UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington
D.C. 20549


FORM 10-K


FOR
ANNUAL AND TRANSITION REPORTS


PURSUANT
TO SECTIONS 13 OR 15(d) OF THE


SECURITIES
EXCHANGE ACT OF 1934





(Mark
      One)R
            ANNUAL
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934For
      the fiscal year ended March 31, 2008OR£
            TRANSITION
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934For
      the transition period
      from          to





Commission
file number: 000-52706


KARAT
PLATINUM INC.


(Formerly
Sentra Consulting Corp,)


(Exact
name of registrant as specified in its charter)





Nevada
            20-5297544(State
      or Other Jurisdiction of Incorporation or Organization)
            (IRS
      Employer
              Identification
      No.)15
      Hoover Street, Inwood New
      York
            11096(Address
      of Principal Executive Offices)
            (Zip
      Code)





Registrant’s telephone number(516) 592-5600





Securities
registered under Section 12(b) of the Exchange Act:





Title Of Each Class
            Name
      of Each Exchange
              On Which RegisteredNone
            None





Securities
registered pursuant to Section 12(g) of the Act:





Common
Stock, $0.001 par value


(Title
of class)





Indicate by check mark ifthe
registrant is a well-known seasoned issuer, as defined in Rule 405 of
Securities Act.  YES  £     NO  R





Indicate
by check mark if the registrant is not required to file reports pursuant to
Section 13 or Section 15(d) of the Act  YES  £     NO  R





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





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





Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act. (Check
one):





Large
      accelerated filer  ̈
            Accelerated
      filer  ̈Non-accelerated
      filer  ̈ (Do
      not check if a smaller reporting company)
            Smaller
      Reporting Company x


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





On
June 26, 2008, the aggregate market value of the voting stock held by
non-affiliates of the registrant was approximately $50,500,000 based upon the
average of the highest and lowest bid quotations for such Common Stock as
obtained from the Over The Counter Bulletin Board on that date.


1


Solely
for the purpose of this calculation, shares held by directors and officers of
the registrant have been excluded. Such exclusion should not be deemed a
determination or an admission by registrant that such individuals are, in fact,
affiliates of the registrant.





The
number of shares outstanding on June 26, 2008 was 33,125,000 shares of
Common Stock, $.001 par value.





DOCUMENTS
INCORPORATED BY REFERENCE





None








2


TABLE
OF CONTENTS









PART
      IITEM 1.
            Business...........................................................................................................................................................................................................................................................................................................
            .........4ITEM 1A.
            Risk
      Factors.....................................................................................................................................................................................................................................................................................................
            .........8ITEM 1B.
            Unresolved
      Staff
      Comments......................................................................................................................................................................................................................................................................,,,
            .......16ITEM 2.
            Properties.......................................................................................................................................................................................................................................................................................................,.
            .......16ITEM 3.
            Legal
      Proceedings..................................................................................................................................................................................................................................................................................,.......
            .......16ITEM 4.
            Submission
      of Matters to a Vote of Security
      Holders..............................................................................................................................................................................................................................
            ......16PART IIITEM 5.
            Market
      for Registrant’s Common
      Equity, Related Stockholder Matters and Issuer Purchases of Equity
      Securities.....................................................................................................................
            .......17ITEM 6.
            Selected Financial
      Data..................................................................................................................................................................................................................................................................................
            .......17ITEM 7.
            Management's
      Discussion and Analysis of Financial Condition and Results of
      Operation.............................................................................................................................................................
            .......17ITEM 7A.
            Quantitative and
      Qualitative Disclosures About Market
      Risk................................................................................................................................................................................................................
            .......23ITEM 8.
            Financial Statements
      and Supplementary
      Data..........................................................................................................................................................................................................................................
            .......23ITEM 9.
            Changes in and
      Disagreements with Accountants on Accounting and
      Financial Disclosure.........................................................................................................................................................
            .......23ITEM 9A
(T)
            Controls and
      Procedures...............................................................................................................................................................................................................................................................................
            .......23ITEM 9B.
            Other
      Information...........................................................................................................................................................................................................................................................................................
            .......24PART IIIItem 10
            Directors, Executive
      Officers and Corporate
      Governance........................................................................................................................................................................................................................
            .......24Item 11
            Executive
      Compensation...............................................................................................................................................................................................................................................................................
            .......26Item
      12
            Security Ownership
      of Certain Beneficial Owners and Management and Related Stockholder
      Matters.........................................................................................................................................
            .......27Item 13
            Certain
      Relationships and Related Transactions, and Director
      Independence....................................................................................................................................................................................
            .......28Item 14
            Principal Accounting
      Fees and
      Services....................................................................................................................................................................................................................................................
            .......29PART IVITEM 15
            Exibits, Financial
      Statement
      Schedules.......................................................................................................................................................................................................................................................
            .......30SIGNATURES






________________







We have registered the trademarks
“KARAT PLATINUM; 14 KARAT PLATINUM AND 14 kt. pt.” in the U.S. and certain other
countries.


3


PART I





Item 1.  Business





Note Regarding
Forward Looking Information





This
Current Report on Form 10-K contains forward-looking information.
Forward-looking information includes statements relating to future actions,
acceptance in the marketplace of our products, payment of our outstanding
obligations, future performance, costs and expenses, interest rates, outcome of
contingencies, financial condition, results of operations, liquidity, business
strategies, cost savings, objectives of management, and other such matters of
the Company. The Private Securities Litigation Reform Act of 1995 provides a
“safe harbor” for forward-looking information to encourage companies to provide
prospective information about themselves without fear of litigation so long as
that information is identified as forward-looking and is accompanied by
meaningful cautionary statements identifying important factors that could cause
actual results to differ materially from those projected in the
information.





Forward-looking
information may be included in this Current Report on Form 10-K or may be
incorporated by reference from other documents filed with the Securities and
Exchange Commission (the “SEC”) by us. You can find many of these statements by
looking for words including, for example, “believes,” “expects,” “anticipates,”
“estimates” or similar expressions in this Current Report on Form 10-K or in
documents incorporated by reference in this Current Report on Form 10-K. We
undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information or future
events.





We have
based the forward-looking statements relating to our operations on management's
current expectations, estimates, and projections about us and the industry in
which we operate. These statements are not guarantees of future performance and
involve risks, uncertainties and assumptions that we cannot predict. In
particular, we have based many of these forward-looking statements on
assumptions about future events that may prove to be inaccurate. Accordingly,
our actual results may differ materially from those contemplated by these
forward-looking statements. Any differences could result from a variety of
factors, including, but not limited to general economic and business conditions,
competition, and other factors.





Overview





On
December 21, 2007, Sentra Consulting Corp. (“Sentra”) entered into an Exchange
Agreement (the “Exchange Agreement”) with Karat Platinum LLC, a New York limited
liability company (“Karat Platinum”), and the members of Karat Platinum (the
“Karat Members”).  On April 17, 2008, Sentra changed its name to Karat
Platinum, Inc. (the “Company”).





Pursuant
to the terms of the Exchange Agreement, Sentra acquired 100% of the membership
interests of Karat Platinum by purchasing from the Karat Members all of their
respective membership interests in Karat Platinum. In consideration therefore,
Sentra issued to the Karat Members an aggregate of 30,000,000 shares of Sentra's
common stock, representing 90.43% of the issued and outstanding stock of Sentra.
As a result of the transactions contemplated by the Exchange Agreement
(hereinafter referred to as the “Exchange”), Karat Platinum became a wholly
owned subsidiary of the Company. Prior to the Exchange, Sentra was a “shell
company” (as such term is defined in Rule 12b-2 under the Securities Exchange of
1934, as amended (the “Exchange Act”)).




Each of
the Karat Members who exchanged their membership interests for Sentra common
stock entered into a Lock-Up Agreement with the Company whereby each member
agreed that until December 21, 2009 he or she will not sell any of the shares of
common stock of Sentra. Although the Lock-Up Agreement provides for customary
exceptions for transfers to family members and gifts, each transferee must agree
to be bound by the transfer restrictions of the Lock-Up Agreement. In addition,
the provisions of the agreement could be waived upon the approval of 80% of the
Board of


4


Directors
of the Company.





The
Exchange is being accounted for as a reverse-merger, equivalent to a
recapitalization, through the issuance of stock by Sentra for the net monetary
assets and recapitalization of Karat Platinum for financial reporting purposes.
Consequently, the assets and liabilities and the operations that will be
reflected in the historical financial statements prior to the Exchange will be
those of Karat Platinum and will be recorded at the historical cost basis of
Karat Platinum, and the consolidated financial statements after completion of
the Exchange will include the assets and liabilities of the Company and Karat
Platinum and historical operations of Karat Platinum and operations of the
Company from the closing date of the Exchange.  Stockholders’ deficit has
been retroactively restated to reflect the exchange of shares for members’
interest.




The
Company manufactures and sells platinum alloy (the “Alloy” or “585 Platinum”)
and platinum jewelry at a price that it believes is lower than existing market
prices for currently existing platinum jewelry. The Company has a total of 20
full time employees.





The
Product





Traditionally,
platinum used in the jewelry industry consists of a minimum of 85%-95% platinum
blended with certain precious metals such as iridium or palladium, known as
platinum group metals. The Company’s alloy, which is a blend of 58.5% platinum
with 41.5% cobalt and copper (non-precious metals), is a less expensive
substitute for the alloys currently used by the jewelry industry.





Karat
Platinum believes that its 585 Platinum provides three significant
benefits:





1.
            It
      is less expensive than traditional platinum alloys because of its lower
      platinum content and the significant difference in price between copper
      and cobalt and the platinum group metals used in traditional platinum
      alloys, which are all costly precious
metals.





2.
            The
      Alloy has a lower density than 85-95% platinum resulting in greater
      expansive properties. It therefore reduces the quantity of raw material
      content needed thus further reducing the cost for platinum
      content.





3.
            585
      Platinum is more durable and workable than traditional alloys.





Supply
of the Product





On
January 13, 2004, Karat Platinum entered into a Cooperation and License
Agreement, as amended on March 30, 2006 and July 2, 2007, with Allgemeine Gold -
und Silberscheideanstalt AG, German corporation (“Agosi”) whereby the Company
became the exclusive worldwide distributor and patent co-applicant for 585
Platinum in the jewelry industry. Pursuant to the agreement, Agosi exclusively
produces and supplies 585 Alloy to us. Under the agreement, the Company is
subject to minimum purchase requirements of platinum alloy per calendar year. If
the minimum purchase obligations in any year is not met, we must pay liquidated
damages in the amount of 50% of the applicable purchase price, as of December 30
of the corresponding year, of the shortfall. In 2006, we did not meet our
minimum purchase requirements and we were obligated to pay liquidated damages of
which Agosi agreed to accept the sum of approximately $28,000. The agreement was
amended whereby the minimum purchase requirement was reduced to 750kg of the
platinum alloy per year, through 2009. We did not meet our minimum purchase
requirement for 2007, and therefore recorded a liquidated damage accrual of
$250,000 in the three-month period ending December 31, 2007. On May 16, 2008, we
entered into a letter agreement with Agosi establishing the final liquidating
damage amount for 2007 in the amount of $31,600. Therefore, the accrual recorded
at December 31, 2007 was adjusted at March 31, 2008 to reflect the final
settlement. In addition, this letter agreement modified the minimum purchase
requirement for 2009 to 1,000kg of our platinum alloy.  Our exclusive
license agreement with Agosi will expire on January 13, 2009.




If Agosi
cannot supply the Alloy in the required quantities, we are free to purchase the
Alloy from another source, until such time
as Agosi can resume supplying the Alloy. The Company has no contracts or
agreements with any other suppliers for the purchase of platinum or the
production of the Alloy.


5





The
platinum used by Agosi for the manufacture of Alloy is purchased by us from
several platinum suppliers. The platinum is purchased at the then prevailing
market price and shipped by the supplier to Agosi’s facilities for processing
into 585 Platinum. The Company has no contracts or agreements with any such
platinum suppliers.





Following
Agosi’s conversion of the fine platinum into Alloy, and depending upon our
needs, Agosi supplies the Alloy in sheet, tube, wire or shot form, which is then
shipped using common secured carriers to manufacturers for production of
jewelry. Such manufacturers are based in Italy, Israel, Thailand, India, Canada
and the United States. Any unused or scrap Alloy is returned by the manufacturer
to Agosi for reprocessing. Payment of invoices to Agosi or the manufacturers are
either cash before delivery or 30 day terms with some vendors. After the
manufacturer has produced the final jewelry product, it is shipped to us for
distribution and sale to our customers. Karat Platinum does not have any
contracts or agreements with such manufacturers.





Marketing




As noted
in the Platinum 2007 report issued by Johnson Matthey, purchases of platinum by
the jewelry trade fell in 2006 for the fourth year in a row. Rising and volatile
metal prices had a negative impact on the platinum jewelry market, cutting
demand for new metal by 18% from previous year levels to 1.61 million ounces,
the lowest figure for 14 years. As of June 26, 2008, platinum is selling for
over $2,000 per ounce as per the London Fixed Prices PM closing price for
platinum. Since the jewelry industry’s demand for platinum is highly price
sensitive, our sales objectives incorporate the following three
factors:





1.
            Recapture
      a percentage of the platinum market demand lost because of the price
      increase,





2.
            Capture
      a percentage of the existing platinum market, based on the alloy’s price
      and superior durability and design
properties,





3.
            Capture
      a percentage of the existing worldwide gold jewelry
  market.





We
believe that platinum is the metal of choice of the jewelry industry, because it
is a natural white, rare, durable, hypoallergenic metal that has more prestige
than gold. The World Gold Council notes a shift in consumer trends from gold to
platinum. The council attributes this to the rise of the white metal phenomenon,
which was driven by fashion, and the dominance of platinum as the aspiration
choice (IBIS World Industry Performance Study March 16, 2007).





We are
designing, manufacturing and selling a full line of earrings, bracelets,
pendants, rings and chains directly to retailers in the United States. We market
our products directly to mass and mid-market retailers as well as distributors
to independent jewelry stores and small chain stores. We have budgeted funds for
marketing efforts and to educate consumers about the benefits of Karat Platinum
and to build and establish the brand, Karat PlatinumTM. In
addition, it is our intention to participate with retailers in marketing, and
engage in targeted efforts to increase market awareness. In addition, we plan to
expand our presence on the internet.




Intellectual Property




Patents




Karat
Platinum and Agosi are parties to a Cooperation and License Agreement dated
January 13, 2004, and subsequently amended, which extends to January 13, 2009,
and which relates to the rights of Karat Platinum and Agosi to patent protection
on the Alloy. Karat Platinum and Agosi have both indicated their intent to
negotiate another agreement that extends beyond January 13, 2009, and which
resolves conflicting interpretations of the parties’ rights under the
Cooperation and License Agreement.


6







Karat
Platinum and Agosi are seeking patent protection for an alloy composition of
platinum combined with cobalt and copper and also seek to protect a method of
preparing the alloys, and jewelry products made with the alloys. Karat Platinum
and Agosi have filed patent applications on the Alloy. As such, a patent
application was filed on February 4, 2004 under the Patent Cooperation Treaty
(“PCT”) and a patent application was filed directly in the United States. Karat
Platinum is the applicant in the United States and Agosi has retained certain
rights in the U.S. Under the PCT, patent protection is being sought in Europe,
Israel, Japan, and the Republic of South Africa, where Agosi is the applicant;
and in Canada, India, Russia, China, Indonesia, Mexico, and Hong Kong, where
Karat Platinum is the applicant and Agosi has retained certain rights in these
applications. As of March 31, 2008, the U.S. patent application is still
pending.





Agosi
filed two additional PCT patent applications on August 4, 2005, each of which is
directed to different alloy compositions and patent protection is being sought
in various countries/regions. Rights between Karat Platinum and Agosi have not
been resolved for either of these PCT patent applications.





Trademarks




In August
2004, the Jewelers Vigilance Committee (“JVC”) filed a petition with the
Trademark Trial and Appeal Board (“TTAB”) to cancel six of Karat Platinum’s
registered trademarks. Karat Platinum partially opposed the JVC action and
continues to challenge the cancellation of its U.S. registrations for the 14
KARAT PLATINUM and 14 KT. PT. marks.




In
addition, on September 25, 2007, the JVC filed a notice of opposition to Karat
Platinum’s application to federally register the KARAT PLATINUM mark. On
November 6, 2007, Karat Platinum filed an answer to this notice of
opposition.  The JVC moved to consolidate the opposition to the KARAT
PLATINUM mark into the pending cancellation proceeding, and the TTAB granted
that motion on November 28, 2007.  The discovery period for this
consolidated proceeding currently is scheduled to end on August 5, 2008. 
As of June 26, 2008, no further proceedings have yet taken place.





Competition





Our Alloy
competes with other precious metals that compete for the jewelry consumers’
dollars. These include, primarily, 950 platinum, 850 platinum, palladium and
gold. Although a platinum alloy, consisting of 50% platinum and 50% palladium
has been introduced to the market under the name Royal Platinum, based upon
current market prices of platinum, we believe that since it requires other
precious metals to produce, the Royal Platinum alloy is 19% more expensive than
our 585 Platinum alloy.





If we
obtain financing, we will utilize our marketing budget to support our direct
sales efforts as well as to publicize the availability of 585 Platinum. We
recently hired an outside public relations firm to assist in the development and
implementation of a marketing plan.





To the
best of our knowledge, other refiners have tried to create a 585 platinum alloy
containing non-platinum group metals but have not been successful. A most
significant point in this regard is that, scientifically, there are only certain
elements that can mix with platinum to make alloy, the least expensive of which
are copper and cobalt. Since we already have a pending patent application on a
process incorporating those elements, if the patent issues, it may be difficult
for anyone to produce an alloy that can compete with our costs.





Government
Regulation





We have
been advised by the Federal Trade Commission (“FTC”) that we may label jewelry
made with our Alloy as "Platinum," provided that we clearly and conspicuously
disclose the percentage of our product's non-platinum group metal components.
We believe we are in compliance with all applicable FTC rules and
regulations.




