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**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

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**FORM      10-Q**

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**x**
** QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES      EXCHANGE ACT OF 1934**

**TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES      EXCHANGE ACT OF 1934**

*Commission      File Number: 0-24623*

**NEW      GENERATION HOLDINGS, INC.**

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| Delaware                                                                                    |   | 13-4056896                                          |
|---------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|
| (State or other jurisdiction of incorporation ororganization) |   | (I.R.S. Employer Identification No.) |

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| Large accelerated filer o |    | Accelerated filer  o              |
|------------------------------------------|--------------|--------------------------------------------------|
| Non-accelerated filer  o  |    | Smaller reporting company  x |

**APPLICABLE      ONLY TO CORPORATE ISSUERS**

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**NEW      GENERATION HOLDINGS, INC.**

**Form      10-Q**

**For      the Quarter Ended June 30, 2008**

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**TABLE      OF CONTENTS**

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|                                              | Page                                                                                                                           |
|---------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|
| **PART                I - FINANCIAL INFORMATION** |                                                                                                                           |
|                                              |                                                                                                                           |   |
| Item                1.                            | Financial                Statements (Unaudited)                                                                                |   |
|                                              | Condensed                Consolidated Balance Sheet                                                                            | 3 |
|                                              | Condensed                Consolidated Statements of Losses                                                                     | 4 |
|                                              | Condensed                Consolidated Statement of Stockholders’ Deficiency                                              | 5 |
|                                              | Condensed                Consolidated Statements of Cash Flows                                                                 | 6 |
|                                              | Notes                to Condensed Consolidated Financial Statements                                                            | 7 |
| Item                2.                            | Management’s                Discussion and Analysis of Financial Condition and Results of                Operations | 12 |
| Item                3.                            | Quantitative                and Qualitative Disclosures About Market Risk                                                      | 16 |
| Item                4.                            | Controls                and Procedures                                                                                         | 16 |
| Item                4T.                           | Controls                and Procedures                                                                                         | 16 |
|                                              |                                                                                                                           |   |
| **PART                II - OTHER INFORMATION**    |                                                                                                                           |
|                                              |                                                                                                                           |
| Item                1.                            | Legal                Proceedings                                                                                               | 17 |
| Item                2.                            | Unregistered                Sales of Equity Securities and Use of Proceeds                                                     | 17 |
| Item                3.                            | Defaults                Upon Senior Securities                                                                                 | 17 |
| Item                4.                            | Submission                of Matters to a Vote of Security Holders                                                             | 17 |
| Item                5 .                           | Other                Information                                                                                               | 17 |
| Item                6.                            | Exhibits                                                                                                                       | 18 |

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|                                                                                                                                                         |   | June 30, |        | December 31, |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-------------|-------------------|--------|
|                                                                                                                                                         |   | 2008          |        | 2007              |   |
| Assets                                                                                                                                                       |   |          | (Unaudited) |              |   |   |   |
|                                                                                                                                                         |   |          |        |              |   |   |   |
| Current                assets:                                                                                                                               |   |          |        |              |   |   |   |
| Cash                                                                                                                                                         |   | $             | -           |              | $      | - |   |
|                                                                                                                                                         |   |          |        |              |   |   |   |
| Total                assets                                                                                                                                  |   | $             | -           |              | $      | - |   |
|                                                                                                                                                         |   |          |        |              |   |   |   |
| Liabilities                and deficiency in stockholders' equity                                                                                            |   |          |        |              |   |   |   |
|                                                                                                                                                         |   |          |        |              |   |   |   |
| Current                liabilities:                                                                                                                          |   |          |        |              |   |   |   |
|                                                                                                                                                         |   |          |        |              |   |   |   |
| Accounts                payable and accrued expenses:                                                                                                        |   | $             | 512,279     |              | $      | 499,099 |   |
| Due                to Plastinum                                                                                                                              |   |          | 230,497     |              |   | 192,042 |   |
| Due                to stockholder                                                                                                                            |   |          | 207,429     |              |   | 207,429 |   |
|                                                                                                                                                         |   |          |        |              |   |   |   |
| Total                current liabilities                                                                                                                     |   |          | 950,205     |              |   | 898,570 |   |
|                                                                                                                                                         |   |          |        |              |   |   |   |
| Deficiency                in stockholders' equity:                                                                                                           |   |          |        |              |   |   |   |
|                                                                                                                                                         |   |          |        |              |   |   |   |
| Preferred                stock, par value $.001 per share; 1,000,000 shares authorized, none                issued                and outstanding            |   |          | -           |              |   | - |   |
| Common                stock, par value $.001 per share; 150,000,000 shares authorized,                8,874,998                shares issued and outstanding |   |          | 8,875       |              |   | 8,875 |   |
| Additional                paid-in capital                                                                                                                    |   |          | 38,283,314  |              |   | 38,283,314 |   |
| Other                comprehensive income                                                                                                                    |   |          | 20,926      |              |   | 20,926 |   |
| Accumulated                deficit prior to development stage                                                                                                |   |          | (31,081,731 | )                 |   | (31,081,731 | ) |
| Deficit                accumulated during the development stage                                                                                              |   |          | (8,181,589  | )                 |   | (8,129,954 | ) |
|                                                                                                                                                         |   |          |        |              |   |   |   |
| Total                deficiency in stockholders' equity                                                                                                      |   |          | (950,205    | )                 |   | (898,570 | ) |
|                                                                                                                                                         |   |          |        |              |   |   |   |
| Total                liabilities and deficiency in stockholders' equity                                                                                      |   | $             | -           |              | $      | - |   |

