**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB**

** **

| x | QUARTERLY                REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF                1934 |
|---|-----------------------------------------------------------------------------------------------------------------|

**For      the quarterly period ended September 30, 2006**

| o | TRANSITION                REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE                ACT |
|---|-----------------------------------------------------------------------------------------------|

**333-128077**

**MARINE      GROWTH VENTURES, INC.**

| **Delaware**                                                    | **20-0890800**                           |
|-----------------------------------------------------------------|------------------------------------------|
| (State                or other jurisdiction                | (IRS                Employer             |
| of                incorporation or                organization) | Identification                No.)  |

**405-A      Atlantis Road**

**Cape      Canaveral, Florida 32920**

**(321)      783-1744**

**N/A**

----

**MARINE      GROWTH VENTURES, INC.**

**FORM      10-QSB**

**QUARTERLY      PERIOD ENDED SEPTEMBER 30, 2006**

**TABLE      OF CONTENTS**

| PART 1            |   | FINANCIAL INFORMATION                                                                                                                                                                              |   | 2        |
|-------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|
|              |   |                                                                                                                                                                                                    |   |     |
| Item 1.           |   | Financial Statements                                                                                                                                                                                    |   | 2        |
|              |   |                                                                                                                                                                                                    |   |     |
|              |   | Condensed Consolidated Balance Sheet              as of              September 30, 2006 (Unaudited)                                                                                                     |   | 2        |
|              |   |                                                                                                                                                                                                    |   |     |
|              |   | Condensed                Consolidated Statements of Operations for the Three and Nine Months                    Ended                September 30, 2006 and 2005 (Unaudited)        |   | 3        |
|              |   |                                                                                                                                                                                                    |   |     |
|              |   | Condensed                Consolidated Statements of Cash Flows for the Nine Months Ended                    September                30,                2006 and 2005 (Unaudited)   |   | 4        |
|              |   |                                                                                                                                                                                                    |   |     |
|              |   | Notes                to Condensed Consolidated Financial Statements as of September 30,                2006                    (Unaudited)                                          |   | 5        |
|              |   |                                                                                                                                                                                                    |   |     |
| Item 2.           |   | Management’s                Discussion and Analysis of Financial Condition     and                Results of Operations          |   | 9        |
|              |   |                                                                                                                                                                                                    |   |     |
| Item 3.           |   | Controls and Procedures                                                                                                                                                                                 |   | 12       |
|              |   |                                                                                                                                                                                                    |   |     |
| PART II           |   | OTHER INFORMATION                                                                                                                                                                                       |   | 13  |
|              |   |                                                                                                                                                                                                    |   |     |
|  Item 1.     |   | Legal Proceedings                                                                                                                                                                                       |   | 13       |
|              |   |                                                                                                                                                                                                    |   |     |
| Item 2.           |   | Unregistered Sales of Equity Securities              and              Use of Proceeds                                                                                                                   |   | 13       |
|              |   |                                                                                                                                                                                                    |   |     |
| Item 3.           |   | Defaults Upon Senior Securities                                                                                                                                                                         |   | 13       |
|              |   |                                                                                                                                                                                                    |   |     |
| Item 4.           |   | Submission of Matters to a Vote of Security              Holders                                                                                                                                        |   | 13       |
|              |   |                                                                                                                                                                                                    |   |     |
| Item 5.           |   | Other              Information                                                                                                                                                                          |   | 13       |
|              |   |                                                                                                                                                                                                    |   |     |
| Item 6.           |   | Exhibits                                                                                                                                                                                                |   | 13       |
|              |   |                                                                                                                                                                                                    |   |     |
| SIGNATURES        |   |                                                                                                                                                                                                    |   | 14       |
|              |   |                                                                                                                                                                                                    |   |     |
| INDEX TO EXHIBITS |   |                                                                                                                                                                                                    |   | 15       |

