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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 or organization) |   | (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 March 31, 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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| **ITEM                  1.** | **FINANCIAL                  STATEMENTS (UNAUDITED)** |
|------------------------------|-------------------------------------------------------|

**NEW        GENERATION HOLDINGS, INC.**

**(A        Development Stage Company)**

**CONDENSED        CONSOLIDATED BALANCE SHEET**

**MARCH        31, 2008 (Unaudited) and DECEMBER 31, 2007**

|                                                                                                                                                          |   | March                    31, |         | December                    31, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|--------------|---------------------------------|--------|
|                                                                                                                                                          |   | 2008                         |         | 2007                            |   |
|                                                                                                                                                          |   | (Unaudited)                  |         |                            |   |
| Assets                                                                                                                                                        |   |                         |         |                            |   |   |   |
|                                                                                                                                                          |   |                         |         |                            |   |   |   |
| Current                    assets:                                                                                                                            |   |                         |         |                            |   |   |   |
| Cash                                                                                                                                                          |   | $                            | -            |                            | $      | - |   |
|                                                                                                                                                          |   |                         |         |                            |   |   |   |
| Total                    assets                                                                                                                               |   | $                            | -            |                            | $      | - |   |
|                                                                                                                                                          |   |                         |         |                            |   |   |   |
| Liabilities                    and deficiency in stockholders' equity                                                                                         |   |                         |         |                            |   |   |   |
|                                                                                                                                                          |   |                         |         |                            |   |   |   |
| Current                    liabilities:                                                                                                                       |   |                         |         |                            |   |   |   |
|                                                                                                                                                          |   |                         |         |                            |   |   |   |
| Accounts                    payable and accrued expenses:                                                                                                     |   | $                            | 506,357      |                            | $      | 499,099 |   |
| Due                    to Plastinum                                                                                                                           |   |                         | 210,985      |                            |   | 192,042 |   |
| Due                    to stockholder                                                                                                                         |   |                         | 207,429      |                            |   | 207,429 |   |
|                                                                                                                                                          |   |                         |    |                            |   |    |   |
| Total                    current liabilities                                                                                                                  |   |                         | 924,771      |                            |   | 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,                    88,749,973 shares issued and outstanding        |   |                         | 88,750       |                            |   | 88,750 |   |
| Additional                    paid-in capital                                                                                                                 |   |                         | 38,203,439   |                            |   | 38,203,439 |   |
| 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                                                                                           |   |                         | (8,156,155   | )                               |   | (8,129,954 | ) |
|                                                                                                                                                          |   |                         |         |                            |   |   |   |
| Total                    deficiency in stockholders' equity                                                                                                   |   |                         | (924,771     | )                               |   | (898,570 | ) |
|                                                                                                                                                          |   |                         |         |                            |   |   |   |
| Total                    liabilities and deficiency in stockholders' equity                                                                                   |   | $                            | -            |                            | $      | - |   |