7


The FTC
recently issued proposed revisions to the Guides for the Jewelry, Precious
Metals and Pewter Industries that would codify guidance on how to use the word
platinum when describing an alloy of at least 500 parts per thousand (“ppt”)
platinum and base metals.  The FTC proposes that a company disclose the
product’s full composition by name and the percentage of each metal. In
addition, the proposal states that companies should describe any differences in
such a product's attributes as compared with traditional products containing at
least 850 ppt. The FTC has requested that interested parties comment on this
proposal by August 25th. We believe that the FTC's proposal is favorable to the
Company, and intend to submit a comment to the FTC discussing their specific
proposal.





We are
also subject to the rules and regulations of the Bank Secrecy Act of 2001 as
well as the Patriot Act of 2003. On June 3, 2005 the U.S, Department of the
Treasury issued final rules implementing Section 352 of the USA Patriot Act. It
requires dealers who both purchase and sell at least $50,000 (annually) of
jewels, precious metals, precious stones and finished goods to implement an
anti-money laundering program in their business.  We are in the
process of implementing the provisions of the Patriot Act but are not in full
compliance as of the date of this Report.





Item 1A.  Risk
Factors





We
operate in a changing environment that involves numerous known and unknown risks
and uncertainties that could materially adversely affect our operations. The
following highlights some of these factors that have affected, or may affect,
our operations.





RISK
FACTORS


An
investment in our common stock involves a high degree of risk. You should
carefully consider the following factors and other information in this
prospectus before deciding to invest in our company. If any of the
following risks actually occur, our business, financial condition, results of
operations and prospects for growth would likely suffer. As a result, you could
lose all or part of your investment.





Risk
Factors Relating to Our Company





1.
            Our
      independent registered public accounting firm's report expresses
      substantial doubt about our ability to continue as a "going concern", and
      you may lose your entire investment in our
  Company.





As of
March 31, 2008, we had an accumulated deficit of $7,695,387 and have never been
profitable. Our ability to achieve profitability in the future depends in part
on the rate of growth of our target markets, the acceptance of our products, the
competitive position of our products, our ability to obtain new customers, and
our ability to manage expenses. If we continue incurring losses and fail to
achieve profitability, we may have to cease our operations and you may lose your
entire investment.





Our
financial condition raises substantial doubt that we will be able to operate as
a "going concern", and our auditors included an explanatory paragraph regarding
this uncertainty in their report on our financial statements. These financial
statements do not include any adjustments that might result from the uncertainty
as to whether we will achieve status as a "going concern". Our ability to
achieve status as a "going concern" is dependent upon our generating cash flow
sufficient to fund operations and to pay our debt obligations. Our business
plans may not be successful in addressing these issues. If we cannot achieve
status as a "going concern", you may lose your entire investment in our
Company.





2.
            During
      the next twelve months, we will be required to repay approximately
      $5,287,088 to our note-holders. We presently do not have the funds
      necessary to meet these
obligations.





Over the
next twelve months, we will be required to repay approximately $5,287,088 to our
note-holders, not including accrued
interest. We do not have sufficient funds to repay this debt. Furthermore,
several of the note-holders of the Company are holding a lien and first priority
security interest in our inventory. Accordingly, if we are unable to raise the
required capital to meet our obligations, such secured note-holders can
foreclose on our inventory and force us to file for bankruptcy protection. We
currently do not have any arrangements or agreements to raise the required
capital to pay these debts.


8





3.
            We
      may not be able to compete effectively in our industry, which will have a
      negative affect on our ability to generate revenues. Consequently, you may
      lose your entire investment.





The
manufacture and distribution of jewelry is a highly competitive industry. While
we believe that our platinum alloy technology provides us with a competitive
edge in the platinum jewelry market, we continue to compete with major domestic
and international companies in the jewelry market in general. Many of these
competitors have significantly greater financial, technical, marketing and human
resources than we have. There can be no assurance that other jewelry
manufacturers will not develop low-cost, high-volume platinum jewelry production
capabilities, better processes or technologies or develop other competitive
advantages over us, thereby providing greater competition for us and materially
affect our business prospects.





4.
            Our
      lack of business diversification could have a negative impact on our
      financial performance if we do not generate revenue from our products or
      such revenues decrease.





We expect
that our business will consist solely of the sale of our platinum alloy and
platinum jewelry made from our platinum alloy. We currently have no other
planned lines of business or other sources of revenue. Our platinum alloy
production technology is subject to a five year lisence agreement with
Agosi.  If the license is not renewed upon expiration or the license should
termninate for any reason prior to expiration, we would lose our exclusitivity
to sell platinum alloy jewlery.  Our lack of business diversification could
cause us to be unable to generate revenues since we do not have any other lines
of business or alternative revenue sources other than the sale of our platinum
alloy and platinum jewelry products.





5.
            We
      depend solely on our relationship with Agosi to convert pure platinum into
      our platinum alloy.





We
entered into a Cooperation and License Agreement with Allgemeine Gold -und
Silberscheideanstalt AG ("Agosi"). It is solely as a result of this agreement
that we became the exclusive worldwide distributor and patent co-applicant for
platinum alloy. Our ability to produce platinum alloy jewelry is dependent
exclusively upon our agreement and relationship with Agosi. Accordingly, any
adverse changes to our relationship with Agosi, or if Agosi discontinues
operations, or fails to provide our platinum alloy requirements would adversely
affect our results of operations. We have no contingent contracts or agreements
in place to manufacture and supply our platinum alloy.





6.
            Our
      agreement with Agosi imposes minimum purchase requirements of the platinum
      alloy. In the event we fail to purchase its minimum obligation in any
      year, we will be required to pay liquidated
  damages.





Pursuant
to the Cooperation and License Agreement with Agosi, we are subject to minimum
purchase requirements of platinum alloy per year. In calendar years 2006 and
2007, we did not meet our minimum purchase requirements. If we fail to purchase
our minimum obligations in any given year, we would be required to pay
liquidated damages in the amount of 50% of the applicable purchase price we
would have paid to Agosi for the quantity of alloy we did not purchase. Although
the amount of damages can not be ascertained, the payment of any liquidated
damages to Agosi would have a material adverse effect of our income. For the
2007 period, we paid liquidating damages of $31,600 for not meeting our minimum
requirements for that period.





7.
            We
      have no written agreements with any of our suppliers of pure platinum or
      with any of our jewelry
manufacturers.





We obtain
our supply of pure platinum through open market transactions with such
suppliers. As such, we cannot provide any assurances that any supplier will
supply or deliver in a timely manner the pure platinum we require for conversion
into platinum
alloy. Further, we have no written agreements upon which we can rely upon to
enforce the continued supply and delivery of pure platinum by these
suppliers.


9




Similarly,
we rely entirely on verbal agreements with manufacturers of our platinum alloy
jewelry. As such, we cannot provide any assurances that any such manufacturer
will perform under the terms of our verbal agreements, or provide the quality,
quantity and supply of the platinum jewelry products we sell.





8.
            The
      availability and cost of precious metals and semi-precious metals could
      have a material adverse effect on our results of operations and financial
      condition.





The
jewelry industry in general is affected by fluctuations in the prices of
precious metals and semi-precious metals. The availability and prices of
platinum may be influenced by the platinum mines, political instability in
exporting countries and inflation. Shortages of these materials or sharp changes
in their prices could have a material adverse effect on our results of
operations or financial condition.





Our
platinum alloy is made from 58.5% platinum and 41.5% cobalt and copper which we
obtain from Agosi. Increases in the market price of the platinum, cobalt and
copper we use would increase our costs and adversely affect our operating
results. Conversely, decreases in the market price of platinum used to
manufacture jewelry could require us to reduce the carrying value of the
platinum owned by us, which could be substantial, in the period in which the
change in market value occurs. We do not engage in hedging transactions to
protect against this potential risk.





Prices
for our products generally are determined by reference to the current market
price of platinum. Consequently, our sales could be affected by significant
increases, decreases, or volatility in the price of platinum. There can be no
assurance, if the price of platinum were to move substantially above or
substantially below current price levels and remain as such for a prolonged
period of time, that such increase or decrease would not have an adverse effect
on our results of operations. In addition, our results of operations may be
adversely affected during periods of extreme volatility in the price of platinum
since many customers may elect to defer purchases until the price of platinum
has become relatively stable.





9.
            The
      change in the exchange rate between the United States dollar and foreign
      currencies is volatile and may negatively impact our costs which could
      adversely affect our operating
results.





Since
Agosi, our pure platinum suppliers, and several of our jewelry manufacturers are
located throughout the world, we expect to incur a certain amount of our costs
for our products in foreign currencies which are settled in United States
dollars. As a result, fluctuations in foreign currency exchange rates may
adversely affect our cost and results of operations. Although we may use hedging
techniques in the future (which we currently do not use), we may not be able to
eliminate the effects of currency fluctuations. Thus, exchange rate fluctuations
could have a material adverse impact on our operating results.





10.
            We
      currently do not have the funds required to effect our marketing
      plan.





Our
business strategy is designed to expand sales of our platinum alloy jewelry in
the United States by taking advantage of our manufacturing process and promoting
our jewelry designs. Our ability to implement our plans will depend primarily on
the ability to expand our penetration in the United States and develop and
implement a marketing strategy plan. There is no certainty, assuming we could
develop and implement a marketing strategy plan and ultimately establish
additional merchandising relationships in the United States, when such events
might occur or to what extent. We currently do not have the funds required to
effect any such marketing plan. If we fail to obtain the required funds to
implement our marketing plan, we may not be able to expand our customer base and
generate revenues.





11.
            Our
      U.S. patent application is pending and may never be approved. In the event
      the U.S. application is rejected, our platinum alloy technology may be
      exposed to competitors attempting to use such technology and competing
      with
      us.


10







A patent
application was filed in the United States on the Alloy. This application is
pending. There can be no assurance that our platinum alloy would qualify for
patent protection, or to the extent of the enforceability of any patent that
might be granted. In the event the U.S. application is rejected or the patent
that might be granted has a narrow scope of protection, our platinum alloy
technology may be exposed to competitors attempting to use such technology to
compete with us. The ability of others to build upon our platinum alloy process
and develop similar, if not better applications to our platinum alloy conversion
process, could have an adverse competitive impact on our sales. Additionally,
Agosi retains certain rights in the United States.





12.
            Currently
      there are several petitions pending against us by the Jewelers Vigilance
      Committee to cancel our registered trademarks and our applications for
      registration of our trademarks.





In August
2004, the Jewelers Vigilance Committee (“JVC”) filed a petition with the
Trademark Trial and Appeal Board (“TTAB”) to cancel six of Karat Platinum’s
registered trademarks. Karat Platinum partially opposed the JVC action and
continues to challenge the cancellation of its U.S. registrations for the 14
KARAT PLATINUM and 14 KT. PT. marks.




In
addition, on September 25, 2007, the JVC filed a notice of opposition to Karat
Platinum’s application to federally register the KARAT PLATINUM mark. On
November 6, 2007, Karat Platinum filed an answer to this notice of
opposition.  The JVC moved to consolidate the opposition to the KARAT
PLATINUM mark into the pending cancellation proceeding, and the  TTAB
granted that motion on November 28, 2007.  The discovery period
for this consolidated proceeding currently is scheduled to end on August 5,
2008.  As of June 26, 2008, no further proceedings have yet taken
place.





13.
            Defending
      against intellectual property infringement or other claims could be
      expensive and disruptive to our business. If we are found to infringe the
      proprietary rights of others, we could be required to redesign our
      products, pay royalties or enter into license agreements with third
      parties.





In the
industry in which we operate, there is frequent litigation based on allegations
of infringement or other violations of intellectual property rights. As the
number of participants in the Company's market increases and the number of
patents and other intellectual property registrations increase, the possibility
of intellectual property claims against us grows. The Company cannot assure you
that a third party would not in the future assert that our platinum alloy
production technology, or the manner in which it operates the business, violates
a third party's intellectual property rights. From time to time, in the ordinary
course of business, the Company may become subject to legal proceedings and
claims relating to the intellectual property rights of others, and it expects
that third parties may assert intellectual property claims against the Company.
Any claims, whether with or without merit, could:





·
            be
      expensive and time consuming to
defend;


·
            prevent
      the Company from operating its business, in whole or in
    part;


·
            cause
      the Company to cease developing, licensing or using all or any part of its
      platinum alloy production technology that incorporate the challenged
      intellectual property;


·
            require
      the Company to redesign its products or services, which may not be
      feasible;


·
            result
      in significant monetary liability;


·
            divert
      management's attention and resources;
and


·
            Require
      the Company to pay royalties or enter into licensing agreements in order
      to obtain the right to use necessary  technologies, which may
      not be possible on commercially reasonable
  terms.





The
Company cannot assure you that third parties would not assert infringement
claims against it in the future with respect to the platinum alloy or any of its
other current or future products or that any such assertion would not require
the Company
to cease providing such products, try to redesign its products, enter into
royalty arrangements, if available, or litigation that could be costly. Any of
these events could have a material adverse effect on the Company's business,
financial condition and results of operations.


11





14.
            Our
      agreement with Agosi regarding our exclusive license for the platinum
      alloy production will expire on January 13, 2009. In the event this
      agreement is not renewed, we may lose our exclusivity to sell our platinum
      alloy jewelry.





The
Company's platinum alloy production technology is subject to a 5-year license
agreement with Agosi. Under the terms of this license, we have the exclusive
worldwide ability to produce and sell jewelry for a 5-year period ending on
January 13, 2009. If this license is not renewed upon expiration, or if this
license should terminate for any reason prior to its expiration, we would lose
our exclusivity to sell our platinum alloy jewelry products which would have a
material adverse effect on our business and results of operations.





15.
            We
      have a history of losses and expect losses in the
  future.





For the
fiscal year ended March 31, 2008, we incurred a net loss from continuing
operations of $4,236,346. We are expecting losses over the next twelve months
because we do not yet have revenues sufficient to offset the expenses associated
with the development and the marketing of our business. We cannot guarantee that
we will ever be successful in generating adequate revenues in the future. We
recognize that if we are unable to generate adequate revenues, we will not be
able to earn profits or continue operations. There is limited history upon which
to base any assumption as to the likelihood that we will prove successful, and
we can provide investors with no assurance that we will generate sufficient
operating revenues or ever achieve profitable operations.





16.
            A
      significant portion of our sales depend upon purchases by a limited number
      of our customers.





For the
fiscal year ending March 31, 2008, two customers accounted for approximately
42.8% and 16.6% of our sales. Adverse changes in any of these relationships, a
significant reduction in their orders, or the inability to enter into
relationships with new customers, would negatively impact our operating results.
In addition, at this point we have only a limited number of customers, and our
inability to secure new customers would negatively impact our operating results.
We have no written agreements with any such major customers, and our
arrangements may not remain in effect on current or similar terms and the net
impact of future pricing options may adversely impact our revenue.





17.
            Fluctuations
      in our quarterly and annual operating results may affect our stock
      price.





We may
experience significant fluctuations in our future quarterly and annual operating
results due to a variety of factors, may of which are outside our control.
Factors that may adversely affect our quarterly operating results include: our
ability to attract and retain new customers, our ability to efficiently meet the
design and production requirements of our customers, market prices of the supply
of the materials used to produce out platinum alloy, and market acceptance of
our jewelry products. Further factors impacting the success of our operations
are increases in expenses associated with continued sales growth, our ability to
control costs, management's ability to evaluate the public's taste and new
orders to target satisfactory profit margins, our capacity to develop and manage
the introduction of new designed products, and competition. Quality control is
also essential to our operations, since customers demand compliance with design
and product specifications and consistency of production. There can be no
assurance that the revenue growth will be sustained on a quarterly or annual
basis.





In
addition, retail sales of jewelry are greater in the fourth quarter of the
calendar year which includes the holiday selling season. It has been
management's experience that our and our customers' purchases are seasonally
sensitive causing a significant portion of our sales to be concentrated in the
fall in anticipation of the holiday season.


12


18.           The
sale of our jewelry is dependent upon a strong economy.





Retail
jewelry sales are sensitive to fluctuations in the economic cycle. Unfavorable
general economic conditions have an adverse effect on consumer spending, and
therefore on our business. There can be no assurance that unfavorable general
economic conditions or a downturn in consumer confidence could in the future
have an adverse effect on consumer spending preferences and, therefore, on our
business.





19.
            If we
      are unable to obtain additional funding, our business operations will be
      adversely affected.





We will
require funds to operate our business, develop, and effectuate a marketing
program and address all the necessary infrastructure, technological and sales
concerns. We anticipate, based on our budget,  that we will incur a
minimum of $14,200,000 in expenses in order to fund our continued operations
over the next twelve months, not including amounts owed under our current debt
obligations. These expenses are anticipated to include costs of product sold,
general office, marketing, development related expenses and hiring employees.
Such funds may come from the sale of equity and/or debt securities and/or loans.
Additional capital will be required to effectively support the operations and to
otherwise implement our overall business strategy. The inability to raise the
required capital will restrict our ability to grow and may reduce our ability to
continue to conduct business operations. If we are unable to obtain necessary
financing, we will likely be required to curtail our development plans which
could cause the company to become dormant. We currently do not have any
arrangements or agreements to raise additional capital. Any additional equity
financing may involve substantial dilution to our then existing
shareholders.





20.
            The
      Company's management group owns or controls a significant number of the
      outstanding shares of its Common Stock and will continue to have
      significant ownership of its voting securities for the foreseeable
      future.





The
Company's management owns approximately 68% of the Company's issued and
outstanding shares of common stock (assuming the conversion of the debt held by
one of our Directors into Series B Convertible Preferred stock and the
subsequent conversion of the preferred stock to common stock). As a result,
these persons will have the ability, acting as a group, to effectively control
the Company's affairs and business, including the election of directors and
subject to certain limitations, approval or preclusion of fundamental corporate
transactions. This concentration of ownership may affect the
following:





·
            election
      of our board of directors;


·
            removal
      of any of our directors;


·
            amendment
      of our Articles of Incorporation or
bylaws;


·
            adoption
      of measures that could delay or prevent a change in control or impede a
      merger, takeover or other business combination involving us;
      and


·
            approval
      of significant corporate
transactions.





