**UNITED
      STATES**


**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 for the fiscal year ended December 31,
                2006.








o
            Transition
                report pursuant to section 13 or 15(d) of the Securities Exchange
                Act of
                1934 for the transition period from ____________ to
                ___________.







**SK
      REALTY VENTURES, INC.**


(Exact
      name of registrant as specified in its charter)








**Nevada**
            
            **76-0747086**(State
                or other jurisdiction of incorporation or organization)
            
            (IRS
                EmployerIdentification
                No.)






2209
      Merrick Road


Suite
      204


Merrick,
      NY 11566


(516)
      683-1254


(Address
      of Principal Executive Offices and Zip Code)





Issuer's
      Telephone Number: (516)
      683-1254








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





Securities
      registered pursuant to Section 12(g) of the Act: Common Stock, $0.0001 par
      value





Check
      whether the issuer (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 o





Check
      if
      there is no disclosure of delinquent filers pursuant to Item 405 of Regulation
      S-B is not contained herein, and will not be contained, to the best of
      registrant's knowledge, in definitive proxy or information statements
      incorporated by reference in Part III of this Form 10-KSB or any amendment
      to
      this Form 10-KSB. o





Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act). YES o  NO x





Issuer's
      revenues for its most recent fiscal year: $0.





Aggregate
      market value of the voting stock held by non-affiliates of the registrant,
      based
      upon the closing price of the Common Stock on April 12, 2007:
      $165,132.





Number
      of
      shares outstanding of each of the registrant's classes of common stock as of
      April 12, 2007: Common Stock: 12,300,240





DOCUMENTS
      INCORPORATED BY REFERENCE:





List
      hereunder the following documents if incorporated by reference and the Part
      of
      the 10-KSB into which the document is incorporated.





None









**FORWARD
      LOOKING STATEMENTS**





The
      statements we make in this prospectus that are not historical fact are
      "forward-looking statements" as that term is defined in the Private Securities
      Litigation Reform Act of 1995. The words or phrases "will likely result," "are
      expected to," "will continue," "is anticipated," "believes," "estimates,"
      "projects" or similar expressions are intended to identify these forward-
      looking statements. These statements are subject to risks and uncertainties
      beyond our reasonable control that could cause our actual business and results
      of operations to differ materially from those reflected in our forward-looking
      statements. The safe harbor provisions provided in the Securities Litigation
      Reform Act do not apply to forward-looking statements we make in this
      prospectus.





Forward-looking
      statements are not guarantees of future performance. Our forward-looking
      statements are based on trends, which we anticipate in our industry and our
      good
      faith estimate of the effect on these trends of such factors as industry
      capacity, product demand and product pricing. In addition, our forward-looking
      statements are subject to our ability to reverse the current negative trend
      in
      our financial results.





The
      inclusion of projections and other forward-looking statements should not be
      regarded as a representation by us or any other person that we will realize
      our
      projections or that any of our forward-looking statements contained in this
      prospectus will prove to be accurate. We will not update any forward-looking
      statements other than as required by law.





**PART
      I**





**Item
      1: Business**





**Organization
      and Development**





The
      Company was organized in August, 2003, as a Nevada corporation. In August,
      2003,
      the Company acquired its wholly-owned subsidiary, J. Adam Holdings, Inc. ("J.
      Adam"), a Delaware corporation via the acquisition of all of the outstanding
      shares of J. Adam. The Company is a development stage company principally
      engaged, through its J. Adam subsidiary, in the business of purchasing real
      estate properties auctioned at tax sales and purchasing tax lien certificates
      from municipalities and other jurisdictions.





Through
      our J. Adam subsidiary, we are in the business of purchasing real estate
      properties auctioned at tax sales and purchasing tax lien certificates from
      municipalities and either realizing a gain upon the redemption of the tax lien
      certificate by the owner of the underlying property or sale properties acquired
      (after foreclosing on the property in the case of a unredeemed tax lien
      certificate. Since our inception, we have acquired several properties in
      Reading, Pennsylvania via purchase at a tax auction sale.





Our
      plan
      is two fold. First, to purchase properties at tax sales and resell those
      properties for a capital gain. Second, to purchase tax lien certificates in
      a
      number of jurisdictions and realize income from holding them until they are
      redeemed by the owner of the underlying property or realize a capital gain
      by
      foreclosing on the property if the tax lien certificates are not
      redeemed.


-2-





Tax
      lien
      certificates are sold at auction by taxing jurisdictions as a method to collect
      delinquent real estate taxes. Once the tax lien certificate is issued by the
      jurisdiction, it becomes a first lien against the real estate property and
      depending upon the jurisdiction, the owner of the property has a statutorily
      fixed period of time to pay the delinquent real estate taxes plus penalties
      and/or interest to the tax lien certificate holder. If the delinquent real
      estate taxes plus penalties and interest is not paid during such period of
      time,
      in most jurisdictions, the property is then transferred to the tax lien
      certificate in a form of foreclosure action.





**Industry
      Overview**





Municipalities,
      counties, school districts and other jurisdictions with the statutory right
      to
      collect real estate taxes often face delinquent tax payers. Since these
      jurisdictions have immediate need for the revenue expected from tax levies,
      the
      legislatures in many states have passed legislation which permit the taxing
      jurisdictions to either foreclose upon properties and sell them at auction
      or
      sell off the right to receive the delinquent taxes. By selling off the property
      or the right to receive the delinquent taxes, the jurisdiction is able to
      provide the cash flow needed for their operations. The method varies from state
      to state. Normally, taxing jurisdictions in states that provide for tax lien
      sales, sell off the right to receive the delinquent tax payments, at public
      auction, in the form of a tax lien certificates. In order to encourage the
      purchase of the tax lien certificates by investors, most state legislatures
      have
      provided certain incentives to the purchasers, including providing the holder
      of
      a tax lien certificate with a first lien against the underlying property, a
      lien
      that is superior to the lien of a mortgage holder. Additionally, the
      legislatures have provided that in order for the property owner to redeem the
      tax lien certificate, a financial penalty or interest rate must be paid. The
      amount of these penalties and permissible interest vary from state to state.
      Finally, most states provide that the holder of a tax lien certificate, in
      the
      event that the certificate is not redeemed within a fixed redemption period,
      can
      foreclose and take ownership of the property, in a summary or administrative
      proceeding.





At
      least
      25 states permit the sale of tax lien certificates by taxing jurisdictions.
      Each
      state’s statutes provide for either a penalty which is added to the outstanding
      real estate amount or an interest rate to be applied to the outstanding amount.
      In addition, each state also prescribes the amount of time that the property
      owner has before the tax lien certificate holder may foreclose on the property.
      The table below contains a summary of the laws in various states which provide
      for tax lien certificates. The Company, from time to time, intends to do
      business in each of these states.





Illinois
            18%
                penalty per six month period on non farm land and 12% penalty per
                six
                month period on farmland.Arizona
            16%
                interest- Redemption period is three to five yearsColorado
            9%
                interest above the prime rate.Delaware
            15%
                Penalty - One year redemption.Florida
            18%
                penalty per annum.Georgia
            20%
                penalty - one year redemption
                period.




-3-




Indiana
            10%
                penalty if redeemed during first six months - 15% penalty if redeemed
                during second six months - 25% after one year.Iowa
            2%
                per month - Redemption period is 3 yearsMississippi
            1-1/2%
                interest per month until redeemed. Redemption period is 2
                years.New
                Hampshire
            18%
                interest per year. Two year redemption period.New
                Jersey
            18%
                interest per year. Two year redemption period.Rhode
                Island
            10%
                penalty if redeemed anytime during first six months plus 1% for each
                month
                thereafter.  One year redemption periodVermont
            12%
                interest - One year redemption period.Washington
                D. C.
            1%
                interest per month.Wyoming
            18%
                interest - Four year redemption
                period.





Pennsylvania
      does not sell tax lien certificates, rather, properties are sold by the state
      in
      tax foreclosure sales. The two properties currently owned by the Company were
      bought in such foreclosure sales.





**Operations
      and Business Plan**





The
      Company will seek to purchase additional tax lien certificates at auction in
      various municipalities in various states. The Company will initially concentrate
      its efforts on purchasing properties and tax lien certificates in New Jersey
      and
      Pennsylvania. The Company has already placed substantial effort in creating
      a
      database which contains information about municipalities and other jurisdictions
      and their respective auction dates for properties and tax lien certificates.
      The
      Company will seek advanced lists of tax lien certificates to be offered at
      auction and will conduct due diligence to review the underlying properties,
      their condition and their potential resale or rental value.




