---

UNITED
STATESSECURITIES AND
EXCHANGE COMMISSIONWASHINGTON, D.C.
20549

FORM
10-QSB

[ X ]QUARTERLY REPORT
UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period endedDecember 31, 2007

[   ]TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE
ACT

For the transition period from __________ toCommission file number000-52449

STAR RESORTS
DEVELOPMENT INC.(Exact name of small
business issuer as specified in its charter)

|Nevada                                                               | 98-0521492                                
|-------------------------------------------------------------------- | ------------------------------------------
|(State or other jurisdiction of
      incorporation or organization) | (I.R.S. Employer
      Identification No.)

701 Brickell Avenue, Suite 1550, Miami FL
33131(Address of principal executive
offices)

(305) 728-5254(Issuer's telephone number)

1221 Brickell Ave., 9th Floor, Miami FL
33131(Former name, former address and former
fiscal year, if changed since last report)

Check whether the issuer: (1) filed all reports
required to be filed by Section 13 or 15(d) of the Exchange Act during the past
12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past
90 days. Yes [X] No [   ]

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

APPLICABLE ONLY TO ISSUERS INVOLVED IN
BANKRUPTCYPROCEEDINGS DURING THE PRECEDING
FIVE YEARS

Check whether the registrant filed all
documents and reports required to be filed by Section 12, 13 or 15(d) of the
Exchange Act after the distribution of securities under a plan confirmed by a
court. Yes [   ] No [   ]

APPLICABLE ONLY TO CORPORATE
ISSUERS

State the number of shares outstanding of each
of the issuer's classes of common equity, as of the latest practicable date:56,575,000 common shares issued and outstanding as of
February 5, 2008.

Transitional Small Business Disclosure Format
(Check one):Yes [   ] No [X]

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- 2 -

PART IFINANCIAL INFORMATION

ITEM 1. FINANCIAL
STATEMENTS.

STAR RESORTS DEVELOPMENT, INC.(A Development Stage Company)BALANCE SHEET

|                                                        |   | December 31, |   |   |                |  
|------------------------------------------------------- | - | ------------ | - | - | -------------- | -
|                                                        |   | 2007         |   |   | March 31, 2007 |  
|                                                        |   | Unaudited    |   |   | (Restated)     |  
|ASSETS                                                  |   |              |   |   | Note 6         |  
|CURRENT ASSETS                                          |   |              |   |   |                |  
|Cash                                                    | $ | 19,231       |   | $ | 2,200          |  
|Deposits                                                |   | -            |   |   | -              |  
|Total Current Assets                                    |   | 19,231       |   |   | 2,200          |  
|OTHER
      ASSETS                                      |   |              |   |   |                |  
|Investment in Cerro
      Bayo Project                  |   | 4,086,500    |   |   | -              |  
|Investment in Sta. Maria De Los Andes
      Project     |   | 623,808      |   |   | -              |  
|Investment in Puerto
      Madero Project               |   | 1,300,000    |   |   | -              |  
|Investment in Land                                      | $ | 650,000      |   |   | -              |  
|Total Other Assets                                      |   | 6,660,308    |   |   | -              |  
|                                                        |   |              |   |   |                |  
|TOTAL ASSETS                                            | $ | 6,679,538    |   | $ | 2,200          |  
|LIABILITIES AND STOCKHOLDERS'
      EQUITY              |   |              |   |   |                |  
|CURRENT LIABILITIES                                     |   |              |   |   |                |  
|Accounts payable                                        | $ | -            |   | $ | 1,200          |  
|Subscriptions Received:
      Cash                      |   | 2,200,000    |   |   | -              |  
|Subscriptions Received: Assets                          | $ | 3,450,000    |   |   |                |  
|Total Current Liabilities                               |   | 5,650,000    |   |   | 1,200          |  
|Total Liabilities                                       |   | 5,650,000    |   |   | 1,200          |  
|STOCKHOLDERS' EQUITY                                    |   |              |   |   |                |  
|Common stock, 525,000,000 shares
      authorized,      |   |              |   |   |                |  
|$0.001 par value; 52,925,000 were issued andoutstanding |   |              |   |   |                |  
|Additional paid-in capital                              |   | 1,358,075    |   |   | 10,600         |  
|Accumulated
      deficit                               |   | (381,462     | ) |   | (60,000        | )
|Total Stockholder's Equity                              |   | 1,029,538    |   |   | 1,000          |  
|                                                        |   |              |   |   |                |  
|TOTAL
      LIABILITIES AND STOCKHOLDERS' EQUITY        | $ | 6,679,538    |   | $ | 2,200          |  

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

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- 3 -

STAR RESORTS DEVELOPMENT,
INC.(A Development Stage Company)STATEMENT OF
OPERATIONS(Unaudited)

|                               |   |                    |   |   |                   |   |   | For the period    |  
|------------------------------ | - | ------------------ | - | - | ----------------- | - | - | ----------------- | -
|                               |   |                    |   |   |                   |   |   | from Inception,   |  
|                               |   | For the            |   |   | For the           |   |   | November 8, 2005, |  
|                               |   | Three Months Ended |   |   | Nine Months Ended |   |   | through           |  
|                               |   | December 31,       |   |   | December 31,      |   |   | December 31,      |  
|                               |   | 2007               |   |   | 2006              |   |   | 2007              |  
|SALES                          | $ | -                  |   | $ | -                 |   | $ | -                 |  
|COST OF GOODS
      SOLD       |   | -                  |   |   | -                 |   |   | -                 |  
|GROSS PROFIT                   |   | -                  |   |   | -                 |   |   | -                 |  
|EXPENSES                       |   |                    |   |   |                   |   |   |                   |  
|Property Expenses              |   | -                  |   |   | 4,000             |   |   | 2,851             |  
|Salary                         |   | 73,000             |   |   |                   |   |   | 129,020           |  
|Professional fees              |   | 3,400              |   |   | 500               |   |   | 7,250             |  
|Consulting                     |   | 15,233             |   |   |                   |   |   | 15,233            |  
|Stock transfer fees            |   | 1,629              |   |   | 17,000            |   |   | 1,640             |  
|General and administrative     |   | 90,840             |   |   | 808               |   |   | 165,468           |  
|TOTAL
      EXPENSES           |   | 184,102            |   |   | 22,308            |   |   | 321,462           |  
|LOSS FROM
      OPERATIONS     |   | (184,102           | ) |   | (22,308           | ) |   | (321,462          | )
|OTHER
      INCOME (EXPENSE)   |   | -                  |   |   | -                 |   |   | -                 |  
|LOSS BEFORE INCOME
      TAXES |   | (184,102           | ) |   | (22,308           | ) |   | (321,462          | )
|INCOME
      TAXES             |   | -                  |   |   | -                 |   |   | -                 |  
|NET LOSS                       |   | (184,102           | ) | $ | (22,308           | ) | $ | (321,462          | )
|NET LOSS PER COMMON            |   |                    |   |   |                   |   |   |                   |  
|SHARE,                         |   |                    |   |   |                   |   |   |                   |  
|BASIC AND
      DILUTED        | $ | (0                 | ) | $ | (0                | ) | $ | (0                | )
|WEIGHTED AVERAGE NUMBER        |   |                    |   |   |                   |   |   |                   |  
|OF                             |   |                    |   |   |                   |   |   |                   |  
|COMMON STOCK
      SHARES      |   |                    |   |   |                   |   |   |                   |  
|OUTSTANDING, BASIC AND         |   |                    |   |   |                   |   |   |                   |  
|DILUTED                        |   | 52,925,000         |   |   | 50,400,000        |   |   | 50,702,545        |  
|                               |   |                    |   |   | (Restated)        |   |   |                   |  
|                               |   |                    |   |   | Note 6            |   |   |                   |  

