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

[X]  ANNUAL REPORT  PURSUANT TO SECTION 13 OR 15(D) OF THE  SECURITIES  EXCHANGE
     ACT OF 1934

                     FOR THE FISCAL YEAR ENDED JUNE 30, 2007

[ ]  TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR  15(D)  OF THE  SECURITIES
     EXCHANGE ACT OF 1934

                        COMMISSION FILE NUMBER 000-29249

                              TRUE PRODUCT ID, INC.
             (Exact name of registrant as specified in its charter)

         Delaware                                               16-1499611
 (State or other jurisdiction of incorporation              (I.R.S. Employer
  or organization)                                           Identification No.)

          2600 Center Square West
                 1500 Market Street
          Philadelphia, Pennsylvania                              19102
          (Address of principal executive offices)               (Zip Code)

        Registrant's telephone number, including area code: 215-496-8102

Securities  registered  pursuant to Section  12(b) of the Act:  None  Securities
registered pursuant to Section 12(g) of the Act:

                         Common Stock, $0.001 par value
                                (Title of Class)

Indicated by check mark whether the  registrant  is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act Yes No X

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

The  aggregate  market value of the voting stock held by  non-affiliates  of the
registrant  was  $20,183,345 as of October 25, 2007 computed on the basis of the
average of the bid and asked prices on such date.

The  registrant's  revenues  for the year ended June 30,  2007 were $-0-.  As of
September  28, 2007 there were  450,622,336  shares of the  registrant's  Common
Stock outstanding.

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best  of  the  registrant's   knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part  III of this  Form  10-K or any
amendment to this Form 10-K. [ X ]

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

EXPLANATORY  NOTE:  This Annual  Report on Form  10-KSB/A  has been filed by the
registrant to amend the Annual Report on Form 10-KSB filed by the  Registrant on
October 2, 2007 to include the  information  required to be disclosed by Items 9
through 14 of Part III on Form 10-KSB.


<PAGE>

<TABLE>


                                    PART III

Item 9. Directors, Executive Officers, Promoters and Control Persons; Compliance
with  Section  16(a)  of  the  Exchange  Act

The  following  table sets forth  information  regarding  the  directors  of the
Corporation, all of which were appointed for a one-year term.
-------------------------------------    ---------------    --------------------------------------------------------------
    Name, Age and                         Year              Certain Other Information
Principal Occupation                      First
                                         Appointed
-------------------------------------    ---------------    --------------------------------------------------------------
-------------------------------------    ---------------    --------------------------------------------------------------
<S>                                                         <C>                 <C>
James MacKay (50),                         2006               Mr. MacKay is a global  entrepreneur and venture  capitalist
Chairman of True                                              respected by governments,  financiers,  businesses and other
Product ID, Inc.                                              organizations  throughout the world and has been involved in
                                                              a number of international  multi-billion dollar projects. He
                                                              has  been  approached  on some of his  ventures  by  leading
                                                              government dignitaries and officials from France, the United
                                                              Kingdom,  the People's Republic of China, Japan,  Singapore,
                                                              India and the Philippines, among other countries. Mr. MacKay
                                                              served as the Company's Interim Chairman from March 16, 2006
                                                              to  November  13,  2006,  and  rejoined  the  Company as its
                                                              Interim  Chairman on August 17, 2007.  He is the chairman of
                                                              the Company's Chinese joint venture company affiliate,  True
                                                              Product ID  Technology  (Beijing)  Limited (the  "Chinese JV
                                                              Company").