21.
            We
      are heavily dependent upon the services of our current management
      including David Neuberg and Howard Slochowsky. The loss of either of these
      individuals, upon whose relationships, knowledge, leadership and technical
      expertise we rely, would harm our ability to execute our business
      plan.





We are
dependent on the continued contributions of our current management,
specifically, David Neuberg, Chief Executive Officer and President and Howard
Slochowsky, our Senior Vice President of Operations, whose relationships,
knowledge, leadership and experience in the jewelry industry would be difficult
to replace. We have no key-man life insurance on either of these individuals.
Our success is also heavily dependent on our ability to retain and attract
experienced agents and sales professionals to market and sell our jewelry
products. If we were to lose our current management, our ability to execute our
business plan would be harmed and we would possibly be forced to cease
operations until such time as we could hire suitable
replacements.


13





22.
            Because
      we do not have an audit or compensation committee, shareholders will have
      to rely on our directors, who are not independent, to perform these
      functions.





We do not
have an audit or compensation committee comprised of independent directors.
Indeed, we do not have any audit or compensation committee. These functions are
performed by our directors. Thus, there is a potential conflict of interest in
that our directors and officers have the authority to determine issues
concerning management compensation and audit issues that may affect management
decisions.





23.
            If
      we fail to develop and maintain an effective system of internal controls,
      we may not be able to accurately report our financial results or prevent
      fraud; as a result, current and potential shareholders could lose
      confidence in our financial reports, which could harm our business and the
      trading price of our common stock.





Effective
internal controls are necessary for us to provide reliable financial reports and
effectively prevent fraud. Section 404 of the Sarbanes-Oxley Act of 2002
requires us to evaluate and report on our internal controls over financial
reporting, beginning with our Annual Report on Form 10-K for the fiscal year
ending March 31, 2009. Our independent registered public accounting firm
annually is required to attest to our evaluation, as well as issue their own
opinion on our internal controls over financial reporting, beginning with our
Annual Report on Form 10-K for the fiscal year ending March 31, 2010. We plan to
prepare for compliance with Section 404 by strengthening, assessing and testing
our system of internal controls to provide the basis for our report. The process
of strengthening our internal controls and complying with Section 404 is
expensive and time consuming, and requires significant management attention. We
cannot be certain that the measures we will undertake will ensure that we will
maintain adequate controls over our financial processes and reporting in the
future. Furthermore, if we are able to rapidly grow our business, the internal
controls that we will need will become more complex, and significantly more
resources will be required to ensure our internal controls remain effective.
Failure to implement required controls, or difficulties encountered in their
implementation, could harm our operating results or cause us to fail to meet our
reporting obligations. If we or our auditors discover a material weakness in our
internal controls, the disclosure of that fact, even if the weakness is quickly
remedied, could diminish investors' confidence in our financial statements and
harm our stock price. In addition, non-compliance with Section 404 could subject
us to a variety of administrative sanctions, including the suspension of
trading, ineligibility for listing on one of the Nasdaq Stock Markets or
national securities exchanges, and the inability of registered broker-dealers to
make a market in our common stock, which would further reduce our stock
price.





Risks
Relating To Our Common Shares





24.
            We
      may, in the future, issue additional common shares, which would reduce
      investors' percent of ownership and may dilute our share
      value.





Our
Articles of Incorporation authorizes the issuance of 100,000,000 shares of
common stock, of which 46,209,000 shares are issued and outstanding, assuming
all outstanding warrants and preferred stock have been converted into common
stock. The future issuance of common stock may result in substantial dilution in
the percentage of our common stock held by our then existing shareholders. We
may value any common stock issued in the future on an arbitrary basis. The
issuance of common stock for future services or acquisitions or other corporate
actions may have the effect of diluting the value of the shares held by our
investors, and might have an adverse effect on any trading market for our common
stock.





25.
            Our
      common shares are subject to the "Penny Stock" Rules of the SEC and the
      trading market in our securities is limited, which makes transactions in
      our stock cumbersome and may reduce the value of an investment in our
      stock.





The
Securities and Exchange Commission has adopted Rule 15g-9 which establishes the
definition of a "penny stock," for the purposes relevant to us, as any equity
security that has a market price of less than $5.00 per share or with an
exercise price of less than $5.00 per share, subject to certain exceptions. For
any transaction involving a penny stock, unless exempt, the rules
require:


14




·
            that
      a broker or dealer approve a person's account for transactions in penny
      stocks; and


·
            the
      broker or dealer receive from the investor a written agreement to the
      transaction, setting forth the identity and quantity of the penny stock to
      be purchased.





In order
to approve a person's account for transactions in penny stocks, the broker or
dealer must:





·
            obtain
      financial information and investment experience objectives of the person;
      and


·
            make
      a reasonable determination that the transactions in penny stocks are
      suitable for that person and the


person
has sufficient knowledge and experience in financial matters to be capable of
evaluating the risks of


transactions
in penny stocks


.


The
broker or dealer must also deliver, prior to any transaction in a penny stock, a
disclosure schedule prescribed by the Commission relating to the penny stock
market, which, in highlight form:





·
            sets
      forth the basis on which the broker or dealer made the suitability
      determination; and


·
            that
      the broker or dealer received a signed, written agreement from the
      investor prior to the transaction.





Generally,
brokers may be less willing to execute transactions in securities subject to the
"penny stock" rules. This may make it more difficult for investors to dispose of
our Common shares and cause a decline in the market value of our
stock.





Disclosure
also has to be made about the risks of investing in penny stocks in both public
offerings and in secondary trading and about the commissions payable to both the
broker-dealer and the registered representative, current quotations for the
securities and the rights and remedies available to an investor in cases of
fraud in penny stock transactions. Finally, monthly statements have to be sent
disclosing recent price information for the penny stock held in the account and
information on the limited market in penny stocks.





26.
            There
      is currently a limited trading market for our securities and as a result,
      purchasers of our securities may have difficulty selling their
      shares.





There is
currently a limited public trading market for our securities and an active
trading market in our securities may not develop or, if developed, may not be
sustained. If for any reason an active trading market does not develop or our
shares are delisted from the Over The Counter Bulletin Board, purchasers of the
shares may have difficulty selling their common stock should they desire to do
so.





27.
            Because
      we do not intend to pay any cash dividends on our common stock, our
      stockholders will not be able to receive a return on their shares unless
      they sell them.





We intend
to retain any future earnings to finance the development and expansion of our
business. We do not anticipate paying any cash dividends on our common stock in
the foreseeable future. Unless we pay dividends, our stockholders will not be
able to receive a return on their shares unless the value of such shares
appreciates and they sell them. There is no assurance that stockholders will be
able to sell shares when desired.





28.
            We
      may issue additional shares of preferred stock in the future that may
      adversely impact your rights as holders of our common
    stock.





Our
Articles of Incorporation authorize us to issue up to 10,000,000 shares of
"blank check" preferred stock of which 3,000 shares have been designated as
Series A Convertible Preferred Stock and 1,500 shares have been designated as


15


Series B
Convertible Preferred Stock.  Accordingly, our board of directors will have
the authority to fix and determine the relative rights and preferences of the
remaining 9,995,500 preferred shares, as well as the authority to issue such
shares, without further stockholder approval. As a result, our board of
directors could authorize the issuance of a series of preferred stock that would
grant to holders preferred rights to our assets upon liquidation, the right to
receive dividends before dividends are declared to holders of our common stock,
and the right to the redemption of such preferred shares, together with a
premium, prior to the redemption of the common stock. To the extent that we do
issue such additional shares of preferred stock, your rights as holders of
common stock could be impaired thereby, including, without limitation, dilution
of your ownership interests in us. In addition, shares of preferred stock could
be issued with terms calculated to delay or prevent a change in control or make
removal of management more difficult, which may not be in your interest as
holders of common stock.





In
addition, the holders of shares of our Series A Convertible Preferred Stock and
Series B Convertible Preferred Stock have anti-dilution protection and
pre-emptive rights. The conversion price of the Series A Preferred and Series B
Preferred shares will be lowered upon the Company's designation of a new class
of preferred stock with a price lower than the current preferred
shares.





Item 1B.  Unresolved
Staff Comments





None





Item 2.  Properties





The lease
for our principal office in Inwood, New York is for 12,000 square feet with
an annual base rent of $240,000 and expires on January 31, 2009.  The
Company has one 12-month renewal option at the expiration of the initial term of
the lease.





Item 3.  Legal
Proceedings





In August
2004, the Jewelers Vigilance Committee (“JVC”) filed a petition with the
Trademark Trial and Appeal Board (“TTAB”) to cancel six of Karat Platinum’s
registered trademarks. Karat Platinum partially opposed the JVC action and
continues to challenge the cancellation of its U.S. registrations for the 14
KARAT PLATINUM and 14 KT. PT. marks.




In
addition, on September 25, 2007, the JVC filed a notice of opposition to Karat
Platinum’s application to federally register the KARAT PLATINUM mark. On
November 6, 2007, Karat Platinum filed an answer to this notice of
opposition.  The JVC moved to consolidate the opposition to the KARAT
PLATINUM mark into the pending cancellation proceeding, and the TTAB granted
that motion on November 28, 2007.  The discovery period for this
consolidated proceeding currently is scheduled to end on August 5, 2008. 
As of June 26, 2008, no further proceedings have yet taken place.





Other
than as described above, there are no pending legal proceedings to which the
Company is a party or in which any director, officer or affiliate of the
Company, any owner of record or beneficially of more than 5% of any class of
voting securities of the Company, or security holder is a party adverse to the
Company or has a material interest adverse to the Company. The Company’s
property is not the subject of any pending legal proceedings.





Item 4.  Submission
of Matters to A Vote of Security Holders





No
matters were submitted to a vote of security holders during the last quarter of
fiscal year March 31, 2008.  Reference is hereby made to the Infromation
Statement on Schedule 14C, filed with the Securities and Exchange Commission on
March 12, 2008.  On Friday 20, 2008, the Company received a wrtten
consent from certain principal shareholders of the Company - (identified in
section entitled "Voting Securities and Principal Holders Thereof") adopting a
resolution to ament the Company's Articles of Incorporation to change the name
of the company to "Karat Platinum Inc."








16


PART II





Item 5.  Market for
Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities





Market Information A
registrant that qualifies as a smaller reporting company is not required to
provide the Performance graph required in paragraph (e) of Item
201.





Our
common stock is on the Over The Counter Bulletin Board under the symbol
“KRAT.OB.” The following table sets forth, for the period indicated, the highest
and lowest bid quotations for the common stock, as reported by the Over The
Counter Bulletin Board. Quotations reflect prices between dealers, do not
reflect retail markups, markdowns or commissions, and may not necessarily
represent actual transactions.





Fiscal
year ended March 31, 2008:


High
            LowMarch
      31, 2008
            $4.60
            $3.00December
      31, 2007
            $4.60
            $1.45September
      30, 2007
            $1.45
            $1.05June
      30, 2007
            n/a
            n/a





Issuer’s
Repurchase of Equity Securities





On
February 5, 2007, Sentra issued 50,000 shares to Island Stock Transfer with a
provision for the Company to purchase these shares through May 31,
2008.  The Company exercised its option to purchase these shares at a
purchase price of $0.30 per share which shares were immediately
retired.





Holders





The
closing bid price of our common stock on June 26, 2008 was $4.00. On June 26,
2008, we had approximately 96 holders of record of our common
stock.





Dividends





We have
never declared or paid any cash dividends on our common stock. We currently
intend to retain all future earnings for the operation and expansion of our
business and do not anticipate paying cash dividends on common stock in the
foreseeable future. Any payment of cash dividends in the future will be at the
discretion of our board of directors and will depend upon our results of
operations, earnings, capital requirements, contractual restrictions,
outstanding indebtedness and other factors that our board of directors deems
relevant.





Item 6.  Selected
Financial DataA
registrant that qualifies as a smaller reporting company is not required to
provide the information required by this Item.





Item 7.  Management’s
Discussion and Analysis of Financial Condition and Results of
Operation





You should read the following
discussion and analysis of our financial condition and results of operations in conjunction
with our financial statements and related notes included in this annual report. This
discussion and analysis contains forward-looking statements based on our current
expectations, assumptions, estimates and projections. These forward-looking
statements involve risks and uncertainties. See “Note Regarding Forward-Looking
Information.” Our actual results could differ materially from those indicated in
these forward-looking statements as a result of various factors, as more fully
discussed below and elsewhere in this annual report, particularly in the section entitled
“Risk Factors.”





17


Overview





On
December 21, 2007, Sentra Consulting Corp. entered into an Exchange
Agreement  with Karat Platinum LLC, a New York limited liability
company, and the members of Karat Platinum.  On April 17, 2008, Sentra
changed its name to Karat Platinum, Inc.





Pursuant
to the terms of the Exchange Agreement, Sentra acquired 100% of the membership
interests of Karat Platinum by purchasing from the Karat Members all of their
respective membership interests in Karat Platinum. In consideration therefore,
Sentra issued to the Karat Members an aggregate of 30,000,000 shares of Sentra's
common stock, representing 90.43% of the issued and outstanding stock of Sentra.
As a result of the transactions contemplated by the Exchange Agreement
(hereinafter referred to as the “Exchange”), Karat Platinum became a
wholly-owned subsidiary of the Company. Prior to the Exchange, Sentra was a
“shell company” (as such term is defined in Rule 12b-2 under the Securities
Exchange of 1934, as amended (the “Exchange Act”)).




Each of
the Karat Members who exchanged their membership interests for Sentra common
stock entered into a Lock-Up Agreement with the Company whereby each member
agreed that until December 21, 2009 he or she will not sell any of the shares of
common stock of Sentra. Although the Lock-Up Agreement provides for customary
exceptions for transfers to family members and gifts, each transferee must agree
to be bound by the transfer restrictions of the Lock-Up Agreement. In addition,
the provisions of the agreement could be waived upon the approval of 80% of the
Board of Directors of the Company.





The
Exchange is being accounted for as a reverse merger, equivalent to a
recapitalization, through the issuance of stock by Sentra for the net monetary
assets and recapitalization of Karat Platinum for financial reporting purposes.
Consequently, the assets and liabilities and the operations that will be
reflected in the historical financial statements prior to the Exchange will be
those of Karat Platinum and will be recorded at the historical cost basis of
Karat Platinum, and the consolidated financial statements after completion of
the Exchange will include the assets and liabilities of the Company and Karat
Platinum and historical operations of Karat Platinum and operations of the
Company from the closing date of the Exchange.  Stockholders’ deficiency
has been retroactively restated to reflect the exchange of shares for members’
interest.




The
Company manufactures and sells platinum alloy (the “Alloy” or “585 Platinum”)
and platinum jewelry at a price that it believes is lower than existing market
prices for currently existing platinum jewelry. We have a total of 20 full time
employees.




The
Product




Traditionally,
platinum used in the jewelry industry consists of a minimum of 85%-95% platinum
blended with certain precious metals such as iridium or palladium, known as
platinum group metals. The Company’s alloy, which is a blend of 58.5% platinum
with 41.5% cobalt and copper (non-precious metals), is a less expensive
substitute for the alloys currently used by the jewelry industry.




Karat
Platinum believes that its 585 Platinum provides three significant
benefits:





1.
            It
      is less expensive than traditional platinum alloys because of its lower
      platinum content and the significant difference in price between copper
      and cobalt and the platinum group metals used in traditional platinum
      alloys, which are all costly precious
metals.





2.
            The
      Alloy has a lower density than 85-95% platinum, resulting in greater
      expansive properties. It therefore reduces the quantity of raw material
      content needed, thus further reducing the cost for platinum
      content.


18


3.           585
Platinum is more durable and workable than traditional alloys.








Marketing




As noted
in the Platinum 2007 report issued by Johnson Matthey, purchases of platinum by
the jewelry trade fell in 2006 for the fourth year in a row. Rising and volatile
metal prices had a negative impact on the platinum jewelry market, cutting
demand for new metal by 18% from previous year levels to 1.61 million ounces,
the lowest figure for 14 years. As of June 26, 2008, platinum is selling for
over $2,000 per ounce as per the London Fixed Prices PM closing price for
platinum. Since the jewelry industry’s demand for platinum is highly price
sensitive, our sales objectives incorporate the following three
factors:




1.
            Recapture
      a percentage of the platinum market demand lost because of the price
      increase,





2.
            Capture
      a percentage of the existing platinum market, based on the alloy’s price
      and superior durability and design
properties,





3.
            Capture
      a percentage of the existing worldwide gold jewelry
  market.





We
believe that platinum is the metal of choice of the jewelry industry, because it
is a natural white, rare, durable, hypoallergenic metal that has more prestige
than gold. The World Gold Council notes a shift in consumer trends from gold to
platinum. The council attributes this to the rise of the white metal phenomenon,
which was driven by fashion, and the dominance of platinum as the aspiration
choice (IBIS World Industry Performance Study March 16, 2007).




We are
designing, manufacturing and selling a full line of earrings, bracelets,
pendants, rings and chains directly to retailers in the United States. We market
our products directly to mass and mid-market retailers as well as distributors
to independent jewelry stores and small chain stores. We have budgeted
significant funds for marketing efforts and to educate consumers of the benefits
of Karat Platinum and to build and establish the brand, Karat PlatinumTM. In
addition, it is our intention to participate with retailers in marketing, and
engaging in targeted efforts to increase market awareness. In addition, we plan
to expand our presence on the internet.





Competition





Our Alloy
competes with other precious metals that compete for the jewelry consumers’
dollars. These include, primarily, 950 platinum, 850 platinum, palladium and
gold. Although a platinum alloy consisting of 50% platinum and 50% palladium has
been introduced to the market under the name Royal Platinum, based upon current
market prices of platinum, we believe that since it requires other precious
metals to produce, the Royal Platinum alloy is 19% more expensive than our 585
Platinum alloy.





If we
obtain financing, we will utilize our marketing budget to support our direct
sales efforts as well as to publicize the availability of 585 Platinum. We
recently hired an outside public relations firm to assist in the development and
implementation of a marketing plan.