-4-





The
      Company will learn about opportunities to attend auction sales for sales of
      properties and tax lien certificates through published lists of upcoming
      auctions distributed by taxing authorities and third party
      publishers.





The
      Company will attend auction sales of properties and tax lien certificates on
      a
      regular basis and attempt to purchase tax lien certificates on desirable
      property at a discounted price. It has been the experience of management, that
      most tax lien certificates sell at auction for at least 90% of the amount of
      taxes outstanding and some tax lien certificates will sell for more than 100%
      of
      the amount of taxes outstanding.





Once
      the
      Company has become the successful bidder for one or more properties, the Company
      will retain a broker to resell the property. Once the Company has become the
      successful bidder for one or more tax lien certificates, the Company will then
      manage the process of collection of the amount due under the tax lien
      certificates, including the statutory interest and penalties. In certain
      circumstances, when a tax lien certificate is not redeemed by a property owner
      within the statutory period, the Company will seek to acquire ownership of
      the
      property via a foreclosure proceeding. The foreclosure proceedings will vary
      from jurisdiction to jurisdiction. Upon foreclosure, the Company will either
      rent the property or place the property on the market for sale.





Once
      a
      Company has acquired a tax lien certificate, the Company will not know when
      or
      if it will be redeemed by the owner of the underlying property. Property owners
      may almost immediately redeem the certificate, may redeem the certificate at
      some other time prior to the expiration of the statutory redemption period
      or
      may allow the property to be foreclosed. Once a property is foreclosed, the
      Company will not be able to predict how quickly it may be rented or sold.
      Therefore, the Company may have difficulty in predicting and maintaining cash
      flow.





In
      order
      to provide adequate funding for the Company to purchase additional properties
      and tax lien certificates and to pay for operating expenses, the Company will
      need to either seek working capital in the form of loans or additional equity
      funding or will need to sell some or all of the properties it currently owns.





There
      can
      be no assurance that the Company will be able to obtain additional loans or
      equity financing on terms agreeable to the Company and there can be no assurance
      that the Company will be able to sell the properties that it owns either on
      a
      timely basis or at a price agreeable to the Company.





The
      Company current owns three properties in Reading, PA which were acquired at
      tax
      sale auctions.





**Investment
      Policy**





The
      Company’s investments will be limited to only acquiring properties in tax
      foreclosure sales and auctions and to acquire tax lien certificates at auction.
      While the Company has no set policy as to the percentage of the Company’s assets
      which may be invested in one investment, once the Company has acquired more
      than
      four properties, the Company intends not to invest more than 25% of the
      Company’s assets in any one property. The Company intends on investing only in
      real estate properties, including, office buildings, apartment buildings,
      shopping centers, industrial and commercial properties. The Company does not
      intend to become a mortgage lender, nor does the Company intend to acquire
      other
      kinds of securities.




-5-




**Competition**





There
      is
      strong competition for the purchase of properties and tax lien certificates,
      primarily in the form of local investors and investment groups located in or
      near the taxing jurisdictions. There are few competitors, if any, who operate
      on
      a national basis. The Company, as it expands its operations into additional
      states and jurisdictions expects strong competition for the purchase of specific
      tax lien certificates which may result in higher prices being paid by the
      Company for specific tax lien certificates.





**Our
      Properties.**





The
      Company, through it wholly owned subsidiary, owns three properties in the city
      of Reading, PA which were acquired at a tax auction by bidding and paying back
      taxes on the county’s tax sale of the property. All three properties are
      currently vacant and the Company has no intention to rent the properties. The
      Company intends to retain a broker to offer our properties for
      sale.





**Government
      Regulation**





The
      purchase of tax lien certificates is regulated by statute in each state, as
      well
      as, local laws in jurisdictions. Once tax lien certificates are purchases,
      the
      Company will be subject to applicable laws and regulations regarding the
      collection of the outstanding amounts and the foreclosure of the property.
      The
      Company will be subject to applicable provisions of federal and state securities
      laws and to regulations specifically governing the real estate industry. The
      operations of the Company will also be subject to regulations normally incident
      to business operations (e.g., occupational safety and health acts, workmen's
      compensation statutes, unemployment insurance legislation and income tax and
      social security related regulations). Although the Company will make every
      effort to comply with applicable regulations, it can provide no assurance of
      its
      ability to do so, nor can it predict the effect of these regulations on its
      proposed activities.





**PROPRIETARY
      RIGHTS**





We
      currently own no copyrights, trademarks, and other intellectual property rights,
      and none are critical to our success except for trade secrets related to our
      business methodologies, practices and tools. To protect our rights in these
      various intellectual properties, we rely on a combination of trade secret
      protection and confidentiality agreements and other contractual arrangements
      with our employees, clients, strategic partners, acquisition targets and others
      to protect our proprietary rights. In addition, although we believe that our
      proprietary rights do not infringe on the intellectual property rights of
      others, there can be no assurance that other parties will not assert
      infringement claims against us.





**Employees**





As
      of
      December 31, 2006, we had one full time and one part time employee.


-6-




**Fiscal
      Year**




Our
      fiscal year is from January 1 to December 31 of each year.





**Item
      2: Properties**





Our
      executive office consists of space provided to us, pursuant to an oral
      agreement, in offices owned by our President, at no cost to the Company. As
      we
      implement our business strategy, it is expected that we will acquire additional
      office space in the New York City metropolitan area. We believe that our current
      facilities are adequate for the purposes for which they are intended and that
      they provide sufficient capacity to accommodate the Company’s expansion
      plan.





In
      addition, the Company currently owns three (3) properties, as shown
      below:





Location
            Description
            Acquisition
                CostReading,
                PA
            Mobile
                home
            $1,058Reading,
                PA
            Mobile
                home
            $2,682Sellersville,
              PA
            Vacant
              land parcel
            $1,921




**Item
      3: Legal Proceedings**





None





**Subsidiaries**





The
      Company currently has one wholly-owned subsidiary, J. Adams Holdings, Inc.,
      a
      New York corporation.





**Item
      3: Legal Proceedings**





None





**Item
      4: Submission of Matters to a Vote of Security Holders**





None





**PART
      II**





**Item
      5: Market for Registrant's Common Equity and Related Stockholder
      Matters**





At
      December 31, 2006, there were approximately 325 holders of record of our common
      stock.





The
      Company's common stock trades on the Over-The-Counter Bulletin Board under
      the
      symbol: STRV.




-7-




During
      the year ended December 31, 2006, our common stock had not yet traded on the
      Over-The-Counter Bulletin Board. Subsequently, on February 9, 2007, our common
      stock commenced trading on the Over-The-Counter Bulletin Board.





**Dividends**





The
      Company has never declared, nor has it paid, any cash dividends on its Common
      Stock. The Company currently intends to retain any earnings to finance future
      growth and does not anticipate paying any cash dividends on its Common Stock
      in
      the foreseeable future.





**Item
      6: Management's Discussion and Analysis of Financial Condition and Results
      of
      Operations**





**Results
      of Operations**





We
      are
      currently in the development stage and in the process of raising capital. All
      activity to date has been related to our formation, the acquisition of our
      J.
      Adam Holdings subsidiary and the acquiring properties that it owns. Our ability
      to commence full operations is contingent upon obtaining adequate financial
      resources.





**Assets**





Our
      assets consist of certain marketable securities which we hold in the form of
      750,000 shares of common stock AAMPRO Group, Inc. and three real estate
      properties we have purchased in Pennsylvania at tax auctions, which we intend
      to
      resell. We value each of the properties at our acquisition costs. The following
      table provides additional details on the properties.





Location
            Description
            Acquisition
                CostReading,
                PA
            Mobile
                home
            $1,058Reading,
                PA
            Mobile
                home
            $2,682Sellersville,
              PA
            Vacant
              land parcel
            $1,921




As
      shown
      on the Company’s consolidated balance sheet for the year ended December 31,
      2006, the Company had total assets of $9,494.





**Total
      revenue** .





We
      had no
      revenue for the year ended December 31, 2006 and December 31, 2005. Although
      the
      Company currently owns three properties in Pennsylvania, no revenues have been
      generated from these properties and there will be no revenue from any of the
      properties until they are rented or sold.




