SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549



FORM 10-KSB/A



[x]

Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 [Fee Required]



For the fiscal year ended June 30, 2005



[ ]

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 [No Fee Required]



For the transition period from  to



Commission File Number 0-30597



MARITIME PARTNERS, LTD.



(Exact name of small business issuer in its charter)



DELAWARE



33-0619529



(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)



24351 Pasto Road, Suite B

Dana Point, California

92629

(Address of principal executive offices)

(Zip Code)



Registrant's telephone number, including area code:          (949) 489-2400



Securities registered pursuant to Section 12(b) of the Act:  None



Securities registered pursuant to Section 12(g) of the Act:  Common Stock, par value $.001



Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

YES X      NO



Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B is not contained in this form, and no disclosure will be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in part III of this Form 10-K or any amendment to this Form 10-K. [ X ]



State issuer's revenues for its most recent fiscal year: None



The aggregate market value of the voting stock held by non-affiliates of the registrant as of June 30, 2005 was not determinable since the Common Stock was not traded.



The number of shares outstanding of the issuer's classes of Common Stock as of June 30, 2005:



Common Stock, $.001 Par Value - 1,000,000 shares



DOCUMENTS INCORPORATED BY REFERENCE:  NONE







PART I



Item 1.

DESCRIPTION OF BUSINESS



Background



Maritime Partners, Ltd., a Delaware corporation (the"Company") was incorporated on April 20, 1994.  The Company has no operating history other than organizational matters, and was formed specifically to be a"clean public shell" and for the purpose of either merging with or acquiring an operating company with operating history and assets.  The Securities and Exchange Commission has defined and designated these types of companies as"blind pools" and"blank check" companies.



The primary activity of the Company will involve seeking merger or acquisition candidates with whom it can either merge or acquire.  The Company has not selected any company for acquisition or merger and does not intend to limit potential acquisition candidates to any particular field or industry, but does retain the right to limit acquisition or merger candidates, if it so chooses, to a particular field or industry.  The Company's plans are in the conceptual stage only.



The executive offices of the Company are located at 24351 Pasto Road, Suite B, Dana Point, California 92629.  Its telephone number is (949) 489-2400.



Plan of Operation - General



The Company was organized for the purpose of creating a corporate vehicle to seek, investigate and, if such investigation warrants, acquire an interest in one or more business opportunities presented to it by persons or firms who or which desire to seek the perceived advantages of a publicly held corporation.  At this time,the Company has no plan, proposal, agreement, understanding or arrangement to acquire or merge with any specific business or company, and the Company has not identified any specific business or company for investigation and evaluation.  No member of Management or promotor of the Company has had any material discussions with any other company with respect to any acquisition of that company.  Although the Company's Common Stock is currently not freely tradeable, it will eventually become so under exemptions such as Rule 144 promulgated under the Securities Act of 1933.  See"Description of Securities."  The Company will not restrict its search to any specific business, industry or geographical location, and the Company may participate in a business venture of virtually any kind or nature.  The discussion of the proposed business under this caption and throughout this Registration Statement is purposefully general and is not meant to be restrictive of the Company's virtually unlimited discretion to search for and enter into potential business opportunities.



The Company intends to obtain funds in one or more private placements to finance the operation of any acquired business.  Persons purchasing securities in these placements and other shareholders will likely not have the opportunity to participate in the decision relating to any acquisition.  The Company's proposed business is sometimes referred to as a"blind pool" because any investors will entrust their investment monies to the Company's management before they have a chance to analyze any ultimate use to which their money may be put.  Consequently, the Company's potential success is heavily dependent on the Company's management, which will have virtually unlimited discretion in searching for and entering into a business opportunity.  None of the officers and directors of the Company has had any experience in the proposed business of the Company.  There can be no assurance that the Company will be able to raise any funds in private placements.   In any private placement, management may purchase shares on the same terms as offered in the private placement.  (See"Risk Factors" and"Management").



Management anticipates that it will only participate in one potential business venture.  This lack of diversification should be considered a substantial risk in investing in the Company because it will not permit the Company to offset potential losses from one venture against gains from another (see"Risk Factors").















The Company may seek a business opportunity with a firm which only recently commenced operations, or a developing company in need of additional funds for expansion into new products or markets, or seeking to develop a new product or service, or an established business which may be experiencing financial or operating difficulties and is in the need for additional capital which is perceived to be easier to raise by a public company.  In some instances, a business opportunity may involve the acquisition or merger with a corporation which does not need substantial additional cash but which desires to establish a public trading market for its common stock.  The Company may purchase assets and establish wholly owned subsidiaries in various business or purchase existing businesses as subsidiaries.



The Company anticipates that the selection of a business opportunity in which to participate will be complex and extremely risky.  Because of general economic conditions, rapid technological advances being made in some industries, and shortages of available capital, management believes that there are numerous firms seeking the benefits of a publicly traded corporation.  Such perceived benefits of a publicly traded corporation may include facilitating or improving the terms on which additional equity financing may be sought, providing liquidity for the principals of a business, creating a means for providing incentive stock options or similar benefits to key employees, providing liquidity (subject to restrictions of applicable statutes) for all shareholders, and other factors.  Potentially available business opportunities may occur in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex.



As is customary in the industry, the Company may pay a finder's fee for locating an acquisition prospect.  If any such fee is paid, it will be approved by the Company's Board of Directors and will be in accordance with the industry standards.  Such fees are customarily between 1% and 5% of the size of the transaction, based upon a sliding scale of the amount involved.  Such fees are typically in the range of 5% on a $1,000,000 transaction ratably down to 1% in a $4,000,000 transaction.  Management has adopted a policy that such a finder's fee or real estate brokerage fee could, in certain circumstances, be paid to any employee, officer, director or 5% shareholder of the Company, if such person plays a material role in bringing a transaction to the Company.



As part of any transaction, the acquired company may require that Management or other stockholders of the Company sell all or a portion of their shares to the acquired company, or to the principals of the acquired company.  It is anticipated that the sales price of such shares will be lower than the current market price or anticipated market price of the Company's Common Stock.  The Company's funds are not expected to be used for purposes of any stock purchase from insiders.  The Company shareholders will not be provided the opportunity to approve or consent to such sale.  The opportunity to sell all or a portion of their shares in connection with an acquisition may influence management's decision to enter into a specific transaction.  However, management believes that since the anticipated sales price will be less than market value, that the potential of a stock sale by management will be a material factor on their decision to enter a specific transaction.