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

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STAR RESORTS DEVELOPMENT,
INC.(A Development Stage Company)STATEMENT OF STOCKHOLDERS
EQUITY(Unaudited)

|                                                        |  | Common Stock |  |   | Additional |  |   |           |   |   | Total       |  
|------------------------------------------------------- |  | ------------ |  | - | ---------- |  | - | --------- | - | - | ----------- | -
|                                                        |  | Number       |  |   |            |  |   | Paid-in   |   |   | Accumulated |  
|                                                        |  | of Shares    |  |   | Amount     |  |   | Capital   |   |   | Deficit     |  
|Balance (date of inception November
      8, 2005)      |  | $-           |  |   | $ -        |  |   | $ -       |   |   | $ -         |  
|                                                        |  |              |  |   |            |  |   |           |   |   |             |  
|Common stock issued for cash at
      $0.005            |  |              |  |   |            |  |   |           |   |   |             |  
|per share on November 24, 2005                          |  | 2,200,000    |  |   | 2,200      |  |   | 8,800     |   |   |             |  
|                                                        |  |              |  |   |            |  |   |           |   |   |             |  
|Common stock issued
      for cash at $0.01             |  |              |  |   |            |  |   |           |   |   |             |  
|per share March 10 - 31, 2006                           |  | 4,750,000    |  |   | 4,750      |  |   | 42,750    |   |   |             |  
|                                                        |  |              |  |   |            |  |   |           |   |   |             |  
|Net loss for the
      period from inception to         |  |              |  |   |            |  |   |           |   |   |             |  
|fiscal period end March 31, 2006                        |  |              |  |   |            |  |   |           |   |   | (4,345      | )
|                                                        |  |              |  |   |            |  |   |           |   |   |             |  
|Balances as at
      fiscal period end March 31, 2006   |  | 6,950,000    |  | $ | 6,950      |  | $ | 51,550    |   |   | ($4,345     | )
|                                                        |  |              |  |   |            |  |   |           |   |   |             |  
|Common stock issued
      for cash at $0.01             |  |              |  |   |            |  |   |           |   |   |             |  
|per share April 3, 2006                                 |  | 250,000      |  |   | 250        |  |   | 2,250     |   |   |             |  
|                                                        |  |              |  |   |            |  |   |           |   |   |             |  
|Net loss for the
      year ended March 31, 2007        |  |              |  |   |            |  |   |           |   |   | (55,655     | )
|                                                        |  |              |  |   |            |  |   |           |   |   |             |  
|Balances at as April 17, 2007,
      before stock split |  | 7,200,000    |  |   | 7,200      |  |   | 53,800    |   |   | (60,000     | )
|                                                        |  |              |  |   |            |  |   |           |   |   |             |  
|Common
      Stock split 7 for 1, April 17, 2007        |  | 43,200,000   |  |   | 43,200     |  |   | (43,200   | ) |   |             |  
|                                                        |  |              |  |   |            |  |   |           |   |   |             |  
|Balances at as April 17, 2007, after
      stock split  |  | 50,400,000   |  |   | 50,400     |  |   | 10,600    |   |   | (60,000     | )
|                                                        |  |              |  |   |            |  |   |           |   |   |             |  
|Common stock issued
      for cash at $0.25             |  |              |  |   |            |  |   |           |   |   |             |  
|per share June 6, 2007                                  |  | 400,000      |  |   | 400        |  |   | 99,600    |   |   |             |  
|                                                        |  |              |  |   |            |  |   |           |   |   |             |  
|Common stock issued
      for cash at $0.80 per share   |  |              |  |   |            |  |   |           |   |   |             |  
|per share August 29, 2007                               |  | 625,000      |  |   | 625        |  |   | 499,375   |   |   |             |  
|                                                        |  |              |  |   |            |  |   |           |   |   |             |  
|Common stock issued
      for cash at $0.50 per share   |  |              |  |   |            |  |   |           |   |   |             |  
|per share August 29, 2007                               |  | 1,500,000    |  |   | 1,500      |  |   | 748,500   |   |   |             |  
|                                                        |  |              |  |   |            |  |   |           |   |   |             |  
|Net loss for the
      nine months ended Dec. 31, 2007  |  |              |  |   |            |  |   |           |   |   |             |  
|                                                        |  |              |  |   |            |  |   |           |   |   | (321,462    | )
|                                                        |  |              |  |   |            |  |   |           |   |   |             |  
|Balances as at
      December 31, 2007                  |  | 52,925,000   |  | $ | 52,925     |  | $ | 1,358,075 |   | $ | (381,462    | )

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

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- 5 -

STAR RESORTS DEVELOPMENT, INC.(A Development Stage Company)STATEMENT OF CASH FLOWSUnaudited

|                                                       |   | For
      the            |   |   | For
      the           |   |   | From Inception         |  
|------------------------------------------------------ | - | ------------------------ | - | - | ----------------------- | - | - | ---------------------- | -
|                                                       |   | Three
      Months Ended |   |   | Nine Months
      Ended |   |   | Nov 8,2005             |  
|                                                       |   | December 31,             |   |   | December 31,            |   |   | through Dec.
      30, |  
|                                                       |   | 2007                     |   |   | 2006                    |   |   | 2007                   |  
|CASH FLOWS FROM OPERATING
      ACTIVITIES             |   |                          |   |   |                         |   |   |                        |  
|Net loss                                               | $ | (184,102.00              | ) | $ | (22,308.00              | ) | $ | (321,462.00            | )
|Adjustments to reconcile net loss to net cash          |   |                          |   |   |                         |   |   |                        |  
|provided (used)
      by operating activities:         |   |                          |   |   |                         |   |   |                        |  
|Decrease (increase) in prepaid expenses                |   | 3,260                    |   |   |                         |   |   |                        |  
|Increase (decrease) in accounts payable                |   |                          |   |   |                         |   |   | (1,200                 | )
|Increase (decrease) in Subscriptions: Cash             |   | 2,200,000                |   |   |                         |   |   | 2,200,000              |  
|Increase (decrease) in Subscriptions: Assets           |   | 3,450,000                |   |   |                         |   |   | 3,450,000              |  
|Net cash provided (used) by
      operating activities |   | 5,469,158                |   |   | (22,308                 | ) |   | 5,327,338              |  
|CASH FLOWS FROM
      INVESTING ACTIVITIES             |   |                          |   |   |                         |   |   |                        |  
|Investment in Cerro Bayo Project                       |   | (3,750,000               | ) |   |                         |   |   | (4,086,500             | )
|Investment in Sta Maria de los Andes Project           |   | (482,538                 | ) |   |                         |   |   | (623,807               | )
|Investment in Puerta Madero Project                    |   | (900,000                 | ) |   |                         |   |   | (1,300,000             | )
|Uboldi Land                                            |   | (650,000                 | ) |   |                         |   |   | (650,000               | )
|Net cash provided (used) by
      investing activities |   | (5,782,538               | ) |   | -                       |   |   | (6,660,307             | )
|CASH FLOWS FROM
      FINANCING ACTIVITIES             |   |                          |   |   |                         |   |   |                        |  
|Proceeds from sale of common stock                     |   |                          |   |   |                         |   |   | 1,350,000              |  
|Net cash provided
      (used) by financing activities |   | -                        |   |   | -                       |   |   | 1,350,000              |  
|Change in cash                                         |   | (313,380                 | ) |   | (22,308                 | ) |   | 17,031                 |  
|Cash, beginning of
      period                        |   | 332,611                  |   |   | 41,705                  |   |   | 2,200                  |  
|Cash, end of period                                    | $ | 19,231                   |   | $ | 19,397                  |   | $ | 19,231                 |  
|SUPPLEMENTAL CASH
      FLOW DISCLOSURES:              |   |                          |   |   |                         |   |   |                        |  
|Interest paid                                          | $ | -                        |   | $ | -                       |   | $ | -                      |  
|Income taxes
      paid                                | $ | -                        |   | $ | -                       |   | $ | -                      |  

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

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- 6 -

STAR RESORTS, INC.(A Development Stage Company)NOTES
TO CONSOLIDATED FINANCIAL STATEMENTSDecember
31, 2007 (Unaudited)

NOTE 1  BASIS OF
PRESENTATION

These financial statements have been prepared
in accordance with generally accepted accounting principles in the United States
of America and with the instructions to Form 10-QSB as promulgated by the
Securities and Exchange Commission (SEC).

While the information presented in the
accompanying interim nine months financial statements is unaudited, it includes
all adjustments that in the opinion of management are necessary to present
fairly the financial position, results of operations and cash flows for the
interim periods presented

These interim financial statements follow the
same accounting policies and methods of their application as the Companys March
31, 2007 annual financial statements. All adjustments are of a normal recurring
nature. It is suggested that these abridged interim financial statements be read
in conjunction with the Companys March 31, 2007 annual financial
statements.

Operating results for the nine months ended
September 30, 2007 are not necessarily indicative of the results that can be
expected for the year ending March 31, 2008.

Use of Estimates

The preparation of financial statements in
accordance with generally accepted accounting principles in the United States of
America requires the use of estimates and assumptions that affect the reported
amounts of assets and liabilities, disclosure of contingent assets and
liabilities known to exist as of the date the financial statements are
published, and the reported amounts of revenues and expenses during the
reporting period. Uncertainties with respect to such estimates and assumptions
are inherent in the preparation of the Companys financial statements;
accordingly, it is possible that the actual results could differ from these
estimates and assumptions and could have a material effect on the reported
amounts of the Companys financial position and results of
operations.

NOTE 2  OPERATIONS

The Company was incorporated in the State of
Nevada, U.S.A., on November 7, 2005. The company was initially engaged in the
acquisition and exploration of mining properties. On November 30, 2005 the
Company entered into a mining lease agreement for certain mineral lands in
Washington State. The Company did not realize any revenues during the
exploratory stage.

On March 6, 2007 a change of control occurred
when the majority stockholder, KIF Capital Corporation, sold all of its common
shares to David Craven, a British citizen. On March 8, 2007 David Craven assumed
the positions of President, Treasurer, CFO and Director.

On April 17, 2007 the Company merged with Star
Resorts Development, Inc. NABO, Inc. survived the merger and the name was
changed to Star Resorts Development, Inc.