----

**PART      I - FINANCIAL INFORMATION**

**ITEM      1 - FINANCIAL STATEMENTS**

**Marine      Growth Ventures, Inc. and Subsidiaries**

**Condensed      Consolidated Balance Sheet**

**(Unaudited)**

|                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | September                30,2006  |                                                                                            |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|-------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                   |                                                                                            |
| **ASSETS**                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                   |                                                                                            |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                   |                                                                                            |   |
| **    CURRENT              ASSETS**                                                                                                                                                                                                                                                                                                                                                                                 |   |                                   |                                                                                            |   |
|     Cash                                                                                                                                                                                                                                                                                                                                                                                                            |   | $                                      | 209,702                                                                                         |   |
|         Total              Current              Assets                                                                                                                                                                                                                                                                                                                 |   |                                   | 209,702                                                                                         |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                   |                                                                                            |   |
| **    FIXED              ASSETS,              NET**                                                                                                                                                                                                                                                                                                                                   |   |                                   | 1,422                                                                                           |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                   |                                                                                            |   |
| **    OTHER              ASSETS**                                                                                                                                                                                                                                                                                                                                                                              |   |                                   |                                                                                            |   |
|     Accounting              Retainer                                                                                                                                                                                                                                                                                                                                                       |   |                                   | 5,000                                                                                           |   |
|     Other              Deposits                                                                                                                                                                                                                                                                                                                                                       |   |                                   | 4,181                                                                                           |   |
|         Total              Other Assets                                                                                                                                                                                                                                                                                                                                                    |   |                                   | 9,181                                                                                           |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                   |                                                                                            |   |
| **    TOTAL              ASSETS**                                                                                                                                                                                                                                                                                                                                                                                   |   | **$**                                  | **220,305**                                                                                     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                   |                                                                                            |   |
| **LIABILITIES&STOCKHOLDERS’                (DEFICIENCY**                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                   |                                                                                            |   |
| **    CURRENT              LIABILITIES**                                                                                                                                                                                                                                                                                                                                                                            |   |                                   |                                                                                            |   |
|     Accrued              Payroll                                                                                                                                                                                                                                                                                                                                                      |   | $                                      | 294,403                                                                                         |   |
|     Accounts              Payable                                                                                                                                                                                                                                                                                                                                                     |   |                                   | 84,017                                                                                          |   |
|     Accrued              Interest Payable                                                                                                                                                                                                                                                                                                                                                  |   |                                   | 5,666                                                                                           |   |
|     Accrued              Expenses                                                                                                                                                                                                                                                                                                                                                          |   |                                   |                             104,891 |   |
|     Other              Payables                                                                                                                                                                                                                                                                                                                                                       |   |                                   | 203,570                                                                                         |   |
|     Note              Payable –              Stockholder                                                                                                                                                                                                                                                                                                                             |   |                                   | 137,450                                                                                         |   |
|         Total              Current              Liabilities                                                                                                                                                                                                                                                                                                                 |   |                                   | 829,997                                                                                         |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                   |                                                                                            |   |
| **COMMITMENTS              AND              CONTINGENCIES**                                                                                                                                                                                                                                                                                                                                                                             |   |                                   |                                                                                            |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                   |                                                                                            |   |
| **    STOCKHOLDERS’              (DEFICIENCY)**                                                                                                                                                                                                                                                                                                                                                               |   |                                   |                                                                                            |   |
|     Preferred                Stock, $0.001 par value, 5,000,000     shares                authorized, none issued or outstanding    Common                Stock, $0.001 par value, 100,000,000    shares                authorized, 21,739,500 issued and     outstanding                        |   |                                   | 21,740                                                                                          |   |
|     Additional              Paid-In Capital                                                                                                                                                                                                                                                                                                                                           |   |                                   | 548,199                                                                                         |   |
|     Accumulated              Deficit                                                                                                                                                                                                                                                                                                                                                       |   |                                   | (1,179,631                                                                                      | ) |
|         Total              Stockholders’ (Deficiency)                                                                                                                                                                                                                                                                                                                                     |   |                                   |  (609,692                                                                                  | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                   |                                                                                            |   |
| **TOTAL                LIABILITIES & STOCKHOLDERS’****(DEFICIENCY)**                                                                                                                                                                                                                                                                                                                                                          |   |                                   | **$              220,305**                                                                      |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                   |                                                                                            |   |

