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**UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549**___________________**FORM 10-KSB**________________________________

**ý                                           ANNUAL REPORT PURSUANT TO SECTION 13OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**  

For the fiscal year ended December31, 2007

  

** ̈                             TRANSITION REPORTPURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

  

For the transition period from         to

  

Commission file number: 0-19041  

**AMERICANBIOGENETIC SCIENCES, INC.**(Exact Name Of RegistrantAs Specified In Its Charter)
| Delaware                                    | 11-2655906                              |
|---------------------------------------------|-----------------------------------------|
| (State of Incorporation)                    | (I.R.S. Employer    Identification No.) |
|                                             |                                         |
| 90    John Street, Suite 626, New York, NY  | 10038                                   |
| (Address of Principal    Executive Offices) | (ZIP Code)                              |

 Registrant'sTelephone Number, Including Area Code: (646) 202-9679

**SecuritiesRegistered Pursuant to Section 12(g) of The Act: Common Stock, $0.001**

Indicate whetherthe registrant (1) has filed all reports required to be filed by Section 13 or 15(d) ofthe Securities Exchange Act of 1934 during the preceding 12 months (or for such shorterperiod that the registrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days. Yes x No  ̈Indicate if disclosure of delinquentfilers pursuant to Item 405 of Regulation S-K is not contained herein, and will not becontained, to the best of the registrant's knowledge, in the definitive proxy orinformation statements incorporated by reference in Part III of this Form 10-KSB or anyamendment to this Form 10-KSB.  ̈At December 31, 2007, the aggregate market value of the 64,749,909 shares of common stockheld by non-affiliates of the Registrant was approximately $64,749.At December 31, 2007, the Registrant had 216,749,909 shares of common stock outstanding. The issuer had no revenues during fiscal year 2007.

Indicateby check mark whether the registrant is an accelerated filer (as defined inRule 12b-2 of the Exchange Act). Yes   ̈ No x Indicate by check mark whether the registrant is a shell company (asdefined in Rule 12b-2 of the Exchange Act). Yes x No  ̈

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**TABLE OF CONTENTS**
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      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|      **PART I**  
ITEM 1.
    
  DESCRIPTION    OF BUSINESS
        3  
ITEM 2.
    
  DESCRIPTION    OF PROPERTY
        11   
ITEM 3.
    
  LEGAL PROCEEDINGS
        11   
ITEM 4.
    
  SUBMISSION    OF MATTERS TO A VOTE OF SECURITY HOLDERS
        11   
  **PART II**   

ITEM 5.
    
  MARKET    FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
        12  
ITEM 6.
    
  MANAGEMENT'S    DISCUSSION AND ANALYSIS AND PLAN OF OPERATION
        12   
ITEM 7.
    
  FINANCIAL    STATEMENTS
        13   
ITEM 8.
    
  CHANGES    IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
        13   
ITEM 8.A
    
  CONTROLS    AND PROCEDURES
        14   ITEM 8.B  OTHER    INFORMATION14
  **PART III**   

ITEM 9.
    
  DIRECTORS    AND EXECUTIVE OFFICERS OF THE REGISTRANT, COMPLIANCE WITH SECTION 16(A)
        15  
ITEM 10.
    
  EXECUTIVE    COMPENSATION
        15   
ITEM 11.
    
  SECURITY    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
        15   
ITEM 12.
    
  CERTAIN    RELATIONSHIPS AND RELATED TRANSACTIONS
        15   
ITEM 13.
    
  EXHIBITS    AND REPORTS ON FORM 8-K
        16   
ITEM 14.
    
  PRINCIPAL    ACCOUNTING FEES AND SERVICES
        16   
 
****
**Cautionary Statement regarding Forward-LookingStatements**

This Annual Report on Form10-KSB includes forward-looking statements within the meaning of Section 27A of theSecurities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of1934, as amended. The Registrant has based these forward-looking statements on its currentexpectations and projections about future events. These forward-looking statements aresubject to known and unknown risks, uncertainties and assumptions about the Registrantthat may cause its actual results, levels of activity, performance or achievements to bematerially different from any future results, levels of activity, performance orachievements expressed or implied by such forward-looking statements. In some cases, youcan identify forward-looking statements by terminology such as "may,""will," "should," "could," "would,""expect," "plan," "anticipate," "believe,""estimate," "continue," or the negative of such terms or other similarexpressions. Factors that might cause or contribute to such a discrepancy include, but arenot limited to, those described in this Annual Report on Form 10-KSB and in theRegistrant's other Securities and Exchange Commission filings.

**PART I**

**ITEM 1. DESCRIPTION OF BUSINESS**Back to Table of Contents

Introduction

AmericanBiogenetic Sciences, Inc., a Delaware corporation, is sometimes referred to herein as"we", "us", "our", "Company" and the"Registrant". The Registrant was formed in 1983 for the purpose ofresearching, developing and marketing cardiovascular and neurobiology products forcommercial development and distributing vaccines. The Registrant's products were designedfor in vitro and in vivo diagnostic procedures and therapeutic drugs, and its products hadbeen identified for use in the treatment of epilepsy, migraine and mania,neurodegenerative diseases, coronary artery diseases and cancer.  The Registrantcommenced selling its products during the last quarter of 1997 but did not generate anysufficient revenues from operations to fund its operating expenses.

On September 19, 2002, the Registrant filed a petitionunder the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District ofNew York. On November 4, 2005, the Bankruptcy Court approved an order authorizing a changein control and provided that the Company, subsequent to the bankruptcy proceeding, is freeand clear of all liens, claims and other obligations.

Change in Control following Bankruptcy

The material terms of the transactionconfirmed by the Bankruptcy Court authorized Park Avenue Group to appoint new members tothe Registrant's board of directors and management, and to change the Registrant'sarticles of incorporation with respect to the capital stock of the Company. On November 8,2005, Park Avenue Group appointed Richard Rubin to the board of directors of the Registrant, which thenappointed Mr. Rubin to be chief executive officer and chief financial officer of theRegistrant At present, Mr. Rubin is the Company's sole officer and director("Management"). On November 29, 2005, the Registrant'sboard of directors approved an amendment to the Registrant's articles of incorporation toincrease the number of authorized shares of capital stock to 910,000,000 shares,consisting of 900,000,000 shares of common stock, par value $0.0001, and 10,000,000 sharesof preferred stock, par value $0.0001. 

BusinessObjectives of the Registrant

Asa result of the bankruptcy proceeding, the Registrant has no present operations.Management determined to direct its efforts and limited resources to pursue and effect abusiness combination.

    *Currenttrends*

Management believes that asa result of the relative uncertainty in the United States equity markets over the pastyears, many privately-held companies have been closed off from the public market andtraditional IPOs. During the past few years, many privately-held as well as publiccompanies attempted to divest non-core assets and divisions and valuations of these assetsand divisions have often decreased significantly. Therefore, Management believes thatthere are substantial business opportunities to effect attractive acquisitions. As apublic entity with its shares of common stock registered under the Exchange Act andpublicly trading, Management believes to be well positioned to identify targetacquisitions and to effect a business combination in order to take advantage of thesecurrent trends.

