SECURITIES AND EXCHANGE COMMISSION				Washington, D.C.  20549				FORM 10KSB

[X]  ANNUAL  REPORT  PURSUANT  TO  SECTION  13  OR  15(d)  OF  THE				       SECURITIES EXCHANGE  ACT  OF  1934				          For  the  fiscal  year  ended    December  31,  2005     				[  ]  TRANSITION  REPORT  PURSUANT  TO  SECTION  13  OR  15(d)  OF  THE				      SECURITIES  EXCHANGE  ACT  OF  1934				          For  the  transition  period  from  _________  to  ____________				Commission  File  No.  333-119147

VITA EQUITY, INC.(Name of small business issuer in its charter)
| Nevada                                                         | 3911                                                        | 98-0371180                                 |
|----------------------------------------------------------------|-------------------------------------------------------------|--------------------------------------------|
| (State or jurisdiction of							incorporation or organization) | (Primary Standard							Industrial Code							 Number) | (I.R.S. Employer							Identification No.) |

Securities  registered  pursuant  to  Section  12(b)  of  the  Act:  NONE				Securities registered pursuant to Section 12 (g) of the Act:  NONE				Check  whether  the  issuer  (l)  has  filed all reports required to be filed by Section  13  or 15(d) of the Exchange Act during the past 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 [ ]  No

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We design, manufacture and repair jewelry using diamonds and other precious gemstones such as rubies, sapphires and emeralds.  We design and manufacturer virtually all kinds of modern jewelry including necklaces, earrings, rings, bracelets and other ornaments, the prices for which are determined on an individual piece by piece basis depending on the intricacy of the design and manufacture process and the selection of materials to be used in creating each piece.			Once a client makes a request for a piece of jewelry to be made, we assist them in the design of the piece and the selection of the type of precious metal and precious stone(s) for their piece.  We then acquire the raw materials in sufficient quantity to make the specific piece of jewelry.  In normal course business, we do not carry inventories of raw materials.  To create our jewelry, we employ the services of third party jewelers and craftspeople who are responsible for assisting in the final design of the piece and the manufacturing of the piece of jewelry for presentation to the customer.  In this regard, we have available to us, several jewelers and/or goldsmiths with varied backgrounds and styles.  For each particular piece of jewelry, the appropriate contractor is chosen to ensure compliance with the customer’s desires.  This enables us to offer a variety of styles to the customer and by using a variety of contract craftspeople, customers are ensured to receive a unique piece.  In this way, we are able to meet a wide variety of requests with respect to our customer’s jewelry needs.  We do not have any contracts with these craftspeople as they are retained by us on a piece-by-piece basis and are compensated as 

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Currently we purchase 100% of our precious metals from Imperial Smelting & Refining located in Vancouver, British Columbia and we purchase our precious and semi-precious stones from one of the following suppliers:  Regal Imports, Ltd., (Vancouver, British Columbia), C.D. Barcados Co. Ltd. (Toronto, Ontario), Backers & Strauss Canada (Toronto, Ontario), R.S. Gem Connections Ltd. (Vancouver, British Columbia) or JND Associates (Toronto, Ontario).   Vita Equity, Inc. (Canada), our operating subsidiary has purchased our supplies from these companies since its inception in July 1984.  The raw materials that we require for the manufacture of our jewelry pieces are readily available.  In our history with our suppliers, we have never had difficulty acquiring raw materials.  In the event that raw materials are not available from our suppliers of the same, there are numerous other local suppliers of the materials we need to continue to operate our business.  

Our prices are generally set based upon the cost of the stone, the cost of the precious metals, the cost of the contract craftsperson’s labor and thereafter a general mark-up.

We are currently dependent on two customers:  Montecristo Jewellers, Ltd., a related party, and Sorgentone, Inc.  Through our subsidiary, we have provided jewelry products to Montecristo for approximately eleven years and to Sorgentone for approximately three years.  Sales to these two customers aggregated 100% of our total sales for the years ended December 31, 2005 and 2004.  For the years ended December 31, 2005 and December 31, 2004, one customer, Montecristo Jewellers, Ltd., a related party, accounted for 98% and 76% of the sales respectively.  In this stage of our development, we have only attracted the interest of two clients for whom we manufacture jewelry.  Our intention in the near future is to expand our client base such that we are no longer dependent on these two customers.  If we are successful in expanding our client base beyond these two customers, the concerns related to losing one of these customers will be diminished.

We do not currently have any patents, trademarks, licenses, franchises, concessions, royalty agreements or labor contracts at this time.

**Financing**

In July 2000, upon our incorporation, we issued 20,000 of our common shares to Mr. George Polyhronopoulos pursuant to Rule 506 of Regulation D at the cost of $0.001 per common share.  This issuance was compensation for services provided by Mr. Polyhronopoulos which included incorporating the Company and acting as our first Director and holding the positions of President, Secretary and Treasurer.   Between September 15, 2000 and January 31, 2001, pursuant to Rule 504 of Regulation D, we received subscription agreements from certain investors to purchase an aggregate of 12,300,000 of our common shares, at a purchase price of either $0.001 or $0.50 per common share for total gross proceeds to us of $62,200.  On or about March 1, 2003, the Company authorized the cancellation of all shares issued pursuant to this offering and refunded all the money received pursuant thereto.  This cancellation and refund resulted from misplaced source documents and records which prevented us from being able to properly confirm that all shares subscribed for were properly paid for.  As a result, we decided that it was in the best interests of the Company and the shareholders to refund all the 

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To date, our marketing efforts have consisted of word-of-mouth advertising.  In the future, we intend to attract additional customers through existing relationships, trade shows, product presentations and/or advertising in trade publications.  We intend to create a portfolio of designs that we have manufactured to date and may include some designs that demonstrate our craftsperson’s manufacturing capabilities.  Once this is created, we intend to use it in our marketing efforts.  We are also considering the establishment of a website to which customers may be referred to view our capabilities and through which customers may be able to interact with us in respect to the selection of the stones to be used in the pieces and in the design process.