To the
best of our knowledge, other refiners have tried to create a 585 alloy
containing non-platinum group metals but have not been successful. A most
significant point in this regard is that, scientifically, there are only certain
elements that can mix with platinum to make alloy, the least expensive of which
are copper and cobalt. Since we already have a pending patent application on a
process incorporating those elements, if the patent issues, it may be difficult
for anyone to produce an alloy that can compete with our costs.





Results
of Operations


19





Revenues.  Revenues
include net sales of our platinum alloy and platinum jewelry. Net revenues are
recorded net of estimated sales returns based upon specific
customers.




Cost
of goods sold.  Our cost of goods sold represents our costs of
raw materials, including fine platinum, the cost to convert the platinum into
our alloy and the labor to manufacture our jewelry products from our third party
manufacturers. Cost of goods sold also includes the cost to transport these
products to our facility, including customs and brokers fees. Cost of goods sold
is recognized at the time products are shipped to the customer and title
transfers.




Selling,
general and administrative expenses.  Our selling, general and
administrative expenses consist primarily of selling, marketing, salaries and
related payroll and employee benefit costs, travel and insurance expenses,
depreciation, professional fees, facility expenses, bank charges and outbound
freight expenses.




Twelve
months ended March 31, 2008 compared with twelve months ended March 31,
2007




Revenues.  Net
revenues decreased to $294,819 for 2008 compared to $634,095 for 2007. The
decrease in revenues is primarily due to one significant sale of scrap platinum
alloy in the 2007 period for approximately $421,300, which did not occur in the
2008 period. Without that scrap sales, revenue increased slightly due to some
new customers during the 2008 period. During the twelve months ended March 31,
2008, the top six customers accounted for approximately 82% of revenues, while
for the year ended March 31, 2007, the top three customers accounted for 97% of
revenues.




Gross
margin.  Negative gross margin increased to ($354,794) for 2008
compared to ($149,451) for 2007. The increase in negative margin is primarily
due to the increase of certain fixed costs and expenses incurred during the 2008
period. In addition, cost of goods sold in 2008 was impacted by the rising price
of platinum.




Selling,
general and administrative expenses.  Selling, general and
administrative expenses increased to $2,648,557 for 2008 compared to $885,171
for 2007. The increase was a result of the increase in the operations of the
business during the 2008 period. In the 2007 period, the Company’s operating
activity was minimal through January 2007 and as such, operating costs were
minimal as well. The primary expenses incurred during the 2008 period consist of
salaries and related costs (including benefits) of $1,531,648; professional fees
of $454,321; advertising and trade shows of $149,853; travel and entertainment
costs of $134,422 and operating expenses of $112,176.




Loss
from continuing operations before interest expense and income
taxes.  Loss from continuing operations before interest expense
and income taxes increased to ($3,003,351) for 2008 compared to ($1,034,622) for
2007. The increase in loss from continuing operations before interest expense
and income taxes for 2008 was primarily the result of higher selling, general
and administrative costs and the lower gross margin, as explained
above.




Interest
expense.  Interest expense increased to $1,232,995 for 2008
compared to $145,804 for 2007. The increase was due to higher borrowings coupled
with higher interest rates paid for those borrowings in order to support the
working capital needs as a result of the increase in the business operations,
and to purchase inventory. In the 2008 period, interest expense included
$550,893 related to the accretion of the discount on two convertible notes with
beneficial conversion features.




Loss
from continuing operations before income taxes.  Loss from
continuing operations before income taxes increased to a loss of ($4,236,346)
for 2008 compared to a loss of ($1,154,426) for 2007. The increase was primarily
the result of higher selling, general and administrative costs and the lower
gross margin, as explained above.




Provision
for income taxes.  We did not recognize any tax benefit due to
the ongoing losses of the business.




Loss
from operations deconsolidated on December 21, 2007 of 15 Hoover
Street.  Loss from operations deconsolidated on December 21,
2007 of 15 Hoover Street of ($137,446) in 2008 relates to the losses of 15
Hoover Street LLC, a variableinterest entity that was
deconsolidated on December 21, 2007. 20







Net loss attributable to common
shareholders.Net loss attributable to common shareholders increased to
($4,870,792) for 2008 compared to net loss of ($1,154,426) for 2007 as a result
of higher selling, general and administrative costs and the lower gross margin,
as explained above.





Liquidity
and Capital Resources





The
consolidated financial statements contained herein have been prepared on a
“going concern” basis, which contemplates the realization of assets and the
satisfaction of liabilities in the normal course of business. For the reasons
discussed herein and in the footnotes to the consolidated financial statements
included herein, there is a significant risk that we will be unable to continue
as a going concern. Our audited balance sheets included in this Form 10-K,
contain additional note disclosures describing the circumstances that lead to
this disclosure.





We
finance our operations and growth primarily with cash flows generated from
borrowings and operations. Net cash used in operating activities for 2008 was
$4,240,651 as compared to $2,004,463 for 2007. The 2008 operating cash flows
were negatively impacted as a result of the net loss for the period, as
explained above, a significant increase in inventory to support future revenues,
partially offset by a decrease in accounts receivable and higher accounts
payables. Net cash used in investing activities for 2008 was $139,826 as
compared to $116,496 for 2007. The 2008 period reflects the impacted of the
merger with Sentra Consulting Corp., and the deconsolidation of Hoover. Other
than those items discussed for investing activities, our operations and business
model are not capital intensive at this moment. Net cash provided by financing
activities was $4,298,881 during 2008, principally due to new borrowings under
short-term notes payable, as compared to $2,416,534 during 2007, principally due
to borrowings from a shareholder and an affiliate.





As of
March 31, 2008, the Company had cash on hand of $236,872. On or prior to July
31, 2008, we have to repay $1,100,000 in principal to two secured note-holders.
Between August 29, 2008 and September 3, 2008, we have to repay $500,000 in
principal to two additional note-holders. On or prior to October 31, 2008, we
will owe $2,087,088 to our CEO’s wife. Furthermore, on or prior to November 1,
2008, we have to pay $1,500,000 plus accrued interest to a director of the
Company. We also owe an aggregate of $100,000 plus accrued interest which is
payable over the next 12 months. Accordingly, we do not have sufficient funds to
pay our expenses for the next 12 months or to effectuate our plans with respect
to our business operations, without raising or borrowing additional
funds.





We will
need to seek additional capital for the purpose of financing and operating our
business. We expect to incur a minimum of approximately $14.2 million in
expenses in order to effectuate our plans regarding our business, excluding the
obligations described in the previous paragraph. We estimate that this will be
comprised mostly of approximately $11.1 million towards cost of goods sold and
approximately $.4 million towards interest expense. Additionally, approximately
$2.7 million will be needed for general overhead expenses such as salaries,
corporate legal and accounting fees, office overhead and general working
capital. Over the next twelve months, we expect to hire employees for our sales,
shipping and financial departments as needed. Accordingly, we will have to raise
the funds to pay for these expenses. There can be no assurance that additional
capital will be available to us. We have no specific plans, understandings or
agreements with respect to any bank financing or capital raise, and we have
given no contemplation with respect to the securities to be offered or any other
issue with respect to any offering. We may seek to raise the required capital by
other means. We will have to issue debt or equity or enter into a strategic
arrangement with a third party. We currently have no agreements, arrangements or
understandings with any person to obtain funds through bank loans, lines of
credit or any other sources. Since we have no such arrangements or plans
currently in effect, our inability to raise funds for a marketing program will
have a severe negative impact on our ability to remain a viable
company.





Off-Balance
Sheet Arrangements





The
Company has no off-balance sheet obligations nor guarantees and has not
historically used special purpose entities for any
transactions.


21







Critical
Accounting Policies





Estimates:Our consolidated
financial statements are prepared in accordance with U.S. generally
accepted accounting principles. The accounting principles we use require us to
make estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and amounts of income and
expenses during the reporting periods presented. We believe in the quality and
reasonableness of our critical accounting policies, however it is likely that
materially different amounts would be reported under different conditions or
using different assumptions that we have consistently applied. We believe our
critical accounting policies are as follows, including our methodology for
estimates made and assumptions used.





Revenue Recognition
Policy.  Sales are recorded when the earnings process is
complete, which occurs when products are shipped in accordance with the terms of
agreements, title and risk transfer to customers, collection is probable and
pricing is fixed or determinable. Revenues are not recognized unless
collectibility is reasonably assured.





Trade
Receivables.  We perform ongoing credit evaluations on existing
and new customers. We apply reserves for delinquent or uncollectible trade
receivables based on specific identification methodology. Credit losses have
been within our estimates.





Deferred
Taxes.  Deferred taxes are determined, based on the temporary
differences between the financial statement and tax bases of assets and
liabilities, as well as the future benefit of any net operating loss
carryforward, using enacted tax rates in effect for the year in which the
differences are expected to reverse. Valuation allowances are established when
necessary to reduce deferred tax assets to the amounts expected to be realized.
In assessing the need for a valuation allowance, management considers estimates
of future taxable income and ongoing prudent and feasible tax planning
strategies.





Inventory.  Our
inventory is valued at the lower of cost (determined by the first-in, first-out
method or “FIFO”) or market. Inventory costs include materials, labor, inbound
freight and receiving costs.





Valuation of
Patents.  We periodically evaluate patents for potential
impairment indicators. Judgments regarding the existence of impairment
indicators are based on estimated future cash flows, market conditions and legal
factors. Future events could cause us to conclude that impairment indicators
exist and that the net book value of patents is impaired. Any resulting
impairment loss could have a material adverse impact on our consolidated
financial condition and results of operations.





Contingencies and
Litigation.  We evaluate contingent liabilities including
threatened or pending litigation in accordance with FASB No. 5,
“Accounting for Contingencies,” and record accruals when the outcome of these
matters is deemed probable and the liability can be reasonably estimated. We
make these assessments based on the facts and circumstances and in some
instances based, in part, on the advice of outside legal counsel.





Impact
of Recent Accounting Pronouncements





In
September 2006, the Financial Accounting Standards Board (“FASB”) issued SFAS
No. 157, “Fair Value Measurements” (“SFAS 157”) which establishes a single
authoritative definition of fair value, sets out a framework for measuring fair
value, and requires additional disclosures about fair-value measurements. SFAS
157 defines fair value as “the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market
participants at the measurement date”. For the Company, SFAS 157 is effective
for the fiscal year beginning April 1, 2008. Management will evaluate SFAS
157 to determine its impact, if any, on the Company’s consolidated financial
statements.


22


On
February 15, 2007, the FASB issued SFAS No. 159, “The Fair Value
Option for Financial Assets and Financial Liabilities – Including an Amendment
of FASB Statement No. 115” (“SFAS 159”) which permits an entity to measure
financial instruments and certain other items at estimated fair value. Most of
the provisions of SFAS 159 are elective; however, the amendment to FASB
No. 115, “Accounting for Certain Investments in Debt and Equity
Securities,” applies to all entities that own trading and available-for-sale
securities. The fair value option created by SFAS 159 permits an entity to
measure eligible items at fair value as of specified election dates. The fair
value option (a) may generally be applied instrument by instrument,
(b) is irrevocable unless a new election date occurs, and (c) must be
applied to the entire instrument and not to only a portion of the instrument.
SFAS 159 is effective as of the beginning of the first fiscal year that begins
after November 15, 2007. Management will evaluate the impact of SFAS 159,
if any, on the Company’s consolidated financial statements.





In
December 2007, the FASB issued SFAS No. 141 (revised 2007), "Business
Combinations" (“SFAS 141”). SFAS 141 requires an acquirer to measure the
identifiable assets acquired, the liabilities assumed and any non-controlling
interest in the acquiree at their fair values on the acquisition date, with
goodwill being the excess value over the net identifiable assets acquired. SFAS
141 also requires the fair value measurement of certain other assets and
liabilities related to the acquisition such as contingencies. SFAS 141 applies
prospectively to business combinations and is effective for fiscal years
beginning on or after December 15, 2008. The Company is currently evaluating the
impact that SFAS 141 will have on the accounting for future acquisitions and its
consolidated financial statements.





In
December 2007, the FASB issued SFAS No. 160, "Non-controlling Interests in
Consolidated Financial Statements" (“SFAS 160”). SFAS 160 requires that a
non-controlling interest in a subsidiary be reported as equity in the
consolidated financial statements. Consolidated net income should include the
net income for both the parent and the non-controlling interest with disclosure
of both amounts on the consolidated statement of income. The presentation
provisions of SFAS 160 are to be applied retrospectively, and SFAS 160 is
effective for fiscal years beginning on or after December 15, 2008. The Company
is currently evaluating the impact that SFAS 160 will have on its consolidated
financial statements.







Item 7A.  Quantitative
and Qualitative Disclosures About Market Risk





A smaller
reporting company is not required to provide the information required by this
Item.





Item 8.  Financial
Statements and Supplementary Data





Consolidated
Financial Statements





Please
see page F-1 through F-18.





Item 9.  Changes in and
Disagreements with Accountants on Accounting





None.





Item
9A(T). Controls and Procedures





Evaluation
of Disclosure Controls and Procedures





This
annual report does not include a report of management's assessment regarding
internal control over financial reporting or an attestation report of the
company's registered public accounting firm due to a transition period
established by rules of the Securities and Exchange Commission for newly public
companies.  Although the Registrant has been a pubic company since
March 2007, the Registrant is considered a newly public company because of a
reverse merger with Karat Platinum in December 2007.


23


Item 9B.  Other
Information.





None.





PART III





Item 10.  Directors
and Executive Officers





Executive
Officers and Directors





Set forth
below is information concerning our executive officers, the members of our board
of directors and other significant employees.





Name
            Age
            Position(s)Phillip
      Septimus
            33
            Director,
      Chairman of the Board and SecretaryDavid
      Neuberg
            56
            Director,
      Chief Executive Officer and PresidentGary
      M. Jacobs
            51
            Chief
      Financial Officer and Chief Operating OfficerHoward
      Slochowsky
            48
            Director,
      Senior Vice President of OperationsBonnie
      Septimus
            58
            Director





Philip Septimus is our
Secretary and Chairman of the Board. Previously, he had been our President and
Director of Sentra Consulting Corp. since its inception, July 6, 2006. Since
April 2006, Mr. Septimus has been employed as a real estate manager with Mass
Construction Inc. From January 2005 until December 2005, he was an account
executive at Sandgrain Securities. From June 2003 until the present, Mr.
Septimus has been self-employed as an insurance broker. From January 2002 until
December 2003, he was employed as an equity trader with ChandlerConsortium.From January 2000
until February 2002, he was employed as an equity trader with Madison
Trading.





David Neuberg is a Director
and our Chief Executive Officer and President. He was the founder of Karat
Platinum LLC, and had been its President and Chief Executive Officer since its
inception on March 5, 2003. In March, 1986, Mr. Neuberg co-founded Gold Force
International, LTD, a manufacturer, designer, and marketer of gold, silver and
pearl jewelry to some of the major retail chain stores, and was its President
and Chief Executive Officer until Gold Force was sold in September 2006. Mr.
Neuberg graduated from Sh’or Yoshuv Institute with a degree in Talmudic
Law.





Gary M. Jacobs is our Chief
Financial Officer, Chief Operating Officer and Treasurer. He had been Karat
Platinum LLC’s Chief Financial Officer and Chief Operating Officer since May
2005. Between July, 2003 and May 2005, Mr. Jacobs was President of The
Innovative Companies, a supplier, fabricator and installer of natural and
man-made stone products. Before joining The Innovative Companies, between
September 1998 and February 2003, Mr. Jacobs was Executive Vice
President-Operations and Secretary of The Hain Celestial Group, Inc., a NASDAQ
listed company which manufactures, markets and distributes natural, specialty,
organic and snack food products. During his time at Hain, Mr. Jacobs also served
as Executive Vice President-Finance/Chief Financial Officer, Secretary, and
Treasurer. Between August 1992 and August 1998, Mr. Jacobs was Chief Financial
Officer of Graham Field Health Products, Inc., a leading manufacturer and
distributor of healthcare products. After graduating from Adelphi University in
May 1979, Mr. Jacobs spent 13 years, as a Senior Manager, with the accounting
firm of Ernst & Young LLP. Mr. Jacobs currently is a Board Member of Surge
Components, Inc.





Howard Slochowsky is a
Director and our Senior Vice President of Operations. He had been the Senior
Vice President of Operations of Karat Platinum LLC since its inception on March
5, 2003. In addition, Mr. Slochowsky was a co-founder and Vice President of Gold
Force International, LTD., from March, 1986 until its sale in September 2006.
Between 1978, and March 1986, Howard Slochowsky held several positions at
Goldheart International, LTD, a manufacturer, designer, and manufacturer of gold
jewelry, including positions in sales, shipping, purchasing and
returns.


24


Bonnie Septimus is a Director.
Previously, she had been Treasurer, Secretary, and Director of Sentra Consulting
Corp. since its inception, July 6, 2006. Since November 2000, Ms. Septimus has
been a principal and manager of Hirth Real Estate.





Effective
June 30, 2008, Gary M. Jacobs will resign from his positions as Chief Financial
Officer, Chief Operating Officer and Treasurer of the Company.  On
such date, Mr. Jacobs will become a member of Board of Directors of the Company,
to serve until his successor is elected and appointed.  The Board of
Directors also appointed Jodi Waterman as the Company’s Vice President of
Finance for the unexpired term created by Mr. Jacobs’ resignation.





Jodi Watermanwill become our
Vice President of Finance effective July 1, 2008. She has been Karat Platinum
LLC’s Controller since September 2006. From September 2005 to September 2006,
Ms. Waterman was the Controller of Gold Force International, a jewelry wholesale
distributor.  Between May 2004 and August 2005, Ms. Waterman was the
Controller of Innovative Stone, a supplier, fabricator and installer of natural
and man-made stone products. Before joining Innovative, between December 1996
and May 2004, Ms. Waterman was the Accounting Manager, and subsequently
Controller/Treasurer of Photocircuits, Inc., a manufacturer of printed circuit
boards for the automotive industry.  Ms. Waterman had previously held
positions with Barnes and Noble and Avon Products, Inc. After graduating from
Binghamton University in May 1984, Ms Waterman spent three years with the
accounting firm of Arthur Andersen and Co. and is a C.P.A.