----

**NEW        GENERATION HOLDINGS, INC.**

**(A        Development Stage Company)**

**CONDENSED        CONSOLIDATED STATEMENTS OF LOSSES**

**(Unaudited)**

|                                                                                                         |   |                                             |       |           |   | Cumulative Period            |   |
|--------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------|------------|----------------|--------|-----------------------------------|--------|
|                                                                                                         |   |                                             |       |           |   | from April 7, 2003 |   |
|                                                                                                         |   |                                             |       |           |   | (Reestablishment of          |   |
|                                                                                                         |   |                                             |       |           |   | Development Stage            |   |
|                                                                                                         |   |                                             |       |           |   | Company)                  to      |   |
|                                                                                                         |   | Three months ended March 31, |       | March 31, |   |
|                                                                                                         |   | 2008                                             |       | 2007           |   | 2008                              |   |
|                                                                                                         |   |                                             |       |           |   |                              |   |   |   |   |
| Operating                  expenses:                                                                         |   |                                             |       |           |   |                              |   |   |   |   |
| General                  and administrative expenses                                                         |   | $                                                | 26,201     |           | $      | 45,189                            |   | $ | 1,079,135 |   |
|                                                                                                         |   |                                             |       |           |   |                              |   |   |   |   |
| Total                  operating expenses                                                                    |   |                                             | 26,201     |           |   | 45,189                            |   |   | 1,079,135 |   |
|                                                                                                         |   |                                             |       |           |   |                              |   |   |   |   |
| Loss                  from continuing operations before other income (expense)                               |   |                                             | (26,201    | )              |   | (45,189                           | )      |   | (1,079,135 | ) |
|                                                                                                         |   |                                             |       |           |   |                              |   |   |   |   |
| 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 |   |                                             | (26,201    | )              |   | 1,057,643                         |   |   | (8,129,954 | ) |
|                                                                                                         |   |                                             |       |           |   |                              |   |   |   |   |
| Provision                  for income taxes                                                                  |   |                                             | -          |           |   | -                                 |   |   | - |   |
|                                                                                                         |   |                                             |       |           |   |                              |   |   |   |   |
| Net                  income (loss) from continuing operations                                                |   |                                             | (26,201    | )              |   | 1,057,643                         |   |   | (8,129,954 | ) |
|                                                                                                         |   |                                             |       |           |   |                              |   |   |   |   |
| Loss                  from discontinued operations, net of tax                                               |   |                                             | -          |           |   | (196,224                          | )      |   | (5,267,038 | ) |
|                                                                                                         |   |                                             |       |           |   |                              |   |   |   |   |
| Net                  income (loss)                                                                           |   | $                                                | (26,201    | )              | $      | 861,419                           |   | $ | (13,396,992 | ) |
|                                                                                                         |   |                                             |       |           |   |                              |   |   |   |   |
| Net                  income (loss) per common share, basic and diluted:                                      |   |                                             |       |           |   |                              |   |   |   |   |
| Continuing                  operations                                                                       |   | $                                                | (0.00      | )              | $      | 0.02                              |   |   |   |   |
| Discontinued                  operations                                                                     |   | $                                                | -          |           | $      | (0.00                             | )      |   |   |   |
|                                                                                                         |   | $                                                | (0.00      | )              | $      | 0.01                              |   |   |   |   |
|                                                                                                         |   |                                             |       |           |   |                              |   |   |   |   |
| Weighted                  average shares outstanding, basic and diluted                                      |   |                                             | 88,749,973 |           |   | 67,185,849                        |   |   |   |   |
|                                                                                                         |   |                                             |       |           |   |                              |   |   |   |   |
| Comprehensive                  income (loss):                                                                |   |                                             |       |           |   |                              |   |   |   |   |
| Net                  income (loss)                                                                           |   | $                                                | (26,201    | )              | $      | 861,419                           |   |   |   |   |
| Foreign                  currency translation loss                                                           |   |                                             | -          |           |   | -                                 |   |   |   |   |
|                                                                                                         |   |                                             |       |           |   |                              |   |   |   |   |
| Comprehensive                  income (loss)                                                                 |   | $                                                | (26,201    | )              | $      | 861,419                           |   |   |   |   |