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|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      | Cumulative Period            |   |
|----------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|-----------|-----------------------------------------------|--------|---------------|--------|--------|-----------|-----------------------------------|--------|
|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      | from April 7, 2003 |   |
|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      | (Reestablishment of          |   |
|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      | Development Stage            |   |
|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      | Company) to                  |   |
|                                                                                                     |   | Three months ended June 30, |      | Six months ended June 30, |   | June 30, |   |
|                                                                                                     |   | 2008                                            |      | 2007                                          |   | 2008          |   | 2007   |      | 2008                              |   |
|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      |                              |   |
| Operating                expenses:                                                                       |   |                                            |      |                                          |   |          |   |   |      |                              |   |   |   |   |   |   |
| General                and administrative expenses                                                       |   | $                                               | 25,434    |                                          | $      | 35,295        |   | $      | 51,635    |                              | $      | 80,484 |   | $ | 1,130,770 |   |
|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      |                              |   |   |   |   |   |   |
| Total                operating expenses                                                                  |   |                                            | 25,434    |                                          |   | 35,295        |   |   | 51,635    |                              |   | 80,484 |   |   | 1,130,770 |   |
|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      |                              |   |   |   |   |   |   |
| Loss                from continuing operations before other income (expense)                             |   |                                            | (25,434   | )                                             |   | (35,295       | )      |   | (51,635   | )                                 |   | (80,484 | ) |   | (1,130,770 | ) |
|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      |                              |   |   |   |   |   |   |
| Change                in value of warrant liability                                                      |   |                                            | -         |                                          |   | -             |   |   | -         |                              |   | 1,102,832 |   |   | (6,254,174 | ) |
| Interest                expense                                                                          |   |                                            | -         |                                          |   | -             |   |   | -         |                              |   | - |   |   | (796,645 | ) |
|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      |                              |   |   |   |   |   |   |
| Income                (loss) from continuing operations before provision for income                taxes |   |                                            | (25,434   | )                                             |   | (35,295       | )      |   | (51,635   | )                                 |   | 1,022,348 |   |   | (8,181,589 | ) |
|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      |                              |   |   |   |   |   |   |
| Provision                for income taxes                                                                |   |                                            | -         |                                          |   | -             |   |   | -         |                              |   | - |   |   | - |   |
|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      |                              |   |   |   |   |   |   |
| Net                income (loss) from continuing operations                                              |   |                                            | (25,434   | )                                             |   | (35,295       | )      |   | (51,635   | )                                 |   | 1,022,348 |   |   | (8,181,589 | ) |
|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      |                              |   |   |   |   |   |   |
| Loss                from discontinued operations, net of tax                                             |   |                                            | -         |                                          |   | -             |   |   | -         |                              |   | (196,224 | ) |   | (5,267,038 | ) |
|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      |                              |   |   |   |   |   |   |
| Net                income (loss)                                                                         |   | $                                               | (25,434   | )                                             | $      | (35,295       | )      | $      | (51,635   | )                                 | $      | 826,124 |   | $ | (13,448,627 | ) |
|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      |                              |   |   |   |   |   |   |
| Net                income (loss) per common share, basic Continuing                operations            |   | $                                               | (0.00     | )                                             | $      | (0.00         | )      | $      | (0.01     | )                                 | $      | 0.13 |   |   |   |   |
| Discontinued                operations                                                                   |   |                                            | -         |                                          |   | -             |   |   | -         |                              |   | (0.02 | ) |   |   |   |
|                                                                                                     |   | $                                               | (0.00     | )                                             | $      | (0.00         | )      | $      | (0.01     | )                                 | $      | 0.11 |   |   |   |   |
|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      |                              |   |   |   |   |   |   |
| Net                income (loss) per common share, diluted Continuing                operations          |   | $                                               | (0.00     | )                                             | $      | (0.00         | )      | $      | (0.01     | )                                 | $      | 0.13 |   |   |   |   |
| Discontinued                operations                                                                   |   |                                            | -         |                                          |   | -             |   |   | -         |                              |   | (0.02 | ) |   |   |   |
|                                                                                                     |   | $                                               | (0.00     | )                                             | $      | (0.00         | )      | $      | (0.01     | )                                 | $      | 0.11 |   |   |   |   |
|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      |                              |   |   |   |   |   |   |
| Weighted                average shares outstanding, basic                                                |   |                                            | 8,874,998 |                                          |   | 8,874,647     |   |   | 8,874,998 |                              |   | 7,802,572 |   |   |   |   |
| Weighted                average shares outstanding, diluted                                              |   |                                            | 8,874,998 |                                          |   | 8,874,647     |   |   | 8,874,998 |                              |   | 7,802,572 |   |   |   |   |
|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      |                              |   |   |   |   |   |   |
| Comprehensive                income (loss):                                                              |   |                                            |      |                                          |   |          |   |   |      |                              |   |   |   |   |   |   |
| Net                income (loss)                                                                         |   | $                                               | (25,434   | )                                             | $      | (35,295       | )      | $      | (51,635   | )                                 | $      | 826,124 |   |   |   |   |
| Foreign                currency translation loss                                                         |   |                                            | -         |                                          |   | -             |   |   | -         |                              |   | - |   |   |   |   |
|                                                                                                     |   |                                            |      |                                          |   |          |   |   |      |                              |   |   |   |   |   |   |
| Comprehensive                income (loss)                                                               |   | $                                               | (25,434   | )                                             | $      | (35,295       | )      | $      | (51,635   | )                                 | $      | 826,124 |   |   |   |   |

