outstanding options, warrants and
                rights**
              **(b)**
            
            **Number
                of securities remaining available for future issuance under equity
                compensation plans (excluding securities reflected in column
                (a))**
              **(c)**Equity
                compensation plans approved by security holders
            
            
            6,000,000
            
            $
            0.10
            
            
            9,000,000Equity
                compensation plans not approved by security holders
            
            
            -
            
            
            
            
            
            -Total
            
            
            6,000,000
            
            
            
            
            
            9,000,000





**RECENT
      SALES OF UNREGISTERED SECURITIES**





On
      May
      24, 2006, we issued 1,430,000 shares of our common stock to Lombard Odier Darier
      Hentsch & CIE ("LODH") for an aggregate purchase price of $500,500 (or $0.35
      per share) in reliance on Regulation S. The issuance reflected partial exercise
      of a warrant issued to LODH by NGH on August 25, 2005 and subsequently amended
      to provide for issuance, at LODH's option, of either NGH common stock or our
      common stock.




On
      June
      20, 2006, we issued 231,900 shares of common stock to Patrick Hellinckx in
      consideration for services provided pursuant to a Consulting Agreement between
      NGH and Mr. Hellinckx dated March 15, 2005 in reliance on Section 4(2) of the
      Securities Act.




On
      June
      20, 2006, we issued 100,400 shares of common stock to Jan Rasschaert in
      consideration for services provided pursuant to a Consulting Agreement between
      NGH and Mr. Rasschaert dated March 15, 2005 in reliance on Section 4(2) of
      the
      Securities Act.









On
      June
      20, 2006 and August 1, 2006, we issued an aggregate of 801,487 shares of common
      stock to Polymer Consulting Limited in consideration for services provided
      pursuant to a Consulting Agreement between NGH and Polymer Consulting Limited
      dated March 15, 2005 in reliance on Section 4(2) of the Securities
      Act.




On
      June
      20, 2006, we issued 136,950 shares of common stock to Marc de Ridder in
      consideration for services provided pursuant to a Consulting Agreement between
      NGH and Clanders Investors dated March 15, 2005 in reliance on Section 4(2)
      of
      the Securities Act.




On
      July
      10, 2006, we entered into a Convertible Loan Agreement with Jacques Mot
      and Pierangelo Bottinelli (each a non-U.S. resident and non-U.S. citizen),
      pursuant to which we borrowed $200,000 from Mr. Mot and $300,000 from Mr.
      Bottinelli in reliance on Regulation S. The loans are convertible into shares
      of
      our common stock at a conversion price of $0.50 per share. In addition, Mr.
      Mot
      received warrants to purchase 400,000 shares of our common stock and Mr.
      Bottinelli received warrants to purchase 600,000 shares of our common stock.
      The
      warrants are exercisable for a period of three years at an exercise price of
      $0.50 per share.




On
      July
      10, 2006, we issued options to purchase 3,000,000 shares of our common stock
      to
      each of two employees. The options vest over a three year period with 1,000,000
      options vesting on each of the first, second, and third anniversaries of the
      grant date. The options have an exercise price of $0.10 per share.





On
      August
      1, 2006, we issued 714,847 shares of common stock to Volarder Corp. in
      consideration for services provided pursuant to a Consulting Agreement between
      NGH and Volarder Corp. dated March 15, 2005 in reliance on Section 4(2) of
      the
      Securities Act.





**ISSUER
      PURCHASES OF EQUITY SECURITIES**





The
      following table provides information about purchases by us and our affiliated
      purchasers during the year ended December 31, 2006 of equity securities that
      are
      registered by us pursuant to Section 12 of the Securities Exchange Act of 1934:


**Period**
            
            **(a)**
              **Total
                Number of Shares (or Units) Purchased)**
            
            **(b)**
              **Average
                Price Paid per Share (or Unit)**
            
            **(c)**
              **Total
                Number of Shares (or Units)********Purchased as Part of Publicly Announced Plans or
                Programs**
            
            **(d)**
              **Maximum
                Number (or Approximate Dollar Value) of Shares (or Units)********that May Yet Be Purchased Under the Plans or
                Programs**10/01/06-10/31/06
            
            
            0
            
            $
            0
            
            
            0
            
            
            011/01/06-11/30/06
            
            
            0
            
            $
            0
            
            
            0
            
            
            012/01/06-12/30/06
            
            
            0
            
            $
            0
            
            
            0
            
            
            0





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





Statements
      included in this and future filings by us with the Securities and Exchange
      Commission, in our press releases and in oral statements made with the approval
      of an authorized executive officer which are not historical or current facts
      are
      "forward-looking statements" and are subject to certain risks and uncertainties
      that could cause actual results to differ materially from historical earnings
      and those presently anticipated or projected. You are cautioned not to place
      undue reliance on any such forward-looking statements, which speak only as
      of
      the date made. The following important factors, among others, in some cases
      have
      affected and in the future could affect our actual results and could cause
      our
      actual financial performance to differ materially from that expressed in any
      forward-looking statement: (i) the extremely competitive conditions that
      currently exist in the market for companies similar to us and (ii) lack of
      resources to maintain our good standing status and requisite filings with the
      Securities and Exchange Commission. The foregoing list should not be construed
      as exhaustive and we disclaim any obligation subsequently to revise any
      forward-looking statements to reflect events or circumstances after the date
      of
      such statements or to reflect the occurrence of anticipated or unanticipated
      events. The following discussion should be read in conjunction with our
      financial statements and their explanatory notes included as part of this annual
      report.




**CRITICAL
      ACCOUNTING POLICIES**





The
      preparation of our consolidated financial statements in conformity with
      accounting principles generally accepted in the United States requires us to
      make estimates and judgments that affect our reported assets, liabilities,
      revenues, and expenses, and the disclosure of contingent assets and liabilities.
      We base our estimates and judgments on historical experience and on various
      other assumptions we believe to be reasonable under the circumstances. Future
      events, however, may differ markedly from our current expectations and
      assumptions. While there are a number of significant accounting policies
      affecting our consolidated financial statements; we believe the following
      critical accounting policies involve the most complex, difficult and subjective
      estimates and judgments:










**Use
      of Estimates**





The
      preparation of financial statements in conformity with generally accepted
      accounting principles requires management to make estimates and assumptions
      that
      affect the amounts reported in the consolidated financial statements and
      accompanying disclosures. Although these estimates are based on management's
      best knowledge of current events and actions the Company may undertake in the
      future, actual results may differ from those estimates.





**Foreign
      Currency Translation**





The
      Company translates the foreign currency financial statements of its foreign
      subsidiaries in accordance with the requirements of Statement of Financial
      Accounting Standards No. 52, "Foreign Currency Translation." Assets and
      liabilities are translated at current exchange rates, and related revenue and
      expenses are translated at average exchange rates in effect during the period.
      Resulting translation adjustments are recorded as a separate component in
      stockholders' equity. Foreign currency transaction gains and losses are included
      in the statement of income.





**Going
      Concern**




We
      have
      not generated any revenue since the date of our inception and, at present,
      we
      have insufficient capital on hand to fund our operations through 2007. The
      foregoing matters raise substantial doubt about our ability to continue as
      a
      going concern.





**RECENT
      ACCOUNTING PRONOUNCEMENTS**





In
      July
      2006, the FASB issued FASB Interpretation (FIN) No. 48, *“Accounting
      for Uncertainty in Income Taxes—An Interpretation of FASB Statement
      No. 109”* (FIN
      48). This Interpretation clarifies the accounting for uncertainty in income
      taxes recognized in a company’s financial statements. FIN 48 requires companies
      to determine whether it is “more likely than not” that a tax position will be
      sustained upon examination by the appropriate taxing authorities before any
      part
      of the benefit can be recorded in the financial statements. It also provides
      guidance on the recognition, measurement and classification of income tax
      uncertainties, along with any related interest and penalties. FIN 48 will also
      require significant additional disclosures. This Interpretation will be
      effective for fiscal years beginning after December 15, 2006. We will
      implement this Interpretation in the first quarter of 2007 on a prospective
      basis. We are currently evaluating the potential impact this Interpretation
      will
      have on our financial position and results of operations.




In
      September 2006, the FASB issued SFAS No. 157, *“Fair
      Value Measurements”*  *,* which
      provides guidance on how to measure assets and liabilities that use fair value.
      SFAS 157 will apply whenever another US GAAP standard requires (or permits)
      assets or liabilities to be measured at fair value but does not expand the
      use
      of fair value to any new circumstances. This standard also will require
      additional disclosures in both annual and quarterly reports. SFAS 157 will
      be
      effective for financial statements issued for fiscal years beginning after
      November 15, 2007, and will be adopted by us beginning in the first quarter
      of
      2008. We are currently evaluating the potential impact this standard may have
      on
      our financial position and results of operations, but do not believe the impact
      of the adoption will be material.




In
      September 2006, the SEC staff issued Staff Accounting Bulletin (SAB) No. 108, *“Considering
      the Effects of Prior Year Misstatements when Quantifying Misstatements in
      Current Year Financial Statements”* (“SAB
      108”). SAB 108 was issued in order to eliminate the diversity of practice in how
      public companies quantify misstatements of financial statements, including
      misstatements that were not material to prior years’ financial statements. We
      will initially apply the provisions of SAB 108 in connection with the
      preparation of our annual financial statements for the year ending December
      31,
      2006. We have evaluated the potential impact SAB 108 may have on our financial
      position and results of operations and do not believe the impact of the
      application of this guidance will be material.





**MANAGEMENT'S
      PLAN OF OPERATION**





The
      following discussion and analysis provides information which our management
      believes to be relevant to an assessment and understanding of our results of
      operations and financial condition. This discussion should be read together
      with
      our financial statements and the notes to financial statements, which are
      included in this report.





**Overview**





At
      December 31, 2006, we were pursuing a new business plan related to Plastinum
      and
      the Plastinum Process described below and were considered to be in the
      development stage as defined by SFAS No. 7, “ *Accounting
      and reporting by Development Stage Enterprises* “.









**Plastinum
      and the Plastinum Process**




Plastinum
      owns and is developing patented and proprietary plastic blending technology,
      whereby various kinds of plastic can be mixed without the use of expensive
      chemical additives. We believe that the uniqueness of this blending technology
      stems from its potential cost-effective applications in many fields of the
      plastic industry from the recycling of computer scrap to the creation of new
      thermo plastic compounds and, in conjunction with saw dust, to the creation
      of
      new versions of wood plastic.




Plastinum’s
      mission is to commercialize the technology through applications in the virgin
      plastic markets (polymer alloys) and the plastic recycling sector (recycling
      of
      obsolete computer and other electronic equipment).




Plastinum
      believes its patented proprietary process, the Plastinum technology, is capable
      of producing homogeneous, commercially usable polymer end products from mixed
      virgin plastic and/or recycled waste plastic without chemical additives, or
      so-called compatibilizers, which link non-compatible resins.





**RESULTS
      OF OPERATIONS**





**YEAR
      ENDED DECEMBER 31, 2006 COMPARED TO THE YEAR ENDED DECEMBER 31,
      2005**





Operating
      losses decreased from $2,522,334 in 2005 to $1,933,686 in 2006. The decrease
      of
      $588,648 was primarily the result of a decrease of $592,601 in general and
      administrative expenses, from $1,806,847 in 2005 to $1,214,246 in 2006,
      partially offset by an increase in research and development expenses of $3,953,
      from $715,487 in 2005 to $719,440 in 2006. The
      decrease in general and administrative expense results primarily from decreased
      consulting expenses and professional fees. The decrease in these areas is
      attributable to our public filings (through NGH) becoming current during 2005
      and the implementation of our business strategy in 2005.





We were
      a wholly owned subsidiary of NGH as of the year ended December 31, 2005 and
      through May 24, 2006, and NGH owned approximately 94% of our common stock until
      February 20, 2007, at which time NGH effected a pro rata distribution of our
      common stock (commonly referred to as a "spin off") pursuant to which each
      stockholder of NGH received one share of our common stock for each share of
      NGH
      owned by such stockholder. Through June 30, 2006 all of our research and
      development costs and overhead expenses have been paid or incurred by NGH.
      Certain overhead and general and administrative expenses have been allocated
      to
      us, with the offsetting credit to additional paid-in capital. Allocations of
      these expenses include officer salaries, accounting and legal fees, rent, and
      other general office expenses. Management believes that these allocation
      methodologies are reasonable. The expenses allocated are not necessarily
      indicative of the expenses that would have been incurred if the Company had
      been
      a separate, independent public entity and had managed these functions. We may
      incur additional general administrative expenses and other costs as a result
      of
      operating independently of NHG.





**LIQUIDITY
      AND CAPITAL RESOURCES**





As
      of
      December 31, 2006 we have a deficit in working capital of $684,158. For the
      year
      ended December 31, 2006, net cash used by operating activities was $1,414,477,
      resulting from a loss of $1,968,718 partially offset by stock based compensation
      expense of $240,268 and an increase in accounts payable and accrued expenses
      of
      $274,305.




