U. S. Securities and Exchange Commission
                           Washington, D. C. 20549

                               FORM 10-QSB/A
                             (Amendment No. 1)

[X]    	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934

        For the quarterly period ended June 30, 2006

[ ]    	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934

        For the transition period from _____ to _____

                         Commission File No. 0-51012

                         IRON STAR DEVELOPMENT, INC.
               ----------------------------------------------
               (Name of Small Business Issuer in its Charter)

              Utah                                     87-0427336
   ----------------------------------------------------------------------
   (State or Other Jurisdiction of             (I.R.S. Employer I.D. No.)
    incorporation or organization)

              41-40 Union Street, Suite 6J, Flushing, NY 11355
              ------------------------------------------------
                   (Address of Principal Executive Offices)

                                718-359-2682
                         -------------------------
                         Issuer's Telephone Number

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

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

APPLICABLE ONLY TO CORPORATE ISSUERS:  Indicate the number of shares
outstanding of each of the Registrant's classes of common stock, as of the
latest practicable date:
                              August 21, 2006
                              Common Voting Stock: 18,307,899

Transitional Small Business Disclosure Format (check one):   Yes [ ]  No [X]

<PAGE>
Amendment No. 1
---------------
This amendment is being filed to correct an error in the initial filing.
A Dividend Tax was recorded as expense in the initial filing that was not
properly recorded as expense of the Company.  The Dividend Tax has been
removed from expenses in this amended filing, and the derivative adjustments
have been made.



                          IRON STAR DEVELOPMENT, INC.

                          CONSOLIDATED BALANCE SHEET

                                JUNE 30, 2006

                                 (UNAUDITED)
                                 (RESTATED)
ASSETS

Current Assets:
 Cash and cash equivalents                             $    319,604
 Accounts receivable, net                                 1,244,751
 Prepaid expenses                                               138
 Inventory (Note 4)                                         320,508
                                                         ----------
 Total current assets                                     1,885,001
                                                         ----------

Property and Equipment, net (Note 5)                      1,848,947

Other Receivable (Note 6)                                   822,251

Contracts deposit                                            19,030
                                                         ----------
Total Assets                                           $  4,575,229
                                                         ==========
LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
 Accounts payable and accrued expenses                 $    526,603
 Others payable                                              20,462
 Deferred revenue                                           343,642
 Taxes payable                                               40,628
 Due to Affiliate                                            15,333
                                                         ----------
 Total Current Liabilities                                  946,668

Minority Interest                                           349,057

Stockholders' Equity:
 Common stock, $0.001 par value, 40,000,000 shares
  authorized; 307,899 shares issued and outstanding
  as of June 30, 2006                                        18,307
 Additional Paid-in capital                               2,327,345
 Retained earnings                                          808,398
 Accumulated other comprehensive income                     125,454
                                                         ----------
 Stockholders' Equity                                     3,279,504
                                                         ----------
Total Liabilities and Stockholders' Equity             $  4,575,229
                                                         ==========

See Notes to Financial Statements

<PAGE>                                -2-

                          IRON STAR DEVELOPMENT, INC.

                     CONSOLIDATED STATEMENTS OF OPERATIONS

                                 (UNAUDITED)

                             For the Three Months Ended For the Six Months Ended
                                      June 30,                  June 30,
                                2006         2005          2006        2005
                             (RESTATED)                 (RESTATED)
                             -------------------------- ------------------------
Revenues
 Printing                     $ 1,629,653 $  845,086    $ 2,357,319 $ 1,377,612
 Equipment trading                695,427    211,126      1,065,977     587,213
 Software solutions                     -      7,656              -       7,656
                                ---------  ---------      ---------   ---------
 Total revenue                  2,325,080  1,063,868      3,423,296   1,972,481
                                ---------  ---------      ---------   ---------
Cost of sales
 Printing                       1,228,373    515,529      1,816,832     916,114
 Equipment trading                600,315    269,543        910,888     562,824
 Software solutions                     -      6,442              -       6,442
                                ---------  ---------      ---------   ---------
 Total cost of sales            1,828,688    791,514      2,727,720   1,485,380
                                ---------  ---------      ---------   ---------

Gross Profit                      496,392    272,354        695,576     487,101

Operating Expenses
 Selling expenses                  99,749     54,806        198,985     125,374
 General and administrative        54,792     39,278        118,396     112,255
                                ---------  ---------      ---------   ---------
 Total Operating Expenses         154,541     94,084        317,381     237,629
                                ---------  ---------      ---------   ---------

Income (Loss) from Operation      341,851    178,270        378,195     249,472

Other Income (Expenses)
 Interest income                      213      1,797            880       2,173
                                ---------  ---------      ---------   ---------
 Total other income (expenses)        213      1,797            880       2,173
                                ---------  ---------      ---------   ---------
Income before income tax and
 minority interest                342,064    180,067        379,075     251,645

Provision for Income Tax           51,312     36,657         56,864      37,747
                                ---------  ---------      ---------   ---------
Income before Minority Interest   290,752    143,410        322,211     213,898

Minority Interest                  29,075     14,341         32,221      21,390
                                ---------  ---------      ---------   ---------
Net Income                        261,677    129,069        289,990     192,508

Other Comprehensive Income
 Effects of Foreign Currency
  Conversion                       28,184          -         28,184           -
                                ---------  ---------      ---------   ---------
Comprehensive Income (Loss)   $   289,861  $ 129,069    $   318,174 $   192,508
                                =========  =========      =========   =========

Basic and Fully Diluted
 Earnings per Share           $      0.02  $    0.01    $      0.02 $      0.01
                                =========  =========      =========   =========
Weighted average shares
 outstanding                   18,307,000 18,307,000     18,307,000  18,307,000
                               ========== ==========     ==========  ==========

See Notes to Financial Statements.