In addition, a seven for one stock split of
authorized, issued and outstanding common stock was effected. Authorized capital
increased from 75,000,000 shares of common stock with a par value of $0.001 to
525,000,000,000 shares with the same par value. Issued and outstanding share
capital increased from 7,200,000 shares of common stock to 50,400,000 shares of
common stock.

On May 14, 2007 David Craven was replaced by
Enrique Abaroa Martinez as President, Treasurer and CFO and a Director. He was
succeeded as President by Alejandra Aparicio who also became CEO on August 1,
2007.

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- 7 -

The company abandoned operations related to
its mining lease agreement in Washington state following the merger with Star
Resorts Development, Inc. The company proceeded to focus on investment
opportunities in Latin America.

Going Concern

The accompanying financial statements have
been prepared assuming the Company will continue as a going concern, which
contemplates the realization of assets and liquidation of liabilities in the
normal course of business. The Company has not yet established an ongoing source
of revenues sufficient to cover its operating costs and to allow it to continue
as a going concern.

As shown in the accompanying financial
statements, the Company incurred a net loss of $321,462 but had a positive cash
flow of $17,031 during the nine months ended December 31, 2007, and had no
sales. The future of the Company is dependent upon its ability to obtain
financing and upon future profitable operations from its investment in revenue
properties. Management has plans to seek additional capital through a private
placement or public offering of its common stock. The financial statements do
not include any adjustments relating to the recoverability and classification of
recorded assets, or the amounts of and classification of liabilities that might
be necessary in the event the Company cannot continue in existence.

Development Stage
Company

The Company is considered a development-stage
company, with no operating revenues during the periods presented, as defined by
Statement of Financial Accounting Standards (SFAS) No. 7. SFAS No. 7 requires
companies to report their operations, shareholders deficit and cash flows since
inception through the date that revenues are generated from managements
intended operations, among other things. Management has defined inception as
November 8, 2005. Since inception, the Company has incurred operating losses
totaling $381,462. The Companys working capital has been generated through the
sales of common stock. Management has provided financial data since November 8,
2005 Inception in the financial statements, as a means to provide readers of
the Companys financial information to make informed investment
decisions.

NOTE 3  SIGNIFICANT ACCOUNTING
POLICIES

The financial statements of the Company have
been prepared in accordance with generally accepted accounting principles in the
United States. Because a precise determination of many assets and liabilities is
dependent upon future events, the preparation of financial statements for a
period necessarily involves the use of estimates which have been made using
careful judgment.

The financial statements have, in managements
opinion, been properly prepared within the reasonable limits of materiality and
within the framework of the significant accounting policies summarized
below:

Accounting Method

The Companys financial statements are
prepared using the accrual basis of accounting in accordance with accounting
principles generally accepted in the United States of America.

Income Taxes

The Company utilizes SFAS No. 109, Accounting
for Income Taxes, which requires the recognition of deferred tax assets and
liabilities for the expected future tax consequences of events that have been
included in the financial statements or tax returns. Under this method, deferred
tax assets and liabilities are determined based on the difference between the
tax basis of assets and liabilities and their financial reporting amounts based
on enacted tax laws and statutory tax rates applicable to the periods in which
the differences are expected to affect taxable income. Valuation allowances are
established, when necessary, to reduce deferred tax assets to the amount
expected to be realized. The Company generated deferred tax credits through net
operating loss carryforwards. However, a valuation allowance of 100% has been
established, as the realization of the deferred tax credits is not reasonably
certain, based on going concern considerations outlined above.

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- 8 -

Basic and Diluted Loss Per
Share

In accordance with SFAS No. 128  Earnings
Per Share, the basic loss per common share is computed by dividing net loss
available to common stockholders by the weighted average number of common shares
outstanding. Diluted loss per common share is computed similar to basic loss per
common share except that the denominator is increased to include the number of
additional common shares that would be outstanding if the potential common
shares had been issued and if the additional common shares were dilutive. The
dilutive securities outstanding as of December 31, 2007 were 3,150,000 warrants
convertible into one share of common stock. The exercise of these warrants would
be anti-dilutive since the company is in a loss position, therefore they were
not counted in the calculation of Earnings Per Share.

A common stock split of 7 to 1 occurred on April
  17, 2007. The outstanding shares as at December 31, 2006 were restated to give
  retroactive effect to the stock split.

Nine Months Ended December
31,

|                                            |   | Nine Months Ended December 31, |  
|------------------------------------------- | - | ------------------------------ | -
|                                            |   | 2007                           |  
|Basic and diluted net loss per
      share: |   |                                |  
|Numerator                                   |   |                                |  
|Net Loss                                    | $ | (137,360                       | )
|Denominator                                 |   |                                |  
|Basic and diluted weighted average number   |   |                                |  
|of
      shares outstanding                 |   | 50,653,552                     |  
|                                            |   |                                |  
|Basic and Diluted Net Loss Per
      Share  | $ | (0.003                         | )

NOTE 4  OTHER ASSETS

Investment in Cerro Bayo ProjectIn July 2007, the company loaned $336,500 to Latin
Star Developments, Inc. in connection with the Companys participation in the
Argentinian Cerro Bayo/Dock 2 ski resort/real estate project. A further $500,000
was advanced, followed by a payment to Latin Star in December 2007 in the form
of stock valued at $3,250,000 for Latin Stars interest in Cerro Bayo. The total
investment in Cerro Bayo is $4,086,500.

Investment in Sta Maria De Los Andes
Project.The company made two payments of $141,269
and one of $141,270 from August to December, 2007 in this collaborative real
estate project in Argentina. A further $200,000 in stock was paid to Latin Star,
Inc. for Latin Stars interest in the project, raising the total investment to
$623,808.

Investment in Puerto Madero
Project.On July 31, 2007 the company entered into a
Memorandum of Understanding with two Argentine individuals, owners of 70% of the
stock of Inversiones del Dique S.A., ID, an Argentine company. Star Resorts
agreed to purchase 50% of ID stock, which will gain a 20% interest in the Dock
2 Project, through intermediate stockholdings. The company made a series of
advances in October, November and December, totaling $1,300,000, per terms of
the Memorandum of Understanding.

Investment in Land.In December , 2007 the company exercised an option to buy a share in
land related to the Cerro Bayo project, which is planned for development. The
investment in the land is recorded at cost, $650,000.

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- 9 -

NOTE 5  CAPITAL
STRUCTURE

Common Stock Transactions during the period
from inception November 8, 2005 through June 30, 2007.

On November 24, 2005, the company issued
2,200,000 shares of its common stock to a single investor at a price of $0.005
per share for a total of $11,000.

Between March 10 and March 31, 2006 the
Company issued a total of 4,750,000 shares of its common stock to 34 investors.
The shares were sold at $0.05 for a total of $47,500.

On April 3, 2006 the company issued 250,000
shares of its common stock to three investors at a price of $0.01 per share, for
a total of $2,500.

Significant Stock
Transaction.On March 6, 2007 KIF Capital
Corporation sold all of its 2,200,000 common shares for $335,000 to David
Craven, a British citizen. This represented 30.5% of the issued and outstanding
shares. The purpose as reported to the Securities and Exchange Commission was
for Mr. Craven to acquire control.

On April 17, 2007 the company effected a seven
for one stock split of issued and outstanding common stock. Authorized capital
was increased from 75,000,000 to 525,000,000 shares at the same par value,
$0.001 per share.

On June 6, 2007 the company sold 400,000
shares of common stock to a Swiss investment bank at $0.25 per share, realizing
$100,000. Each share was accompanied by one warrant. Each warrant is convertible
within three years to one common share at a price of $0.75.

On August 29, 2007 1,500,000 common shares
were issued, the price recorded as $0.50 each. Each Warrant is exercisable into
one common share (a Warrant Share) at a price of US $1.00 per Warrant Share
for a period of three years from the date of issuance of the Warrants. The Units
were issued to a non-U.S. person (as that term is defined in Regulation S of the
Securities Act of 1933) in an offshore transaction relying on Regulation S
and/or Section 4(2) of the Securities Act of 1933.

625,000 common shares were issued on August
29, 2007, the price recorded as $0.80 each. Each Warrant is exercisable into one
common share (a Warrant Share) at a price of US $1.30 per Warrant Share for a
period of three years from the date of issuance of the Warrants. The Units were
issued to a non-U.S. person (as that term is defined in Regulation S of the
Securities Act of 1933) in an offshore transaction relying on Regulation S
and/or Section 4(2) of the Securities Act of 1933.

As of December 31, 2007. there were 3,150,000
warrants outstanding, convertible into one share of common stock at a price of
US $1.00 per share, initially exercisable for a period of three years, having an
exercise prices of between $0.75 and $1.30 and expiry dates from June 15, 2010
to October 10, 2012.

As of December 31, 2007, the Company has
authorized 525,000,000 of $0.001 par common stock, of which 52,925,000 shares
were issued and outstanding.

