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**UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549**___________________**FORM 10-KSB**_________________________

**ý                                ANNUAL REPORT PURSUANT TOSECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

  

For the fiscal year ended April 30, 2006** ̈                                TRANSITION REPORTPURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** Commission file number 0-50281

**LARREABIOSCIENCES CORPORATION**(Exact Name Of RegistrantAs Specified In Its Charter)

| Nevada                                      | 68-0507505                              |
|---------------------------------------------|-----------------------------------------|
| (State of Incorporation)                    | (I.R.S. Employer    Identification No.) |
|                                   |                               |
| 4119    Montrose, Suite 230, Houston, TX    | 77006                                   |
| (Address of Principal    Executive Offices) | (ZIP Code)                              |

 Registrant'sTelephone Number, Including Area Code: (832) 695-0096

**SecuritiesRegistered Pursuant to Section 12(g) of The Act: Common Stock, $0.0001**

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

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the ExchangeAct). Yes  ̈ No x

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

At April 30, 2006,the aggregate market value based of the 7,136,134 common stock held by non-affiliates ofthe registrant was approximately $1,184,025. At April 30, 2006, the registrant had22,901,445 shares of common stock issued and outstanding.

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, or anon-accelerated filer.

| Large accelerated    filer  ̈ | Accelerated filer  ̈  | Non-accelerated    filer x |
|----------------------------------|-------------------------------|--------------------------------|

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TABLE OF CONTENTS

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                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| **PART I**  
ITEM 1.
    
  DESCRIPTION OF BUSINESS
        3  
ITEM 2.
    
  DESCRIPTION OF PROPERTY
        7   
ITEM 3.
    
  LEGAL    PROCEEDINGS
        7   
ITEM 4.
    
  SUBMISSION OF    MATTERS TO A VOTE OF SECURITY HOLDERS
        7   
  **PART II**   

ITEM 5.
    
  MARKET    FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
        8  
ITEM 6.
    
  MANAGEMENT'S    DISCUSSION AND ANALYSIS AND PLAN OF OPERATIONS
        8   
ITEM 7.
    
  FINANCIAL STATEMENTS
        12   
ITEM 8.
    
  CHANGES    IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
        12   
ITEM 8.A
    
  CONTROLS AND PROCEDURES
        12   ITEM 8.B  OTHER INFORMATION13
  **PART III**   

ITEM 9.
    
  DIRECTORS    AND EXECUTIVE OFFICERS OF THE REGISTRANT, COMPLIANCE WITH SECTION 16(A)
        14  
ITEM 10.
    
  EXECUTIVE COMPENSATION
        15   
ITEM 11.
    
  SECURITY    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
        15   
ITEM 12.
    
  CERTAIN    RELATIONSHIPS AND RELATED TRANSACTIONS
        15   
ITEM 13.
    
  EXHIBITS AND REPORTS    ON FORM 8-K
        16   
ITEM 14.
    
  PRINCIPAL    ACCOUNTING FEES AND SERVICES
        16   
 

 
****Forward-Looking Statements and AssociatedRisks**

The Private Securities Litigation ReformAct of 1995 provides a "safe harbor" for certain forward-looking statements.Some of the statements contained in this annual report of Larrea Biosciences Corporation(hereinafter the "Company", "We" or the"Registrant") discuss future expectations, contain projections of ouroperations or financial condition or state other forward-looking information. Somestatements contained in this annual report on Form 10-KSB that are not historical facts(including without limitation statements to the effect that we "believe,""expect," "anticipate," "plan," "intend,""foresee," or other similar expressions) and are forward-looking statements.These forward-looking statements are based on our current expectations and beliefsconcerning future developments and their potential effects on us. There can be noassurance that future developments affecting us will be those anticipated by us. Allcomments concerning our expectations for future revenue and operating results are based onour forecasts of our plan of operation and do not include the potential impact of anyfuture acquisitions or operations. These forward-looking statements involve significantrisks and uncertainties (some of which are beyond our control) and assumptions. Should oneor more of these risks or uncertainties materialize, or should any of our assumptionsprove incorrect, actual results may vary in material respects from those projected in theforward-looking statements.

**PART I**

**ITEM 1. DESCRIPTION OF BUSINESS**Back toTable of Contents

GENERAL 

The Company was incorporated as Sonic MediaCorp. under the laws of the State of Nevada on May 1, 2002. The Company changed its namefrom Sonic Media Corp. to Larrea Biosciences Corporation ("Larrea") on June 1,2004, at which time it entered into an agreement to purchase all of the issued andoutstanding capital stock of Global Botanics, Inc. ("GBI"), a Nuie corporationthat owns the four patents underlying the Company's products. Pursuant to the terms of theinitial stock purchase agreement dated March 24, 2004 between GBI, Larrea and theshareholders of GBI, the shareholders of GBI agreed to exchange all of their shares of GBIfor shares of the Company. On closing of the stock purchase agreement on August 31, 2004,Larrea acquired all of the issued and outstanding shares of GBI by issuing 3,500,000restricted common shares of the Company to the shareholders of GBI. Due to commonshareholders and directors, this transaction was considered to be a capital transaction insubstance rather than a business combination and for accounting and financial reportingpurposes is equivalent to a reverse take-over by GBI.

The closing of the GBI transaction put theCompany, through GBI, in the business of harvesting, producing and licensingVirastatinTM, a multifunctional ingredient produced according to patented extractionand purification technologies from the Larrea tridentate plant. (VirastatinTM hassince been renamed to LarreastatinTM). Because LarreastatinTM has provenantiviral, anti-inflammatory, antimicrobial and antioxidant properties, the ingredient isbeneficial in a wide variety of health and consumer products.

It is the Company's intent to expand itsbusiness of creating, developing and distributing proprietary formulations of naturalproducts, the first of which are its current products derived from the Larrea tridentataplant based on patents acquired through the purchase of GBI. 

Prior to the acquisition of GBI by theCompany, the products derived from the utilization of GBI's patents were distributed inthe United States and Canada by a privately-held company called LarreaRx, Inc., a Wyomingcorporation. LarreaRx had been distributing the Larrea tridentata products under anonexclusive license agreement with GBI. During fiscal year 2005 the Company also acquired100% of the business operations of LarreaRx, Inc. through an exchange of common stock. Bythese acquisitions, the Company gained ownership of the patents underlying the Company'sproducts and the sales and distribution network for those products. 

On September 21, 2004 shareholders holding amajority interest in the Company entered into an agreement with A&S HoldingsManagement, Ltd. (A&S) whereby A&S would acquire fifty-one percent of theoutstanding shares of Larrea Biosciences Corporation in exchange for A&S obtaining forthe Company a one million dollar line of credit with SMI Re Limited and providing publicrelations and investor relations services. This transaction resulted in a change incontrol of the Company.

In anticipation of completing the September21, 2004 transaction and effective September 27, 2004, David Kalenuik resigned as anofficer and director of the Company. There was no disagreement between Mr. Kalenuik andthe Company relating to Larrea's operations, policies or practices. Mr. Peter P. Smetek,Jr. was appointed chief executive officer and a director and Mr. Robert Alexander wasappointed to the Board of Directors. Mr. Rob Sinnott resigned as Chief Financial Officer,and effective November 1, 2004 Mr. Richard Behlmann was appointed to the position of ChiefFinancial Officer and Secretary of the Company. Mr. Smetek has an employment agreementwith the Company. Mr. Alexander and Mr. Behlmann are no longer associated with theCompany.

The Company intends to concentrate on expanding themarketing and sales of its existing patented products and does not anticipate anysignificant product research and development expenditures within the next twelve months,it has however entered into negotiations with other companies and individuals that haveproprietary products that the Company would be interested in purchasing or licensing inorder to market and distribute their products in the marketplace. Through these potentialrelationships the Company may expend research and Development dollars on the formulationand testing of these new products.

Company management has been activelyintegrating and consolidating the operations of the Company's newly acquired subsidiaries.As of April 30, 2005, the Company had one full-time and one part-time employee operatingin its Richmond, British Columbia offices. These two employees are primarily focused onsustaining the activities and operations originally established by LarreaRx. Theseemployees are supported by contractors and outsourcing organizations which provideassistance in such areas as accounting, computer services, marketing, product logisticsand web development. Some of the contractors are focused on supporting the company'sday-to-day operations and some are engaged in the integration and consolidationactivities. With integration activities substantially completed and as sales grow, theCompany intends to continue to use contractors, outsourcing organizations and hireadditional employees as needed to support the Company's planned business activities. 

The Company believes that current cash flowand its line of credit may be insufficient to sustain it at its current level. Thedevelopment of new markets and additional personnel will further require the Company toraise new funds either through new equity, expanding its line of credit or obtaining a newdebt facility. 

**THE PRODUCTS**

The Company's current products are derivedfrom the desert shrub Larrea tridentata. The proprietary extract from this plant,LarreastatinTM, is the key ingredient in all of the Company's products, which are soldunder the trade names LarreaRxTM and ShegoiTM. The extract and products based onthe extract are protected by four US patents: #6,039,955; #6,004,559; #5,945,106;#5,837,252. The patented extract is believed to be an effective natural treatment forherpes-related disorders and inflammatory conditions. 

Larrea plans to penetrate the global marketeither by expanding its direct marketing and retail sales channels or through licensingarrangements with multiple marketing partners who specialize in marketing into selectedcountries via such specific channels. It also intends to widen its product base throughnew licensing agreements or outright purchase or acquisition of new products, suchpurchase or acquisitions will be financed through new placement of common stock orissuance of new corporate debt which will dilute current shareholders and or create newdebt for the Company.

A March 2003 Reuters report states that,"The global antiviral market is forecast to grow from $8.7 billion in 2001 to $14billion in 2007, largely due to the high incidence of viral infections and the inadequateefficacy of the drugs currently available". The family of human herpes viruses,currently with nine members, presents a good example of the extremely large potentialmarketplace for antiviral products. This family of contagious viruses infects almosteveryone on the planet regardless of their geographic location. The best available datasuggests that herpes simplex-1 (the cold sore virus) infects around 60% of the population;herpes simplex-2 (the genital herpes virus) infects around 26% of the population;varicella (the chicken pox and shingles virus) infects around 90% of the population;Epstein-Barr virus (the mononucleosis virus) infects around 60% of the population;cyomegalovirus infects around 95% of the population; and human herpes viruses 6 and 7infect between 75 and 98% of the population. These viruses, in addition to causingclassical herpes virus diseases, are now being linked as a contributing factor in thedevelopment of at least three diseases which are the leading causes of death in developednations: heart disease, cancer and Alzheimer's disease.