During
      2006 we received proceeds from convertible loans aggregating $500,000. The
      loans bear interest at a rate of 8% per annum and are initially convertible
      into
      an aggregate of 1,000,000 shares of our common stock. In addition, the lenders
      received warrants to purchase an aggregate of 1,000,000 shares of our common
      stock at an exercise price of $0.50 per share.




These
      proceeds have been used to fund general operations and to open the pilot plant
      in the European Union. We have also received working capital advances from
      our
      president and CEO to fund operations. In order to finance the expansion of
      the
      research agreement with Polymer Service Center in The Netherlands and to hire
      further expertise in the commercialization of the Plastinum end product, the
      Plastinum Compounds, we will require additional debt or equity
      financing.





NGH
      also
      recently signed an investment advisory agreement with Valley Road Capital
      which has been assigned to and assumed by Plastinum. The purpose is to arrange
      a
      private placement commencing in the first six months of 2007. The use of
      proceeds of this private placement will be to open our first commercial facility
      in the U.S.A. and European Union (The Netherlands).





Our
      current funding has enabled us to open the pilot plant. We anticipate financing
      our full business plan through a $10,000,000 private placement organized by
      a
      U.S. investment bank, expected to be fully subscribed by the end of the second
      quarter of 2007. The proceeds of the private placement will be used as follows:
      $5,000,000 for the opening of the United States plant; and $5,000,000 for the
      opening of the EU plant.




Until
      June of 2006 we relied on NGH and advances from our president to fund our
      operations. As of February 20, 2007, following the spin-off by NGH of the
      approximately 94% of the Company’s stock it previously owned, we are operating
      independently of NGH and there is no assurance that our president will continue
      to provide sufficient funds for us to successfully continue our operations.










We
      currently do not have sufficient capital resources to meet projected cash flow
      deficits and we will need additional capital to continue our operations. We
      will
      endeavor to raise funds through the sale of equity shares, debt financing and
      revenues from operations. If we are unable to raise additional capital through
      debt or equity financings, on terms acceptable to us, and are not successful
      in
      generating sufficient liquidity from operations, then this lack of financing
      would have a material adverse effect on our business, results of operations,
      liquidity and financial condition.




There
      can
      be no assurance that we will generate revenues from operations or obtain
      sufficient capital on acceptable terms, if at all. Failure to obtain such
      capital or generate such operating revenues would have an adverse impact on
      our
      financial position and results of operations and our ability to continue as
      a
      going concern. Our operating and capital requirements during the next fiscal
      year and thereafter will vary based on a number of factors, including the level
      of sales and marketing activities for our plastic services and products. There
      can be no assurance that additional private or public financings including
      debt
      or equity financing, will be available as needed, or, if available, on terms
      favorable to us. Any additional equity financing may be dilutive to stockholders
      and such additional equity securities may have rights, preferences or privileges
      that are senior to those of our existing common stock.





Furthermore,
      debt financing, if available, will require payment of interest and may involve
      restrictive covenants that could impose limitations on our operating
      flexibility. Our failure to successfully obtain additional future funding may
      jeopardize our ability to continue our business and operations.





If
      we
      raise additional funds by issuing equity securities, existing stockholders
      may
      experience a dilution in their ownership. In addition, as a condition to giving
      additional funds to us, future investors may demand, and may be granted, rights
      superior to those of existing stockholders.




On
      May
      24, 2006, we issued 1,430,000 shares of our common stock to Lombard Odier
      Deutsch CIE for an aggregate purchase price of $500,500 as a result of a partial
      exercise of a warrant issued by NGH.




During
      June and August of 2006, we issued an aggregate of 1,985,584 shares of our
      common stock in consideration for services provided pursuant to consulting
      agreements with NGH.




On
      July
      10, 2006, we entered into a Convertible Loan Agreement with Mr. Jacques Mot
      and
      a third party pursuant to which we borrowed an aggregate of $500,000. The loans
      are convertible into an aggregate of 1,000,000 shares of our Common Stock.
      If
      not converted earlier, the notes mature on May 31, 2010. In addition, the
      lenders received warrants to purchase an aggregate of 1,000,000 shares of our
      common stock at an exercise price of $.50 per share.




As
      of
      December 31, 2006, we had received advances from Mr. Jacques Mot aggregating
      $457,720 for working capital purposes. The advances are non-interest
      bearing.





**TRENDS,
      RISKS AND UNCERTAINTIES**





We
      have
      sought to identify what we believe to be the most significant risks to our
      business, but we cannot predict whether, or to what extent, any of such risks
      may be realized nor can we guarantee that we have identified all possible risks
      that might arise. Investors should carefully consider all of such risk factors
      before making an investment decision with respect to our common
      stock.





***Cautionary
      Factors That May Affect Future Results***





We
      provide the following cautionary discussion of risks, uncertainties and possible
      inaccurate assumptions relevant to our business and our products. These are
      factors that we think could cause our actual results to differ materially from
      expected results. Other factors besides those listed here could adversely affect
      us.





***No
      Operating History as Stand-Alone Company***





Plastinum
      does not have an operating history as an independent public company and has
      not
      yet generated any operating revenue. There can be no assurance that it will
      generate operating revenue in the future or that it will be able to put in
      place
      the financial and administrative structure necessary to operate as an
      independent public company, or that the development of such structure will
      not
      require a significant amount of management's time and other
      resources.





***Our
      Financial Results May Be Affected By Factors Outside Of Our
      Control***





Our
      future operating results may vary significantly from quarter to quarter due
      to a
      variety of factors, many of which are outside of our control. Our anticipated
      expense levels are based, in part, on our estimates of future revenues but
      may
      vary from what we expect. We may be unable to adjust spending rapidly enough
      to
      compensate for any unexpected revenues shortfall. Accordingly, any significant
      shortfall in revenues in relation to our planned expenditures would materially
      adversely affect our business, operating results, and financial
      condition.










We
      cannot
      predict with certainty our revenues and operating results. Further, we believe
      that period-to-period comparisons of our operating results are not necessarily
      a
      meaningful indication of future performance.





***Employees***





As
      of
      December 31, 2006, we had 5 employees, Jacques Mot, our Chief Executive Officer,
      Patrick Sulzer, our Chief Operating Officer and three plant employees in The
      Netherlands. Prior to January 1, 2005, Mr. Mot served as a consultant. As we
      grow, we will need to attract an unknown number of qualified employees. This
      projected increase in personnel is dependent upon our generating revenues and
      obtaining sources of financing. There is no guarantee that we will be successful
      in raising the funds required or generating revenues sufficient to fund the
      projected increase in the number of employees.





***Business
      Concentration***





During
      the year ended December 31, 2006, we recognized no revenues from continuing
      operations and, accordingly, had no relationships with customers from continuing
      operations.





***Potential
      Fluctuations In Quarterly Operating Results***





Our
      quarterly operating results may fluctuate significantly in the future as a
      result of a variety of factors, most of which are outside of our control,
      including: the demand for products or services we may develop; seasonal trends
      in purchasing, the amount and timing of capital expenditures and other costs
      relating to the development of our products; price competition or pricing
      changes in the industry; technical difficulties or system downtime; general
      economic conditions, and economic conditions specific to the consumer plastics
      recycling industry. Our quarterly results may also be significantly impacted
      by
      the impact of the accounting treatment of acquisitions, financing transactions
      or other matters. Particularly at our early stage of development, such
      accounting treatment can have a material impact on the results for any quarter.
      Due to the foregoing factors, among others, it is likely that our operating
      results will fall below our expectations or those of investors in some future
      quarter.




***Dependence
      Upon Management***





Our
      future performance and success are dependant upon the efforts and abilities
      of
      our management. To a very significant degree, we are dependent upon the
      continued services of Jacques Mot, our president and chief executive officer
      and
      Patrick Sulzer, our Chief Operating Officer. If we lost the services of Mr.
      Mot
      and/or Mr. Sulzer before we could get qualified replacements, that loss could
      materially adversely affect our business. We do not maintain key man life
      insurance on either Mr. Mot or Mr. Sulzer.




***Lack
      Of Independent Directors***





We
      do not
      have a majority of independent directors on our board of directors and we cannot
      guarantee that our board of directors will have a majority of independent
      directors in the future. In the absence of a majority of independent directors,
      our executive officers, which are also principal stockholders and directors,
      could establish policies and enter into transactions without independent review
      and approval thereof. This could present the potential for a conflict of
      interest between our stockholders and us generally and the controlling officers,
      stockholders or directors.





***Doubt
      as to Ability to Continue as Going Concern***





The
      Company's independent certified public accountant has stated in their report
      included in this filing that we have incurred operating losses from our
      inception, and that we are dependent upon management's ability to develop
      profitable operations. These factors among others may raise substantial doubt
      about our ability to continue as a going concern.





We
      anticipate raising any necessary capital from outside investors coupled with
      bank or mezzanine lenders. As of the date of this report, we have not entered
      into any negotiations with any third parties to provide such
      capital.





***Limitation
      Of Liability And Indemnification Of Officers And
      Directors***





Our
      officers and directors are required to exercise good faith and high integrity
      in
      our management affairs. Our Certificate of Incorporation provides, however,
      that
      our officers and directors shall have no liability to our stockholders for
      losses sustained or liabilities incurred which arise from any transaction in
      their respective managerial capacities unless they violated their duty of
      loyalty, did not act in good faith, engaged in intentional misconduct or
      knowingly violated the law, approved an improper dividend or stock repurchase,
      or derived an improper benefit from the transaction. Our articles and bylaws
      also provide for the indemnification by us of the officers and directors against
      any losses or liabilities they may incur as a result of the manner in which
      they
      operate our business or conduct the internal affairs, provided that in
      connection with these activities they act in good faith and in a manner that
      they reasonably believe to be in, or not opposed to, our best interests, and
      their conduct does not constitute gross negligence, misconduct or breach of
      fiduciary obligations.










***Management
      Of Potential Growth***





Subject
      to receipt of financing, we hope to experience rapid growth which, if achieved,
      will place a significant strain on our managerial, operational, and financial
      systems resources. To accommodate our current size and manage growth, we must
      continue to implement and improve our financial strength and our operational
      systems, and expand.





There
      is
      no guarantee that we will be able to effectively manage the expansion of our
      operations, or that our systems, procedures or controls will be adequate to
      support our expanded operations or that we will be able to obtain facilities
      to
      support our growth. Our inability to effectively manage our future growth would
      have a material adverse effect on us.





***Lack
      of Effective Disclosures Controls and Procedures***





We
      currently have only 5 employees. Given our limited personnel and limited
      resources, we may be unable to establish effective controls to insure that
      we
      are able to make all required public filings in a timely manner. Given similar
      limited personnel and limited finances, NGH, our parent until February 20,
      2007,
      was not previously able to establish effective controls to insure that they
      make
      all required public filings in a timely manner. If we do not make all public
      filings in a timely manner, our shares of common stock, if listed on the OTC
      Bulletin Board, may be delisted. We could also be subject to regulatory action
      and/or lawsuits by stockholders.




***Lack
      of Public Trading Market for Common Stock***





There
      is
      currently no public trading market for our common stock. We have submitted
      an
      application so that our common stock will be quoted on the Over the Counter
      Bulletin Board of the National Association of Securities Dealers, Inc. (the
      “OTCBB”). In order for Plastinum stock to be quoted on the Over-The-Counter
      Bulletin Board or the Pink Sheets, at least one market maker must quote its
      stock. There can be no assurance that a market maker will quote Plastinum stock
      or as to when that may occur. In the event that Plastinum's stock is not quoted,
      there will be no trading market for our stock and our stockholders may have
      to
      hold their shares of Plastinum stock indefinitely.





Until
      Plastinum's common stock is fully distributed to NGH stockholders and an orderly
      market develops, the prices at which its common stock trades may fluctuate
      significantly and may be lower than the price that would be expected for a
      fully
      distributed issue.





Substantial
      sales of Plastinum common stock following the distribution may have an adverse
      impact on the trading price of Plastinum common stock.





Under
      the
      U.S. federal securities laws, all of the shares of Plastinum common stock issued
      in the spin off by NGH may be resold immediately in the public market without
      restriction, except for shares held by its affiliates or shares which currently
      have restrictive legends on them. Some of the Plastinum shareholders who receive
      Plastinum common stock may decide that they do not want Plastinum shares and
      may
      sell their shares following the spin off. We cannot predict whether shareholders
      will resell large numbers of Plastinum shares in the public market following
      the
      distribution or how quickly they may resell these shares. If shareholders sell
      large numbers of Plastinum shares over a short period of time, or if investors
      anticipate large sales of Plastinum shares over a short period of time, the
      trading price of Plastinum's common stock could be materially adversely
      affected.