Limitation
of Liability and Indemnification





Our
certificate of incorporation limits the personal liability of our board members
for breaches by them of their fiduciary duties. Our bylaws also require us to
indemnify our directors and officers to the fullest extent permitted by Nevada
law. Nevada law provides that directors of a corporation will not be personally
liable for monetary damages for breach of their fiduciary duties as directors,
except:





•
            any
      breach of their duty of loyalty to us or our
  stockholders;





•
            acts
      or omissions not in good faith or which involve intentional misconduct or
      a knowing violation of law;





•
            unlawful
      payments of dividends or unlawful stock repurchases, redemptions or other
      distributions; and





•
            any
      transaction from which the director derived an improper personal
      benefit.





Such
limitation of liability may not apply to liabilities arising under the federal
securities laws and does not affect the availability of equitable remedies such
as injunctive relief or rescission. In addition and in accordance with Nevada
law, our bylaws also permit us to secure insurance on behalf of any officer,
director, employee or other agent for any liability arising out of his or her
actions in this capacity, regardless of whether indemnification would be
permitted under Nevada law. We currently do not maintain liability insurance for
our directors and officers.





Audit
Committee Financial Expert





The Board
of Directors has not established an audit committee and does not have an audit
committee financial expert. The entire Board of Directors acts as the Company’s
audit committee.





Section 16(a)
Beneficial Ownership Reporting Compliance.





Section 16(a)
of the Securities Exchange Act of 1934, as amended, requires our directors and
executive officers, and persons who beneficially own more than ten percent of
our common stock, to file reports of ownership of common stock and other equity
securities of our company with the Securities and Exchange Commission. Officers,
directors and more than ten
percent stockholders are required by Commission regulation to furnish us with
copies of all  25







Code
of Ethics





The
Company has not adopted a code of ethics.





Item 11.  Executive
Compensation.





Compensation
Discussion and Analysis





Compensation
Objectives.  We refer to our chief executive officer, senior
vice president of operations and the chief financial officer/ chief operating
officer as our named executive officers.





Elements
of Compensation





Base salary.  Base
salaries for our executives are established based on the scope of their
responsibilities and individual experience. Our  chief executive
officer and our senior vice president of operations base salary was $150 per
week due to the fact that they both were receiving compensation under a
consulting agreement with another company.





Other
Elements of Compensation and Perquisites





Medical
insurance.  In 2008, we, at our sole cost, provided to each
named executive officer, the named executive officer’s spouse and children
health insurance.





Automobile.  In
2008, we provided our chief financial officer/chief operating officer with an
automobile allowance. The automobile allowance is disclosed in the footnotes to
the Summary Compensation table below.





Summary
Compensation Table





The
following table sets forth summary information concerning certain compensation
awarded, paid to, or earned by the named executive officers for all services
rendered in all capacities to us for 2008:





Name
      and
              Principal Position
            Year
            Salary ($)
            OptionAwards
            Non-
      Equity
              Incentive
      Plan
              Compensation
            All Other
              Compensation ($)
            Total ($)David
      Neuberg
            2008
            7,800
            0
            0
            16,323(1)
            24,123Chief
      Executive OfficerGary
      M. Jacobs
            2008
            300,000
            0
            0
            24,015(2)(3)
            324,015Chief
      Financial Officer/ Chief Operating OfficerHoward
      Slochowsky
            2008
            7,800
            0
            0
            16,323(4)
            24,123Senior
      Vice President, Operations


__________





(1)
            Includes
      annual health insurance premium and reimbursements paid by us on behalf of
      Mr. Neuberg in the amount of
$16,323.


26


(2)
            Includes
      annual health insurance premium and reimbursements paid by us on behalf of
      Mr. Jacobs in the amount of
$16,323.





(3)
            Includes
      amounts paid by us on behalf of Mr. Jacobs for: auto
      allowance of $7,692.





(4)
            Includes
      annual health insurance premium and reimbursements paid by us on behalf of
      Mr. Slochowsky in the amount of
$16,323.





Narrative Disclosure to Summary
Compensation Table and Grants of Plan-Based Awards Table





Employment
Agreements.  On May 12, 2005, Karat Platinum entered into an
employment agreement with Mr. Jacobs, whereby it was agreed that Karat Platinum
would pay $300,000 per year. In the event Mr. Jacobs is terminated without
“cause” (as that term is defined in the Employment Agreement), he will receive
twelve months’ severance.





Compensation
of Directors





Directors
who are also our officers are not separately compensated for their service as
directors. Our non-employee directors did not receive any compensation for
2008.





Item 12.  Security
Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters.





PRINCIPAL
STOCKHOLDERS





The
following table sets forth certain information with respect to the beneficial
ownership of our common stock as of June 20, 2008 for (a) each of our
directors, (b) each of our executive officers, (c) each stockholder
known to be the beneficial owner of more than five percent of any class of the
our voting securities and (d) all directors and executive officers as a
group. Beneficial ownership is determined in accordance with Rule 13d-3
under the Securities Exchange Act of 1934 and does not necessarily bear on the
economic incidents of ownership or the rights to transfer the shares described
below. Unless otherwise indicated, (a) each stockholder has sole voting
power and dispositive power with respect to the indicated shares and
(b) the address of each stockholder who is a director or executive officer
is c/o Karat Platinum Inc., 15 Hoover Street, Inwood,  New York
11096.








Shares Beneficially
  Owned(1)Name and Address of Beneficial
      Owner
            Number
            Percentage(2)Executive
      Officers and DirectorsDavid
      Neuberg
            11,750,000(3)
            35.5%Bonnie
      Septimus
            8,420,000(4)
            25.4%Howard
      Slochowsky
            3,250,000(5)
            9.8%Gary
      M. Jacobs
            2,800,000(6)
            8.5%Philip
      Septimus
            564,000(7)
            1.7%Over
      5% Beneficial OwnersIra
      Neuberg
            2,500,000(8)
            7.6%Benjamin
      Neuberg
            2,500,000(8)
            7.6%Sander
      Hirth
            2,020,000(9)
            5.8%All directors and executive
      officers as a group(5 persons)
            26,784,000
            68.0%


__________








(1)
            Under
      rules adopted by the Securities and Exchange Commission, a person is
      deemed to be a beneficial owner of securities with respect to which the
      person has or shares: (a) voting power, which includes the power to
      vote or direct the vote of the security, or (b) investment power,
      which includes the power to dispose of or to direct the disposition of the
      security. Unless otherwise
      indicated below, the persons named in the table above have sole voting and
      investment power with respect to all shares beneficially
      owned.


27







(2)
            As
      of June 26, 2008, there were 33,125,000 shares of our common stock
      outstanding.





(3)
            As
      a result of the Exchange, David Neuberg became our Chief Executive
      Officer, President and a Director. The shares indicated reflect the shares
      he received as a result of the
Exchange.





(4)
            As
      a result of the Exchange, Bonnie Septimus became a Director, The shares
      indicated above include: (i) 350,000 shares owned by Ms. Septimus prior to
      the Exchange, (ii) 2,070,000 shares received as a result of the Exchange
      and (iii) 6,000,000 shares which she could acquire if she converts the
      outstanding loan of $1,500,000 into shares of Series B Convertible
      Preferred Stock and then converted said preferred shares into common
      stock.





(5)
            As
      a result of the Exchange, Howard Slochowsky became our Senior Vice
      President of Operations and a Director. The
      shares    indicated reflect the shares he received as
      a result of the Exchange.





(6)
            As
      a result of the Exchange, Gary M. Jacobs became our Chief Financial
      Officer, Chief Operating Officer and Treasurer. The  shares
      indicated reflect the shares he received as a result of the
      Exchange.





(7)
            As
      a result of the Exchange, Philip Septimus became our Chairman of the Board
      and a Director. The shares indicated above include: (i) 250,000 shares
      owned by Mr. Septimus prior to the Exchange, (ii) 30,000 shares received
      as a result of the Exchange and (iii) 284,000 shares which he could
      acquire if he converts his 71 shares of Series A Convertible Preferred
      Stock into common stock.





(8)
            The
      person indicated is the son of Mr. Neuberg who received the shares
      indicated as a result of the Exchange.  David
      Neuberg  disclaims beneficial ownership of the shares owned by
      Ira and Benjamin.





(9)
            Includes
      1,800,000 shares which the person indicated could acquire if he converts
      the Series A Convertible Preferred Shares into common stock and 220,000
      shares received as a result of the
Exchange.





The
Company is not aware of any arrangements or agreements which could result in a
change of control of the Company.





Item 13.  Certain
Relationships and Related Transactions, and Director Independence.





Set forth
below are transactions between us and our executive officers, directors and
principal stockholders for the year ending March 31, 2008 in which the amount
involved exceeded or will exceed $120,000. We intend that all future
transactions between us and our officers, directors, director nominees,
principal stockholders and their immediate family members will be approved by a
majority of our directors, and will be on terms no less favorable to us than we
could obtain from unaffiliated third parties.




No compensation has been
paid to any of our directors in consideration for their services rendered in
their capacity as directors, other than payment of $16,000 to Philip Septimus on
August 6, 2007 and $12,000 to Bonnie Septimus on December 3, 2007.


The
Company leases its principal place of business under a lease with 15 Hoover
Street LLC, which is owned by David Neuberg the Company’s Chief Executive
Officer, President  and Director. The lease amounts to $240,000 per
annum.




As of
March 31, 2008, the Company issued a promissory note to Bonnie Septimus, a
current director, in consideration for loans made to the Company of $1,500,000.
The outstanding principal and accrued interest at 12% per annum, are due and
payable on November 1, 2008. As of March 31, 2008, no principal or interest
payments have been made on this loan. As of March 31, 2008, accrued interest
amounted to approximately $68,900. Pursuant to the promissory note, at any time,
such note-holder has the right to convert all or any portion of the outstanding
principal amount and accrued interest thereon into shares of the Company’s
Series B Convertible Preferred Stock.




On
December 27, 2007, the Company issued a promissory note to Bonnie Septimus, a
current director, in consideration for an additional $100,000. The outstanding
principal and accrued interest, at 12% per annum, were due and payable on
January 31, 2008. Pursuant to the promissory note, at any time, such individual
has the right to convert all or any portion


28


of the
outstanding principal amount andaccrued interest
thereon into shares of the Company’s Series A Convertible Preferred
Stock.  On January 9, 2008, this loan was repaid and
cancelled.




On
September 6, 2006, the Company entered into a Promissory Note in the original
principal amount of $2,000,000 with the wife of David Neuberg, our Chief
Executive Officer and a director. Under the terms of this note, the unpaid
principal and interest amounts are due on or before October 31, 2008. Interest
on this note accrued at the rate of $20,000 per month for the period from
December 1, 2006 through June 30, 2007, and thereafter at the rate of 10% per
annum. All interest accrued prior to July 1, 2007 was added to the principal
balance of the note, and all interest accrued after June 30, 2007 will be paid
on a monthly basis. As of March 31, 2008, an aggregate of $88,601 was paid under
the note, and accrued interest amounted to approximately $69,600.




On
January 1,  2006, the two former principals of Karat Platinum gifted an
aggregate 2,800,000 membership interests in Karat Platinum, representing 9.33%
of Karat Platinum's issued and outstanding membership interests, to Gary M.
Jacobs, the then Chief Financial Officer and Chief Operating Officer of Karat
Platinum and currently the Chief Financial Officer and Chief Operation
Officer.  Pursuant to the Exchange Agreement between Sentra and Karat
Platinum, Gary M. Jacobs received an aggragate of 2,800,000 shares of common
stock in Sentra in exchange for his membership interests in Karat
Platinum.  In addition, on the same date, one of the former prinicpals of
Karat Platinum gifted an aggergate of 200,000 membership interests in Karat
Platinum to Mr. Jacobs's two children.




On May
12, 2005, Karat Platinum entered into an employment agreement with Mr. Jacobs,
whereby it was agreed that Karat Platinum would pay $300,000 per year.  In
the event there is a change of control of the Company, or Mr. Jacobs resigns or
is terminated without "cause" ( as that term is defined in the Employment
Agreement), he will recieve a severance payment in the amount of $300,000. 
The agreement with Mr. Jacobs will terminate simultaneously with his
resignation, which will become effective immediately after the filing of this
Annual Report.




On
January 1, 2006, Mr. Slochowsky, one of the former principals of Karat Platinum,
gifted 2,070,000 membership interests in Karat Platinum, representing 6.9% of
Karat Platinum's issued and outstanding membership interests, to Bonnie
Septimus, Sentra's former Treasurer, Secratary, and a current
Director.  Said gift was made because of the previous relationship
between said individuals.  On the same date, the former principal of Karat
Platinum gifted 30,000 membership interests, representing 0.10% of the
outstanding membership interests in Karat Platinum, to each of Bonnie Septimus'
children, including Philip Septimus, our former President and a current
Director.




Other
than as set forth above, there are no transactions during the last two years, or
proposed tranactions, to which we were or are to be a party, in which any of the
following persons had or is to have a direct or indirect material interest:
(a) any director or executive officer of the small business issuer; (b) any
majority security holder; or (c) any member of the immediate family (including
spouse, parents, children, siblings and in-laws) of any of the persons in the
above.





Item 14.  Principal
Accounting Fees and Services.





Since we
do not have an audit committee, our Board of Directors  reviews and
pre-approves the audit and non-audit services to be provided by our independent
auditors during the year, considers the effect that performing those services
might have on audit or independence and approves our engagement of our
independent auditors to perform those services. The Board of directors reserves
the right to appoint a different independent accounting firm at any time during
the year even if the selection of J.H. Cohn LLP is ratified by stockholders, if
the Board of directors believe that the change is in the best interest of our
company and stockholders.





Audit Fees


For
professional services rendered by the independent registered public accounting
firm for the audit of the Company’s annual financial statements and review of
financial statements included in the Company’s Form 10-Q. The aggregate fees
billed or to be billed by the Company’s independent registered public accounting
firm, J.H. Cohn LLP, for 2008 and 2007 were $99,000 and $90,350,
respectively.





Audit Related
Fees


The
aggregate fees billed in 2008 and 2007 by the Company’s independent registered
public accounting firm for assurance and related services by the independent
registered public accounting firm that are reasonably related to the performance
of the audit or review of the Company’s financial statements are in the amount
of $15,000 and $-0-, respectively.





Tax Fees


No fees
were billed in 2008 and 2007 by the Company’s independent registered public
accounting firm for tax compliance, tax advice and tax planning.





All
Other Fees


No fees
were billed in 2008 and 2007 by the Company’s independent registered public
accounting firm for any other services, other than Audit Fees and Audit Related
Fees.





29


PART IV
 
 Item 15.  Exhibits,
Financial Statement Schedules
 
 (a) (1) List of Financial
statements
 
 Report of
Independent Registered Public Accounting Firm
 
 Consolidated
Balance Sheets — March 31, 2008 and 2007
 
 Consolidated
Statements of Operations — Years ended March 31, 2008 and
2007


Consolidated
Statements of Changes in Stockholders’ Deficit — Years ended March 31,
2008 and 2007





Consolidated
Statements of Cash Flows — Years ended March 31, 2008 and
2007





Notes to
Consolidated Financial Statements





(b) Exhibits





Exhibit
              Index
            Description of
      Document
            Filed
              Herewith
            Incorporated by Reference
    To:3.1
            Certificate
      of Incorporation of Registrant
            
            Registration
      Statement on Form SB-2, filed with the Securities and Exchange Commission
      on  February 9, 2007.3.2
            Bylaws
      of Registrant
            
            Registration
      Statement on Form SB-2, filed with the Securities and Exchange Commission
      on  February 9, 2007.3.3
            Certificate
      of Designation for the Series A Convertible Preferred Stock, filed with
      the NevadaSecretary of State on August 20, 2007.
            
            Current
      Report on Form 8-K, filed with the Securities and Exchange Commission on
      August 24, 2007.3.4
            Certificate
      of Amendment of the Certificate of Designation for the Series A
      Convertible Preferred Stock, filed with the Nevada Secretary of State on
      November 28, 2007.
            
            Current
      Report on Form 8-K, filed with the Securities and Exchange Commission on
      December 31, 2007.3.5
            Certificate
      of Designation for the Series B Convertible Preferred Stock, filed with
      the NevadaSecretary of State on October 29, 2007.
            
            Current
      Report on Form 8-K, filed with the Securities and Exchange Commission on
      October 29, 2007.10.17
            Exchange
      Agreement, dated December 21,, 2007, by and between Sentra
      Consulting  Corp.,Karat Platinum LLC and the Karat Platinum
      Members.
            
            Current
      Report on Form 8-K, filed with the Securities and Exchange Commission on
      December 31, 2007.10.18
            Form
      of Lock-Up Agreement.
            
            Current
      Report on Form 8-K, filed with the Securities and Exchange Commission on
      December 31, 2007.10.19
            Cooperation
      and License Agreement dated January 13, 2004 between Karat Platinum with
      Allgemeine Gold – und Silberscheideanstalt AG,
            
            Current
      Report on Form 8-K, filed with the Securities and Exchange Commission on
      December 31, 2007.10.20
            Amendment
      to the Cooperation and License Agreement dated January 13, 2004 between
      Karat Platinum with Allgemeine Gold – und Silberscheideanstalt
      AG
            
            Current
      Report on Form 8-K, filed with the Securities and Exchange Commission on
      December 31, 2007.10.21
            Amendment
      to the Cooperation and License Agreement dated March 30, 2006 between
      Karat Platinum with Allgemeine Gold – und Silberscheideanstalt
      AG
            
            Current
      Report on Form 8-K, filed with the Securities and Exchange Commission on
      December 31, 2007.10.22
            Amendment
      to the Cooperation and License Agreement dated July 2, 2007 between Karat
      Platinum with Allgemeine Gold – und Silberscheideanstalt
AG
            
            Current
      Report on Form 8-K, filed with the Securities and Exchange Commission on
      December 31, 2007.10.23
            Lease
      Agreement between 15 Hoover Street LLC and Karat Platinum, LLC dated
      February 1, 2007.
            