----

**NEW        GENERATION HOLDINGS, INC.**

**(A        Development Stage Company)**

**CONDENSED        CONSOLIDATED STATEMENT OF DEFICIENCY IN STOCKHOLDERS'        EQUITY**

**(Unaudited)**

|                                                                                                               |   |                               |     |                                  |   |    |   |           |       |        |   |        |   | 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                                                                      |   |                               | -        |                                  | $      | -       |   |           | 21,056,690 |        | $      | 21,059      |   | $                                      | 29,636,051 |          | $      | -        |   | $ | (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                                                                          |   |                               | -        |                                  |   | -       |   |           | 21,056,690 |        |   | 21,059      |   |                                   | 29,636,051 |          |   | -        |   |   | (31,081,731 | ) |   | - |   |   | - |   |   | (1,424,621 | ) |
|                                                                                                               |   |                               |     |                                  |   |    |   |           |       |        |   |        |   |                                   |       |          |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                    loss                                                                                        |   |                               | -        |                                  |   | -       |   |           | -          |        |   | -           |   |                                   | -          |          |   | -        |   |   | - |   |   | (330,321 | ) |   | - |   |   | (330,321 | ) |
|                                                                                                               |   |                               |     |                                  |   |    |   |           |       |        |   |        |   |                                   |       |          |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                    December 31, 2003                                                                      |   |                               | -        |                                  |   | -       |   |           | 21,056,690 |        |   | 21,059      |   |                                   | 29,636,051 |          |   | -        |   |   | (31,081,731 | ) |   | (330,321 | ) |   | - |   |   | (1,754,942 | ) |
|                                                                                                               |   |                               |     |                                  |   |    |   |           |       |        |   |        |   |                                   |       |          |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale                    of common stock                                                                            |   |                               | -        |                                  |   | -       |   |           | 6,500,120  |        |   | 6,500       |   |                                   | 643,514    |          |   | -        |   |   | - |   |   | - |   |   | - |   |   | 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                                                                      |   |                               | -        |                                  |   | -       |   |           | 27,556,810 |        |   | 27,559      |   |                                   | 30,279,565 |          |   | 54,600   |   |   | (31,081,731 | ) |   | (951,091 | ) |   | 14,383 |   |   | (1,656,715 | ) |
|                                                                                                               |   |                               |     |                                  |   |    |   |           |       |        |   |        |   |                                   |       |          |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale                    of common stock                                                                            |   |                               | -        |                                  |   | -       |   |           | 18,014,150 |        |   | 18,014      |   |                                   | 1,783,401  |          |   | -        |   |   | - |   |   | - |   |   | - |   |   | 1,801,415 |   |
|                                                                                                               |   |                               |     |                                  |   |    |   |           |       |        |   |        |   |                                   |       |          |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Warrants                    issued for services                                                                    |   |                               | -        |                                  |   | -       |   |           | -          |        |   | -           |   |                                   | 21,100     |          |   | -        |   |   | - |   |   | - |   |   | - |   |   | 21,100 |   |
|                                                                                                               |   |                               |     |                                  |   |    |   |           |       |        |   |        |   |                                   |       |          |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares                    physically issued                                                                        |   |                               | -        |                                  |   | -       |   |           | 546,000    |        |   | 546         |   |                                   | 54,054     |          |   | (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                                                           |   |                               | -        |                                  |   | -       |   |           | 46,116,960 |        |   | 46,119      |   |                                   | 28,615,458 |          |   | 131,300  |   |   | (31,081,731 | ) |   | (5,694,651 | ) |   | 28,969 |   |   | (7,954,536 | ) |
|                                                                                                               |   |                               |     |                                  |   |    |   |           |       |        |   |        |   |                                   |       |          |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares                    physically issued                                                                        |   |                               | -        |                                  |   | -       |   |           | 1,313,000  |        |   | 1,313       |   |                                   | 129,987    |          |   | (131,300 | )      |   | - |   |   | - |   |   | - |   |   | - |   |
|                                                                                                               |   |                               |     |                                  |   |    |   |           |       |        |   |        |   |                                   |       |          |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale                    of common stock                                                                            |   |                               | -        |                                  |   | -       |   |           | 2,568,300  |        |   | 2,566       |   |                                   | 254,264    |          |   |     |   |   | - |   |   | - |   |   | - |   |   | 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     |   |           | 49,998,260 |        | $      | 49,998      |   | $                                      | 30,276,005 |          | $      | -        |   | $ | (31,081,731 | ) | $ | (14,278,247 | ) | $ | 20,926 |   | $ | (15,012,520 | ) |
|                                                                                                               |   |                               |     |                                  |   |    |   |           |       |        |   |        |   |                                   |       |          |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                    stock issued upon conversion of preferred stock                                          |   |                               | (528,630 | )                                     |   | (529    | )      |           | 38,672,076 |        |   | 38,672      |   |                                   | (38,143    | )             |   |     |   |   |   |   |   |   |   |   |   |   |   | - |   |
|                                                                                                               |   |                               |     |                                  |   |    |   |           |       |        |   |        |   |                                   |       |          |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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                                                        |   |                               |     |                                  |   |    |   |           | 79,637     |        |   | 80          |   |                                   | 10,736     |          |   |     |   |   |   |   |   |   |   |   |   |   |   | 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                                                                      |   |                               | -        |                                  |   | -       |   |           | 88,749,973 |        |   | 88,750      |   |                                   | 38,203,439 |          |   | -        |   |   | (31,081,731 | ) |   | (8,129,954 | ) |   | 20,926 |   |   | (898,570 | ) |
|                                                                                                               |   |                               |     |                                  |   |    |   |           |       |        |   |        |   |                                   |       |          |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                    income                                                                                      |   |                               | -        |                                  |   | -       |   |           | -          |        |   | -           |   |                                   | -          |          |   | -        |   |   | - |   |   | (26,201 | ) |   | - |   |   | (26,201 | ) |
|                                                                                                               |   |                               |     |                                  |   |    |   |           |       |        |   |        |   |                                   |       |          |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                    March 31, 2008                                                                         |   |                               | -        |                                  | $      | -       |   |           | 88,749,973 |        | $      | 88,750      |   | $                                      | 38,203,439 |          | $      | -        |   | $ | (31,081,731 | ) | $ | (8,156,155 | ) | $ | 20,926 |   | $ | (924,771 | ) |