-------------------------------------    ---------------    --------------------------------------------------------------
Sergio Luz (43),                           2007               Mr. Luz is a member of the board of directors of the Chinese
Director and President                                        JV  Company,  the  managing  director  of  Wanda  Technology
and Secretary of True                                         Limited,  a Hong Kong Company which develops and distributes
Product ID, Inc.                                              worldwide  consumer  goods  incorporating  innovative  solar
                                                              energy  technology,  and the  manager  of  Sichuan  Valencia
                                                              Trading  Limited  ("SVTL"),   a  Chinese  limited  liability
                                                              company.  Mr. Luz's career to date has been diverse.  It has
                                                              involved  countries around the world (mainland  China,  Hong
                                                              Kong, Macau, the United States,  Spain, and Sweden).  It has
                                                              involved   multiple   industries    (advanced    technology,
                                                              environmental,   consumer  goods   including   garments  and
                                                              apparel,  computers,  internet,  electronics,   tourism  and
                                                              hospitality,  and wine and spirits,  among  others).  It has
                                                              involved   multiple  areas,   fields  or  disciplines   (OEM
                                                              manufacturing,    including    electronics    and   computer
                                                              components;    international    sales   and    distribution;
                                                              international  trade and importing and  exporting;  research
                                                              and development; operations; and management). Significantly,
                                                              one of Mr.  Luz's  focuses  has been  "green"  environmental
                                                              measures,  especially  those  which help  address  the rapid
                                                              growth of the Chinese economy and the environmental concerns
                                                              such  growth  presents.  Several of his  companies  focus on
                                                              developing  innovative  technology  related  to  alternative
                                                              energy such as solar energy, water treatment and filtration,
                                                              and  recycling.  A graduate of La Salle College in Hong Kong
                                                              and the Institute of Foreign  Language in Spain, in addition
                                                              to SVTL and the Chinese JV Company, Mr. Luz is a director of
                                                              several companies  including Wanda Technology,  Santaiwanda,
                                                              Valencia  Wine Trading,  and China  Fishery and  Agriculture
                                                              Bioenvironmental Technology, among others.



                                       -2-
<PAGE>


-------------------------------------    ---------------    --------------------------------------------------------------
Michael J. Antonopolos (55),               2007               Mr.  Antonopolos is a 32-year veteran of the commercial real
(55), Director                                                estate  industry  and is a principal of a firm he started in
                                                              2000  which  provides  debt and equity for a variety of real
                                                              estate  investments.  As a partner in a privately  held real
                                                              estate investment fund, Mr.  Antonopolos was instrumental in
                                                              raising  and  placing  over  $700   million  in   investment
                                                              opportunities.  He has been involved in the  development  of
                                                              over 7 million square feet of office, retail, and industrial
                                                              properties and has negotiated lease and equity  transactions
                                                              valued at more than $9 billion.  Mr.  Antonopolos was also a
                                                              part  of a 23  person  strategic  task  force  charged  with
                                                              preparing  a  5-year  strategic  plan  for  a  $350  million
                                                              international service company. Prior to 2000, Mr. Antonoplos
                                                              was  Senior  Vice  President  and  Managing  Director  for a
                                                              national real estate services  company where he directed all
                                                              corporate advisory activities throughout the Eastern U.S. In
                                                              this capacity,  Mr. Antonoplos  advised corporate clients on
                                                              administration  and strategic  implementation  of their real
                                                              estate portfolios, which exceeded $7 billion in total value.

-------------------------------------    ---------------    --------------------------------------------------------------
Li Ning (47), Director                   2007                 Mr.  Li is the  chief  executive  officer  of the  Company's
                                                              Chinese JV Company.  Prior to his corporate  career,  Mr. Li
                                                              formerly   served  as  a  senior  officer  in  the  People's
                                                              Liberation Army (PLA).  After graduating from the PLA Sports
                                                              Institute,  Mr. Li  furthered  his  education at The Central
                                                              Party School's University of Economic  Management.  He later
                                                              attended  the School of  Economics &  Management  at Kunming
                                                              Polytechnic  University,  where he  obtained  his Masters of
                                                              Economics.  Before  heading  TPID  Beijing,  Mr. Li formerly
                                                              served as  Director of  Guangzhou  Bai Yi  Technology  Ltd.,
                                                              General  Manager  of  Beijing  Satellite  Technology  Center
                                                              Limited,  Executive  CEO of Beijing  Xin Wan  Communications
                                                              Ltd.,  Legal   Representative   of  Yunnan  Security  System
                                                              Integration   Ltd,   General   Manager  of  Beijing  Yi  Jun
                                                              Investment   Management  Limited,  and  Chairman  and  Legal
                                                              Representative of Beijing Xinyun Zexin Technology Limited.