We have not solicited and quotations on the costs of our proposed marketing efforts nor have we entered into any contracts related to our proposed marketing efforts as such efforts require funding which is not presently available to us.  When and if funding becomes available through our revenues, sales of securities or borrowing money, we will then be in a position to take steps toward marketing our services as proposed herein.

To date, we have not expended any resources on research and development activities as Mr. Webb came to us with a wealth of knowledge from his previous employment activities.  We rely on his expertise at this time for all decisions related to the operation of the Company’s business.  As such, we have not passed any research and development costs onto our customers through “mark-ups” on our products.

**Competition**

The manufacture and distribution of jewelry products is a highly competitive industry.  We compete with major domestic and international companies, many of which have significantly greater financial, technical, marketing and human resources than we have.  While we believe that the individual treatment and interaction with our customers provides us with a competitive edge over mass manufacturers in certain markets.  By custom designing products for our customers, we are able to produce one-of-a-kind pieces of jewelry that the customer knows to be unique.  Many retailers merely offer mass produced, machine made items in which the end user can have no input in the design or the choice of materials used.  We cater to a specialized clientele that the mass manufacturers cannot. 

Locally, we consider our main competitors to be Brinkhaus Jewellers, Vancouver, British Columbia) and Palladio Gioielli (Vancouver, British Columbia), both of whom produce custom designed jewelry pieces.  Nationally, we consider our main competitor to be Birks Jewellers with locations across Canada.  That being said, each of these competitors operates as street level retailers with showrooms containing both mass-produced and custom pieces of jewelry.  In each city across Canada, we expect to encounter numerous competitors with whom we shall compete for business.  It is difficult to estimate or identify competitors similarly situated to us in that there could be many such competitors operating from their homes or small shops that produce custom pieces as we do.  If and when we enter the U.S. market, we expect that we will encounter both local operations and national operations with whom we expect to compete in our market.  We 

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The following table sets forth the high and low bid information for our common stock for each quarter within the last fiscal year during which our stock was traded. Prior to January 30, 2006, there was no active market for the stock.			QUARTER ENDED MARCH 31, 2006			                                      HIGH       LOW  March 31, 2006          $   0.00      $   0.00			These quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission, and may not represent actual transactions.			There are outstanding 13,220,000 shares as of April 14, 2006.  Holders of 9,555,000 of our common shares are able to sell their shares without restriction.  The remaining shareholders are also be able to sell their shares totaling 3,665,000 by meeting the resale requirements for an affiliate pursuant to Rule 144.

Since its inception, no dividends have been paid on Vita Equity, Inc.’s common stock.  Vita Equity, Inc. intends to retain any earnings for use in its business activities, so it is not expected that any dividends on the common stock will be declared and paid in the foreseeable future.

At  December 31,  2005,  there  were  27 shareholders  of  record  holding Vita Equity, Inc. common  stock.

**Item 6.  Management Discussion and Analysis or Plan of Operation****Overview**			In their report in connection with our 2005 financial statements, our auditors included an explanatory paragraph stating that, although the Company had generated earnings for the year ended December 31, 2005, 98% of the Company’s sales for 2005 are to one customer, a related party and as of December 31, 2005, we had an accumulated deficit of $14,400.  These matters raise substantial doubt about the 

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> 
-         Professional Fees				-         Management Salaries				-         Rent				-         Consulting Fees				-         Agent and Transfer Fees				-         Office				-         Bank Charges and Interest

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Consulting Fees amounted to $19,824 and $0.00 for our fiscal years ended December 31, 2005 and December 31, 2004 respectively.  These fees related to a one-time expenditure in 2005 which we did not incur in 2004.

Agent and Transfer Fees amounted to $3,135 and $2,085 for our fiscal year ended December 31, 2005 and our fiscal year ended December 31, 2004 respectively.

Office fees amounted to $100 and $0.00 for our fiscal years ended December 31, 2005 and December 31, 2004 respectively.

Bank Charges and Interest amounted to $492 and $318 for our fiscal year ended December 31, 2005 and our fiscal year ended December 31, 2004 respectively.

**The fiscal years ended December 31, 2004 and December 31, 2003**			Professional Fees amounted to $41,980 and$33,070 for our fiscal years ended December 31, 2004 and December 31, 2003 respectively. For the year ended December 31, 2004, our legal fees amounted to $12,320, our audit fees amounted to $25,922 and our accounting fees amounted to $3,738. For the year ended December 31, 2003, our legal fees amounted to $5,581, our audit fees amounted to $12,077 and our accounting fees amounted to $15,412. The increase from period to period resulted from the audit and legal expenses relating to the filing of a Form SB-2 registration statement in 2004. In the coming periods, our legal and audit fees should both decrease.

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Rent amounted to $6,931 and $6,422 for our fiscal year ended December 31, 2004 and our fiscal year ended December 31, 2003 respectively. The difference from period to period results from U.S. dollar exchange rate fluctuations.

There were no consulting fees in 2004. Consulting Fees amounted to $2,497 for our fiscal year ended December 31, 2003 related to a one-time expenditure which we did not incur in 2004.

Agent and Transfer Fees amounted to $2,085 and $603 for our fiscal year ended December 31, 2004 and our fiscal year ended December 31, 2003 respectively.

Bank Charges and Interest amounted to $318 and $263 for our fiscal year ended December 31, 2004 and our fiscal year ended December 31, 2003 respectively.