Herpes virus infections have also beenlinked with development of other serious conditions such as, hypertension,atherosclerosis, multiple sclerosis, Bell's palsy, trigeminal neuralgia, Hodgkin'sdisease, lymphoma and leukemia. Many medical professionals have suggested exploring theexpanded use of antiviral agents as a treatment for many of these diseases.

To produce LarreastatinTM, Larrea plantmaterial is harvested from native stands of the plant growing in the Sonora Desert. Theenvironmentally sensitive harvesting methods do not kill or permanently damage the Larreaplants, thereby providing a sustainable natural resource. To minimize capital investment,the Company currently outsources the manufacturing of LarreastatinTM resin to PioneerLaboratories (Tonopah, AZ), which extracts and processes the plant material using theCompany's proprietary methods. Pioneer has current resin production capacity to satisfythe needs of approximately 666,000 finished dietary supplement bottles per month (60capsules/bottle). The Company feels its current suppliers and contractors can supplysufficient product and handle the volumes necessary to meet the Company's expectationsover the next 24 months.

This resin is then processed into capsules,spray or lotion and packaged using selected contract manufacturers. These finishedproducts are then handled by a contract warehousing/order fulfillment house which handlesthe orders from the Company and delivery to the customers. This structure reduces the needto invest in plant and equipment. The Company does not currently have a significantinvestment in plant and equipment and does not anticipate changing this policy for thefuture. 

The Company's capsules, lotion and topicalspray are sold by the Company through retail channels and direct marketing programs underthe names of Shegoi and LarreaRx. These products are marketed as dietary supplements andare not FDA approved in the United States or approved by an equivalent to the FDA in anyforeign jurisdiction. LarreaRx products are marketed through retail channels and areavailable throughout Canada and the US in numerous pharmacies and health food retailoutlets. The same product line is also marketed under the brand name and label Shegoi andis sold through direct marketing channels. 

Larrea Biosciences Corporation maintains awebsite at www.labsci.com. LarreaRx, Inc. maintains websites at www.shegoi.com andwww.larrearx.com. Shegoi maintains a web site at www.shegoi.com.

**STRATEGIC ALLIANCES**

Larrea Biosciences will pursue opportunitiesfor additional licensing relationships with other companies in the nutraceutical,cosmetics, pharmaceutical and network marketing industries. The proprietary extract willcontinue to be manufactured and produced under the control of the Company. LarreaBiosciences' strategic sub-licensing agreements overseas in markets other than the US andCanada may accelerate distribution and could result in immediate revenue from licensingfees, and ongoing revenues from product sales, royalty or resin purchases. Sub-licenseeswill cultivate and develop network marketing, direct sales endeavors and retail marketingin those countries with proven industry track records. 

**MARKETING AND SELLING**

The Marketing Program Marketing and sellingremain essential to building Company revenue, while affiliation and partnering furtherexpand the potential for new growth. The objective of the Company's marketing program isto create and sustain preference and loyalty for the Company as the leading provider ofproprietary LarreastatinTM resin extract. 

The major marketing functions for the retailsector are performed by the Company. The Company has the overall responsibility forcommunications, advertising, public relations and the establishment of the retail andproduct information websites. Consumers can purchase LarreaRx through Whole Foods, VitaminCottage, selected Vitamin Worlds and other health food retailers in the United States.Puresource Inc. and Asenda Pharmaceuticals represent the products in Canada, which aredistributed to various vendors such as Safeway, London Drugs, Save-On-Foods, Whole Foods,Capers, Overwaitea, Thrifty Foods and other health food stores for the retail market.

Shegoi products are available through anetwork distribution channel, which currently consists of nearly 200 distributors. Theinitial launch of the Shegoi products occurred in October, 2003. The Company is nowrevamping and implementing its compensation program for Multi Level Marketing, utilizingthe InfoTrax suite of products rather than maintaining an in house system of marketing,accounting, and web hosting. Additional network and direct marketing outlets will besecured in the future in order to increase the powerful reach this type of marketingcampaign can deliver.

**THE MARKETS**

Larrea Biosciences is targeting the globalantiviral and dermatology markets with its LarreastatinTM based products. The globalantiviral market is forecasted to grow to $14 billion by 2007, while the dermatologymarket is valued at $15 billion. With a major focus on herpes treatments, a market valuedat approximately $1.8 billion over the next four years. There are over 100 million herpesvirus suffers in North America alone. LarreastatinTM-based products have demonstratedexcellent results in treating conditions caused by the herpes class of viruses includingcold sores, genital herpes and shingles; inflammatory conditions, including jointdisorders, sinusitis, gastrointestinal disorders, psoriasis; and various microbial andfungal conditions. The Company incorporates its proprietary ingredient,LarreastatinTM, into a line of nutraceutical and cosmetic products for the sale anddistribution through retail and direct marketing channels. The Company provides itsproducts primarily to customers for personal use and to healthcare practitioners.

CURRENT MARKET OPPORTUNITIES INCLUDE: 

ŸHealthy individuals General health and antioxidant activity.Ÿ Aging IndividualsAnti-aging, health a beauty needs.Ÿ Elderly IndividualsShingles, Post-herpetic Neuralgia and other age-related conditions.Ÿ Female IndividualsCosmetics, health and beauty needs.Ÿ Sexually ActiveIndividuals Supports and promotes health benefits from the impact of the Herpes andPapilloma viruses.Ÿ Immune Compromisedindividuals (suffering from opportunistic infections) AID's infected individuals withKaposi's sarcoma, Genital herpes, Ÿ Cytomegalovirus,transplant patients, etc. 

MARKET EXPANSION OPPORTUNITIES INCLUDE: 

ŸAged Related Diseases Cancer, Heart Disease, Liver Disease, Arthritis, etc.Ÿ NeurodegenerativeDiseases Multiple Sclerosis, Alzheimer's, etc. Ÿ Infections ViralInfections, Bacterial Infections, Fungal Infections, etc. Ÿ Dental ApplicationsCanker Sores, Gingivitis, etc. o Sports Injury Applications Joint Pain and Inflammation.Ÿ Cosmetics and CosmeticSurgery Applications Scar Reduction, Anti-Wrinkle, etc.Ÿ Skin ApplicationsEczema, Psoriases, Cold Sores, Viral Warts, Shingles o Veterinary Applications.

**FISCAL YEAR 2006 PERFORMANCE**

The Company's revenues decreased from $513,392 in 2005 to$457,682 in 2006. The revenue decrease occurred due to consolidation of operations,reduction in staff, an unprofitable direct marketing compensation program and overallsales decline which occurred from the cancellation of marketing and distribution contractswith brokers in a number of regions which were overlapping geographically and highlyunprofitable for the Company. Sales also decreased through the Company's sale of theprimary ingredient resin product to other manufacturers and distributors by formermanagement which were creating competing private label products which eroded the Company'smargins, created competing sales against the pricing points of the Company's products andcreated confusion in the marketplace with a number of different brands. It is theCompany's opinion that this raw material resin has been sold in the marketplace and futuresale of unfinished resin will not occur and will no longer dampen Company direct sales.

**EMPLOYEES**

As of April 30, 2006, Larrea Biosciences hadone full-time and one part-time employee. The Company's administration, sales andmarketing expenses are out sourced to companies and individuals on a contract basisproviding direct services based on need as sales grow

**COMPETITION**

There are other Larrea-based products on themarket; however, these products do not produce the same therapeutic results asLarreastatinTM. Also, their effectiveness is limited because the products generallyare not readily absorbed into the digestive tract. More important is the fact that toxinscapable of inducing liver damage have been associated with other Larrea-based products.The proprietary processing methods of LarreastatinTM provide the non-toxic quality tothe Company's extract and products. Thus, key is the fact that each of theLarreastatinTM-based products are formulated to achieve the highest degree of potencywithout the toxicity risks found in other Larrea-based products. 

No toxicity has been recognized from anyCompany sponsored in vitro and in vivo animal studies, independent in vitro and in vivoanimal studies, Company-sponsored non-controlled human clinical studies or innon-controlled human clinical studies conducted by independent researchers utilizingLarreastatinTM. Likewise, no consumer use reports have indicated toxicity or adverseeffects from the use of or LarreastatinTM in topical or oral form. 

Additionally, no other patents cover theright to use the current proprietary extract or any other extract of larrea for thepurpose of treating herpes and inflammatory conditions. The Company is in the process ofexpanding its current patent and product portfolio to encompass greater utility of theplant. 

**OPERATIONS**

The Company's headquarters are in Houston,Texas and its administrative offices are located in Richmond, British Columbia. Onehundred percent of the proprietary resin is produced from plants harvested in Arizona.Nearly 80% of LarreaRx's production of final product occurs in Canada and 20% of the finalproduct are manufactured in the United States.

**INTELLECTUAL PROPERTY**

The Company, through GBI, owns U.S. Patents5,837,252; 5,945,106; 6,004,559 and 6,039,955. These patents relate to the production anduse of proprietary extracts from the North American plant species, Larrea tridentata. Thecurrent patented technology broadly covers extraction and purification technologies aswell as utility of extracts as antiviral, anti-inflammatory, antimicrobial and antioxidantagents. Specific claims allowed in the issued patents include: a method of treating herpeslesions and herpes viruses in humans using an effective amount of an extract of Larreatridentata; a method of treating herpes viruses and symptomatic herpes virus lesions ofthe group: herpes simplex 1 (cold sores), herpes simplex 2 (genital herpes),varicella-zoster virus (chickenpox and shingles), human herpes virus 4 (Epstein-Barrvirus, mononucleosis), human herpes virus 5 (cytomegalovirus), human herpes viruses 6 and7 (roseoloviruses), and herpes virus 8 (Kaposi's sarcoma); stimulation of human immunesystem function; a herpes treatment agent comprising a formulation of Larrea tridentata;and an agent for treatment of inflammation and inflammatory disease comprising aformulation of Larrea tridentata. These patents, which issued between 1998 and 2000,remain as an important barrier to competition. In addition to the existing patents, Larreawill aggressively prosecute pending patent applications to secure final issuance ofmultiple U.S. and international patents, which expand on the already patentedtechnologies. Larrea will actively pursue new licensees for its patented technologies bothdomestically and overseas.