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|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   | Accumulated Deficit |       |          |   |          |   |
|----------------------------------------------------------------------------------------------------------------|--------|----------------------|----------|-------------------|--------|--------|--------|----------------|-----------|------------|--------|-------------|--------|--------------------------|------------|---------------|--------|---------------|--------|
|                                                                                                           |   |                 |     |              |   |   |   |           |      | Additional |   | Common      |   | Prior to            |       | During        |   | Other         |   |   |   |
|                                                                                                           |   | Preferred Stock |     | Common Stock |   |   |   | Paid-in        |      | Stock      |   | Development |   | Development              |       | Comprehensive |   | Stockholders' |   |
|                                                                                                           |   | Shares               |     | Par value    |   | Shares |   | Par value |      | Capital    |   | Subscribed  |   | Stage                    |       | Stage         |   | Income        |   | Deficiency |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |
| Balance,                December 31, 2002                                                                      |   |                 | -        |              | $      | -      |   |           | 2,105,669 |       | $      | 2,106       |   | $                        | 29,655,004 |          | $      | -             |   | $ | (34,634,693 | ) | $ | - |   | $ | - |   | $ | (4,977,583 | ) |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Disposition                of previously controlled wholly and majority owned subsidiaries,                net |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | -          |          |   | -             |   |   | 3,882,801 |   |   | - |   |   | - |   |   | 3,882,801 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss from January 1, 2003 to April 7, 2003                                                  |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | -          |          |   | -             |   |   | (329,839 | ) |   | - |   |   | - |   |   | (329,839 | ) |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                April 7, 2003                                                                          |   |                 | -        |              |   | -      |   |           | 2,105,669 |       |   | 2,106       |   |                     | 29,655,004 |          |   | -             |   |   | (31,081,731 | ) |   | - |   |   | - |   |   | (1,424,621 | ) |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss                                                                                        |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | -          |          |   | -             |   |   | - |   |   | (330,321 | ) |   | - |   |   | (330,321 | ) |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                December 31, 2003                                                                      |   |                 | -        |              |   | -      |   |           | 2,105,669 |       |   | 2,106       |   |                     | 29,655,004 |          |   | -             |   |   | (31,081,731 | ) |   | (330,321 | ) |   | - |   |   | (1,754,942 | ) |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale                of common stock                                                                            |   |                 | -        |              |   | -      |   |           | 650,012   |       |   | 650         |   |                     | 649,364    |          |   | -             |   |   | - |   |   | - |   |   | - |   |   | 650,014 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                stock subscribed                                                                         |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | -          |          |   | 54,600        |   |   | - |   |   | - |   |   | - |   |   | 54,600 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares                physically issued                                                                        |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | -          |          |   | -             |   |   | - |   |   | - |   |   | - |   |   | - |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Currency                translation adjustment                                                                 |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | -          |          |   | -             |   |   | - |   |   | - |   |   | 14,383 |   |   | 14,383 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss                                                                                        |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | -          |          |   | -             |   |   | - |   |   | (620,770 | ) |   | - |   |   | (620,770 | ) |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                December 31, 2004                                                                      |   |                 | -        |              |   | -      |   |           | 2,755,681 |       |   | 2,756       |   |                     | 30,304,368 |          |   | 54,600        |   |   | (31,081,731 | ) |   | (951,091 | ) |   | 14,383 |   |   | (1,656,715 | ) |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale                of common stock                                                                            |   |                 | -        |              |   | -      |   |           | 1,801,415 |       |   | 1,801       |   |                     | 1,799,614  |          |   | -             |   |   | - |   |   | - |   |   | - |   |   | 1,801,415 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Warrants                issued for services                                                                    |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | 21,100     |          |   | -             |   |   | - |   |   | - |   |   | - |   |   | 21,100 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares                physically issued                                                                        |   |                 | -        |              |   | -      |   |           | 54,600    |       |   | 55          |   |                     | 54,545     |          |   | (54,600       | )      |   | - |   |   | - |   |   | - |   |   | - |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                stock subscribed                                                                         |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | -          |          |   | 131,300       |   |   | - |   |   | - |   |   | - |   |   | 131,300 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Beneficial                conversion feature                                                                   |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | 753,304    |          |   | -             |   |   | - |   |   | - |   |   | - |   |   | 753,304 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reclassification                of warrants to liabilities                                                     |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | (4,275,966 | )             |   | -             |   |   | - |   |   | - |   |   | - |   |   | (4,275,966 | ) |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Currency                translation adjustment                                                                 |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | -          |          |   | -             |   |   | - |   |   | - |   |   | 14,586 |   |   | 14,586 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss                                                                                        |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | -          |          |   | -             |   |   | - |   |   | (4,743,560 | ) |   | - |   |   | (4,743,560 | ) |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                December 31, 2005 - restated                                                           |   |                 | -        |              |   | -      |   |           | 4,611,696 |       |   | 4,612       |   |                     | 28,656,965 |          |   | 131,300       |   |   | (31,081,731 | ) |   | (5,694,651 | ) |   | 28,969 |   |   | (7,954,536 | ) |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares                physically issued                                                                        |   |                 | -        |              |   | -      |   |           | 131,300   |       |   | 131         |   |                     | 131,169    |          |   | (131,300      | )      |   | - |   |   | - |   |   | - |   |   | - |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale                of common stock                                                                            |   |                 | -        |              |   | -      |   |           | 256,830   |       |   | 257         |   |                     | 256,573    |          |   |          |   |   | - |   |   | - |   |   | - |   |   | 256,830 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion                of debt                                                                              |   |                 | 528,630  |              |   | 529    |   |           | -         |       |   | -           |   |                     | 796,116    |          |   | -             |   |   | - |   |   | - |   |   | - |   |   | 796,645 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Warrants                issued with debt                                                                       |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | 126,700    |          |   | -             |   |   | - |   |   | - |   |   | - |   |   | 126,700 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock                based compensation                                                                        |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | 240,268    |          |   | -             |   |   | - |   |   | - |   |   | - |   |   | 240,268 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reclassification                of warrants to liabilities                                                     |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | (792,426   | )             |   | -             |   |   | - |   |   | - |   |   | - |   |   | (792,426 | ) |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reclassification                of liabilities to warrants                                                     |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | 272,043    |          |   | -             |   |   | - |   |   | - |   |   | - |   |   | 272,043 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Subsidiary                stock issued for accrued expenses                                                    |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | 633,595    |          |   | -             |   |   | - |   |   | - |   |   | - |   |   | 633,595 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Currency                translation adjustment                                                                 |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | -          |          |   | -             |   |   | - |   |   | - |   |   | (8,043 | ) |   | (8,043 | ) |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss                                                                                        |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | -          |          |   | -             |   |   | - |   |   | (8,583,596 | ) |   | - |   |   | (8,583,596 | ) |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                December 31, 2006                                                                      |   |                 | 528,630  |              |   | 529    |   |           | 4,999,826 |       | $      | 5,000       |   | $                        | 30,321,003 |          | $      | -             |   | $ | (31,081,731 | ) | $ | (14,278,247 | ) | $ | 20,926 |   | $ | (15,012,520 | ) |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                stock issued upon conversion of preferred stock                                          |   |                 | (528,630 | )                 |   | (529   | )      |           | 3,867,208 |       |   | 3,867       |   |                     | (3,338     | )             |   |          |   |   |   |   |   |   |   |   |   |   |   | - |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reclassification                of warrant liability to permanent equity                                       |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     | 11,050,524 |          |   |          |   |   |   |   |   |   |   |   |   |   |   | 11,050,524 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance                of warrants for accrued expense                                                        |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     | 442,070    |          |   |          |   |   |   |   |   |   |   |   |   |   |   | 442,070 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                stock issued for accrued services                                                        |   |                 |     |              |   |   |   |           | 7,964     |       |   | 8           |   |                     | 10,808     |          |   |          |   |   |   |   |   |   |   |   |   |   |   | 10,816 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock                based compensation                                                                        |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     | (86,096    | )             |   |          |   |   |   |   |   |   |   |   |   |   |   | (86,096 | ) |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                income                                                                                      |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   | 881,255 |   |   |   |   |   | 881,255 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment                for deconsolidation of former subsidiary                                             |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     | (3,451,657 | )             |   |          |   |   |   |   |   | 5,267,038 |   |   |   |   |   | 1,815,381 |   |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                December 31, 2007                                                                      |   |                 | -        |              |   | -      |   |           | 8,874,998 |       |   | 8,875       |   |                     | 38,283,314 |          |   | -             |   |   | (31,081,731 | ) |   | (8,129,954 | ) |   | 20,926 |   |   | (898,570 | ) |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss                                                                                        |   |                 | -        |              |   | -      |   |           | -         |       |   | -           |   |                     | -          |          |   | -             |   |   | - |   |   | (51,635 | ) |   | - |   |   | (51,635 | ) |
|                                                                                                           |   |                 |     |              |   |   |   |           |      |       |   |        |   |                     |       |          |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                June 30, 2008                                                                          |   |                 | -        |              | $      | -      |   |           | 8,874,998 |       | $      | 8,875       |   | $                        | 38,283,314 |          | $      | -             |   | $ | (31,081,731 | ) | $ | (8,181,589 | ) | $ | 20,926 |   | $ | (950,205 | ) |