<PAGE>                                -3-

                         IRON STAR DEVELOPMENT, INC.

                   CONSOLIDATED STATEMENTS OF CASH FLOWS

                                (UNAUDITED)
                                                   For the Six Months Ended
                                                           June 30,
                                                      2006          2005
                                                   (RESTATED)
Operating Activities                               ------------------------

 Net income (loss)                                 $  318,174    $  192,508

 Adjustments to reconcile net income (loss) to
  net cash provided (used) by operating activities:
  Minority interest                                    32,221        21,390
  Depreciation                                        116,360        82,634
 Changes in operating assets and liabilities:
  (Increase)/Decrease in accounts receivable         (663,790)      212,481
  (Increase)/Decrease in prepaid expenses                (138)       49,888
  (Increase)/Decrease in inventory                    395,410       147,009
  (Increase)/Decrease in contracts deposit            (19,030)            -
  Increase/(Decrease) in accounts payable and
   accrued expenses                                     4,497       (27,678)
  Increase/(Decrease) in other payable                (35,170)          (71)
  Increase/(Decrease) in deferred revenue             136,504       (73,767)
  Increase/(Decrease) in taxes payable                (86,062)      (10,386)
  Increase/(Decrease) in payable to minority           15,333             -
                                                    ---------     ---------
 Net cash provided (used) by operating activities     214,309       594,008
                                                    ---------     ---------
Investing Activities
 Payback of loan to shareholders                            -        43,900
 Loans to a director                                 (376,978)            -
 Purchase of fixed assets                             (24,753)     (526,061)
                                                    ---------     ---------
 Net cash (used) by investing activities             (401,730)     (482,161)
                                                    ---------     ---------
Financing Activities
 Cash dividend paid                                  (524,428)            -
                                                    ---------     ---------
 Net cash provided (used) by financing activities    (524,428)            -
                                                    ---------     ---------

Increase (decrease) in cash                          (712,850)      111,847

Effects of exchange rates on cash                       8,471             -

Cash at beginning of period                         1,023,983     1,067,390
                                                    ---------     ---------
Cash at end of period                              $  319,604    $1,179,237
                                                    =========     =========

Supplemental Disclosures of Cash Flow Information:

Cash paid (received) during year for:
 Interest                                          $        -    $        -
                                                    =========     =========

 Income taxes                                      $    3,990    $        -
                                                    =========     =========

See Notes to Financial Statements.

<PAGE>                                -4-

                         IRON STAR DEVELOPMENT, INC.
                        NOTES TO FINANCIAL STATEMENTS
                                 (UNAUDITED)

Note 1- BASIS OF PRESENTATION

     The consolidated financial statements of Iron Star Development,
Inc. and subsidiary (collectively, the "Company"), included
herein were prepared, without audit, pursuant to rules and
regulations of the Securities and Exchange Commission. Because
certain information and notes normally included in financial
statements prepared in accordance with accounting principles
generally accepted in the United States of America were
condensed or omitted pursuant to such rules and regulations,
these financial statements should be read in conjunction with
the financial statements and notes thereto included in the
audited financial statements of the Company as included in the
Company's Form 10-KSB for the year ended December 31, 2005.

Note 2- ORGANIZATION AND OPERATIONS

     Iron Star Development, Inc. ("Iron Star") was incorporated in
Utah on October 18, 1985, as Brittney Development, Inc., for the
purpose of seeking and consummating a merger or acquisition with
a business entity.

     On June 29, 2006, the Company executed a share exchange
agreement (the "Share Exchange") with Winner Sea Group Limited
("Winner Sea"), whereby the shareholders of Winner Sea
exchanged their Winner Sea shares for 18,000,000 shares of Iron
Star common stock, representing 98.3% of the outstanding Iron
Star shares.

     Winner Sea is a business company organized under the laws of
the British Virgin Islands on January 12, 2006. It has
conducted no business. It is a holding company whose only asset
is shares in Harbin Yinhai Technology Development Company
Limited ("Harbin Yinhai") that represent 90% of the outstanding
shares in Harbin Yinhai. The remaining 10% of Yinhai is owned
by Ms. Xie Guihong.

     Harbin Yinhai is a company located in Harbin City, Heilongjiang
Province, the People's Republic of China ("PRC"). Founded in
1998, Harbin Yinhai has developed into a leading participant in
the PRC's financial note printing industry. Harbin Yinhai is
one of only fifteen companies to which the PRC government has
issued the Special Industry Operating Permit and the Government
Securities and Documents Duplicating Permit, which are the
licenses required in order to be engaged in printing bank
vouchers in the PRC.