-8-




**Operating
      Expenses.**





Our
      operating expenses are composed primarily of salaries, professional fees,
      administrative expenses associated with the operation of the business and
      unrealized losses on investments. For the year ended December 31, 2006,
      operating expenses were $259,909 as compared to $130,618 for the year ended
      December 31, 2005. This increase in operating expenses in 2006 was primarily
      attributable to
      a
      compensation expense of $119,897 in connection with the issuance of options
      to
      consultants.





**Liquidity
      and Capital Resources**





Our
      capital requirements are dependent on several factors, including the costs
      of
      tax lien certificates acquired, the timing of redemptions of tax lien
      certificates and the timing of the sale of properties acquired by the Company
      through foreclosure. We believe that we will not generate enough cash from
      operations to be sufficient to fund our ongoing operations through the next
      twelve months. As of
      December 31, 2006, we had $8 in cash and $3,825 in marketable securities on
      our
      balance sheet. We previously had secured financing to enable us to meet our
      obligations in the form of a credit line agreement which will provide up to
      $100,000 in debt financing from Triple J Associates, a company owned by our
      sole
      officer and director, Richard Miller. However, the credit line agreement expired
      on December 31, 2006 and has yet to be extended.





There
      can
      be no assurance that we will be able to extend our credit line agreement or
      secure similar financing. Therefore, there can be no assurance that we will
      have
      sufficient financing for the Company’s operations and property and tax lien
      acquisition program. If our credit line agreement is not extended, the Company
      will be required to seek alternative financing. There can be no assurance that
      we will be able to successfully raise such additional funds, if needed, or
      that
      such funds will be available on acceptable terms. Funds raised through future
      equity financing will likely be dilutive to our current stockholders. The
      incurrence of indebtedness would result in an increase in our fixed obligations
      and could result in borrowing covenants that would restrict our operations.
      If
      financing is not available when required or is not available on acceptable
      terms, we may be unable to develop or enhance our products or services. In
      addition, we may be unable to take advantage of business opportunities or
      respond to competitive pressures. Any of these events could have a material
      and
      adverse effect on our business, results of operations and financial condition
      Lack of additional funds will materially affect our business and may cause
      us to
      cease operations. Consequently, stockholders could incur a loss of their entire
      investment in the Company.





On
      November 15, 2003, the Company received 750,000 shares of restricted common
      stock Aampro Group, Inc. ("Aampro Group") in exchange for 200,000 shares of
      restricted common stock of the Company. Aampro Group is a publicly traded
      company listed on the Over-the-Counter Bulletin Board under the symbol "AAPO".
      The exchange was conducted in an arms' length transaction. On December 31,
      2006,
      the closing price of Aampro Group shares was $0.0051 per share.





Our
      financial statements were prepared on the assumption that we will continue
      as a
      going concern. The report of our independent accountants for the year ended
      December 31, 2006 acknowledges that we have incurred losses in each of the
      last
      fiscal years and that we will require additional funding to sustain our
      operations. These conditions cause substantial doubt as to our ability to
      continue as a going concern. Our financial statements included herein do not
      include any adjustments that might result should we be unable to continue as
      a
      going concern.


-9-





RISKS
      AND
      UNCERTAINTY





Our
      business is subject to the effects of general economic conditions, and in
      particular competition and government regulation.





Other
      risks and uncertainties for the Company include, but are not limited
      to:





O
      Adverse
      changes in general economic conditions including the price of real
      estate.


O
      The
      Company might not be able to fund our working capital needs from cash
      flows


O
      Increased competition


O
      Litigation





The
      Company may experience material fluctuations in future revenues and operating
      results on a quarterly or annual basis resulting from a number of factors,
      including but not limited to the risks discussed above.





The
      preceding statements under "Management's Discussion and Analysis of Financial
      Condition and Results of Operations" which are not historical facts are
      forward-looking statements. These forward-looking statements involve risks
      and
      uncertainties that could render them materially different, including, but not
      limited to, the risk that new products and product upgrades may not be available
      on a timely basis, the risk that such products and upgrades may not achieve
      market acceptance, the risk that competitors will develop similar products
      and
      reach the market first, and the risk that we would not be able to fund its
      working capital needs from cash flow.





**CRITICAL
      ACCOUNTING POLICIES**





Recognition
      of Income





The
      Company recognizes income and expenses on the accrual basis of accounting.
      The
      fiscal year of the Company ends on December 31.





Accounting
      Estimates





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




-10-




Equity
      Transactions





FASB
      Statement 123, "Accounting for Stock-Based Compensation" ("SFAS No. 123"),
      which
      was amended by SFAS No. 148 requires the Company to provide proforma information
      regarding net income and net income per share as if compensation costs for
      the
      Company's stock option plans and other stock awards had been determined in
      accordance with the fair value based method prescribed in SFAS No.
      123.





Non-employees
      Equity Transactions - The Company accounts for equity instruments issued to
      non-employees in accordance with the provisions of Statement of Financial
      Accounting Standards SFAS No. 123 and the Emerging Issues Task Force (EITF)
      Issue No. 00-18, Accounting for Equity Instruments That Are Issued to Other
      Than
      Employees for Acquiring, or in Conjunction with Selling, Goods or Services.
      SFAS
      No. 123 states that equity instruments that are issued in exchange for the
      receipt of goods or services should be measured a the fair value of the
      consideration received or the fair value of the equity instruments issued,
      whichever is more reliably measurable. Under the guidance in EITF 00-18, the
      measurement date occurs as of the earlier of (a) the date at which a performance
      commitment is reached or (b) absent a performance commitment, the date at which
      the performance necessary to earn the equity instrument is complete (that is,
      the vesting date).





Employee
      equity transactions - The Company has adopted, effective January 1, 2006, SFAS
      No. 123 R Share -Based Payment. SFAS No. 123R establishes standards for the
      accounting for transactions in which an entity exchanges its equity instruments
      for goods or services. It also addresses transactions in which an entity incurs
      liabilities in exchange for goods or services that are based on the fair value
      of the entity’s equity instruments or that may be settled by the issuance of
      those equity instruments. SFAS No. 123R focuses primarily on accounting for
      transactions in which and entity obtains employee services in share-based
      payment transactions. SFAS No. 123R requires a public entity to measure the
      cost
      of employee services received in exchange for an award of equity instruments
      based on the grant-date fair value of the award ( with limited exceptions).
      That
      cost will be recognized over the period during which an employee is required
      to
      provide service in exchange for the aware - the requisite service period
      (usually the vesting period). SFAS No. 123R requires that the compensation
      cost
      relating to share based payment transactions be recognized in the financial
      statements. The cost will be measured based on the fair value of the equity
      or
      liability instruments issued. The Company also notes that Staff Accounting
      Bulletin 107 has been issued by the SEC staff as additional guidance on the
      implementation of SFAS No. 123R.





**Item
      7: Financial Statements**





Index
                to Item 7: Financial Statements
            PageReports
                of Independent Registered Public Accounting Firm
            F-1Consolidated
                Balance Sheet
            F-2Consolidated
                Statements of Operations and Other Comprehensive Losses
            F-3Consolidated
                Statements of Stockholders' Equity (Deficit)
            F-4Consolidated
                Statements of Cash Flows
            F-6Notes
                to Consolidated Financial Statements
            F-7




-11-




REPORT
      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM






The
      Board
      of Directors


SK
      Realty
      Ventures, Inc. and Subsidiary


(A
      Development Stage Company)


Garden
      City, New York





We
      have
      audited the accompanying consolidated balance sheet of SK Realty Ventures,
      Inc.
      and Subsidiary (a development stage company) as of December 31, 2006 and the
      related consolidated statements of operations and other comprehensive (loss),
      stockholders’ equity (deficit), and cash flows for the years ended December 31,
      2006 and 2005, and from inception on August 1, 2003 through December 31, 2006.
      These consolidated 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 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
      consolidated financial statements are free of material misstatement. An audit
      includes examining, on a test basis, evidence supporting the amounts and
      disclosures in the consolidated financial statements. An audit also includes
      assessing the accounting principles used and significant estimates made by
      management, as well as evaluating the overall consolidated financial statement
      presentation. We believe that our audits provide a reasonable basis for our
      opinion.





In
      our
      opinion, the consolidated financial statements referred to above present fairly,
      in all material respects, the financial position of SK Realty Ventures, Inc.
      and
      Subsidiary (a development stage company) as of December 31, 2006 and the results
      of their operations and other comprehensive (loss) and their cash flows for
      the
      years ended December 31, 2006 and 2005, and from inception on August 1, 2003
      through December 31, 2006, in conformity with U.S. generally accepted accounting
      principles.