The Company relies upon a combination ofnondisclosure and other contractual arrangements, as well as common law trade secret,copyright and trademark laws to further protect its proprietary rights. The Company entersinto confidentiality agreements with its consultants and clients and limits access to anddistribution of its proprietary information. The product names Larreastatin and Shegoi aretrademarked in the U.S.

**GOVERNMENTAL APPROVAL AND REGULATION**

Like all companies, including those withmultinational operations, we are subject to the laws of the countries in which the Companymaintains subsidiaries and conducts operations. Additionally, there are regulatoryguidelines that are to be followed when selling natural plant extracts, dietary supplementand cosmetic products. The specific regulations and extent of the regulations vary fromcountry to country. Larrea Biosciences relies on the advice of regulatory affairsconsultants and legal council to stay within any guidelines and regulations imposed byeach government on our industry.

**ITEM 2.DESCRIPTION OF PROPERTIES**Back to Table of Contents

The Company has office at2210-13700 Mayfield Place, Richmond, British Columbia V2V 2E4 and operates itsadministrative offices in approximately 1,850 square feet of leased space under athree-year lease, which expires in 2008. Minimum lease payments under this operating leaseare approximately $8,100 in fiscal year 2005, $12,774 in 2006, $16,064 in 2007, $16,683 in2008, and $1,394 in 2009. The Richmond office houses its administrative offices andprovides sufficient space for a product demonstration area. The Company's office space issufficient for current needs. Additional lease space is available at reasonable rates inthe area if the Company requires additional space. The Company's headquarters andexecutive offices has been moved and is located to 4119 Montrose, Suite 230, Houston,Texas 77006. The Company has entered into a One Year lease for $37,692 and is sufficientfor it's current needs. There is sufficient space available for reasonable terms in thearea if the company requires additional space. 

**ITEM 3. LEGAL PROCEEDING**Back toTable of Contents

TheRegistrant's officers and directors are not aware of any threatened or pending litigationto which the Registrant is a party or which any of its property is the subject and whichwould have any material, adverse effect on the Registrant. Prior to the change incontrol in September 2004, the Company's main operating subsidiary, LarreaRx, Inc., wasthreatened by a number of former vendors and suppliers with lawsuits seeking recovery ofunpaid charges and invoices. After the change in control, the Company made a formalsettlement offer to clear up outstanding claims and successfully resolved the majority ofclaims. The remaining unresolved claims include one small claims court lawsuit, filed inToronto against a director Robert Alexander and the Company as "Virox." Thisclaim is considered routine and incidental to the operation of the business and notmaterial. No lawsuits are currently threatened or filed against or by Larrea BiosciencesCorporation. 

**ITEM4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS**Back toTable of Contents

During the year ended April 30, 2006, no matters weresubmitted to a vote of our security holders.

**PART II**

**ITEM 5.MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTER**Back toTable of Contents

(a) Market Price InformationThe Registrant's common stockis subject to quotation on the OTC:BB under the symbol LRRA. To the best knowledge of theRegistrant, there has been no active trading activity for approximately the past twoyears. The following table shows the high and low bid prices for the Registrant's commonstock during the last two fiscal years as reported by the NASD. These prices reflectinter-dealer quotations without adjustments for retail markup, markdown or commission, anddo not necessarily represent actual transactions.

**Fiscal 2006**

**Fiscal 2005**

**Fiscal 2004**

**High**

**Low**

**High**

**Low**

**High**

**Low**

First Quarter ended July 31,

$

1.15

$

0.05

$

1.15

$

0.95

$

0.10

 

$

0.10

Second Quarter ended October 31,

$

0.48

$

0.48

$

0.48

$

0.48

$

0.25

 

$

0.20

Third Quarter ended January 31,

$

0.25

$

0.15

$

0.25

$

0.23

$

1.66

$

0.25

Fourth Quarter ended April 30,
$
0.54
$
0.32

$

0.54

$

0.32

$

1.42

$

1.02

Approximate Number of Holders of CommonStock: As of July 5, 2006, there were approximately 69 shareholders of record of ourcommon stock, and there were 22,901,445 shares of common stock issued and outstanding. 

**Dividend Policy**

Holders of our common stockare entitled to dividends when, as, and if declared by the Board of Directors, out offunds legally available therefore. There are no restrictions in our articles ofincorporation or by-laws that restrict us from declaring dividends. 
****Recent Sales of Unregistered Securities**

On March 24, 2004, theCompany entered into an agreement with the shareholders of GBI whereby the Companyacquired all of the issued and outstanding shares of GBI in exchange for 3,500,000 sharesof restricted common stock of the Company. As all the shareholders of GBI were non-U.S.residents, the shares were issued in reliance on an exemption from registration availableunder Regulation S of the Securities Act of 1933. The shares, due to the shareholders ofGBI from the Company, were not issued until August 2004.

**Equity Compensation Plans**

As of April 30, 2006, the Company has an equitycompensation plan in place for executives and employees and contract advisors which wasapproved by the Company's Board at a meeting held December 19, 2005. The plan calls for5,500,000 shares to be issued to key employees, directors, contract employees and contractadvisors, which the company has retained in helping it execute its business plan. The planis attached as an exhibit to this filing. The liabilities related to this plan have beenaccrued as expenses to the Company and shares have not been issued as of April 30, 2006.The plan includes provisions for shares to be issued to key employees in lieu of theirbeing paid cash for their work for the company.

**ITEM6. MANAGEMENT'S DISCUSSION AND ANALYSIS AND RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS**Backto Table of Contents

Thefollowing discussion contains forward-looking statements. Forward-looking statements giveour current expectations or forecasts of future events. You can identify these statementsby the fact that they do not relate strictly to historical or current facts. They use ofwords such as "anticipate," "estimate," "expect,""project," "intend," "plan," "believe," and otherwords and terms of similar meaning in connection with any discussion of future operatingor financial performance. From time to time, we also may provide forward-lookingstatements in other materials we release to the public.

Prior to April 30, 2004, the Company didnot have any business operations. With the acquisition of Global Botanics, Inc. andLarreaRx, Inc. the Company began developing, marketing and selling products derived fromthe patents covering the extraction of LarreastatinTM, the active ingredient used in thecompany's products, and using the marketing and distribution operations established byLarreaRx, Inc. Management intends to expand distribution and marketing of products usingthe LarreastatinTM resin. The Company's business plan for the next twelve months isfocused on four main areas. 
1. Integrating and consolidating theoperational activities of the new acquisitions. This includes defining appropriate saleschannels and eliminating duplicative activities and vendors. 

2. Expanding its market presence in theUnited States and Canada and expanding the distribution of Virastatin-based productsdirectly or under license to new and existing markets in the United States andinternationally. This includes seeking strategic relationships with international vendorswith established markets and distribution channels in selected countries. 

3. Improving the efficiency of the day today operations and selecting the appropriate vendors to position the company to managerapid growth. This includes expanding the on-line or internet sales capabilities andnegotiating better pricing on services in exchange for increased volume and potentiallyexclusive contracts. 

4. Broadening of Intellectual propertyportfolio for increased security and protection of claims, utility and processing methodsboth domestically and internationally. The Company will be completing severalconsolidation initiatives within its business operations designed to lower its cost byimproving its vendor pricing and simplifying its outsourcing operations. Going forward,management has set the following long-term goals to achieve over the next twelve months: 

Ÿ Expanded distribution ofLarreastatin-based products for license to nutraceutical, cosmetic, pharmaceutical andveterinary markets 
Ÿ Increase the Companies portfolioof products and broaden the intellectual property portfolio for increased security andprotection of claims, utility and processing methods The Company believes current cashflow and its existing line of credit may not be sufficient to sustain it at its currentlevel of operations for the next twelve months. Moreover, the development andimplementation of new marketing plans and additional personnel will require the Company toraise new capital either through the issuance of new equity, expanding its line of creditor obtaining a new debt facility.
The Company will continue to contract outthe manufacturing and development of its products. The Company does not employ a researchstaff and no specific research projects are currently underway or scheduled for the nexttwelve months. However, the Company does intend to explore the potential for clinicalstudies to support its existing products. It will also review the opportunity to developnew products using its existing patents. The Company contracts out its supply chainactivities. It intends to continue using outsourced providers and does not plan toconstruct or lease any significant facilities or equipment to maintain its businessoperations over the next twelve months. During the coming year the focus of the Companyand its management will be on increasing revenue from the retail distribution of itsproducts and improving the size of its direct marketing distributor network. Although theCompany does not have any definitive plans to significantly increase its employee base, itdoes intend to add new employees or contractors to increase the effectiveness of itsmarketing and administrative functions. 

The Company will continue to contract outthe manufacturing and development of its products. The Company does not employ a researchstaff and no specific research projects are currently underway or scheduled for the nexttwelve months. However, the Company does intend to explore the potential for clinicalstudies to support its existing products. It will also review the opportunity to developnew products using its existing patents. 

The Company contracts out its supply chainactivities. It intends to continue using outsourced providers and does not plan toconstruct or lease any significant facilities or equipment to maintain its businessoperations over the next twelve months. 

During the coming year the focus of theCompany and its management will be on increasing revenue from the retail distribution ofits products and improving the size of its direct marketing distributor network. Althoughthe Company does not have any definitive plans to significantly increase its employeebase, it does intend to add new employees or contractors to increase the effectiveness ofits marketing and administrative functions. 

**MATERIAL TRENDS AFFECTING THE COMPANY**

Larrea Biosciences Corporation has identified the following materialtrends affecting the Company 

Positive trends:*Increased Awareness of Green Pharmaceuticals:* Due to the recent high profilerecall for certain prescription pharmaceuticals there is an increasing awareness in thegeneral public regarding the use of natural products as an alternative therapy. TheCompany may benefit from this increasing recognition as the general public begins seekingnatural products to replace their existing drugs. 