Mr.  MacKay  rejoined  the Board of Directors  (the  "Board") on August 17, 2007
after  resigning  from the Board on March 12,  2007.  Mr. Li joined the Board on
August 17, 2007. Mr. Bendis resigned from the Board on August 17, 2007.

                               EXECUTIVE OFFICERS

Name                               Age               Position Held
----                               ---               -------------
Sergio Luz                         43                President, Secretary, and Director
Richard A. Bendis                  61                Former President, Secretary, Chief Executive Officer and Director

</TABLE>

Mr. Bendis resigned from the Board and as President and Chief Executive  Officer
on August 17, 2007. For additional  information  regarding MacKay and Luz please
see the information provided above regarding directors.

BOARD OF DIRECTORS AND COMMITTEES
The Board currently has four directors.  On March 16, 2006 the Corporation (then
d/b/a ONTV Inc.)  experienced  a "Change in  Control"  and is in the  process of



                                      -3-
<PAGE>

<TABLE>


reorganizing its corporate  governance.  The Corporation currently does not have
regular  Board  meetings  but  the  directors  consult  on  significant  matters
affecting  the  Corporation.  The  Corporation  also  does  not  have  an  Audit
Committee.  In the fiscal year ending June 30, 2008, the Corporation  expects to
hold regular Board meeting,  to increase the size of the Board and to constitute
Board committees including a Audit, Nominating and Compensation Committees.

The Corporation  currently does not have a Code of Ethics but expects to develop
one during the fiscal year ending June 30, 2008.

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Section 16(a) of the Exchange Act requires our directors, executive officers and
persons who own more than 10% of a registered class of our equity  securities to
file initial reports of beneficial  ownership (Form 3) and reports of changes in
beneficial ownership (Forms 4 and 5) of common stock and other equity securities
of ours with the SEC. Officers, directors and greater than 10% beneficial owners
are required by SEC  regulations  to furnish us with copies of all Section 16(a)
forms they file.  Our  information  regarding  compliance  with Section 16(a) is
based  solely on a review of the copies of such  reports  furnished to us by our
executive officers, directors and greater than 10% beneficial owners. During the
fiscal year ended June 30, 2007, we believe that all of our executive  officers,
directors and greater than 10%  beneficial  owners  complied with all applicable
Section 16(a) filing requirements.

ITEM 10.  EXECUTIVE COMPENSATION

COMPENSATION DISCUSSION AND ANALYSIS
Because the Corporation is a development  stage enterprise and is in the process
of constituting a Board and as yet has not established any Board Committees, the
Corporation has not yet developed a compensation  philosophy but expect to start
on this  process in the fiscal year ending June 30,  2008.  To date the officers
and directors of the  Corporation  have not received any cash  compensation  for
their services.

The Corporation does not maintain any equity ownership  guidelines for our Named
Executive Officers ("NEO").

Summary Compensation Table
The  following  table  sets  forth for the  fiscal  year  ended  June 30,  2007,
compensation  awarded to, paid to, or earned by, our Chief Executive Officer and
our Chief Financial  Officer who served in such capacity during such fiscal year
(the "Named Executive Officers"):
                                                                                                          Pension
                                                                                                          Value and
                                                                                                          Nonqualified
                                                                                         Non-Equity       Deferred      All Other
Name and                              Salary                      Stock   Option         Incentive Plan   Compensation  Compensation
Principal                                       Bonus  Award(s)   Awards  Compensation   Earnings         (B)
Position                        Year   ($)      ($)      ($)       ($)    ($)            ($)              ($) Total
<S>                                                                             <C>      <C>              <C>           <C>
James MacKay, Chairman,(A)(C)   2007  300,000   --     2,769,197  --       --             --              --            3,069,197
Richard Bendis, President, CEO,
 CFO And Director,(B)(C)        2007  500,000   --     2,123,051  --       --             --              --            2,623,051
</TABLE>