     As a result of the Share Exchange, the transaction was treated
for accounting purposes as a reverse merger by the accounting
acquirer (Winner Sea) and as a reorganization of the accounting
acquiree (Iron Star). Accordingly, the historical financial
statements presented prior to the merger are the historical
financial statements of Winner Sea, which includes Winner Sea's
majority owned subsidiary Harbin Yinhai.

     Iron Star and Winner Sea are hereafter referred to as the "Company."

<PAGE>                               -5-

                         IRON STAR DEVELOPMENT, INC.
                        NOTES TO FINANCIAL STATEMENTS
                                 (UNAUDITED)

Note 3- SIGNIFICANT ACCOUNTING POLICIES

Economic and Political Risks

     The Company faces a number of risks and challenges since its assets are
located in Harbin City, PRC, and its revenues are derived from its
operations therein. The PRC is a developing country with an early stage
market economic system, overshadowed by the state. Its political and
economic systems are very different from the more developed countries
and are in a state of change. The PRC also faces many social, economic
and political challenges that may produce major shocks and instabilities
and even crises, in both its domestic arena and in its relationships
with other countries, including the United States. Such shocks,
instabilities and crises may in turn significantly and negatively affect
the Company's performance.

Basis of Presentation

     The accompanying financial statements are prepared in accordance with
generally accepted accounting principles in the United States of
America ("US GAAP"). This basis of accounting differs from that used in
the statutory accounts of the Company, which are prepared in accordance
with the "Accounting Principles of China ("PRC GAAP"). Certain
accounting principles, which are stipulated by US GAAP, are not
applicable in the PRC GAAP. The difference between PRC GAAP accounts of
the Company and its US GAAP financial statements is immaterial.

     The Company maintains its books and accounting records in PRC currency
"Renminbi" ("RMB"), which is determined as the functional currency.
Assets and liabilities of the Company are translated at the prevailing
exchange rate at each period end. Contributed capital accounts are
translated using the historical rate of exchange when capital is
injected. Income statement accounts and cash flow are translated at the
average rate of exchange during the period. Translation adjustments
arising from the use of different exchange rates from period to period
are included in the cumulative translation adjustment account in
shareholders' equity. Gain and losses resulting from foreign currency
transactions are included in operations.

Principles of Consolidation

     The consolidated financial statements include the accounts of the Company
and all its majority-owned subsidiaries which require consolidation.
Inter-company transactions have been eliminated in consolidation.

Use of Estimates

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

<PAGE>                               -6-

                         IRON STAR DEVELOPMENT, INC.
                        NOTES TO FINANCIAL STATEMENTS
                                 (UNAUDITED)

Note 3- SIGNIFICANT ACCOUNTING POLICIES (continued)

Revenue Recognition

     The Company derives revenues from the sales of printed products and re-
sale of purchased third parties equipment and software. The Company
recognizes its revenues net of related business taxes and value added
taxes. In accordance with the SEC's Staff Accounting Bulletin No. 104,
Revenue Recognition, the Company recognizes revenue when persuasive
evidence of an arrangement exists, transfer of title has occurred or
services have been rendered, the selling price is fixed or determinable
and collectibility is reasonably assured.

     (a) Sales of printed products

     The Company recognizes revenue from the sale of printed forms upon
delivery to the customers and the transfer of title and risk of loss.
Because the majority of products are customized to meet customer
specifications, product returns are not significant.

     (b) Re-sale of purchased third parties equipments that does not require
significant modification or customization. Revenue from sale of plasma
arc cutting machines and the associated spare parts is recognized at the
time of delivery of products to customers and when the title and
ownership are passed to the customers.

     (c) Re-sale of purchased third parties software that require significant
modification or customization. Software solution revenues are
principally derived from resale of purchased third parties software and
related hardware and provision of related implementation and testing
services. The contracts are accounted for as one unit of accounting as
the criteria for separation are not met, and revenue for billed amounts
is recognized when customer's acceptance is obtained provided that no
significant obligations remain.

Cost of Sales

     Cost of revenue includes the costs of papers, direct labor, sub-
contracting charges, inks, depreciation and purchase cost of plasma arc
cutting machines and the spare parts and the purchase cost of data
security and back-up software.

Fair Value of Financial Instruments

     Statement of Financial Accounting Standards No. 107, "Disclosure About
Fair Value of Financial Instruments," requires certain disclosures
regarding the fair value of financial instruments. Trade accounts
receivable, accounts payable, and accrued liabilities are reflected in
the financial statements at fair value because of the short-term
maturity of the instruments.

<PAGE>                               -7-

                         IRON STAR DEVELOPMENT, INC.
                        NOTES TO FINANCIAL STATEMENTS
                                 (UNAUDITED)

Note 3- SIGNIFICANT ACCOUNTING POLICIES (continued)

Accounts Receivable

     Accounts receivable are recorded at the invoiced amount and do not bear
interest The Company extends unsecured credit to its customers in the
ordinary course of business but mitigates the associated risks by
performing credit checks and actively pursuing past due accounts. An
allowance for doubtful accounts is established and determined based on
managements' assessment of known requirements, aging of receivables,
payment history, the customer's current credit worthiness and the
economic environment. Based upon the aforementioned criteria, management
has determined that no provision for uncollectible accounts is required
as of June 30, 2006.