    *Effecting a business combination*

Prospective purchasers ofthe Registrant's common stock will invest in the Company without an opportunity toevaluate the specific merits or risks of any one or more business combinations. A businesscombination may involve the acquisition of, or merger with, a company which needs to raisesubstantial additional capital by means of being a publicly traded company, while avoidingwhat it may deem to be the adverse consequences of undertaking an initial public offeringitself. These include time delays, significant expense, loss of voting control andcompliance with various Federal and state securities laws. A potential businesscombination may involve a company which may be financially unstable or in its early stagesof development or growth.

*    TheRegistrant has not identified a target business or target industry*

The Registrant's effort inidentifying a prospective target business will not be limited to a particular industry andthe Company may ultimately acquire a business in any industry Management deemsappropriate. To date, the Registrant has not selected any target business or industry onwhich to concentrate its search for a business combination. While the Registrant intendsto focus on target businesses in the United States, we are not limited to those entitiesand may consummate a business combination with a target business outside of the UnitedStates. Accordingly, there is no basis for investors in the Registrant's common stock toevaluate the possible merits or risks of the target business or the particular industry inwhich we may ultimately operate. To the extent we effect a business combination with afinancially unstable company or an entity in its early stage of development or growth,including entities without established records of sales or earnings, we may be affected bynumerous risks inherent in the business and operations of financially unstable and earlystage or potential emerging growth companies. In addition, to the extent that we effect abusiness combination with an entity in an industry characterized by a high level of risk,we may be affected by the currently unascertainable risks of that industry. An extremelyhigh level of risk frequently characterizes many industries which experience rapid growth.In addition, although the Company's Management will endeavor to evaluate the risksinherent in a particular industry or target business, we cannot assure you that we willproperly ascertain or assess all significant risk factors.

    *Sourcesof target businesses*

The Registrant anticipatesthat target business candidates will be brought to our attention from various  sources, including broker-dealers, investment bankers, venture capitalists, bankers andother members of the financial community who may present solicited or unsolicitedproposals. While we do not presently anticipate engaging the services of professionalfirms that specialize in business acquisitions on any formal basis, we may engage thesefirms in the future, in which event we may pay a finder's fee or other compensation. In noevent, however, will we pay Management any finder's fee or other compensation for servicesrendered to us prior to or in connection with the consummation of a business combination.

    *Selectionof a target business and structuring of a business combination*

Management has votingcontrol of 70.13% andwill have virtually unrestricted flexibility in identifying and selecting a prospectivetarget business. In evaluating a prospective target business, our Management willconsider, among other factors, the following:

- financial condition andresults of operation of the target company;- growth potential;- experience and skill of management and availability of additional personnel;- capital requirements;- competitive position;- stage of development of the products, processes or services;- degree of current or potential market acceptance of the products, processes or services;- proprietary features and degree of intellectual property or other protection of theproducts, processes or services;- regulatory environment of the industry; and- costs associated with effecting the business combination.

These criteria are notintended to be exhaustive. Any evaluation relating to the merits of a particular businesscombination will be based, to the extent relevant, on the above factors as well as otherconsiderations deemed relevant by our Management in effecting a business combinationconsistent with our business objective. In evaluating a prospective target business, wewill conduct a due diligence review which may encompass, among other things, meetings withincumbent management and inspection of facilities, as well as review of financial andother information which will be made available to us.

The time and costs requiredto select and evaluate a target business and to structure and complete the businesscombination cannot presently be ascertained with any degree of certainty. Any costsincurred with respect to the identification and evaluation of a prospective targetbusiness with which a business combination is not ultimately completed will result in aloss to us.

    *Probablelack of business diversification*

We may seek to effectbusiness combinations with more than one target business, it is probable that we will havethe ability to effect only a single business combination. Accordingly, the prospects forour success may be entirely dependent upon the future performance of a single business.Unlike other entities which may have the resources to complete several businesscombinations with entities operating in multiple industries or multiple areas of a singleindustry, it is probable that we will not have the resources to diversify our operationsor benefit from the possible spreading of risks or offsetting of losses. By consummating abusiness combination with only a single entity, our lack of diversification may:

- subject us to numerouseconomic, competitive and regulatory developments, any or all of which may have asubstantial adverse impact upon the particular industry in which we may operate subsequentto a business combination; and- result in our dependency upon the development or market acceptance of a single orlimited number of products, processes or services.

   *Limitedability to evaluate the target business' management*

Although we intend toclosely scrutinize the management of a prospective target business when evaluating thedesirability of effecting a business combination, we cannot assure you that our assessmentof the target business' management will prove to be correct. In addition, we cannot assureyou that the future management will have the necessary skills, qualifications or abilitiesto manage a public company intending to embark on a program of business development.Furthermore, the future role of our directors, if any, in the target business cannotpresently be stated with any certainty. While it is possible that our sole director willremain associated in some capacity with us following a business combination, it isunlikely that he will devote their full efforts to our affairs subsequent to a businesscombination. Moreover, we cannot assure you that our director will have significantexperience or knowledge relating to the operations of the particular target business. 

Following a businesscombination, we may seek to recruit additional managers to supplement the incumbentmanagement of the target business. We cannot assure you that we will have the ability torecruit additional managers, or that additional managers will have the requisite skills,knowledge or experience necessary to enhance the incumbent management. 

Competition

In identifying, evaluatingand selecting a target business, we expect to encounter intense competition from otherentities having a business objective similar to ours. Many of these entities are wellestablished and have extensive experience identifying and effecting business combinationsdirectly or through affiliates. Many of these competitors possess greater technical, humanand other resources than the Registrant and our financial resources will be relativelylimited when contrasted with those of many of these competitors. While we believe thereare numerous potential target businesses that may be interested in effecting a businesscombination with a current, reporting public company, Management believes that we may haveonly very limited ability to compete in acquiring certain sizable target businessesbecause of our limited available financial resources. This inherent competitive limitationgives others an advantage in pursuing the acquisition of a target business. Further, anyof these obligations may place us at a competitive disadvantage in successfullynegotiating a business combination. Our management believes, however, that our status as apublic entity and potential access to the United States public equity markets may give usa competitive advantage over privately-held entities having a similar business objectiveas us in acquiring a target business with significant growth potential on favorable terms.

If we succeed in effecting abusiness combination, there will be, in all likelihood, intense competition fromcompetitors of the target business. In particular, certain industries which experiencerapid growth frequently attract an increasingly larger number of competitors, includingcompetitors with increasingly greater financial, marketing, technical and other resourcesthan the initial competitors in the industry. The degree of competition characterizing theindustry of any prospective target business cannot presently be ascertained. We cannotassure you that, subsequent to a business combination, we will have the resources tocompete effectively, especially to the extent that the target business is in a high-growthindustry.

Employees

Richard Rubin, is our chiefexecutive officer and chief financial officer. Mr. Rubin is not obligated to contributeany specific number of hours per week and intend to devote only as much time as he deemsnecessary to the Company's affairs. The amount of time he will devote in any time periodwill vary based on the availability of suitable target businesses to investigate. We donot intend to have any full time employees prior to the consummation of a businesscombination.