Mr. Bendis resigned from the Board and as President and Chief Executive  Officer
on August 17, 2007. (A) In November 2006, the Company  entered into a Consulting
Agreement  with  James  MacKay  ("MacKay")  for a  three-year  term with  annual
compensation of $300,000. At June 30, 2007 Mr. MacKay is owed $387,500 under the
agreement.  On August 17, 2007,  Mr. MacKay  rejoined the Company as Chairman of
the Board upon the resignation of Mr. Bendis.

In March 2006, the Corporation  entered into an Executive  Employment  Agreement
with Richard A. Bendis ("Bendis"),  where Bendis will serve as the Corporation's
President  and Chief  Executive  Officer  for a  three-year  term,  with  annual
compensation of $500,000. At June 30, 2007 Mr. Bendis is owed $645,833 under the
agreement.  Additionally, the Corporation's accrued liabilities at June 30, 2007
include $49,973 representing  unreimbursed employee  expenditures  primarily for
travel.

On  November  11,  2006 Mr.  MacKay was to receive  15% of the then  outstanding
shares of common stock in the  Corporation.  The common shares to be received by
Mr. Mackay shall be  immediately  vested to him. On November 13, 2006 Mr. MacKay


                                      -4-
<PAGE>

<TABLE>

vested  39,559,961  shares  of the  Corporation's  common  stock  as part of the
aforementioned Services Agreement.  The common shares of the Corporation's stock
closed trading on November 13, 2006 at $0.07 per share  resulting in a valuation
of  $2,769,197,  which was expensed in the quarter ended  December 31, 2006. Mr.
MacKay's  common  shares  vested to him prior to the vesting of common shares to
Mr.  Bendis.  As part of the  aforementioned  Agreement  with  Mr.  MacKay,  the
Corporation  has agreed to pay Mr. Mackay a  funding-related  incentive of 2% of
the gross  proceeds  received by the  Corporation  as a result of any funding or
financing,  which  arose  in whole or in part  from  the Mr.  MacKay's  efforts.
Funding or  financings  shall be deemed to have  arisen in whole or in part from
the Mr.  MacKay's  efforts,  where:  (a) the  funding  or  financing  entity was
introduced  to  the   Corporation  by  the  Mr.  MacKay's  and/or  his  contacts
unaffiliated  with the  Corporation;  (b) Mr.  MacKay  actively took part in the
negotiations  related  to the  funding  or  financing;  or (c)  the  funding  or
financing would not have been secured but for Mr. MacKay's presence or efforts

(B) Mr. Bendis was entitled to receive the following compensation in addition to
his salary in accordance with the Executive Employment  Agreement  ("Agreement")
entered with him in March 2006. The Agreement has a three-year term:

Mr.  Bendis was issued  shares of the  Corporation's  common  stock equal to ten
percent (10%) of the number of outstanding shares of the Corporation existing as
of November 12, 2006. On November 13, 2006 Mr. Bendis vested  30,329,303  shares
of the  Corporation's  common  stock  as  part of the  aforementioned  Executive
Employment  Agreement.  The  common  shares of the  Corporation's  stock  closed
trading on November  13,  2006 at $0.07 per share  resulting  in a valuation  of
$2,123,051,  which was expensed in the quarter  ended  December  31,  2006.  Mr.
Bendis resigned from the Board and as President and Chief  Executive  Officer on
August 17, 2007.

(C) On August 17, 2007,  the  Company's  Board also  approved  that both Messrs.
Bendis and MacKay shall have the right,  but not the obligation,  to convert any
monies  (including,  but not limited to, wages,  consulting  fees, and expenses)
they are owed by the Companies under their  executive  employment and consulting
agreements into common shares of the Company at a share price equal to the share
price of the  Company's  common stock at the close of the market on the date the
Company first  receives funds under the new MacKay Group Limited line of credit.
On August 2, 2007, US$12,500,  plus a US$35 wire fee, was advanced by the MacKay
Group Limited to the Company.  The common  shares of the Company's  stock closed
trading on August 2, 2007 at $0.05 per  share.  The Board  also  authorized  the
Company to amend  Bendis'  and  MacKay's  executive  employment  and  consulting
agreements accordingly.