Inventories

     Inventories include material, labor and factory overhead and are stated
at lower of cost or market value, cost being determined on a weighted
average method. The Company periodically reviews historical sales
activity to determine excess, slow moving items and potentially obsolete
items and also evaluates the impact of any anticipated changes in future
demand The Company provides inventory allowances based on excess and
obsolete inventories determined principally by customer demand.

Property, Plant and Equipment

     Property, plant and equipment are stated at cost less accumulated
depreciation and accumulated impairment losses, if any. Depreciation is
calculated on the straight-line basis over the following estimated
useful lives, taking into account any estimated residual value:

                                        Depreciable Life     Residual Value
                                        ----------------     --------------
     Building                             20 years                5%
     Machinery and equipment              10 years                5%
     Office equipment                      5 years                5%
     Motor vehicles                       10 years                5%


     Expenditure for maintenance and repairs is expensed as incurred

<PAGE>                               -8-

                         IRON STAR DEVELOPMENT, INC.
                        NOTES TO FINANCIAL STATEMENTS
                                 (UNAUDITED)

Note 3- SIGNIFICANT ACCOUNTING POLICIES (continued)

Impairment of Long Lived Assets

     In accordance with Statement of Financial Accounting Standards No. 121,
"Accounting for the impairment of Long-Lived Assets and for Long-Lived
Assets to be Disposed of', a long-lived assets and certain identifiable
intangible assets held and used by the Company are reviewed for
impairment whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable. For the purposes of
evaluating the recoverability of long-lived assets, the recoverability
test is performed using undiscounted net cash flows related to the long-
lived assets. The Company reviews long-lived assets to determine the
carrying values are not impaired.

Advertising Cost

     The Company expenses advertising costs as incurred in accordance with
the American Institute of Certified Public Accountants ("AICPA") Statement
of Position 93-7, "Reporting for Advertising Costs".  Advertising costs
amounted to $8,598 for the six months ended June 30, 2006.

Income tax

     The Company accounts for income taxes in interim periods as required by
Accounting Principles Board Opinion No. 28 "Interim Financial
Reporting" and as interpreted by FASB Interpretation No. 18,
"Accounting for Income Taxes in Interim Periods". The Company has
determined an estimated annual effect tax rate. The rate will be
revised, if necessary, as of the end of each successive interim period
during the Company's fiscal year to its best current estimate.
The estimated annual effective tax rate is applied to the year-to-date
ordinary income (or loss) at the end of the interim period.
The Company is subject to taxes in China. Pursuant to the PRC Income
Tax Laws, the Company is generally subject to enterprise income tax
("EIT") at a statutory rate of 33% (30% national income tax plus 3%
local income tax) and as the Company is registered and approved as a
new and high technology enterprise in the Harbin region, it is entitled
to a 15% preferential income tax rate.

Segment Reporting

     SFAS No. 131 "Disclosures about Segments of an Enterprise and Related
Information" establishes standards for reporting information about
operating segments on a basis consistent with the Company's internal
organization structure as well as information about geographical areas,
business segments and major customers in financial statements: The
Company operates in three principal-business segments.

<PAGE>                               -9-

                         IRON STAR DEVELOPMENT, INC.
                        NOTES TO FINANCIAL STATEMENTS
                                 (UNAUDITED)

Note 3- SIGNIFICANT ACCOUNTING POLICIES (continued)

Foreign Currencies Translation

     The reporting currency of the Company is the US dollar. The
Company uses their local currency, Renminbi, as their
functional currency. Results of operations and cash flow are
translated at average exchange rates during the period,
contributed capital accounts are translated using the
historical rate of exchange when capital is injected, and
assets and liabilities are translated at the unified exchange
rate as quoted by the People's Bank of China at the end of
each reporting period. This quotation of the exchange rates
does not imply free convertibility of RMB to other foreign
currencies.

     All foreign exchange transactions in PRC must take place
either through the People's Bank of China or other banks
authorized to buy and sell foreign currencies at the exchange
rate quoted by the People's Bank of China. Approval of foreign
currency payments by the Bank of China or other institutions
requires submitting a payment application form together with
invoices, shipping documents and signed contracts.

     Translation adjustments resulting from this process are
included in accumulated other comprehensive income (loss) and
amounted to $125,458 as of June 30, 2006. The balance sheet
amounts with the exception of equity at June 30, 2006 were
translated at 7.99 RMB to $1.00 USD. The equity accounts were
stated at their historical rate. The average translation rate
of 8.02 RMB to $1.00 USD for the six months ended June 30,
2006 was applied to income statement accounts.

     Transaction gains and losses that arise from exchange rate
fluctuations on transactions denominated in a currency other
than the functional currency are included in the results of
operations as incurred.