The above description of potential sales of management stock is not based upon any corporate bylaw, shareholder or board resolution, or contract or agreement.  No other payments of cash or property are expected to be received by Management in connection with any acquisition.



The Company has not formulated any policy regarding the use of consultants or outside advisors, but does not anticipate that it will use the services of such persons.



The Company has, and will continue to have, insufficient capital with which to provide the owners of business opportunities with any significant cash or other assets.  However, management believes the Company will offer owners of business opportunities the opportunity to acquire a controlling ownership interest in a public company at substantially less cost than is required to conduct an initial public offering.  The owners of the business opportunities will, however, incur significant post-merger or acquisition registration costs in the event they wish to register a portion of their shares for subsequent sale.  The Company will also incur significant legal and accounting costs in connection with the acquisition of a business opportunity including the costs of preparing post-effective amendments, Forms 8-K, agreements and related reports and documents nevertheless, the officers and directors of the Company have not













conducted market research and are not aware of statistical data which would support the perceived benefits of a merger or acquisition transaction for the owners of a business opportunity.



The Company does not intend to make any loans to any prospective merger or acquisition candidates or to unaffiliated third parties.



Sources of Opportunities



The Company anticipates that business opportunities for possible acquisitions will be referred by various sources, including its officers and directors, professional advisers, securities broker-dealers, venture capitalists, members of the financial community, and others who may present unsolicited proposals.



The Company will seek a potential business opportunity from all known sources, but will rely principally on personal contacts of its officers and directors as well as indirect associations between them and other business and professional people.  It is not presently anticipated that the Company will engage professional firms specializing in business acquisitions or reorganizations.



The officers and directors of the Company are currently employed in other positions and will devote only a portion of their time (not more than one hour per week) to the business affairs of the Company, until such time as an acquisition has been determined to be highly favorable, at which time they expect to spend full time in investigating and closing any acquisition for a period of two weeks.  In addition, in the face of competing demands for their time, the officers and directors may grant priority to their full-time positions rather than to the Company.



Evaluation of Opportunities



The analysis of new business opportunities will be undertaken by or under the supervision of the officers and directors of the Company (see"Management").  Management intends to concentrate on identifying prospective business opportunities which may be brought to its attention through present associations with management.  In analyzing prospective business opportunities, management will consider such matters as the available technical, financial and managerial resources; working capital and other financial requirements; history of operation, if any; prospects for the future; present and expected competition; the quality and experience of management services which may be available and the depth of that management; the potential for further research, development or exploration; specific risk factors not now foreseeable but which then may be anticipated to impact the proposed activities of the Company; the potential for growth or expansion; the potential for profit; the perceived public recognition or acceptance of products, services or trades; name identification; and other relevant factors.  Officers and directors of each Company will meet personally with management and key personnel of the firm sponsoring the business opportunity as part of their investigation.  To the extent possible, the Company intends to utilize written reports and personal investigation to evaluate the above factors.  The Company will not acquire or merge with any company for which audited financial statements cannot be obtained.



It may be anticipated that any opportunity in which the Company participates will present certain risks.  Many of these risks cannot be adequately identified prior to selection of the specific opportunity, and the Company's shareholders must, therefore, depend on the ability of management to identify and evaluate such risk.  In the case of some of the opportunities available to the Company, it may be anticipated that the promoters thereof have been unable to develop a going concern or that such business is in its development stage in that it has not generated significant revenues from its principal business activities prior to the Company's participation.  There is a risk, even after the Company's participation in the activity and the related expenditure of the Company's funds, that the combined enterprises will still be unable to become a going concern or advance beyond the development stage.  Many of the opportunities may involve new and untested products, processes, or market strategies which may not succeed.  Such risks will be assumed by the Company and, therefore, its shareholders.



The Company will not restrict its search for any specific kind of business, but may acquire a venture which is in its preliminary or development stage, which is already in operation, or in essentially any stage of its corporate life.  It is













currently impossible to predict the status of any business in which the Company may become engaged, in that such business may need additional capital, may merely desire to have its shares publicly traded, or may seek other perceived advantages which the Company may offer.



Acquisition of Opportunities



In implementing a structure for a particular business acquisition, the Company may become a party to a merger, consolidation, reorganization, joint venture, franchise or licensing agreement with another corporation or entity.  It may also purchase stock or assets of an existing business.  On the consummation of a transaction, it is possible that the present management and shareholders of the Company will not be in control of the Company.  In addition, a majority or all of the Company's officers and directors may, as part of the terms of the acquisition transaction, resign and be replaced by new officers and directors without a vote of the Company's shareholders.



It is anticipated that any securities issued in any such reorganization would be issued in reliance on exemptions from registration under applicable Federal and state securities laws.  In some circumstances, however, as a negotiated element of this transaction, the Company may agree to register such securities either at the time the transaction is consummated, under certain conditions, or at specified time thereafter.  The issuance of substantial additional securities and their potential sale into any trading market which may develop in the Company's Common Stock may have a depressive effect on such market.  While the actual terms of a transaction to which the Company may be a party cannot be predicted, it may be expected that the parties to the business transaction will find it desirable to avoid the creation of a taxable event and thereby structure the acquisition in a so called"tax free" reorganization under Sections 368(a)(1) or 351 of the Internal Revenue Code of 1986, as amended (the"Code").  In order to obtain tax free treatment under the Code, it may be necessary for the owners of the acquired business to own 80% or more of the voting stock of the surviving entity.  In such event, the shareholders of the Company, including investors in this offering, would retain less than 20% of the issued and outstanding shares of the surviving entity, which could result in significant dilution in the equity of such shareholders.



As part of the Company's investigation, officers and directors of the Company will meet personally with management and key personnel, may visit and inspect material facilities, obtain independent analysis or verification of certain information provided, check reference of management and key personnel, and take other reasonable investigative measures, to the extent of the Company's limited financial resources and management expertise.



The manner in which each Company participates in an opportunity will depend on the nature of the opportunity, the respective needs and desires of the Company and other parties, the management of the opportunity, and the relative negotiating strength of the Company and such other management.