----

**Marine      Growth Ventures, Inc. and Subsidiaries**

**Condensed      Consolidated Statements of Operations**

**(Unaudited)**

|                                                                                                                                                |   | **Three                  Months**  |       | **Nine                  Months**   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|------------|------------------------------------|--------|
|                                                                                                                                                |   | **Ended**                          |       | **Ended**                |   |
|                                                                                                                                                |   | **September                  30,** |       | **September                  30,** |   |
|                                                                                                                                                |   | **2006**                           |       | **2005**                           |   | **2006** |   | **2005** |   |
| **REVENUE**                                                                                                                                         |   |                               |       |                          |   |   |   |    |   |
|     Ship                  Management Fees                                                                                       |   |                               |       |                          |   |   |   |    |   |
|                         and Consulting Revenue                                                                        |   | $                                  | 6,000      |                               | $      | 19,000 |   | $ | 18,000 |   | $ | 112,000 |   |
|                           Total Revenue                                                                          |   |                               | 6,000      |                               |   | 19,000 |   |   | 18,000 |   |   | 112,000 |   |
|                                                                                                                                                |   |                               |       |                               |   |   |   |   |   |   |   |   |   |
| **EXPENSES**                                                                                                                                        |   |                               |       |                               |   |   |   |   |   |   |   |   |   |
|     Operating                                                                                                                   |   |                               | —    |                               |   | — |   |   | — |   |   | 46,511 |   |
|     Selling                                                                                                                     |   |                               | —    |                               |   | 630 |   |   | — |   |   | 710 |   |
|     General                  and Administrative                                                                                 |   |                               | 150,141    |                               |   | 246,296 |   |   | 475,013 |   |   | 503,560 |   |
|     Impairment                  of                  Goodwill                                                                    |   |                               | —    |                               |   | — |   |   | — |   |   | 12,500 |   |
|         Total                  Expenses                                                                     |   |                               | 150,141    |                               |   | 246,926 |   |   | 475,013 |   |   | 563,281 |   |
|                                                                                                                                                |   |                               |       |                               |   |   |   |   |   |   |   |   |   |
| **LOSS                  FROM OPERATIONS**                                                                                                           |   |                               | (144,141   | )                                  |   | (227,926 | ) |   | (457,013 | ) |   | (451,281 | ) |
|                                                                                                                                                |   |                               |       |                               |   |   |   |   |   |   |   |   |   |
| **OTHER                  INCOME(EXPENSE)**                                                                                                          |   |                               |       |                               |   |   |   |   |   |   |   |   |   |
|     Other                  Income                                                                                               |   |                               | —    |                               |   | — |   |   | — |   |   | 12,886 |   |
|     Other                  (Expense)                                                                                            |   |                               | (3,534     | )                                  |   | (1,396 | ) |   | (6,934 | ) |   | (14,161 | ) |
|                          Total Other Income (Expense)                                                            |   |                               | (3,534     | )                                  |   | (1,396 | ) |   | (6,934 | ) |   | (1,275 | ) |
|                                                                                                                                                |   |                               |       |                               |   |   |   |   |   |   |   |   |   |
| **NET                  LOSS**                                                                                                                       |   | $                                  | (147,675   | )                                  | $      | (229,322 | ) | $ | (463,947 | ) | $ | (452,556 | ) |
|                                                                                                                                                |   |                               |       |                               |   |   |   |   |   |   |   |   |   |
| **Basic                  and diluted loss per common share**                                                                                        |   | $                                  | (0.01      | )                                  | $      | (0.01 | ) | $ | (0.02 | ) | $ | (0.02 | ) |
| **Weighted                  average number of common shares****outstanding –                    basic &                    diluted** |   |                               | 21,739,500 |                               |   | 21,483,643 |   |   | 21,739,500 |   |   | 20,562,910 |   |