Interim Financial Information

     The unaudited interim financial statements have been prepared
in accordance with United States generally accepted
accounting principles for interim financial information. In
the opinion of management, all adjustments considered
necessary for a fair presentation of the financial position,
results of operations and cash flows as at June 30, 2006, and
2005, have been included. Readers of these financial
statements should note that the interim results for the six
month period ended June 30, 2006, are not necessarily indicative
of the results that may be expected for the fiscal year as a whole.

Earnings Per Share

     Basic earnings per share are computed by dividing income
available to common stockholders by the weighted average number
of common shares outstanding during the year. Diluted income per
share is computed similar to basic income per share except that the
denominator is increased to include the number of additional common shares
that would have been outstanding if the potential common shares had
been issued and if the additional common shares were dilutive.
As of June 30, 2006, there are no potentially dilutive securities
issued and outstanding.

<PAGE>                               -10-

                         IRON STAR DEVELOPMENT, INC.
                        NOTES TO FINANCIAL STATEMENTS
                                 (UNAUDITED)

Note 3- SIGNIFICANT ACCOUNTING POLICIES (continued)

China Contribution Plan and Statutory Reserves

     (a)     China Contribution Plan

     Full-time employees of the Company are entitled to staff welfare
benefits including medical care, welfare subsidies, unemployment
insurance and pension benefits through a China government-mandated
multi-employer defined contribution plan. The Company is required to
accrue for these benefits based on certain percentages of the
employees' salaries. The total contributions made for such employee
benefits was $11,625 for the six months ended June 30, 2006.

     (b)     Statutory Reserves

     The Company is required to make appropriations to three reserve funds,
the statutory surplus reserve, statutory public welfare fund and
discretionary surplus reserve, based on after-tax net earnings and
determined in accordance with generally accepted accounting principles
of the People's Republic of China (the "PRC GAAP")': Appropriation to
the statutory surplus reserve should be at least 10% of the after-tax
net earnings until the reserve is equal to 50% of the Company's
registered capital. Appropriation to the statutory public welfare fund
is 10% of the after-tax net earnings determined in accordance with PRC
GAAP. The statutory public welfare fund is established for the purpose
of providing employee facilities and other collective benefits to the
fund is established for the purpose of providing employee facilities
and other collective benefits to the employees and is non-distributable
other than in liquidation. No appropriations to the discretionary
surplus reserve are made at the discretion of the Board of Directors.
The statutory surplus reserve fund and statutory public welfare fund
are included into retained earnings in

     The Company usually make appropriations to these three reserve funds at
the fiscal year end pursuit to PRC GAAP. Accordingly, the Company made no
appropriations for the six months ended June 30, 2006.

Note 4- INVENTORIES

     Inventories consist of the following:

                                                 June 30, 2006
                                                 -------------
     Raw materials                                $ 195,623
     Work-in-progress                                     -
     Finished goods                                   4,538
     Goods held for sale                            120,347
                                                    -------
     Total Inventory                              $ 320,508
                                                    =======
<PAGE>                               -11-

                         IRON STAR DEVELOPMENT, INC.
                        NOTES TO FINANCIAL STATEMENTS
                                 (UNAUDITED)


Note 5- PROPERTY AND EQUIPMENT

     Property and equipment consist of the following:

                                                 June 30, 2006
                                                 -------------
     Building                                    $  546,128
     Machinery and equipment                      1,646,422
     Office equipment                                45,760
     Motor vehicles                                 454,640
                                                  ---------
                                                  2,692,950
     Less: Accumulated depreciation                (844,003)
                                                  ---------
     Total                                       $1,848,947
                                                  =========

     Depreciation expense charged to operations was $116,360 and $82,634
for the six months ended June 30, 2005 and 2004, respectively.

Note 6- OTHER RECEIVABLES

     "Other receivable" represents temporary short-term loans to a
third party before the Company went public. These loans are
unsecured, non-interest bearing and have no fixed terms of
repayment. The Board of Directors and Management are taking
actions to collect these loans.

Note 7- COMMON STOCK

     On June 29, 2006, the Company executed a share exchange
agreement (the "Share Exchange") with Winner Sea Group Limited
("Winner Sea"), pursuant to which the shareholders of Winner
Sea exchanged their Winner Sea shares for 18,000,000 shares of
Iron Star common stock, representing 98.3% of the outstanding
Iron Star shares.

<PAGE>                               -12-

                         IRON STAR DEVELOPMENT, INC.
                        NOTES TO FINANCIAL STATEMENTS
                                 (UNAUDITED)

Note 8- SEGMENT REPORTING

     The Company currently operates in three principal business
segments. Management believes that the following table presents the
useful information useful to the chief operation decision makers for
measuring business performance and financing needs and preparing the
corporate budget, etc. As all of the Company's customers are located
in the PRC and the Company's revenues are generated in PRC, no
geographical segment information is presented. The following is a
summary of the Company's segment information for the six months ended
June 30, 2006 and 2005:

                     2006

                         Printing Products  Equipment Trading  Software Solution
                         -----------------  -----------------  -----------------
Operating revenues        $     2,357,319    $    1,065,977     $         -
Gross profit                      540,487           155,089               -
Depreciation and
 amortization                     116,360                 -               -
Total assets                    4,933,743           536,110               -

                     2005
Operating revenues        $     1,377,612    $      587,213     $     7,656
Gross profit                      461,498            24,389           1,214
Depreciation and
 amortization                      82,634                 -               -
Total assets                    3,803,220           231,406          16,417


Note 9 - CONCENTRATIONS AND RISKS

     The Company's business operations exist solely in the PRC and are
subject to significant risks not typically associated with companies
in North America and Western Europe. These include risks associated
with, among others, the political, economic and legal environments
and foreign currency limitations.