With respect to any mergers or acquisitions, negotiations with target company management will be expected to focus on the percentage of the Company which target company shareholders would acquire in exchange for their shareholdings in the target company.  Depending upon, among other things, the target company's assets and liabilities, the Company's shareholders will in all likelihood hold a lesser percentage ownership interest in the Company following any merger or acquisition.  The percentage ownership may be subject to significant reduction in the event the Company acquires a target company with substantial assets.  Any merger or acquisition effected by the Company can be expected to have a significant dilative effect on the percentage of shares held by the Company's then shareholders, including purchasers in this offering.  (See "Risk Factors.")



The Company will not have sufficient funds (unless it is able to raise funds in a private placement) to undertake any significant development, marketing and manufacturing of any products which may be acquired.  Accordingly, following the acquisition of any such product, the Company will, in all likelihood, be required to either seek debt or equity financing or obtain funding from third parties, in exchange for which the Company would probably be required to give up a substantial portion of its interest in any acquired product.  There is no assurance that the Company will be able either to obtain additional financing or interest third parties in providing funding for the further development, marketing and manufacturing of any products acquired.















It is anticipated that the investigation of specific business opportunities and the negotiation, drafting and execution of relevant agreements, disclosure documents and other instruments will require substantial management time and attention and substantial costs for accountants, attorneys and others.  If a decision is made not to participate in a specific business opportunity the costs therefore incurred in the related investigation would not be recoverable.  Furthermore, even if an agreement is reached for the participation in a specific business opportunity, the failure to consummate that transaction may result in the loss of the Company of the related costs incurred.



Management believes that the Company may be able to benefit from the use of"leverage" in the acquisition of a business opportunity.  Leveraging a transaction involves the acquisition of a business through incurring significant indebtedness for a large percentage of the purchase price for that business.  Through a leveraged transaction, the Company would be required to use less of its available funds for acquiring the business opportunity and, therefore, could commit those funds to the operations of the business opportunity, to acquisition of other business opportunities or to other activities.  The borrowing involved in a leveraged transaction will ordinarily be secured by the assets of the business opportunity to be acquired.  If the business opportunity acquired is not able to generate sufficient revenues to make payments on the debt incurred by the Company to acquire that business opportunity, the lender would be able to exercise the remedies provided by law or by contract.  These leveraging techniques, while reducing the amount of funds that the Company must commit to acquiring a business opportunity, may correspondingly increase the risk of loss to the Company.  No assurance can be given as to the terms or the availability of financing for any acquisition by the Company.  No assurance can be given as to the terms or the availability of financing for any acquisition by the Company.  During periods when interest rates are relatively high, the benefits of leveraging are not as great as during periods of lower interest rates because the investment in the business opportunity held on a leveraged basis will only be profitable if it generates sufficient revenues to cover the related debt and other costs of the financing.  Lenders from which the Company may obtain funds for purposes of a leveraged buy-out may impose restrictions on the future borrowing, distribution, and operating policies of the Company.  It is not possible at this time to predict the restrictions, if any, which lenders may impose or the impact thereof on the Company.



Competition



The Company is an insignificant participant among firms which engage in business combinations with, or financing of, development stage enterprises.  There are many established management and financial consulting companies and venture capital firms which have significantly greater financial and personnel resources, technical expertise and experience than the Company.  In view of the Company's limited financial resources and management availability, the Company will continue to be a significant competitive disadvantage vis-"-vis the Company's competitors.



Regulation and Taxation



The Investment Company Act of 1940 defines an"investment company" as an issuer which is or holds itself out as being engaged primarily in the business of investing, reinvesting or trading of securities.  While the Company does not intend to engage in such activities, the Company could become subject to regulation under the Investment Company Act of 1940 in the event the Company obtains or continues to hold a minority interest in a number of development stage enterprises.  The Company could be expected to incur significant registration and compliance costs if required to register under the Investment Company Act of 1940.  Accordingly, management will continue to review the Company's activities from time to time with a view toward reducing the likelihood the Company could be classified as an"investment company."



The Company intends to structure a merger or acquisition in such manner as to minimize Federal and state tax consequences to the Company and to any target company.



Employees



The Company's only employees at the present time are its officers and directors, who will devote as much time as the Board of Directors determine is necessary to carry out the affairs of the Company.  (See"Management").

















Item 2.

DESCRIPTION OF PROPERTY



The Company shares space with its sole officer.  The Company pays its own charges for long distance telephone calls and other miscellaneous secretarial, photocopying and similar expenses.



Item 3.

LEGAL PROCEEDINGS



Not Applicable.



Item 4.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS



No matters were submitted to a vote of security holders during the fourth quarter of the fiscal year ended June 30, 2005.





PART II





Item 5.

MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS



The Company's Common Stock has not traded.  As of June 30, 2005, there were 111 stockholders of record.



Item 6.

MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS



The Company has been recently formed and has not engaged in any operations other than organizational matters.  Its operating deficit is being founded by an officer and director.



Item 7.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA



The consolidated financial statements of the Company required to be included in Item 7 are set forth in the Financial Statements Index.  Its operating deficit is being funded by an officer and director.



Item 8.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE



Not Applicable.



Item 8A.

CONTROLS AND PROCEDURES.



As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)).  Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of the end of the period covered by this Annual Report on Form 10-KSB our disclosure controls and procedures were effective to enable us to accurately record, process, summarize and report certain information required to be included in the Companys periodic SEC filings within the required time periods, and to accumulate and communicate to our management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.



There were no changes in our internal control over financial reporting that occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.



Item 8B.  OTHER INFORMATION.Not Applicable.













PART III



Item 9.

DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT.



Directors and Executive Officers



The members of the Board of Directors of the Company serve until the next annual meeting of stockholders, or until their successors have been elected.  The officers serve at the pleasure of the Board of Directors.  Information as to the director and executive officer of the Company is as follows.