*Broadening Delivery Options:* Themarket is seeking new and different ways of getting their daily dosage of natural productsother than just capsules. Customers are seeking formulas that include receiving theproduct in the form of a liquid or drinkable herbal tea, as well as the more topicalapplications such as sprays and lotions. This desire for different delivery methods willallow the Company to increase it product portfolio using its existing Larrea Tridentatafoundation.

*Quality & ManufacturingImprovements:* An increase in the regulation of green pharmaceuticals has requiredmanufacturers to improve their processes. The result of these improvements is an increasen the number of quality manufacturers available which is projected to create moreeffective competition allowing the Company to sustain its quality at lower manufacturingcosts. 

Negative trends*Competition:* There are an increasing number of green pharmaceuticals entering themarket many of which purport to help the same conditions as the Company's products.

*Differentiation:* Due to theconstant flow of new product and formulations of green pharmaceuticals into the market theCompany must be able to differentiate its product to the market. 

Regulation: There are pressures within theFood and Drug Administration ("FDA") to increase the regulation and standards ofreview for natural products and their formulations. Requiring clinical studies or doubleblind testing could force the Company incur significant costs to make its productsavailable to the market. Maintaining the same or similar standards as pharmaceuticalswould require price increases and impact the distribution of the Company's products.

**CRITICAL ACCOUNTING POLICIES**

Our financial statements and related publicfinancial information are based on the application of accounting principles generallyaccepted in the United States ("GAAP"). GAAP requires the use of estimates;assumptions, judgments and subjective interpretations of accounting principles that havean impact on the assets, liabilities, and expense amounts reported. These estimates canalso affect supplemental information contained in the external disclosures of the Companyincluding information regarding contingencies, risk and financial condition. 

Management believes our use of estimatesand underlying accounting assumptions adhere to GAAP and are consistently andconservatively applied. Valuations based on estimates are reviewed for reasonableness andconservatism on a consistent basis throughout the Company. Primary areas where ourfinancial information is subject to the use of estimates, assumptions and the applicationof judgment include our evaluation of impairments of intangible assets, and therecoverability of deferred tax assets, which must be assessed as to whether these assetsare likely to be recovered by us through future operations. We base our estimates onhistorical experience and on various other assumptions that we believe to be reasonableunder the circumstances. 

Actual results may differ materially fromthese estimates under different assumptions or conditions. We continue to monitorsignificant estimates made during the preparation of our financial statements. 

**REVENUE RECOGNITION**

Larrea sells its dietary supplementproducts through two different sales channels. It sells its Shegoi brand line of productsthrough a direct marketing organization which distributes the products through individualdistributors. Larrea sells it LarreaRx brand products through wholesale distributors whereit delivers product in quantity at wholesale prices to brokers and other commercialdistributors which distribute and sell the product to retailers. 

1. Larrea recognizes revenues from salesthrough its direct marketing organization on the shipment of the product. Sales areinitiated by the customer either through accessing an on-line E-commerce site or bycontacting the Company on a toll-free number. The E-commerce site or the representativehandling the telephone inquiry will provide the customer with product information,pricing, including shipping and the terms of the sale. Prior to shipping all orders areprepaid either by check, money order or credit card. The customer can return the productunopened, if its condition is not satisfactory or they change their mind after placing theorder and a reasonable provision has been made for returns and allowances.

2. Larrea recognizes revenue from sales toits wholesale distributors on shipment of the product. Prior to a shipment the customerwill either pre-pay for the order or will have established pricing and credit terms fromthe Company. Sales through its wholesale distributors are subject to minimum quantities,volume based discounts and other resale restrictions. There is a provision for areasonable allowance due to breakage, returns and damage in shipment.

Although Larrea has no immediate plans toalter its sales channels or significantly change the contents of its packs, products orits shipping methods, any such changes in the future could result in revenue deferrals orcould cause Larrea to recognize any deferred revenue over a longer period of time.

**VALUATION OF LONG-LIVED AND INTANGIBLE ASSETS**

When the Company acquires technology, therights to manufacture and sell a product, it records the purchase price less the value ofrelated liabilities assumed as intangible assets. The Company uses the assistance ofexperts to help allocate the purchase price to the fair value of the various intangibleassets acquired. The Company then estimates the economic useful life of each of theseintangible assets in order to amortize their cost as an expense in the statement ofoperations over the estimated economic useful life of the related asset. The factors thatdrive the actual economic useful life of a pharmaceutical product are inherentlyuncertain, and include patent protection, competition by similar products, futureintroductions of competing products, the impact of promotional efforts and many otherissues. The Company uses all of these factors in initially estimating the economic usefullives of its products, and also continuously monitors these factors to assess if changesin estimates are required. 

The Company evaluates the recoverability ofproperty and equipment and patents whenever events or changes in circumstances indicatethat the carrying value may not be recoverable. The Company recognizes an impairment lossrelated to property and equipment and patents if the projected undiscounted future cashflows are less than the carrying amounts. The amount of the impairment charge, if any, ismeasured equal to the excess of the carrying value over the asset's fair value, generallydetermined using the future operating cash flows discounted at the Company's average rateof cost of funds. The assessment of the recoverability of property and equipment andpatents will be impacted if estimated future cash flows differ from those estimates. 

The Company records raw material inventoryat cost when it orders resin from its contract manufacturer. Finished product is recordedat the total cost of producing the product, the aggregate charges for contractmanufacturing as well as any storage charges or shipping required in producing the resinand packaging the final product. 

Once produced and labeled the products aretransferred from the contract manufacturers to a fulfillment warehouse operated by thirdparties and then distributed as sales occur. 

The Company does not provide a reserve forobsolescence because they are able to order the resin in limited quantities and create theother products from the resin quickly as needed. The useable life of the resin is tenyears or more and the product is held in resin form until such time as it is produced intocapsules, lotions or spray. Based on marketing projections, the amount of finished productavailable is managed tightly to optimize finished product inventory and preventobsolescence.

**Committees**

The Company intends to form Audit,Compensation and Nominating and Corporate Governance Committees when circumstances justifyincreasing the size of the Board. Currently Mr. Smetek and Mr. Johnson are fulfilling thefunctions of these committees. 

**RESULTS OF OPERATIONS FOR THE YEAR ENDED APRIL 30, 2006COMPARED TO THE YEAR ENDED APRIL 30, 2005**

The Company’s revenues for the year ended April 30,2006, were $457,682 compared to $513,952 restated for the previous year or a decrease of$56,270. Cost of Sales for the year ended 2006 was $153,024 as compared to $97,830 for thecomparable period of 2005 or an increase of $55, 194. The increase in cost of sales isdirectly related to the costs of our products. Selling, general and administrativeexpenses for the year ended April 2006 were $891,067 as compared to $634,727 last year.

The Company incurred a net loss of $663,680 as compared to$2,064,595 for the year ended April 30, 2005. The loss for 2005 included an impairmentexpense of $1,833,114.

Loss per share was $.03 in 2006 compared to $.10 in 2005.The reduced loss per share was due to the impairment expense booked in the 2005 fiscalyear. The weighted average number of shares outstanding for the years ending April 30,2006 and 2005 was 22,901,445 and 20,471,121, respectively. 

Stockholder deficiency at April 30, 2006 was $1,000,158compared to stockholder deficiency of $336,478 at April 30, 2005.

**Going Concern Qualification**

The Company's independent auditors haveincluded an explanatory paragraph in their report on the April 30, 2006 consolidatedfinancial statements discussing issues which raise substantial doubt about the Company'sability to continue as a "going concern." The going concern qualification isattributable to recurring losses. 

For the year ended April 30, 2006, theCompany continued to experience a negative cash flow from operations, and projects that itwill need additional capital to achieve its business plan. The Company believes it canraise additional funds though equity or debt financing.

**Liquidity and Capital Resources**

Total assets at April 30,2006 were $188,595 compared to$270,728 in 2005. Total liabilities at April 30, 2006 were $1,307,967 as compared to$607,206 in 2005. Our working capital for 2006 was a negative $1,073,753 as compared to anegative $491,272 last year. The Company’s net cash used in operating activities was$659,967 as compared to $476,394 the previous year. Net cash provided by financingactivities for the year ended April, 2006 was $665,507 as compared to $509,356. The fundsprovided were borrowings from SMI Re Limited, which company is controlled by officers ofthe Company. The company’s future operations are dependent upon its ability to obtainthird party financing in the form of debt and equity and ultimately have future profitableoperations or generate income from its operations. The Company is currently seekingadditional funds through future debt or equity financing to offset future cash flowdeficiencies. Such financing may not be available or may not b e available on reasonableterms. The resolution of this going concern issue is dependent on the realization ofmanagement’s plans. If management is unsuccessful in raising future debt or equityfinancing, the Company will be required to liquidate assets and curtail or possibly ceaseoperations. 

There are no limitations inthe Company's articles of incorporation on the Company's ability to borrow funds or raisefunds through the issuance of restricted common stock or debt instruments. The Company'slimited resources and lack of having cash-generating business operations may make itdifficult to borrow funds or raise capital. These factors may have a material adverseeffect on the Company's financial condition and future prospects, including the ability toexecute its business plan. To the extent that debt financing ultimately proves to beavailable, any borrowing will subject us to various risks traditionally associated withindebtedness, including the risks of interest rate fluctuations and insufficiency of cashflow to pay principal and interest.
**Dividends and Redemption**

It has been the Company's policy to investearnings in the growth of the Company rather than distribute earnings as dividends. Thispolicy, under which dividends have not been paid since the Company's inception, isexpected to continue, but is subject to regular review by the Board of Directors. 

**Off-Balance Sheet Arrangements**

As of April 30, 2006 we did not have anyoff-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-Kpromulgated under the Securities Act of 1934.

**ITEM7. FINANCIAL STATEMENTS**Back to Table of Contents

The Registrant's audited financial statements for thefiscal years ended April 30, 2006 and April 30, 2005 are attached to this annual report.