Conflicts of Interest

The Company's Management is not requiredto commit its full time to the Company's affairs. As a result, pursuing new businessopportunities may require a greater period of time than if Management would devote hisfull time to the Company's affairs. Management is not precluded from serving as officer ordirector of any other entity that is engaged in business activities similar to those ofthe Registrant. In the future, Management may become associated or affiliated withentities engaged in business activities similar to those we intend to conduct. In suchevent, Management may have conflicts of interest in determining to which entity aparticular business opportunity should be presented. In the event that the Company'sManagement has multiple business affiliations, it may have legal obligations to presentcertain business opportunities to multiple entities. In the event that a conflict ofinterest shall arise, Management will consider factors such as reporting status,availability of audited financial statements, current capitalization and the laws of thejurisdictions of the target entities. If several business opportunities or operatingentities approach Management with respect to a business combination, Management willconsider the foregoing factors as well as the preferences of the incumbent management ofthe operating company. However, Management will act in what it believes will be in thebest interests of the shareholders of the Registrant. The Registrant shall not enter intoa transaction with a target business that is affiliated with Management.

Periodic Reporting and Audited Financial Statements

We have registered our securities under the Securities Exchange Act of1934 and have reporting obligations, including the requirement that we file annual andquarterly reports with the SEC. In accordance with the requirements of the Exchange Act,our annual reports will contain financial statements audited and reported on by ourindependent public accountants.

We will not acquire a target business if audited financial statementscannot be obtained for the target business. Our Management believes that the requirementof having available audited financial statements for the target business will limit thepool of potential target businesses available for acquisition.

***Risks associated with the Company's businessplan***

**Forward-Looking Statements**This annual report on Form 10-KSB contains forward-looking statements that arebased on current expectations, estimates, forecasts and projections about us, theCompany's future performance, the Company's beliefs and the Company's Management'sassumptions. In addition, other written or oral statements that constitute forward-lookingstatements may be made by us or on the Company's behalf. Words such as"expects," "anticipates," "targets," "goals,""projects," "intends," "plans," "believes,""seeks," "estimates," variations of such words and similar expressionsare intended to identify such forward-looking statements. These statements are notguarantees of future performance and involve certain risks, uncertainties and assumptionsthat are difficult to predict or assess. Therefore, actual outcomes and results may differmaterially from what is expressed or forecast in such forward-looking statements. Exceptas required under the federal securities laws and the rules and regulations of the SEC, wedo not have any intention or obligation to update publicly any forward-looking statementsafter the filing of this Form 10-KSB, whether as a result of new information, futureevents, changes in assumptions or otherwise.

In addition to other information included in this annualreport, the following factors should be considered in evaluating the Company's businessplan and future prospects.

***The Company, since emergence frombankruptcy, has very limited operations and resources.***

Since the Company emerged from bankruptcy, itsoperations have been limited to seeking a potential business combinations and has norevenues from operations. Our investors will have no basis upon which to evaluate theCompany's ability to achieve the Company's business objective, which is to effect a mergeror business combination with an operating business. The Company will not generate anyrevenues until, at the earliest, after the consummation of a business combination.

***Since the Company has not currently selecteda particular target industry or target business with which to complete a businesscombination, the Company is unable to currently ascertain the merits or risks of thebusiness' operations.***

Since the Company has not yet identified a particularindustry or prospective target business, there is no basis for investors to evaluate thepossible merits or risks of the particular industry in which the Company may ultimatelyoperate or the target business which the Company may ultimately acquire. To the extent theCompany completes a business combination with a financially unstable company or an entityin its development stage, the Company may be affected by numerous risks inherent in thebusiness operations of those entities. Although the Company's Management will endeavor toevaluate the risks inherent in a particular industry or target business, the Companycannot assure you that it will properly ascertain or assess all of the significant riskfactors. There can be no assurance that any prospective businesscombination will benefit shareholders or prove to be more favorable to shareholders thanany other investment that may be made by shareholders and investors.

***Unspecified andunascertainable risks.***

There is no basis for shareholders toevaluate the possible merits or risks of potential business combination or the particularindustry in which the Company may ultimately operate. To the extent that the Companyeffects a business combination with a financially unstable operating company or an entitythat is in its early stage of development or growth, including entities withoutestablished records of revenues or income, the Company will become subject to numerousrisks inherent in the business and operations of that financially unstable company. Inaddition, to the extent that the Company effects a business combination with an entity inan industry characterized by a high degree of risk, the Company will become subject to thecurrently unascertainable risks of that industry. An extremely high level of riskfrequently characterizes certain industries that experience rapid growth. AlthoughManagement will endeavor to evaluate the risks inherent in a particular business orindustry, there can be no assurance that Management will properly ascertain or assess allsuch risks or that subsequent events may not alter the risks that the Company perceived atthe time of the consummation of a business combination.

***The Company may issue shares of theCompany's common stock and preferred stock to complete a business combination, which wouldreduce the equity interest of the Company's stockholders and likely cause a change incontrol of the Company's ownership.***

The Company's certificate of incorporation authorizesthe issuance of up to 900,000,000 shares of common stock, par value $0.0001 per share, and10,000,000 shares of preferred stock, par value $0.0001 per share. The Company currentlyhas 683,252,091 authorized but unissued shares of the Company's common stock available forissuance and all of the 10,000,000 shares of preferred stock available for issuance.Although the Company currently has no commitments to issue any securities, the Companywill, in all likelihood, issue a substantial number of additional shares of its commonstock or preferred stock, or a combination of common and preferred stock, in connectionwith a business combination. To the extent that additional shares of common and/orpreferred stock are issued, the Company's shareholders would experience dilution of theirrespective ownership interests in the Company. The issuance of additional shares of commonstock and/or convertible preferred stock may adversely affect the market price of theCompany's common stock, in the event that an active trading market commences, of whichthere can be no assurance. The issuance of additional shares of the Company's common stockor any number of shares of the Company's preferred stock:

- may significantly reduce the equity interest ofcurrent stockholders;- will likely cause a change in control if a substantial number of the Company's shares ofcommon stock are issued and most likely also result in the resignation of the Company'spresent officer and director; and- may adversely affect prevailing market price for the Company's common stock.

Similarly, if the Company issues debt securities, itcould result in:- default and foreclosure on the Company's assets if the Company's operating revenuesafter a business combination were insufficient to pay the Company's debt obligations;- acceleration of the Company's obligations to repay the indebtedness even if the Companyhas made all principal and interest payments when due if the debt security containscovenants that require the maintenance of certain financial ratios or reserves and anysuch covenant is breached without a waiver or renegotiation of that covenant;- the Company's immediate payment of all principal and accrued interest, if any, if thedebt security is payable on demand; and- the Company's inability to obtain additional financing, if necessary, if the debtsecurity contains covenants restricting the Company's ability to obtain additionalfinancing while such security is outstanding.

***It is likely that the Company's currentofficer and director will resign upon consummation of a business combination and theCompany will have only limited ability to evaluate the management of the target business.***

The Company's ability to successfully effect a businesscombination will be dependent upon the efforts of the Company's Management. The futurerole of the Company's key personnel in the target business, however, cannot presently beascertained. Although it is possible that Management will remain associated in somecapacity with the target business following a business combination, it is likely that themanagement of the target business at the time of the business combination will remain inplace. Although the Company intends to closely scrutinize the management of a prospectivetarget business in connection with evaluating the desirability of effecting a businesscombination, the Company cannot assure you that the Company's assessment of managementwill prove to be correct.