NOTE 6  RESTATED FINANCIAL
STATEMENTS

The audited financial statements for the year
ended March 31, 2007 were restated to give retroactive effect to the 7 to 1
stock split that occurred April 7, 2007:

|                                                                  |   | As Originally
      Reported |  |   | Restated   | 
|----------------------------------------------------------------- | - | ---------------------------- |  | - | ---------- | 
|Issued and
      Outstanding Shares                               |   | 7,200,000                    |  |   | 50,400,000 | 
|Capital Stock                                                     | $ | 7,200                        |  | $ | 50,400     | 
|Paid-In
      Capital                                             | $ | 53,800                       |  | $ | 10,600     | 
|The stock split had a
      neutral effect on stockholder equity. |   |                              |  |  

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- 10 -

Weighted Average Common Stock outstanding,
weighted and diluted, was restated to give effect to the 7 for 1 stock split on
he Statement of Operations for the nine months ended December 31, 2006 and the
three months ended December 31, 2006.

NOTE 7  LITIGATION

There are no legal proceedings against the
Company with respect to matters arising in the ordinary course of
business.

NOTE 8  SUBSEQUENT
EVENTS

On December 20, 2007, Star Resorts Development
Inc. (Star Resorts), (the Company), had entered into an assignment agreement
with Latin Star Developments Inc. (Latin Star), a Nevis company wholly-owned
by a director of Star Resorts, David Craven. Latin Star owned rights to shares
and other assets (the Assets) through a memoranda of understanding (the
MOU), real estate purchase agreement (the REPA) and other related documents
(collectively, the Memoranda).

In accordance with the Memoranda, Latin Star
was due $3,450,000: the sum of $3,250,000 pursuant to the MOU and the sum of
$200,000 pursuant to the REPA. Latin Star assigned to Star Resorts all of Latin
Stars right, title, interest in the Assets for consideration of 6,900,000
shares of Star Resorts common stock. The assets relate to an agreement to
jointly purchase 50% (25% each) of the stock of Cerro Bayo, S.A., an Argentinian
company with a 100% ownership interest in a ski resort in the city of Angostura,
Argentina and to a Real Estate Purchase Agreement to buy four plots of
vineyard-planted land in the Sta. Maria de los Andes project located in the
province of Mendoza, Argentina.

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- 11 -

ITEM 2. MANAGEMENTS DISCUSSION AND
ANALYSIS OR PLAN OF OPERATION.

Forward Looking
Statements

This quarterly report contains forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements relate to future events or our future financial performance. In
some cases, you can identify forward-looking statements by terminology such as
"may", "should", "expects", "plans", "anticipates", "believes", "estimates",
"predicts", "potential" or "continue" or the negative of these terms or other
comparable terminology. These statements are only predictions and involve known
and unknown risks, uncertainties and other factors, including the risks in the
section entitled "Risk Factors", any of which may cause our or our industry's
actual results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking
statements.

Forward looking statements are made based on
management's beliefs, estimates and opinions on the date the statements are made
and we undertake no obligation to update forward-looking statements if these
beliefs, estimates and opinions or other circumstances should change. Although
we believe that the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity, performance
or achievements. Except as required by applicable law, including the securities
laws of the United States, we do not intend to update any of the forward-looking
statements to conform these statements to actual results.

Our financial statements are stated in United
States dollars (US$) and are prepared in accordance with United States Generally
Accepted Accounting Principles.

In this quarterly report, unless otherwise
specified, all dollar amounts are expressed in United States dollars and all
references to "common shares" refer to the common shares in our capital
stock.

As used in this quarterly report, the terms
"we", "us", "our", "Star Resorts" mean Star Resorts Development Inc. and our 50%
owned subsidiary Inversiones del Dique S.A, unless the context clearly requires
otherwise.

Corporate History

We were incorporated in the State of Nevada on
November 7, 2005, under the name Nabo Inc. On April 17, 2007, we changed our
name to Star Resorts Development Inc.. We effected this name change by merging
with our wholly owned subsidiary, named Star Resorts Development Inc., a
Nevada corporation that we formed specifically for this purpose. We changed the
name of our company to better reflect the direction and business of our
company.

In addition to our change of name, we effected
a seven for one stock split of our authorized, issued and outstanding common
stock. As a result, our authorized capital increased from 75,000,000 shares of
common stock with a par value of $0.001 to 525,000,000 shares of common stock
with a par value of $0.001.

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- 12 -

We are in the business of real estate
development and are focusing on the Argentine market. On July 31, 2007, we
entered into a memorandum of understanding with Ricardo Ernesto Bello and Diego
Alberto Radivoy Magnani wherein we have agreed to purchase a 50% interest in the
capital of Inversiones del Dique S.A., an Argentine company which, through its
subsidiary, Incubus S.A. owns a 40% interest in a project known as the Dock 2
Project. We have paid a total of $1,300,000 as of December 31, 2007 have
$1,000,000 still owing, which will be paid in three (3) instalments in January,
February and March 2008.

Recent Corporate
Developments

The following significant corporate
developments have occurred since September 30, 2007, the date of our last
Quarterly Report:

|1. | On October 5, 2007, we closed a private
      placement consisting of 625,000 units of our securities at a price of US
      $0.80 per unit for aggregate proceeds of $500,000. Each unit consists of
      one common share and one common share purchase warrant. Each warrant will
      be exercisable into one warrant share at a price of US $1.30 per warrant
      share until October 5, 2012.      
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                              
|   | We issued the units to a non-U.S. person
      (as that term is defined in Regulation S of the Securities Act of 1933) in
      an offshore transaction relying on Regulation S and/or Section 4(2) of the
      Securities Act of 1933.                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                              
|2. | On October 23, 2007, we closed a private
      placement consisting of 625,000 units of our securities at a price of US
      $0.80 per unit for aggregate proceeds of $500,000. Each unit consists of
      one common share and one common share purchase warrant. Each warrant will
      be exercisable into one warrant share at a price of US $1.30 per warrant
      share until October 23, 2012.    
|   |                                                                                                                                                                                                                                                                                                                                                                                                              
|   | We issued the units to a non-U.S. person
      (as that term is defined in Regulation S of the Securities Act of 1933) in
      an offshore transaction relying on Regulation S and/or Section 4(2) of the
      Securities Act of 1933.                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                              
|3. | On November 12, 2007, we closed a private
      placement consisting of 1,400,000 units of our securities at a price of US
      $0.50 per unit for aggregate proceeds of $700,000. Each unit consists of
      one common share and one common share purchase warrant. Each warrant will
      be exercisable into one warrant share at a price of US $1.00 per warrant
      share until November 12, 2012.
|   |                                                                                                                                                                                                                                                                                                                                                                                                              
|   | We issued the units to a non-U.S. person
      (as that term is defined in Regulation S of the Securities Act of 1933) in
      an offshore transaction relying on Regulation S and/or Section 4(2) of the
      Securities Act of 1933.                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                              
|4. | On November 13, 2007, we appointed Geoffrey
      Lowndes Evett to our board of directors, effective as of October 1,
      2007.                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                              
|5. | On December 3, 2007, we signed a
      preliminary agreement with Ricardo Ernesto Bello and Diego Alberto Radivoy
      Magnani to buy 25% of an additional 55 hectares adjacent to the Cerro Bayo
      Project for $650,000. This amount was paid in two instalments, the first
      was on December 3, 2007 for $307,000, and the second on December 14, 2007
      for $343,000.                        

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- 13 -

|6.  | On December 14, 2007, we closed a private
      placement consisting of 1,000,000 units of our securities at a price of US
      $0.50 per unit for aggregate proceeds of $500,000. Each unit consists of
      one common share and one common share purchase warrant. Each warrant will
      be exercisable into one warrant share at a price of US $1.00 per warrant
      share until December 14, 2012.                                                                                                         
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | We issued the units to a non-U.S. person
      (as that term is defined in Regulation S of the Securities Act of 1933) in
      an offshore transaction relying on Regulation S and/or Section 4(2) of the
      Securities Act of 1933.                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|7.  | Effective December 14, 2007, we appointed
      Alejandro Aparicio as a director of our company.                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|8.  | On January 4, 2008, we closed a private
      placement consisting of 1,000,000 units of our securities at a price of US
      $0.50 per unit for aggregate proceeds of $500,000. Each unit consists of
      one common share and one common share purchase warrant. Each warrant will
      be exercisable into one warrant share at a price of US $1.00 per warrant
      share until January 4, 2013.                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | We issued the units to a non-U.S. person
      (as that term is defined in Regulation S of the Securities Act of 1933) in
      an offshore transaction relying on Regulation S and/or Section 4(2) of the
      Securities Act of 1933.                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|9.  | On January 21, 2008 we entered into an
      assignment agreement with Latin Star Developments Inc., a Nevis company
      wholly-owned by our director, David Craven effective as of December 20,
      2007. Latin Star owns rights to the shares and other assets through a
      memoranda of understanding , real estate purchase agreement and other
      related documents. The Memoranda may be assigned by Latin Star to the
      Company without the consent of any other parties.                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | Under the terms of the assignment
      agreement, Latin Star will assign to us, all of Latin Stars right, title,
      interest in the Assets for consideration of 6,900,000 shares of our common
      stock. We expect to complete the agreement and obtain the rights via the
      Assignment Agreement by the end of March 2008.                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|10. | On January 21, 2008 we entered into a
      consulting agreement with Geoffrey Lowndes Evett to provide international
      real estate development and financing services to our company. In
      consideration for Mr. Evetts services, we will pay him $5,000 per month
      and out-of-pocket expenses. The term of the consulting agreement is for
      one year, renewable for up to two additional terms. Either party may
      terminate the employment agreement by giving 60 days written
      notice.