----

|                                                                                                      |   |                                          |    |          |   | Cumulative Period            |   |
|-----------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|---------|---------------|--------|-----------------------------------|--------|
|                                                                                                      |   |                                          |    |          |   | from April 7, 2003 |   |
|                                                                                                      |   |                                          |    |          |   | (Reestablishment of          |   |
|                                                                                                      |   |                                          |    |          |   | Development Stage            |   |
|                                                                                                      |   |                                          |    |          |   | Company) to                  |   |
|                                                                                                      |   | Six Months ended June 30, |    | June 30, |   |
|                                                                                                      |   | 2008                                          |    | 2007          |   | 2008                              |   |
|                                                                                                      |   |                                          |    |          |   |                              |   |
| Cash                flows from operating activities:                                                      |   |                                          |    |          |   |                              |   |   |   |   |
| Net                income (loss)                                                                          |   | $                                             | (51,635 | )             | $      | 826,124                           |   | $ | (13,448,627 | ) |
| Adjustments                to reconcile net loss to net cash used in operating                activities: |   |                                          |    |          |   |                              |   |   |   |   |
| Warrants                issued for services                                                               |   |                                          | -       |          |   | -                                 |   |   | 21,100 |   |
| Stock                based compensation                                                                   |   |                                          | -       |          |   | (86,096                           | )      |   | 154,172 |   |
| Amortization                of debt discount                                                              |   |                                          | -       |          |   | 5,430                             |   |   | 774,481 |   |
| Change                in value of warrant liability                                                       |   |                                          | -       |          |   | (1,102,832                        | )      |   | 6,254,174 |   |
| Expenses                paid by Plastinum                                                                 |   |                                          | 38,455  |          |   | -                                 |   |   | 100,831 |   |
| Gain                on settlement of payables                                                             |   |                                          |    |          |   |                              |   |   | (44,675 | ) |
| Interest                converted to preferred stock                                                      |   |                                          | -       |          |   | -                                 |   |   | 43,341 |   |
| Depreciation                                                                                              |   |                                          | -       |          |   | -                                 |   |   | 107,790 |   |
| Loss                attributed to minority interest                                                       |   |                                          | -       |          |   | (5,611                            | )      |   | (46,366 | ) |
| Increase                (decrease) in liabilities:                                                        |   |                                          |    |          |   |                              |   |   |   |   |
| Accounts                payable                                                                           |   |                                          | 13,180  |          |   | 103,495                           |   |   | 1,492,656 |   |
|                                                                                                      |   |                                          |    |          |   |                              |   |   |   |   |
| Cash                used in operating activities                                                          |   |                                          | -       |          |   | (259,490                          | )      |   | (4,591,123 | ) |
|                                                                                                      |   |                                          |    |          |   |                              |   |   |   |   |
| Cash                flows from financing activities:                                                      |   |                                          |    |          |   |                              |   |   |   |   |