**Results of Operations for the fiscal years ended December 31, 2005 and 2004**			We had a net income of $44,573 for the fiscal year ended December 31, 2005 compared with a net loss of $4,159 for the year ended December 31, 2004.  The net income achieved in the current year is attributable to an increase in revenues and gross profit while maintaining operating expenses at similar levels to those incurred in 2004.  For the fiscal years ended December 31, 2004 and December 31, 2003, we had a net loss of $4,159 and $31,771 respectively.  The decrease in net loss from 2003 to 2004 is attributable to the costs incurred to establish our corporate structure, to establish bank accounts, to acquire our operating subsidiary, to pay our consulting fees and management salary, and the payment of professional fees.

In the coming year, we expect our professional fees to remain at the current levels.  Since we became a reporting issuer, we are required to file the requisite quarterly and annual reports with the Securities and Exchange Commission but expect the overall cost to be less since we are now caught up on the bookkeeping and audit.  In the event that our business activities increase in the coming year, we will require auditing procedures over a broader transaction base that may increase the cost of our audits.    We estimate our professional fees to be approximately $50,000 per year.

Our Management Salaries increased from the fiscal year ended December 31, 2004 to the fiscal year ended December 31, 2005 because of US dollar exchange rate fluctuations. We do not expect any further period-to-period changes in our Management Salaries as no additional increase in salary has been authorized and none is expected.  We expect our Management Salaries to remain at the same level in the coming year.

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We incurred a one-time consulting fee in 2005 but do not expect to incur any consulting fees in the coming year.  The reason is that the consulting fees included in our expenses in 2005 were the result of a one-time payment made to a consultant who assisted us in obtaining out trading symbol on the National Association of Securities Dealer’s Over-The-Counter Bulletin Board Service.  No further expenditures have been authorized and none are expected.

We expect our Agent and Transfer Fees to decrease in the coming year as the issuance of stock in our fiscal year ended December 31, 2005 was a one-time event.  We expect the fees to drop back to the $500 range as we are not planning to incorporate any new companies nor are we expecting to issue any substantial number of additional share certificates.  We simply need to maintain our current corporate structure.  Any increase in this area will be the result of US dollar exchange rate fluctuations.

We expect our bank charges to increase over the next year because we expect our business to increase resulting in an increase of transactions through our bank accounts on which appropriate service charges will be applied.  We anticipate our Bank and Interest charges to be approximately $500.

Sales to two customers aggregated 100% of our total sales for the years ended December 31, 2005 and 2004.  For the years ended December 31, 2005 and December 31, 2004, one customer, a related party, accounted for 98% and 76% of the sales respectively.  For the years ended December 31, 2004 and 2003, one customer, a related party, accounted for 76% and 82% of the sales respectively.

Our sales fluctuate from period-to-period a great deal.  The reason for this is that we are dependent on two customers and the manner in which they solicit our business.  Their requests for creations can come all at once or through the year.  We have no control over the periods in which our customers order product from us but we generally expect the bulk of our sale to occur in the latter part of each calendar year in conjunction with the holiday season. 

Our current customers are retailers of jewelry.  Once a customer enters their retail location and asks to have a specific piece of jewelry made, our customer contacts us to get involved in the process.  We do not, at this time, sell our products directly to the end user.

Due to the foregoing factors, our operating results are difficult to forecast.  You should evaluate our prospects in light of the risks, expenses and difficulties commonly encountered by comparable development stage companies in a rapidly evolving and highly fragmented market.  We cannot assure you that we will successfully address such risks and challenges.  In addition, even though we currently have revenues, we 

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Based on our current cash on hand, current accounts receivables, current revenue levels, and our current and anticipated expenditures, we will require approximately $55,000 to maintain our operations for the next twelve months.  We expect to realize this amount from our current accounts receivable and from future sales.

In the event we are unable to secure the interest of additional clients to expand our business to the point of profitability, or if we are unable to attract financing sufficient in quantity to permit us to continue pursuing our current plan of operations, we may have to revise our plan of operations to consider other less expensive methods of marketing.  We expect we would continue using word of mouth advertising until we could achieve our goals.  In addition, we may explore other methods of increasing our gross profit margin on the item sold to our existing customers.

In the event that none of the above-mentioned initiatives result in profitability, we may seek alternative forms of financing including borrowing funds from private individuals or companies or public sources such as banks or other financial institutions in order to pursue our business 

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In December 2004, the FASB issued SFAS No. 123 (revised 2004), “Share-Based Payment”**(SFAS 123R), which revises SFAS No. 123.  SFAS 123R also supersedes APB No. 25 and amends SFAS No. 95, “Statement of Cash Flows”. In general, the accounting required by SFAS 123R is similar to that of SFAS No. 123. However, SFAS No. 123 gave companies a choice to either recognize the fair value of stock options in their income statements or disclose the pro forma income statement effect of the fair value of stock options in the notes to the financial statements. SFAS 123R eliminates that choice and requires the fair value of all share-based payments to employees, 

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**VITA EQUITY INC. AND SUBSIDIARY****CONSOLIDATED FINANCIAL STATEMENTS****AS OF DECEMBER 31, 2005 AND 2004**

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**VITA EQUITY INC. AND SUBSIDIARY****CONTENTS**

PAGE       1          REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM				PAGE       2          CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2005 AND 2004				PAGE       3          CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE				                              INCOME (LOSS) FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004				PAGE       4          CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY				                             (DEFICIENCY) FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004				PAGE       5          CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED				                             DECEMBER 31, 2005 AND 2004				PAGE     6-10       NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31,				                             2005 AND 2004.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of				Vita Equity Inc. and Subsidiary				We have audited the accompanying consolidated balance sheets of Vita Equity Inc. and Subsidiary as of December 31, 2005 and 2004 and the related consolidated statements of operations and comprehensive income (loss), stockholders’ equity (deficiency) and cash flows for the years then ended.  These consolidated financial statements are the responsibility of the Company's management.  Our responsibility is to express an opinion on these consolidated financial statements based on our audits.				We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance whether the consolidated financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.				In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Vita Equity Inc. and Subsidiary as at December 31, 2005 and 2004 and the results of their operations and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America. 				The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern.  As discussed in Note 1 to the consolidated financial statements, although the Company had generated earnings for the year ended December 31, 2005, 98% of the Company’s sales for 2005 are to one customer, a related party and as of December 31, 2005 it had an accumulated deficit of $14,400.  These matters 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 1.  The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.				Weinberg & Company, P.A.				Los Angeles, California				March 27, 2006