***Limited
      Market Due To Penny Stock***





If
      our
      common stock is eventually quoted on the OTCBB, our stock will differ from
      many
      stocks, in that it will be considered a "penny stock." The Securities and
      Exchange Commission has adopted a number of rules to regulate "penny stocks."
      These rules include, but are not limited to, Rules 3a5l-l, 15g-1, 15g-2, 15g-3,
      15g-4, 15g-5, 15g-6 and 15g-7 under the Securities and Exchange Act of 1934,
      as
      amended. Because our securities probably constitute "penny stock" within the
      meaning of the rules, the rules would apply to our securities and us. The rules
      may further affect the ability of owners of our stock to sell their securities
      in any market that may develop for them. There may be a limited market for
      penny
      stocks, due to the regulatory burdens on broker-dealers. The market among
      dealers may not be active. Investors in penny stock often are unable to sell
      stock back to the dealer that sold them the stock. The mark-ups or commissions
      charged by the broker-dealers may be greater than any profit a seller may make.
      Because of large dealer spreads, investors may be unable to sell the stock
      immediately back to the dealer at the same price the dealer sold the stock
      to
      the investor. In some cases, the stock may fall quickly in value. Investors
      may
      be unable to reap any profit from any sale of the stock, if they can sell it
      at
      all. Stockholders should be aware that, according to the Securities and Exchange
      Commission Release No. 34-29093, the market for penny stocks has suffered in
      recent years from patterns of fraud and abuse. These patterns
      include:










Control
      of the market for the security by one or a few broker-dealers that are often
      related to the promoter or issuer;





Manipulation
      of prices through prearranged matching of purchases and sales and false and
      misleading press releases; “boiler room” practices involving high pressure sales
      tactics and unrealistic price projections by inexperienced sales persons;
      excessive and undisclosed bid-ask differentials and markups by selling
      broker-dealers; and the wholesale dumping of the same securities by promoters
      and broker-dealers after prices have been manipulated to a desired level, along
      with the inevitable collapse of those prices with consequent investor
      losses.





Furthermore,
      the “penny stock” designation may adversely affect the development of any public
      market for our shares of common stock or, if such a market develops, its
      continuation. Broker-dealers are required to personally determine whether an
      investment in "penny stock" is suitable for customers. Penny stocks are
      securities (i) with a price of less than five dollars per share; (ii) that
      are
      not traded on a "recognized" national exchange; (iii) whose prices are not
      quoted on the NASDAQ automated quotation system (NASDAQ-listed stocks must
      still
      meet requirement (i) above); or (iv) of an issuer with net tangible assets
      less
      than $2,000,000 (if the issuer has been in continuous operation for at least
      three years) or $5,000,000 (if in continuous operation for less than three
      years), or with average annual revenues of less than $6,000,000 for the last
      three years. Section 15(g) of the Exchange Act, and Rule 15g-2 of the Commission
      require broker-dealers dealing in penny stocks to provide potential investors
      with a document disclosing the risks of penny stocks and to obtain a manually
      signed and dated written receipt of the document before effecting any
      transaction in a penny stock for the investor's account. Potential investors
      in
      our common stock are urged to obtain and read such disclosure carefully before
      purchasing any shares that are deemed to be "penny stock." Rule 15g-9 of the
      Commission requires broker-dealers in penny stocks to approve the account of
      any
      investor for transactions in such stocks before selling any penny stock to
      that
      investor.





This
      procedure requires the broker-dealer to (i) obtain from the investor information
      concerning his financial situation, investment experience and investment
      objectives; (ii) reasonably determine, based on that information, that
      transactions in penny stocks are suitable for the investor and that the investor
      has sufficient knowledge and experience as to be reasonably capable of
      evaluating the risks of penny stock transactions; (iii) provide the investor
      with a written statement setting forth the basis on which the broker-dealer
      made
      the determination in (ii) above; and (iv) receive a signed and dated copy of
      such statement from the investor, confirming that it accurately reflects the
      investor's financial situation, investment experience and investment objectives.
      Compliance with these requirements may make it more difficult for the Company's
      stockholders to resell their shares to third parties or to otherwise dispose
      of
      them.





***The
      Trading Price Of Our Common Stock May Decrease Due To Factors Beyond Our
      Control***





If
      our
      common stock is eventually quoted on the OTCBB, the trading price of the common
      stock will be subject to significant fluctuations in response to numerous
      factors, including:





·
            Variations
                in anticipated or actual results of
                operations;


·
            Announcements
                of new products or technological innovations by us or our
                competitors;


·
            Changes
                in earnings estimates of operational results by
                analysts;


·
            Results
                of product demonstrations.


·
            Inability
                of market makers to combat short positions on the
                stock;


·
            Inability
                of the market to absorb large blocks of stock sold into the
                market;


·
            Comments
                about us or our markets posted on the
                Internet.





Moreover,
      the stock market from time to time has experienced extreme price and volume
      fluctuations, which have particularly affected the market prices for emerging
      growth companies and which often have been unrelated to the operating
      performance of the companies. These broad market fluctuations may adversely
      affect the market price of our common stock. If our stockholders sell
      substantial amounts of their common stock in the public market, the price of
      our
      common stock could fall. These sales also might make it more difficult for
      us to
      sell equity or equity related securities in the future at a price we deem
      appropriate.





***We
      Pay No Dividends***





We
      have
      never declared nor paid cash dividends on our capital stock. We currently intend
      to retain any earnings for funding growth however these plans may change
      depending upon capital raising requirements.





***Quantitative
      And Qualitative Disclosure About Market Risk***





We
      believe that we do not have any material exposure to interest or commodity
      risks. We are exposed to certain economic and political changes in international
      markets where we compete, such as inflation rates, recession, foreign ownership
      restrictions, and trade policies and other external factors over which we have
      no control.










Our
      financial results are quantified in U.S. dollars and a majority of our
      obligations and expenditures with respect to our operations are incurred in
      euros, with the balance in U.S. dollars and Swiss franc. Our functional currency
      has been the euro. Although we do not believe we currently have any materially
      significant market risks relating to our operations resulting from foreign
      exchange rates, due to our limited operations, our lack of revenue and that
      the
      euro and Swiss franc are not highly inflational, if we enter into financing
      or
      other business arrangements denominated in currency other than the U.S. dollars,
      variations in the exchange rate may give rise to foreign exchange gains or
      losses that may be significant.





We
      currently have no material long-term debt obligations. We do not use financial
      instruments for trading purposes and we are not a party to any leverage
      derivatives.





The
      Company's independent certified public accountant has stated in their report
      included in this Annual Report that we have incurred operating losses from
      our
      inception, and that we are dependent upon management's ability to develop
      profitable operations. These factors among others may raise substantial doubt
      about our ability to continue as a going concern.





We
      anticipate raising any necessary capital from outside investors coupled with
      bank or mezzanine lenders. As of the date of this report, we have not entered
      into any negotiations with any third parties to provide such
      capital.





**RECENT
      DEVELOPMENTS**





***Processing
      of plastic polymers***





During
      the second quarter of 2004 we were able to reactivate the Plastinum BT 30
      machine, which had been in storage since mid 2002, due to lack of operating
      capital. Since then, we have engaged HPB Equipment, located in Beligneux/France
      to warehouse and store the Plastinum BT 30 prototype machine. We have also
      engaged an engineer on a consulting basis in order to operate the machinery
      and
      develop further testing for clients within the plastic industry. We have also
      recently built our first industrial size machine, with a capacity of 350KG
      per
      hour, or 2,400 Tons annually.




***Consulting
      Arrangements***





Pursuant
      to an engagement letter with Robert Scherne, CPA, P.C. dated February 10, 2006,
      we retained Robert Scherne as our interim Chief Financial Officer on a
      consulting basis. Pursuant to the terms of the engagement letter, we pay Robert
      Scherne, CPA, P.C. at an hourly rate of $150 per hour, $90 of which is payable
      in cash and $60 of which is payable in restricted shares of NGH common
      stock. The amount of common stock due to Mr. Scherne is determined on a monthly
      basis by dividing $60 per billed hour by 50% of the average trading price
      for NGH common stock for the prior ninety days. Mr. Scherne's engagement
      may be terminated by either party upon notice to the other party. Mr.
      Scherne is also entitled to receive the number of shares of Plastinum common
      stock equal to the number of NGH shares earned at December 31, 2006 as a result
      of the spin off of Plastinum. As of January 1, 2007, Mr. Scherne will receive
      the equity portion of his compensation in the form of either NGH shares or
      Plastinum shares, depending upon his efforts for the two entities, utilizing
      the
      same formula described above.




On
      March
      15, 2006, NGH executed a Consulting Agreement with Patrick Hellinckx relating
      to
      the provision of advice regarding financing options. Pursuant to the Consulting
      Agreement, NGH paid Mr. Hellinckx $7,800 and Plastinum issued 231,900 shares
      of
      its common stock to Mr. Hellinckx on June 20, 2006. In addition, Mr. Hellinckx
      has the right to receive warrants to purchase 231,900 shares of Common Stock
      of
      either NGH or Plastinum. As of December 31, 2006, no warrants have been issued.
      When issued, the warrants will have an exercise price of $0.35 per share for
      either NGH Common Stock or Plastinum Common Stock and will expire five years
      from the date of issuance. The Consulting Agreement expired on December 31,
      2006.





On
      March
      15, 2006, NGH executed a Consulting Agreement with Polymer Consulting relating
      to the provision of advice regarding financing options. Pursuant to the
      Consulting Agreement, NGH paid Polymer Consulting $153,400 and Plastinum issued
      801,487 shares of its common stock to Polymer Consulting on June 20, 2006 and
      August 1, 2006. In addition, Polymer Consulting has the right to receive
      warrants to purchase 801,487 shares of Common Stock of either NGH or Plastinum.
      As of December 31, 2006, no warrants have been issued. When issued, the warrants
      will have an exercise price of $0.35 per share for either NGH Common Stock
      or
      Plastinum Common Stock and will expire five years from the date of issuance.
      The
      Consulting Agreement expired on December 31, 2006.





On
      March
      15, 2006, NGH executed a Consulting Agreement with Marc de Ridder relating
      to
      the provision of advice regarding financing options. Pursuant to the Consulting
      Agreement, Plastinum issued 136,950 shares of its common stock to Mr. de Ridder
      on June 20, 2006. In addition, Mr. de Ridder has the right to receive warrants
      to purchase 136,950 shares of Common Stock of either NGH or Plastinum. As of
      December 31, 2006, no warrants have been issued. When issued, the warrants
      will
      have an exercise price of $0.35 per share for either NGH Common Stock or
      Plastinum Common Stock and will expire five years from the date of issuance.
      The
      Consulting Agreement expired on December 31, 2006.





On
      March
      15, 2006, NGH executed a Consulting Agreement with Jan Rasschaert relating
      to
      the provision of advice regarding financing options. Pursuant to the Consulting
      Agreement, Plastinum issued 100,400 shares of its common stock to Mr. Rasschaert
      on June 20, 2006. In addition, Mr. Rasschaert has the right to receive warrants
      to purchase 100,400 shares of Common Stock of either NGH or Plastinum. As of
      December 31, 2006, no warrants have been issued. When issued, the warrants
      will
      have an exercise price of $0.35 per share for either NGH Common Stock or
      Plastinum Common Stock and will expire five years from the date of issuance.
      The
      Consulting Agreement expired on December 31, 2006.









On
      March
      15, 2006, NGH executed a Consulting Agreement with Volarder Corp. relating
      to
      the provision of advice regarding financing options. Pursuant to the Consulting
      Agreement, NGH paid Volarder Corp. $27,180 and Plastinum issued 714,847 shares
      of its common stock to Volarder Corp. on August 1, 2006. In addition, Volarder
      Corp. has the right to receive warrants to purchase714,847 shares of Common
      Stock of either NGH or Plastinum. As of December 31, 2006, no warrants have
      been
      issued. When issued, the warrants will have an exercise price of $0.35 per
      share
      for either NGH Common Stock or Plastinum Common Stock and will expire five
      years
      from the date of issuance. The Consulting Agreement expired on December 31,
      2006.





***Plastinum
      Spin Off***





At
      December 31, 2006, NGH owned approximately 94% of the issued and outstanding
      equity securities of Plastinum. On January 31, 2007, NGH filed definitive proxy
      materials (after having originally filed preliminary proxy materials on July
      12,
      2006) with the SEC for the purpose of, among other things, approving a pro
      rata
      distribution (or "spin off") of Plastinum to NGH’s stockholders of record as of
      December 29, 2006 whereby each NGH stockholder would receive one share of
      Plastinum common stock for each share of NGH common stock the stockholder owned.
      On February 16, 2007, a meeting of NGH’s stockholders was held where all of the
      matters to be voted upon as set forth in the definitive proxy materials were
      approved and/or ratified. The spin-off of Plastinum was thereafter effected
      on
      February 20, 2007 and NGH no longer owns any interest in Plastinum or the
      Plastinum business discussed herein.




***Debt
      Exchange Agreement***




We
      entered into a Debt Exchange Agreement with our president and chief executive
      officer, Jacques Mot and NGH dated as of December 7, 2005. Pursuant to the
      Debt
      Exchange Agreement, NGH issued Mr. Mot a Convertible Promissory Note in the
      original principal amount of $753,304 representing outstanding amounts owed
      to
      him under his Consulting Agreement through December 31, 2004. The Convertible
      Promissory Note bore interest at a rate of 10% per annum, was payable on demand
      and was convertible at the option of Mr. Mot into shares of NGH Preferred Stock,
      or into shares of Plastinum Preferred Stock, subject to stockholder approval
      of
      the "spin off" of Plastinum. The conversion rate under the note was $1.507
      per
      share of Preferred Stock (whether NGH or Plastinum) and each share of Preferred
      Stock was convertible into 73 shares of Common Stock subject to adjustment
      for
      stock splits, stock dividends or similar transactions.