COMPENSATION OF DIRECTORS
The following table sets forth the compensation paid to our directors in 2007.
                       Fees
                       Earned
                       or                                     Non-Equity        Nonqualified
                       Paid in      Stock        Option       Incentive Plan    Deferred       All Other
                       Cash         Awards       Awards       Compensation      Compensation   Compensation  Total
<S>                                                                             <C>            <C>           <C>
        Name           ($)          ($)           ($)          ($)               ($)            ($)          ($)
        (a)            (b)          (c)           (d)          (e)               (f)            (g)          (h)
Richard A. Bendis      $0           $0           --           --                --              --           $0
James MacKay           $0           $0           --           --                --              --           $0
Michael Antonopolos    $0           $110,000     --           --                --              --           $110,000
Sergio Luz             $0           $0           --           --                --              --           $0

</TABLE>

Michael  Antonoplos was appointed to the Company's  Board in April 2007. On June
14, 2007, the Company agreed that  Antonoplos'  compensation  for serving on the
Board would be 1,000,000  shares of the Company's  restricted  common stock. The
common  shares of the Company's  stock closed  trading on June 14, 2007 at $0.11
per share.  The  issuance of these  shares is being  deferred  until the Company
develops a comprehensive compensation policy for its directors.

On August 16, 2007 the Company  entered into an agreement  with Li Ning to issue
him ten million (10,000,000)  restricted common shares in return for his serving
as a member of the  Company's  Board and otherwise  supporting  the Company with
regard to its  initiatives  in China.  The common shares of the Company's  stock
closed trading on August 16, 2007 at $0.06 per share resulting in a valuation of


                                      -5-
<PAGE>

$600,000,  which will be expenses in the first  fiscal  quarter  (September  30,
2007) of Fiscal 2008. As this is a Fiscal 2008 event, it was not included in the
above Fiscal 2007 table.

EMPLOYMENT   AGREEMENTS,   TERMINATION  OF  EMPLOYMENT   AND   CHANGE-IN-CONTROL
ARRANGEMENT
Mr. Bendis had an employment  agreement dated March 2006 for a three-year  term.
The  agreement  provided  for a $500,000  annual base  salary.  Upon a change in
control event  regarding the  Corporation,  Mr. Bendis is to receive  one-year's
base  compensation  plus related  benefits as severance.  On August 17, 2007 Mr.
Bendis  voluntarily  resigned  from the Company and  terminated  his  employment
agreement without further compensation. Mr. Bendis agreed to act as a consultant
for the Corporation.

On August 17, 2007 the Company's Board also approved that both Bendis and MacKay
shall have the right, but not the obligation,  to convert any monies (including,
but not limited to, wages,  consulting  fees, and expenses) they are owed by the
Companies under their executive employment and consulting agreements into common
shares of the Company at a share price equal to the share price of the Company's
common stock at the close of the market on the date the Company  first  receives
funds  under the new MacKay  Group  Limited  line of credit.  On August 2, 2007,
US$12,500,  plus a US$35 wire fee, was  advanced by the MacKay Group  Limited to
the Company.  The common shares of the Company's  stock closed trading on August
2, 2007 at $0.05 per  share.  The Board  also  authorizes  the  Company to amend
Bendis' and MacKay's executive employment and consulting agreements accordingly.