Jehu Hand has been President, Chief Financial Officer and Secretary of the Company since its inception.  Mr. Hand has been engaged in corporate and securities law practice and has been a partner of the law firm of Hand & Hand since 1992.  Hand & Hand incorporated as a law corporation in May 1994.  From January 1992 to December 1992 he was the Vice President-Corporate Counsel and Secretary of Laser Medical Technology, Inc., which designs, manufactures and markets dental lasers and endodontics equipment.  He was a director of Laser Medical from February 1992 to February 1993.  From January to October, 1992 Mr. Hand was Of Counsel to the Law Firm of Lewis, D'Amato, Brisbois & Bisgaard.  From January 1991 to January 1992 he was a shareholder of McKittrick, Jackson, DeMarco & Peckenpaugh, a law corporation.   From January to December 1990 he was a partner of Day, Campbell & Hand, and was an associate of its predecessor law firm from July 1986 to December 1989.  From 1984 to June 1986 Mr. Hand was an associate attorney with Schwartz, Kelm, Warren & Rubenstein in Columbus, Ohio.  Jehu Hand received a J.D. from New York University School of Law and a B.A. from Brigham Young University. He is a licensed real estate broker and a registered principal (Series 7, 24 and 63) of SoCal Securities, a broker-dealer and member of the National Association of Securities Dealers, Inc.  Mr. Hand was a director and president of Albion Aviation, Inc. from 2000 to March 2003, and is the sole officer and director of Russian Athena, Inc.  He has been a director and Chief Financial Officer of California Service Stations since 1994, and he  currently devotes 10 hours per week to California Service Stations. He is also director of Worldwide Manufacturing Company USA, Inc.



Code of Ethics

The Company has not yet adopted a code of ethics which applies to the chief executive officer, or principal financial and accounting officer or controller, or persons performing similar functions due to several factors. The Company is a small public company whose shares have not yet traded. We have limited resources and expect to develop a code of ethics by the end of calendar 2005.



Audit Committee Financial Expert

The Company does not have an audit committee. The entire board of directors, which consists of Jehu Hand, functions as the audit committee. The Company does not have a financial expert on its audit committee, because of the difficulty encountered by all small public companies in obtaining outside board members. We cannot predict when, if ever, we will be able to attract a person to the board of directors who is a financial expert.



Conflicts of Interest



Certain conflicts of interest now exist and will continue to exist between the Company and its officer and director due to the fact that each has other business interests to which he devotes his primary attention.  Each officer and director may continue to do so notwithstanding the fact that management time should be devoted to the business of the Company.



Certain conflicts of interest may exist between the Company and its management, and conflicts may develop in the future.  The officer and director of the Company holds similar positions with a number of companies engaged in the same business as the Company.  In the event a business opportunity is presented to the management, he will present the opportunity to the Company and to these companies in a random order of priority.



The Company has not established policies or procedures for the resolution of current or potential conflicts of interests between the Company, its officers and directors or affiliated entities.  There can be no assurance that













management will resolve all conflicts of interest in favor of the Company, and failure by management to conduct the Company's business in the Company's best interest may result in liability to the management. The officers and directors are accountable to the Company as fiduciaries, which means that they are required to exercise good faith and integrity in handling the Company's affairs.  Shareholders who believe that the Company has been harmed by failure of an officer or director to appropriately resolve any conflict of interest may, subject to applicable rules of civil procedure, be able to bring a class action or derivative suit to enforce their rights and the Company's rights.



The Company has no arrangement, understanding or intention to enter into any transaction for participating in any business opportunity with any officer, director, or principal shareholder or with any firm or business organization with which such persons are affiliated, whether by reason of stock ownership, position as an officer or director, or otherwise.



The Company, by resolution of its Board of Directors and stockholders, adopted a 1994 Stock Option Plan (the"Plan") on April 20, 1994.   The Plan enables the Company to offer an incentive based compensation system to employees, officers and directors and to employees of companies who do business with the Company.



In the discretion of a committee comprised of non-employee directors (the"Committee"), directors, officers, and key employees of the Company and its subsidiaries or employees of companies with which the Company does business become participants in the Plan upon receiving grants in the form of stock options or restricted stock.  A total of 2,000,000 shares are authorized for issuance under the Plan, of which no shares are issuable.  The Company does not intend to grant options until such time as a merger or acquisition has been consummated.  The Company may increase the number of shares authorized for issuance under the Plan or may make other material modifications to the Plan without shareholder approval.  However, no amendment may change the existing rights of any option holder.



Any shares which are subject to an award but are not used because the terms and conditions of the award are not met, or any shares which are used by participants to pay all or part of the purchase price of any option may again be used for awards under the Plan.  However, shares with respect to which a stock appreciation right has been exercised may not again be made subject to an award.



Stock options may be granted as non-qualified stock options or incentive stock options, but incentive stock options may not be granted at a price less than 100% of the fair market value of the stock as of the date of grant (110% as to any 10% shareholder at the time of grant); non-qualified stock options may not be granted at a price less than 85% of fair market value of the stock as of the date of grant.  Restricted stock may not be granted under the Plan in connection with incentive stock options.



Stock options may be exercised during a period of time fixed by the Committee except that no stock option may be exercised more than ten years after the date of grant or three years after death or disability, whichever is later.  In the discretion of the Committee, payment of the purchase price for the shares of stock acquired through the exercise of a stock option may be made in cash, shares of the Company's Common Stock or by delivery or recourse promissory notes or a combination of notes, cash and shares of the Company's common stock or a combination thereof.  Incentive stock options may only be issued to directors, officers and employees of the Company.



Stock options may be granted under the Plan may include the right to acquire an Accelerated Ownership Non-Qualified Stock Option ("AO").  If an option grant contains the AO feature and if a participant pays all or part of the purchase price of the option with shares of the Company's common stock, then upon exercise of the option the participant is granted an AO to purchase, at the fair market value as of the date of the AO grant, the number of shares of common stock the Company equal to the sum of the number of whole shares used by the participant in payment of the purchase price and the number of whole shares, if any, withheld by the Company as payment for withholding taxes.  An AO may be exercised between the date of grant and the date of expiration, which will be the same as the date of expiration of the option to which the AO is related.



Stock appreciation rights and/or restricted stock may be granted in conjunction with, or may be unrelated to stock options.  A stock appreciation right entitles a participant to receive a payment, in cash or common stock or a













combination thereof, in an amount equal to the excess of the fair market value of the stock at the time of exercise over the fair market value as of the date of grant.  Stock appreciation rights may be exercised during a period of time fixed by the Committee not to exceed ten years after the date of grant or three years after death or disability, whichever is later.  Restricted stock requires the recipient to continue in service as an officer, director, employee or consultant for a fixed period of time for ownership of the shares to vest.  If restricted shares or stock appreciation rights are issued in tandem with options, the restricted stock or stock appreciation right is canceled upon exercise of the option and the option will likewise terminate upon vesting of the restricted shares.