The
      accompanying consolidated financial statements have been prepared assuming
      that
      the Company will continue as a going concern. As discussed in Note 3 to the
      financial statements, the Company has generated significant losses from
      operations which raise substantial doubt about its ability to continue as a
      going concern. Management’s plans in regards to these matters are also described
      in Note 3. The financial statements do not include any adjustments that might
      result from the outcome of this uncertainty.








HJ
&
      Associates, LLC


Salt
      Lake
      City, Utah


April
      4,
      2007


F-1




**SK
      REALTY VENTURES, INC. AND SUBSIDIARY**


(A
      Development Stage Company)


Consolidated
      Balance Sheet




ASSETSDecember
                31,2006CURRENT
                ASSETSCash
            
            $
            8Marketable
                securities (Note 5)
            
            
            3,825Total
                Current Assets
            
            
            3,833OTHER
                ASSETSTax
                deeds (Note 8)
            
            
            5,661Total
                Other Assets
            
            
            5,661TOTAL
                ASSETS
            
            $
            9,494LIABILITIES
                AND STOCKHOLDERS’ EQUITY (DEFICIT)CURRENT
                LIABILITIESAccrued
                expenses
            
            $
            295,927Loan
                payable - officer (Note 11)
            
            
            10,000Loan
                payable - other (Note 11)
            
            
            15,000Line
                of credit
            
            
            6,295Accrued
                interest payable
            
            
            1,623Property
                taxes payable
            
            
            2,339TOTAL
                LIABILITIES
            
            
            331,184STOCKHOLDERS’
                EQUITY (DEFICIT)Preferred
                stock; 10,000,000 authorized at $0.0001 par value
            
            
            —Common
                stock; 300,000,000 shares authorized at$ 0.0001 par value; 12,300,240
                shares issued and outstanding
            
            
            1,230Additional
                paid-in capital
            
            
            332,268Subscription
                receivable
            
            
            (150
            )Other
                comprehensive (loss)
            
            
            (33,675
            )Deficit
                accumulated during the development stage
            
            
            (621,363
            )Total
                Stockholders’ Equity (Deficit)
            
            
            (321,690
            )TOTAL
                LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
            
            $
            9,494






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


F-2




**SK
      REALTY VENTURES, INC. AND SUBSIDIARY**


(A
      Development Stage Company)


Consolidated
      Statements of Operations and Other Comprehensive Loss




FromInception
                onAugust
                1,2003
                toDecember
                31,
            
            
            
            December
                31,2006
            
            2005
            
            2006REVENUES
            
            $
            —
            
            $
            
            
            $
            —EXPENSESSalary
            
            
            60,000
            
            
            60,000
            
            
            230,300Bank
                charges
            
            
            12
            
            
            50
            
            
            62Professional
                fees
            
            
            50,699
            
            
            51,408
            
            
            201,508Administrative
                costs
            
            
            18,000
            
            
            18,000
            
            
            54,000Interest
                expense
            
            
            2,132
            
            
            125
            
            
            2,257Forfeiture
                of tax deeds
            
            
            11,000
            
            
            —
            
            
            11,000Compensation
                expense
            
            
            119,897
            
            
            0
            
            
            119,897Property
                taxes
            
            
            (1,831
            )
            
            1,035
            
            
            2,339NET
                LOSS
            
            
            (259,909
            )
            
            (130,618
            )
            
            (621,363
            )OTHER
                COMPREHENSIVE LOSSChange
                in marketable securities valuation
            
            
            75
            
            
            (3,000
            )
            
            (33,675
            )TOTAL
                COMPREHENSIVE LOSS
            
            $
            (259,834
            )
            $
            (133,618
            )
            $
            (655,038
            )BASIC
                LOSS PER SHARE
            
            $
            (0.02
            )
            $
            (0.01
            )WEIGHTED
                AVERAGE NUMBER OF SHARES OUTSTANDING
            
            
            12,300,240
            
            
            12,118,048






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


F-3




**SK
      REALTY VENTURES, INC. AND SUBSIDIARY**


(A
      Development Stage Company)


Consolidated
      Statements of Stockholders’ Equity (Deficit)




Preferred
                Stock
            
            Common
                Stock
            
            Paid
                in
            
            Deferred
            
            Subscription
            
            Accum.
            
            Comp.
            
            TotalShares
            
            Amount
            
            Shares
            
            Amount
            
            Capital
            
            Consulting
            
            Receivable
            
            Deficit
            
            Loss
            
            EquityShares
                issued to founder for servicesAugust 1, 2003
            
            
            —
            
            $
            —
            
            
            10,000,000
            
            $
            1,000
            
            $
            9,000
            
            $
            —
            
            $
            —
            
            $
            —
            
            $
            —
            
            $
            10,000Shares
                issued to acquire J. Adams Holdings, Inc., August 15, 2003 $.006
                per share
            
            
            —
            
            
            —
            
            
            1,800,000
            
            
            180
            
            
            10,970
            
            
            —
            
            
            (150
            )
            
            —
            
            
            —
            
            
            11,000Shares
                issued for legal services August 1, 2003, $.20 per
                share
            
            
            —
            
            
            50,000
            
            
            —
            
            
            5
            
            
            9,995
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            10,000Shares
                issued for marketable securities, November 15, 2003 $.0188 per share
            
            
            —
            
            
            —
            
            
            200,000
            
            
            20
            
            
            37,480
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            37,500Options
                granted for consulting Services, November 15, 2003
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            119,881
            
            
            (89,581
            )
            
            —
            
            
            —
            
            
            —
            
            
            30,300Net
                loss for the year ended December 31, 2003
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            (50,300
            )
            
            (11,250
            )
            
            (61,550
            )Balance,
                December 31, 2003
            
            
            —
            
            
            —
            
            
            12,050,000
            
            
            1,205
            
            
            187,326
            
            
            (89,581
            )
            
            (150
            )
            
            (50,300
            )
            
            (11,250
            )
            
            37,250Rounding
                shares from purchase of AAMPRO
            
            
            —
            
            
            —
            
            
            240
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —Contributed
                capital
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            50
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            50Expense
                of deferred consulting
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            89,581
            
            
            —
            
            
            —
            
            
            —
            
            
            89,581Net
                loss for the year ended December 31, 2004
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            (180,536
            )
            
            (19,500
            )
            
            (200,036
            )Balance,
                December 31, 2004
            
            
            —
            
            $
            —
            
            
            12,050,240
            
            $
            1,205
            
            $
            187,376
            
            $
            —
            
            $
            (150
            )
            $
            (230,836
            )
            $
            (30,750
            )
            $
            (73,155
            )






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


F-4




**SK
      REALTY VENTURES, INC. AND SUBSIDIARY**


(A
      Development Stage Company)


Consolidated
      Statements of Stockholders’ Equity (Deficit) (Continued)




Preferred
                Stock
            
            Common
                Stock
            
            Paid
                in
            
            Deferred
            
            Subscription
            
            Accum.
            
            Comp.
            
            TotalShares
            
            Amount
            
            Shares
            
            Amount
            
            Capital
            
            Consulting
            
            Receivable
            
            Deficit
            
            Loss
            
            EquityBalance
                forward
            
            
            —
            
            $
            —
            
            
            12,050,240
            
            $
            1,205
            
            $
            187,376
            
            $
            —
            
            $
            (150
            )
            $
            (230,836
            )
            $
            (30,750
            )
            $
            (73,155
            )Stock
                issued for servicesSeptember 23, 2005, $.10 per share
            
            
            —
            
            
            —
            
            
            250,000
            
            
            25
            
            
            24,975
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            25,000Contributed
                capital
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            20
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            20Net
                loss for the year endedDecember 31, 2005
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            (130,618
            )
            
            (3,000
            )
            
            (133,618
            )Balance,
                December 31, 2005
            
            
            —
            
            
            —
            
            
            12,300,240
            
            
            1,230
            
            
            212,371
            
            
            —
            
            
            (150
            )
            
            (361,454
            )
            
            (33,750
            )
            
            (181,753
            )Extension
                option terms
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            119,897
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            119,897Net
                loss for the year endedDecember 31, 2006
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            (259,909
            )
            