ITEM 11.  SECURITY  OWNERSHIP OF CERTAIN  BENEFICIAL  OWNERS AND  MANAGEMENT AND
RELATED  STOCKHOLDER  MATTERS

The following  table sets forth  information  with
respect to the  beneficial  ownership  of the  Corporation's  Common Stock as of
September 30, 2007 by:
     o    Each person who is known by us to  beneficially  own 5% or more of our
          outstanding common stock;
     o    Each of our  executive  officers  named  in the  Summary  Compensation
          Table;
     o    Each of our directors; and
     o    All of our officers and directors as a group.
Beneficial  ownership  is  determined  in  accordance  with SEC  rules,  and the
information is not necessarily  indicative of beneficial ownership for any other
purpose.  In computing the number of shares  beneficially  owned by a person, we
have  included  shares for which the named  person has sole or shared power over
voting or  investment  decisions  and also any shares of Common  Stock which the
named person has the right to acquire, through conversion or option exercise, or
otherwise,  within  60  days  after  September  30,  2007  Beneficial  ownership
calculations  for 5% stockholders  are based solely on  publicly-filed  Schedule
13Ds or 13Gs,  which 5%  stockholders  are  required  to file with the SEC.  The
inclusion  of any  shares of stock  deemed  to be  beneficially  owned  does not
constitute  an admission of  beneficial  ownership  of those  shares.  Except as
otherwise  indicated,  and subject to applicable community property laws, to the
Corporation's knowledge, the persons named below have sole voting and investment
power with  respect to all shares of Common  Stock held by them as of  September
30, 2007.  Unless  otherwise  indicated,  the address of each  beneficial  owner
listed below is c/o  Corporate  Secretary,  True  Product ID, Inc.,  2600 Center
Square West, 1500 Market Street, Philadelphia, PA 19102.
                                                                   PERCENTAGE
                                            AMOUNT AND NATURE      OF CLASS
                                            OF BENEFICIAL          OF COMMON
NAME OF BENEFICIAL OWNER                    OWNERSHIP OF STOCK     SHARES OWNED
------------------------                    ------------------     ------------
James MacKay (1)(3)                                 66,875,750             14.9
Richard A. Bendis (4) (5)                           30,460,881              6.8
Li Ning (2)                                         10,000,000              2.2
Sergio Luz (1)(2)                                          -0-                0
Michael Antonopolos (1)(6)                           1,000,000              0.2
Sichuan Valencia Trading Limited  (7)              100,000,000             22.2

All of our directors and officers as
a group including those named above
(4 persons)(8)                                      77,875,750             17.3

     (1)  Director


                                      -6-
<PAGE>

     (2)  Officer
     (3)  Includes  39,559,961  shares of Common Stock issued to MacKay pursuant
          to his Consulting Agreement, as well as shares received as a result of
          the May 2006  issuance  of  dividend  shares.  The  above  table  also
          reflects the Corporation's  obligation under the Consulting  Agreement
          to issue to Mr. MacKay 1,000,000 shares of Series B Preferred Stock of
          the Corporation convertible on a 1 to 1 basis into 1,000,000 shares of
          the Corporation's common stock.
     (4)  Includes  30,329,303  shares of Common Stock that vested to Mr. Bendis
          on November 13, 2006.
     (5)  Former Officer and Director. Mr. Bendis resigned from the Board and as
          President and Chief Executive Officer on August 17, 2007.
     (6)  On June 14, 2007, the Company agreed that Antonoplos' compensation for
          serving  on the  Board  would be  1,000,000  shares  of the  Company's
          restricted  common stock.  The common  shares of the  Company's  stock
          closed  trading on June 14, 2007 at $0.11 per share.  The  issuance of
          these  shares  is  being  deferred   until  the  Company   develops  a
          comprehensive compensation policy for its directors.
     (7)  Consists of 100,000,000  shares of Common Stock received upon the sale
          of an  additional  20%  interest in the Chinese  Joint  Venture to the
          Corporation  on May 11,  2007.  SVTL is located at Guojia  Bridge West
          Street, 9-3-48, Chengdu 610041, Sichuan Province, China.
     (8)  Includes the items noted in (4) above.