Item 10. EXECUTIVE COMPENSATION



No compensation is paid or anticipated to be paid by the Company until an acquisition is made.



On acquisition of a business opportunity, current management may resign and be replaced by persons associated with the business opportunity acquired, particularly if the Company participates in a business opportunity by effecting a reorganization, merger or consolidation.  If any member of current management remains after effecting a business opportunity acquisition, that member's time commitment will likely be adjusted based on the nature and method of the acquisition and location of the business which cannot be predicted.   Compensation of management will be determined by the new board of directors, and shareholders of the Company will not have the opportunity to vote on or approve such compensation.



Directors currently receive no compensation for their duties as directors.



Item 11.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT



The following table sets forth information relating to the beneficial ownership of Company common stock by those persons beneficially holding more than 5% of the Company capital stock, by the Company's directors and executive officers, and by all of the Company's directors and executive officers as a group.  The address of each person is care of the Company.



Percentage

Name of

Number of

of Outstanding

Stockholder

Shares Owned

Common Stock



Jehu Hand(1)

800,000

80.0%



Kimberly Peterson

93,850

9.4%



All officers and

directors as a group

(1 person)

800,000

80.0%



(1)  Mr. Hand controls a family limited partnership which is the record holder of these shares.





Item 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS



Not applicable.













PART IV





Item 13.

EXHIBITS AND REPORTS ON FORM 8-K



(a) Exhibits.  The following exhibits of the Company are included herein.



Exhibit No.

Document Description



2.                 Charter and Bylaws



2.1.     Articles of Incorporation(1)

2.2      Bylaws(1)



6.                Material Contracts



6.1.     1994 Stock Option Plan(1)

6.2         Convertible Debenture Agreement. Previously Filed.



31. Certification of Chief Executive and Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.



32.Certification of Chief Executive and Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.





(1)      Filed with the Company's original Form 10-SB.



(b)

Reports on Form 8-K.



Not Applicable.



Item 14.  Principal Accountant Fees and Services.



Audit Fees



Our principal accountants, Pritchett, Siler & Hardy, PC, billed us $4,783 and $0 for audit fees and review of  quarterly filings performed in the fiscal years ended June 30, 2005 and 2004, respectively.



Less than 50% of the hours expended  by our  auditors on the audit for the year

ended June 30, 2005 were performed by persons'  other than Pritchett, Siler & Hardy, PC s permanent full time employees.



There were $0, $0 and $0, respectively  paid in audit related fees, tax fees and all other fees to Pritchett, Siler & Hardy, PC during the years ended June 30, 2005 and 2004.



Audit Committees pre-approval policies and procedures.



We do not have an audit committee.  Our engagement of Pritchett, Siler & Hardy, PC was

approved  by the Board of  Directors.  No  services  described  in Item  9(e)(2)

through 9(e)(4) of Schedule 14A were performed by our auditors.



















SIGNATURES



Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on  June 13, 2006.





MARITIME PARTNERS, LTD.





By:

/s/ Jehu Hand



Jehu Hand

President



Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities on June 13, 2006.







By:

/s/ Jehu Hand

President, Secretary, Chief Financial Officer and Director

Jehu Hand



























MARITIME PARTNERS, LTD.

[A Development Stage Company]



FINANCIAL STATEMENTS



JUNE 30, 2005



























REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM





Board of Directors

MARITIME PARTNERS, LTD.

Dana Point, California



We have audited the accompanying balance sheet of Maritime Partners, Ltd. [a development stage company] as of June 30, 2005 and the related statements of operations, stockholders' equity (deficit) and cash flows for the years ended June 30, 2005 and 2004 and for the period from inception on April 20, 1994 through June 30, 2005.  These financial statements are the responsibility of the Company's management.  Our responsibility is to express an opinion on these financial statements based on our audit.  The financial statements of Maritime Partners, Ltd. from inception on April 20, 1994 through June 30, 2000 were audited by other auditors whose report, dated January 12, 2001, expressed an unqualified opinion on those statements.  The financial statements as of June 30, 2000 reflect an accumulated deficit of $3,021.  The other auditors' report has been furnished to us, and our opinion, insofar as it relates to the amounts included for such prior periods, is based solely on the report of the other auditors.



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



In our opinion, based on our audit and the report of the other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Maritime Partners, Ltd. [a development stage company] as of June 30, 2005 and the results of its operations and its cash flows for the years ended June 30, 2005 and 2004 and for the period from inception on April 20, 1994 through June 30, 2005, in conformity with accounting principles generally accepted in the United States of America.



The accompanying financial statements have been prepared assuming the Company will continue as a going concern.  As discussed in Note 7 to the financial statements, the Company has incurred losses since its inception and has not yet been successful in establishing profitable operations.  These factors raise substantial doubt about the ability of the Company to continue as a going concern.  Managements plans in regards to these matters are also described in Note 7.  The financial statements do not include any adjustments that might result from the outcome of these uncertainties.







PRITCHETT, SILER & HARDY, P.C.



Salt Lake City, Utah

September 20, 2005

INDEPENDENT AUDITORS'REPORT







To the Board of Directors and Shareholders

Maritime Partners, Inc.

Dana Point, California





We have audited the statements of financial position of Maritime Partners, Inc. (a company in the development stage) as of June 30, 2000 and 1999, and the related statements of operations, changes in stockholders' equity and cash flows for the years then ended and cumulative for the period April 20, 1994 (date of inception) through June 30, 2000.  These financial statements are the responsibility of the Company's management.  Our responsibility is to express an opinion on these financial statements based on our audits.



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



In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Maritime Partners, Inc. (a company in the development stage) as of June 30, 2000 and 1999, and the results of its operations, changes in stockholders' equity and cash flows for the period April 20, 1994 (date of inception) through June 30, 2000, in conformity with generally accepted accounting principles.



THURMAN SHAW & CO., L.C.