On
      July
      10, 2006, the Company, Mr. Mot, and NGH entered into an Election to Convert
      and
      Amendment to Debt Exchange Agreement which amended the Debt Exchange Agreement
      dated as of December 7, 2005. Pursuant to the Election to Convert and Amendment
      to Debt Exchange Agreement, Mr. Mot converted the outstanding principal and
      accrued interest under the Convertible Promissory Note issued by NGH to Mr.
      Mot
      in the approximate outstanding balance of $796,645 into 528,629.58 shares of
      NGH
      Series A Preferred Stock. On February 16, 2007, the Series A Preferred Stock
      automatically converted into 38,672,076 shares of NGH Common Stock upon the
      filing of an Amendment to NGH’s Certificate of Incorporation increasing the
      number of authorized shares of NGH’s Common Stock to 150,000,000 shares. On
      February 20, 2007, with the effectiveness of the "spin-off" of Plastinum to
      NGH’s stockholders, Mr. Mot also received the same number of shares of common
      stock of Plastinum.





**OFF-BALANCE
      SHEET ARRANGEMENTS**





We
      do not
      have any off-balance sheet arrangements.





**ITEM
      7. FINANCIAL STATEMENTS**





The
      following financial statements are included herewith: the Company's audited
      Financial Statements as of and for the fiscal year ended December 31, 2006
      and
      December 31, 2005.










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





None.





**ITEM
      8A. CONTROLS AND PROCEDURES**





The
      Company maintains disclosure controls and procedures (as defined in Rule
      13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934, as
      amended) that are designed to ensure that information required to be disclosed
      in our periodic reports filed under the Exchange Act is recorded, processed,
      summarized and reported within the time periods specified in the SEC's rules
      and
      forms, and that such information is accumulated and communicated to our
      management, including our principal executive/financial officer, to allow timely
      decisions regarding required disclosure.




As
      previously disclosed in a Current Report on Form 8-K , which we filed on
      November 15, 2006, as a result of comments raised by the Division of Corporate
      Finance of the Securities & Exchange Commission (the “Commission”), we
      determined that accounting errors were made in connection with the allocation
      of
      expenses associated with officer’s compensation and certain consulting
      arrangements that were previously allocated between NGH and Plastinum (which
      had
      been an approximately 94% owned subsidiary of NGH until February 20, 2007).
      As a
      result, we determined that, as of September 30, 2006, our disclosure controls
      were not effective.





Based
      on
      the impact of the aforementioned accounting error, we determined to restate
      our
      audited financial statements for the years ended December 31, 2005 and 2004
      and
      the three and six month periods ended March 31, 2006 and June 30, 2006
      disclosing the reallocation of expenses in an amendment to our Form 10-SB.





Subsequent
      of the date of the financial statements , we implemented the following remedial
      measure to address the identified material weakness:





·
            We
                improved procedures related to the recording and reporting of our
                allocation of general and administrative expenses among subsidiaries
                ,
                including dedicating additional resources to our allocation processes
                and
                the procedures and controls surrounding the allocation process, and
                increased review and approval controls by senior financial personnel
                over
                the personnel that perform the allocations.





As
      of
      December 31, 2006, our management conducted a further evaluation under the
      supervision of our Chief Executive Officer and our Chief Financial Officer
      of
      the effectiveness of the design and operation of our system of disclosure
      controls and procedures pursuant to the Securities Exchange Act. Based upon
      that
      evaluation, the Chief Executive Officer and Chief Financial Officer concluded
      that the Company's disclosure controls and procedures were effective, as of
      the
      date of their evaluation, for the purposes of recording, processing, summarizing
      and timely reporting material information required to be disclosed in reports
      filed by the Company under the Securities Exchange Act of 1934.




Changes
      in Disclosure Controls and Procedures




Other
      than as disclosed above, there were no changes in our internal controls over
      financial reporting that occurred during the year ended December 31, 2006
      that have materially affected, or are reasonably likely to materially affect,
      our internal control over financial reporting.










**ITEM
      8B. OTHER INFORMATION**





None.





**PART
      III**





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





**MANAGEMENT**





The
      following table sets forth the names, ages and positions of our executive
      officers and directors as of December 31, 2006:





**Name**
            
            **Age**
            
            **Position
                and Offices with the Company**Jacques
                Mot
            
            50
            
            Chairman
                of the Board of Directors, President and CEOMarcel
                Rokegem
            
            57
            
            DirectorPatrick
                Sulzer
            
            32
            
            Chief
                Operating OfficerRobert
                Scherne
            
            50
            
            Chief
                Financial Officer










Jacques
      Mot served as the Chairman of the Board, President and CEO for NGH and Plastinum
      from April of 1999 to January 24, 2000 and again from February 2002 until the
      present. Mr. Mot was also a Director of Argenta & Magnum Management Company
      Ltd. - - Gibraltar, a company that was engaged in providing financial advisory
      services. From 1987 to 1992, Mr. Mot was the General Manager and Director of
      Iesa Investissements S.A., a portfolio management and investment company, where
      he handled portfolio and investment management on a confidential basis. Mr.
      Mot
      attended the University of Lausanne, Switzerland studying economics from
      1976-1979.





Marcel
      Rokegem has served as a Director of NGH and Plastinum since 1999. As of 1991
      he
      acted as an independent investment consultant. From 1987 to 1991 he was
      co-founding partner and director of Euro Suisse Securities, a member of the
      London Stock Exchange. From 1982 to 1987 he was co-founding partner and director
      of Jesup and Lamont International, an affiliate of Jesup and Lamont Securities
      Co., a member of the New York Stock Exchange and one of the oldest Wall Street
      firms. Prior to that Mr. Rokegem was partner in charge of the international
      department of Biard, Hombergen, Pringiers and Co., a member of the Brussels
      Stock Exchange. He started his career with Kredietbank in Brussels where he
      was
      responsible for international equity trading and sales. He attended the Antwerp
      Jesuit University where he studied AES (Applied Economic Science). He is a
      diploma holder from I.S.M.A. and is an officially recognized insurance
      consultant.





Patrick
      Sulzer has served as Chief Operating Officer of NGH and Plastinum since April
      2005. He acted as an independent consultant to NGP during the six months prior
      to taking an official position with the Company. From August 2002 until November
      2004, he worked as Logistics & Operations Manager for TechnoMarine group, an
      international watch company with offices in Europe, USA and Asia. Prior to
      that
      Mr Sulzer was an auditor with PriceWaterhouseCoopers. He graduated from Oxford
      Brookes University in 2001 (BA 2:1) where he studied Finance & Management.
      In addition, he attended two years the University of Fribourg where he studied
      law.





Robert
      Scherne has provided his services as the interim Chief Financial Officer of
      NGH
      and Plastinum since February 2006 on a leased basis through Robert C. Scherne,
      CPA, PC, a company that specializes in providing financial management personnel
      to businesses on a temporary basis. Mr. Scherne has been the principal of
      Robert C. Scherne, CPA, PC, since March 2003. Prior to that,
      Mr. Scherne was employed as an accountant by Merdinger, Fruchter Rosen and
      Company from December 1993 to December 2002; by Louis Sturz & Co.
      and its successor firm Grossman, Russo & Shapiro from July 1986 until
      November 2002; and by L.H. Frishkoff &Co. and its successor firm A.
      Uzzo &Co. from July 1978 to June 1986. Mr. Scherne holds a
      Bachelors of Business Administration degree in Accounting from Pace University
      (New York City), and is an active member of the American Institute of Certified
      Public Accountants and the New York State Society of Certified Public
      Accountants.




The
      Board
      of Directors has determined that Mr. Rokegem is an "audit committee financial
      expert "
      as
      defined in Item 401(h) (2) of Regulation S-K of the Exchange Act and is
“independent” as that term is used in Item 7(d) (3) (iv) of Schedule 14A of the
      Exchange Act.




No
      familial relationships exist between any Directors and any Executive
      Officers.





**SECTION
      16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE**




To
      the
      Company’s knowledge, no director, officer or beneficial owner of more than ten
      percent of any class of equity securities of the Company failed to file on
      a
      timely basis reports required by Section 16(a) of the Exchange Act during
      2006.





**CODE
      OF ETHICS POLICY**





We
      have
      not adopted a code of ethics that applies to our principal executive officer,
      principal financial officer, principal accounting officer or controller or
      persons performing similar functions as we have not had the financial resources
      to do so and our businesses had until recently been dormant.










**ITEM
      10. EXECUTIVE COMPENSATION**





The
      following table sets forth information regarding compensation paid by us to
      our
      Chief Executive Officer:





**SUMMARY
      COMPENSATION TABLE**


Name
                  & Principal Position
              
              Year
              
              Salary
                  ($)
              
              Bonus
                  ($)
              
              Stock
                  Awards ($)
              
              Option
                  Awards ($)
              
              Non-Equity
                  Incentive Plan Compensation ($)
              
              Nonqualified
                  Deferred Compensation Earnings ($)
              
              All
                  Other Compensation ($)
              
              Total
                  ($)Jacques
                  Mot
              
              
              2006
              
              
              283,500
              
              
              -
              
              
              -
              
              
              120,134(1)
              
              
              -
              
              
              -
              
              
              -
              
              
              403,634Chief
                  Executive
              
              
              2005
              
              
              243,000
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              243,000OfficerPatrick
                  Sulzer
              
              
              2006
              
              
              91,377
              
              
              -
              
              
              -
              
              
              120,134(1)
              
              
              -
              
              
              -
              
              
              -
              
              
              211,511Chief
                  Operating
              
              
              2005
              
              
              96,500
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              96,500Officer
  (1)
          On
          July 12, 2006 Mr. Mot and Mr. Sulzer were each granted a (five) year option
          to
          purchase 3,000,000 shares of Plastinum common stock at
          an
          exercise price of $0.10 per share. The options vest over a three year period
          with 1,000,000 options vesting
          on the first, second and third anniversaries of the grant date. The option
          grant
          was valued using the Black Scholes option
          pricing model assuming a two year life, no expected dividend payments,
          a
          volitility of 136% and a risk free rate of 4.9%





**Employment
      Agreements**





NGH
      entered into a Consulting Agreement with Jacques Mot dated July 5, 2000 pursuant
      to which Mr. Mot receives $27,000 per month for his services to the Company.
      The
      Agreement has a one (1) year term with automatic renewal unless terminated
      by
      either party. As of January 1, 2005, Mr. Mot became an employee of NGH and
      Plastinum and he receives the same compensation as he received under his
      Consulting Agreement.





Pursuant
      to an engagement letter with Robert Scherne, CPA, P.C. dated February 10, 2006,
      NGH and Plastinum retained Robert Scherne as interim Chief Financial Officer
      on
      a consulting basis. Pursuant to the terms of the engagement letter, we pay
      Robert Scherne, CPA, P.C. at an hourly rate of $150 per hour, $90 of which
      is
      payable in cash and $60 of which is payable in restricted shares of NGH common
      stock. The amount of common stock due to Mr. Scherne is determined on a monthly
      basis by dividing $60 per billed hour by 50% of the average trading price
      of NGH common stock for the prior ninety days. Mr. Scherne's engagement may
      be
      terminated by either party upon notice to the other party. Mr. Scherne is also
      entitled to receive the number of shares of Plastinum common stock equal to
      the
      number of NGH shares earned at December 31, 2006 as a result of the spin off
      of
      Plastinum. As of January 1, 2007, Mr. Scherne will receive the equity portion
      of
      his compensation in the form of either NGH shares or Plastinum shares, depending
      upon his efforts for the two entities, utilizing the same formula described
      above.










**OUTSTANDING
      EQUITY AWARDS AT FISCAL YEAR END**


Option
                  Awards
              
              Stock
                  AwardsName
              
              Number
                  of Securities Underlying Unexercised Options (#)
                  Exercisable
              
              Number
                  of Securities Underlying Unexercised Options (#)
                  Unexercisable
              
              Equity
                  Incentive Plan Awards: Number of Securities Underlying Unexercised
                  Unearned Options (#)
              
              Option
                  Exercise Price ($)
              
              Estimated
                  Per Share Market Value at Grant Date if Greater than Exercise Price
                  ($)
              
              Option
                  Expiration Date
              
              Number
                  of Shares or Units of Stock That Have Not Vested (#)
              
              Market
                  Value of Shares or Units of Stock That Have Not Vested ($)
              
              Equity
                  Incentive Plan Awards: Number of Unearned Shares, Units or Other
                  Rights
                  That Have Not Vested (#)
              
              Equity
                  Incentive Plan Awards: Market or Payout Value of Unearned Shares,
                  Units or
                  Other Rights That Have Not Vested ($)Jacques
                  Mot
              
              
              -
              
              
              3,000,000
              
              
              3,000,000
              
              
              0.10
              
              
              0.29
              
              
              7/10/2011
              
              
              -
              
              
              -
              
              
              -
              
              
              -Patrick
                  Sulzer
              
              
              -
              
              
              3,000,000
              
              
              3,000,000
              
              
              0.10
              
              
              0.29
              
              
              7/10/2011
              
              
              -
              
              
              -
              
              
              -
              
              
              -





**DIRECTOR
      COMPENSATION**


Name
              
              Fees
                  Earned or Paid in Cash ($)
              
              Stock
                  Awards ($)
              
              Option
                  Awards ($)
              
              Non-Equity
                  Incentive Plan Compensation ($)
              
              Nonqualified
                  Deferred Compensation Earnings ($)
              
              All
                  Other Compensation ($)
              
              Total
                  ($)Marcel
                  Rokegem
              
              
              28,674
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              28,674





We
      do not
      currently have a compensation plan for members of our Board of Directors for
      service on our Board, but we expect that a compensation plan for Directors
      will
      be adopted in the future, and Directors are eligible to receive options under
      our existing stock incentive plan. ****









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





The
      following table sets forth, certain information, as of February 20, 2007,
      regarding beneficial ownership of our common stock by





-
            each
                stockholder known by us to be the beneficial owner of more than five
                percent (5%) of the outstanding shares of our common
                stock;





-
            each
                of our directors;





-
            each
                of the named executive officers;
                and





-
            all
                of our current executive officers and directors as a
                group.