PLAN OF OPERATION

The following discussion and analysis
summarizes our plan of operation for the next 12 months, our results of
operations for the nine months ended December 31, 2007, and changes in our
financial condition from our year ended March 31, 2007. The following discussion
should be read in conjunction with the Managements Discussion and Analysis or
Plan of Operation included in our Quarterly Report on Form 10-QSB for the
quarter ended December 31, 2007.

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- 14 -

Anticipated Cash Requirements

Our estimated expenses for the next 12 months
are as follows:

Expense
    
    CostProperty
      Expenses
    $
    30,000Salary
    $
    144,000Professional
      Fees
    $
    45,000Consulting Fees
    $
    156,000Stock Transfer
      Fees
    $
    6,516General and Administrative
      Fees
    $
    363,360Investment in
      Current and New Projects
    $
    4,000,000Total Expenses
    $
    4,570,876


We recorded a net operating loss of $184,102
for the three months ended December 31, 2007 and have an accumulated deficit of
$381,462 since inception. As at December 31, 2007 we had cash of $19,231 and for
the next 12 months, management anticipates that the minimum cash requirements to
fund our proposed business plan and continued operations will be $4,570,876.
Accordingly we do not have sufficient funds to meet our planned expenditures
over the next 12 months and will need to obtain further financing to fund our
operations. See Future Financings, below.

RESULTS OF OPERATIONS

Third Quarter and Nine Months Summary

|                             |   | Third Quarter
      Ended |   |  | Nine Months
      Ended |  
|---------------------------- | - | ------------------------- | - |  | ----------------------- | -
|                             |   | December
      31         |   |  | December
      31       |  
|                             |   | 2007                      |   |  | 2006                    |  
|Revenue                      | $ | -                         |   |  | -                       |  
|Operating
      Expenses     | $ | 184,102                   |   |  | 22,308                  |  
|Interest and Dividend Income | $ | -                         |   |  | -                       |  
|Net
      Loss               | $ | (184,102                  | ) |  | (22,308                 | )
|                             |   |                           |   |  |                         |  
|Revenue                      |   |                           |   |  |                         |  

We are presently in the exploration stage of
our business. We have not earned any revenues to date, and do not anticipate
earning revenues until such time as we enter into the development and
commercialization of the Dock 2 Project, Cerro Bayo Project and Sta. Maria de
los Andes land, or other projects or properties we may acquire from time to
time. Our expectation of when we may earn revenues will be altered if we do
acquire a new business. However, at this time, we do not know how such an
acquisition would impact our estimate of when we might expect to begin earning
revenues.

Net Loss

For the nine months ended December 31, 2007,
we had a net loss of $184,102 compared to a net loss of $22,308 for the nine
months ended December 31, 2006. This increase was primarily due to increases in
salary expenses, professional fees and general and administrative expenses.

For the three months ended December 31, 2007,
we had a net loss of $321,462 compared to a net loss of $37,258 for the three
months ended December 31, 2006. This increase was primarily due to increases in
salary expenses, professional fees and general and administrative
expenses.

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- 15 -

Expenses

Our operating expenses for the quarters ended
December 31, 2007 and December, 2006 are outlined in the table below:

|                               |   | Third
      Quarter Ended |  |   | Nine
      Months Ended | 
|------------------------------ | - | ------------------------- |  | - | ----------------------- | 
|                               |   | December
      31         |  |   | December
      31       | 
|                               |   | 2007                      |  |   | 2006                    | 
|Property Expenses              |   | -                         |  |   | 4,000                   | 
|Salary                         |   | 73,000                    |  |   | -                       | 
|Professional fees              |   | 3,400                     |  |   | 500                     | 
|Consulting                     |   | 15,233                    |  |   | -                       | 
|Stock transfer fees            |   | 1,629                     |  |   | 17,000                  | 
|General &
      Administrative |   | 90,840                    |  |   | 808                     | 
|Total Expenses                 | $ | 184,102                   |  | $ | 22,308                  | 

Total operating expenses during fiscal 2007
increased by $161,794 compared to the same period in 2006 primarily due to an
increase in property expenses, salary expenses, professional fees and general
and administrative expenses.

Equity Compensation

As at December 31, 2007, we had not adopted
any equity compensation plan and no stock, options, or other equity securities
were awarded to our executive officers.

Liquidity and Capital Resources

Working Capital

RestatedAt December 31,
      2007
    
    
    At March 31,
      2007Current
      Assets
    $
    19,231
    
    $
    2,200Current Liabilities
    $
    5,650,000
    
    
    1,200Working Capital
      Surplus (Deficit)
    $
    (5,630,769
    )
    
    1,000


Cash Flows

Nine Months
      Ended
    
    
    Nine Months
      EndedDecember 31, 2007
    
    
    December 31, 2006Cash Flows used in
      Operating Activities
    
    1,877,338
    
    
    (37,258
    )Cash Flows used in Investing
      Activities
    
    (3,210,307
    )
    
    -Cash Flows provided
      by Financing Activities
    
    1,350,000
    
    
    2,500Net Increase in Cash During
      Period
    
    19,231
    
    
    19,397Net Loss
    
    (321,462
    )
    
    (37,258
    )


The increase in our working capital deficit
from $(5,630,769)as at December
31, 2007 as compared to a working capital surplus of $1,000 as at March 31, 2007
was primarily due to our increased activities and investment in real estate to
carry out our business plan.

Future Financing

We anticipate continuing to rely on equity
sales of our common shares in order to continue to fund our business operations.
Issuances of additional shares will result in dilution to our existing
shareholders. There is no assurance that we will achieve any additional sales of
our equity securities or arrange for debt or other financing to fund our
exploration and development activities during the next 12 month
period.

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- 16 -

Off-Balance Sheet
Arrangements

There are no off-balance sheet arrangements
that have or are reasonably likely to have a current or future effect on our
financial condition, changes in financial condition, revenues or expenses,
results of operations, liquidity, capital expenditures or capital resources that
is material to investors.

Application of Critical Accounting PoliciesThe financial statements of our company have been
prepared in accordance with generally accepted accounting principles in the
United States. Because a precise determination of any assets and liabilities is
dependent upon future events, the preparation of financial statements for a
period necessarily involves the use of estimates which have been made using
careful judgment.

The financial statements have, in managements
opinion, been properly prepared within reasonable limits of materiality and
within the framework of the significant accounting policies summarized
below.

Recently Issued Accounting
Standards

In March 2005, the SEC staff issued Staff
Accounting Bulletin No. 107 (SAB 107) to give guidance on the implementation
of SFAS 123R. We will consider SAB 107 during implementation of SFAS
123R.

FASB Statement of Financial Accounting
Standards (SFAS) No. 157,Fair Value Measurements,establishes a formal framework for measuring fair
value under GAAP. It defines and codifies the many definitions of fair value
included among various other authoritative literature, clarifies and, in some
instances, expands on the guidance for implementing fair value measurements, and
increases the level of disclosure required for fair value measurements. Although
SFAS No. 157 applies to and amends the provisions of existing FASB and AICPA
pronouncements, it does not, of itself, require ant new fair value measurements,
nor does it establish valuation standards. SFAS No. 157 applies to all other
accounting pronouncements requiring or permitting fair value measurements,
except for; SFAS No. 123 (R) share-based payment and related pronouncements, the
practicability exceptions to fair value determinations allowed by various other
authoritative pronouncements, and AICPA Statements of Position 97-2 and 98-9
that deal with software revenue recognition. This statement is effective for
financial statements issued for fiscal years beginning after November 15, 2007,
and interim periods within those fiscal years.

In February 2006, FASB issued SFAS No. 155,
Accounting for Certain Hybrid Financial Instruments, an Amendment of FASB
Standards No. 133 and 140. This Statement established the accounting for
certain derivatives embedded in other instruments. It simplifies accounting for
certain hybrid financial instruments by permitting fair value remeasurement for
any hybrid instrument that contains an embedded derivative that otherwise would
require bifurcation under SFAS No. 133 as well as eliminating a restriction on
the passive derivative instruments that a qualifying special-purpose entity
(SPE) may hold under SFAS No. 140. This Statement allows a public entity to
irrevocably elect to initially and subsequently measure a hybrid instrument that
would be required to be separated into a host contract and derivative in its
entirety at fair value (with changes in fair value recognized in earnings) so
long as that instrument is not designated as a hedging instrument pursuant to
the Statement. SFAS No. 140 previously prohibited a qualifying special-purpose
entity from holding a derivative financial instrument that pertains to a
beneficial interest other than another derivative financial instrument. This
Statement is effective for fiscal years beginning after September 15, 2006, with
early adoption permitted as of the beginning of an entitys fiscal year. We do
not expect the adoption of SFAS No. 155 to have a material effect on its
financial condition or results of operations.