ITEM  12.  CERTAIN  RELATIONSHIPS  AND  RELATED  TRANSACTIONS
As  part  of  the  Consulting  Agreement  entered  into  with  Mr.  MacKay,  the
Corporation has agreed to pay Mr. Mackay a  contract-related  incentive of 2% of
the Corporation's  collected  bookable gross receipts from the sale or licensing
of  and/or  other  compensation  received  with  respect  to  the  Corporation's
products, technology and services worldwide.

As part of the Consulting  Agreement with Mr. MacKay, the Corporation has agreed
to pay Mr. Mackay a funding-related  incentive of 2% of the Corporation's of the
gross  proceeds  received  by the  Corporation  as a result  of any  funding  or
financing, which arose in whole or in part from the Mr. MacKay's efforts.

On June 12, 2007, the Corporation entered into a fund-raising agreement with Mr.
Antonopolos  that  provided  that:
(1) in the event he introduces a potential  funding or financing  source for the
Corporation and that source directly or indirectly provides funding or financing
to the Corporation  through itself or one of its affiliates or  relationships in
an amount of up to Two Million U.S. Dollars (US$2,000,000), the Corporation will
pay you or one of your affiliated entities:
(a) five  percent  (5%) of such  monies  raised in cash  upon the  Corporation's
receipt of such funds; and
(b) five  percent (5%) of such monies
raised in restricted  common stock of the Corporation based on the Corporation's
share price at the close of the market on the  business  day before the date the
Corporation   receives  such  funds,  which  shall  be  issued  and  shall  vest
immediately  upon receipt of such funds;  and
(2) In the event you introduce a potential  funding or financing  source for the
Corporation and that source directly or indirectly provides funding or financing
to the Corporation  through itself or one of its affiliates or  relationships in
an amount over Two Million U.S. Dollars (US$2,000,000), the Corporation will pay
you or one of your  affiliated  Entities  four percent (4%) of such funds raised
over and above US$2 Million.

On August 15, 2007, The MacKay Group Limited  ("MKG"),  of which Mr. MacKay is a
principal,  executed a binding term sheet to provide the Corporation with a line
of credit of up to One Hundred Fifty Thousand Dollars  (US$150,000) to help fund
the  initiatives  and  operations in China and the U.S. The terms and conditions
were as follows:
REPAYMENT  TERM:  one (1) year  commencing  from the receipt of each  tranche of
Funds (the "Repayment Term");
INTEREST: 12% compound interest per annum;
PREPAYMENT: no prepayment without MKG's approval
CONVERTIBILITY:  At anytime  during  the  Repayment  Term,  MKG has the right to
convert the entire  amount of  principal  and accrued  interest or any  portions
thereof into shares of the  Corporation at a share price equal to the lesser of:
(a) the 70% of the share  price at the  close of the  market  as of  receipt  of
funds;  or (b) the terms extended by the  Corporation to a funder making a total
equity   investment  of  at  least  US$2  million  or  in   connection   with  a
merger/acquisition or change in control (the "Convert Rate");


                                      -7-
<PAGE>


WARRANTS:  The Corporation shall issue to MKG without  additional  consideration
warrants to purchase  that number of shares of the  Corporation's  common  stock
equal to the principal amounts advanced by MKG,  exercisable at a share exercise
price equal to the Convert  Rate.  The term for the  warrants  shall be five (5)
years.