| Cash                retained by former subsidiary                                                         |   |                                          | -       |          |   | (36,893                           | )      |   | (36,893 | ) |
| Advances                from stockholder                                                                  |   |                                          | -       |          |   | 256,957                           |   |   | 712,335 |   |
| Proceeds                from sale of convertible notes                                                    |   |                                          | -       |          |   | -                                 |   |   | 500,000 |   |
| Proceeds                from sale of common stock                                                         |   |                                          | -       |          |   | -                                 |   |   | 3,394,755 |   |
|                                                                                                      |   |                                          |    |          |   |                              |   |   |   |   |
| Cash                provided by financing activities                                                      |   |                                          | -       |          |   | 220,064                           |   |   | 4,570,197 |   |
|                                                                                                      |   |                                          |    |          |   |                              |   |   |   |   |
| Effect                of exchange rate changes on cash                                                    |   |                                          | -       |          |   | -                                 |   |   | 20,926 |   |
|                                                                                                      |   |                                          |    |          |   |                              |   |   |   |   |
| Net                (decrease) increase in cash                                                            |   |                                          | -       |          |   | (39,426                           | )      |   | - |   |
| Cash,                beginning of period                                                                  |   |                                          | -       |          |   | 39,426                            |   |   | - |   |
| Cash,                end of period                                                                        |   | $                                             | -       |          | $      | -                                 |   | $ | - |   |
|                                                                                                      |   |                                          |    |          |   |                              |   |   |   |   |
|                                                                                                      |   |                                          |    |          |   |                              |   |   |   |   |
| Supplemental                disclosure of non-cash financing activities:                                  |   |                                          |    |          |   |                              |   |   |   |   |
|                                                                                                      |   |                                          |    |          |   |                              |   |   |   |   |
| Warrants                issued for accrued consulting                                                     |   | $                                             | -       |          | $      | 442,070                           |   |   |   |   |
| Reclassification                of warrant liability to equity                                            |   |                                          | -       |          |   | 11,050,524                        |   |   |   |   |
| Expenses                paid by former subsidiary                                                         |   |                                          | 38,455  |          |   | 105,713                           |   |   |   |   |

----

**NEW      GENERATION HOLDINGS, INC.**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL      STATEMENTS**

**NOTE      A - SUMMARY OF ACCOUNTING POLICIES**

**Business**

**Basis      of Presentation**

----

**Going      Concern**

**Use      of Estimates**

**Liquidity**

**Net      Earnings (Loss) Per Share**

----

**Recent      Accounting Pronouncements**

*Fair      Value Measurements*

*The      Fair Value Option for Financial Assets and Financial Liabilities-Including      an      Amendment of FASB Statement No. 115*

*Business      Combinations*
*Noncontrolling      Interests in Consolidated Financial Statements,*
*an      amendment of ARB No. 51*

*Disclosures      About Derivative Instruments and Hedging Activities,*
*an      amendment of FASB Statement No. 133*
*FASB      Statement No. 133*

----

**NOTE      B -CAPITAL STOCK**

----

**NOTE C      - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES**

|                            |   | **2008** |    |
|---------------------------------|--------|----------|---------|
| Accounts                payable |   | $        | 149,597 |   |
| Accrued                expenses |   |     | 362,682 |   |
| Total                           |   | $        | 512,279 |   |

**NOTE D      - RELATED PARTY TRANSACTIONS**

**NOTE E –      SUBSEQUENT EVENTS**

----

| **ITEM                2.** | **MANAGEMENT'S                DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF                OPERATION** |
|----------------------------|------------------------------------------------------------------------------------------------------------------------|