     The Company's results may thus be adversely affected by changes
in the political and social conditions in the PRC, and by changes in
governmental policies, laws, regulations, anti-inflationary measures,
currency conversion and remittance limitation, and rates and methods of
taxation, among other things.

<PAGE>                               -13-

ITEM 2.  MANAGEMENT DISCUSSION AND ANALYSIS

     Results of Operations

     Our revenue in the first six months of 2005 increased by 74% over
the revenue realized in the first six months of 2005.  The increase was
attributable to both our printing business (71% increase) and its
equipment distribution business (82% increase).  The increase in printing
revenue resulted primarily from our investment in added capacity during
the year, which enabled us to market our services more aggressively.  The
increase in distribution revenue was primarily the result of our
acquisition of selling agents throughout China, which has opened a much
larger market for the plasma arc cutting machines that we sell.

     Continued revenue growth in our printing services business will
depend on whether we secure the capital needed to further expand our
printing capacity.  Our production facilities are currently working near
to capacity.  So an additional production line (estimate cost -
$2,000,000) will be necessary if we are to sustain growth.  We are
currently exploring financing possibilities, but have not yet received a
commitment for the funds.

     The gross margin realized by our subsidiary, Harbin Yinhai
Technology Development Company Limited ("Harbin Yinhai") on sales in the
first six months of 2006 decreased to 20% from 25% in 2004.  The primary
reason for the decline was a sharp decline in gross margin for printing
services to 23% in the six months ended June 30, 2006, compared to 35% in
the six months ended June 30, 2005.  The decline in gross margin from
printing primarily reflected the pricing of the particular contracts that
we fulfilled in the recent six month period, and does not represent a
long-term adjustment in gross margin.  We still expect our gross margin
from printing services to stay in the area of 33%.

     Our gross margin from equipment distribution continues to lag behind
its historical level, and will do so in the future.  In the six months
ended June 30, 2006 equipment sales produced gross margin of 15%, compared
to 4% in the six months ended June 30, 2005 and 23% in fiscal year 2004.
Gross margin from equipment sales fell in 2005 and 2006 primarily as a
result of our use of selling agents, whose compensation is a reduction to
our margin.  If we obtain the funding necessary to expand our printing
capacity, we expect the printing portion of its business to grow faster
than the equipment sales business.  If that occurs, overall gross margin
should increase towards the 33% margin that printing has historically
produced.

     Operating expenses as a percentage of revenue fell to 9.3% in the
first six months of 2006 (from 12.0% in the first six months of 2005)
primarily as a result of the fact that our general and administrative
expense increased only insignificantly ($6,141) while revenue increased by
74%.  The disparity between our fixed costs and our revenue reflected our
ability to increase our production without increasing our administrative
overhead.  Similarly we expect that if we obtain the funds needed to
increase our printing production capacity, the resulting increase in our
revenue will not require a corresponding increase in administrative
expense, with the exception that new investment in equipment will cause an
increase in depreciation expense.

<PAGE>                               -14-

     The operations of our subsidiary, Harbin Yinhai, produced $322,210
in income for the six months ended June 30, 2006.  However, because we own
only 90% of Harbin Yinhai, we deducted a "minority interest" of $32,221 on
our Statement of Operations.  After that deduction, the addition of
$28,184 in other comprehensive income produced by foreign currency
conversions, and taking into account the expenses incurred by the parent
corporation, our net income for the six months ended June 30, 2006 was
$289,990, representing a 51% increase over the same period of 2005.

     Liquidity and Capital Resources

     Since our subsidiary, Harbin Yinhai, was organized in 1998, the
growth of its operations has been funded by contributions to capital by
our Chairman, Mrs. Tian.  With the $2.6 million that she invested, Harbin
Yinhai has built its facilities and funded its operations, resulting in
profitable operations for the past several years.  As a result, at June
30, 2006 we had working capital totaling $938,333 and no debt.

     During the first six months of 2006 Harbin Yinhai reduced its cash
position by $712,850, primarily due to an increase in accounts receivable
of $663,790.  The increase reflects business activity in the last weeks of
the recent fiscal quarter.  We expect to maintain good payment terms with
our customers.

     Our assets include a debt of $822,251 classified as "other
receivable." The line item represents the balance of an unsecured loan
made to Harbin BinLuo in January 2005.  Harbin BinLuo had loaned
substantial funds to Harbin Yinhai earlier in the decade (which Harbin
Yinhai repaid).  The current loan is primarily for the purpose of
balancing the obligation and strengthening the friendship of Harbin Yinhai
with the debtor.  The loan does not bear interest.  Management expects
that it will be repaid late in 2006.

     Our operations generated $1,283,300 in cash during 2005 and $725,441
during 2004.  In the first six months of 2006 our operations generated
$214,309 in cash.  Our expectation is that our operations will continue to
contribute to our cash resources.