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**VITA EQUITY, INC. AND SUBSIDIARY****CONSOLIDATED BALANCE SHEETS**

| **ASSETS**                                                                                      |
|-------------------------------------------------------------------------------------------------|
|                                                                                       |  | **** |  |  |
|                                                                                                 |  | **December 31,** |  | **December 31,** |
|                                                                                                 |  | **2005** | **** | **2004** |
|                                                                                                 |  |  |  |  |
| **CURRENT ASSETS**                                                                              | **** | **** | **** | **** |
| Cash                                                                                            |   $ |              7,684 | $ | 797 |
| Accounts receivable:                                                                            |  |  |  |  |
|       Trade                                                            |  | - |  | 101,596 |
|       Related party                                                    |  | 361,734 |  | 108,263 |
|                                                                                                 |  |  |  |  |
|                                                                                       |  |  |  |  |
| **     Total assets**                                                       | $ | 369,418 | $ | 210,656 |
|                                                                                                 |  | ============ |  | ============ |
|   						****                                                                          | **** | **** | **** | **** |
|   						****                                                                          | **** | **** | **** | **** |
| **LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIENCY)**                                     |
|                                                                                       | **** | **** | **** | **** |
| **CURRENT LIABILITIES**                                                                         | **** |  | **** |  |
|  Accounts payable                                                                          | **$** |          344,274 | **$** |         231,933 |
|  Due to stockholder                                                                        | **** |            17,441 | **** |           16,624 |
|                                                                                                 |  |  |  |  |
|                                                                                                 | **** |  | **** |  |
| **      Total liabilities**                                            | **** |          361,715 | **** |         248,557 |
|                                                                                                 |  |  |  |  |
|                                                                                       | **** |  | **** |  |
| **COMMITMENTS AND CONTINGENCIES**                                                               | **** |                      - | **** |                    - |
|                                                                                       | **** |  | **** |  |
| **STOCKHOLDERS’ EQUITY (DEFICIENCY)**                                                     | **** | **** | **** | **** |
|        Common stock, $.001 par value, 50,000,000 shares           | **** |  | **** |  |
|          authorized, 13,220,000 shares issued           | **** |  | **** |  |
|          and outstanding at December 31, 2005 and 2004, | **** |  | **** |  |
|          respectively                                   | **** |            13,220 | **** |           13,220 |
|       Deficit                                                          | **** |           (14,400) | **** |          (58,973) |
|       Accumulated other comprehensive income                           | **** |              8,883 | **** |             7,852 |
|                                                                                                 |  |  |  |  |
|       Total stockholders’ equity (deficiency)                    | **** |              7,703 | **** |          (37,901) |
|                                                                                                 |  |  |  |  |
|                                                                                       | **** |  | **** |  |
| **Total liabilities and stockholders’ equity (deficiency)**                               | $ |          369,418 | $ |         210,656 |
|                                                                                                 | **** | ============ | **** | ============ |

See accompanying notes to consolidated financial statements.				18

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**VITA EQUITY INC. AND SUBSIDIARY****CONSOLIDATED STATEMENTS OF OPERATIONS AND****COMPREHENSIVE INCOME (LOSS)****FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

|                                                                                  | **December 31,**                                                                                                                                    | **December 31,**                                                                                                                             |
|----------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                  | **2005**                                                                                                                                            | **2004**                                                                                                                                     |
|                                                                                  |                                                                                                                                                     |                                                                                                                                              |
|   						
****                                                          |                                                                                                                                                     |                                                                                                                                              |
| **REVENUES:**                                                                    |                                                                                                                                                     |                                                                                                                                              |
|    Trade                                                               | $               17,561                                                        | $            88,065                                                                   |
|    Related party                                                       |                 1,275,607                                                |             284,930                                                                   |
|                                                                                  |                                                                                                                                                     |                                                                                                                                              |
|       Total Revenue                                     |             1,293,168                                                                        |             372,995                                                                   |
|                                                                        |                                                                                                                                                     |                                                                                                                                              |
| **COST OF SALES**                                                                |            (1,149,036)                                                                            |            (316,599)                                                                       |
|                                                                                  |                                                                                                                                                     |                                                                                                                                              |
|   						
****                                                          |                                                                                                                                                     |                                                                                                                                              |
| **GROSS PROFIT**                                                                 |                144,132                                                        |               56,396                                                        |
|                                                                                  |                                                                                                                                                     |                                                                                                                                              |
|                                                                        |                                                                                                                                                     |                                                                                                                                              |
| **OPERATING EXPENSES**                                                           |                                                                                                                                                     |                                                                                                                                              |
|    Professional fees                                                   |                  54,532                                             |               41,980                                                        |
|    Management salaries                                                 |                  14,042                                             |                 9,241                                             |
|    Rent                                                                |                    7,434                                  |                 6,931                                             |
|    Consulting                                                          |                  19,824                                             |                         - |
|    Agent and transfer fees                                             |                    3,135                                  |                 2,085                                             |
|    Office                                                              |                       100                  |                         - |
|    Bank charges and interest                                           |                       492                  |                    318                             |
|                                                                                  |                                                                                                                                                     |                                                                                                                                              |
|       Total Operating Expenses                          |                  99,559                                             |               60,555                                                        |
|                                                                                  |                                                                                                                                                     |                                                                                                                                              |
|                                                                        |                                                                                                                                                     |                                                                                                                                              |
| **NET INCOME (LOSS)**                                                            | $               44,573                                                        | $             (4,159)                                                            |
|                                                                        |                                                                                                                                                     |                                                                                                                                              |
| Other comprehensive income (loss), foreign currency						translation adjustments |                    1,031                                  |                   (770)                                 |
|                                                                                  |                                                                                                                                                     |                                                                                                                                              |
|                                                                        |                                                                                                                                                     |                                                                                                                                              |
| **COMPRHENSIVE INCOME (LOSS)**                                                   | $               45,604                                                        | $             (4,929)                                                            |
|                                                                                  | ===============                                                                                                                                     | ===============                                                                                                                              |
|                                                                        |                                                                                                                                                     |                                                                                                                                              |
| NET LOSS PER COMMON SHARE, BASIC						AND DILUTED                                | $                         - | $                       -      |
|                                                                                  | ===============                                                                                                                                     | ===============                                                                                                                              |
|                                                                        |                                                                                                                                                     |                                                                                                                                              |
|                                                                        |                                                                                                                                                     |                                                                                                                                              |
| WEIGHTED AVERAGE SHARES OUTSTANDING,						BASIC AND DILUTED                      |           13,220,000                                                                                   |        13,220,000                                                                                              |
|                                                                                  | ===============                                                                                                                                     | ===============                                                                                                                              |