            Current
      Report on Form 8-K, filed with the Securities and Exchange Commission on
      December 31, 2007.10.24
            Stock
      Purchase Warrant dated June 29, 2007 between Karat Platinum, LLC and ABN
      AMRO Bank N.V.
            
            Current
      Report on Form 8-K, filed with the Securities and Exchange Commission on
      December 31, 2007.


30





10.25
            Employment
      Agreement dated March 12, 2005 between Gary M. Jacobs, Goldforce
      International, LTD and Karat Platinum.
            
            Current
      Report on Form 8-K, filed with the Securities and Exchange Commission on
      December 31, 2007.31.1a
            Certification
      of Chief Executive Officer pursuant to Rule 13a14(a) and
      Rule 15d-14(a) of the Securities Exchange Act, as
      amended.
            X31.2a
            Certification
      of Chief Financial Officer pursuant to Rule 13a-14(a) and
      Rule 15d-14(a) of the Securities Exchange Act, as
      amended.
            X32.1
            Certification
      by CEO pursuant to 18 U.S.C. Section 1350, as adopted pursuant
      to Section 906 of the Sarbanes-Oxley Act of 2002.
            X32.2
            Certification
      by CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant
      to Section 906 of the Sarbanes-Oxley Act of 2002.
            X








31


SIGNATURES





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








KARAT PLATINUM
      INC. (Formerly Sentra Consulting Corp.)By: /s/David
      Neuberg
              David
      Neuberg
              Chief
      Executive Officer and President
              (Principal
      Executive Officer)KARAT
      PLATINUM INC. (Formerly Sentra Consulting Corp.)
              By: /s/ GARY M. JACOBS
              Gary M. Jacobs
              Chief
      Financial Officer and Chief Operating Officer
              (Principal Financial and
      Accounting Officer)







Dated:
June 26, 2008





In
accordance with the Exchange Act this report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.





June
      26, 2008
            /s/David
      Neuberg
              David
      Neuberg
            (Chief
      Executive Officer and President; (Principal Executive
      Officer))June
      26, 2008
            /s/gary
      m. jacobs
              Gary
      M. Jacobs
            (Chief
      Financial Officer and Chief Operating Officer;  (Principal Financial
      and
              Accounting
      Officer))June
      26, 2008
            /s/Philip
      Septimus
              Philip
      Septimus
            (Chairman
      and Director)June26,
      2008
            /s/  HOWARD
      SLOCHOWSKY
              Howard
      Slochowsky
            (Director)June 26,
      2008
            /s/
      BONNIE SEPTIMUS
            (Director)Bonnie
      Septimus








KARAT
PLATINUM INC. (Formerly Sentra Consulting Corp.) AND SUBSIDIARIES


TABLE
OF CONTENTS





PageReport
      of Independent Registered Public Accounting Firm
            F-1Consolidated
      Balance Sheets
            F-2Consolidated
      Statements of Operations
            F-3Consolidated
      Statements of Changes in Stockholders’ Deficiency
            F-4Consolidated
      Statements of Cash Flows
            F-5Notes
      to Consolidated Financial Statements
            F-7








REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM





Board of
Directors


Karat
Platinum Inc. (formerly Sentra Consulting Corp.)


New York,
NY





We have
audited the accompanying consolidated balance sheets of Karat Platinum Inc.
(formerly Sentra Consulting Corp.) and subsidiaries as of March 31, 2008 and
2007, and the related consolidated statements of operations, changes in
stockholders’ deficiency, and cash flows for the years then ended. These
consolidated financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audits.





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





In our
opinion, the consolidated financial statements referred to above present fairly,
in all material respects, the financial position of Karat Platinum Inc.
(formerly Sentra Consulting Corp.) and subsidiaries as of March 31, 2008
and 2007, and their results of operations and cash flows for the years then
ended in conformity with accounting principles generally accepted in the United
States of America.





The
accompanying consolidated financial statements have been prepared assuming that
the Company will continue as a going concern. As discussed in Note 1, the
Company has experienced recurring net losses resulting in an accumulated deficit
of $7,695,387 as of March 31, 2008. In addition, the Company has a working
capital deficiency of $2,636,355 as of March 31, 2008. These conditions raise
substantial doubt about the Company’s ability to continue as a going concern.
Management’s plans regarding these matters are also described in Note 1. The
consolidated financial statements do not include adjustments that might result
from the outcome of these uncertainties.





/s/ J.H. Cohn LLP


Jericho,
New York


June 26,
2008


F-1





KARAT
PLATINUM INC. (Formerly Sentra Consulting Corp.) AND SUBSIDIARIES





CONSOLIDATED
BALANCE SHEETS


MARCH
31, 2008 AND 2007





2008
            
            
            2007ASSETSCurrent
      assets:Cash
            
            $
            236,872
            
            
            $
            318,468Accounts
      receivable, net of allowance for sales returns and doubtful accounts
      of
              $15,622
      in 2008 and $6,443 in 2007
            
            
            56,806
            
            
            
            194,856Inventories
            
            
            2,368,478
            
            
            
            1,414,118Prepaid
      expenses and other current assets
            
            
            75,002
            
            
            
            79,153Total current
    assets
            
            
            2,737,158
            
            
            
            2,006,595Property
      and equipment, net of accumulated depreciation of
              $21,071
      in 2008 and $316,946 in 2007
            
            
            79,100
            
            
            
            2,106,458Patents
            
            
            284,949
            
            
            
            201,947TOTAL
      ASSETS
            
            $
            3,101,207
            
            
            $
            4,315,000LIABILITIES
      AND STOCKHOLDERS’ DEFICIENCYCurrent
      liabilities:Accounts payable and accrued
      liabilities
            
            $
            573,513
            
            
            $
            478,667Short-term
      notes payable
            
            
            2,244,917
            
            
            
            150,000Due to shareholder
            
            
            -
            
            
            
            36,659Due to prior
      affiliates
            
            
            367,995
            
            
            
            -Current portion of long-term
      debt
            
            
            2,187,088
            
            
            
            75,000Total current
      liabilities
            
            
            5,373,513
            
            
            
            740,326Due
      to affiliate
            
            
            -
            
            
            
            1,663,450Long-term
      debt, net of current portion
            
            
            1,804,403
            
            
            
            6,057,060Total liabilities
            
            
            7,177,916
            
            
            
            8,460,836Commitments
      and contingenciesStockholders’
      Deficiency:Preferred
      Stock, $.001 par value; 9,995,500 shares authorized,
              none
      issued and outstanding
            
            
            -
            
            
            
            -Series
      A Convertible Preferred Stock, $.001 par value; 3,000 shares authorized,
      1,547
              shares
      issued and outstanding; aggregate liquidation
      preference  $1,547,000
            
            
            6
            
            
            
            -Series
      B Convertible Preferred Stock, $.001 par value; 1,500
              shares
      authorized, none issued and outstanding
            
            
            -
            
            
            
            -Common
      stock, par value $.001; 100,000,000 shares authorized;
              33,125,000
      issued and outstanding at March 31, 2008,
              30,000,000
      issued and outstanding at March 31, 2007
            
            
            33,125
            
            
            
            30,000Paid-in
      capital
            
            
            3,585,547
            
            
            
            (30,000
            )Accumulated
      deficit
            
            
            (7,695,387
            )
            
            
            (4,145,836
            )Total
      Stockholders’ Deficiency
            
            
            (4,076,709
            )
            
            
            (4,145,836
            )TOTAL
      LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
            
            $
            3,101,207
            
            
            $
            4,315,000


The
accompanying notes are an integral part of these consolidated financial
statements.


F-2


KARAT
PLATINUM INC. (Formerly Sentra Consulting Corp.) AND SUBSIDIARIES





CONSOLIDATED
STATEMENTS OF OPERATIONS


FOR
THE YEARS ENDED MARCH 31, 2008 AND 2007





2008
            
            
            2007Net
      revenue
            
            $
            294,819
            
            
            $
            634,095Cost
      of goods sold
            
            
            649,613
            
            
            
            783,546Gross
      margin
            
            
            (354,794
            )
            
            
            (149,451
            )Selling,
      general and administrative expenses
            
            
            2,648,557
            
            
            
            885,171Loss
      from continuing operations before interest expense and income
      taxes
            
            
            (3,003,351
            )
            
            
            (1,034,622
            )Other
      income, net
            
            
            -
            
            
            
            26,000Interest
      expense
            
            
            1,232,995
            
            
            
            145,804Loss
      from continuing operations before income taxes
            
            
            (4,236,346
            )
            
            
            (1,154,426
            )Provision
      for income taxes
            
            
            -
            
            
            
            -Loss
      from continuing operations
            
            
            (4,236,346
            )
            
            
            (1,154,426
            )Loss
      from operations deconsolidated on December 21, 2007 of 15
      Hoover  Street
            
            
            (137,446
            )
            
            
            -Net
    loss
            
            
            (4,373,792
            )
            
            
            (1,154,426
            )Less:
      Preferred stock dividend
            
            
            497,000
            
            
            
            -Net
      loss attributable to common shareholders
            
            $
            (4,870,792
            )
            
            $
            (1,154,426
            )Basic
      and diluted net loss per common share:From
      continuing operations
            
            $
            (.14
            )
            
            $
            (.04
            )From
      discontinued operations
            
            
            (.00
            )
            
            
            (.00
            )$
            (.14
            )
            
            $
            (.04
            )Weighted
      average number of common shares
      outstanding:                   Basic
      and diluted
            
            
            33,171,438
            
            
            
            30,000,000





The
accompanying notes are an integral part of these consolidated financial
statements.





F-3


KARAT
PLATINUM INC. (Formerly Sentra Consulting Corp.) AND SUBSIDIARIES





CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIENCY





FOR
THE YEARS ENDED MARCH 31, 2008 AND 2007





Series
      A PreferredStock
            
            
            Common
      Stock
            
            
            Paid-In
            
            AccumulatedShares
            
            
            Amount
            
            
            Shares
            
            
            Amount
            
            
            Capital
            
            Deficit
            
            TotalBalance,
      as restated for shares issued in reverse merger, April 1,
    2006
            
            
            -
            
            
            $
            -
            
            
            
            30,000,000
            
            
            $
            30,000
            
            
            $
            (30,000
            )
            $
            (2,991,410
            )
            
            $
            (2.991,410
            )Net
      loss
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            (1,154,426
            )
            
            
            (1,154,426
            )Balance,
      March 31, 2007
            
            
            -
            
            
            
            -
            
            
            
            30,000,000
            
            
            
            30,000
            
            
            
            (30,000
            )
            
            (4,145,836
            )
            
            
            (4,145,836
            )Reclassification
      of opening equity of Sentra Consulting Corp.
            
            
            1,050
            
            
            
            1
            
            
            
            3,175,000
            
            
            
            3,175
            
            
            
            1,878,822
            
            
            -
            
            
            
            1,881,998Discount
      on convertible notes payable - beneficial conversion
    feature
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            570,000
            
            
            -
            
            
            
            570,000Deconsolidation
      of  15 Hoover Street, LLC
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            1,321,241
            
            
            
            1,321,241Issuance
      of warrants at fair value of  $0.24
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            187,680
            
            
            -
            
            
            
            187,680Proceeds
      from sale of series A convertible
    preferred  stock
            
            
            497
            
            
            
            5
            
            
            
            -
            
            
            
            -
            
            
            
            496,995
            
            
            -
            
            
            
            497,000Series
      A convertible preferred stock - beneficial conversion
    feature
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            497,000
            
            
            (497,000
            )
            
            
            -Purchase
      of treasury stock (retired)
            
            
            -
            
            
            
            -
            
            
            
            (50,000
            )
            
            
            (50
            )
            
            
            (14,950
            )
            
            -
            
            
            
            (15,000
            )Net
      loss
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            (4,373,792
            )
            
            
            (4,373,792
            )Balance,
      March 31, 2008
            
            
            1,547
            
            
            $
            6
            
            
            
            33,125,000
            
            
            $
            33,125
            
            
            $
            3,585,547
            
            $
            (7,695,387
            )
            
            $
            (4,076,709
            )





The
accompanying notes are an integral part of these consolidated financial
statements.








F-4


KARAT
PLATINUM INC. (Formerly Sentra Consulting Corp.) AND SUBSIDIARIES





CONSOLIDATED
STATEMENTS OF CASH FLOWS


FOR
THE YEARS ENDED MARCH 31, 2008 AND 2007








2008
            2007


OPERATING
      ACTIVITIES:Net
      loss
            
            $
            (4,373,792
            )
            
            $
            (1,154,426
            )Adjustments
      to reconcile net loss to net cash used in
              operating
      activities:Depreciation
            
            
            99,117
            
            
            
            24,452Provision for doubtful
      accounts
            
            
            15,622
            
            
            
            6,443Inventory reserve
            
            
            -
            
            
            
            67,920Warrants issued at fair
      value
            
            
            187,680
            
            
            
            -Accretion
      of interest expense due to beneficial conversion feature
            
            
            550,893
            
            
            
            -Interest
      converted to long-term debt
            
            
            -
            
            
            
            80,000Changes
      in operating assets and liabilities, net of effects of consolidation
      of Sentra Consulting Corp. and deconsolidation of 15 Hoover Street LLC on
      December 21, 2007:Accounts
      receivable
            
            
            122,428
            
            
            
            (108,821
            )Inventories
            
            
            (954,360
            )
            
            
            (1,130,527
            )Prepaid expenses and other
      current assets
            
            
            75,968
            
            
            
            (42,316
            )Accounts
      payable and accrued liabilities
            
            
            35,793
            
            
            
            252,812Net
      cash used in operating activities
            
            
            (4,240,651
            )
            
            
            (2,004,463
            )INVESTING
      ACTIVITIES:Patents
            
            
            (83,002
            )
            
            
            (85,773
            )Capital
      expenditures
            
            
            (48,433
            )
            
            
            (47,454
            )Net cash of Sentra Consulting
      Corp.
            
            
            8,205
            
            
            
            -Net cash upon
      (deconsolidation)/consolidation
              of
      15 Hoover Street LLC
            
            
            (16,595
            )
            
            
            16,731Net
      cash used in investing activities
            
            
            (139,825
            )
            
            
            (116,496
            )FINANCING
      ACTIVITIES:(Payments on) /borrowings under
      long-term debt
            
            
            (110,271
            )
            
            
            2,043,497(Payments on) /borrowings from
      affiliate
            
            
            (12,849
            )
            
            
            186,378Borrowings
      from shareholder
            
            
            -
            
            
            
            36,659Borrowings under short-term notes
      payable
            
            
            4,790,000
            
            
            
            150,000Payments on short-term notes
      payable
            
            
            (850,000
            )
            
            
            -Purchase of treasury stock
      (retired)
            
            
            (15,000
            )
            
            
            -Proceeds from sale of series A
      convertible preferred stock
            
            
            497,000
            
            
            
            -Net
      cash provided by financing activities
            
            
            4,298,880
            
            
            
            2,416,534Net
      (decrease)/increase  in cash
            
            
            (81,596
            )
            
            
            295,575Cash,
      beginning of year
            
            
            318,468
            
            
            
            22,893Cash,
      end of year
            
            $
            236,872
            
            
            $
            318,468





The
accompanying notes are an integral part of these consolidated financial
statements.





F-5


KARAT
PLATINUM INC. (Formerly Sentra Consulting Corp,) AND SUBSIDIARIES





CONSOLIDATED
STATEMENTS OF CASH FLOWS


CONTINUED


FOR
THE YEARS ENDED MARCH 31, 2008 AND 2007




2008
            2007


SUPPLEMENTAL
      DISCLOSURES OF CASH FLOW
              INFORMATION:Cash
      paid during the period for:Interest
            
            $
            97,445
            
            
            $
            145,804SUPPLEMENTAL
      SCHEDULE OF NON CASH INVESTING AND FINANCING ACTIVITIES:Conversion of balance due to
      affiliate to long-term note payablewith third party
            
            $
            1,663,450
            
            
            $
            -Preferred stock beneficial
      conversion feature
            
            $
            497,000
            
            
            $
            -Conversion of accounts payable
      to long-term note payable
            
            $
            -
            
            
            $
            315,953Unamortized
      discount of beneficial conversion feature
            
            $
            470,000
            
            
            $
            -Interest
      converted to long-term note payable
            
            $
            -
            
            
            $
            80,000Assets
      and liabilities of Sentra Consulting Corp. as of December 21,
      2007:Other current
      assets
            
            $
            (114,108
            )
            
            $
            -Notes receivable from Karat
      Platinum
            
            $
            (2,620,000
            )
            
            $
            -Accounts payable and accrued
      liabilities
            
            $
            66,291
            
            
            $
            -Short-term notes
      payable
            
            $
            794,024
            
            
            $
            -Net equity
            
            $
            1,881,998
            
            
            $
            -Assets
      and liabilities of 15 Hoover Street LLC as of December 21, 2007 and
      February 1, 2007, respectively:Property and equipment,
      net
            
            $
            1,976,674
            
            
            $
            2,079,172Other current
      assets
            
            $
            42,291
            
            
            $
            3,555Accounts payable and accrued
      liabilities
            
            $
            (7,238
            )
            
            $
            4,248Due
      to stockholder
            
            $
            (36,659
            )
            
            $
            -Due from
    affiliate
            
            $
            380,844
            
            
            $
            434,917Mortgage
    payable
            
            $
            (3,693,748
            )
            
            $
            3,692,610Net deficit
            
            $
            (1,321,241
            )
            
            $
            -







F-6







KARAT
PLATINUM INC. (Formerly Sentra Consulting Corp.) AND SUBSIDIARIES


NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS


MARCH
31, 2008





NOTE
1 – DESCRIPTION OF BUSINESS:





Description of
Business:


On
December 21, 2007, Sentra Consulting Corp. (“Sentra”) entered into an Exchange
Agreement (the “Exchange Agreement”) with Karat Platinum LLC, a New York limited
liability company (“Karat Platinum”), and the members of Karat Platinum (the
“Karat Members”). On April 17, 2008, Sentra changed its name to Karat Platinum
Inc. (the “ Company”).