Financial Statements

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING ANDFINANCIAL DISCLOSURE**Back to Table of Contents

In connection with the audit of the Company's financialstatements for the fiscal year ended April 30, 2006 there were no disagreements, disputes,or differences of opinion with R.E. Bassie & Co. on any matters of accountingprinciples or practices, financial statement disclosure, or auditing scope and procedures,which, if not resolved to the satisfaction of R.E. Bassie & Co., would have causedR.E. Bassie & Co. to make reference to the matter in its report. 

**ITEM 8A. CONTROLS AND PROCEDURES**Back toTable of Contents

*Management's Report on Internal Control over FinancialReporting.*Our internal control over financial reporting is a process that, under thesupervision of and with the participation of our management, including our Chief ExecutiveOfficer and Chief Financial Officer, was designed to provide reasonable assurancesregarding the reliability of financial reporting and the preparation of financialstatements for external purposes in accordance with generally accepted accountingprinciples. Our internal control over financial reporting includes those policies andprocedures that (i) pertain to the maintenance of records that, in reasonable detail,accurately and fairly reflect our transactions and dispositions of our assets; (ii)provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples, and that our receipts and expenditures are being made only in accordance withauthorizations of our management and our trustees; and (iii) provide reasonable assuranceregarding prevention or timely detection of unauthorized acquisition, use, or dispositionof our assets that could have a material effect on our financial statements. 

Because of its inherent limitations, internal control overfinancial reporting may not prevent or detect misstatements. Also, projections of anyevaluation of effectiveness to future periods are subject to the risk that our controlsmay become inadequate because of changes in conditions, or that the degree of compliancewith the policies or procedures may deteriorate. 

As management, it is our responsibility to establish andmaintain adequate internal control over financial reporting. As of April 30, 2006, underthe supervision and with the participation of our management, including our ChiefExecutive Officer and Chief Financial Officer, we evaluated the effectiveness of ourinternal control over financial reporting using criteria established in Internal Control -Integrated Framework issued by the Committee of Sponsoring Organizations of the TreadwayCommission ("COSO"). Based on our evaluation, we concluded that the Companymaintained effective internal control over financial reporting as of April 30, 2006, basedon criteria established in the Internal Control - Integrated Framework issued by the COSO.

*Evaluation of disclosure controls and procedures*.As of April 30, 2006, the Company's chief executive officerand chief financial officer conducted an evaluation regarding the effectiveness of theCompany's disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e)under the  Exchange Act. Based upon the evaluation of these controls and procedures,our chief executive officer and chief financial officer concluded that our disclosurecontrols and procedures were effective as of the date of filing this annual reportapplicable for the period covered by this report.

*Changes in internal controls*. During the period covered by this report, no changes occurred inour internal control over financial reporting that materially affected, or is reasonablylikely to materially affect, our internal control over financial reporting.

**ITEM 8B. OTHER INFORMATION**Back toTable of Contents

None.

**PART III**

**ITEM9. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT, COMPLIANCE WITH SECTION 16(A)**Back to Table of Contents
**Name****Age****Title****Date    Became Executive Officer**Peter P. Smetek, Jr.62Chief Executive Officer and Director09/2004James J. Fiedler59Chief Financial Officer,    Secretary and Director07/2006
Officers are not elected for a fixed term of office but hold officeuntil their successors have been elected.

*Peter P. Smetek, Jr.,CEO and Director,*has been a Director of the Company since 2004. Mr. Smetek has 31years experience in the securities and investment banking industry. He is the President ofSmetek & Associates, Inc., a Consulting and Investment Banking Firm and is a formerNASD broker dealer. He has experience as a former Vice Chairman of the Board and Directorof a privately held pet food company, which grew from $12 million in sales to $240 millionduring his tenure, and was the Chairman and Chief Executive Officer of an oil fieldservice company that employed as many as 180 people. He has also served on a number ofboards of small start-up companies in the medical technology field, and computertechnology area, one of which was an ASE listed company. 

*James J. Fiedler, CFO*,has been a Director of the Company since July 2006. Mr. Fiedler is an experiencedexecutive in the consulting, computer, defense systems, enterprise software, wired andwireless telecommunications (including VO and OSS systems) and cable TV industries. He hasextensive experience in fund raising, IPO's and M&A's. During the last five years Mr.Fiedler has been a partner at Johnson & Fiedler Associates, a firm whose activitiesconsist of valuation, due diligence, strategic plan review and M & A reviews oftechnology companies for consulting firms, fund managers and investment banks. Mr. Fiedlergraduated from Kent State University, Ohio earning a BS in Math and BA in Physics.

Section 16(a) of the Securities Exchange Act of 1934, asamended, requires that the Company's directors and executive officers and persons owningmore than 10% of the outstanding Common Stock, file reports of ownership and changes inownership with the Securities and Exchange Commission ("SEC"). Executiveofficers, directors and beneficial owners of more than 10% of the Company's Common Stockare required by SEC regulation to furnish the Company with copies of all Section 16(a)forms they file. 

Based solely on copies of such forms furnished as providedabove, or written representations that no Forms 5 were required, the Company believes thatduring the fiscal year ended April 30, 2006, all Section 16(a) filing requirementsapplicable to its executive officers, directors and beneficial owners of more than 10% ofits Common Stock were complied with, except as follows: Mr. Peter Smetek, Jr. did not filea Form 5 for the year 2006. 

 

**ITEM 10.EXECUTIVE COMPENSATION**Back to Table of Contents

The following table contains theexecutive compensation to the chief executive officer of the Company for the periods setforth below.

**Summary Compensation Table**            
Long Term         
Annual Compensation
Compensation Awards                     Other Restricted    Securities                Annual Stock Underlying    All Other       
Salary 
Bonus Compensation    Award(s) Options Compensation         Name and Principal Position   
Year 
($)
($)
($)
($) 
($)
($)  Peter P. Smetek, Jr., CEO and President (1)  2006 96,000--- --- --- --- --- 2005 68,500--- --- --- --- --- James A. Johnson, CFO and Secretary (2)2006 --- --- --- ---    ---    --- 2005 --- --- --- --- --- ---   (1) Portions of Mr. Smetek's compensation is    accrued but deferred until the Company has sufficient cash flow to pay Mr. Smetek. His    employment contract with the company allows him to covert his accrued salary expense to    common stock of the Company at his option. (2) Mr. Johnson resigned as CFO in March 2006.
**Compensation of Directors**

Directors of the Company receive cash compensation of $10,000 per year and options topurchase common stock of the company equal to their cash fees of $10,000 per year forattendance at board meetings and are entitled to reimbursement of their reasonableexpenses incurred in attending Directors Meetings. 

**ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**Backto Table of Contents

The table below disclosesany person (including any "group") who is known to the Registrant to be thebeneficial owner of more than five (5%) percent of the Registrant's voting securities. Asof July 21, 2006, the Registrant had 22,727,167 shares of common stock issued.

**Title of    Class**
**Name and    Address of Beneficial Owner**
**Amount    and Nature of Beneficial Owner**
**Percent of Class**Common StockA & S Holdings Management, Ltd. (1)(2)c/o Larrea Biosciences Corporation     2205-13700 Mayfield Place     Richmond, BC, Canada11, 679,737 shares51.39%Common StockPeter P. Smetek, Jr., CEO and Chairmanc/o Larrea Biosciences Corporation4119 Montrose Blvd., Suite 230     Houston, TX 77006500,000 shares2.20%Common StockJames J. Fiedler, CFO    c/o Larrea Biosciences Corporation4119 Montrose Blvd., Suite 230     Houston, TX 770060 shares0.00%Common StockRobert Sinnott3191 West Drake Drive    Chandler, AZ 852263,585,574 shares15.78%
Common StockAll officers and directors as a group (2    people)6,339,868 shares27.89%(1) Smetek & Associates, Inc.,    of which Mr. Smetek is the President, acts as an advisor and guarantor to A & S    Holdings Management Ltd. Neither Mr. Smetek personally nor Smetek & Associates and/or    its affiliates own directly shares in A & S Holding Management. (2) The shares held by A & S    Management, Ltd. have been pledged as security for the one million dollar line of credit.    As part of that agreement, A & S Management, Ltd has assigned its voting rights in the    stock to the lender, SMI RE, Ltd. during the period the line of credit is outstanding. Mr.    Smetek is a principal shareholder and officer of SMI RE, Ltd.
**ITEM 12. CERTAINRELATIONSHIPS AND RELATED TRANSACTIONS**Back to Table of Contents

In September of 2004 theCompany entered into a line of credit agreement for up to one Million ($1,000,000) dollarswith SMI RE, Inc. a Nevis corporation controlled by Peter P. Smetek, Jr., the ChiefExecutive Officer and a director of the Company. This line of credit had an outstandingbalance of $1,131,000 at April 30, 2006. On April 30, 2006, the line of credit wasextended and replaced by a forbearance note with SMI Re Limited until July 31, 2006. Thenote has been further extended until October 31, 2006. SMI Re Limited has agreed to extendand increase the amount of the note to the Company.

The forbearance note isinterest only on the amounts as drawn down by the Company at an interest rate of eight(8%) percent. The loan matures on October 31, 2006. As part of the terms and conditions ofthe note, it is secured by all of the tangible and intangible assets of the Company, and51% of the common stock pledged by A&S Holdings Management.

During the fiscal year 2006,management and consulting fees were paid to officers and directors of the Company and/orcompanies controlled by them. Management and consulting fees were also accrued as expensespayable to officers and directors of the Company.

The Company's managementbelieves that the terms of these transactions are no less favorable to the Company thanwould have been obtained from an unaffiliated third party in similar transactions. Futuretransactions with affiliates will be on terms no less favorable than could be obtainedfrom unaffiliated third parties, and will be approved by a majority of the disinteresteddirectors.