**Name
                of  Beneficial Owner**
            
            **Number
                of Shares Beneficially Owned (1)**
            
            **Percent
                of Class (1)**Jacques
                Mot(2)
            
            
            39,572,076
            
            
            42.6
            %Marcel
                Rokegem
            
            
            50,000
            
            
            *
            %Robert
                Scherne(5)
            
            
            79,637
            
            
            *
            %Lombard
                Odier Darier Hentsch & CIE(3)
            
            
            10,000,000
            
            
            10.5
            %Alfons
                de Maeseneir(4)
            
            
            9,579,000
            
            
            10.1
            %All
                executive officers and directors as a group
            
            
            39,701,713
            
            
            42.7
            %




*
      less
      than 1%







(1)
            Shares
                of common stock subject to warrants or other instruments currently
                exercisable or exercisable within 60 days of the date hereof are
                deemed
                outstanding for computing the number of shares beneficially owned
                and the
                percentage of outstanding shares of the class held by a person holding
                such warrants, but are not deemed outstanding for computing the percentage
                of any other person.(2)
            Consists
                of (i) 400,000 shares issuable upon conversion of a $200,000
                convertible loan made by Mr. Mot on July 10, 2006, (ii) immediately
                exercisable warrants to purchase an additional 400,000 shares of
                common
                stock at an exercise price of $0.50 per share and (iii) 38,672,076
                shares
                of common stock issued February 20, 2007 upon the effectiveness of
                the
                spin off of all shares in Plastinum owned by NGH.(3)
            Consists
                of 6,430,000 shares of common stock (of which 5,000,000 shares were
                issued February 20, 2007 upon the effectiveness of the spin off of
                all
                shares in Plastinum owned by NGH) and immediately exercisable warrants
                to
                purchase 3,570,000 shares at an exercise price of $0.35 per
                share.(4)
            Includes
                warrants immediately exercisable to purchase 3,227,000 shares of
                common
                stock at a purchase price of $0.35 per share(5)
            Includes
                79,637 shares of Common Stock to which Mr. Scherne is entitled to
                receive as a result of the spin-off of the Company by NGH on February
                20,
                2007, but which shares are pending issuance at this time. We expect
                to
                issue the shares of Common Stock to Mr. Scherne during the first
                quarter
                of 2007.





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




We
      entered into a Debt Exchange Agreement with our president and chief executive
      officer, Jacques Mot and NGH dated as of December 7, 2005. Pursuant to the
      Debt
      Exchange Agreement, NGH issued Mr. Mot a Convertible Promissory Note in the
      original principal amount of $753,304 representing outstanding amounts owed
      to
      him under his Consulting Agreement through December 31, 2004. The Convertible
      Promissory Note bore interest at a rate of 10% per annum, was payable on demand
      and was convertible at the option of Mr. Mot into shares of NGH Preferred Stock,
      or into shares of Plastinum Preferred Stock, subject to stockholder approval
      of
      the "spin off" of Plastinum. The conversion rate under the note was $1.507
      per
      share of Preferred Stock (whether NGH or Plastinum) and each share of Preferred
      Stock was convertible into 73 shares of Common Stock subject to adjustment
      for
      stock splits, stock dividends or similar transactions.









On
      July
      10, 2006, the Company, Mr. Mot, and NGH entered into an Election to Convert
      and
      Amendment to Debt Exchange Agreement which amended the Debt Exchange Agreement
      dated as of December 7, 2005. Pursuant to the Election to Convert and Amendment
      to Debt Exchange Agreement, Mr. Mot converted the outstanding principal and
      accrued interest under the Convertible Promissory Note issued by NGH to Mr.
      Mot
      in the approximate outstanding balance of $796,645 into 528,629.58 shares of
      NGH
      Series A Preferred Stock. On February 16, 2007, the Series A Preferred Stock
      automatically converted into 38,672,076 shares of NGH Common Stock upon the
      filing of an Amendment to NGH’s Certificate of Incorporation increasing the
      number of authorized shares of NGH’s Common Stock to 150,000,000 shares. On
      February 20, 2007, with the effectiveness of the "spin-off" of Plastinum to
      NGH’s stockholders, Mr. Mot also received the same number of shares of common
      stock of Plastinum.





On
      March
      31, 2005, NGH issued to WBEMS 2005, LLC a warrant to purchase 200,000 shares
      of
      NGH common stock and pursuant to a Joinder Agreement dated June 2, 2006, the
      Warrant may now be exercised for our common stock as well. The Warrant is
      exercisable for a period of three years at an exercise price of $0.25 per share.
      WBEMS 2005, LLC is 100% owned by the principals of our outside legal counsel,
      Westerman Ball Ederer Miller & Sharfstein, LLP (“WBEMS”), and the warrant
      was issued at the approximate fair market value as additional compensation
      for
      legal services rendered. As of February 20, 2007, WBEMS and/or its affiliates
      own approximately 130,000 shares of our common stock in addition to the
      warrant.




On
      July
      10, 2006, Plastinum entered into a Convertible Loan Agreement with Mr. Jacques
      Mot and a third party pursuant to which Plastinum borrowed an aggregate of
      $500,000, of which $200,000 was from Mr. Mot. The loans are convertible into
      an
      aggregate of 1,000,000 shares of Plastinum Common Stock. If not converted
      earlier, the notes mature on May 31, 2010. In addition, the lenders received
      warrants to purchase an aggregate of 1,000,000 shares of Plastinum common stock
      at an exercise price of $.50 per share.




As
      of
      December 31, 2006, Plastinum received advances from Mr. Jacques Mot aggregating
      $457,720 for working capital purposes. The advances are non-interest
      bearing.










**ITEM
      13. EXHIBITS LIST**




(a)
            
            The
                following documents are filed as part of this Form:





Financial
      Statements. See index of Financial Statements on page F-1 at the beginning
      of
      the attached Financial Statements.




(b)
            
            Exhibits(2)
            (i)
            Amended
                and Restated Certificate of Incorporation*(ii)
            By-Laws*(4)
            (i)
            Specimen
                Certificate for Common Stock***(10)
            (i)
            (Form
                of Warrant and Joinder Agreement*(ii)
            Debt Exchange Agreement among New Generation
              Holdings, Inc., Plastinum Corp. (f/k/a New Generation Plastic, Inc.)
              and
              Jacques Mot dated as of December 7, 2005**(iii)
            Plastinum Corp. 2006 Long Term Incentive
              Plan*(iv)
            Election to Convert and Amendment to
              Debt
              Exchange Agreement among New Generation Holdings,
              Inc., Plastinum Corp. and Jacques Mot dated July 10, 2006*(v)
            Convertible
                Loan Agreement between Plastinum Corp., Mr. Mot and Mr. Bottinelli
                dated
                July 10, 2006*(vi)
            Advisory
                Agreement between New Generation Holdings, Inc., Plastinum and Valley
                Road
                Capital dated July 10, 2006 which has been assigned to
                Plastinum**(31.1)
            
            Certificate
                pursuant to section 302 of the Sarbanes-Oxley Act of
                2002.***(32.1)
            
            Certificate
                pursuant to section 906 of the Sarbanes-Oxley Act of
                2002.***







*
            Incorporated
                by reference to the Plastinum Form 10-SB filed on July 12,
                2006.**
              ***
            Incorporated
                by reference to Amendment No. 1 to the Plastinum Form 10-SB filed
                on
                September 13, 2006.
              Filed
                herewith.










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





**PRINCIPAL
      ACCOUNTANT FEES AND SERVICES**





The
      following is a summary of the fees billed to Plastinum Corp. by Russell Bedford
      Stefanou Mirchandani LLP for professional services rendered for the fiscal
      years
      ended December 31, 2006 and 2005:




**Fee
                Category**
            
            **Fiscal
                2006 Fees**
            
            **Fiscal
                2005 Fees**Audit
                Fees
            
            $
            23,000
            
            $
            18,375Audit-Related
                Fees
            
            
            —
            
            
            —Tax
                Fees
            
            
            —
            
            
            —All
                Other Fees
            
            
            —
            
            
            —Total
                Fees
            
            $
            23,000
            
            $
            18,375




AUDIT
      FEES. Consists of fees billed for professional services rendered for the audit
      of New Generation Holdings, Inc.'s consolidated financial statements and review
      of the interim consolidated financial statements included in quarterly reports
      and services that are normally provided by Russell Bedford Stefanou Mirchandani
      LLP in connection with statutory and regulatory filings or
      engagements.





AUDIT-RELATED
      FEES. Consists of fees billed for assurance and related services that are
      reasonably related to the performance of the audit or review of New Generation
      Holding, Inc.'s consolidated financial statements and are not reported under
      "Audit Fees." There were no Audit-Related services provided in fiscal 2006
      or
      2005.





TAX
      FEES.
      Consists of fees billed for professional services for tax compliance, tax advice
      and tax planning. There were no tax services provided in fiscal 2006 or
      2005.





ALL
      OTHER
      FEES. Consists of fees for products and services other than the services
      reported above. There were no management consulting services provided in fiscal
      2006 or 2005.





**POLICY
      ON AUDIT COMMITTEE PRE-APPROVAL OF AUDIT AND PERMISSIBLE NON-AUDIT SERVICES
      OF
      INDEPENDENT AUDITORS**





The
      Company currently does not have a designated Audit Committee, and accordingly,
      the Company's Board of Directors' policy is to pre-approve all audit and
      permissible non-audit services provided by the independent auditors. These
      services may include audit services, audit-related services, tax services and
      other services. Pre-approval is generally provided for up to one year and any
      pre-approval is detailed as to the particular service or category of services
      and is generally subject to a specific budget. The independent auditors and
      management are required to periodically report to the Company's Board of
      Directors regarding the extent of services provided by the independent auditors
      in accordance with this pre-approval, and the fees for the services performed
      to
      date. The Board of Directors may also pre-approve particular services on a
      case-by-case basis.










**SIGNATURES**




In
      accordance with Section 13 or 15(d) of the Exchange Act, the Company has caused
      this report to be signed on its behalf on March 6, 2007 by the undersigned,
      thereunto duly authorized.




**PLASTINUM
                CORP.**
              **(Registrant)**By:
            /s/ Jacques
                MotJacques
                Mot
              *(Chief
                Presiding Officer)*




In
      accordance with the Exchange Act, this report has been signed below on March
      6,
      2007 by the following persons in the capacities indicated:




By:
            /s/ Jacques
                MotJacques
                Mot
              Director
                and CEO
              (Principal
                Executive Officer)By:
            /s/ Robert
                ScherneRobert
                Scherne
              Interim
                Chief Financial Officer
              (Principal
                Financial and Accounting Officer)By:
            /s/ Marcel
                RokegemMarcel
                Rokegem
              Director









**SECURITIES
      AND EXCHANGE COMMISSION**


**WASHINGTON,
      D.C. 20549**





**FINANCIAL
      STATEMENTS AND SCHEDULES**





**DECEMBER
      31, 2006 AND 2005**





**FORMING
      A PART OF ANNUAL REPORT**


**PURSUANT
      TO THE SECURITIES EXCHANGE ACT OF 1934**





**NEW
      GENERATION HOLDINGS, INC.**







**REPORT
        OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM**
 
 
 The
        Board
        of Directors
 Plastinum
        Corp.
 New
        York,
        New York
 
 We
        have
        audited the accompanying balance sheet of Plastinum Corp. ("Company"), a
        development stage Company, as of December 31, 2006, and the related statements
        of losses, deficiency in stockholders' equity and cash flows for each of
        the two
        years in the period ended December 31, 2006 and for the period April 7, 2003
        (date of inception as a development stage enterprise) to December 31, 2006.
        These financial statements are the responsibility of the Company's management.
        Our responsibility is to express an opinion on these financial statements
        based
        on our audits.
 
 We
        conducted our audits in accordance with standards of the Public Company
        Accounting Oversight Board (United States of America). Those standards require
        that we plan and perform the audit to obtain reasonable assurance about whether
        the financial statements are free of material misstatement. An audit includes
        examining, on a test basis, evidence supporting the amounts and disclosures
        in
        the financial statements. An audit also includes assessing the accounting
        principles used and significant estimates made by management, as well as
        evaluating the overall financial statement presentation. We believe that
        our
        audits provide a reasonable basis for our opinion.
 