----

**Marine      Growth Ventures, Inc. and Subsidiaries**

**Condensed      Consolidated Statements of Cash Flows**

**(Unaudited)**

|                                                                                                                                                   |   | **Nine                  Months**   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|
|                                                                                                                                                   |   | **Ended**           |
|                                                                                                                                                   |   | **September                  30,** |
|                                                                                                                                                   |   | **2006**                           |   | **2005** |   |
| **CASH                  FLOWS FROM OPERATING ACTIVITIES:**                                                                                             |   |                               |   |    |   |
|     Net                  Loss                                                                                                      |   | $                                  | (463,947 | ) | $ | (452,556 | ) |
|                         Adjustments To Reconcile Net Loss To Net Cash                                                    |   |                               |   |   |   |   |   |
|         Used                  In                  Operating Activities:                                        |   |                               |   |   |   |   |   |
|         Depreciation                                                                                           |   |                               | 427 |   |   | 279 |   |
|         Impairment                  Of                  Goodwill                                               |   |                               | — |   |   | 12,500 |   |
|         Changes                  In Operating Assets & Liabilities:                                        |   |                               |   |   |   |   |   |
|         Accounts                  Receivable                                                                   |   |                               | — |   |   | (20,774 | ) |
|         Other                  Assets                                                                          |   |                               | (2,000 | ) |   | (42,500 | ) |
|         Legal                  Bond                                                                            |   |                               | 37,500 |   |   | — |   |
|         Accrued                  Payroll                                                                       |   |                               | 220,384 |   |   | 2,271 |   |
|         Accounts                  Payable                                                                      |   |                               | 43,714 |   |   | 30,080 |   |
|         Accrued                  Interest Payable                                                              |   |                               | 5,666 |   |   | (1,126 | ) |
|         Accrued                  Expenses                                                                      |   |                               | 22,461 |   |   | 50,000 |   |
|         Deferred                  Income                                                                       |   |                               | (2,000 | ) |   | — |   |
|         Other                  Payable                                                                         |   |                               | 3,660 |   |   | (9,729 | ) |
|     Net                  Cash (Used In) Operating Activities                                                                       |   |                               | (134,135 | ) |   | (431,555 | ) |
|                                                                                                                                                   |   |                               |   |   |   |   |   |
| **CASH                  FLOWS FROM INVESTING ACTIVITIES:**                                                                                             |   |                               |   |   |   |   |   |
|         Purchase                  Of                  Fixed Assets                                             |   |                               | — |   |   | (1,078 | ) |
|         Advances                  Made                  On Loans Receivable                                    |   |                               | — |   |   | (3,143 | ) |
|         Proceeds                  From                  Repayment Of Loans Receivable                          |   |                               | 3,143 |   |   | 6,000 |   |
|         Advances                  Made                  On Notes Receivable                                    |   |                               | — |   |   | (53,406 | ) |
|         Proceeds                  From                  Repayment Of Notes Receivable                          |   |                               | — |   |   | 317,136 |   |
|     Net                  Cash Provided By Investing Activities                                                                     |   |                               | 3,143 |   |   | 260,509 |   |
|                                                                                                                                                   |   |                               |   |   |   |   |   |
| **CASH                  FLOWS FROM FINANCING ACTIVITIES:**                                                                                             |   |                               |   |   |   |   |   |
|         Decrease                  In                  Cash Overdraft                                           |   |                               | — |   |   | (5,868 | ) |
|         Proceeds                  From                  Insurance Company To Be Distributed                    |   |                               | 199,910 |   |   | — |   |
|         Proceeds                  From                  Note Payable –                  Stockholder |   |                               | 137,450 |   |   | 210,185 |   |
|         Repayment                  Of                  Note Payable –                  Stockholder  |   |                               | — |   |   | (343,966 | ) |
|         Proceeds                  From                  Common Stock Subscribed                                |   |                               | — |   |   | 1,250 |   |
|         Proceeds                  From                  Common Stock Issued                                    |   |                               | — |   |   | 1,640 |   |
|         Proceeds                  From                  Additional Paid In Capital                             |   |                               | — |   |   | 313,759 |   |
|     Net                  Cash Provided By Financing Activities                                                                     |   |                               | 337,360 |   |   | 177,000 |   |
|                                                                                                                                                   |   |                               |   |   |   |   |   |
| **NET                  INCREASE IN CASH**                                                                                                              |   |                               | 206,368 |   |   | 10,954 |   |
|                                                                                                                                                   |   |                               |   |   |   |   |   |
| **CASH,                  BEGINNING OF PERIOD**                                                                                                         |   |                               | 3,334 |   |   | — |   |
|                                                                                                                                                   |   |                               |   |   |   |   |   |
| **CASH,                  END OF PERIOD**                                                                                                               |   | $                                  | 209,702 |   | $ | 10,954 |   |