Bountiful, Utah

January 12, 2001













MARITIME PARTNERS, LTD.

[A Development Stage Company]



BALANCE SHEET







ASSETS





June 30,

2005

___________

CURRENT ASSETS:

Cash

$

2,478

Available-for-sale securities

346,736



Total Current Assets

349,214

$

349,214





LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)





CURRENT LIABILITIES:

Accounts payable

$

1,452

Accounts payable  related party

53,803

Note payable  related party

275,000



Total Current Liabilities

330,255





STOCKHOLDERS' EQUITY (DEFICIT):

Preferred stock, $.001 par value, 1,000,000 shares

authorized, no shares issued and outstanding

-

Common stock, $.001 par value, 20,000,000 shares

authorized, 1,000,000 shares issued and outstanding

1,000

Capital in excess of par value

34,327

Accumulated other comprehensive income (loss)

(10,975)

Retained earnings

(5,393)

Total Stockholders' Equity (Deficit)

18,959

$

349,214













The accompanying notes are an integral part of this financial statement.



MARITIME PARTNERS, LTD.

[A Development Stage Company]





STATEMENTS OF OPERATIONS







For the

From Inception

Year ended

on April 20,

June 30,

1994 Through

______________________

June 30,

2004

2005

2005

____________

___________

__________



REVENUE

$

-

$

-

$

-



EXPENSES:

General and Administrative

549

55,801

61,991





INCOME (LOSS) BEFORE INCOME TAXES

(549)

(55,801)

(61,991)



OTHER INCOME (EXPENSE):

Gain (loss) on available-for-sale securities

1,636

68,366

70,002

Dividend income

1,632

16,943

18,575

Capital gain distributions

--

222

222

Interest expense  related party

(3,770)

(30,622)

(34,392)



Total Other Income (Expense)

(502)

54,909

54,407



LOSS BEFORE INCOME TAXES

(1,051)

(892)

(7,584)



CURRENT TAX EXPENSE

101

--

101



DEFERRED TAX EXPENSE

(2,292)

--

(2,292)



NET INCOME (LOSS)

$

1,140

$

(892)

$

(5,393)



LOSS PER COMMON SHARE

$

.00

$

.00

$

(.01)















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















MARITIME PARTNERS, LTD.

[A Development Stage Company]





STATEMENTS OF COMPREHENSIVE INCOME (LOSS)







For the

From Inception

Year ended

on April 20,

June 30,

1994 Through

__________________________

June 30,

2004

2005

2005

____________

___________

__________



NET INCOME (LOSS)

$

1,140

$

(892)

$

(5,393)



OTHER COMPREHENSIVE INCOME:



Gain (loss) on available-for-sale securities

arising during the period (net of income

taxes of $3,073 and ($3,073) respectively)

7,600

51,427

59,027

Plus reclassification adjustment for (gains)

losses included in net income

(1,636)

(68,366)

(70,002)







COMPREHENSIVE INCOME (LOSS)

$

7,104

$

(17,831)

$

(16,368)







































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

















MARITIME PARTNERS, LTD.

[A Development Stage Company]



STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)

FROM THE DATE OF INCEPTION ON APRIL 20, 1994

THROUGH JUNE 30, 2005

Deficit

Accumulated

Accumulated

Preferred Stock

Common Stock

Capital in

Other

During the

______________________

______________________

Excess of

Comprehensive

Development

Shares

Amount

Shares

Amount

Par Value

Income

Stage

__________

__________

___________

__________

__________

__________

__________

BALANCE, April 20, 1994

-

$

-

-

$

-

$

-

-

$

-



Issuance of 1,000,000

shares of common stock

for cash of $1,015, or $.001

per share, April 20, 1994

-

-

1,000,000

1,000

15

-

-



Net loss for the period

ended June 30, 1994

-

-

-

-

-

-

(42)

__________

__________

___________

__________

__________

__________

__________

BALANCE,June 30, 1994

-

-

1,000,000

1,000

15

-

(42)



Net loss for the year ended

June 30, 1995

-

-

-

-

-

-

(338)

__________

__________

___________

__________

__________

__________

__________

BALANCE,June 30, 1995

-

-

1,000,000

1,000

15

-

(380)



Net loss for the year ended

June 30, 1996

-

-

-

-

-

-

(320)

__________

__________

___________

__________

__________

__________

__________

BALANCE,June 30, 1996

-

-

1,000,000

1,000

15

-

(700)



Net loss for the year ended

June 30, 1997

-

-

-

-

-

-

(314)

__________

__________

___________

__________

__________

__________

__________

BALANCE,June 30, 1997

-

-

1,000,000

1,000

15

-

(1,014)



Net loss for the year ended

June 30, 1998

-

-

-

-

-

-

(312)

__________

__________

___________

__________

__________

__________

__________

BALANCE,June 30, 1998

-

-

1,000,000

1,000

15

-

(1,326)



Net loss for the year ended

June 30, 1999

-

-

-

-

-

-

(790)

__________

__________

___________

__________

__________

__________

__________

BALANCE,June 30, 1999

-

-

1,000,000

1,000

15

-

(2,116)



Net loss for the year ended

June 30, 2000

-

-

-

-

-

-

(905)

__________

__________

___________

__________

__________

__________

__________

BALANCE,June 30, 2000

-

-

1,000,000

1,000

15

-

(3,021)



Net loss for the year ended

June 30, 2001

-

-

-

-

-

-

(947)

__________

__________

___________

__________

__________

__________

__________

BALANCE,June 30, 2001

-

-

1,000,000

1,000

15

-

(3,968)



Net loss for the year ended

June 30, 2002

-

-

-

-

-

-

(1,519)

__________

__________

___________

__________

__________

__________

__________

BALANCE,June 30, 2002

-

-

1,000,000

1,000

15

-

(5,487)

__________

__________

___________

__________

__________

__________

__________







Net loss for the year ended

June 30, 2003

-

-

-

-

-

-

(154)

__________

__________

___________

__________

__________

__________

__________



BALANCE,June 30, 2003

-

-

1,000,000

1,000

15

-

(5,641)

__________

__________

___________

__________

__________

__________

__________

Unrelaized holding gain (loss)