***Dependence on key personnel***

The Company is dependent upon thecontinued services of its officer and director. To the extent that his services becomeunavailable, the Company will be required to obtain other qualified personnel and therecan be no assurance that it will be able to recruit and hire qualified persons atacceptable terms.

***The Company's officer and director mayallocate his time to other businesses thereby causing conflicts of interest in hisdetermination as to how much time to devote to the Company's affairs. This could have anegative impact on the Company's ability to consummate a business combination.***

The Company's officer and director is not required tocommit his full time to the Company's affairs, which may result in a conflict of interestin allocating his time between the Company's plan of operations and other businesses. TheCompany does not intend to have any full time employees prior to the consummation of abusiness combination. Management of the Company is engaged in several other businessendeavors and is not obligated to contribute any specific number of his hours per week tothe Company's affairs. If Management's other business affairs require him to devote moresubstantial amounts of time to such affairs, it could limit his ability to devote time tothe Company's affairs and could have a negative impact on the Company's ability toconsummate a business combination.

***The Company's officer and director is now,and may in the future become, affiliated with entities engaged in business activitiessimilar to those intended to be conducted by the Company and, accordingly, may haveconflicts of interest in determining which entity a particular business opportunity shouldbe presented to.***

The Company's officer and director is now, and may inthe future become, affiliated with entities, including other companies engaged in businessactivities similar to those intended to be conducted by this Company. Additionally, theCompany's officer and director may become aware of business opportunities which may beappropriate for presentation to this Company as well as the other entities with which heis or may be affiliated. Additionally, due to the existing affiliations of the Company'sofficer and director with other entities, he may have a fiduciary obligation to presentpotential business opportunities to those entities in addition to presenting them to uswhich could cause additional conflicts of interest. Accordingly, Management may haveconflicts of interest in determining to which entity a particular business opportunityshould be presented.

***It is probable that the Company will only beable to enter into one business combination, which will cause us to be solely dependent onsuch single business and a limited number of products, processes or services.***

It is probable that the Company will enter into abusiness combination with a single operating business. Accordingly, the prospects for theCompany's success may be:

- solely dependent upon the performance of a singleoperating business; or- dependent upon the development or market acceptance of a single or limited number ofproducts, processes or services.

In this case, the Company will not be able to diversifythe Company's operations or benefit from the possible spreading of risks or offsetting oflosses, unlike other entities which may have the resources to complete several businesscombinations in different industries or different areas of a single industry.

***The Company has limited resources and thereis significant competition for business combination opportunities. Therefore, the Companymay not be able to enter into or consummate an attractive business combination.***

The Company expects to encounter intense competitionfrom other entities having a business objective similar to the Company's, includingventure capital funds, leveraged buyout funds and operating businesses competing foracquisitions. Many of these entities are well established and have extensive experience inidentifying and effecting business combinations directly or through affiliates. Many ofthese competitors possess far greater technical, human and other resources than does theCompany and the Company's financial resources are very limited when contrasted with thoseof many of these competitors. While the Company believes that there are numerous potentialtarget businesses that it could acquire, the Company's ability to compete in acquiringcertain sizable target businesses will be limited by the Company's limited financialresources and the fact that the Company will use its common stock to acquire an operatingbusiness. This inherent competitive limitation gives others an advantage in pursuing theacquisition of far more target businesses than the Company.

***The Company may be unable to obtainadditional financing, if required, to complete a business combination or to fund theoperations and growth of the target business, which could compel the Company torestructure a potential business transaction or abandon a particular business combination.***

The Company has not yet identified any prospectivetarget business. If we require funds because of the size of the business combination, wewill be required to seek additional financing. We cannot assure you that such financingwould be available on acceptable terms, if at all. To the extent that additional financingproves to be unavailable when needed to consummate a particular business combination, wewould be compelled to restructure the transaction or abandon that particular businesscombination and seek an alternative target business candidate. In addition, if weconsummate a business combination, we may require additional financing to fund theoperations or growth of the target business. The failure to secure additional financingcould have a material adverse effect on the continued development or growth of the targetbusiness. None of the Company's officers, directors or stockholders is required to provideany financing to us in connection with or after a business combination.

***Additional financingrequirements associated with compliance with reporting requirements under the ExchangeAct.***

The Company has no revenues and isdependent upon the willingness of the Company's Management to fund the costs associatedwith the reporting obligations under the Exchange Act, other administrative costsassociated with the Company's corporate existence and expenses related to the Company'sbusiness objective. The Company may not generate any revenues until the consummation of abusiness combination. The Company anticipates that it will have available sufficientfinancial resources to continue to pay accounting and other professional fees and othermiscellaneous expenses that may be required until the Company commence business operationsin connection with a business combination. In the event that the Company's availablefinancial resources from its Management prove to be insufficient for the purpose ofachieving its business objective through a business combination, the company will berequired to seek additional financing. The Company's failure to secure additionalfinancing could have a material adverse affect on the Company's ability to pursue abusiness combination. The Company does not have any arrangements with any bank orfinancial institution to secure additional financing and there can be no assurance thatany such arrangement would be available on terms acceptable and in the Company's bestinterests. The Company does not have any written agreement with Management to providefunds for the Company's operating expenses.

***The Company's officer and director owns 70.13% of issued shares or commonstock, a controlling interest in the Company, and thus may influence certain actionsrequiring stockholder vote.***

It is unlikely that there will be an annual meeting ofstockholders to elect new directors prior to the consummation of a business combination,in which case all of the current director will continue in office at least until theconsummation of the business combination. If there is an annual meeting, as a consequenceof the controlling interest of the Company's management has broad discretion regardingproposals submitted to a vote by shareholders. Accordingly, the Company's existingdirector will continue to exert substantial control at least until the consummation of abusiness combination.

***Broad discretion of Management***

Any person who invests in the Company's common stockwill do so without an opportunity to evaluate the specific merits or risks of anyprospective business combination. As a result, investors will be entirely dependent on thebroad discretion and judgment of Management in connection with the selection of aprospective business combination. There can be no assurance that determinations made bythe Company's Management will permit us to achieve the Company's business objectives.

***Reportingrequirements may delay or preclude a business combination***

Pursuant tothe requirements of Section 13 of the Exchange Act, the Company is required to providecertain information about significant acquisitions and other material events. The Companywill continue to be required to file quarterly reports on Form 10-QSB and annual reportson Form 10-KSB, which annual report must contain the Company's audited financialstatements. As a reporting company under the Exchange Act, following any businesscombination, we will be required to file a report on Form 8-K, which report containsaudited financial statements of the acquired entity. These audited financial statementsmust be filed with the SEC within 5 days following the the transaction. While obtainingaudited financial statements is typically the responsibility of the acquired company, itis possible that a potential target company may be a non-reporting company with unauditedfinancial statements. The time and costs that may be incurred by some potential targetcompanies to prepare such audited financial statements may significantly delay or may evenpreclude consummation of an otherwise desirable business combination. Acquisitionprospects that do not have or are unable to obtain the required audited statements may notbe appropriate for acquisition because we are subject to the reporting requirements of theExchange Act.