**ITEM13. EXHIBITS AND REPORTS ON FORM 8-K**Back to Table of Contents

(a) The following documents are filed as exhibits tothis report on Form 10-KSB or incorporated by reference herein. Any document incorporatedby reference is identified by a parenthetical reference to the SEC filing that includedsuch document.
**Exhibit No.****Description**21.1List of Subsidiaries,    attached to the Company's Form 10-KSB/A filed on April 11, 2006.10.12006 Stock Option Plan, filed    herewith.31.1Certification of CEO pursuant    to Rule 13a-14(a) or 15d-14(a) of the Exchange Act pursuant to Section 302 of the    Sarbanes-Oxley Act of 2002.31.2Certification of CFO pursuant    to Rule 13a-14(a) or 15d-14(a) of the Exchange Act pursuant to Section 302 of the    Sarbanes-Oxley Act of 2002.32.1Certification of CEO pursuant    to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of    2002.32.2Certification of CFO pursuant    to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of    2002.
(b) Reports on Form 8-K During the Last Quarter of the Fiscal YearCovered by this Report:

The Registrant filed a Form 8-K during the last quarter of the fiscalyear covered by this annual report disclosing under Item 1.01 "Entry into a MaterialDefinitive Agreement" and a Form 8-K on June 26, 2006 with Item 4.01 "Changes inRegistrant's Certifying Accountants" disclosure.

**ITEM 14.PRINCIPAL ACCOUNTING FEES AND SERVICES**Back to Table of Contents

Independent PublicAccountantsThe Registrant's Board of Directors has appointed R.E. Bassie & Co. as independentpublic accountant for the fiscal year ending April 30, 2006 and 2005.

 

PrincipalAccounting FeesThe following table presents the fees for professional audit services rendered by R.E.Bassie & Co. for the audit of the Registrant's annual financial statements for theyears ended April 30, 2006 and April 30, 2005, and fees billed for other services renderedby R.E. Bassie & Co. during those periods. 

  

**Year Ended ****April 30,  2006****April 30, 2005**
Audit fees    (1)$ 56,500   $ 38,398
Audit-related fees (2)  N/A     N/A
Tax fees    (3)  N/A     N/A
All other fees  N/A     N/A________________(1) Audit fees consist of    audit and review services, consents and review of documents filed with the SEC. (2) Audit-related fees    consist of assistance and discussion concerning financial accounting and reporting    standards and other accounting issues. (3) Tax fees consist of    preparation of federal and state tax returns, review of quarterly estimated tax payments,    and consultation concerning tax compliance issues.   
TheCompany was advised by R.E. Bassie & Co. that neither the firm, nor any member of itsfirm, have any direct or indirect financial interest in any capacity in Larrea. Themembers of the Company's Board of Directors believe that the payment of all fees set forthabove does not prohibit R.E. Bassie & Co. from maintaining its independence. 

 

Code of Ethics The Corporation has adopted a Code of Ethics that are designed to deter wrongdoing and topromote honest and ethical conduct, full, fair, accurate, timely and understandabledisclosure in the Registrant's SEC reports and other public communications. The Code ofEthics promotes compliance with applicable governmental laws, rules and regulations. 

 
**Section16(a) ComplianceSection 16(a) of the Securities and Exchange Act of 1934 requires the Registrant'sdirectors and executive officers, and persons who own beneficially more than ten percent(10%) of the Registrant's Common Stock, to file reports of ownership and changes ofownership with the Securities and Exchange Commission. Copies of all filed reports arerequired to be furnished to the Registrant pursuant to Section 16(a). Based solely on thereports received by the Registrant and on written representations from reporting persons,the Registrant was informed that its officers and directors have not filed all reportsrequired under Section 16(a).

**SIGNATURES**

In accordance with Section 13 or 15 (d) of the Exchange Act, the Registrant caused thisreport to be signed on its behalf by the undersigned, thereunto duly authorized. 

LARREA BIOSCIENCES CORPORATION 
/s/ Peter P. Smetek, Jr./s/ James J. Fiedler(Chief Executive Officer)(Chief Financial Officer)*Dated: August 14, 2006**Dated: August 14, 2006**Houston, Texas**Houston, Texas*
Pursuant to therequirements of the Securities Exchange Act of 1934, this report has been signed below bythe following persons on behalf of the registrant and in the capacities and on the dateindicated.
/s/ Peter P. Smetek, Jr./s/ James J. Fiedler(Chief Executive Officer)(Chief Financial Officer)*Dated: August 14, 2006**Dated: August 14, 2006**Houston, Texas**Houston, Texas*
**FinancialStatements**Back to Table of Contents
Report of Independent Registered Public Accounting Firm 20Consolidated Financial Statements:   Balance Sheets -    April 30, 2006 and 200521   Statements of Operations - Years ended April    30, 2006 and 200522   Statements of Stockholders' Equity    - Years ended April 30, 2006 and 200523   Statements    of Cash Flows - Years ended April 30, 2006 and 200524Notes    to Consolidated Financial Statements25**R. E. Bassie & Co.*****Certified Public Accountants***    
6671 Southwest Freeway, Suite 550
Houston, Texas 77074
Tel: (713) 272-8500 Fax: (713)    272-8515
E-Mail: Rebassie@aol.com
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMBack to Table of Contents
The Board of Directors and StockholdersLarrea Biosciences Corporation:

We have audited the accompanyingconsolidated balance sheets of Larrea Biosciences Corporation and subsidiaries as of April30, 2006 and 2005, and related consolidated statements of operations, stockholders'equity, and cash flows for the two-year period ended April 30, 2006. These consolidatedfinancial statements are the responsibility of the Company’s management. Ourresponsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance withthe standards of the Public Company Accounting Oversight Board (United States). Thosestandards require that we plan and perform the audits to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basis for ouropinion.

In our opinion, the financial statementsreferred to above present fairly, in all material respects, the financial position ofLarrea Biosciences Corporation and subsidiaries as of April 30, 2006 and 2005, and theresults of their operations and their cash flows for the two-year period ended April 30,2006, in conformity with accounting principles generally accepted in the United States ofAmerica.

The accompanying financial statements havebeen prepared assuming that the Company will continue as a going concern. As discussed inNote 9 to the financial statements, the Company has limited capital. The Company’sfuture operations are dependent upon its ability to obtain third party equity and/or debtfinancing and ultimately have future profitable operations. These factors raisesubstantial doubt about the Company’s ability to continue as a going concern. Thefinancial statements do not include any adjustments that might result from the outcome ofthis uncertainty.

/s/ R. E. Bassie & Co.

Houston, TexasMay 29, 2006
**LARREA    BIOSCIENCES CORPORATION AND SUBSIDIARIES**Consolidated Balance SheetsBack to Table of ContentsApril    30, 2006 and 2005     **2006****2005 (Restated)**
AssetsCurrent assets:
      Cash$27,194
$31,654   Accounts    receivable, net of allowance of doubtful accounts     of $0    at April 30, 2006 and $5,408 at April 30, 20054,49512,205   Inventories83,31168,102   Prepaid expenses    and other current assets-3,973        Total current assets115,000115,934   Property and equipment, net57,685137,264Patents and trademarks, net of    accumulated amortization   of $3,510 at April    30, 2006 and $1,890 at April 30, 200515,91017,530          Total assets$188,595$270,728  
Liabilities    and Stockholders' Equity  Current liabilities:   Accounts payable$36,490$120,225   Due to    shareholders-45,000   Short-term note    payable1,152,263441,981        Total current liabilities1,188,753607,206  Stockholders' equity (deficit):   Common stock,    $0.0001 par value. Authorized 100,000,000 shares:         22,901,445 shares issued and outstanding at April 30, 2006, and April 30, 20052,2902,290   Additional paid-in    capital2,910,9772,910,977   Accumulated    deficit(3,913,425)(3,249,745)     Total    stockholders' deficit(1,000,158(336,478)        Total liabilities and stockholders' equity$188,595
$270,728  See accompanying    notes are integral part of these consolidated financial statements.**LARREA BIOSCIENCES CORPORATION AND SUBSIDIARIES**Consolidated Statements of OperationsBack to Table of ContentsYears ended April 30, 2006 and 2005      **  ****2006**
**2005 (Restated)**  Revenues $457,682
$
513,952  Cost of sales 153,024  
97,830     Gross    profit304,658
416,122   Operating expenses:   Selling, general    and administrative expenses891,067
634,727   Impairment expense-
1,833,114        Total operating expenses 891,0672,467,841   Operating loss(586,409)(2,051,719)   Other income (expenses):    Interest income -25   Interest expense(73,098)(12,901)   Other expenses(4,173)-     Total    other income (expenses)(77,271)(12,876)           Net loss$(663,680)
$(2,064,595)  Net loss applicable to common    shareholders:      Basic and diluted$(0.03)$(0.10)   Weighted average shares:      Basic and diluted22,901,44520,471,121   See accompanying    notes are integral part of these consolidated financial statements.**LARREA BIOSCIENCES CORPORATION AND SUBSIDIARIES**Statements of Stockholders' Equity      Back to Table of    ContentsFor    the Years Ended April 30, 2006 and 2005     
AdditionalTotal
Common
paid-inAccumulatedstockholders'
shares
amount
capital
deficit
deficit (deficit)  Balance April    30, 200416,230,760$1,623$98,581
$(120,066)
$(19,862)     Issuance of shares    for the reverse merger with Global Botanics, Inc.3,500,0003501,079,584(1,065,084)14,850   Issuance of common    shares for cash70,500770,493-70,500   Issuance of shares    for the acquisition of LarreaRx, Inc. and subsidiary, restated3,100,1853101,662,319-1,662,629   Net loss, as    restated---(2,064,595)(2,064,595)Balance April    30, 2005, as restated22,901,445$2,290$2,910,977
$(3,249,745)
$(336,478)     Net loss
  -
 -
-
(663,680)
(663,680)Balance April    30, 2006
22,901,445
$
2,290
$
2,910,977
$
(3,913,425)
$
(1,000,158)  
See    accompanying notes are integral part of these consolidated financial statements.**LARREA BIOSCIENCES CORPORATION AND SUBSIDIARIES**Consolidated Statements of Cash FlowsBack to Table of ContentsYears ended April 30, 2006 and 2005  **  **
**2006**
**2005 (Restated)**Cash flows from operating    activities:    Net loss
$(663,680)
$(2,064,595)   Adjustments to    reconcile net loss     to net    cash used in operating activities:           Depreciation and amortization of property and equipment78,59810,983          Amortization of patents1,6201,620          Impairment of goodwill-1,833,114          (Increase) decrease of operating assets, net of acquisition:              Accounts receivable 7,71052,261             Inventories 44,8285,592             Prepaid expenses and other current assets(55,084)(3,185)          Increase (decrease) in operating liabilities, net of acquisition:             Accounts payable and accrued expenses(73,959)(312,184)                Net cash used in operating activities (655,507)(476,394)  Cash flows from investing    activities:    Purchase of    property and equipment-(13,749)   Cash acquired in    acquisition of subsidiaries-7,941               Net cash used in investing activities 
-
(5,808)   Cash flows from financing    activities:    Proceeds from the    sale of common stock-70,500   Net borrowings    from shareholder655,507438,856               Net cash provided by financing activities 
655,507
509,356                 Net increase (decrease) in cash (4,460)27,154Cash at end of year
31,654
4,500Cash at end    of period
$
27,194
$
31,654   Supplemental schedule of cash    flow information:   Interest paid$-$-  Non-cash investing and    financing activities:   Issuance of    3,100,185 restricted common shares for        acquisition of LarreaRx, Inc. and its wholly-owned subsidiary
$
-
$
1,662,629  See accompanying    notes are integral part of these consolidated financial statements.**LARREA BIOSCIENCES CORPORATION AND SUBSIDIARIES****Notes to ConsolidatedFinancial Statements Back to Table of ContentsApril 30, 2006