On August 15, 2007 MKG entered into a memorandum of  understanding  ("MOU") with
The Corporation, in which upon MKG's request, the Corporation will repay MKG for
monies which MKG advanced to or for the Corporation or TPID Beijing, between May
30, 2006 and August 1, 2007, to help support TPID Beijing's  operations in China
(the "MKG Advanced  China Funds").  To qualify for  repayment,  the MKG Advanced
China Funds must be properly documented,  must have been used solely for TPID JV
and its  operations  related  to the field of  anti-counterfeiting  and  product
authentication,  and are subject to other  requirements.  Under the MOU, MKG and
the  Corporation  shall work in good faith to agree upon the repayment terms and
conditions,  which shall be memorialized in a definitive  written  agreement(s).
The parties  agree that the  repayment  arrangement  shall come in the form of a
convertible note with appropriate compound interest with warrants. The terms and
conditions shall be, at a minimum, comparable to those the Corporation has given
to  funders as of August 1, 2007.  In the event that MKG is  provided  repayment
terms by the Corporation,  which are more advantageous  than those,  extended to
other funders as of August 1, 2007,  the  Corporation's  arrangement  with other
funders as of August 1, 2007 should be  modified  to provide  the other  funders
with the same terms and conditions given by the Corporation to MKG. According to
financial   records  relating  to  TPID  Beijing,   to  date  MKG  has  advanced
approximately  US$1 million to or for TPID Beijing and its  anti-counterfeiting/
product  authentication  operations,  and  consistent  with  the  aforementioned
Binding Term Sheet anticipates advancing additional  significant funds to or for
TPID Beijing. Funds advanced between May 30, 2006 and August 1, 2007 are subject
to the documentation and other requirements in the MOU.

On August 16, 2007,  the  Corporation  entered into an agreement with Li Ning to
issue him  10,000,000  restricted  common  shares in return for his serving as a
member of the Corporation's Board and otherwise  supporting the Corporation with
regard to its initiatives in China. The common shares of the Corporation's stock
closed trading on August 16, 2007 at $0.06 per share resulting in a valuation of
$600,000, which will be expensed in the quarter ending December 31, 2007.

Other than the  transactions  disclosed  herein,  we have not  entered  into any
material transactions with any director,  executive officer, beneficial owner of
five percent (5%) or more of our Common Stock, or family members of such person,
in which the amount involved exceeds $60,000.

DIRECTOR INDEPENDENCE
Our  Board of  Directors  is  comprised  of four  individuals,  one of whom (Mr.
Antonopolos) the Company has determined is independent under SEC rules.

ITEM 14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES
During the fiscal years ended June 30, 2007 and 2006, Rotenberg & Co. LLP, acted
as  our   independent   auditors  and  aggregate   fees  billed  various  audit,
audit-related and non-audit services and were as follows:

                                                       2006           2007
--------------------------------------------------------------------------------
Audit Fees (1)                                     $     32,150   $     20,500
Audit-Related Fees (2)                                    2,175             --
Tax Fees (3)                                              5,290             --
All Other Fees (4)                                           --             --
                                                      ---------     ----------
                                                   $     39,615   $     20,500
--------------------------------------------------------------------------------
(1) Audit fees were for  professional  services  rendered  for the audits of the
Corporation's financial statements, quarterly review of the financial statements
included in the Corporation's Quarterly Reports on Form 10-QSB, or services that
are normally  provided by,  Rotenberg & Co. LLP in connection with the statutory
and regulatory  filings or engagements  for the fiscal years ended June 30, 2007
and 2006, respectively.


                                      -8-
<PAGE>

(2) Fees paid in connection with audit-related matters.
(3) Tax fees include tax return  preparation,  tax compliance,  tax planning and
tax advice.
(4)  Rotenberg  & Co.  LLP did not  bill us any  additional  fees  that  are not
disclosed under "Audit Fees," "Audit-Related Fees" or "Tax Fees."

As  the  Corporation  does  not  have  a  formal  Audit  Committee,   the  Board
pre-approves  the provision of all audit and non-audit  services  (including tax
services) by the independent  auditors and also approves all audit and non-audit
engagement  fees and terms with the  independent  auditors.  During fiscal years
ended June 30, 2007 and 2006, all of the services related to the audit and other
fees described above were pre-approved by the Corporation's  Board and none were
provided pursuant to any waiver of the pre-approval requirement.















                                      -9-
<PAGE>









                                   SIGNATURES

         Pursuant to the  requirements  of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                        TRUE PRODUCT ID, INC.

                                        /s/ Sergio Luz
                                        ---------------------
                                        Sergio Luz
                                        President

Date: October 29, 2007

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
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/ Sergio Luz                           Dated: October 29, 2007
----------------------
Sergio Luz
President and Director










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