***The Company's shares of common stock arequoted on the Pinksheets, which limits the liquidity and price of the Company's commonstock.***

The Company's shares of common stock are traded on thePinksheets. Quotation of the Company's securities on the Pinksheets limits the liquidityand price of the Company's common stock more than if the Company's shares of common stockwere listed on The NASDAQ Stock Market or a national exchange. Thereis currently no active trading market in the Company's common stock. There can be noassurance that there will be an active trading market for the Company's common stockfollowing a business combination. In the event that an active trading market commences,there can be no assurance as to the market price of the Company's shares of common stock,whether any trading market will provide liquidity to investors, or whether any tradingmarket will be sustained.

***If the Company is deemed to be an investmentcompany, the Company may be required to institute burdensome compliance requirements andthe Company's activities may be restricted, which may make it difficult for the Company toenter into a business combination.***

If we are deemed to be an investment company under theInvestment Company Act of 1940, our activities may be restricted, including:

*-*restrictions on the nature of the Company'sinvestments; and- restrictions on the issuance of securities, which may make it difficult for us tocomplete a business combination.

In addition, we may have imposed upon us burdensomerequirements, including:- registration as an investment company;- adoption of a specific form of corporate structure; and- reporting, record keeping, voting, proxy and disclosure requirements and other rules andregulations.

The Company does not believe that its anticipatedactivities will subject it to the Investment Company Act of 1940.

***The Company may be deemed to have no"Independent Directors", actions taken and expenses incurred by our officer anddirector on behalf of the Company will generally not be subject to "IndependentReview".***

Our sole officer and director owns 70.13% of our issued shares ofcommon stock and has accrued compensation for services rendered prior to or in connectionwith a business combination. He also may be reimbursement for out-of-pocket expensesincurred by him in connection with activities on the Company's behalf such as identifyingpotential target businesses and performing due diligence on suitable businesscombinations. There is no limit on the amount of these out-of-pocket expenses and therewill be no review of the reasonableness of the expenses by anyone other than our board ofdirectors, which consists of one person. Our sole director will not be deemed"independent," he will generally not have the benefit of independent directorsexamining the propriety of expenses incurred on our behalf and the sums subject toreimbursement. Although the Company believes that all actions taken by our director on theCompany's behalf will be in the Company's best interests, the Company cannot assure ourshareholders or investors that this will actually be the case. If actions are taken, orexpenses are incurred that are actually not in the Company's best interests, it could havea material adverse effect on our business and plan of operations and adversely effect theprice of our stock held by the public stockholders. 

***State blue skyregistration; potential limitations on resale of the Company's common stock***

The holders of the Company'sshares of common stock registered under the Exchange Act and those persons who desire topurchase them in any trading market that may develop in the future, should be aware thatthere may be state blue-sky law restrictions upon the ability of investors to resell theCompany's securities. Accordingly, investors should consider the secondary market for theRegistrant's securities to be a limited one.

It is theintention of the Registrant's Management following the consummation of a businesscombination to seek coverage and publication of information regarding the Registrant in anaccepted publication manual which permits a manual exemption. The manual exemption permitsa security to be distributed in a particular state without being registered if theRegistrant issuing the security has a listing for that security in a securities manualrecognized by the state. However, it is not enough for the security to be listed in arecognized manual. The listing entry must contain (1) the names of issuers, officers, anddirectors, (2) an issuer's balance sheet, and (3) a profit and loss statement for eitherthe fiscal year preceding the balance sheet or for the most recent fiscal year ofoperations. Furthermore, the manual exemption is a nonissuer exemption restricted tosecondary trading transactions, making it unavailable for issuers selling newly issuedsecurities.

Most of the accepted manualsare those published by Standard and Poor's, Moody's Investor Service, Fitch's InvestmentService, and Best's Insurance Reports, and many states expressly recognize these manuals.A smaller number of states declare that they "recognize securities manuals" butdo not specify the recognized manuals. The following states do not have any provisions andtherefore do not expressly recognize the manual exemption: Alabama, Georgia, Illinois,Kentucky, Louisiana, Montana, South Dakota, Tennessee, Vermont and Wisconsin. 

***Dividendsunlikely***

The Company does not expectto pay dividends for the foreseeable future because it has no revenues and no cash. Thepayment of dividends will be contingent upon the Company's future revenues and earnings,if any, capital requirements and overall financial conditions. The payment of any futuredividends will be within the discretion of the Company's board of directors as thenconstituted. It is the Company's expectation that future management following a businesscombination will determine to retain any earnings for use in its business operations andaccordingly, the Company does not anticipate declaring any dividends in the foreseeablefuture.

***Our commonstock is subject to the Penny Stock Rules of the SEC and the trading market in ourcommon stock is limited, which makes transactions in our common stock cumbersome and mayreduce the value of an investment in our common stock***

The Company's common stockis considered a Penny Stock, as defined in the Exchange Act and the rules thereunder,unless and until the price of the Company's shares of common stock is at least $5.00. TheCompany's share price presently is, and prior to any business combination, the share priceis expected to be less than $5.00. Unless the Company's common stock is otherwise excludedfrom the definition of Penny Stock, the Penny Stock rules apply. The Penny Stock rulesrequire a Broker-Dealer prior to a transaction in a Penny Stock not otherwise exempt fromthe rules, to deliver a standardized risk disclosure document prepared by the SEC thatprovides information about the Penny Stock and the nature and level of risks in the PennyStock market. The Broker-Dealer also must provide the customer with current bid and offerquotations for the Penny Stock, the compensation of the Broker-Dealer and its sales personin the transaction, and monthly account statements showing the market value of each PennyStock held in the customer's account. In addition, the Penny Stock rules require that theBroker-Dealer, not otherwise exempt from such rules, must make a special writtendetermination that the Penny Stock is suitable for the purchaser and receive thepurchaser's written agreement prior to the transaction. These disclosure rules have theeffect of reducing the level of trading activity in the secondary market for a stock thatis subject to the Penny Stock rules. So long as the common stock is subject to the PennyStock rules, it may become more difficult to sell such securities. Such requirements couldresult in reduction in the level of trading activity for the Company's common stock andcould make it more difficult for investors to sell the Company's common stock. 

***General EconomicRisks***

The Company's current andfuture business plans are dependent, in large part, on the state of the general economy.Adverse changes in economic conditions may adversely affect the Company's plan ofoperation and business objective. These conditions and other factors beyond the Company'scontrol include, but are not limited to regulatory changes.

**ITEM 2.DESCRIPTION OF PROPERTIES**Back to Table of Contents

The Registrant's corporate officeis located at 90 John Street, Suite 626, New York, NY 10038. These facilities consist of approximately 300 square feet of executiveoffice space. The Registrant believes that the office facilities are sufficient for theforeseeable future and this arrangement will remain in effect until we will consummate abusiness combination. 

**ITEM 3. LEGAL PROCEEDING**Back to Table of Contents

None.

**ITEM4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS**Back to Table of Contents

During the year ended December 31, 2007, no matters weresubmitted to a vote of the Company's security holders.