Pursuant
to the terms of the Exchange Agreement, Sentra acquired 100% of the membership
interests of Karat Platinum by purchasing from the Karat Members all of their
respective membership interests in Karat Platinum. In consideration therefore,
Sentra issued to the Karat Members an aggregate of 30,000,000 shares of Sentra's
common stock, representing 90.43% of the issued and outstanding stock of Sentra.
As a result of the transactions contemplated by the Exchange Agreement
(hereinafter referred to as the “Exchange”), Karat Platinum became a
wholly-owned subsidiary of the Company. Prior to the Exchange, Sentra was a
“shell company” (as such term is defined in Rule 12b-2 under the Securities
Exchange of 1934, as amended (the “Exchange Act”)).




Each of
the Karat Members who exchanged their membership interests for Sentra common
stock entered into a Lock-Up Agreement with the Company whereby each member
agreed that until December 21, 2009 he or she will not sell any of the shares of
common stock of Sentra. Although the Lock-Up Agreement provides for customary
exceptions for transfers to family members and gifts, each transferee must agree
to be bound by the transfer restrictions of the Lock-Up Agreement. In addition,
the provisions of the agreement could be waived upon the approval of 80% of the
Board of Directors of the Company.





The
Exchange is being accounted for as a reverse-merger, equivalent to a
recapitalization, through the issuance of stock by Sentra for the net monetary
assets and recapitalization of Karat Platinum for financial reporting purposes.
Consequently, the assets and liabilities and the operations that will be
reflected in the historical financial statements prior to the Exchange will be
those of Karat Platinum and will be recorded at the historical cost basis of
Karat Platinum, and the consolidated financial statements after completion of
the Exchange will include the assets and liabilities of the Company and Karat
Platinum and historical operations of Karat Platinum and operations of the
Company from the closing date of the Exchange.  Stockholders’ deficiency
has been retroactively restated to reflect the exchange of shares for members’
interest.





Karat
Platinum manufactures and sells platinum alloy (“585 Platinum”) and jewelry
under the brand names KARAT PLATINUMTM, 14 KARAT PLATINUM ® and 14
Kt.Pt.®.  Management believes that they sell Karat Platinum's products
at prices which are significantly lower than existing market prices for similar
types of platinum jewelry, thus making platinum jewelry more affordable to
consumers worldwide.  The alloy is comprised of 58.5% platinum and
41.5% copper and cobalt.





Karat
Platinum is the exclusive worldwide distributor of the newly engineered 585
Platinum. The alloy was developed by Allgemeine Gold – und Silberscheideanstalt
AG (“Agosi”), who granted Karat Platinum an exclusive worldwide license to the
alloy through 2009.





15 Hoover
Street LLC ("Hoover") which, prior to the Exchange, was under common ownership
with Karat Platinum, owns and operates a 25,000 square foot building located at
15 Hoover Street, Inwood, New York. Hoover leases 12,000 square feet to Karat
Platinum and was a variable interest entity ("VIE") through December 21, 2007.
In accordance with Financial Accounting Standards Board Interpretation 46(R),
“Consolidation of Variable Interest Entities,” Hoover


F-7


KARAT
PLATINUM INC. (Formerly Sentra Consulting Corp.) AND SUBSIDIARIES
 NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS (continued)
 MARCH
31, 2008





no longer
meets the criteria of a VIE and, therefore, has been deconsolidated effective
December 21, 2007. The operations of Hoover have been reflected as loss from
operations deconsolidated on December 21, 2007 on the consolidated statements of
operations. In addition, the assets and liabilities of Hoover have been
deconsolidated as of December 21, 2007.





Principles of
consolidation:


The
consolidated financial statements include the financial statements of Karat
Platinum and Hoover for the year ended March 31, 2007 and the Company and its
subsidiary Karat Platinum, LLC for the year ended March 31, 2008. All material
intercompany accounts and transactions have been eliminated in the accompanying
consolidated financial statements.





Basis of
presentation:


As
reflected in the accompanying consolidated financial statements, the Company has
an accumulated deficit of $7,695,387, a working capital deficiency of $2,636,355
and negative cash flows from operations of $4,240,651 for the year ended March
31, 2008. These matters raise substantial doubt about the Company’s ability to
continue as a going concern for a reasonable period of time. In addition, the
Company might be required to sell certain of its assets. These actions, while
necessary for the continuance of operations during a time of cash constraints
and a shortage of working capital, could adversely affect the Company’s
business.





New
financing will be required to fund working capital and operations should the
Company be unable to generate positive cash flow from operations in the near
future. The Company is exploring the possible sale of equity securities and/or
debt financing, and believes that additional financing will be available under
terms and conditions that are acceptable to the Company. However, there can be
no assurance that additional financing will be available. In the event financing
is not available in the time frame required, the Company will be forced to
reduce its rate of growth, if any, reduce operating expenses and curtail sales
and marketing activities.





In view
of the matters described in the preceding paragraph, recoverability of a major
portion of the recorded asset amounts shown in the accompanying consolidated
balance sheets is dependent upon continued operations of the Company, which, in
turn, is dependent upon the Company’s ability to continue to raise capital and
generate positive cash flows from operations. The consolidated financial
statements do not include any adjustments relating to the recoverability and
classification of recorded asset amounts or amounts and classifications of
liabilities that might be necessary should the Company be unable to continue its
existence. There is no assurance that the Company will operate at a profit in
the future.





NOTE
2 –SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:





Revenue
Recognition:


Sales are
recorded when the earnings process is complete, which occurs when products are
shipped in accordance with the terms of agreements, title and risk transfer to
customers, collection is probable and pricing is fixed or determinable. Revenues
are not recognized unless collectibility is reasonably assured.





Inventories:


Inventories
are valued at the lower of cost (determined by the first-in, first-out method or
"FIFO") or market. Inventory costs include materials, labor, inbound freight and
receiving costs.





Patents:


Patents
still pending are not amortized until effective.  Patents once
approved will be amortized on a straight-line basis over management's estimate
of their economic useful life which has not, as of yet, been
determined.


F-8







KARAT
PLATINUM INC. (Formerly Sentra Consulting Corp.) AND SUBSIDIARIES


NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS (continued)


MARCH
31, 2008





Property and
Equipment:


Property
and equipment is carried at cost and depreciated on the straight-line method
over the estimated useful lives of the related property and
equipment.  Expenditures for maintenance and repairs of property and
equipment are expensed as incurred.  Major improvements are
capitalized and amortized over the remaining useful life of the related
asset.





Use of
Estimates:


The
preparation of the financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities as of the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period.  Generally,
matters subject to estimation and judgment include amounts related to accounts
receivable realization, inventory obsolescence, asset impairments, useful lives
of intangible and fixed assets.  Actual results may differ from
estimates provided.





Income
Taxes:


Income
taxes are accounted for under the asset and liability method in accordance with
Statement of Financial Accounting Standard ("SFAS") No. 109, “Accounting
for Income Taxes” (“SFAS 109”). Deferred tax assets and liabilities are
recognized for the future tax consequences attributable to differences between
the financial statement carrying amounts of existing assets and liabilities and
their respective tax bases and operating loss and tax credit carry-forwards.
Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in income in the
period that includes the enactment date. A valuation allowance is established to
reduce deferred tax assets to the amounts more likely than not to be
realized.





Fair Value of Financial
Instruments:


Management
believes that the fair value of financial instruments, consisting of cash,
accounts receivable, accounts and notes payable, short-term borrowings and
certain other liabilities, approximates carrying value due to their relatively
short maturities. The fair value of inventory is approximately $3,622,000 based
on quoted market prices for platinum. The fair value of long-term debt
approximates the carrying value since the stated rate of interest approximates a
market rate of interest.





Concentrations of Credit
Risk:


Financial
instruments that potentially subject the Company to concentrations of credit
risk consist principally of cash and accounts receivables. The Company maintains
its cash in bank deposits, the balances of which, at times, may exceed Federally
insured limits.  Exposure to credit risk is reduced by placing such
deposits in high credit quality financial institutions.  At March 31,
2008, the Company had cash balances of $136,872 in excess of Federally insured
limits.




The
Company sells its products to customers on an open credit basis. The Company’s
trade accounts receivable are due from such customers and are generally
uncollateralized. The Company closely monitors the extension of credit to its
customers while maintaining allowances for potential credit losses, if
required.  On a periodic basis the Company evaluates its accounts
receivable and establishes an allowance for doubtful accounts, if required,
based on a history of write-offs, collections and current credit
conditions.





Long-Lived
Assets:


The
Company reviews long-lived assets and patents for impairment whenever events or
changes in circumstances indicate the carrying amount of an asset may not be
recoverable.  Recoverability of assets to be held and used is measured
by a comparison
of the carrying amount of an asset to future undiscounted net cash flows
expected to be generated by the asset.  If such assets are considered
to be impaired, the impairment to be recognized is measured by the amount
by which the carrying amount of asset exceeds the fair value of the
asset.


F-9


KARAT
PLATINUM INC. (Formerly Sentra Consulting Corp.) AND SUBSIDIARIES
 NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS (continued)
 MARCH
31, 2008







Advertising:


The
Company expenses advertising costs as incurred.  Advertising expenses
totaled $91,261 for the year ended March 31, 2008 and $3,747 for the year ended
March 31, 2007.





Accounting for Derivative
Instruments:


The
Company accounts for derivative instruments in accordance with SFAS
No. 133, “Accounting for Derivative Instruments and Hedging Activities,” as
amended ("SFAS 133"), which establishes accounting and reporting standards for
derivative instruments and hedging activities, including certain derivative
instruments imbedded in other financial instruments or contracts.  The
Company also considers the Emerging Issues Task Force (“EITF”) 00-19,
“Accounting for Derivative Financial Instruments Indexed to and Potentially
Settled in, a Company’s Own Stock” (“EITF 00-19”), which provides criteria for
determining whether freestanding contracts that are settled in a company’s own
stock, including common stock warrants, should be designated as either an equity
instrument, an asset or as a liability under SFAS 133.  The
Company evaluates the conversion feature embedded in its Convertible Preferred
Stock, Series A and B (see Note 5) and convertible notes payable at each
reporting period based on the criteria of SFAS 133 and EITF 00-19 to determine
whether the conversion feature would be required to be bifurcated from the
Preferred Stock or convertible notes and accounted for separately as derivative
liabilities.  Based on management’s evaluation, the embedded conversion
feature did not require bifurcation and derivative accounting as of March 31,
2008.





Recent accounting
pronouncements:


In
September 2006, the Financial Accounting Standards Board (“FASB”) issued SFAS
No. 157, “Fair Value Measurements” (“SFAS 157”) which establishes a single
authoritative definition of fair value, sets out a framework for measuring fair
value, and requires additional disclosures about fair-value measurements. SFAS
157 defines fair value as “the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market
participants at the measurement date”. For the Company, SFAS 157 is effective
for the fiscal year beginning April 1, 2008. Management will evaluate SFAS
157 to determine its impact, if any, on the Company’s consolidated financial
statements.





On
February 15, 2007, the FASB issued SFAS No. 159, “The Fair Value
Option for Financial Assets and Financial Liabilities – Including an Amendment
of FASB Statement No. 115” (“SFAS 159”) which permits an entity to measure
financial instruments and certain other items at estimated fair value. Most of
the provisions of SFAS 159 are elective; however, the amendment to FASB
No. 115, “Accounting for Certain Investments in Debt and Equity
Securities,” applies to all entities that own trading and available-for-sale
securities. The fair value option created by SFAS 159 permits an entity to
measure eligible items at fair value as of specified election dates. The fair
value option (a) may generally be applied instrument by instrument,
(b) is irrevocable unless a new election date occurs, and (c) must be
applied to the entire instrument and not to only a portion of the instrument.
SFAS 159 is effective as of the beginning of the first fiscal year that begins
after November 15, 2007. Management will evaluate the impact of SFAS 159,
if any, on the Company’s consolidated financial statements.





In
December 2007, the FASB issued SFAS No. 141 (revised 2007), "Business
Combinations" (“SFAS 141”). SFAS 141 requires an acquirer to measure the
identifiable assets acquired, the liabilities assumed and any non-controlling
interest in the acquiree at their fair values on the acquisition date, with
goodwill being the excess value over the net identifiable assets acquired. SFAS
141 also requires the fair value measurement of certain other assets and
liabilities related to the acquisition such as contingencies. SFAS 141 applies
prospectively to business combinations and is effective for  years
beginning on or after December 15, 2008. The Company is currently evaluating the
impact that SFAS 141 will have on the accounting for future acquisitions
and its consolidated financial statements.


F-10







KARAT
PLATINUM INC. (Formerly Sentra Consulting Corp.) AND SUBSIDIARIES


NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS (continued)


MARCH
31, 2008




In
December 2007, the FASB issued SFAS No. 160, "Non-controlling Interests in
Consolidated Financial Statements" (“SFAS 160”). SFAS 160 requires that a
non-controlling interest in a subsidiary be reported as equity in the
consolidated financial statements. Consolidated net income should include the
net income for both the parent and the non-controlling interest with disclosure
of both amounts on the consolidated statement of income. The presentation
provisions of SFAS 160 are to be applied retrospectively, and SFAS 160 is
effective for fiscal years beginning on or after December 15, 2008. The Company
is currently evaluating the impact that SFAS 160 will have on its consolidated
financial statements.





Loss Per
Share:


Basic
loss per share is computed by dividing loss available to common stockholders by
the weighted average common shares outstanding for the period. Diluted earnings
per share reflects the potential dilution that could occur if securities or
other contracts to issue common stock were exercised or converted into common
stock or resulted in the issuance of common stock that then shared in the
earnings of the entity. Since the effect of outstanding warrants and conversion
of Preferred Stock are anti-dilutive due to the losses incurred by the Company,
they have been excluded from the Company’s computation of net loss per share for
periods presented. The total number of potentially dilutive securities excluded
from the calculation of diluted loss per share for the year ended March 31, 2008
was 13,084,000 which were comprised of 6,188,000 from conversion of the Series A
Convertible Preferred Stock; 6,000,000 from Series B Convertible Preferred Stock
underlying the convertible note payable and 896,000 warrants to purchase one
share of the Company’s common stock. There were no potentially dilutive
securities outstanding during the year ended March 31, 2007.





NOTE
3 – INVENTORIES:





Inventories
are comprised of the following as of March 31:





2008
            
            
            2007Raw
      materials
            
            $
            784,771
            
            
            $
            487,611Finished
      goods
            
            
            1,583,707
            
            
            
            926,507$
            2,368,478
            
            
            $
            1,414,118




NOTE
4 – PROPERTY AND EQUIPMENT:





Property
and equipment consists of the following as of March
31:EstimatedUseful






2008
            
            
            2007
            
            
            Estimated
      Useful LivesLand
            
            $
            -
            
            
            $
            165,000
            
            
            
            -Building and
      improvements
            
            
            -
            
            
            
            1,976,361
            
            
            40
    yearsFurniture and
      fixtures
            
            
            61,107
            
            
            
            112,471
            
            
            7
    yearsMachinery and
      equipment
            
            
            39,064
            
            
            
            169,572
            
            
            5
    years100,171
            
            
            
            2,423,404Less
      accumulated depreciation
            
            
            (21,071
            )
            
            
            (316,946
            )$
            79,100
            
            
            $
            2,106,458









F-11


KARAT
PLATINUM INC. (Formerly Sentra Consulting Corp.) AND SUBSIDIARIES
 NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS (continued)
 MARCH
31, 2008





Depreciation
expense for the years ended March 31, 2008 and 2007 was $99,117 (includes
$83,862 of depreciation related to Hoover) and $24,452,
respectively.  The balances as of March 31, 2007 include the assets of
Hoover, which was deconsolidated on December 21, 2007.


.


NOTE
5 – SHORT-TERM NOTES PAYABLE:





As of
March 31, 2008, four secured promissory note-holders held an aggregate of
$1,600,000 outstanding principal amounts due to them from the Company. The
principal amounts of each of these notes are due and payable on dates between
July 30, 2008 and September 3, 2008. Interest was prepaid for the first four
months at the time of entering into each note, with the remaining interest due
on the fourth month anniversary of each note at 12% per annum. Each of these
notes are secured by all  inventory of the Company. The Company paid
to each note-holder an origination fee of 1.5% of the note held by the holder
thereof.




On
October 8, 2007, the Company issued a promissory note to its former Treasurer,
Secretary and a current director, in consideration for loans made and to be made
to the Company of up to an aggregate of $1,500,000. The outstanding principal
and accrued interest at 12% per annum, are due and payable on November 1, 2008.
Pursuant to the promissory note, at any time, such note-holder has the right to
convert all or any portion of the outstanding principal amount and accrued
interest thereon into shares of the Company’s Series B Convertible Preferred
Stock.




This
convertible note is deemed to be Convertible Securities with Beneficial
Conversion Features, and has been recorded in accordance with EITF Issue No.
98-5 (“EITF 98-5”), “ Accounting for Convertible Securities with
BeneficialConversion Features or Contingently Adjustable Conversion Ratios” and
EITF No. 00-27 (“EITF 00-27”), “Application of Issue No. 98-5 to Certain
Convertible Instruments".   As of March 31, 2008, the carrying
amount of this convertible note is $644,917, which is net of a discount in the
amount of $855,083, representing the un-accreted amount of the intrinsic value,
as defined in EITF 98-5. This discount will be accreted through interest expense
to the maturity date, November 1, 2008, utilizing the effective yield method. In
the year ended March 31, 2008, $450,893 of interest was accreted through
interest expense, representing only the amount of discount accreted through
interest expense for the period from December 21, 2007 through March 31, 2008.
At the time of the merger, the carrying amount of the convertible note was
$194,024, which reflects the total borrowings on the convertible note as of
December 21, 2007 of $1,030,000, net of a discount of $835,976 representing the
un-accreted discount as of that date.