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- 17 -

In March 2006, FASB issued SFAS No. 156,
Accounting for Servicing of Financial Assets - an Amendment of FASB Statement
No. 140. This Statement requires an entity to recognize a servicing asset or
servicing liability each time it undertakes an obligation to service a financial
asset by entering into a servicing contract in any of the following situations:
a transfer of the servicers financial assets that meets the requirements for
sale accounting; a transfer of the servicers financial assets to a qualifying
special-purpose entity in a guaranteed mortgage securitization in which the
transferor retains all of the resulting securities and classifies them as either
available-for-sale securities or trading securities in accordance with FASB
Statement No. 115; or an acquisition or assumption of an obligation to service a
financial asset that does not relate to financial assets of the servicer or its
consolidated affiliates. The Statement also requires all separately recognized
servicing assets and servicing liabilities to be initially measured at fair
value, if practicable and permits an entity to choose either the amortization or
fair value method for subsequent measurement of each class of servicing assets
and liabilities. This Statement is effective for fiscal years beginning after
September 15, 2006, with early adoption permitted as of the beginning of an
entitys fiscal year. We do not expect the adoption of SFAS No. 156 to have a
material effect on its financial condition or results of operations.

In June 2006, FASB issued FASB Interpretation
No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB
Statement No. 109, which prescribes a recognition threshold and measurement
attribute for the financial statement recognition and measurement of a tax
position taken or expected to be taken in a tax return. FIN 48 also provides
guidance on de-recognition, classification, interest and penalties, accounting
in interim periods, disclosure and transition. FIN 48 is effective for fiscal
years beginning after December 15, 2006. Star Resorts does not expect the
adoption of FIN 48 to have a material effect on its financial condition or
results of operations.

In September 2006, FASB issued SFAS No. 157,
Fair Value Measurements which defines fair value, establishes a framework for
measuring fair value in generally accepted accounting principles (GAAP), and
expands disclosures about fair value measurements. Where applicable, SFAS No.
157 simplifies and codifies related guidance within GAAP and does not require
any new fair value measurements. SFAS No. 157 is effective for financial
statements issued for fiscal years beginning after November 15, 2007, and
interim periods within those fiscal years. Earlier adoption is encouraged. Star
Resorts does not expect the adoption of SFAS No. 157 to have a material effect
on its financial condition or results of operations.

In September 2006, FASB issued SFAS No. 158,
Employers' Accounting for Defined Benefit Pension and Other Postretirement
Plans, an amendment of FASB Statements No. 87, 88, 106, and 132(R). SFAS No.
158 requires, among other things, that a company (1) recognize a net liability
or asset to report the funded status of their defined benefit pensions and other
postretirement plans on its balance sheet and (2) measure benefit plan assets
and benefit obligations as of Star Resorts' balance sheet date. Calendar
year-end companies with publicly traded equity securities are required to adopt
the recognition and disclosure provisions of SFAS 158 as of March 31, 2007. Star
Resorts does not expect the adoption of SFAS No. 158 to have a material effect
on its financial condition or results of operations

In September 2006, the SEC announced Staff
Accounting Bulletin No. 108 (SAB 108). SAB 108 addresses how to quantify
financial statement errors that arose in prior periods for purposes of assessing
their materiality in the current period. It requires analysis of misstatements
using both an income statement (rollover) approach and a balance sheet (iron
curtain) approach in assessing materiality. It clarifies that immaterial
financial statement errors in a prior SEC filing can be corrected in subsequent
filings without the need to amend the prior filing. In addition, SAB 108
provides transitional relief for correcting errors that would have been
considered immaterial before its issuance. Star Resorts does not expect the
adoption of SAB 108 to have a material effect on its financial condition or
results of operations.

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- 18 -

In April 2006, FASB issued Staff Position No.
FIN No. 46R6, (FSP 46R-6), Determining the Variability to Be Considered in
Applying FASB Interpretation No. 46R. This FSP addresses how a reporting
enterprise should determine the variability to be considered in applying FIN No.
46R, Consolidation of Variable Interest Entities. FIN No. 46R provides
guidance on when to consolidate an entity based on exposure to risks and
rewards, rather than voting control. It describes the characteristics of a
variable interest entity (VIE) and how an entity that is involved with a VIE
should determine whether its shares in the VIEs risks and rewards extensively
enough to be the VIEs primary beneficiary and therefore consolidate it. The
guidance in this FSP applied prospectively to all entities with which Star
Resorts first became involved with and to all entities previously analyzed under
FIN No. 46R when a reconsideration event occurred beginning July 1, 2006.
Retrospective application of FIN No. 46R was permitted but not required. Star
Resorts adopted this FSP prospectively. Application of this FSP has not had a
material impact on the 2006 consolidated financial statements. The impact of
this FSP on Star Resorts financial statements beyond 2006 is dependent upon the
specifics of future arrangements.

The financial statements of Star Resorts have
been prepared in accordance with generally accepted accounting principles in the
United States. Because a precise determination of many assets and liabilities is
dependent upon future events, the preparation of financial statements for a
period necessarily involves the use of estimates which have been made using
careful judgment.

The financial statements have, in managements
opinion, been properly prepared within the reasonable limits of materiality and
within the framework of the significant accounting policies summarized
below:

Accounting Method

Star Resortss financial statements are
prepared using the accrual basis of accounting in accordance with accounting
principles generally accepted in the United States of America.

Income Taxes

Star Resorts utilizes SFAS No. 109,
Accounting for Income Taxes, which requires the recognition of deferred tax
assets and liabilities for the expected future tax consequences of events that
have been included in the financial statements or tax returns. Under this
method, deferred tax assets and liabilities are determined based on the
difference between the tax basis of assets and liabilities and their financial
reporting amounts based on enacted tax laws and statutory tax rates applicable
to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax
assets to the amount expected to be realized. Star Resorts generated deferred
tax credits through net operating loss carryforwards. However, a valuation
allowance of 100% has been established, as the realization of the deferred tax
credits is not reasonably certain, based on going concern considerations
outlined above.

Basic and Diluted Loss Per
Share

In accordance with SFAS No. 128  Earnings
Per Share, the basic loss per common share is computed by dividing net loss
available to common stockholders by the weighted average number of common shares
outstanding. Diluted loss per common share is computed similar to basic loss per
common share except that the denominator is increased to include the number of
additional common shares that would be outstanding if the potential common
shares had been issued and if the additional common shares were dilutive. The
dilutive securities outstanding as of June 30, 2007 were 400,000 warrants
convertible into one share of common stock. The exercise of these warrants would
be anti-dilutive since Star Resorts is in a loss position, therefore they were
not counted in the calculation of Earnings Per Share.

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- 19 -

A common stock split of 7 to 1 occurred on
April 17, 2007. The outstanding shares as at June 30, 2006 were restated to give
retroactive effect to the stock split.

RISK FACTORS

An investment in our common stock involves a
high degree of risk. You should carefully consider the risks described below and
the other information in this quarterly report before investing in our common
stock. If any of the following risks occur, our business, operating results and
financial condition could be seriously harmed. The trading price of our common
stock, when and if we trade at a later date, could decline due to any of these
risks, and you may lose all or part of your investment.

Risks Related to our
Business

Upon completion of a business opportunity
or acquisition, there can be no assurance that we will be able to successfully
manage or achieve growth of that business opportunity or
combination.

Our ability to achieve growth upon the
acquisition of a suitable business opportunity or business combination will be
dependent upon a number of factors including our ability to hire and train
management and other employees and the adequacy of our financial resources.
There can be no assurance that we will be able to successfully manage any
business opportunity or business combination. Failure to manage anticipated
growth effectively and efficiently could have a material adverse effect on our
company.

If we complete a business acquisition,
management of our company may be required to sell or transfer common shares and
resign as members of our board of directors.

A business combination or acquisition of a
business opportunity involving the issuance of our common shares may result in
new shareholders obtaining a controlling interest in our company. Any such
business combination or acquisition of a business opportunity may require
management of our company to sell or transfer all or a portion of the shares
they hold in our company and require such individuals to resign as members of
our board. The resulting change in control of our company could result in the
removal of one or more of our present officers and directors and a corresponding
reduction in or elimination of their participation in the future affairs of our
company.

If we complete a business acquisition, we
may be required to issue a substantial number of common shares which would
dilute the shareholdings of our current shareholders and result in a change of
control of our company.

We may pursue the acquisition of a business
opportunity or a business combination with a private company. The likely result
of such a transaction would result in our company issuing common shares to
shareholders of such private company. Issuing previously authorized and unissued
common shares in the capital of our company will reduce the percentage of common
shares owned by existing shareholders and may result in a change in the control
of our company and our management.

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- 20 -

Risks Related to our
Company

We have had negative cash flows from
operations and if we are not able to obtain further financing, our business
operations may fail.