            75
            
            
            (259,834
            )Balance,
                December 31, 2006
            
            
            —
            
            $
            —
            
            
            12,300,240
            
            $
            1,230
            
            $
            332,268
            
            $
            —
            
            $
            (150
            )
            $
            (621,363
            )
            $
            (33,675
            )
            $
            (321,690
            )






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


F-5




**SK
      REALTY VENTURES, INC. AND SUBSIDIARY**


(A
      Development Stage Company)


Consolidated
      Statements of Cash Flows





FromInception
                onAugust1,2003
                toDecember
                31,
            
            December
                31,2006
            
            2005
            
            2006CASH
                FLOWS FROM OPERATING ACTIVITIESNet
                loss
            
            $
            (259,909
            )
            $
            (130,618
            )
            $
            (621,363
            )Adjustments
                to reconcile net loss to net cashused
                by operating activities:Stock
                issued for services
            
            
            12,500
            
            
            12,500
            
            
            45,000Amortization
                of deferred consulting expense
            
            
            —
            
            
            —
            
            
            30,300Forfeiture
                of tax deeds
            
            
            11,000
            
            
            —
            
            
            11,000Option
                extension expense
            
            
            119,897
            
            
            —
            
            
            119,897Changes
                in operating assets and liabilities:Property
                tax payable
            
            
            (1,831
            )
            
            1,035
            
            
            2,339Accrued
                interest payable
            
            
            2,132
            
            
            125
            
            
            2,257Deferred
                consulting
            
            
            —
            
            
            —
            
            
            94,581Increase
                in accrued expenses
            
            
            101,199
            
            
            106,908
            
            
            295,927Net
                Cash Used by Operating Activities
            
            
            (15,012
            )
            
            (10,050
            )
            
            (20,062
            )CASH
                FLOWS FROM INVESTING ACTIVITIESTax
                deeds purchased
            
            
            —
            
            
            (5,661
            )
            
            (5,661
            )Net
                Cash Used by Investing Activities
            
            
            —
            
            
            (5,661
            )
            
            (5,661
            )CASH
                FLOWS FROM FINANCING ACTIVITIESProceeds
                from loan payable
            
            
            15,000
            
            
            10,000
            
            
            25,000Proceeds
                from line of credit
            
            
            —
            
            
            5,661
            
            
            5,661Contributed
                capital
            
            
            —
            
            
            20
            
            
            70Net
                Cash Provided by Financing Activities
            
            
            15,000
            
            
            15,681
            
            
            25,731NET
                INCREASE (DECREASE) IN CASH (12) (30) 8CASH
                AT BEGINNING OF PERIOD
            
            
            20
            
            
            50
            
            
            —CASH
                AT END OF PERIOD
            
            $
            8
            
            $
            20
            
            $
            8SUPPLEMENTAL
                CASH FLOW INFORMATIONCash
                paid for interest
            
            $
            —
            
            $
            —
            
            $
            —Cash
                paid for income taxes
            
            $
            —
            
            $
            —
            
            $
            —NON-CASH
                INVESTING AND FINANCING ACTIVITIESStock
                for assets
            
            $
            —
            
            $
            —
            
            $
            48,650Stock
                issued for services
            
            $
            12,500
            
            $
            12,500
            
            $
            45,000Net
                change in unrealized loss on investment
            
            $
            (75
            )
            $
            3,000
            
            $
            33,675






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


F-6




**SK
      REALTY VENTURES, INC. AND SUBSIDIARY**


(A
      Development Stage Company)


Notes
      to
      the Consolidated Financial Statements


December
      31, 2006 and 2005






NOTE
      1 -  ORGANIZATION
      AND CORPORATE HISTORY





The
      Company was incorporated on August 1, 2003, under the name of SK Realty
      Ventures, Inc. Since its inception it has not engaged in a significant business
      activity and is considered to be a development stage company. The articles
      of
      incorporation of the Company state that its purpose is to engage in the business
      of making investments and acquisition of assets, properties and businesses
      and
      to engage in any and all other lawful business. The Company’s main strategy is
      acquiring tax deeds and tax liens.





On
      August
      15, 2003 the Company acquired all of the outstanding shares of J Adam Holdings,
      Inc. (J Adam). J Adam's was incorporated in Delaware on May 3, 2002. In November
      J Adam's acquired the Tax Deeds assets (Note 8). J Adam's had no other activity.





NOTE
      2 -  SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES





a.
      Recognition of Income





The
      Company recognizes income and expenses on the accrual basis of accounting.
      The
      fiscal year of the Company ends on December 31.





b.
      Basic
      Income Per Share





The
      computation of basic income per share of common stock is based on the weighted
      average number of shares issued and outstanding during the period of the
      financial statements as follows:




December
                31,2006
            
            2005Numerator
                - (loss)
            
            $
            (251,969
            )
            $
            (130,618
            )Denominator
                - weighted average number if shares outstanding
            
            
            12,300,240
            
            
            12,118,048Loss
                per share
            
            $
            (0.02
            )
            $
            (0.01
            )


F-7




**SK
      REALTY VENTURES, INC. AND SUBSIDIARY**


(A
      Development Stage Company)


Notes
      to
      the Consolidated Financial Statements


December
      31, 2006 and 2005






NOTE
      2 -  SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES (Continued)





c.
      Provision for Taxes





Deferred
      taxes are provided on a liability method whereby deferred tax assets are
      recognized for deductible temporary differences and operating loss and tax
      credit carry forwards and deferred tax liabilities are recognized for taxable
      temporary differences. Temporary differences are the differences between the
      reported amounts of assets and liabilities and their tax bases. Deferred tax
      assets are reduced by a valuation allowance when, in the opinion of management,
      it is more likely than not that some portion or all of the deferred tax assets
      will not be realized. Deferred tax assets and liabilities are adjusted for
      the
      effects of changes in tax laws and rates on the date of enactment.





Net
      deferred tax asset consists of the following components as of December 31,
      2006
      and 2005:





2006
            
            2005Deferred
                tax assets:NOL
                carryover
            
            $
            (43,745
            )
            $
            (26,200
            )Accrued
                compensation
            
            
            (71,030
            )
            
            (46,800
            )Deferred
                tax liabilities:Valuation
                allowance
            
            $
            114,775
            
            $
            73,000Net
                deferred tax asset
            
            
            —
            
            
            —Total
            
            $
            —
            
            $
            —





The
      income tax provision differs from the amount of income tax determined by
      applying the U.S. federal income tax rate to pretax income from continuing
      operations for the years ended December 31, 2006 due to the
      following:





2006Book
                Loss
            
            $
            (51,510
            )Accrued
                compensation
            
            
            9,740Unrealized
                loss
            
            
            (30
            )Valuation
                allowance
            
            
            (41,800
            )$
            —


At
      December 31, 2006, the Company had no net operating loss carryforwards that
      may
      be offset against future taxable income.





d.
      Cash
      and Cash Equivalents





The
      Company considers all highly liquid investments with a maturity of three months
      or less when purchased to be cash equivalents.


F-8




**SK
      REALTY VENTURES, INC. AND SUBSIDIARY**


(A
      Development Stage Company)


Notes
      to
      the Consolidated Financial Statements


December
      31, 2006 and 2005






NOTE
      2 -  SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES (Continued)





e.
      Estimates





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





NOTE
      3
      -  GOING
      CONCERN





The
      financial statements are presented on the basis that the Company is a going
      concern. A going concern contemplates the realization of assets and the
      satisfaction of liabilities in the normal course of business over a reasonable
      length of time. The Company has incurred significant losses from operations,
      which raise substantial doubt about its ability to continue as a going concern.





Management
      is presently pursuing additional financing through borrowing and issuing shares
      to pay for expenses. The ability of the Company to achieve its operating goals
      and to obtain such additional finances, however, is uncertain. The financial
      statements do not include any adjustments relating to the recoverability and
      classification of asset carrying amounts or the amount and classification of
      liabilities that might result from the outcome of these
      uncertainties.