**Recent      Development – Reverse Split and Ownership of 95% of Company by      CEO**

**Critical      Accounting Policies**

***Use      of Estimates***

***Going      Concern***

----

**Recent      Accounting Pronouncements**

*Fair      Value Measurements*

*The      Fair Value Option for Financial Assets and Financial Liabilities-Including      an      Amendment of FASB Statement No. 115*

*Business      Combinations*
*Noncontrolling      Interests in Consolidated Financial Statements,*
*an      amendment of ARB No. 51*

*Disclosures      About Derivative Instruments and Hedging Activities,*
*an      amendment of FASB Statement No. 133*
*FASB      Statement No. 133*

**MANAGEMENT'S      PLAN OF OPERATION**

----

----

**RESULTS      OF OPERATIONS**

**THREE      MONTHS ENDED JUNE 30, 2008**
**COMPARED      TO THE THREE MONTHS ENDED JUNE 30, 2007**

**SIX      MONTHS ENDED JUNE 30, 2008** **COMPARED      TO THE SIX MONTHS ENDED JUNE 30, 2007**

**LIQUIDITY      AND CAPITAL RESOURCES**

----

| **ITEM                3.** | **QUANTITATIVE                AND QUALITATIVE DISCLOSURES ABOUT MARKET                RISK** |
|----------------------------|----------------------------------------------------------------------------------------------|

| **ITEM                4.** | **CONTROLS                AND PROCEDURES** |
|----------------------------|--------------------------------------------|

| **ITEM                4T.** | **CONTROLS                AND PROCEDURES** |
|-----------------------------|--------------------------------------------|

**Evaluation      of Disclosure Controls and Procedures**

**Changes      in Internal Control over Financial Reporting**

----

**PART      II - OTHER INFORMATION**

| **ITEM                1.** | **LEGAL                PROCEEDINGS** |
|----------------------------|--------------------------------------|

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

| **ITEM                3.** | **DEFAULTS                UPON SENIOR SECURITIES** |
|----------------------------|----------------------------------------------------|

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

| **ITEM                5.** | **OTHER                INFORMATION** |
|----------------------------|--------------------------------------|

----

| **ITEM                6**                 **.** | **EXHIBITS** |
|------------------------------------------------------|--------------|

|                            | **Exhibit                No.** |   | **Description**                                                                                                                                                                                                    |
|---------------------------------|--------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                            |                           |   |                                                                                                                                                                                                               |
| &                && | 3.1                            |   | Certificate                of Incorporation                                                                                                                                                                        |
|                            |                           |   |                                                                                                                                                                                                               |
| ++                              | 3.2                            |   | By-Laws                                                                                                                                                                                                            |
|                            |                           |   |                                                                                                                                                                                                               |
| ***                             | 3.3                            |   | Certificate                of Designation of Series B Preferred Stock                                                                                                                                              |
|                            |                           |   |                                                                                                                                                                                                               |
| ++                              | 4.1                            |   | Specimen                Certificate for Common Stock                                                                                                                                                               |
|                            |                           |   |                                                                                                                                                                                                               |
| ++                              | 4.2                            |   | Form                of Warrant at $0.35 expiring 3 years after issuance                date                                                                                                                        |
|                            |                           |   |                                                                                                                                                                                                               |
| &&&&            | 4.3                            |   | Form                of Warrant to Purchase Common Stock issued to certain consultants                on March                7, 2007.                                                                              |
|                            |                           |   |                                                                                                                                                                                                               |
| +                               | 10.1                           |   | Consulting                Agreement of Jacques Mot dated as of April 15, 1999.                                                                                                                                     |
|                            |                           |   |                                                                                                                                                                                                               |
| +++                             | 10.5                           |   | Consulting                Agreement by and between New Generation Holdings, Inc and Jacques                Mot                dated as of July 5, 2000.                                                            |
|                            |                           |   |                                                                                                                                                                                                               |
| *                               | 10.6                           |   | Demand                Promissory Note in favor of Jacques Mot dated December 31,                2002.                                                                                                              |
|                            |                           |   |                                                                                                                                                                                                               |
| **                              | 10.11                          |   | Engagement                Letter between New Generation Holdings, Inc. and Robert S. Scherne,                CPA,                PC dated February 10, 2006.                                                       |
|                            |                           |   |                                                                                                                                                                                                               |
| **                              | 10.12                          |   | Consulting                Agreement between New Generation Holdings, Inc. and Clanders Inv.                Ltd.                dated March 15, 2006.                                                               |
|                            |                           |   |                                                                                                                                                                                                               |
| **                              | 10.13                          |   | Consulting                Agreement between New Generation Holdings, Inc. and Patrick                Hellinckx dated March 15, 2006.                                                                     |
|                            |                           |   |                                                                                                                                                                                                               |
| **                              | 10.14                          |   | Consulting                Agreement between New Generation Holdings, Inc. and Jan Rasschaert                dated                March 15, 2006.                                                                   |
|                            |                           |   |                                                                                                                                                                                                               |
| **                              | 10.15                          |   | Consulting                Agreement between New Generation Holdings, Inc. and Polymer                Consulting Limited dated March 15, 2006.                                                            |
|                            |                           |   |                                                                                                                                                                                                               |
| **                              | 10.16                          |   | Consulting                Agreement between New Generation Holdings, Inc. and Volarder Corp.                Ltd. dated March 15, 2006.                                                                   |
|                            |                           |   |                                                                                                                                                                                                               |
| &&                      | 10.17                          |   | Election                to Convert and Amendment to Exchange Agreement among New Generation                Holdings, Inc., Plastinum Corp. and Jacques Mot dated as of July                10,                2006 |
|                            |                           |   |                                                                                                                                                                                                               |
| &&                      | 10.18                          |   | Advisory                Agreement between New Generation Holdings, Inc. and Valley Road Capital,                dated July 10, 2006.                                                                               |
|                            |                           |   |                                                                                                                                                                                                               |
| ***                             | 10.19                          |   | Debt                Exchange Agreement between New Generation Holdings, Inc. and Jacques                Mot                dated December 31, 2007.                                                                |