See accompanying notes to consolidated financial statements.				19

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**VITA EQUITY INC. AND SUBSIDIARY****CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIENCY)****FOR THE YEAR ENDED DECEMBER 31, 2005**

|                                         |     Common Stock								     Shares                      Amount |   | Deficit                   |   | Accumulated								Other								Comprehensive								Income |   | Total                     |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---|---------------------------|---|-------------------------------------------------------------|---|---------------------------|
|                                         |                                                                                                                                                                                                                  |   |                           |   |                                                             |   |                           |  |  |
|                          |                                                                                                                                                                                                                  |   |                           |   |                                                             |   |                           |  |  |
| **BALANCE, JANUARY 1, 2004**            | 13,220,000                                                                                                                                                                                                  | $ | 13,220               | $ | (54,814)                                                    | $ | 8,622                     | $ |       (32,972) |
|                               |                                                                                                                                                                                                                  |   |                           |   |                                                             |   |                           |  |  |
| Foreign currency translation adjustment | -                                                                                                                                                                                                           |   | -          |   | -                                       |   | (770)                     |  | (770) |
|                               |                                                                                                                                                                                                                  |   |                           |   |                                                             |   |                           |  |  |
| Net loss                                | -                                                                                                                                                                                                           |   | -          |   | (4,159)                                                     |   | -     |  | (4,159) |
|                                         |                                                                                                                                                                                                                  |   |                           |   |                                                             |   |                           |  |  |
|                               |                                                                                                                                                                                                                  |   |                           |   |                                                             |   |                           |  |  |
| **BALANCE, DECEMBER 31, 2004**          | 13,220,000                                                                                                                                                                                                  | $ | 13,220               | $ | (58,973)                                                    | $ | 7,852                     | $ | (37,901) |
|                               |                                                                                                                                                                                                                  |   |                           |   |                                                             |   |                           |  |  |
| Foreign currency translation gain       | -                                                                                                                                                                                            |   | -     |   | -                                       |   | 1,031                     |  |                   1,031 |
|                               |                                                                                                                                                                                                                  |   |                           |   |                                                             |   |                           |  |  |
| Net income                              | -                                                                                                                                                                                            |   | -     |   | 44,573                                                      |   | -     |  |                 44,573 |
|                                         |                                                                                                                                                                                                                  |   |                           |   |                                                             |   |                           |  |  |
|                               |                                                                                                                                                                                                                  |   |                           |   |                                                             |   |                           |  |  |
| **BALANCE, DECEMBER 31, 2005**          | 13,220,000                                                                                                                                                                                                       | $ | 13,220               | $ | (14,400)                                                    | $ | 8,883                     | $ | 7,703 |
|                                         | ==========                                                                                                                                                                                                       |   | ========                  |   | ==========                                                  |   | ==========                |  | ========== |
|                                         |                                                                                                                                                                                                                  |   |                           |   |                                                             |   |                           |  |  |

See accompanying notes to consolidated financial statements.				20

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**VITA EQUITY INC. AND SUBSIDIARY****CONSOLIDATED STATEMENTS OF CASH FLOWS****FOR THE YEARS ENDED DECEMBER 31, 2005AND 2004**