     Nevertheless, Yinhai's business plan calls for significant investment
the growth of Yinhai during 2006.  We have budgeted $2,000,000 to purchase
an additional production line.  We also plan to spend $1,500,000 to purchase
additional land on which to expand our production facilities.  And we
intend to devote $800,000 to increase our marketing program.  It is our
desire that the funds be obtained by the sale of equity.  To date,
however, we have not received any commitment of funds.

     Our capital is sufficient to fund our operations at their current
level for the foreseeable future.  Significant growth, however, will
require that we obtain additional capital or incur debt.

     RISK FACTORS THAT MAY AFFECT FUTURE RESULTS

     You should carefully consider the risks described below before
buying our common stock.  If any of the risks described below actually
occurs, that event could cause the trading price of our common stock to
decline, and you could lose all or part of your investment.

                 I.  RISKS ATTENDANT TO OUR BUSINESS

     WE ARE OPERATING AT FULL CAPACITY AND MUST BUILD ADDITIONAL
FACILITIES IN ORDER TO GROW.

     At the present, our printing facilities are operating at close to
capacity.  We will not be able to meet the demand for our services or to
grow significantly unless we invest substantial sums in increasing our
production capacity.  If we cannot obtain the funds needed for that
investment, our business may stagnate.

<PAGE>                               -15-

     CURRENCY FLUCTUATIONS MAY ADVERSELY AFFECT OUR BUSINESS.

     We generate revenues and (with one exception) incur expenses and
liabilities in Chinese RMB. However we report our financial results in the
United States in U.S. Dollars.  As a result, we are subject to the effects
of exchange rate fluctuations between these currencies.  Recently, there
have been suggestions made to the Chinese government that it should adjust
the exchange rate and end the linkage that in recent years has held the
RMB-U.S. dollar exchange rate constant. If the RMB exchange rate is
adjusted or is allowed to float freely against the U.S. dollar, our
revenues, which are denominated in RMB, may fluctuate significantly in
U.S. dollar terms. We have not entered into agreements or purchased
instruments to hedge our exchange rate risks.

     The one exception to our practice of doing business in Chinese RMB
is the fact that we pay U.S. Dollars for the plasma arc cutting equipment
that we distribute.  If the RMB is allowed to float against the U.S.
Dollar, it is likely to reduce the price we pay for the equipment, which
will make the equipment easier to sell in China.  If the adjustment
becomes too great, however, it is possible that Hypertherm may alter its
marketing arrangements to accommodate the effect of the falling Dollar on
its overall marketing strategy.

     OUR BUSINESS AND GROWTH WILL SUFFER IF WE ARE UNABLE TO HIRE AND
RETAIN KEY PERSONNEL THAT ARE IN HIGHT DEMAND.

     Our future success depends on our ability to attract and retain
highly skilled engineers, draftsmen, and technicians, as well as sales
personnel experienced in international sales.  Qualified individuals are
in high demand in China, and there are insufficient experienced personnel
to fill the demand.  Therefore we may not be able to successfully attract
or retain the personnel we need to succeed.

     WE MAY HAVE DIFFICULTY ESTABLISHING ADEQUATE MANAGEMENT AND
FINANCIAL CONTROLS IN CHINA.

     The People's Republic of China has only recently begun to adopt the
management and financial reporting concepts and practices that investors
in the United States are familiar with.  We may have difficulty in hiring
and retaining employees in China who have the experience necessary to
implement the kind of management and financial controls that are expected
of a United States public company.  If we cannot establish such controls,
we may experience difficulty in collecting financial data and preparing
financial statements, books of account and corporate records and
instituting business practices that meet U.S. standards.

     GOVERNMENT REGULATIONS COULD INCREASE OUR EXPENSES.

     We market our printing services to the financial services industry, which
is highly regulated in China.  The government of China has many
regulations that govern the documents that we print, the way we print
them, and the companies that are permitted to print them.  The government
is considering additional regulations, as it strives to modernize the
Chinese financial services industry.  One or more of those regulations
could impose compliance costs on us that would adversely affect our profits.

     CAPITAL OUTFLOW POLICIES IN CHINA MAY HAMPER OUR ABILITY TO PAY
DIVIDENDS TO SHAREHOLDERS IN THE UNITED STATES.

     The People's Republic of China has adopted currency and capital
transfer regulations. These regulations require that we comply with
complex regulations for the movement of capital. Although Chinese
governmental policies were introduced in 1996 to allow the convertibility

<PAGE>                               -16-

of RMB into foreign currency for current account items, conversion of RMB
into foreign exchange for capital items, such as foreign direct
investment, loans or securities, requires the approval of the State
Administration of Foreign Exchange. We may be unable to obtain all of the
required conversion approvals for our operations, and Chinese regulatory
authorities may impose greater restrictions on the convertibility of the
RMB in the future. Because most of our future revenues will be in RMB, any
inability to obtain the requisite approvals or any future restrictions on
currency exchanges will limit our ability to fund our business activities
outside China or to pay dividends to our shareholders.

     WE HAVE LIMITED BUSINESS INSURANCE COVERAGE.