NOTE
      4 -  NEWLY
      ISSUED ACCOUNTING PRONOUNCMENTS





In
      December 2004 the FASB issued SFAS No. 123R, a revision to SFAS 123 "Accounting
      for Stock Based Compensation" and supersedes APB Opinion No. 25 "Accounting
      for
      Stock Issued to Employees" and its related implementation guidance. SFAS No.
      123R establishes standards for the accounting for transactions in which an
      entity exchanges instruments for goods or services. It also addresses
      transactions in which an entity incurs liabilities in exchange for goods or
      services that are based on the fair value of the entity's equity instruments
      or
      that may be settled by the issuance of those equity instruments. SFAS 123R
      established the accounting treatment for transactions in which an entity obtains
      employee services in share-based payment transactions. SFAS 123R requires
      companies to recognize in the statement of operations the grant-date fair value
      of stock options and other equity-based compensation issued to employees. SFAS
      123R requires the Company to value the share-based compensation based on the
      classification of the share-based award. If the share-based award is to be
      classified as a liability, the Company must re-measure the award at each balance
      sheet date until the award is settled. If the share-based award is to be
      classified as equity, the Company will measure the value of the share-based
      award on the date of grant but the award will not be re-measured at each balance
      sheet date. SFAS 123R does not change the accounting guidance for share-based
      payment transactions with parties other than employees provided in SFAS 123
      as
      originally issued and EITF Issue No. 96-18 "Accounting for Equity Instruments
      that are Issued to Other than Employees for Acquiring, or in


F-9




**SK
      REALTY VENTURES, INC. AND SUBSIDIARY**


(A
      Development Stage Company)


Notes
      to
      the Consolidated Financial Statements


December
      31, 2006 and 2005






NOTE
      4 -  NEWLY
      ISSUED ACCOUNTING PRONOUNCMENTS (Continued)





conjunction
      with Selling, Goods or Services". SFAS 123R is effective for small business
      issuers as of December 15, 2005. All public companies must use either the
      modified prospective or modified retrospective transition method. Under the
      modified prospective method, awards that are granted, modified, or settled
      after
      the date of adoption should be measured and accounted for in accordance with
      SFAS 123R. Unvested equity classified awards that were granted prior to the
      effective date should continue to be accounted for in accordance to SFAS 123
      except that the amounts must be recognized in the statement of operations.
      Under
      the modified retrospective method, the previously reported amounts are restated
      (either to the beginning of the year of adoption or for all periods presented)
      to reflect SFAS 123 amounts in the statement of operations. Management is in
      the
      process of determining the effect SFAS 123R will have upon the Company's
      financial position and statement of operations.





In
      March
      2005, the FASB issued Staff Accounting Bulletin No. 107 ("SAB 107") which
      provides additional guidance to the new stock option expensing provisions under
      SFAS 123(R). SAB 107 acknowledges that fair value estimates cannot predict
      actual future events and as long as the estimates are made in good faith, they
      will not be subsequently questioned no matter what the actual outcome.
      Historical volatility should be measured on an un-weighted basis over a period
      equal to or longer than the expected option term or contractual term, depending
      on the option-pricing model that is used. Implied volatility is based on the
      market prices of a company's traded options or other financial instruments
      with
      option-like features, and is derived by entering the market price of the traded
      option into a closed-form model and solving for the volatility input. SAB 107
      provides additional guidance for companies when estimating an option's expected
      term. In general, companies are not allowed to consider additional term
      reduction and the option term cannot be shorter than the vesting period.
      Companies are permitted to use historical stock option exercise experience
      to
      estimate expected term if it represents the best estimate for future exercise
      patterns. SAB 107 provides that companies should enhance MD&A disclosures
      related to equity compensation subsequent to adoption of Statement 123(R).
      SAB
      107 provided that companies should provide all disclosures required by Statement
      123 (R) in the first 10-Q filed after adoption of the new rules.





In
      December 2004, the FASB issued Staff Position No. FAS 109-1 ("FAS 109-1"),
      "Application of FASB Statement No. 109, "Accounting for Income Taxes," to the
      Tax Deduction on Qualified Production Activities Provided by the American Jobs
      Creation Act of 2004 ("AJCA"). The AJCA introduces a special 9% tax deduction
      on
      qualified production activities.


F-10
 
  **SK
        REALTY VENTURES, INC. AND SUBSIDIARY**


(A
      Development Stage Company)


Notes
      to
      the Consolidated Financial Statements


December
      31, 2006 and 2005






NOTE
      4 -  NEWLY
      ISSUED ACCOUNTING PRONOUNCMENTS (Continued)





In
      December 2004 the FASB issued SFAS No. 153, "Exchanges of non-monetary Assets
      -
      An Amendment of APB Opinion No. 29". The amendments made by SFAS No. 153 are
      based on the principle that exchanges of non-monetary assets should be measured
      based on the fair value of the assets exchanged. Further, the amendments
      eliminate the narrow exception for non-monetary exchanges of similar productive
      assets and replace it with a broader exception for exchanges of non-monetary
      assets that do not have "commercial substance." Previously, Opinion 29 required
      that the accounting for an exchange of a productive asset for a similar
      productive asset or an equivalent interest in the same or similar productive
      asset should be based on the recorded amount of the asset relinquished. The
      provisions in SFAS No. 153 are effective for non-monetary asset exchanges
      occurring in fiscal periods beginning after June 15, 2005. Early application
      is
      permitted and companies must apply the standard prospectively. Companies must
      apply the standard prospectively. Management is in the process of determining
      the effect, if any, SFAS No. 153 will have upon the Company's financial
      position, results of operations or cash flows.





NOTE
      5
      -  INVESTMENT
      IN MARKETABLE SECURITIES





The
      following is a summary of the Company's investment in available-for-sale
      securities as of December 31, 2006:





Available-for-SaleGross
            
            GrossUnrealized
            
            Unrealized
            
            FairGains
            
            Losses
            
            ValueEquity
                securities free trading
            
            $
            75
            
            $
            —
            
            $
            3,825





Changes
      in the unrealized gain (loss) on available-for-sale securities during the years
      ended December 31, 2006 and 2005 reported as a separate component of
      stockholders' equity are as follows:





For
                the years EndedDecember
                312006
            
            2005Beginning
                balance
            
            $
            3,750
            
            $
            6,750Increase
                in unrealized holding gains (losses)
            
            
            75
            
            
            (3,000
            )Ending
                balance
            
            $
            3,825
            
            $
            3,750








F-11




**SK
      REALTY VENTURES, INC. AND SUBSIDIARY**


(A
      Development Stage Company)


Notes
      to
      the Consolidated Financial Statements


December
      31, 2006 and 2005






NOTE
      6 -  PREFERRED
      STOCK





The
      Company has authorized up to 10,000,000 shares of preferred stock with a par
      value of $.0001 per share. The preferred stock can be issued in various series
      with varying dividend rates and preferences. At December 31, 2006, there are
      no
      issued series or shares of preferred stock.





NOTE
      7 -  OUTSTANDING
      STOCK OPTIONS





FASB
      Statement 123, "Accounting for Stock-Based Compensation" ("SFAS No. 123"),
      which
      was amended by SFAS No. 148 requires the Company to provide proforma information
      regarding net income and net income per share as if compensation costs for
      the
      Company's stock option plans and other stock awards had been determined in
      accordance with the fair value based method prescribed in SFAS No. 123. The
      Company estimated the fair value of each stock award at the grant date by using
      the Black-Scholes option pricing model with the following assumptions used
      for
      grants during 2003: dividend yield of zero percent, expected volatility of
      13.12
      percent, risk-free interest rate of 2.625 percent, and expected life of 0.25
      years. As a result of applying SFAS No. 123, the Company incurred an expense
      for
      services rendered by non-employees, which is included in salary and consulting
      expense on the statement of operations for the year ended December 31, 2003.





On
      November 1, 2003, the Board of Directors of the Company adopted "The 2003
      Compensation Benefit Plan, under which the Company may issue stock, or grant
      options to employees, consultants, advisors, or other individuals. The total
      number of shares as to which the Company may issue or grant options under this
      plan is one and one half million (1,500,000). The Company has granted 1,200,000
      shares under this plan.





On
      December 2, 2006, the Company extended the options issued under the plan for
      an
      additional three (3) years. The Company recorded a compensation expense in
      the
      amount of 119,897 for 2006. Under the Black Scholes option pricing model, the
      options were valued based on the remaining life and a volatility predicated
      on
      no trading of the stock at the time of the extension. The pricing was based
      on
      $.10 per share which was the pricing for previous offerings of the
      Company.