|                                                                                                                 | **December 31,**                                                                                                                                 | **December 31,**                                                                           |
|-----------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------|
|                                                                                                                 | **         2005      **                                                    | **         2004     **    |
| **CASH FLOWS FROM OPERATING ACTIVITIES:**                                                                       |                                                                                                                                                  |                                                                                            |
|     Net income (loss)                                                                       | $            44,573                                                                       | $          (4,159)                            |
|     Changes in operating assets and liabilities:                                            |                          |                                                                                            |
|     Accounts receivable:                                                                    |                                                                                                                                                  |                                                                                            |
|        Trade                                                                      |             101,596                                                                       |         (101,596)                                       |
|        Related party                                                              |            (253,471)                                                                           |         (108,263)                                       |
|     Accounts payable                                                                        |             112,341                                                                       |          208,395                                   |
|     Deposit payable, related party                                                          |                         -     |             (9,286)                 |
|                                                                                                                 |                                                                                                                                                  |                                                                                            |
|           Net cash provided by (used in) operating activities |                 5,039                                                 |           (14,909)                            |
|                                                                                                                 |                                                                                                                                                  |                                                                                            |
|                                                                                                       |                                                                                                                                                  |                                                                                            |
| **CASH FLOWS FROM FINANCING ACTIVITIES:**                                                                       | ****                                                                                                                                             | ****                                                                                       |
|     Due to stockholder                                                                      |                    817                                 |            15,336                        |
|                                                                                                                 |                                                                                                                                                  |                                                                                            |
|                                                                                                       |                                                                                                                                                  |                                                                                            |
|     Effect of exchange rate changes                                                         |                 1,031                                                 |                (770) |
|                                                                                                                 |                                                                                                                                                  |                                                                                            |
|                                                                                                                 |                                                                                                                                                  |                                                                                            |
| **NET INCREASE (DECREASE) IN CASH**                                                                             |                 6,887                                                 |                (343) |
|                                                                                                       |                                                                                                                                                  |                                                                                            |
| **CASH, BEGINNING OF YEAR**                                                                                     |                    797                                 |              1,140             |
|                                                                                                                 |                                                                                                                                                  |                                                                                            |
|                                                                                                       |                                                                                                                                                  |                                                                                            |
| **CASH, END OF YEAR**                                                                                           | $              7,684                                                            | $              797        |
| ****                                                                                                            | =============                                                                                                                                    | =============                                                                              |

See accompanying notes to consolidated financial statements.				21

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**VITA EQUITY INC. AND SUBSIDIARY****NOTES TO CONSOLIDATED FINANCIAL STATEMENTS****AS OF DECEMBER 31, 2005 AND 2004**

**NOTE 1          SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES****Organization**Vita Equity Inc. and subsidiary (the“Company”) is involved in the manufacture of custom ordered jewelry from precious metals and precious stones.  The Company currently has one full time employee and utilizes third party contractors for the purchase of raw jewelry materials, the design of product and manufacture of product.				Vita Equity Inc. was incorporated in the state of Nevada on July 25, 2000.  Vita Equity Inc acquired all of the outstanding common shares of Vita Equity Inc. (Canada) on September 20, 2000.  The Company’s operations are conducted through Vita Equity Inc. (Canada).**Going concern**

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The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, which contemplates continuation of the Company as a going concern.  Although the Company had generated earnings for the year ended December 31, 2005, 98% of the Company’s sales for 2005 are to one customer, a related party and as of December 31, 2005 it had an accumulated deficit of $14,400.  These matters raise substantial doubt about the Company’s ability to continue as a going concern.  Management’s plan is to attempt to raise additional capital until such time the Company is able to generate sufficient operating revenue.  In view of these matters, realization of certain of the assets in the accompanying consolidated financial statements is dependent upon continued operation of the Company, which in turn is dependent upon the Company’s ability to meet its financial requirements, raise additional capital, and the success of its future operations.  Management believes that its ability to raise additional capital provides the opportunity for the Company to continue as a going concern.

**Principles of consolidation**

**

The consolidated financial statements include the accounts and operations of Vita Equity Inc. and its wholly owned subsidiary Vita Equity Inc. (Canada).  Intercompany accounts and transactions have been eliminated in consolidation.

**Use of estimates**

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

22

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**VITA EQUITY INC. AND SUBSIDIARY****NOTES TO CONSOLIDATED FINANCIAL STATEMENTS****AS OF DECEMBER 31, 2005 AND 2004**

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**Accounts receivable**

The Company grants credit to its customers and performs ongoing credit evaluation.  The Company generally does not require collateral or charge interest.

The Company establishes an allowance for doubtful accounts on a case-by-case basis when it believes the required payment of specific amounts owed is unlikely to occur after a review of historical collection experience, subsequent collections and management’s evaluation of existing economic conditions.

As of December 31, 2005, 100% of the company’s accounts receivable were from Montecristo Jewelers Ltd., a related party.

**Revenue recognition**

Sales of completed products are recognized when accepted by the customer, which occurs at delivery.  The Company also provides design services of jewelry pieces.  Design services are billed to customers when the design services are complete and delivered to the customer. Allowances, including cash discounts and customer returns, are provided for at the time the revenue is recognized based upon historical experience, current trends in the retail industry and individual customer and product experience.  Funds collected from customers in advance of delivery and acceptance are reflected as deposits until such time as customer accepts delivery of goods.

****

**Income taxes**

The Company accounts for income taxes under the asset and liability method.  Under this method, deferred tax assets and liabilities are recognized and measured using enacted tax rates at the balance sheet date.  Deferred tax expense or benefit is the result of changes in deferred tax assets and liabilities.  Valuation allowances are established when necessary to reduce net deferred taxes to amounts that are more likely than not to be realized.

**Financial instruments and certain concentrations**

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The carrying amounts of the Company’s financial instruments, including cash, accounts receivable, accounts payable and due to stockholder at December 31, 2005 approximates their fair values due to the short-term nature of these instruments.

Credit is extended to customers based on the evaluation of their financial condition and collateral is not required. The Company performs ongoing credit assessments of its customers and maintains an allowance for doubtful accounts.  Sales to two Canadian customers represented 100% of the Company’s total sales for the years ended December 31, 2005 and 2004.  For the years ended December 31, 2005 and 2004, sales to Montecristo Jewelers Ltd., a related party, accounted for 98% and 76% of the sales, respectively (see Note 2).

The Company purchases all of its precious metals from one vendor and its precious stones from various suppliers.  Material precious metals purchased from one vendor aggregated   62% and 9% of the Company’s total merchandise purchases for the years ended December 31, 2005 and 2004, respectively. 