 In
        our
        opinion, the financial statements referred to above present fairly, in all
        material respects, the financial position of Plastinum Corp. as of December
        31,
        2006, and the results of its operations and its cash flows for each of the
        two
        years in the period ended December 31, 2006 and from April 7, 2003 (date
        of
        inception as a development stage enterprise ) to December 31, 2006 in conformity
        with generally accepted accounting principles in the United States of
        America.
 
 The
        accompanying financial statements have been prepared assuming that the Company
        will continue as a going concern. As discussed in Note A to the financial
        statements, the Company has suffered recurring losses from operations that
        raise
        substantial doubt about its ability to continue as a going concern. Management's
        plans in regard to these matters are also described in Note A. The financial
        statements do not include any adjustments that might result from the outcome
        of
        this uncertainty.
 
 /s/
        RUSSELL BEDFORD STEFANOU MIRCHANDANI LLP
 
 Russell
        Bedford Stefanou Mirchandani LLP
 Certified
        Public Accountants
 
 
 New
        York,
        New York
 February
        25, 2007
  
  PLASTINUM
          CORP.
 (A
          Development Stage Company)
 CONSOLIDATED
          BALANCE SHEET
 DECEMBER
          31, 2006
 AssetsCurrent
                    assets:Cash
                
                $
                39,413Advances
                    receivable - parent
                
                
                8,454Total
                    assets
                
                $
                47,867Liabilities
                    and deficiency in stockholders' equityCurrent
                    liabilities:Accounts
                    payable and accrued expenses:
                
                $
                274,305Due
                    to stockholder
                
                
                457,720Total
                    current liabilities
                
                
                732,025Convertible
                    notes payable, net of discount of $110,953
                
                
                389,047Total
                    liabilities
                
                
                1,121,072Deficiency
                    in stockholders' equity:Preferred
                      stock, par value $.01 per share; 10,000,000 shares authorized,none
                      issued and outstanding
                
                
                -Common
                      stock, par value $.01 per share; 250,000,000 shares authorized,53,413,844 shares issued and outstanding
                
                
                534,139Additional
                    paid-in capital
                
                
                7,730,537Other
                    comprehensive income
                
                
                (4,330
                )Accumulated
                    deficit prior to development stage
                
                
                (4,221,982
                )Deficit
                    accumulated during the development stage
                
                
                (5,111,569
                )Total
                    deficiency in stockholders' equity
                
                
                (1,073,205
                )Total
                    liabilities and deficiency in stockholders' equity
                
                $
                47,867
  See
          accompanying notes to these consolidated financial statements.
  
  PLASTINUM
            CORP.
 (A
            Development Stage Company)
 CONSOLIDATED 
STATEMENTS
            OF
            LOSSES
 Cumulative
                      Periodfrom
                      April 7, 2003(date
                      of inception asa
                      development stageenterprise)
                      toYears
                      ended December 31,
                  
                  December
                      31,2006
                  
                  2005
                  
                  2006Operating
                      expenses:General
                      and administrative expenses
                  
                  $
                  1,214,246
                  
                  $
                  1,806,847
                  
                  $
                  3,354,702Depreciation
                      and amortization
                  
                  
                  -
                  
                  
                  -
                  
                  
                  107,790Research
                      and development
                  
                  
                  719,440
                  
                  
                  715,487
                  
                  
                  1,614,045Total
                      operating expenses
                  
                  
                  1,933,686
                  
                  
                  2,522,334
                  
                  
                  5,076,537Loss
                      from operations
                  
                  
                  (1,933,686
                  )
                  
                  (2,522,334
                  )
                  
                  (5,076,537
                  )Interest
                      expense
                  
                  
                  (35,032
                  )
                  
                  -
                  
                  
                  (35,032
                  )Loss
                      before provision for income taxes
                  
                  
                  (1,968,718
                  )
                  
                  (2,522,334
                  )
                  
                  (5,111,569
                  )Provision
                      for income taxes
                  
                  
                  -
                  
                  
                  -
                  
                  
                  -Net
                      loss
                  
                  $
                  (1,968,718
                  )
                  $
                  (2,522,334
                  )
                  $
                  (5,111,569
                  )Net
                      loss per common share, basic and diluted
                  
                  $
                  (0.04
                  )
                  $
                  (0.05
                  )Weighted
                      average shares outstanding
                  
                  
                  51,846,549
                  
                  
                  49,998,260Comprehensive
                      loss:Net
                      loss
                  
                  $
                  (1,968,718
                  )
                  $
                  (2,522,334
                  )Foreign
                      currency translation loss
                  
                  
                  (4,330
                  )
                  
                  -Comprehensive
                      loss
                  
                  $
                  (1,973,048
                  )
                  $
                  (2,522,334
                  )
  See
            accompanying notes to these consolidated financial
            statements.
 PLASTINUM
              CORP.
 (A
              Development Stage Company)
 CONSOLIDATED 
STATEMENTS
              OF DEFICIENCY
              IN STOCKHOLDERS' EQUITY
 Accumulated
                        DeficitAdditional
                    
                    Prior
                        to
                    
                    During
                    
                    OtherCommon
                        Stock
                    
                    Paid-in
                    
                    Development
                    
                    Development
                    
                    Comprehensive
                    
                    Stockholders'Capital
                    
                    Stage
                    
                    Stage
                    
                    Income
                    
                    DeficiencyBalance,
                        December 31, 2002
                    
                    
                    49,998,260
                    
                    $
                    499,983
                    
                    $
                    3,829,789
                    
                    $
                    (4,196,122
                    )
                    $
                    -
                    
                    $
                    -
                    
                    $
                    133,650Net
                        loss from January 1, 2003 toApril
                        7, 2003
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    (25,860
                    )
                    
                    -
                    
                    
                    -
                    
                    
                    (25,860
                    )Balance,
                        April 7, 2003
                    
                    
                    49,998,260
                    
                    
                    499,983
                    
                    
                    3,829,789
                    
                    
                    (4,221,982
                    )
                    
                    -
                    
                    
                    -
                    
                    
                    107,790Contribution
                        of capital by parent
                    
                    
                    -
                    
                    
                    -
                    
                    
                    24,300
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    24,300Net
                        loss
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    (101,880
                    )
                    
                    -
                    
                    
                    (101,880
                    )Balance,
                        December 31, 2003
                    
                    
                    49,998,260
                    
                    
                    499,983
                    
                    
                    3,854,089
                    
                    
                    (4,221,982
                    )
                    
                    (101,880
                    )
                    
                    -
                    
                    
                    30,210Contribution
                        of capital by parent
                    
                    
                    -
                    
                    
                    -
                    
                    
                    488,427
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    488,427Net
                        loss
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    (518,637
                    )
                    
                    -
                    
                    
                    (518,637
                    )Balance,
                        December 31, 2004
                    
                    
                    49,998,260
                    
                    
                    499,983
                    
                    
                    4,342,516
                    
                    
                    (4,221,982
                    )
                    
                    (620,517
                    )
                    
                    -
                    
                    
                    -Contribution
                        of capital by parent
                    
                    
                    -
                    
                    
                    -
                    
                    
                    2,522,334
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    2,522,334Net
                        loss
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    (2,522,334
                    )
                    
                    -
                    
                    
                    (2,522,334
                    )Balance,
                        December 31, 2005
                    
                    
                    49,998,260
                    
                    
                    499,983
                    
                    
                    6,864,850
                    
                    
                    (4,221,982
                    )
                    
                    (3,142,851
                    )
                    
                    -
                    
                    
                    -Contribution
                        of capital by parent
                    
                    
                    -
                    
                    
                    -
                    
                    
                    32,375
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    32,375Exercise
                        of warrants, May 24, 2006
                    
                    
                    1,430,000
                    
                    
                    14,300
                    
                    
                    486,200
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    500,500Issuance
                        of stock for parent liabilitiesliabilities,
                        June and August, 2006
                    
                    
                    1,985,584
                    
                    
                    19,856
                    
                    
                    (19,856
                    )
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -Stock
                        based compensation
                    
                    
                    -
                    
                    
                    -
                    
                    
                    240,268
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    240,268Warrants
                        issued with convertible notes
                    
                    
                    -
                    
                    
                    -
                    
                    
                    126,700
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    126,700Currency
                        translation adjustment
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    (4,330
                    )
                    
                    (4,330
                    )Net
                        loss
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    (1,968,718
                    )
                    
                    -
                    
                    
                    (1,968,718
                    )Balance,
                        December 31, 2006
                    
                    
                    53,413,844
                    
                    $
                    534,139
                    
                    $
                    7,730,537
                    
                    $
                    (4,221,982
                    )
                    $
                    (5,111,569
                    )
                    $
                    (4,330
                    )
                    $
                    (1,073,205
                    )
  See
              accompanying notes to these consolidated financial
              statements.
 PLASTINUM
                CORP.
 (A
                Development Stage Company)
 CONSOLIDATED
                STATEMENTS OF CASH
                FLOWS
 Cumulative
                          Periodfrom
                          April 7, 2003(date
                          of inception asa
                          development stageenterprise)
                          toYears
                          ended December 31,
                      
                      December
                          31,2006
                      
                      2005
                      
                      2006Cash
                          flows from operating activities:Net
                          loss
                      
                      $
                      (1,968,718
                      )
                      $
                      (2,522,334
                      )
                      $
                      (5,111,569
                      )Adjustments
                          to reconcile net loss to netcash
                          used in operating activities:Stock
                          based compensation
                      
                      
                      240,268
                      
                      
                      -
                      
                      
                      240,268Amortization
                          of debt discount
                      
                      
                      15,747
                      
                      
                      -
                      
                      
                      15,747Net
                          expenses paid by parent
                      
                      
                      32,375
                      
                      
                      2,522,334
                      
                      
                      3,067,436Amortization
                      
                      
                      -
                      
                      
                      -
                      
                      
                      107,790Increase
                          in advance receivable
                      
                      
                      (8,454
                      )
                      
                      
                      
                      
                      (8,454
                      )Increase
                          in accounts payable and accrued expenses
                      
                      
                      274,305
                      
                      
                      -
                      
                      
                      274,305Cash
                          used in operating activities
                      
                      
                      (1,414,477
                      )
                      
                      -
                      
                      
                      (1,414,477
                      )Cash
                          flows from financing activitiesProceeds
                          from exercise of warrants
                      
                      
                      500,500
                      
                      
                      -
                      
                      
                      500,500Proceeds
                          from sale of convertible notes
                      
                      
                      500,000
                      
                      
                      -
                      
                      
                      500,000Advances
                          from stockholder
                      
                      
                      457,720
                      
                      
                      -
                      
                      
                      457,720Cash
                          provided by financing activities
                      
                      
                      1,458,220
                      
                      
                      -
                      
                      
                      1,458,220Effect
                          of exchange rate changes on cash
                      
                      
                      (4,330
                      )
                      
                      -
                      
                      
                      (4,330
                      )Net
                          increase in cash
                      
                      
                      39,413
                      
                      
                      -
                      
                      
                      39,413Cash,
                          beginning of period
                      
                      
                      -
                      
                      
                      -
                      
                      
                      -Cash,
                          end of period
                      
                      $
                      39,413
                      
                      $
                      -
                      
                      $
                      39,413Supplemental
                          disclosure of non-cash financing activities:Accrued
                          liabilities settled in common stock
                      
                      $
                      633,595
                      
                      $
                      -Value
                          attributed to warrants issued with debt
                      
                      
                      126,700
                      
                      
                      -
  See
                accompanying notes to these consolidated financial
                statements.


**PLASTINUM
        CORP.**
 **(A
        Development Stage Company)**
 **NOTES
        TO CONSOLIDATED FINANCIAL STATEMENTS**
 
 **DECEMBER
        31, 2006 AND 2005**
  
 **NOTE
        A - SUMMARY OF ACCOUNTING POLICIES**
 
 A
        summary
        of the significant accounting policies applied in the preparation of the
        accompanying consolidated financial statements follows.
 
 **Business
        and Basis of Presentation**
 
 Plastinum
        Corp. ( *we* “ *,
        “us”,* “ *our
        company* “ *“our”* or *“Plastinum”* )
        (formerly New Generation Plastics, Inc.) was formed under the laws of the
        State
        of Delaware in 2000. We are a development stage company, as defined by Statement
        of Financial Accounting Standards (SFAS”) No. 7 ("SFAS No. 7"), and we are
        currently developing a proprietary technology designed to process and blend
        two
        or more discrete plastic polymers. The technology is in the final stages
        of
        testing and, when testing is completed, the technology will be marketed
        primarily in the United States.
  To
        date,
        the Company has generated no sales revenues, has incurred expenses and has
        sustained losses. Consequently, its operations are subject to all the risks
        inherent in the establishment of a new business enterprise. For the period
        from
        entering the development stage on April 7, 2003 through December 31, 2006, the
        Company has accumulated losses of $5,111,569.
 