-

-

-

-

-

5,964

-



Accrued interest forgiven

Recorded as contribution

To capital

-

-

-

-

3,770

-

-



Net income (loss)  for the year ended

June 30, 2004

-

-

-

-

-

-

1,140

__________

__________

___________

__________

__________

__________

__________



BALANCE,June 30, 2004

-

$

-

1,000,000

$

1,000

$

3,785

$

5,964

$

(4,501)

__________

__________

___________

__________

__________

__________

__________



Unrelaized holding gain (loss)

-

-

-

-

-

(16,939)

-



Accrued interest forgiven

Recorded as contribution

To capital

-

-

-

-

30,542

-

-



Net income (loss) for the year ended

June 30, 2005

-

-

-

-

-

-

(892)

__________

__________

___________

__________

__________

__________

__________



BALANCE,June 30, 2005

-

$

-

1,000,000

$

1,000

$

34,327

$

(10,975)

$

(5,393)

__________

__________

___________

__________

__________

__________

__________

























The accompanying notes are an integral part of this financial statement.















MARITIME PARTNERS, LTD.

[A Development Stage Company]

STATEMENTS OF CASH FLOWS



For the

From Inception

Year ended

on April 20,

June 30,

1994 Through

__________________________

June 30,

2004

2005

2005

Cash Flows Provided by Operating Activities:

Net income (loss)

$

1,140

$

(892)

$

(5,393)

Adjustments to reconcile net loss to net cash used by

operating activities:

Amortization

-

-

1,015

Gain on sale of available-for-sale securities

(1,636)

(68,366)

(70,002)

Non-cash interest expense

3,770

30,542

34,312

Changes in assets and liabilities:

Increase in accounts payable

(154)

783

1,452

Increase in accounts payable  related party

-

50,000

53,803

Increase in deferred tax liability

(2,292)

--

(2,292)



Net Cash Provided by Operating

Activities

828

12,067

12,895



Cash Flows From Investing Activities:

Payments of organization costs

-

-

(1,015)

Proceeds from sale of available-for-sale securities

20,902

389,167

410,069

Payments to purchase available-for-sale securities

(419,137)

(276,349)

(695,486)



Net Cash Provided by Investing Activities

(398,235)

112,818

(286,432)

Cash Flows From Financing Activities:

Proceeds form sale of common stock

--

--

1,015

Proceeds from note payable-related party

400,000

--

400,000

Payment of note payable  related party

--

(125,000)

(125,000)



Net Cash Provided by Financing Activities

400,000

(125,000)

276,015



Net Increase (Decrease) in Cash

2,593

(115)

2,478



Cash at Beginning of Period

-

2,593

-



Cash at End of Period

$

2,593

$

2,478

$

2,478

Supplemental Disclosures of Cash Flow Information:

Cash paid during the period for:



Interest

$

-

$

$

-

Income taxes

$

-

$

-

$

-

Supplemental Schedule of Noncash Investing and Financing Activities:

For the year ended June 30, 2005:

The Company recorded an unrealized holding loss on available-for-sale securities of $16,939 net of taxes.

A party related to a shareholder of the Company forgave accrued interest totaling $30,542. Due to the related party nature of the debt forgiveness, the Company recorded the forgiveness as a capital contribution.

For the year ended June 30, 2004:

The Company recorded an unrealized holding gain on available-for-sale securities of $5,694, net of taxes.

A party related to a shareholder of the Company forgave accrued interest totaling $3,770.  Due to the related party nature of the debt forgiveness, the Company recorded the forgiveness as a capital contribution.



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















MARITIME PARTNERS, LTD.

[A Development Stage Company]



NOTES TO FINANCIAL STATEMENTS



NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



Organization - Maritime Partners, Ltd. (the Company) was organized under the laws of the State of Delaware on April 20, 1994 for the purpose of seeking out business opportunities, including acquisitions.  The Company is considered a development stage company as defined in Statement of Financial Accounting Standards (SFAS) No. 7.  The Company will be very dependent on the skills, talents and abilities of management to successfully implement its business plan.  Due to the Companys lack of capital, it is likely that the Company will not be able to compete with larger and more experienced entities for business opportunities which are lower risk and are more attractive for such entities.  Business opportunities in which the Company may participate will likely be highly risky and speculative.  Since inception, the Companys activities have been limited to organizational matters.  The Company has, at the present time, not paid any dividends and any dividends that may be paid in the future will depend upon the financial requirements of the Company and other relevant factors.



Cash and Cash Equivalents - The Company considers all highly liquid debt investments purchased with a maturity of three months or less to be cash equivalents.



Fiscal Year - The Companys fiscal year end is June 30.



Investments  The Companys investments, which are bought and held principally for the purpose of selling them in the near term are classified as available-for-sale securities.  Trading securities are recorded at fair value with changes in fair value being included in earnings.  Investments for which the Company has the positive intent and ability hold to maturity are classified as held-to-maturity and are recorded at amortized cost.  Investments not classified as either held-to-maturity or trading securities are classified as available-for-sale.  Available-for-sale securities are recorded at fair value with changes in fair value being excluded from earnings and recorded net of tax as a separate component of equity in accordance with Statement of Financial Accounting Standards No. 115., Accounting for Certain Investments in Debt and Equity Securities.



Income Taxes  The Company accounts for income taxes in accordance with Statement of Financial According Standards No. 109, Accounting for Income Taxes [See Note 6].



Loss Per Share - The computation of loss per share is based on the weighted average number of shares outstanding during the period presented in accordance with Statement of Financial Accounting Standards No. 128, Earnings Per Share.  [See Note 8]



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



Recently Enacted Accounting Standards -Statement of Financial Accounting Standards (SFAS) No. 151, Inventory Costs - an amendment of ARB No. 43, Chapter 4, SFAS No. 152, Accounting for Real Estate Time-Sharing Transactions  an amendment of FASB Statements No. 66 and 67, SFAS No. 153, Exchanges of Nonmonetary Assets -  an amendment of APB Opinion No. 29, SFAS No. 123 (revised 2004), Share-Based Payment, and SFAS No. 154, Accounting Changes and Error Corrections  a replacement of APB Opinion No. 20.  and FASB Statement No. 3,  were recently issued.  SFAS No. 151, 152,153, 123 (Revised 2004) and 154 have no current applicability to the Company or their effect on the financial statements would not have been significant.