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**VITA EQUITY INC. AND SUBSIDIARY****NOTES TO CONSOLIDATED FINANCIAL STATEMENTS****AS OF DECEMBER 31, 2005 AND 2004**

**Earnings (loss) per common share**

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Net income (loss) per common share (basic and diluted) is based on the net income (loss) divided by the weighted average number of common shares outstanding during each year. Basic and diluted earnings per share are the same balance.  The Company does not have any common stock equivalents.**Foreign currency translation**

****

Assets and liabilities of the foreign subsidiary are translated into U.S. dollars at period end exchange rates.  Capital accounts are translated into U.S. dollars at the acquisition date rates. Income and expense items are translated at the weighted average exchange rates for the period.  Net exchange gains or losses resulting from such translations are excluded from net loss but are included in comprehensive loss and accumulated in a separate component of stockholders' equity.

**Comprehensive income (loss)**

**

The foreign currency translation gains and losses resulting from the translation of the consolidated financial statements of the Company and its subsidiary expressed in Canadian dollars to United States dollars are reported as Accumulated Other Comprehensive Income (Loss) in the accompanying Consolidated Statements of Stockholders’ Equity (Deficiency).

Other comprehensive income (loss) was $1,031 and $(770) for the years ended December 31, 2005 and 2004, respectively.

**Shipping and Handling Cost**

All shipping and handling costs related to sales to customers are expensed as incurred and charged to Operating expenses. 

**Recent accounting pronouncements**

In November 2004, the FASB issued Statement of Financial Accounting Standards No. 151, “Inventory Costs”. This Statement amends the guidance in ARB No. 43 Chapter 4 Inventory Pricing, to require items such as idle facility costs, excessive spoilage, double freight and rehandling costs to be expensed in the current period, regardless if they are abnormal amounts or not. This Statement will become effective for us in the first quarter of 2006. The adoption of SFAS No. 151 is not expected to have a material impact on our financial condition, results of operations, or cash flows.

****

In December 2004, the FASB issued SFAS No. 123 (revised 2004), “Share-Based Payment”**(SFAS 123R), which revises SFAS No. 123.  SFAS 123R also supersedes APB No. 25 and amends SFAS No. 95, “Statement of Cash Flows”. In general, the accounting required by SFAS 123R is similar to that of SFAS No. 123. However, SFAS No. 123 gave companies a choice to either recognize the fair value of stock options in their income statements or disclose the pro forma income statement effect of the fair value of stock options in the notes to the financial statements. SFAS 123R eliminates that choice and requires the fair value of all share-based payments to employees, including the fair value of grants of employee stock options, be recognized in the income statement, generally over the option vesting period. SFAS 123R must be adopted by the Company no later than the first interim or annual reporting period of the fiscal year that begins on or after December 31, 2005.  Early adoption is permitted.  The adoption of SFAS No. 123R is not expected to have a material impact on our financial condition, results of operations, or cash flows.

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**VITA EQUITY INC. AND SUBSIDIARY****NOTES TO CONSOLIDATED FINANCIAL STATEMENTS****AS OF DECEMBER 31, 2005 AND 2004**

**Recent accounting pronouncements**In May 2005, the FASB issued Statement No. 154 (“SFAS 154”) “Accounting Changes and Error Corrections – a replacement of APB Opinion No. 20 and FASB Statement No. 3.” SFAS 154 changes the requirements for the accounting for and reporting of a change in accounting principle.  APB Opinion 20 previously required that most voluntary changes in accounting principle be recognized by including in net income of the period of the change the cumulative effect of changing to the new accounting principle.  SFAS 154 requires retrospective application to prior periods’ financial statements of changes in accounting principle, unless it is impracticable to determine either the period-specific effects of the cumulative effect of the change.  In the event of such impracticality, SPAS 154 provides for other means of application.  In the event the Company changes accounting principles, it will evaluate the impact of SFAS 154.**NOTE 2          RELATED PARTY TRANSACTIONS**Related party transactions consist of the following:

****

|              | Year Ended                                              | Year Ended                                                    |
|--------------|---------------------------------------------------------|---------------------------------------------------------------|
|              | December 31,                                            | December 31,                                                  |
|              | 2005                                                    | 2004                                                          |
|    |                                                         |                                                               |
| Sales        | $  1,275,607                                       | $      284,930                       |
| Rent         | $         7,434 | $          6,931 |

Due to stockholder at December 31, 2005 and 2004 totaled $17,442 and $16,624 respectively, are non-interest bearing, with no fixed maturity date.

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**VITA EQUITY INC. AND SUBSIDIARY****NOTES TO CONSOLIDATED FINANCIAL STATEMENTS****AS OF DECEMBER 31, 2005 AND 2004**

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**NOTE 3**          **STOCKHOLDERS’ DEFICIENCY**

In July 2000, upon incorporation, 20,000 common shares were issued pursuant to Rule 506 of Regulation D at the cost of $0.001 per common share.  This issuance of common shares was compensation for services which included incorporating the Company and acting as Director, President, Secretary and Treasurer.  Between September 15, 2000 and January 31, 2001, pursuant to Rule 504 of Regulation D, the Company received subscription agreements from certain investors to purchase an aggregate of 12,300,000 of our common shares, at a purchase price of either $0.001 or $0.50 per common share for total gross proceeds of $62,200.  On or about March 1, 2003, the Company authorized the cancellation of all shares issued pursuant to this offering and refunded all the money received pursuant thereto.

This cancellation and refund resulted from misplaced source documents and records, which prevented the Company from being able to confirm that all shares subscribed for were properly paid for.  As a result, it was decided that it was in the best interests of the Company and the shareholders to refund all the subscription proceeds and to start again.  Between April 1, 2003 and June 30, 2003, pursuant to Regulation S, the Company received and accepted subscription agreements from certain investors to purchase an aggregate of 13,200,000 of our common shares, at a purchase price of $0.001 per common share for total gross proceeds to us of $13,200.