 We
        were a wholly owned subsidiary of New Generation Holdings, Inc. (NGH)
        through May 24, 2006, and NGH owned approximately 94% of our common stock
        as of
        December 31, 2006. Through June 30, 2006, all of our research and
        development costs and overhead expenses have been paid or incurred by NGH.
        Certain overhead and general and administrative expenses have been allocated
        to
        us, with the offsetting credit to additional paid-in capital. As our parent,
        NGH
        has paid all of our expenses, and does not expect repayment of those
        expenditures. There has been no cap limiting the amount of capital contributions
        to be provided by NGH.
 
 The
        consolidated financial statements include the accounts of Plastinum its wholly
        owned subsidiary. All significant intercompany transactions and balances
        have
        been eliminated in the consolidated financial statement.
 
 **Spin
        Off Transaction**
 
 NGH
        has
        presented a proposal to its shareholders to approve a pro-rata distribution
        of
        our common stock, commonly referred to as a "spin off", pursuant to which
        each
        shareholder of NGH as of December 29, 2006 will receive one share of
        Plastinum common stock for each share of NGH owned. The spin off was approved
        by
        the NGH shareholders on February 16, 2007 and was effective on February 20,
        2007.
 
 Certain
        information in our financial statements relating to the results of operations
        and financial condition was derived from the historical financial statements
        of
        NGH, which have been prepared in accordance with accounting principles generally
        accepted in the United States of America. Various allocation methodologies
        were
        employed to allocate the expenses incurred by NGH on the Company’s behalf.
        Allocation is done on either a specific identification basis or a proportional
        cost allocation basis. Allocations of these expenses include officer salaries,
        accounting and legal fees, rent, consulting fees and other general office
        expenses. Management believes that these allocation methodologies are reasonable
        and, based on the allocation methods, believes that all costs of doing business
        have been reflected in the historical financial statements of Plastinum.
        The
        expenses allocated are not necessarily indicative of the expenses that would
        have been incurred if Plastinum had been a separate, independent public entity
        and had managed these functions. We may incur additional general administrative
        expenses, and other costs as a result of operating independently of
        NGH.
  
  The
        accompanying financial statements include the following expenses incurred
        by NGH
        on behalf of the Company. Summarized results of the allocated expenses are
        as
        follows:
 
 **2006**
              
              **2005**
              
              **For
                  the Period**
                **April
                  7, 2003**
                **(Date
                  of Inception of Development Stage ) through**
                **December
                  31,****2006**Net
                  transfer from NGH - beginning of the period
              
              $
              3,035,061
              
              $
              512,727
              
              $
              -Net
                  transactions with NGH:Reimbursements
              
              
              (199,225
              )
              
              -
              
              
              (199,225
              )Proceeds
                  from exercise of warrants
              
              
              (500,500
              )
              
              -
              
              
              (500,500
              )Product
                  development
              
              
              252,589
              
              
              715,487
              
              
              1,147,194Officer
                  and other compensation
              
              
              213,274
              
              
              407,600
              
              
              891,174Rent
              
              
              6,489
              
              
              13,070
              
              
              29,159Audit
                  and legal services
              
              
              123,835
              
              
              201,815
              
              
              313,495Other
                  general and administrative
              
              
              135,913
              
              
              1,184,362
              
              
              1,386,139Loss
                  for period, funded by NGH
              
              
              732,100
              
              
              2,522,334
              
              
              3,767,161Net
                  transfer from NGH - end of the period
              
              $
              3,067,436
              
              $
              3,035,061
              
              $
              3,067,436
  
 The
        nature and amounts of expenses stranded on NGH’s stand alone financial
        statements are as follows:
  **2006**
              
              **2005**
              
              **For
                  the Period April 7, 2003 (Date of Inception of Development Stage)
                  through**
                **December
                  31,****2006**Officer
                  and other compensation
              
              
              40,500
              
              
              82,000
              
              
              423,200Rent
              
              
              5,243
              
              
              5,847
              
              
              13,321Audit
                  and legal services
              
              
              93,552
              
              
              67,272
              
              
              150,769Consulting
              
              
              -
              
              
              349,031
              
              
              349,031Other
                  general and administrative
              
              
              43,668
              
              
              36,095
              
              
              117,461Interest
                  and finance costs
              
              
              6,472,670
              
              
              1,680,981
              
              
              8,153,651NGH
                  stand alone expense
              
              $
              6,655,633
              
              $
              2,221,226
              
              $
              9,207,433
 **Restatement**
 
 The
        accompanying financial statements have been restated to reflect an increase
        in
        the allocation of general and administrative expenses incurred by NGH on
        our
        behalf (see Note G). The nature of these expenses is described above. The
        effect
        of the restatement is to increase general and administrative expenses and
        net
        loss for the year ended December 31, 2005 by $1,299,025. Additional paid-in
        capital has been increased by the same amounts. Loss per share for the year
        ended December 31, 2005 increased to $(0.05) from $(0.02).
  
  **Going
        Concern**
 
 The
        financial statements have been prepared on a going concern basis, and do
        not
        reflect any adjustments related to the uncertainty surrounding our recurring
        losses or accumulated deficit
 
 We
        have
        had substantial net losses of $1,968,718 and $2,522,334 for the years ended
        December 31, 2006 and 2005, respectively and, until recently, have had no
        sources of financing except for that provided by our parent. These factors
        raise
        substantial doubt about our ability to continue as a going concern.
 
 The
        continuation of the company as a going concern is dependent on our ability
        to
        develop revenues and to obtain financing from outside sources and potentially
        continued financing from NGH. Management is also attempting to secure ongoing
        revenue relationships for our products. We are currently developing a
        proprietary technology designed to process and blend two or more discrete
        plastic polymers. The technology is in the final stages of testing and, when
        testing is completed, the technology will be marketed primarily in the United
        States. Should we be unable to obtain necessary financing, we may have to
        curtail our operations, which may have a material adverse effect on our
        financial position and results of operations.
 
 **Use
        of Estimates**
 
 The
        preparation of financial statements in conformity with generally accepted
        accounting principles requires management to make estimates and assumptions
        that
        affect the amounts reported in the consolidated financial statements and
        accompanying disclosures. Although these estimates are based on management's
        best knowledge of current events and actions the Company may undertake in
        the
        future, actual results may differ from those estimates.
  **Income
        Taxes**
 
 Deferred
        income taxes are provided for using the asset and liability method for financial
        reporting purposes in accordance with the provisions of SFAS No. 109,
        "Accounting for Income Taxes". Under this method, deferred tax assets and
        liabilities are recognized for temporary differences between the tax bases
        of
        assets and liabilities and their carrying values for financial reporting
        purposes, and for operating loss and tax credit carry forwards. Deferred
        tax
        assets and liabilities are measured using enacted tax rates expected to apply
        to
        taxable income in the years in which those temporary differences are expected
        to
        be removed or settled. The effect on deferred tax assets and liabilities
        of a
        change in tax rates is recognized in the consolidated statements of operations
        in the period that includes the enactment date.
 
 **Product
        Development Costs**
 
 Product
        development costs include expenses incurred by the Company for research,
        design
        and development of our proprietary technology and are charged to operations
        as
        incurred.
  Plastinum
        incurred research and development expenses of $719,440, $715,487 and $1,614,045
        for the years ended December 31, 2006 and 2005, and from April 7, 2003 (date
        of
        inception of development stage) through December 31, 2006,
        respectively.
 
 Liquidity
  As
        shown
        in the accompanying financial statements, we incurred net losses of $1,968,718
        and $2,522,334 for the years ended December 31, 2006 and 2005, respectively.
        For
        the period from inception of development stage through December 31, 2006,
        we
        have accumulated losses of $5,111,569. Consequently, our operations are subject
        to all risks inherent in the establishment of a new business
        enterprise.
  
  Cash
        Equivalents
  For
        purposes of the statements of cash flows, we consider all highly liquid debt
        instruments purchased with a maturity date of three months or less to be
        cash
        equivalents. We maintain our cash in bank deposit accounts which, at times,
        may
        exceed insured limits. We have not experienced any losses in our
        accounts.
  Comprehensive
        Income
  SFAS
        130,
“Reporting Comprehensive Income,” establishes standards for the reporting and
        displaying of comprehensive income, its components and accumulated balances.
        Comprehensive income is defined to include all changes in equity except those
        resulting from investments by owners and distributions to owners. Among other
        disclosures, SFAS 130 requires that all items that are required to be recognized
        under current accounting standards as components of comprehensive income
        be
        reported in a financial statement that is displayed with the same prominence
        as
        other financial statements. Comprehensive income includes gains and losses
        on
        foreign currency translation adjustments and is included as a component of
        stockholders' equity.
 
 **Foreign
        Currency Translation**
 
 The
        Company translates the foreign currency financial statements of its foreign
        subsidiaries in accordance with the requirements of SFAS No. 52, "Foreign
        Currency Translation." Assets and liabilities are translated at current exchange
        rates, and related revenue and expenses are translated at average exchange
        rates
        in effect during the period. Resulting translation adjustments are recorded
        as a
        separate component in stockholders' equity. Foreign currency transaction
        gains
        and losses are included in the statement of income.
  **Concentrations
        of Credit Risk**
 
 Financial
        instruments and related items, which potentially subject the Company to
        concentrations of credit risk, consist primarily of cash and cash equivalents.
        The Company places its cash and temporary cash investments with credit quality
        institutions. At times, such investments may be in excess of applicable
        government mandated insurance limits.
 
 **Fair
        Value of Financial Instruments**
 
 SFAS
        No.
        107, "Disclosures About Fair Value of Financial Instruments," requires
        disclosure of the fair value of certain financial instruments. The carrying
        value of cash and cash equivalents, accounts payable and short-term borrowings,
        as reflected in the balance sheets, approximate fair value because of the
        short-term maturity of these instruments.
 
 **Loss
        Per Share**
 
 We
        use
        SFAS No. 128, “Earnings Per Share” for calculating the basic and diluted
        loss per share. We compute basic loss per share by dividing net loss and
        net
        loss attributable to common shareholders by the weighted average number of
        common shares outstanding. Diluted loss per share is computed similar to
        basic
        loss per share except that the denominator is increased to include the number
        of
        additional common shares that would have been outstanding if the potential
        shares had been issued and if the additional shares were dilutive. Common
        equivalent shares are excluded from the computation of net loss per share
        if
        their effect is anti-dilutive. There were 32,586,570 common share equivalents
        at
        December 31, 2006 and none at December 31, 2005. For the year ended
        December 31, 2006, these 32,586,570 potential shares were excluded
        from the shares used to calculate diluted earnings per share as their inclusion
        would reduce net loss per share.
  
 
 **Stock-Based
        Compensation**
  On
        December 16, 2004, the Financial Accounting Standards Board (FASB) issued
        SFAS
        No. 123R (revised 2004), “Share-Based Payment” (“Statement 123R”) which is a
        revision of SFAS No. 123. Statement 123R supersedes APB opinion No. 25 and
        amends SFAS No. 95, “Statement of Cash Flows”. Generally, the approach in
        Statement 123R is similar to the approach described in Statement 123. However,
        Statement 123R requires all share-based payments to employees, including
        grants
        of employee stock options, to be recognized in the income statement based
        on
        their fair values. Pro-forma disclosure is no longer an alternative. This
        statement does not change the accounting guidance for share based payment
        transactions with parties other than employees provided in Statement 123R.
        This
        statement does not address the accounting for employee share ownership plans,
        which are subject to AICPA Statement of Position 93-6, “Employers’ Accounting
        for Employee Stock Ownership Plans.” On April 14, 2005, the SEC amended the
        effective date of the provisions of this statement. The effect of this amendment
        by the SEC is that the Company had to comply with Statement 123R and use
        the
        Fair Value based method of accounting no later than the first quarter of
        2006. We implemented SFAS No. 123(R) on January 1, 2006 using the
        modified prospective method. The fair value of each option grant issued after
        January 1, 2006 will be determined as of grant date, utilizing the Black-Scholes
        option pricing model. The amortization of each option grant will be over
        the
        remainder of the vesting period of each option grant.  We did not have any
        amounts of stock based compensation grants issued and outstanding at the
        date of
        implementation.
  **Recent
        Accounting Pronouncements**
 
 In
        July
        2006, the FASB issued FASB Interpretation (FIN) No. 48, *“Accounting
        for Uncertainty in Income Taxes—An Interpretation of FASB Statement
        No. 109”* (FIN
        48). This Interpretation clarifies the accounting for uncertainty in income
        taxes recognized in a company’s financial statements. FIN 48 requires companies
        to determine whether it is “more likely than not” that a tax position will be
        sustained upon examination by the appropriate taxing authorities before any
        part
        of the benefit can be recorded in the financial statements. It also provides
        guidance on the recognition, measurement and classification of income tax
        uncertainties, along with any related interest and penalties. FIN 48 will
        also
        require significant additional disclosures. This Interpretation will be
        effective for fiscal years beginning after December 15, 2006. We will
        implement this Interpretation in the first quarter of 2007 on a prospective
        basis. We are currently evaluating the potential impact this Interpretation
        will
        have on our financial position and results of operations.
  In
        September 2006, the FASB issued SFAS No. 157, *“Fair
        Value Measurements”*  *,* which
        provides guidance on how to measure assets and liabilities that use fair
        value.
        SFAS 157 will apply whenever another US GAAP standard requires (or permits)
        assets or liabilities to be measured at fair value but does not expand the
        use
        of fair value to any new circumstances. This standard also will require
        additional disclosures in both annual and quarterly reports. SFAS 157 will
        be
        effective for financial statements issued for fiscal years beginning after
        November 15, 2007, and will be adopted by us beginning in the first quarter
        of
        2008. We are currently evaluating the potential impact this standard may
        have on
        our financial position and results of operations, but do not believe the
        impact
        of the adoption will be material.
  In
        September 2006, the SEC staff issued Staff Accounting Bulletin (SAB) No.
        108, *“Considering
        the Effects of Prior Year Misstatements when Quantifying Misstatements in
        Current Year Financial Statements”* (“SAB
        108”). SAB 108 was issued in order to eliminate the diversity of practice in
        how
        public companies quantify misstatements of financial statements, including
        misstatements that were not material to prior years’ financial statements. We
        will initially apply the provisions of SAB 108 in connection with the
        preparation of our annual financial statements for the year ending December
        31,
        2006. We have evaluated the potential impact SAB 108 may have on our financial
        position and results of operations and do not believe the impact of the
        application of this guidance will be material.
  