----

**NEW        GENERATION HOLDINGS, INC.**

**(A        Development Stage Company)**

**CONDENSED        CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

|                                                                                                          |   |                                             |    |           |   | Cumulative Period            |   |
|---------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------|---------|----------------|--------|-----------------------------------|--------|
|                                                                                                          |   |                                             |    |           |   | from April 7, 2003 |   |
|                                                                                                          |   |                                             |    |           |   | (Reestablishment of          |   |
|                                                                                                          |   |                                             |    |           |   | Development Stage            |   |
|                                                                                                          |   |                                             |    |           |   | Company) to                  |   |
|                                                                                                          |   | Three Months ended March 31, |    | March 31, |   |
|                                                                                                          |   | 2008                                             |    | 2007           |   | 2008                              |   |
|                                                                                                          |   |                                             |    |           |   |                              |   |   |   |   |
| Cash                  flows from operating activities:                                                        |   |                                             |    |           |   |                              |   |   |   |   |
| Net                  income (loss)                                                                            |   | $                                                | (26,201 | )              | $      | 861,419                           |   | $ | (13,423,193 | ) |
| 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                                                                   |   |                                             | 18,943  |           |   | -                                 |   |   | 81,319 |   |
| 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                                                                             |   |                                             | 7,258   |           |   | 68,200                            |   |   | 1,486,734 |   |
|                                                                                                          |   |                                             |    |           |   |                              |   |   |   |   |
| 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                                                           |   |                                             | 18,943  |           |   | 75,168                            |   |   |   |   |

----

**NEW      GENERATION HOLDINGS, INC.**

**NOTES      TO 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 |   | $        | 143,675 |   |
| Accrued                expenses |   |     | 362,682 |   |
| Total                           |   | $        | 506,357 |   |

----

**NOTE D      - RELATED PARTY TRANSACTIONS**

----

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

Statements      included in this and future filings by us with the Securities and Exchange      Commission, in our press releases and in oral statements made with the approval      of an authorized executive officer which are not historical or current facts      are      "forward-looking statements" and are subject to certain risks and uncertainties      that could cause actual results to differ materially from historical earnings      and those presently anticipated or projected. You are cautioned not to place      undue reliance on any such forward-looking statements, which speak only as      of      the date made. The following important factors, among others, in some cases      have      affected and in the future could affect our actual results and could cause      our      actual financial performance to differ materially from that expressed in any      forward-looking statement: (i) the extremely competitive conditions that      currently exist in the market for companies similar to us and (ii) lack of      resources to maintain our good standing status and requisite filings with the      Securities and Exchange Commission. The foregoing list should not be construed      as exhaustive and we disclaim any obligation subsequently to revise any      forward-looking statements to reflect events or circumstances after the date      of      such statements or to reflect the occurrence of anticipated or unanticipated      events. The following discussion should be read in conjunction with our      financial statements and their explanatory notes included as part of this annual      report.

**Recent      Development - Issuance of Series B Preferred Stock**

**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 MARCH 31, 2008 **
**COMPARED      TO THE THREE MONTHS ENDED MARCH 31, 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: May                15, 2008 | By:                                                            | /s/              Jacques Mot |
|                                   |                                                                     | Name: Jacques MotTitle: President and Chief Executive Officer |
|                                   |                                                                     |   |
| Date: May                15, 2008 | By:                                                            | /s/              Robert Scherne |
|                                   |                                                                     | Name: Robert ScherneTitle: Chief Financial Officer |

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