**PART II**

**ITEM 5.MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTER**Back to Table of Contents

(a) Market Price InformationThe Registrant's common stockis subject to quotation on the NASDAQ BB under the symbol MABAA. The following table showsthe high and low bid prices for the Registrant's common stock during the fiscal years 2007and 2006 as reported by the National Quotation Bureau Incorporated. These prices reflectinter-dealer quotations without adjustments for retail markup, markdown or commission, anddo not necessarily represent actual transactions.
      High    Low  
**Year Ended    December 31, 2007**
                                
Quarter ended December 31,
      $0.01        $0.001  
Quarter ended September    30,
        0.001          0.001  
Quarter ended June 30,
        0.001          0.001  
Quarter ended March 31,
        0.001          0.001    
**Year Ended    December 31, 2006**
                                
Quarter ended December 31,
      $0.001        $0.001  
Quarter ended June 30,
        0.001          0.001  
Quarter ended March 31,
        0.001          0.001  
Quarter ended December 31,
        0.001          0.001  
(b) Approximate Number of Holders of Common StockOn December 31, 2007, there were 640 shareholders of record of the Company's common stock.

(c) DividendsWe currently do not pay cash dividends on the Company's common stock and have no plans toreinstate a dividend on the Company's common stock.

(d) Recent Sales ofUnregistered Securities****

On December 20, 2007, the Registrant issued 30,000,000shares to its CEO in consideration for the conversion of $30,000 in debt.

(e) Equity Compensation PlansWe have no equity compensation plans at December 31, 2007.

**ITEM 6.MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION**Back to Table of Contents

*Overview*

The Company emergedfrom bankruptcy in November 2005. It discontinued its former business operations as aresult of of filing for bankruptcy September 19, 2002. TheCompany's current business objective is to seek a business combination with an operatingcompany. We intend to use the Company's limited personnel and financial resources inconnection with such activities. The Company will utilize its capital stock, debtor a combination of capital stock and debt, in effecting a business combination. It may be expected that entering into a business combination will involvethe issuance of restricted shares of capital stock. The issuance of additionalshares of our capital stock:

- may significantly reduce the equityinterest of our current stockholders;- will likely cause a change in control if a substantial number of our shares are issued,and most likely will also result in the resignation of our present officer and director;and- may adversely affect the prevailing market price for our common stock.

Similarly, if we issued debt securities, itcould result in:- default and foreclosure on our assets if our operating revenues after a businesscombination were insufficient to pay our debt obligations;- acceleration of our obligations to repay the indebtedness even if we have made allprincipal and interest payments when due if the debt security contained covenants thatrequired the maintenance of certain financial ratios or reserves and any such covenantswere breached without a waiver or renegotiation of such covenants;- our immediate payment of all principal and accrued interest, if any, if the debtsecurity was payable on demand; and- our inability to obtain additional financing, if necessary, if the debt securitycontained covenants restricting our ability to obtain additional financing while suchsecurity was outstanding.

*Liquidity and CapitalResources*

Since emerging from bankruptcy,the Registrant has neither engaged in any operations nor generated any revenues. While we are dependent upon interim funding provided by Management to payprofessional fees and expenses, we have no written finance agreement with Management toprovide any continued funding. However, we may need to raise additional fundsthrough a private offering of debt or equity securities if additional administrative fundsare required to consummate a business combination that is presented to us. We have no agreements to issue any debt or equity securities and cannotpredict whether equity or debt financing will become available at terms acceptable to us,if at all.

At December 31, 2007, we had $23 inassets and had liabilities of $13,186.

There are no limitations in theCompany's articles of incorporation on the Company's ability to borrow funds or raisefunds through the issuance of restricted common stock to effect a business combination.The Company's limited resources and lack of having cash-generating business operations maymake it difficult to borrow funds or raise capital. The Company's inability to borrowfunds or raise funds through the issuance of restricted capital stock required to effector facilitate a business combination may have a material adverse effect on the Company'sfinancial condition and future prospects, including the ability to complete a businesscombination. To the extent that debt financing ultimately proves to be available, anyborrowing will subject us to various risks traditionally associated with indebtedness,including the risks of interest rate fluctuations and insufficiency of any future cashflow to pay principal and interest, including debt of an acquired business. 

*Off-Balance SheetArrangements*

As of December 31,2007, we did not have any off-balance sheet arrangements as defined inItem 303(a)(4)(ii) of Regulation S-K promulgated under the Securities Exchange Act of1934.

*ContractualObligations and Commitments*

As of December 31,2007 we did not have any contractual obligations.

*Critical AccountingPolicies*

Our significantaccounting policies are described in the note to our financial statements includedelsewhere in this annual report.

**ITEM7. FINANCIAL STATEMENTS**Back to Table of Contents

The Registrant's audited financial statements for thefiscal years ended December 31, 2007 and 2006 are attached to this annual report.

Financial Statements for the Fiscal Year ended December 31, 2007 and 2006

**ITEM8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSURE**Back to Table of Contents

None.

**ITEM 8A. CONTROLS AND PROCEDURES**
*Evaluation of disclosure controls and procedures.As of December 31, 2007, the Company's chief executiveofficer/chief financial officer conducted an evaluation regarding the effectiveness of theCompany's disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e)under the  Exchange Act. Based upon the evaluation of these controls and procedures,our chief executive officer/chief financial officer concluded that our disclosure controlsand procedures were effective as of the date of filing this annual report.

*Changes in internal controls.*No changes occurred in our internal control over financial reporting thatmaterially affected, or is reasonably likely to materially affect, our internal controlover financial reporting.

**ITEM 8B. OTHER INFORMATION**Back to Table of Contents

None.

**PART III**

**ITEM9. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT, COMPLIANCE WITH SECTION 16(A)**Back to Table of Contents
**Name****Age****Title****Date Became Executive    Officer**Richard Rubin  65  CEO, CFO and Chairman11/2005
Richard Rubin, 64, is CEO, CFO and Chairman of theRegistrant. During the last five years, Mr. Rubin has been engaged in the business ofproviding corporate securities consulting services.  In February 2002, Mr. Rubinbecame a director of Nettel Holdings, a reporting company and resigned as director in May2003 upon the consummation of a merger with an operating company. Mr. Rubin served as adirector of Jeantex Group, a reporting company from August 2002 to September 2003 andresigned upon the consummation of a merger with an operating company. Mr. Rubin presentlyserves as CEO, CFO and sole director of Peregrine Industries, Inc., a public companyreporting under the Exchange Act.

**ITEM 10.EXECUTIVE COMPENSATION**Back to Table of Contents

**Summary Compensation Table**            
**Long    Term**        
**Annual    Compensation**
**Compensation    Awards**                    **Other****Restricted****Securities**            **Annual****Stock****Underlying****All Other**      
**Salary**
**Bonus****Compensation****Award(s)****Options****Compensation**  **Name and    Principal Position**  
**Year**
**($)**
**($)**
**($)**
**($)**
**($)**
**($)**  Richard Rubin, CEO, CFO and Chairman200724,000--- --- --- --- --- 200612,000--- --- --- --- ---   (1) Mr. Rubin became CEO, CFO and Chairman of    the Registrant in November 2005. Mr. Rubin has accrued compensation for serving as an    officer and chairman.at the rate of $2,000 per month commencing in July 2006. 
The Company has no employment agreement with RichardRubin, its CEO and CFO.

**ITEM11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**Back to Table of Contents

The table below disclosesany person (including any "group") who is known to the Registrant to be thebeneficial owner of more than five (5%) percent of the Registrant's voting securities. Asof December 31, 2007, the Registrant had 216749,909 shares of common stock issued andoutstanding.