A
      summary
      of the status of the Company's stock option plan as of December 31, 2006 and
      2005 and changes during the years are presented below:





Weighted
                AverageExerciseShares
            
            PriceOutstanding,
                January 1, 2006
            
            
            1,200,000
            
            $
            0.0001Granted
            
            
            —
            
            
            —Canceled/Expired
            
            
            —
            
            
            —Exercised
            
            
            —
            
            
            —Outstanding,
                December 31, 2006
            
            
            1,200,000Exercisable,
                December 31, 2006
            
            
            1,200,000





If
      the
      Company had elected to recognize compensation expense based upon the fair value
      at the grant date for awards under this plan consistent with the methodology
      prescribed by SFAS No. 123, the Company's net income and earnings per share
      would be reduced to the pro forma amounts indicated below for the year ended
      December 31, 2005:





2005Net
                Loss as reported
            
            $
            (130,618
            )Add:
                Stock Based Employee Compensation expenseincluded
                in reported net loss, net of related tax effects
            
            
            —Deduct:
                Total Stock Based Employee Compensationexpense
                determined under fair value based methodfor
                all awards, net of related tax effects
            
            
            —Pro
                Forma
            
            $
            (130,618
            )Basic
                and Diluted Loss Per ShareAs
                Reported
            
            $
            (0.01
            )Pro
                Forma
            
            $
            (0.01
            )





F-12




**SK
      REALTY VENTURES, INC. AND SUBSIDIARY**


(A
      Development Stage Company)


Notes
      to
      the Consolidated Financial Statements


December
      31, 2006 and 2005






NOTE
      7 -  OUTSTANDING
      STOCK OPTIONS (Continued)





Weighted
                AverageExerciseShares
            
            PriceOutstanding,
                January 1, 2005
            
            
            1,200,000
            
            $
            0.0001Granted
            
            
            —
            
            
            —Canceled/Expired
            
            
            —
            
            
            —Exercised
            
            
            —
            
            
            —Outstanding,
                December 31, 2005
            
            
            1,200,000Exercisable,
                December 31, 2005
            
            
            1,200,000





On
      December 7, 2006, the Options granted were extended for three years.





NOTE
      8
      -  TAX
      DEEDS





The
      Company, through its wholly owned subsidiary, obtained ownership of five pieces
      of property in Reading, PA by bidding and paying back taxes on the county's
      tax
      sale of the property. The value of the property is the cost paid to the county
      to obtain the rights to the property. Ownership of the Tax Deeds requires that
      the real estate taxes are paid when due. If the taxes are not paid, then the
      governing authority has the right to re-auction those properties, thereby
      extinguishing the Company’s ownership interest in the property. The initial two
      properties acquired by the Company were sold by the Municipality for back taxes
      in November 2006, thereby causing a reduction in the Company’s assets and
      liabilities. The Company received no cash from this sale and all of its rights
      and liabilities were extinguished upon that sale. The Company intends to sell
      or
      otherwise dispose of the other properties and remit the taxes due upon the
      sale.
      During 2006 the Company recognized a loss of $11,000 on sale of these two
      properties.





NOTE
      9
      -  EXPENSING
      OF DEFERRED COMPENSATION





The
      Company during the year ended December 31, 2006 took an expense in the amount
      of
      $60,000 representing deferred employee compensation which accrued but was not
      paid.





NOTE
      10
      -  RELATED
      PARTY TRANSACTIONS





Our
      President, Chief Executive Officer and sole Director, Richard Miller is also
      the
      principal owner of Triple J Associates, the lender of our Secured Revolving
      Grid
      Promissory Note and the secured party under our Credit Line Mortgage and
      Security Agreement. Currently, the Company is indebted to Triple J Associates
      in
      the amount of $6,295 and the Company's two mobile home properties in Reading,
      PA
      are pledged as security to Triple J Associates.





F-13




**SK
      REALTY VENTURES, INC. AND SUBSIDIARY**


(A
      Development Stage Company)


Notes
      to
      the Consolidated Financial Statements


December
      31, 2006 and 2005






NOTE
      11 -
      NOTES PAYABLE





In
      December 2005 the Company borrowed from its Chief Executive Officer the sum
      of
      $10,000 at an interest rate of 10% and the noted is due on demand. During 2006
      the Company borrowed funds from individuals in the amount of $15,000 at an
      interest rate of 10% and the notes are due on demand. The Company has accrued
      interest on the notes and during 2006 no payments were made on the
      notes.





NOTE
      12
      -  SUBSEQUENT
      EVENTS





On
      January 2, 2007, the option holders exercised their options pursuant to their
      respective Option Grants under the 2003 Compensation Benefit Plan. A total
      of
      1,200,000 options were exercised into common stock of the Company on a cashless
      basis.


F-14




**Item
      8. Changes in and Disagreements with Accountants on Accounting and Financial
      Disclosure**




None





**Item
      8A. Controls and Procedures**





Disclosure
      controls and procedures are the Company’s controls and other procedures that are
      designed to ensure that information required to be disclosed by the Company in
      the reports that the Company files or submits under the Securities Exchange
      Act
      of 1934 is recorded, processed, summarized and reported, within the time periods
      specified in the Securities and Exchange Commission’s rules and forms.
      Disclosure controls and procedures include, without limitation, controls and
      procedures designed to ensure that information required to be disclosed by
      the
      Company in the reports that it files under the Exchange Act is accumulated
      and
      communicated to the Company’s management, including its Chief Executive Officer,
      as appropriate to allow timely decisions regarding required
      disclosure.





Under
      the
      supervision and with the participation of the Company’s management, including
      its Chief Executive Officer, the Company has evaluated the effectiveness of
      the
      design and operation of the Company’s disclosure controls and procedures as of
      the end of the reporting period, and, based on their evaluation, the Company’s
      Chief Executive Officer has concluded that these controls and procedures were
      effective. There were no significant changes in the Company’s internal controls
      over financial reporting identified in connection with an evaluation thereof
      that occurred during the Company’s last fiscal quarter that has materially
      affected, or is reasonably likely to materially affect, the Company’s internal
      control over fiscal reporting.





LIMITATIONS
      ON THE EFFECTIVENESS OF INTERNAL CONTROL





Management
      does not expect that our disclosure controls and procedures or our internal
      control over financial reporting will necessarily prevent all fraud and material
      errors. An internal control system, no matter how well conceived and operated,
      can provide only reasonable, not absolute, assurance that the objectives of
      the
      control system are met. Further, the design of a control system must reflect
      the
      fact that there are resource constraints and the benefits of controls must
      be
      considered relative to their costs. Because of the inherent limitations on
      all
      internal control systems, no evaluation of controls can provide absolute
      assurance that all control issues and instances of fraud, if any, within the
      Company have been detected. These inherent limitations include the realities
      that judgments in decision-making can be faulty and that breakdowns can occur
      because of simple error or mistake. The design of any system of internal control
      is also based in part upon certain assumptions about the likelihood of future
      events and there can be no assurance that any design will succeed in achieving
      its stated goals under all potential future conditions. Over time, controls
      may
      become inadequate because of changes in circumstances, and/or the degree of
      compliance with the policies and procedures may deteriorate. Because of the
      inherent limitations in a cost effective internal control system, financial
      reporting misstatements due to error or fraud may occur and may not be detected
      on a timely basis.


-12-





We
      have identified a material weaknesses in our internal controls related to lack
      of oversight over our assets which led to two of our properties being sold
      for
      unpaid real estate taxes by the city of Reading, PA. The weakness in our
      internal controls was caused by lack of sufficient staff to oversee our assets
      and operations. Management is addressing this issue by devoting increased
      management attention to overseeing our assets. If management is not able to
      devote sufficient additional time and resources to overseeing our assets, we
      may
      sustain additional losses of assets in the future.





There
      have been no other significant changes (including corrective actions with regard to significant deficiencies or
      material weaknesses) in our internal controls or in other factors that could
      significantly affect these controls subsequent to the date of the evaluation
      referenced in the above paragraph.





**PART
      III**





**Item
      9: Directors and Executive Officers of the Registrant**





The
      following table sets forth the names and positions of our directors
      and executive officers:





The
      following table includes the names, ages and positions of our directors and
      executive officers as of December 31, 2006. A summary of the background and
      experience of each of these individuals immediately follows the
      table.





Our
      directors and executive officers are:





Name
            
            Age
            
            PositionRichard
                Miller
            
            46
            
            Chief
                Executive Officer, President, Director and acting Chief Financial
                Officer




**Richard
      Miller**


**Chief
      Executive Officer, Director and Chairman**





Since
      1991, Mr. Miller has been a private investor in both equities and real estate.
      During that period of time, Mr. Miller held no other outside employment. Prior
      to 1991, Mr. Miller was a vice president of equity investments at Bear Stearns
      and LF Rothchild. He received a B.S. degree in Economics from New York
      University in 1981.