     The insurance industry in China is still at an early stage of development.
Insurance companies in China offer limited business insurance products,
and do not, to our knowledge, offer business liability insurance. As a
result, we do not have any business liability insurance coverage for our
operations. Moreover, while business disruption insurance is available, we
have determined that the risks of disruption and cost of the insurance are
such that we do not require it at this time. Any business disruption,
litigation or natural disaster might result in substantial costs and
diversion of resources.

                 II.  RISKS ATTENDANT TO OUR MANAGEMENT

     OUR BUSINESS DEVELOPMENT WOULD BE HINDERED IF WE LOST THE SERVICES
OR OUR CHAIRMAN.

     Tian Ling is the Chief Executive Officer of Iron Star Development,
Inc. and of its operating subsidiary, Harbin Yinhai Technology Development
Company, Inc.  Mrs. Tian is responsible for strategizing not only our
business plan but also the means of financing it.  If Mrs. Tian were to
leave Yinhai or become unable to fulfil her responsibilities, our business
would be imperilled.  At the very least, there would be a delay in the
development of Yinhai until a suitable replacement for Mrs. Tian could be
retained.

     IRON STAR DEVELOPMENT, INC. IS NOT LIKELY TO HOLD ANNUAL SHAREHOLDER
MEETINGS IN THE NEXT FEW YEARS.

     Management does not expect to hold annual meetings of shareholders
in the next few years, due to the expense involved.  The current members
of the Board of Directors were appointed to that position by the previous
directors.  If other directors are added to the Board in the future, it is
likely that the current directors will appoint them.  As a result, the
shareholders of Iron Star will have no effective means of exercising
control over the operations of Iron Star.

     YOUR ABILITY TO BRING AN ACTION AGAINST US OR AGAINST OUR DIRECTORS,
OR TO ENFORCE A JUDGMENT AGAINST US OR THEM, WILL BE LIMITED BECAUSE WE
CONDUCT ALL OF OUR OPERATIONS IN CHINA AND BECAUSE OUR MANAGEMENT RESIDES
OUTSIDE OF THE UNITED STATES.

     We conduct all of our operations in China through our wholly-owned
subsidiary. All of our directors and officers reside in China and all of
the assets of those Chinese residents are located outside of the United
States. As a result, it may be difficult or impossible for you to bring an
action against us or against these individuals in the United States in the
event that you believe that your rights have been infringed under the
securities laws or otherwise. Even if you are successful in bringing an
action of this kind, the laws of the United States and of China may render
you unable to enforce a judgment against our assets or the assets of our
directors.

<PAGE>                               -17-

ITEM 3.  CONTROLS AND PROCEDURES

     Evaluation of Disclosure Controls and Procedures.  Tian Ling, our
Chief Executive Officer, and Du Song, our Chief Financial Officer, carried
out an evaluation of the effectiveness of the Company's disclosure
controls and procedures as of June 30, 2006.  Pursuant to Rule13a-15(e)
promulgated by the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, "disclosure controls and procedures"
means controls and other procedures that are designed to insure that
information required to be disclosed by the Company in the reports that it
files with the Securities and Exchange Commission is recorded, processed,
summarized and reported within the time limits specified in the
Commission's rules.  "Disclosure controls and procedures" include, without
limitation, controls and procedures designed to insure that information
the Company is required to disclose in the reports it files with the
Commission is accumulated and communicated to our Chief Executive Officer
and Chief Financial Officer as appropriate to allow timely decisions
regarding required disclosure.  Based on his evaluation, Ms. Tian and Ms.
Du concluded that the Company's system of disclosure controls and
procedures was effective as of June 30, 2006 for the purposes described in
this paragraph.

     Changes in Internal Controls.  There was no change in internal
controls over financial reporting (as defined in Rule 13a-15(f)
promulgated under the Securities Exchange Act or 1934) identified in
connection with the evaluation described in the preceding paragraph that
occurred during the Company's second fiscal quarter that has materially
affected or is reasonably likely to materially affect the Company's
internal control over financial reporting.

PART II   -   OTHER INFORMATION

Item 2.  (c) Unregistered sales of equity securities

     In June 2006 Iron Star Development issued a total of 18,000,000
shares of common stock to the shareholders of Winner Sea Group Limited.
The shares were issued in exchange for the capital stock of Winner Sea
Group.  The sales were exempt pursuant to Section 4(2) of the Act since
the sales were not made in a public offering and were made to individuals
who had access to detailed information about Iron Star Development and
were acquiring the shares for their own accounts.  There were no
underwriters.

Item 6.  Exhibits

 	31.1	Rule 13a-14(a) Certification - Chief Executive Officer
	31.2	Rule 13a-14(a) Certification - Chief Financial Officer
        32      Rule 13a-14(b) Certification

<PAGE>                               -18-


                                  SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned thereunto duly authorized.

                               IRON STAR DEVELOPMENT, INC.


Date: November 13, 2006        By: /s/ Tian Ling
                               -----------------------------------
                               Tian Ling, Chief Executive Officer

                               By: /s/ Du Song
                               -----------------------------------
                               Du Song, Chief Financial Officer,
                                Chief Accounting Officer