**Title of    Class**
**Name and    Address of Beneficial Owner**
**Amount    and Nature of Beneficial Owner**
**Percent    of Class(1)**Common StockRichard Rubin    90 John Street, Suite 626, New York, NY 10038152,000,000 shares70.13%
Common    StockOfficer and director (1    person)152,000,000 shares70.13%(1) The percentage and ownership is based on    216,747,909 issued and outstanding shares as of December 31, 2007.
**ITEM 12. CERTAINRELATIONSHIPS AND RELATED TRANSACTIONS**Back to Table of Contents

Duringthe last two fiscal years, to the knowledge of the Registrant, there was no person who hador has a direct or indirect material interest in any transaction or proposed transactionto which the Registrant was or is a party.

**ITEM13. EXHIBITS AND REPORTS ON FORM 8-K**Back to Table of Contents

(a) The following documents are filed as exhibits tothis report on Form 10-KSB or incorporated by reference herein. Any document incorporatedby reference is identified by a parenthetical reference to the SEC filing that includedsuch document.
**Exhibit No.****Description**31.1Certification of CEO and CFO    pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act pursuant to Section 302 of the    Sarbanes-Oxley Act of 2002.32.1Certification of CEO and CFO    pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the    Sarbanes-Oxley Act of 2002.
(b) Reports on Form 8-K During the Last Quarter of the Fiscal YearCovered by this Report:

The Registrant did not file a current report on Form 8-K during the lastquarter of the fiscal year covered by this annual report.

**ITEM 14. PRINCIPAL ACCOUNTING FEESAND SERVICES**Back to Table of Contents

Independent PublicAccountantsThe Registrant's Board of Directors has appointed Michael F. Cronin, CPA as independentpublic accountant for the fiscal year ended December 31, 2007.

 

Principal Accounting FeesThe following table presents the fees for professional audit services rendered by MichaelF. Cronin, CPA for the audit of the Registrant's annual financial statements for the yearended December 31, 2007 and 2006, and fees billed for other services rendered by MichaelF. Cronin, CPA during this period.

  
**Year Ended ****Year Ended ****December    31, 2007****December    31, 2006**
Audit fees    (1)$ 4,000$4,000
Audit-related fees (2)  - - 
Tax fees (3)  - - 
All other fees   - - (1) Audit fees consist of    audit and review services, consents and review of documents filed with the SEC. (2) Audit-related fees    consist of assistance and discussion concerning financial accounting and reporting    standards and other accounting issues. (3) Tax fees consist of    preparation of federal and state tax returns, review of quarterly estimated tax payments,    and consultation concerning tax compliance issues. 
 
**Section16(a) ComplianceSection 16(a) of the Securities and Exchange Act of 1934 requires the Registrant'sdirectors and executive officers, and persons who own beneficially more than ten percent(10%) of the Registrant's Common Stock, to file reports of ownership and changes ofownership with the Securities and Exchange Commission. Copies of all filed reports arerequired to be furnished to the Registrant pursuant to Section 16(a). Based solely on thereports received by the Registrant and on written representations from reporting persons,the Registrant was informed that its officer and director have filed all reports requiredunder Section 16(a).

**SIGNATURES**

Pursuant to therequirements of the Securities Exchange Act of 1934, this report has been signed below bythe following persons on behalf of the registrant and in the capacities and on the dateindicated.
/s/ RICHARD RUBIN    Richard Rubin*  CEO, CFO  and Chairman      Dated: March 25, 2008*
**FinancialStatements**Back to Table of Contents
Report    of Independent Registered Public Accounting Firm19Financial Statements   Balance Sheets20   Statement    of Operations21   Statement    of Cash Flows22   Statement    of Stockholders' Deficiency23   Notes    to Financial Statements23
 
**REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMBack toTable of Contents

Michael F. CroninCertified Public AccountantRochester, New York

To the Board of Directors and StockholdersAmerican Biogenetic Sciences, Inc.

I have audited the accompanying balance sheet of American Biogenetic Sciences, Inc. asof December 31, 2007 and 2006 and the related statements of operations, stockholders’deficiency and cash flows for the years then ended. These financial statements are theresponsibility of the Company’s management. My responsibility is to express anopinion on these financial statements based on my audit. 

I conducted my audits in accordance with the standards of the Public Company AccountingOversight Board *(United States)*. Those standards require that I plan and performthe audits to obtain reasonable assurance about whether the financial statements are freeof material misstatement. The company is not required to have, nor was I engaged toperform, an audit of its internal control over financial reporting. My audit includedconsideration of internal control over financial reporting as a basis for designing auditprocedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the Company's internal control overfinancial reporting. Accordingly, I express no such opinion. An audit includes examining,on a test basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overall financialstatement presentation. I believe that my audits provide a reasonable basis for my opinion

In my opinion, the financial statements referred to above present fairly, in allmaterial respects, the financial position of American Biogenetic Sciences, Inc. as ofDecember 31, 2007 and 2006 and the results of its operations, changes instockholders’ deficiencyand its cash flows forthe years then ended in conformity with accounting principles generally accepted in theUnited States of America..