**NOTE 4          INCOME TAXES**Significant components of the Company’s deferred income tax assets at December 31, 2005 and December 31, 2004 are as follows:

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|                                              | December 31                                                                                                                 | December 31,                                                                                                    |
|----------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|
|                                              | 2005                                                                                                                        | 2004                                                                                                            |
|                                    |                                                                                                                             |                                                                                                                 |
| Deferred income tax asset:                   |                                                                                                                             |                                                                                                                 |
| Net operating loss carry forward             | $             193                                          | $        13,704                                                         |
|      Valuation allowance |               (193)                                        |          (13,704)                                                       |
|                                              |                                                                                                                             |                                                                                                                 |
|                                    |                                                                                                                             |                                                                                                                 |
| Net deferred income tax asset                | $                    -  | $                  -  |
|                                              | ============                                                                                                                | ============                                                                                                    |

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**VITA EQUITY INC. AND SUBSIDIARY****NOTES TO CONSOLIDATED FINANCIAL STATEMENTS****AS OF DECEMBER 31, 2005 AND 2004**

**NOTE 4          INCOME TAXES**Reconciliation of the effective income tax rate to the U.S. statutory rate is as follows:

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|                                                      | Year Ended                                                                                         | Year Ended                                                                       |
|------------------------------------------------------|----------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|
|                                                      | December 31,                                                                                       | December 31,                                                                     |
|                                                      | 2005                                                                                               | 2004                                                                             |
|                                            |                                                                                                    |                                                                                  |
| Tax expense at the U.S. statutory income tax rate    | 34.0%                                                                                              | (34.0%)                                                                          |
| (Utilization of) Increase in the valuation allowance |       (34.0)                                               |   34.0                                   |
| Effective income tax rate                            |             -      |        -        |

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**Item 8:**
**Changes in and Disagreements With Accountants on Accounting and Financial Disclosure**

**Item 8A:**
**Controls and Procedures**

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Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act are recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to management, including our Principal Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosure.**Limitations on the Effectiveness of Internal Controls**Our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will necessarily prevent all fraud and material error. An internal control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the internal control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate.**Item 8B:**  **Other Information**None

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There were no reports required by section16(a)  of  the  Exchange Act during the most recent fiscal year that were either not filed or not filed on a timely basis.  Also, the Company has no knowledge of any  transactions  that  are required to be reported that were not reported on a timely  basis.

The Company adopted an ethics code in the form attached hereto as exhibit 14.1.

**Item 10.  Executive Compensation**			The following table sets forth compensation information for our officers and directors.			Annual Compensation Table			                             Annual Compensation          Long Term Compensation                                                                           Other                                                           All			                                                                         Annual                                                         Other			                                                                         Com-                                                           Com-			                                                                          pen-      Restricted                                       pen-			                               Fiscal                                  sa-        Stock           Options/  LTIP            sa-Name       Title         Year         Salary    Bonus   tion      Awarded     SARs*(#)payouts($)     tion			Dwight    Pres,  2002-2003     $7,135       0          0               0            0          0                   0			Webb(1)  and   2003-2004     $9,241       0          0               0            0          0                   0			                Dir.   2004-2005   $15,042       0          0               0            0          0                   0			Michael   Dir     2002-2003        0             0          0               0            0          0                   0			Hu  (1)              2003-2004        0             0          0               0            0          0                   0			                         2004-2005        0             0          0               0            0          0                   0			Mauro     Sec    2002-2003        0             0           0              0             0          0           $2,497 (2)			Baessato  (1)     2003-2004        0             0           0              0             0          0                 0			                         2004-2005        0             0           0              0             0          0                 0     

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(1)     We have not entered into any employment agreements with Mr. Webb, Mr. Baessato or Mr. Hu.  We intend on compensating Mr. Webb as an employee and/or as a director in the future at market rates once the company becomes profitable.				(2)  There are no standard arrangements for the compensation of directors and no payments have been made to our Directors for services performed by them in that regard.  Mr. Webb was compensated as stated above for services rendered to the company in his capacity as an officer.  Mr. Baessato was compensated as stated above on a one-time basis for services performed by him on a one-time basis.

We do not have an audit committee, nor do we have a compensation committee.  We anticipate forming these committees at our next Board of Directors’ meeting.

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> 
(1)         Based on 13,220,000 shares of common stock issued and outstanding as of April 14, 2006.

**Item 12.  Certain Relationships and Related Transactions.**Related party transactions consist of the following:

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|              | Year Ended                                              | Year Ended                                                    |
|--------------|---------------------------------------------------------|---------------------------------------------------------------|
|              | December 31,                                            | December 31,                                                  |
|              | 2005                                                    | 2004                                                          |
|    |                                                         |                                                               |
| Sales        | $  1,275,607                                       | $      284,930                       |
| Rent         | $         7,434 | $          6,931 |

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TAX  FEES

The  aggregate  fees  billed  by  our auditors for professional services for tax compliance,  tax  advice,  and  tax planning were $0 and $0 for the fiscal years ended  December  31,  2004  and  2005.

ALL  OTHER  FEES

The aggregate fees billed by our auditors for all other non-audit services, such as  attending  meetings  and  other  miscellaneous financial consulting, for the fiscal  years  ended  December  31,  2004  and  2005  were $0.00 and $0.00 respectively.**SIGNATURES**In  accordance  with  Section  13  or  15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.			                                                                                VITA EQUITY, INC.			                                                                                By:  /s/ Dwight Webb                    			                                                                                     Dwight Webb, President			                                                                                Date:  April 14, 2006			In  accordance  with  the Exchange Act, this report has been signed below by the following  persons  on behalf of the registrant and in the capacities and on the dates  indicated.			                                                                                   /s/ Dwight Webb                    			                                                                                   Dwight Webb			                                                                                   Director			                                                                                   Principal Executive Officer			                                                                                   Principal Financial Officer			                                                                                   Principal Accounting Officer			                                                                                   April 14, 2006

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