We had cash in the amount of $19,231 as of
December 31, 2007. We anticipate that we may require additional financing while
we are seeking a suitable business opportunity or business combination. Further,
we anticipate that we will not have sufficient capital to fund our ongoing
operations for the next 12 months. We may be required to raise additional
financing for a particular business combination or business opportunity. We
would likely secure any additional financing necessary through a private
placement of our common shares.

There can be no assurance that, if required,
any such financing will be available upon terms and conditions acceptable to us,
if at all. Our inability to obtain additional financing in a sufficient amount
when needed and upon terms and conditions acceptable to us could have a
materially adverse effect upon our company. Although we believe that we have
funds sufficient to meet our immediate needs, we may require further funds to
finance the development of any business opportunity that we acquire. There can
be no assurance that such funds will be available or available on terms
satisfactory to us. If additional funds are raised by issuing equity securities,
further dilution to existing or future shareholders is likely to result. If
adequate funds are not available on acceptable terms when needed, we may be
required to delay, scale back or eliminate the development of any business
opportunity that we acquire. Inadequate funding could also impair our ability to
compete in the marketplace, which may result in the dissolution of our
company.

A decline in the price of our common stock
could affect our ability to raise further working capital and adversely impact
our operations.

A prolonged decline in the price of our common
stock could result in a reduction in the liquidity of our common stock and a
reduction in our ability to raise capital. Because our operations have been
primarily financed through the sale of equity securities, a decline in the price
of our common stock could be especially detrimental to our liquidity and our
continued operations. Any reduction in our ability to raise equity capital in
the future would force us to reallocate funds from other planned uses and would
have a significant negative effect on our business plans and operations,
including our ability to develop new products and continue our current
operations. If our stock price declines, we may not be able to raise additional
capital or generate funds from operations sufficient to meet our
obligations.

We have a limited operating history and if
we are not successful in continuing to grow our business, then we may have to
scale back or even cease our ongoing business operations.

We have a limited operating history on which
to base an evaluation of our business and prospects. Our prospects must be
considered in light of the risks, uncertainties, expenses and difficulties
frequently encountered by companies seeking to acquire or establish a new
business opportunity. Some of these risks and uncertainties relate to our
ability to identify, secure and complete an acquisition of a suitable business
opportunity.

We cannot be sure that we will be successful
in addressing these risks and uncertainties and our failure to do so could have
a materially adverse effect on our financial condition. In addition, our
operating results are dependent to a large degree upon factors outside of our
control. There are no assurances that we will be successful in addressing these
risks, and failure to do so may adversely affect our business.

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- 21 -

It is unlikely that we will generate any or
significant revenues while we seek a suitable business opportunity. Our short
and long-term prospects depend upon our ability to select and secure a suitable
business opportunity. In order for us to make a profit, we will need to
successfully acquire a new business opportunity in order to generate revenues in
an amount sufficient to cover any and all future costs and expenses in
connection with any such business opportunity. Even if we become profitable, we
may not sustain or increase our profits on a quarterly or annual basis in the
future.

We will, in all likelihood, sustain operating
expenses without corresponding revenues, at least until we complete a business
combination or acquire a business opportunity. This may result in our company
incurring a net operating loss which will increase continuously until we
complete a business combination or acquire a business opportunity that can
generate revenues that result in a net profit to us. There is no assurance that
we will identify a suitable business opportunity or complete a business
combination.

Our future is dependent upon our ability to
obtain financing. If we do not obtain such financing, we may have to cease our
exploration activities and investors could lose their entire
investment.

There is no assurance that we will operate
profitably or will generate positive cash flow in the future. We will require
additional financing in order to proceed beyond the first few months of our
exploration program. We will also require additional financing for the fees we
must pay to maintain our status in relation to the rights to our properties and
to pay the fees and expenses necessary to become and operate as a public
company. We will also need more funds if the costs of the exploration of our
gold placer claims are greater than we have anticipated. We will require
additional financing to sustain our business operations if we are not successful
in earning revenues. We will also need further financing if we decide to obtain
additional mineral properties. We currently do not have any arrangements for
further financing and we may not be able to obtain financing when required. Our
future is dependent upon our ability to obtain financing. If we do not obtain
such financing, our business could fail and investors could lose their entire
investment.

We have a limited operating history and if
we are not successful in operating our company, then investors may lose all of
their investment in our company.

Our company has a limited operating history
and is in the exploration stage. We have never earned revenues and there is, no
basis on which to judge the likelihood of our success as a company. If we are
not able to operate profitably, then our stock may become worthless and
investors may lose all of their investment in our company.

Risks Associated with Our Common
Stock

Our common stock is illiquid and
shareholders may be unable to sell their shares.

There is currently no market for our common
stock and we can provide no assurance to investors that a market will develop.
If a market for our common stock does not develop, our shareholders may not be
able to re-sell the shares of our common stock that they have purchased and they
may lose all of their investment. Public announcements regarding our company,
changes in government regulations, conditions in our market segment or changes
in earnings estimates by analysts may cause the price of our common shares to
fluctuate substantially. These fluctuations may adversely affect the trading
price of our common shares.

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- 22 -

Trading on the OTC Bulletin Board may be
volatile and sporadic, which could depress the market price of our common stock
and make it difficult for our stockholders to resell their
shares.

Our common stock is quoted on the OTC Bulletin
Board service of the Financial Industry Regulatory Authority. Trading in stock
quoted on the OTC Bulletin Board is often thin and characterized by wide
fluctuations in trading prices due to many factors that may have little to do
with our operations or business prospects. This volatility could depress the
market price of our common stock for reasons unrelated to operating performance.
Moreover, the OTC Bulletin Board is not a stock exchange, and trading of
securities on the OTC Bulletin Board is often more sporadic than the trading of
securities listed on a quotation system like Nasdaq or a stock exchange like the
American Stock Exchange. Accordingly, our shareholders may have difficulty
reselling any of their shares.

Our stock is a penny stock. Trading of our
stock may be restricted by the SEC's penny stock regulations and FINRA's sales
practice requirements, which may limit a stockholder's ability to buy and sell
our stock.

Our stock is a penny stock. The Securities and
Exchange Commission has adopted Rule 15g-9 which generally defines "penny stock"
to be any equity security that has a market price (as defined) less than $5.00
per share or an exercise price of less than $5.00 per share, subject to certain
exceptions. Our securities are covered by the penny stock rules, which impose
additional sales practice requirements on broker-dealers who sell to persons
other than established customers and "accredited investors". The term
"accredited investor" refers generally to institutions with assets in excess of
$5,000,000 or individuals with a net worth in excess of $1,000,000 or annual
income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock
rules require a broker-dealer, prior to a transaction in a penny stock not
otherwise exempt from the rules, to deliver a standardized risk disclosure
document in a form prepared by the SEC which provides information about penny
stocks and the nature and level of risks in the penny stock market. The
broker-dealer also must provide the customer with current bid and offer
quotations for the penny stock, the compensation of the broker-dealer and its
salesperson in the transaction and monthly account statements showing the market
value of each penny stock held in the customer's account. The bid and offer
quotations, and the broker-dealer and salesperson compensation information, must
be given to the customer orally or in writing prior to effecting the transaction
and must be given to the customer in writing before or with the customer's
confirmation. In addition, the penny stock rules require that prior to a
transaction in a penny stock not otherwise exempt from these rules, the
broker-dealer must make a special written determination that the penny stock is
a suitable investment for the purchaser and receive the purchaser's written
agreement to the transaction. These disclosure requirements may have the effect
of reducing the level of trading activity in the secondary market for the stock
that is subject to these penny stock rules. Consequently, these penny stock
rules may affect the ability of broker-dealers to trade our securities. We
believe that the penny stock rules discourage investor interest in, and limit
the marketability of, our common stock.

In addition to the "penny stock" rules
promulgated by the Securities and Exchange Commission, FINRA has adopted rules
that require that in recommending an investment to a customer, a broker-dealer
must have reasonable grounds for believing that the investment is suitable for
that customer. Prior to recommending speculative low priced securities to their
non-institutional customers, broker-dealers must make reasonable efforts to
obtain information about the customer's financial status, tax status, investment
objectives and other information. Under interpretations of these rules, FINRA
believes that there is a high probability that speculative low-priced securities
will not be suitable for at least some customers. FINRA requirements make it
more difficult for broker-dealers to recommend that their customers buy our
common stock, which may limit your ability to buy and sell our stock.

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- 23 -

ITEM 3. CONTROLS AND
PROCEDURES.

As required by Rule 13a-15 under the Exchange
Act, we have evaluated the effectiveness of the design and operation of our
disclosure controls and procedures at December 31, 2007, which is the end of the
period covered by this report. This evaluation was carried out by our principal
executive officer and our principal financial officer. Based on this evaluation,
our principal executive officer and our principal financial officer have
concluded that the design and operation of our disclosure controls and
procedures are effective as at the end of the period covered by this report.
There were no changes in our internal control over financial reporting or in
other factors that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting in our most
recent fiscal quarter.