 
 **NOTE
        B -CAPITAL STOCK AND STOCKHOLDER’S EQUITY**
 
 As
        of
        December 31, 2005 we were authorized to issue 1,000 shares of common stock
        with
        a par value of $.01 per share. On May 19, 2006 we effected a stock split
        of
        49,998.26 to 1. After the split, there were 49,998,260 common shares
        outstanding, all held by our parent, NGH. After the stock split, we issued
        an
        aggregate of 3,415,584 shares for common stock to consultants and pursuant
        to the exercise of warrants. On July 5, 2006, we amended our certificate of
        incorporation to increase our authorized shares to 260,000,000, 250,000,000
        common and 10,000,000 preferred.
  All
        references to share and per share amounts in these financial statements have
        been retroactively adjusted to reflect the stock split.
 
 Since
        the
        reestablishment of development stage operations, our operations have been
        funded
        by our parent, NGH. NGH has retained the proceeds received from the exercise
        of
        warrants into our common stock on May 24, 2006. These proceeds aggregated
        $500,500. We have allocated certain overhead expenses paid by NGH to our
        operations. All funds expended by NGH on our behalf have been recorded as
        additional paid-in capital.
  NGH
        has
        presented a proposal to its shareholders to approve a pro-rata distribution
        of
        our common stock, commonly referred to as a spin off, pursuant to which each
        shareholder of NGH will receive one share of Plastinum common stock for each
        share of NGH owned.
 
 In
        anticipation of the spinoff transaction NGH amended its existing common stock
        purchase warrants, to permit at the holder's election, the exercise of
        the warrants to purchase shares of our common stock or NGH common
        stock. The Plastinum shares issuable upon exercise of warrants will be issued
        in
        the same amounts and for the same exercise price as the warrants for shares
        of
        NGH. The total number of NGH warrants exercisable into Plastinum common stock
        is
        24,586,570 at December 31, 2006, with a weighted average exercise price of
        $0.35
        per share.
 
 We
        entered into a debt exchange agreement with our president and chief executive
        officer, Jacques Mot and NGH dated as of December 7, 2005. Pursuant to the
        debt
        exchange agreement, Mr. Mot received a convertible promissory note in the
        original principal amount of $753,304 representing outstanding amounts owed
        to
        him under his consulting agreement with NGH. The convertible promissory note
        bore interest at a rate
        of
        10% per annum. The Convertible Promissory Note was convertible into shares
        of
        our Preferred Stock or the Preferred Stock of NGH. On July 10, 2006, Mr.
        Mot
        converted the outstanding principal and accrued interest under the Convertible
        Promissory Note into 528,630 shares of NGH Preferred Stock pursuant to an
        Election to Convert and Amendment to Debt Exchange Agreement among NGH,
        Plastinum and Mr. Mot. Upon the closing of the spin off of Plastinum, the
        shares
        of Preferred Stock will automatically convert into 38,672,076 shares of NGH
        Common Stock and Mr. Mot will also receive 38,672,076 shares of our Common
        Stock. As a result of the effectiveness of the spin off, Mr. Mot received
        38,672,076 shares of our Common Stock on February 20, 2007.
 
 On
        May
        24, 2006, we issued 1,430,000 shares of our common stock to Lombard Odier
        Deutsch of CIE, for an aggregate purchase price of $500,500 (or $0.35 per
        share). The issuance reflected partial exercise of a warrant issued by
        NGH.
 
 On
        June
        20, 2006, we issued an aggregate of 1,270,737 shares of common stock in
        consideration for services provided pursuant to consulting agreements with
        NGH.
  On
        July
        10, 2006, we issued options to purchase 3,000,000 shares of common stock
        to each
        of two employees. The options vest over a three year period with 1,000,000
        options vesting on each of the first second and third anniversaries of the
        grant
        date. The options have an exercise price of $0.10 per share. The options
        have
        been valued at $1,441,609 on the grant date using the Black-Scholes model.
        The
        assumptions used in the Black-Scholes model are as follows: (1) dividend
        yield
        of 0%; (2) expected volatility of 136%, (3) risk-free interest rate of 4.9%,
        (4)
        expected life of 2 years and (5) estimated fair value of Plastinum common
        stock
        of $0.29 per share. The compensation expense is being recorded over the vesting
        period. During 2006, we have recorded $240,268 of compensation expense related
        to these options.
  On
          August
          1, 2006, we issued an aggregate of 714,847 shares of common stock in
          consideration for services provided pursuant to consulting agreements with
          NGH.
  
  **NOTE
        C - INCOME TAXES**
 
 We
        have
        adopted SFAS No. 109 which requires the recognition of deferred tax liabilities
        and assets for the expected future tax consequences of events that have been
        included in the financial statement or tax returns. Under this method, deferred
        tax liabilities and assets are determined based on the difference between
        financial statements and tax bases of assets and liabilities using enacted
        tax
        rates in effect for the year in which the differences are expected to reverse.
        Temporary differences between taxable income reported for financial reporting
        purposes and income tax purposes are insignificant.
 
 For
        income tax reporting purposes, our parent has utilized all expenses paid
        on our
        behalf. Therefore, we have no unused net operating losses or deferred tax
        assets.
 
 **NOTE
        D -RELATED PARTY TRANSACTIONS**
 
 As
        of
        December 31, 2006, we have received advances from our president in the amount
        of
        $457,720, for working capital purposes. The advances are non interest
        bearing.
  Our
        president has also purchased $200,000 of the convertible notes described
        in Note
        E which
        are
        convertible into 400,000 shares of our common stock and also received warrants
        to purchase 400,000 shares of our common stock with an exercise price of
        $0.50
        per share.
 
 **NOTE
        E -CONVERTIBLE NOTES PAYABLE**
  On
        July
        10, 2006, we entered into a Convertible Loan Agreement with Mr. Mot and a
        third
        party pursuant to which we borrowed an aggregate of $500,000. The loans are
        convertible into an aggregate of 1,000,000 shares of our common stock. If
        not
        converted earlier, the notes mature on May 31, 2010. In addition, the lenders
        received warrants to purchase an aggregate of 1,000,000 shares of our common
        stock at an exercise price of $0.50 per share. In accordance with EITF 00-27,
        a
        portion of the proceeds was allocated to the warrants based on their
        relative fair value, which totaled $126,700 using the Black-Scholes option
        pricing model. The remaining balance was allocated to the convertible notes.
        The
        assumptions used in the Black-Scholes model are as follows: (1) dividend
        yield
        of 0%; (2) expected volatility of 136%, (3) risk-free interest rate of 4.9%,
        (4)
        expected life of 2 years and (5) estimated fair value of Plastinum common
        stock
        of $0.29 per share. The debt discount is being amortized over the term of
        the
        notes. During 2006 amortization as interest expense amounted to $15,747.
        We have
        determined that there is no beneficial conversion feature attributable to
        the
        convertible notes.
  
 
 **NOTE
        F- WARRANTS AND STOCK OPTIONS**
 
 **Employee
        Stock Options**
 
 Transactions
        involving our stock options issued to employees are summarized as
        follows:
 
 **2006**
              
              **2005****Number**
              
              **Weighted
                  Average Exercise Price**
              
              **Number**
              
              **Weighted
                  Average Exercise Price**Outstanding
                  at beginning of the period
              
              
              —
              
              $
              —
              
              
              —
              
              $
              —Granted
                  during the period
              
              
              6,000,000
              
              
              0.10
              
              
              —
              
              
              —Exercised
                  during the period
              
              
              —
              
              
              —
              
              
              —
              
              
              —Terminated
                  during the period
              
              
              —
              
              
              —
              
              
              —
              
              
              —Outstanding
                  at end of the period
              
              
              6,000,000
              
              $
              0.10
              
              
              —
              
              $
              —Exercisable
                  at end of the period
              
              
              —
              
              $
              —
              
              
              —
              
              $
              —
  **Warrants**
 
 Transactions
        involving our warrant issuances are summarized as follows:
  **2006**
              
              **2005****Number**
              
              **Weighted
                  Average Exercise Price**
              
              **Number**
              
              **Weighted
                  Average Exercise Price**Outstanding
                  at beginning of the period
              
              
              —
              
              $
              —
              
              
              —
              
              $
              —Granted
                  during the period
              
              
              27,016,570
              
              
              0.35
              
              
              —
              
              
              —Exercised
                  during the period
              
              
              (1,430,000
              )
              
              0.35
              
              
              —
              
              
              —Terminated
                  during the period
              
              
              —
              
              
              —
              
              
              —
              
              
              —Outstanding
                  at end of the period
              
              
              25,586,570
              
              $
              0.36
              
              
              —
              
              $
              —Exercisable
                  at end of the period
              
              
              25,586,570
              
              $
              0.36
              
              
              —
              
              $
              —
  
 
 The
        number and weighted average exercise prices of our options and warrants
        outstanding as of December 31, 2006 is as follows:
 **Range
                    of Exercise Prices**
                
                **Remaining**
                  **Number**
                  **Outstanding**
                
                **Weighted
                    Average**
                  **Contractual
                    Life**
                  **(Years)**
                
                **Weighted
                    Average**
                  **Exercise
                    Price**$0.10
                
                
                6,000,000
                
                
                
                
                
                4.5
                
                $
                0.10$0.25
                
                
                200,000
                
                
                
                
                
                1.3
                
                $
                0.25$0.35
                
                
                24,386,570
                
                
                
                
                
                1.5
                
                $
                0.35$0.50
                
                
                1,000,000
                
                
                
                
                
                4.5
                
                $
                0.50
 
 **NOTE G
        - RESTATEMENT OF FINANCIAL STATEMENTS**
 
 The
        accompanying financial statements have been restated to present the effects
        of
        increasing the allocation of general and administrative expenses incurred
        by the
        Company’s Parent, NGH, on our behalf by $1,299,025 for the year ended December
        31, 2005.
 
 Following
        are reconciliations of the Company’s restatement of the Statement of Losses for
        the year ended December 31, 2005.
  Year
                  Ended December 31,2005(As
                  Restated)
              
              
              (As
                  Reported)Operating
                  Expenses:Selling
                  general and administrative
              
              $
              1,806,847
              
              $
              507,822Research
                  and Development
              
              
              715,487
              
              
              715,487Depreciation
                  and amortization
              
              
              -
              
              
              -Total
                  Operating Expenses
              
              
              2,522,334
              
              
              1,223,309Operating
                  Loss
              
              
              (2,522,334
              )
              
              (1,223,309
              )Provision
                  for income taxes
              
              
              -
              
              
              -Net
                  Income (Loss)
              
              $
              (2,522,334
              )
              $
              (1,223,309
              )Net
                  loss per common share (basic and diluted)
              
              $
              (0.05
              )
              $
              (0.02
              )Weighted
                  average shares outstanding
              
              
              49,998,260
              
              
              49,998,260
 
 Following
        are reconciliations of the Company’s restatement of the Statement of Cash Flows
        for the year ended December 31, 2005.
  Year
                  Ended December 31,
                2005(As
                  Restated)
              
              (As
                  Reported)Cash
                  flows from Operating Activities:Net
                  loss
              
              $
              (2,522,334
              )
              $
              (1,223,309Adjustment
                  to reconcile net loss to
                net
                  cash used in operating activities:Expenses
                  paid by Parent
              
              
              2,522,334
              
              
              1,223,309Amortization
                  and depreciation
              
              
              -
              
              
              -Cash
                  used in operating activities
              
              
              -
              
              
              -Net
                  (decrease) increase in cash
              
              
              -
              
              
              -Cash,
                  beginning of period
              
              
              -
              
              
              -Cash,
                  end of period
              
              $
              -
              
              $
              -Supplemental
                  Disclosure of
                Cash
                  Flow Information:Cash
                  paid for interest
              
              $
              -
              
              $
              -Cash
                  paid for income taxes
              
              
              -
              
              
              -Non
                  cash transactions:Expenses
                  paid by Parent
              
              
              2,522,334
              
              
              1,223,309