MARITIME PARTNERS, LTD.

[A Development Stage Company]



NOTES TO FINANCIAL STATEMENTS





NOTE 2  AVAILBLE-FOR-SALE SECURITIES



The amortized cost, net of unrealized gains and losses, and estimated fair value of available-for-sale securities by major security type were as follows at:



June 30,

2005

___________

Publicly-traded corporations, partnerships & trusts:

Amortized cost

$

357,100

Unrealized gains

40,807

Unrealized losses

(51,171)



Estimated Fair Value

346,736



NOTE 3  NOTE PAYABLE



In May 2004, the Company issued a $400,00 note payable to an entity related to a shareholder of the Company.  The note is due on demand and accrues interest at 8% per annum.  The entity related to a shareholder of the Company is forgiving the accrued interest on the note.  As of June 30, 2005 $125,000 of this note had been retired.  Through June 30, 2005 the entity has forgiven $34,312 of accrued interest.  Due to the related party nature of the debt forgiveness, the Company recorded the forgiveness as a capital contribution.



NOTE 4 - CAPITAL STOCK



Preferred Stock -The Company has authorized 1,000,000 shares of preferred stock, $.001 par value, with such rights, preferences and designations and to be issued in such series as determined by the Board of Directors. No shares are issued and outstanding at June 30, 2005.



Common Stock -The Company has authorized 20,000,000 shares of common stock with a par value of $.001.  On April 20, 1994, in connection with its organization, the Company issued 1,000,000 shares of its previously authorized, but unissued common stock.  The shares were issued for cash of $1,015 (or $.001 per share).



1994 Stock Option Plan -On April 20, 1994, the Company adopted the 1994 Stock Option Plan.  The plan provides for the granting of awards of up to 2,000,000 shares of common stock to officers, directors, employees, advisors, and employees of other companies that do business with the Company as non-qualified and qualified stock options.  The Stock Option Committee of the Board of Directors determines the option price, which cannot be less than the fair market value at the date of the grant or 110% of the fair market value if the recipient of the grant holds 10% or more of the Companys common stock.  The price per share of shares subject to a Non-Qualified option cannot be less than 85% of the fair market value.  Options granted under the plan will typically expire ten years from the date of the grant (five years if the recipient of the grant holds 10% or more of the Companys common stock on the date of the grant) or three months after termination of employment.  As of June 30, 2005, no options have been granted.

















MARITIME PARTNERS, LTD.

[A Development Stage Company]



NOTES TO FINANCIAL STATEMENTS



NOTE 5 - INCOME TAXES



The Company accounts for income taxes in accordance with Statement of Financial Accounting Standards No. 109 Accounting for Income Taxes.  SFAS 109 requires the Company to provide a net deferred tax asset/liability equal to the expected future tax benefit/expense of temporary reporting differences between book and tax accounting methods and any available operating loss or tax credit carryforwards.  The Company has available at June 30, 2005, no unused operating loss carryforwards.



The amount of and ultimate realization of the benefits from the operating loss carryforwards for income tax purposes is dependent, in part, upon the tax laws in effect, the future earnings of the Company, and other future events, the effects of which cannot be determined.  Because of the uncertainty surrounding the realization of the loss carryforwards at June 30, 2005, the Company has established a valuation allowance equal to the tax effect of the loss carryforwards and, therefore, no deferred tax asset has been recognized for the loss carryforwards as of June 30, 2005.  The deferred tax assets are approximately $9,000 and $2,300 and the deferred tax liabilities are approximately $100 and $3,100 as of June 30, 2005 and 2004, respectively, with an offsetting valuation allowance of approximately $8,900 and $0 as of June 30, 2005 and June 30, 2004, respectively, resulting in a change in the valuation allowance of approximately $8,900 during the year ended June 30, 2005.



NOTE 6 - RELATED PARTY TRANSACTIONS



Accounts Payable - Related Party -During the years ended June 30, 2005 and 2004, an officer/shareholder of the Company directly paid expenses totaling $0 and $0 on behalf of the Company.  At June 30, 2005, the Company owed the shareholder $53,803.  No interest is being accrued on the payable.



In May 2004, the Company borrowed $400,000 from an entity related to a shareholder of the Company [See Note 3]. At June 30, 2005, the Company owed $275,000.



Management Compensation - For the years ended June 30, 2005 and 2004, the Company accrued compensation of $50,000 and $0 to the officer and director of the Company.



Office Space - The Company has not had a need to rent office space.  An officer/shareholder of the Company is allowing the Company to use his offices as a mailing address, as needed, at no expense to the Company.















MARITIME PARTNERS, LTD.

[A Development Stage Company]



NOTES TO FINANCIAL STATEMENTS



NOTE 7 - GOING CONCERN



The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern.  However, the Company has incurred losses since its inception and has not yet been successful in establishing profitable operations.  These factors raise substantial doubt about the ability of the Company to continue as a going concern.  In this regard, management is proposing to raise any necessary additional funds not provided by operations through loans or through additional sales of its common stock or through a possible business combination with another company.  There is no assurance that the Company will be successful in raising this additional capital or achieving profitable operations.  The financial statements do not include any adjustments that might result from the outcome of these uncertainties.



NOTE 8  INCOME LOSS PER SHARE



The following data shows the amounts used in computing income (loss) per share:



For the

From Inception

Year ended

on April 20,

June 30,

1994 Through

_________________________

June 30,

2004

2005

2005

____________

___________

__________



Net Income (Loss) from continuing operations available to

common shareholders (numerator)

$

1,140

$

(892)

$

(5,393)

____________

___________

__________

Weighted average number of common shares

outstanding used in loss per share for the period

(denominator)

1,000,000

1,000,000

1,000,000

____________

___________

__________



Dilutive loss per share was not presented, as the Company had no common stock equivalent shares for all periods presented that would affect the computation of diluted loss per share.



NOTE 9  SUBSEQUENT EVENTS



Authorized shares common stock  In September 2005 the Board of Directors and Stockholders voted to amend the certificate of incorporation to increase the number of authorized shares of the Companys common stock from 20,000,000 shares to up to 200,000,000 shares. The amendment has not yet been filed with the Delaware Secretary of State pending a 20-day waiting period following the mailing of the related Information Statement.