----

**Marine      Growth Ventures, Inc. and Subsidiaries**

**Notes      to Condensed Consolidated Financial Statements**

**As      of September 30, 2006 (Unaudited)**

**Note      1 - **
**Organization      and Operations and Going Concern**
** **

**Note      2 - **
**Summary      of Significant Accounting Policies**

|   | (A) | Principles                of Consolidation |
|--------|-----|--------------------------------------------|

|   | (B) | Use                of Estimates |
|--------|-----|---------------------------------|

----

|   | (C) | Loss                per Share |
|--------|-----|-------------------------------|

|   | (D) | Interim                Condensed Consolidated Financial                Statements |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (E) | Recent                Accounting Pronouncements |
|--------|-----|-------------------------------------------------|

**Note      3- **
**Related      Party Transactions**

----

**Note      4 - **
**Concentration      of Credit Risk**
** **

**Note      5 - **
**Fixed      Assets**

|         Office              Furniture                     |   | $      | 1,286  |   |
|---------------------------------------------------------------------------------------------------|--------|--------|--------|--------|
|         Computer              Equipment         |   |   | 1,078  |   |
|         Less:              Accumulated Depreciation  |   |   | (942   | )      |
|                                                                                              |   |   |   |   |
|         Fixed              Assets, net     |   | $      | 1,422  |   |

**Note      6 - **
**Legal      Bond**

----

**Note      7 - **
**Riveria      I**

**Note      8 - **
**Subsequent      Events**

----

**Forward-Looking      Statements**

**Background**

**Results      of Operations**

*Three      Months Ended September 30, 2006 and 2005:*

----

*Nine      Months Ended September 30, 2006 and 2005:*

----

**Liquidity      and Capital Resources**

----

**Off-Balance      Sheet Arrangements**

**Critical      Accounting Policies**

*Concentrations      of Credit Risk*

*Revenue      Recognition*

**ITEM      3 - CONTROLS AND PROCEDURES**

----

**PART      II - OTHER INFORMATION**

**ITEM      1 - LEGAL PROCEEDINGS**

**ITEM      2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF      PROCEEDS**

**ITEM      3 - DEFAULTS UPON SENIOR SECURITIES**

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

**ITEM      5 - OTHER INFORMATION**

**ITEM      6 - EXHIBITS**

|   | 31.1 | Certification of CEO Pursuant to 13a-14(a) under              the              Exchange Act |
|--------|------|---------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | 31.2 | Certification of the CFO Pursuant to 13a-14(a) under              the              Exchange Act |
|--------|------|-------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | 32.1 | Certification of the CEO pursuant to 18 U.S.C Section              1350 |
|--------|------|-------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | 32.2 | Certification                of the CFO pursuant to 18 U.S.C. Section                1350 |
|--------|------|-------------------------------------------------------------------------------------------|

----

**SIGNATURES**

|                                  |                                                                              |                            |
|---------------------------------------|-----------------------------------------------------------------------------------|---------------------------------|
|                                  | MARINE              GROWTH              VENTURES, INC.                            |
|                             |                                                                         |                       |
| Dated:              November 14, 2006 | By:                                                                     | /s/              Craig Hodgkins |
|                                  | Craig              Hodgkins                                                       |
|                                  | President                and Director(Principal                Executive Officer) |

|                                 |                                                                                               |                                 |
|--------------------------------------|----------------------------------------------------------------------------------------------------|--------------------------------------|
|                                 |                                                                                               |
|                            |                                                                                          |                            |
| Date:              November 14, 2006 | By:                                                                                      | /s/              Katherine Ostruszka |
|                                 | Katherine              Ostruszka                                                                   |
|                                 | Chief                Financial Officer and Controller (Principal                Financial Officer) |

----

**EXHIBIT      INDEX**

----