----

|  & | 31.1   |   | Certificate                pursuant to section 302 of the Sarbanes-Oxley Act of                2002. |
|-------------|--------|--------|------------------------------------------------------------------------------------------------------|
|        |   |   |                                                                                                 |
| &       | 31.2   |   | Certificate                pursuant to section 302 of the Sarbanes-Oxley Act of                2002. |
|        |   |   |                                                                                                 |
| &       | 32.1   |   | Certificate                pursuant to section 906 of the Sarbanes-Oxley Act of                2002. |
|        |   |   |                                                                                                 |
| &       | 32.2   |   | Certificate                pursuant to section 906 of the Sarbanes-Oxley Act of                2002. |

----

| &                | Filed                herewith.                                                                                                                                                                                   |
|----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                 |                                                                                                                                                                                                             |
| &&           | Incorporated                by reference to the Company’s Form 8-K filed on July 12,                2006                                                                                                   |
|                 |                                                                                                                                                                                                             |
| &&&      | Incorporated                by reference to the Company’s Form 10-KSB for the year ended December 31,                2007 filed on March 7, 2007                                                           |
|                 |                                                                                                                                                                                                             |
| &&&& | Incorporated                by reference to the Company’s Form 10-QSB for the period ended March 31,                2007 filed on May 11, 2007                                                             |
|                 |                                                                                                                                                                                                             |
| +                    | Incorporated                by reference to the Company's Form 10-QSB for the period ending June                30,                1999 filed on August 23, 1999.                                                |
|                 |                                                                                                                                                                                                             |
| ++                   | Incorporated                by reference to the Company's Form 10-KSB for the period beginning                April                15, 1999 and ending December 31, 1999 filed on March 30,                2000. |
|                 |                                                                                                                                                                                                             |
| +++                  | Incorporated                by reference to the Company's Form 10-KSB for year ended December                31, 2000                filed on April 16, 2001.                                                    |
|                 |                                                                                                                                                                                                             |
| *                    | Incorporated                by reference to the Company's Form 10-KSB for the year ended December                31,                2002 filed on February 15, 2004.                                             |
| **                   | Incorporated                by reference to the Company's Form 10-KSB for year ended December                31, 2005                filed on April 11, 2006                                                     |
|                 |                                                                                                                                                                                                             |
| ***                  | Incorporated                by reference to the Company’s Form 8-K filed on January 3,                2008.                                                                                                |

----

**SIGNATURES**

|                                      | **NEW                GENERATION HOLDINGS, INC.*****(Registrant)*** |
|-------------------------------------------|--------------------------------------------------------------------|
|                                      |                                                               |   |
| Date: August                14, 2008 | By:                                                      | /s/                Jacques Mot |
|                                      |                                                               | Name: Jacques MotTitle: President and Chief Executive Officer |
|                                      |                                                               |   |
| Date: August                14, 2008 | By:                                                      | /s/                Robert Scherne |
|                                      |                                                               | Name: Robert ScherneTitle: Chief Financial Officer |

----