On
December 27, 2007, the Company issued a promissory note to its former Treasurer,
Secretary and a current director, in consideration for an additional $100,000.
The outstanding principal and accrued interest, at 12% per annum, were due and
payable on January 31, 2008. Pursuant to the promissory note, at any time, such
individual has the right to convert all or any portion of the outstanding
principal amount and accrued interest thereon into shares of the Company’s
Series A Convertible Preferred Stock.  This convertible note is deemed
to be Convertible Securities with Beneficial Conversion Features, and has been
recorded in accordance with EITF 98-5 and EITF 00-27. On January 9, 2008, this
loan was repaid and cancelled. In the year ended March 31, 2008, $100,000 of
interest was accreted through interest expense, representing the amount of
discount accreted through interest expense for the period from December 27, 2007
through January 9, 2008.







F-12


KARAT
PLATINUM INC. (Formerly Sentra Consulting Corp.) AND
SUBSIDIARIES


NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS (continued)


MARCH
31, 2008






NOTE
6 – LONG-TERM DEBT:
  Debt
consisted of the following at March 31:


2008
            
            
            2007Mortgage
      note payable
            
            $
            -
            
            
            
            
            
            $
            3,693,748Note
    payable
            
            
            240,953
            
            
            
            
            
            
            315,953Due to
      Harrod’s Capital, LLC
            
            
            1,663,450
            
            
            
            -Notes payable to
      related party
            
            
            2,087,088
            
            
            
            
            
            
            
            2,122,3593,991,491
            
            
            
            
            
            
            
            6,132,060Less
      current portion
            
            
            2,187,088
            
            
            
            
            
            
            
            75,000Long-term debt, net
      of current portion
            
            $
            1,804,403
            
            
            
            
            
            
            $
            6,057,060










Mortgage Note
Payable:


On
September 1, 2006, 15 Hoover entered into an agreement with First Central
Savings Bank to consolidate and refinance previous mortgages on the 15 Hoover
Street premises.  The mortgage principal is $3,693,748 and is
collateralized by the land and building.  The mortgage is payable in
monthly installments of interest only at the rate of 8.75% per annum until
October 1, 2008, when the entire principal balance plus interest will be
due.





Hoover no
longer meets the criteria of a VIE and, therefore, has been deconsolidated
effective December 21, 2007. This mortgage note payable relates to Hoover and
has been deconsolidated as of December 21, 2007.





Note
Payable:


On March
21, 2007, the Company converted its outstanding account balance of $315,953 due
to an attorney for services to a Promissory Note. Under the terms of this
Promissory Note, quarterly principal payments of $25,000 are due through June
30, 2009 with the remaining unpaid principal balance due on September 30, 2009.
This note bears interest, on the unpaid principal balance, at the rate of 6% per
annum.





Due to Harrod’s
Capital:


As of
March 31, 2007, the Company had received advances totaling $1,663,450 from GF
Int’l. Holding, Inc.  (“GFI”), an affiliated company which was under
common ownership. On June 29, 2007, GFI, the Company and Hoover entered into an
assignment and acceptance agreement with GFI's secured lender, whereby all
parties agreed that the Company would become the primary obligor on the
obligation assigned to Harrod's Capital, LLC. On November 1, 2007, all advances
made by GFI were converted to a note payable to Harrod’s Capital, LLC. Such note
is due and payable in full with accrued interest, at 6% per year, on April 30,
2009.





Note Payable to Related
Party:


On
September 6, 2006, the Company entered into a Promissory Note for $2,000,000
with a related party. Under the terms of this note, the unpaid principal and
interest amounts are due on or before October 31, 2008. Interest on this note
accrued at the rate of $20,000 per month for the period from December 1, 2006
through June 30, 2007, and thereafter at the rate of 10% per annum. All interest
accrued prior to July 1, 2007 was added to the principal balance of the note,
and all interest accrued after June 30, 2007 will be paid on a monthly basis. As
of March 31, 2008, the unpaid principal and interest balance amounted to
$2,087,088.





F-13







KARAT
PLATINUM INC. (Formerly Sentra Consulting Corp.) AND SUBSIDIARIES


NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS (continued)


MARCH
31, 2008




Future
maturities on long-term obligations are as follows:





Year Ending March 31,





Amount2009
            
            $
            2,187,0882010
            
            
            1,804,403$
            3,991,491





NOTE
7 – CONCENTRATIONS:





Major
Customers:


During
the year ended March 31, 2008, two customers accounted for 42.8% and 16.6% of
the Company’s revenue.  One customer represented 75% of the
outstanding accounts receivable at March 31, 2008.  During the year
ended March 31, 2007, three customers accounted for 65.0%, 20.0% and 11.5% of
the Company's revenue.





Major
Suppliers


The
Company had three major suppliers that represented 78% of purchases for the year
ended March 31, 2008.  The Company had one major supplier that
represented 66% of purchases for the year ended March 31, 2007.  There
was no one supplier that represented a significant portion of the accounts
payable balance at March 31, 2008 or 2007.





Management
believes no risk is present with any one supplier other than Agosi, due to other
suppliers being readily available.





NOTE
8 – COMMITMENTS:





Lease:


The
Company currently leases 12,000 square feet of office, manufacturing and vault
space in Inwood, New York, under an operating lease expiring in January 2009,
with 15 Hoover Street LLC, a related party entity.  This lease was
entered into on February 1, 2007, and carries an annual rental rate of $240,000.
The Company has one 12-month renewal option at the expiration of the initial
term of the lease.  Rent expense was $240,000 and $58,750 for the
years ended March 31, 2008 and 2007, respectively.





Purchase
commitment:


On
January 13, 2004, the Company entered into a Cooperation and License Agreement,
as amended, with Agosi, whereby the Company has agreed to process 750kg of
platinum alloy per calendar year through 2009. On March 16, 2008, this minimum
purchase requirement was increased to 1,000kg for the calendar year of 2009. In
addition, the Company has agreed to process all of its requirements for the
platinum alloy through Agosi, unless under certain circumstances Agosi cannot
supply adequate quantities required.  The agreement provides for
liquidated damages in the event that the Company does not meet the minimum
purchase requirement in any one year.  The amount to be paid is based
on 50% of the shortfall at the labor pricing schedule as set in the
agreement.  The Company paid approximately $31,600 in liquidated
damages related to the shortfall for calendar year 2007. The estimate of damages
for 2007 was originally $250,000, which was accrued at December 31, 2007. This
amount was decreased and settled for $31,600 on May 16, 2008.
















KARAT
PLATINUM INC. (Formerly Sentra Consulting Corp.) AND SUBSIDIARIES


NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS (continued)


MARCH
31, 2008







NOTE
9 – INCOME TAXES:





The
provisions for income tax expense for the years ended March 31, 2008 and 2007
are as follows:





2008
            
            
            2007Current:Federal
            
            $
            -
            
            
            $
            -State
            
            
            -
            
            
            
            --
            
            
            
            -Deferred:Federal
            
            
            -
            
            
            
            -State
            
            
            -
            
            
            
            --
            
            
            
            -Total
      income tax expense
            
            $
            -
            
            
            $
            -





A
reconciliation between the expected federal tax expense at the statutory tax
rate of 34% and the Company’s actual tax expense for the years ended March 31,
2008 and 2007 follows:





2008
            
            
            
            
            
            2007Amount
            
            
            %
            
            
            Amount
            
            
            %Federal
      income tax benefit at statutory rate
            
            $
            (1,453,089
            )
            
            
            34.0
            %
            
            $
            (392,505
            )
            
            
            34.0
            %State
      income taxes, net of federal benefit
            
            
            (92,957
            )
            
            
            1.8
            %
            
            
            -
            
            
            
            -Losses
      not available to taxpayer
            
            
            1,008,610
            
            
            
            (22.8
            %)
            
            
            392,505
            
            
            
            (34.0
            %)Increase
      in valuation allowance
            
            
            521,722
            
            
            
            (13.1
            %)
            
            
            -
            
            
            
            -Other,
      net
            
            
            15,714
            
            
            
            .1
            %
            
            
            -
            
            
            
            -$
            -
            
            
            
            0.0
            %
            
            $
            -
            
            
            
            0.0
            %





Deferred
tax assets and liabilities as of March 31, 2008 and 2007 consisted of the
following:





2008
            
            
            2007Net
      operating loss
            
            $
            393,576
            
            
            $
            -Beneficial
      conversion feature
            
            
            (342,033
            )
            
            
            -Net
      deferred tax assets
            
            
            51,543
            
            
            
            -Less:
      Valuation allowance
            
            
            (51,543
            )
            
            
            -Deferred
      tax assets
            
            $
            -
            
            
            $
            -





The
following table summarizes the change in the valuation allowance for the years
ended March 31, 2008 and 2007:





2008
            
            2007Valuation
      allowance at beginning of year
            $                -
            
            $                  -Pre-merger
      valuation allowance
            ( 92,212)
            
            -Charged
      to provision for income taxes
            (521,722)
            
            -Beneficial
      conversion feature
            562,391
            
            -Valuation
      allowance at end of year
            $     (51,543)
            
            $                -









F-15







KARAT
PLATINUM INC. (Formerly Sentra Consulting Corp.) AND SUBSIDIARIES


NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS (continued)


MARCH
31, 2008




Under the
provision of EITF No. 05−08, “Income Tax Consequences of Issuing Convertible
Debt with a Beneficial Conversion Feature” (“EITF" No. 05−08"), the beneficial
conversion feature results in a temporary basis difference for the purpose of
applying SFAS 109, “Accounting for Income Taxes” ("SFAS 109"). The EITF reached
a consensus that requires the temporary difference to be recorded as an
adjustment to paid-in capital. The deferred tax benefit resulting from the
amortization of the beneficial conversion feature has been fully reserved for
because of the lack of objective evidence supporting its realization. When, and
if, such amounts become realizable they will be recorded as a component of
paid-in capital.







At March
31, 2008, the Company has available net operating loss carryforwards of
approximately $984,000 which expire in various years through fiscal 2028. Due to
a change in control of the ownership of the Company, under Section 382 of the
IRS code, net operating loss carryforwards of approximately $231,000 will be
limited to approximately $200,000 per year.





Effective
April 1, 2007, the Company adopted the provisions of the FASB Interpretation No.
48, “Accounting for Uncertainty in Income Taxes-an interpretation of FASB
Statement No. 109” (“FIN 48”). There were no unrecognized tax benefits as of
April 1, 2007 or as of March 31, 2008. FIN 48 prescribes a recognition threshold
and a measurement attribute for the financial statement recognition and
measurement of tax positions taken or expected to be taken in a tax return. For
those benefits to be recognized, a tax position must be more-likely-than-not to
be sustained upon examination by taxing authorities. The Company has identified
its federal tax return and New York State tax return as “major” tax
jurisdictions, as defined in FIN 48. The Company evaluations were performed for
tax years ended 2004, 2005, 2006 and 2007. The Company believes that its income
tax positions and deductions would be sustained on audit and does not anticipate
any adjustments that would result in a material change to its consolidated
financial position. The Company recognizes accrued interest and penalties
related to unrecognized tax benefits as income tax expense. No amounts were
accrued for the payment of interest and penalties at March 31,
2008.





NOTE
10 – LEGAL MATTERS:





In August
2004, the Jewelers Vigilance Committee (“JVC”) filed a petition with the
Trademark Trial and Appeal Board (“TTAB”) to cancel six of Karat Platinum’s
registered trademarks. Karat Platinum partially opposed the JVC action and
continues to challenge the cancellation of its U.S. registrations for the 14
KARAT PLATINUM and 14 KT. PT. marks.




In
addition, on September 25, 2007, the JVC filed a notice of opposition to Karat
Platinum’s application to federally register the KARAT PLATINUM mark. On
November 6, 2007, Karat Platinum filed an answer to this notice of
opposition.  The JVC moved to consolidate the opposition to the KARAT
PLATINUM mark into the pending cancellation proceeding, and the TTAB granted
that motion on November 28, 2007.  The discovery period for this
consolidated proceeding currently is scheduled to end on August 5, 2008. 
As of June 26, 2008, no further proceedings have yet taken place.





NOTE
11- STOCKHOLDERS’ EQUITY:





Common
Stock:


We are
authorized to issue 100,000,000 shares of common stock, par value $0.001, of
which 33,125,000 shares are issued and outstanding as of March 31, 2008. Each
holder of shares of our common stock is entitled to one vote for each share held
of record on all matters submitted to the vote of stockholders, including the
election of directors.




F-16







KARAT
PLATINUM INC. (Formerly Sentra Consulting Corp.) AND SUBSIDIARIES


NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS (continued)


MARCH
31, 2008


On
February 5, 2007, Sentra issued 50,000 shares to Island Stock Transfer with a
provision for the Company to purchase these shares through May 31,
2008.  The Company exercised its option to purchase these shares at a
purchase price of $0.30 per share which shares were immediately
retired.







Preferred
Stock:


We are
authorized to issue 10,000,000 shares of preferred stock, par value $0.001. On
August 20, 2007, the Company’s Board of Directors designated 3,000 shares of
preferred stock as Series A Convertible Preferred Stock (the “Series A
Preferred”) of which 1,547 shares are issued and outstanding as of March 31,
2008. Each share of Series A Preferred shall, at the option of the holder
thereof, at any time, be convertible into shares of fully paid and
non-assessable shares of common stock of the Company. Each share of Series A
Preferred is convertible into the amount of shares of common stock as is
calculated by dividing the original issue price of the Series A Preferred
(currently $1,000) by the lower of (i) $0.25 per share, as adjusted, and (ii)
the daily volume weighted average market price of the common stock for the 30
trading days prior; provided, however, that this number shall not be less than
$0.20 per share. The holders of the Series A Preferred shall be entitled to
receive dividends, on an as-converted basis when, as, and if paid on the common
stock. Each holder of Series A Preferred shall have a right to purchase their
respective pro rata portion of all, or any part, of common stock and securities
convertible into common stock, subject to certain exceptions, that the Company
may propose to issue. Each holder of Series A Preferred shall be entitled to the
number of votes equal to the number of shares of common stock into which such
shares of Series A Preferred could be converted and shall have voting rights and
powers equal to the voting rights and powers of the common stock. The holders of
Series A Preferred vote together with the holders of the common stock as a
single class.   At any time following the two-year anniversary of the issue
date of the Series A Preferred, the Company has the right to (i) redeem all of
the issued and outstanding Series A Preferred at a redemption price equal to the
original issue price or (ii) convert all the issued and outstanding shares of
Series A Preferred to common stock at the then applicable conversion rate.





In
January 2008, the Company sold 497 shares of Series A Preferred to seven
individuals for $497,000. Each of the individuals entered into a Subscription
Agreement reflecting the terms of the Series A Preferred, as defined above. The
Series A Preferred issued in these transactions are deemed to be convertible
securities with beneficial conversion features, and have been recorded in
accordance with EITF 98-5 and EITF 00-27. These issues have reset provisions
based on the trading price of the Company’s stock, any reset will be recorded at
the time of reset.




On
October 29, 2007, the Company filed a Certificate of Designation with the State
of Nevada designating 1,500 shares of preferred stock as Series B Convertible
Preferred Stock (the “Series B Preferred”). Each share of Series B Preferred is
convertible into the amount of shares of common stock determined by dividing the
original issue price of the Series B Preferred (currently $1,000) by $0.25 per
share, as adjusted. The Certificate of Designation provides for full ratchet
anti-dilution provisions with respect to certain securities issuances. The
holders of the Series B Preferred vote with the holders of the common stock on
an as converted basis and are entitled to dividends, on an as-converted basis
when, as and if paid on the common stock, but not before the declaration and
payment of any dividends payable to the holders of the Company’s outstanding
Series A Preferred. In the event of any liquidation, dissolution or winding up
of the Company, either voluntarily or involuntarily, the holders of Series B
Preferred shall have preference to any distribution of the assets of the Company
to the holders of common stock of the Company, after the holders of the Series A
Preferred. At any time after the two-year anniversary from the date of purchase,
the Company has the right to redeem all of the issued and outstanding shares of
Series B Preferred at a redemption price equal to the original issue price of
said shares or convert all the issued and outstanding shares of Series B
Preferred into the Company’s common stock at the then applicable conversion
rate.


F-17







KARAT
PLATINUM INC. (Formerly Sentra Consulting Corp.) AND SUBSIDIARIES


NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS (continued)


MARCH
31, 2008


Warrants:


As of
March 31, 2008, the Company had an aggregate of 896,000 warrants issued and
outstanding. Of these warrants, 96,000 were granted by Sentra prior to the
reverse merger. Currently exercisable and terminating three years from the date
of issuance, the holder has the right to purchase one share of common stock per
each warrant at an exercise price of $.50 per warrant share. The number of
shares issuable upon exercise of each warrant and the exercise price are all
subject to adjustment. Upon the creation of the Series B Preferred on October
29, 2007 (discussed above), the exercise price for the 96,000 warrants was
reduced to $0.25 per share. At the time the exercise price was reduced, Sentra
revalued these warrants using the Black-Scholes option-pricing model, and
recorded additional expense.




Pursuant
to the terms of the Stock Purchase Warrant issued by Karat Platinum to ABN AMRO
Bank N.V. (“ABN Amro”), upon consummation of the Exchange Agreement said warrant
was amended and restated by a warrant issued by the Company. Such warrant
provides ABN Amro with the right from June 29, 2010 until June 29, 2017 to
purchase 800,000 shares of common stock of the Company for $0.01 per share. The
warrant provides for customary anti-dilution provisions as well as piggyback
registration rights. In addition, under certain circumstances ABN Amro shall
have the right to tag along and participate in certain sales.




The
warrants were recorded at their estimated fair value of $187,680 using the
Black-Scholes option-pricing model, applying the weighted average assumptions as
follows:






Dividend
      yield
            0.00%Expected
      volatility
            62.03%Risk-free
      rate
            5.03%Expected life
      of warrants
            10
    years







The
Company has estimated expected volatility based on the historical volatility of
certain comparable companies as determined by management.  The
risk-free interest rate assumption is based upon observed interest rates
appropriate for the expected term of the warrant.  The dividend yield
assumption is based on the Company's intent not to issue a
dividend.  The expected term is based on the contractual life of the
warrant.













F-18