**(1) Summary of Significant Accounting Policies**
**Organization, Ownership and Business

The Company was incorporated as Sonic Media Corporation under the lawsof the State of Nevada on May 1, 2002. The Company changed its name from Sonic MediaCorporation to Larrea Biosciences Corporation ("Larrea") on June 1, 2004.

Pursuant to the terms of a stock purchase agreement dated March 24,2004 between Global Botanics, Inc. ("Global"), Larrea and the shareholders ofGlobal, the shareholders of Global agreed to exchange all of their shares of Global forshares of Larrea. On closing of the stock purchase agreement on August 31, 2004, Larreaacquired all of the issued and outstanding shares of Global by issuing 3,500,000restricted common shares of Larrea to the shareholders of Global. Due to commonshareholders and directors, this transaction is considered to be a capital transaction insubstance rather than a business combination and is equivalent to a reverse take-over byGlobal.

These consolidated financial statements are issued under the name ofthe legal parent Larrea but are considered a continuation of the consolidated financialstatements of the legal subsidiary, Global.

Global’s major assets consist of four United States patents to theproduction and use of proprietary extracts from the plant species ‘LarreaTridentata’. These were acquired by Global from a company which is controlled by aformer director of the Company.

The Company is now focusing its operations on manufacturing, licensingand distributing "Green" dietary supplement.
**Principles of Consolidation

The consolidated financial statements include the accounts of theCompany and its wholly-owned subsidiaries, LarreaRx, Inc. and LarreaRx Strategies, Inc.and the results of their operations from the dates of acquisition. All materialintercompany transactions and balances have been eliminated.
**Cash and Cash Equivalents

The Company considers all short-term investments, including investmentsin certificates of deposit, with a maturity date at purchase of three months or less to becash equivalents.
**Accounts Receivable

Accounts receivable consist primarily of trade receivables, net of avaluation allowance for doubtful accounts.
**Inventories

Inventories are valued at the lower-of-cost or market on a first-in,first-out basis.
**Investment Securities

The Company accounts for its investments in accordance with Statementof Financial Accounting Standards No. 115, "Accounting for Certain Investments inDebt and Equity Securities." Management determines the appropriate classification ofits investments in marketable securities at the time of purchase and reevaluates suchdetermination at each balance sheet date. Securities that are bought and held principallyfor the purpose of selling them in the near term are classified as trading securities.Debt securities for which the Company does not have the intent or ability to hold tomaturity and equity securities not classified as trading securities are classified asavailable-for-sale. The cost of investments sold is determined on the specificidentification or the first-in, first-out method. Trading securities are reported at fairvalue with unrealized gains and losses recognized in earnings, and available-for-salesecurities are also reported at fair value but unrealized gains and losses are shown inthe caption "unrealized gains (losses) on shares available-for-sale" included instockholders' equity. Management determines fair value of its investments based on quotedmarket prices at each balance sheet date. 
**Property, Equipment and Depreciation

Property and equipment are recorded at cost less accumulateddepreciation. Upon retirement or sale, the cost of the assets disposed of and the relatedaccumulated depreciation are removed from the accounts, with any resultant gain or lossbeing recognized as a component of other income or expense. Depreciation is computed overthe estimated useful lives of the assets (5-20 years) using the straight-line method forfinancial reporting purposes and accelerated methods for income tax purposes. Maintenanceand repairs are charged to operations as incurred.
**Intangible Assets

SFAS No. 142 eliminates the amortization of goodwill, and requiresannual impairment testing of goodwill and introduces the concept of indefinite lifeintangible assets. The Company adopted SFAS No. 142 effective January 1, 2002.
**Impairment of Long-Lived Assets

Realization of long-lived assets, including goodwill, is periodicallyassessed by the management of the Company. Accordingly, in the event that facts andcircumstances indicate that property and equipment, and intangible or other assets may beimpaired, an evaluation of recoverability would be performed. In accordance with SFAS No.142, the expected present value of future cash flows associated with the asset arecompared to the asset's carrying amount to determine if a write-down to market value isnecessary. In management's opinion, the expected present value of such assets did notexceed its carrying values and there was impairment of such assets at April 30, 2006.
**Revenue Recognition

The Company recognizes revenue at the time of shipment of product toits customers. Sales are recognized on a net basis, which reflects product returns andamounts billed for freight and handling costs. Freight and handling costs paid by theCompany are included in cost of sales. The Company generally receives the net sales pricein cash or through credit card payments at the point of sale. Related commissions andallowances for product returns are recorded when the merchandise is shipped.

Allowances for product returns are provided at the time the product isshipped. This accrual is based upon historic return rates and the relevant return pattern,which reflects anticipated returns to be received over a period of up to thirty daysfollowing the original sale.
**Income Taxes

The Company is a taxable entity and recognizes deferred tax assets andliabilities for the future tax consequences attributable to differences between thefinancial statement carrying amounts of existing assets and liabilities and theirrespective tax basis. Deferred tax assets and liabilities are measured using enacted taxrates expected to be in effect when the temporary differences reverse. The effect on thedeferred tax assets and liabilities of a change in tax rates is recognized in income inthe year that includes the enactment date of the rate change. A valuation allowance isused to reduce deferred tax assets to the amount that is more likely than not to berealized.
**Earnings Per Share

The basic net earnings (loss) per common share is computed by dividingthe net earnings (loss) by the weighted average number of shares outstanding during aperiod. 
**Advertising Costs

The cost of advertising is expensed as incurred.
**Management's Estimates and Assumptions

The preparation of financial statements in conformity with generallyaccepted accounting principles requires management to make estimates and assumptions thataffect the reported amounts of assets and liabilities, disclosure of contingent assets andliabilities at the date of the financial statements, and the reported amounts of revenuesand expenses. Actual results could differ from these estimates.
**Stock-Based Compensation

The Company has chosen to continue to account for stock-basedcompensation using the intrinsic value method prescribed in Accounting Principles BoardOpinion No. 25, "Accounting for Stock Issued to Employees", and relatedInterpretations and to elect the disclosure option of SFAS No. 123, "Accounting forStock-Based Compensation". Accordingly, compensation cost for stock options issued toemployees is measured as the excess, if any, of the quoted market price of the Company'sstock at the date of the grant over the amount an employee must pay to acquire the stock.
**Concentration of Credit Risk

The Company maintains its cash with major domestic banks in amounts,which exceed the insured limit of $100,000 from time to time. The terms of these depositsare on demand to minimize risk. The Company has not incurred losses related to thesedeposits.

Trade accounts receivable subject the Company to the potential forcredit risk with customers in the retail and distribution sectors. To reduce credit risk,the Company performs ongoing evaluations of its customer’s financial condition butgenerally does not require collateral.
**Fair Value of Financial Instruments

The Company estimates the fair value of its financial instruments usingavailable market information and appropriate valuation methodologies. However,considerable judgment is required in interpreting market data to develop the estimates offair value. Accordingly, the Company estimates of fair value are not necessarilyindicative of the amounts that the Company could realize in a current market exchange. Theuse of different market assumption and/or estimation methodologies may have a materialeffect on the estimated fair value amounts. The interest rates payable by the Company onits notes payable approximate market rates. The Company believes that the fair value ofits financial instruments comprising accounts receivable, notes receivable, accountspayable, and notes payable approximate their carrying amounts.
**New Standards Implemented

In May 2005, the Financial Accounting Standards Board (*"FASB"*)issued Statement of Financial Accounting Standard (*"SFAS"*) No. 154, *AccountingChanges and Error Corrections*. SFAS No. 154 replaces Accounting Principles BoardOpinion No. 20, *Accounting Changes*, and SFAS No. 3, *Reporting Accounting Changesin Internal Financial Statements*, and changes the requirements for the accounting forand reporting of a change in accounting principle. SFAS No. 154 requires retrospectiveapplication of changes in accounting principle to prior periods’ financialstatements, unless it is impracticable to determine either the period-specific effects orthe cumulative effect of the change. SFAS No. 154 is effective for accounting changes andcorrections of errors made in fiscal years beginning after December 15, 2005. We willadopt SFAS No. 154 on January 1, 2006. Any impact on the Company’s consolidatedresults of operations and earnings per share will be dependent on the amount of anyaccounting changes or corrections of errors whenever recognized.

In December 2004, the Financial Accounting Standards Board issuedStatement of Financial Accounting Standards No. 153. This statement addresses themeasurement of exchanges of nonmonetary assets. The guidance in APB Opinion No. 29, *"Accountingfor Nonmonetary Transactions,"* is based on the principle that exchanges ofnonmonetary assets should be measured based on the fair value of the assets exchanged.