Disclosure controls and procedures are
controls and other procedures that are designed to ensure that information
required to be disclosed by our company in the reports that we file or submit
under the Exchange Act is recorded, processed, summarized and reported, within
the time periods specified in the SEC's rules and forms. Disclosure controls and
procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed by our company in the reports
that we file or submit under the Exchange Act is accumulated and communicated to
our management, including our principal executive officer and principal
financial officer, as appropriate, to allow timely decisions regarding required
disclosure.

PART IIOTHER INFORMATION

ITEM 1 LEGAL
PROCEEDINGS.

To the best of our knowledge, we are not party
to any legal proceedings.

ITEM 2 UNREGISTERED SALES OF EQUITY
SECURITIES AND USE OF PROCEEDS.

Since the completion of our last quarter, we
have completed the following unregistered sales of our securities:

|1. | On October 5, 2007, we closed a private
      placement consisting of 625,000 units of our securities at a price of US
      $0.80 per unit for aggregate proceeds of $500,000. Each unit consists of
      one common share and one common share purchase warrant. Each warrant will
      be exercisable into one warrant share at a price of US $1.30 per warrant
      share until October 5, 2012.  
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                          
|   | We issued the units to a non-U.S. person
      (as that term is defined in Regulation S of the Securities Act of 1933) in
      an offshore transaction relying on Regulation S and/or Section 4(2) of the
      Securities Act of 1933.                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                          
|2. | On October 23, 2007, we closed a private
      placement consisting of 625,000 units of our securities at a price of US
      $0.80 per unit for aggregate proceeds of $500,000. Each unit consists of
      one common share and one common share purchase warrant. Each warrant will
      be exercisable into one warrant share at a price of US $1.30 per warrant
      share until October 23, 2012.
|   |                                                                                                                                                                                                                                                                                                                                                                                                          
|   | We issued the units to a non-U.S. person
      (as that term is defined in Regulation S of the Securities Act of 1933) in
      an offshore transaction relying on Regulation S and/or Section 4(2) of the
      Securities Act of 1933.                                                                                                                                                                 

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- 24 -

|3. | On November 12, 2007, we closed a private
      placement consisting of 1,400,000 units of our securities at a price of US
      $0.50 per unit for aggregate proceeds of $700,000. Each unit consists of
      one common share and one common share purchase warrant. Each warrant will
      be exercisable into one warrant share at a price of US $1.00 per warrant
      share until November 12, 2012.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                              
|   | We issued the units to a non-U.S. person
      (as that term is defined in Regulation S of the Securities Act of 1933) in
      an offshore transaction relying on Regulation S and/or Section 4(2) of the
      Securities Act of 1933.                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                              
|4. | On December 14, 2007, we closed a private
      placement consisting of 1,000,000 units of our securities at a price of US
      $0.50 per unit for aggregate proceeds of $500,000. Each unit consists of
      one common share and one common share purchase warrant. Each warrant will
      be exercisable into one warrant share at a price of US $1.00 per warrant
      share until December 14, 2012.
|   |                                                                                                                                                                                                                                                                                                                                                                                                              
|   | We issued the units to a non-U.S. person
      (as that term is defined in Regulation S of the Securities Act of 1933) in
      an offshore transaction relying on Regulation S and/or Section 4(2) of the
      Securities Act of 1933.                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                              
|5. | On January 4, 2008, we closed a private
      placement consisting of 1,000,000 units of our securities at a price of US
      $0.50 per unit for aggregate proceeds of $500,000. Each unit consists of
      one common share and one common share purchase warrant. Each warrant will
      be exercisable into one warrant share at a price of US $1.00 per warrant
      share until January 4, 2013.    
|   |                                                                                                                                                                                                                                                                                                                                                                                                              
|   | We issued the units to a non-U.S. person
      (as that term is defined in Regulation S of the Securities Act of 1933) in
      an offshore transaction relying on Regulation S and/or Section 4(2) of the
      Securities Act of 1933.                                                                                                                                                                     

ITEM 3. DEFAULTS UPON SENIOR
SECURITIES.

None

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF
SECURITIES HOLDERS.

None

ITEM 5. OTHER INFORMATION.

None

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- 25 -

ITEM 6. EXHIBITS.

Exhibit No.
    Description3.1
    Articles of Incorporation of
      the Registrant, filed as an exhibit to the registration statement
      on Form SB-2 filed with the Commission on June 15, 2006
      and incorporated herein by reference.3.2
    By-laws of the Registrant,
      filed as an exhibit to the registration statement on Form SB-2
      filed with the Commission on June 15, 2006 and
      incorporated herein by reference.3.3
    Certificate of Change, filed
      as an exhibit to the current report on Form 8-K filed with the
      Commission on April 19, 2007 and incorporated herein by
      reference3.4
    Articles of Merger, filed as
      an exhibit to the current report on Form 8-K filed with the Commission on April 19, 2007 and incorporated herein by
      reference10.1
    Mineral Lease Agreement dated
      November 30, 2005 between NABO Inc. and Barbara Dart, John O. Dart & Marcella G. Dart filed as an exhibit to the
      registration statement on Form SB-2 filed with the
      Commission on June 15, 2006 and incorporated herein by reference.10.2
    Subscription Agreement filed
      as an exhibit to the current report on Form 8-K filed with the
      Commission on June 20, 2007 and incorporated herein by
      reference;10.3
    Warrant Certificate filed as
      an exhibit to the current report on Form 8-K filed with the Commission on June 20, 2007 and incorporated herein by
      reference;10.4
    Memorandum of Understanding
      filed as an exhibit to the current report on Form 8-K filed with the Commission on or about August 30, 2007 and
      incorporated herein by reference.10.5
    Subscription Agreement filed
      as an exhibit to the current report on Form 8-K filed with the
      Commission on or about September 10, 2007 and
      incorporated herein by reference.10.6
    Warrant certificate filed as
      an exhibit to the current report on Form 8-K filed with the Commission on or about September 10, 2007 and incorporated
      herein by reference.10.7
    Finders Fee Agreement filed as
      an exhibit to the current report on Form 8-K filed with the Commission on or about September 10, 2007 and incorporated
      herein by reference.10.8
    Employment Agreement
      (Alejandro Aparicio) filed as an exhibit to the current report on
      Form 8-K filed with the Commission on or about September
      10, 2007 and incorporated herein by
      reference.10.9
    Employment Agreement (Enrique
      Abaroa Martinez) filed as an exhibit to the current report on Form 8- K filed with the Commission on or about September
      10, 2007 and incorporated herein by
      reference.10.20
    Subscription Agreement filed
      as an exhibit to the current report on Form 8-K filed with the
      Commission on or about September 11, 2007 and
      incorporated herein by reference.10.11
    Warrant certificate filed as
      an exhibit to the current report on Form 8-K filed with the Commission on or about September 11, 2007 and incorporated
      herein by reference.10.12
    Subscription Agreement filed
      as an exhibit to the current report on Form 8-K filed with the
      Commission on or about October 29, 2007 and incorporated
      herein by reference.10.13
    Warrant certificate filed as
      an exhibit to the current report on Form 8-K filed with the Commission on or about October 29, 2007 and incorporated herein
      by reference.


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- 26 -

10.14
      Form of Subscription Agreement
        filed as an exhibit to the current report on Form 8-K filed with the Commission on or about November 28, 2007 and incorporated
        herein by reference.10.15
      Form of Warrant certificate
        filed as an exhibit to the current report on Form 8-K filed with
        the Commission on or about November 28, 2007 and incorporated
        herein by reference.10.16
      Assignment Agreement dated December
        20, 2007 filed as an exhibit to the current report on Form
        8-K filed with the Commission on or about January 24, 2008 and incorporated
        herein by reference.10.17
      Consulting Agreement dated effective
        October 1, 2007 filed as an exhibit to the current report on Form 8-K filed with the Commission on or about January
        31, 2008 and incorporated herein by reference.21.1
      Subsidiaries of Star Resorts
        Development Inc.  Inversiones del Dique S.A., an Argentine
        company owned 50% by us31.1*
      Certification
        pursuant to Rule 13a-14 and Rule 15d-14(a), promulgated under the Securities
        and Exchange Act of 1934, as amended (Principal Executive Officer).31.2*
      Certification
        pursuant to Rule 13a-14 and Rule 15d-14(a), promulgated under the Securities
        and Exchange Act of 1934, as amended ( Principal Financial Officer).32.1*
      Certification
        pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
        of the Sarbanes- Oxley Act of 2002 (Principal
        Executive Officer).32.2*
      Certification
        pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
        of the Sarbanes- Oxley Act of 2002 (Principal
        Financial Officer).


*filed herewith

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- 27 -

SIGNATURES

In accordance with the requirements of the
Exchange Act, the registrant caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

STAR RESORTS DEVELOPMENT INC.

By:

/s/ Alejandro AparicioAlejandro AparicioPresident and Chief
Executive OfficerPrincipal Executive
OfficerDate February 14, 2008

/s/ Enrique Abaroa
MartinezEnrique Abaroa Martinez,Chief Financial Officer and DirectorPrincipal Financial OfficerDate February
14, 2008

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