-13-





COMPLIANCE
      WITH SECTION 16(A) OF THE SECURITIES EXCHANGE ACT OF 1934





Section
      16(a) of the Securities Exchange Act of 1934 requires the Company's directors
      and executive officers and persons who own more than ten percent of a registered
      class of the Company's equity securities to file with the SEC initial reports
      of
      ownership and reports of changes in ownership of common stock and other equity
      securities of the Company. Officers, directors and greater than ten percent
      shareholders are required by SEC regulations to furnish the Company with copies
      of all Section 16(a) forms they file. To the Company's knowledge, based solely
      on the review of copies of such reports furnished to the Company during the
      year
      ended December 31, 2005, all Section 16(a) filing requirements applicable to
      the
      Company's officers, directors and greater than ten percent shareholders were
      complied with.




Family
      Relationships





There
      are
      no family relationships between or among the directors, executive officers
      or
      persons nominated or charged by the Company to become directors or executive
      officers.





Involvement
      in Legal Proceedings





To
      the
      best of the Company's knowledge, during the past five years, none of the
      following occurred with respect to a present or former director or executive
      officer of the Company: (1) any bankruptcy petition filed by or against any
      business of which such person was a general partner or executive officer either
      at the time of the bankruptcy or within two years prior to that time; (2) any
      conviction in a criminal proceeding or being subject to a pending criminal
      proceeding (excluding traffic violations and other minor offenses); (3) being
      subject to any order, judgment or decree, not subsequently reversed, suspended
      or vacated, of any court of any competent jurisdiction, permanently or
      temporarily enjoining, barring, suspending or otherwise limiting his involvement
      in any type of business, securities or banking activities; and (4) being found
      by a court of competent jurisdiction (in a civil action), the SEC or the
      Commodities Futures Trading Commission to have violated a federal or state
      securities or commodities law, and the judgment has not been reversed, suspended
      or vacated.





**Item
      10: Executive Compensation**





COMPENSATION
      SUMMARY





The
      following table sets forth the compensation earned by our Chief Executive
      Officer and all of our other executive officers who earned in excess of $100,000
      in salary and bonus (collectively the "Named Executives") for services rendered
      to us during the fiscal year.





SUMMARY
      COMPENSATION TABLE (1)





Name
                and Principal Position
            
            Annual
                Compensation (1)
            
            Long-Term
                Compensation AwardsSalary
            
            Cash
                Paid
            
            Options
            
            WarrantsRichard
                Miller
            
            $
            60,000
            
            
            0
            
            
            0
            
            
            0





(1)
            During
                2006, unpaid compensation to Mr. Miller was accrued in the total
                amount of
                $60,000.





(2)
            The
                above table and all compensation information contained therein includes
                the Company’s predecessor J. Adam Holdings, Inc. There was no compensation
                paid to employees, officer or directors of J. Adam Holdings,
                Inc.




-14-




**OPTION
      GRANTS DURING YEAR ENDED DECEMBER 31, 2006**





None





**COMPENSATION
      OF DIRECTORS**





None





**EMPLOYMENT
      AGREEMENTS AND TERMINATION OF EMPLOYMENT AND CHANGE OF CONTROL
      ARRANGEMENTS**





We
      have
      no employment agreement with our sole officer.





**Item
      11: Security Ownership of Certain Beneficial Owners and
      Management**





The
      following table shows all directors and officers of the Company and all persons
      known to the Company to be the beneficial owner of more than five percent of
      the
      Company's common stock as of
      December 31, 2006. Unless otherwise indicated, the beneficial owner has sole
      voting and investment power with respect to such shares of Common
      Stock.





The
      following tables shows all directors and officers of the Company and all persons
      known to the Company to be the beneficial owner of more than five percent of
      the
      Company's common stock as of December 31, 2006.


Name
                of Beneficial Owner (1)
            
            Amount
                and Nature of Beneficial Ownership (2)
            
            Percent
                of
              Class
                (3)EXECUTIVE
                OFFICERS AND DIRECTORSRichard
                Miller
            
            
            10,000,000
            
            
            83
            %All
                directors and executive officers as a group
            
            
            
            
            
            83
            %OTHER
                5% STOCKHOLDERS
            
            
            NoneNoneAll
                directors, executive officers and 5% stockholders as a
                group
            
            
            10,000,000
            
            
            83
            %





(1)
            The
                address of each director, officer and principal stockholder is c/o
                SK
                Realty, Inc., 2209 Merrick Road; Suite 204, Merrick, NY
                11566.





(2)
            Unless
                otherwise indicated, we believe that all persons named in the table
                have
                sole voting and investment power with respect to all shares of common
                stock beneficially owned by them. A person is deemed to be the beneficial
                owner of securities which may be acquired by such person within 60
                days
                from the date on which beneficial ownership is to be determined upon
                the
                exercise of options, warrants or convertible
                securities.





(3)
            Each
                beneficial owner's percentage ownership is determined by assuming
                that
                stock options and warrants that are held by that person (but not
                those
                held by any other person) and which are exercisable within 60 days
                from
                the date on which beneficial ownership is to be determined have been
                exercised.




-15-




**Item
      12: Certain Relationships and Related Transactions**





Our
      President, Chief Executive Officer and sole Director, Richard Miller is also
      the
      principal owner of Triple J Associates, the lender of our expired Secured
      Revolving Grid Promissory Note and the secured party under our Credit Line
      Mortgage and Security Agreement. Currently, the Company is indebted to Triple
      J
      Associates in the amount of $6,295 and the Company's two mobile home properties
      in Reading, PA are pledged as security to Triple J Associates.





**Item
      13: Exhibits, Financial Statements, and Reports on Form
      8-K**





The
      following documents are filed as a part of this Report:





1.
      Financial Statements





The
      following consolidated financial statements of SK Realty Ventures, Inc., and
      Subsidiary, and the Independent
      Registered Public Accounting Firm Report
      issued thereon, are incorporated by reference in Part II, Item 7:





Report
      of
      Independent Certified Public Accountants


Consolidated
      Balance Sheet


Consolidated
      Statements of Operations


Consolidated
      Statement of Stockholders' Equity


Consolidated
      Statements of Cash Flows


Notes
      to
      Consolidated Financial Statements





2.
      Exhibits





The
      following exhibits are filed as part of, or incorporated by reference into
      this
      Report:




Exhibit
            Contents31.1
            Certification
                of Chief Executive Officer and Chief Financial Officer, as required
                by
                Rule 13a-14(a) of the Securities Exchange Act of 193432.1
            Certification
                of Chief Executive Officer and Chief Financial Officer, as required
                by
                Rule 13a-14(b) of the Securities Exchange Act of
                1934




3.
      Reports on Form 8-K





None




-16-




**Item
      14.**  **Principal
      Accountant Fees and Services**





AUDIT
      AND
      NON-AUDIT FEES





The
      following presents fees for professional audit services rendered by HJ &
Associates, LLC for the audit of the Company’s annual financial statements for
      2005 and 2006 and billed for other services rendered by HJ & Associates,
      LLC.





2006
            
            2005Audit
                fees, including fees paid in 2005 for services performed in 2006
                and
                excluding audit related fees
            
            $
            23,092
            
            $
            26,945All
                other fees
            
            
            —
            
            
            —Audit
                related
            
            
            —
            
            
            —Other
                non-audit
            
            
            —
            
            
            —Services
            
            
            —
            
            
            —Total
                all other fees
            
            
            —
            
            
            —Total
            
            $
            23,092
            
            $
            26,945




-17-




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.





SK
      REALTY
      VENTURES, INC.


(Registrant)






By: 
      /s/ Richard Miller


(Richard
      Miller Chief Executive Officer,


Chief
      Financial Officer, President
      and Director)





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 and on the dates indicated below.








Signature
            
            Title
            
            Date/s/
                Richard Miller
            
            Chief
                Executive Officer, Chief Financial Officer,
            
            May
                3, 2007(Richard
                Miller)
            
            President
              and Director




-18-




EXHIBIT
      INDEX




Exhibit
            
            Contents31.1
            
            Certification
                of Chief Executive Officer and Chief Financial Officer, as required
                by
                Rule 13a-14(a) of the Securities Exchange Act of 193432.1
            
            Certification
                of Chief Executive Officer and Chief Financial Officer, as required
                by
                Rule 13a-14(b) of the Securities Exchange Act of 1934