The guidance in that opinion; however, included certain exceptions tothat principle. This statement amends Opinion 29 to eliminate the exception fornon-monetary exchanges of similar productive assets and replaces it with a generalexception for exchanges of non-monetary assets that do not have commercial substance. Anonmonetary exchange has commercial substance if the future cash flows of the entity areexpected to change significantly as a result of the exchange. This statement is effectivefor financial statements for fiscal years beginning after June 15, 2005. Earlierapplication is permitted for non-monetary asset exchanges incurred during fiscal yearsbeginning after the date of this statement is issued. Management believes the adoption ofthis statement will have no impact on the financial statements of the Company.

In December 2004, the Financial Accounting Standards Board issuedStatement of Financial Accounting Standards No. 152, which amends FASB statement No. 66, *"Accountingfor Sales of Real Estate,"* to reference the financial accounting and reportingguidance for real estate time-sharing transactions that is provided in AICPA Statement ofPosition (SOP) 04-2, *"Accounting for Real Estate Time-Sharing Transactions."*This statement also amends FASB Statement No. 67, *"Accounting for Costs andInitial Rental Operations of Real Estate Projects,"* to state that the guidancefor (a) incidental operations and (b) costs incurred to sell real estate projects does notapply to real estate time-sharing transactions. The accounting for those operations andcosts is subject to the guidance in SOP 04-2. This statement is effective for financialstatements for fiscal years beginning after June 15, 2005. Management believes theadoption of this statement will have no impact on the financial statements of the Company.

In November 2004, the Financial Accounting Standards Board (FASB)issued Statement of Financial Accounting Standards No. 151, *"Inventory Costs—an amendment of ARB No. 43, Chapter 4."* This statement amends the guidance in ARBNo. 43, Chapter 4, *"Inventory Pricing,"* to clarify the accounting forabnormal amounts of idle facility expense, freight, handling costs, and wasted material(spoilage). Paragraph 5 of ARB 43, Chapter 4, previously stated that *"under somecircumstances, items such as idle facility expense, excessive spoilage, double freight,and rehandling costs may be so abnormal as to require treatment as current periodcharges."* This statement requires that those items be recognized ascurrent-period charges regardless of whether they meet the criterion of *"soabnormal."* In addition, this statement requires that allocation of fixedproduction overheads to the costs of conversion be based on the normal capacity of theproduction facilities. This statement is effective for inventory costs incurred duringfiscal years beginning after June 15, 2005. Management does not believe the adoption ofthis statement will have any immediate material impact on the Company.
**(2) Acquisition**
On August 26, 2004, the Company entered into a Stock Purchase Agreement("the Agreement") to acquire 100% of the capital stock of LarreaRx, Inc("LarreaRx") and its wholly-owned subsidiary, LarreaRx Strategies, Inc. byissuing 3,100,185 of its restricted common stock. The acquisition was consideredeffectively closed on September 24, 2004.

The Company acquired LarreaRx because the LarreaRx was already in thebusiness of manufacturing and selling products from the plant species ‘LarreaTridentata.

As required by SFAS No. 141, the Company has recorded the acquisitionusing the purchase method of accounting with the purchase price allocated to the acquiredassets and liabilities based on their respective estimated fair values at the acquisitiondate. The purchase price of $1,662,629 had been allocated at follows:
Current assets$87,889Property and equipment, net134,498Goodwill1,833,114Current liabilities(347,872)Due to shareholders(45,000)$1,662,629
Revenues and expenses of LarreaRx are included in the Company’sstatement of operations from September 25, 2004 through April 30, 2005.

The following unaudited pro forma data summarizes the results ofoperations of the Company for years ended April 30, 2005 and 2004 as if the acquisitionhad been completed on May 1, 2003. The pro forma data gives effect to the actual operatingresults prior to acquisition. The pro forma results do not purport to be indicative of theresults that would have actually been achieved if the acquisition had occurred on May 1,2003 or may be achieved in the future.
**2005**2004
Revenues
$
1,052,844
$
152,000
Net loss
$
(337,319)
$
(4,570)
Basic net loss    per share
$
(0.01)
$
(0.0)**(3) Inventories**
Inventories consist of the following at April 30, 2006 and 2005:
**2006**2005
Resin – raw materials
$
51,450
$
30,084
Virastatin products –    finish goods
31,861
38,018
Total inventories
$
83,311
$
68,102**(4) Property and Equipment**
Property and equipment is as follows at April 30, 2005 and 2004:
**2006**2005
Computer equipment
$
72,193
$
73,174
Computer software
63,524
63,524
Display equipment
984
984
Furniture and fixtures
30,094
30,094
Leasehold improvements
7,998
7,998
174,793
175,774
Less accumulated    depreciation and amortization
117,108
38,510
Net property and equipment
$
57,685
$
137,264**(5) Short-Term Note Payable**
The Company has obtained a line of credit of up to $1,000,000 through alender. The balance outstanding on the note at April 30, 2006 was $1,152,263.

The promissory note is secured by a security interest created in asecurity agreement that covers all current assets of the corporation, including patents,intangibles, accounts receivable, customer lists, unissued treasury stock and all otherassets either presently owned by the Company or acquired after the execution of the notedated October 6, 2004.

Advances under the note bear interest at 8% per annum. The note isrepayable on the following terms:

The principal amount and interest due and payable in equal monthlyinstallments of $15,000 on the last day of each month, beginning November 30, 2004 andcontinuing through December 31, 2005. After that date, the unpaid principal balance andinterest are payable in equal monthly installments of $25,000 on the last day of eachmonth, beginning April 30, 2005 and continuing until the principal amount and accruedinterest will be due and payable on December 31, 2005. Payments will be applied first toaccrued interest and the remainder to reduction of the principal amount.

Covenants under the promissory note require the Company:

Not sell, transfer, dispose of or create any security interest,mortgage, hypothecate, charge, lien or other encumbrance upon the collateral or any parthereof without the prior written consent of the lender;

Defend the title to the collateral against all person; and

Maintain the level of collateral at a minimum of 150% of the amountoutstanding under the loan.

At the balance sheet and audit report dates, the Company has not metthe required covenants.

On April 25, 2005, the note was amended as follows:

The note shall be an interest only note with interest due and payablein equal monthly installments based on the outstanding principal balance at the end ofeach month, beginning November 30, 2004 and continuing through December 31, 2005. Alloutstanding principal and interest will be due and payable on December 31, 2005. Paymentswill be applied first to accrued interest and the remainder to reduction of the principalamount. Principal amounts may be repaid at any time without penalty.

As of the March 17, 2006, the Company was in default on payment on thenote.
**(6) Income Taxes

A reconciliation of income taxes at the federal statutory rate toamounts provided for the years ended April 30, 2006 and 2005 is as follows:

**April    30**
**2006**
**2005**Tax benefit computed at statutory rate
$
(199,000)
$
(702,000)Increase in valuation allowance
199,000
702,000Tax benefit
$
-
$
-
The Company has current net operating loss carry forwards in excess of$1,300,000 as of April 30, 2006, to offset future taxable income, which expire 2026.

Deferred taxes are determined based on the temporary differencesbetween the financial statement and income tax bases of assets and liabilities as measuredby the enacted tax rates, which will be in effect when these differences reverse. Thecomponents of deferred income tax assets are as follows:

**April    30**
**2006**
**2005**
Deferred tax assets:
$
$Net operating loss
1,304,000
1,104,900
Total deferred tax asset
1,304,000
1,104,900
Valuation allowance
(1,304,000)
(1,104,900)
Net deferred asset
$
-
$
-
At April 30, 2006, the Company provided a 100% valuation allowance forthe deferred tax asset because given the volatility of the current economic climate, itcould not be determined whether it was more likely than not that the deferred taxasset/(liability) would be realized.
**(7) Lease Agreement**
The Company leases office space under a non-cancelable-operating leasewhich expires in 2009. Future minimum lease payments under the operating lease are asfollows:
**Year April 30****Amount**2007$16,064200816,68320091,394$34,141**(8) Segment Information

Consolidated revenues, operating income/(losses), and identifiableassets were as follows:

**April    30,**
**2006**
**2005**
Revenues:
$
$United States
347,196
340,749
Canada
110,486
173,203
$
457,682
$
513,952  Income (loss) from operations:$$United States(347,604)(1,898,148)Canada(238,805)(153,571)$(586,409)$(2,051,719)  Long-lived assets:$$United States15,91017,530Canada57,685137,264$73,595$154,794
Sales are attributed to the country in which the customer takesdelivery.
**(9) Going Concern

These consolidated financial statements have been prepared on a goingconcern basis in accordance with United States generally accepted accounting principles.The going concern basis of presentation assumes the Company will continue in operationthroughout the next fiscal year and into the foreseeable future and will be able torealize its assets and discharge its liabilities and commitments in the normal course ofbusiness. Certain conditions, discussed below, currently exist, which raise substantialdoubt upon the validity of this assumption. The consolidated financial statements do notinclude any adjustments that might result from the outcome of this uncertainty.

The Company’s future operations are dependent upon its ability toobtain third party financing in the form of debt and equity and ultimately have futureprofitable operations or generate income from its operations. The Company had a workingcapital deficiency of $1,192,967 at April 30, 2006. The Company is currently seekingadditional funds through future debt or equity financing to offset future cash flowdeficiencies. Such financing may not be available or may not be available on reasonableterms. The resolution of this going concern issue is dependent on the realization ofmanagement’s plans. If management is unsuccessful in raising future debt or equityfinancing, the Company will be required to liquidate assets and curtail or possibly ceaseoperations.
**(10) Restatement of 2005 Financial Statements

The consolidated financial statements for the year ended April 30, 2005have been restated as follows:
**As previously Reported**Adjustments**RestatedAt April 30, 2005: Accounts receivable
$
13,396
$
(1,191)
$
12,205Inventories
123,869
(55,767)
68,102Total current assets
172,892
(56,958)
115,934Property and equipment, net
109,758
27,506
137,264Total assets
300,180
(29,452)
270,728  Accounts payable and accrued expenses
110,449
9,776
120,225Total liabilities - current
597,430
9,776
607,206  Common stock
2,273
17
2,290Additional paid-in capital
2,868,510
42,467
2,910,977Accumulated deficit
(3,168,033)
(81,712)
(3,249,745)Total stockholders' equity
(279,250)
(39,228)
(336,478)  For the year ended April 30, 2005:Sales
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