Michael F. Cronin, CPA

Rochester, New York March 25, 2008

**Financial Statements for the fiscal years 2007and 2006**
**American Biogenetic Sciences, Inc.**Balance SheetsBack to Table of    Contents     ** ****December 31, 2007****December 31, 2006**
ASSETSCurrent assets:   Cash$23$19   Prepaid expenses00           Total current assets2319      Total    Assets$23$19  
LIABILITIES    AND STOCKHOLDERS' DEFICIENCYCurrent Liabilities:   Accounts payable -    trade$0$0   Advances from and    accruals due to related party13,18613,186            Total current liabilities13,18613,186  Stockholders' Deficiency:Common stock, 900,000,000    shares authorized, $0.0001 par value;         216,749,909 shares issued and outstanding at December 31, 2007 and        184,949,909 shares issued and outstanding at December 31, 200621,67518,495   Additional paid-in    capital24,125(4,495)   Subscriptions    receivable(2,270)(6,050)   Accumulated    deficit(56,693)(21,117)     Total    Stockholders' Deficiency(13,163)(13,167)            Total Liabilities and Stockholders' Deficiency$23$19     See    Summary of Significant Accounting Policies and Notes to Financial Statements.**American    Biogenetic Sciences, Inc.**Statement of OperationsBack to    Table of Contents    **Fiscal Year Ended****Fiscal Year Ended****December 31, 2007****December 31, 2006**  Revenue$0$0  Costs and Expenses:   General and administrative35,57614,050Total costs and expenses35,57614,050  Net loss$(35,576)$(14,050)  Basic and diluted net loss$(0.00)$(0.00)  Weighted average shares outstanding (basic and    diluted)185,908,265170,966,347  See Summary of Significant    Accounting Policies and Notes to Financial Statements.**American    Biogenetic Sciences, Inc.**Statement of Cash FlowsBack to    Table of Contents
        **Fiscal Year Ended****Fiscal Year Ended**** ****December 31, 2007****December 31, 2006**   Cash flows used by operating    activities$$     Net loss(35,576)(14,050)        Adjustments required to reconcile net loss to cash used in operating activities:     Fair    value of services provided31,8006,000        Increase (decrease) in accounts payable and accrued expenses01,965Cash flows used in operating    activities(3,776)(6,085)  Cash flow from investing    activities:      Cash used in investing    activities00   Cash flows from financing activities:   Proceeds from the issuance of    common and preferred stock3,7805,700   Advances from related parties00     Cash    provided by financing activities3,7805,700       Change in cash4(385)Cash - beginning of period19404Cash - end of period$23$19  See Summary of    Significant Accounting Policies and Notes to Financial Statements.**American Biogenetic Sciences, Inc.**Statements of Stockholders'    Deficiency  Back to Table of    Contents      **Additional**
**Common Stock****Paid-In****Subscriptions**
**Accumulated**
**Shares**
**Amount**
**Capital****receivable**
**Deficit**Balance at    December 31, 2005140,949,909$14,095$(4,495)$(7,350)$(7,067)  Receipt    of subscription---4,700  Stock    issued for cash44,000,0004,400-(3,400)  Net    loss      (14,050)Balance at    December 31, 2006184,949,90918,495(4,495)(6,050)(21,117)  Receipt    of subscription---3,780  Stock    issued for services31,800,0003,18028,620  Net    loss        (35,576)Balance at    December 31, 2007216,749,909$21,675$24,125$(2,270)$(56,693)     See    Summary of Significant Accounting Policies and Notes to Financial Statements.**AMERICAN BIOGENETIC SCIENCES, Inc.Background and Significant Accounting Policies December 31, 2007
**The Company**
American Biogenetic Sciences, Inc. (the "Company“, “We“ or"ABS") was incorporated in Delaware on September 1, 1983. Prior to filing forbankruptcy under chapter 7, the Company engaged in the research, development andproduction of bio-pharmaceutical products. 
*Bankruptcy Proceedings:****On September 19, 2002, the Registrant filed avoluntary Chapter 7 petition under the U.S. Bankruptcy Code in the U.S. Bankruptcy CourtEastern District of New York (case no. 02-86689). As a result of the filing, all of ourassets, properties and liabilities were transferred to a United States Trustee and weterminated all of our business operations. The Bankruptcy Trustee has disposed of allsubstantially of the Company’s assets. On November 4, 2005, the Bankruptcy Courtapproved an Order confirming the sale of debtor's interest in personal property to ParkAvenue Group, Inc.
*Basis of Presentation:****We adopted "fresh-start" accounting asof September 20, 2002 in accordance with procedures specified by AICPA Statement ofPosition ("SOP") No. 90-7, "Financial Reporting by Entities inReorganization under the Bankruptcy Code. The results of the discontinued component havebeen reclassified from continuing operations. 
**Significant Accounting Policies***Use of EstimatesThe preparation of financial statements in conformity withgenerally accepted accounting principles requires management to make estimates andassumptions that affect reported amounts of assets and liabilities and disclosure ofcontingent assets and liabilities at the date of the financial statement and the reportedamounts of revenues and expenses during the reporting period. Actual results could differfrom the estimates.
*Cash and Cash Equivalents: For financial statement presentation purposes, theCompany considers those short-term, highly liquid investments with original maturities ofthree months or less to be cash or cash equivalents.
*Property and Equipment New property and equipment are recorded at cost.Property and equipment included in the bankruptcy proceedings and transferred to theTrustee had been valued at liquidation value. Depreciation is computed using thestraight-line method over the estimated useful lives of the assets, generally 5 years.Expenditures for renewals and betterments are capitalized. Expenditures for minor items,repairs and maintenance are charged to operations as incurred. Gain or loss upon sale orretirement due to obsolescence is reflected in the operating results in the period theevent takes place.
*Valuation of Long-Lived Assets: We review the recoverability of our long-livedassets including equipment, goodwill and other intangible assets, when events or changesin circumstances occur that indicate that the carrying value of the asset may not berecoverable. The assessment of possible impairment is based on our ability to recover thecarrying value of the asset from the expected future pre-tax cash flows (undiscounted andwithout interest charges) of the related operations. If these cash flows are less than thecarrying value of such asset, an impairment loss is recognized for the difference betweenestimated fair value and carrying value. Our primary measure of fair value is based ondiscounted cash flows. The measurement of impairment requires management to make estimatesof these cash flows related to long-lived assets, as well as other fair valuedeterminations.
*Stock Based Compensation:Stock-based awards to non-employees are accounted forusing the fair value method in accordance with SFAS No. 123(R), *Accounting forStock-Based Compensation*, and EITF Issue No. 96-18, *Accounting for EquityInstruments that are Issued to Other Than Employees for Acquiring, or in Conjunction withSelling Goods or Services*. 

On January 1, 2006, we adopted the provisions of Statement of Financial AccountingStandards (“SFAS”) 123R, “Share-Based Payment” (“SFAS123(R)”), which requires that companies measure and recognize compensation expense atan amount equal to the fair value of share-based payments granted under compensationarrangements. Prior to January 1, 2006, we accounted for our stock-based compensationplans under the recognition and measurement principles of Accounting Principles Board(“APB”) Opinion 25, “Accounting for Stock Issued to Employees,” andrelated interpretations, and would typically recognize no compensation expense for stockoption grants if options granted had an exercise price equal to the market value of theunderlying common stock on the date of grant. 

We adopted SFAS 123(R) using the “modified prospective” method, which resultsin no restatement of prior period amounts. Under this method, the provisions of SFAS123(R) apply to all awards granted or modified after the date of adoption. In addition,compensation expense must be recognized for any unvested stock option awards outstandingas of the date of adoption on a straight-line basis over the remaining vesting period. Wecalculate the fair value of options using a Black-Scholes option pricing model. We do notcurrently have any outstanding options subject to future vesting. SFAS 123(R) alsorequires the benefits of tax deductions in excess of recognized compensation expense to bereported in the Statement of Cash Flows as a financing cash inflow rather than anoperating cash inflow. In addition, SFAS 123(R) required a modification to theCompany’s calculation of the dilutive effect of stock option awards on earnings pershare. For companies that adopt SFAS 123(R) using the “modified prospective”method, disclosure of pro forma information for periods prior to adoption must continue tobe made. 
*Fair Value of Financial Instruments: Statements of Financial AccountingStandards No. 107, "Disclosures about Fair Value of Financial Instruments,"requires disclosure of fair value information about financial instruments. Fair valueestimates discussed herein are based upon certain market assumptions and pertinentinformation available to management as of March 25, 2008. The respective carrying value ofcertain on-balance sheet financial instruments approximated their fair values. 

These financial instruments include cash and cash equivalents, accounts payable andaccrued expenses. Fair values were assumed to approximate carrying values for thesefinancial instruments since they are short-term in nature and their carrying amountsapproximate fair values or they are receivable or payable on demand.
*Earnings per Common Share: Basic net loss per share is computed using theweighted average number of common shares outstanding during the period. Diluted net lossper common share is computed using the weighted average number of common and dilutiveequivalent shares outstanding during the period. Dilutive common equivalent shares consistof options to purchase common stock (only if those options are exercisable and at pricesbelow the average share price for the period) and shares issueable upon the conversion ofour Preferred Stock. Due to the net losses reported, dilutive common equivalent shareswere excluded from the computation of diluted loss per share, as inclusion would beanti-dilutive for the periods presented.

There were no common equivalent shares required to be added to the basic weightedaverage shares outstanding to arrive at diluted weighted average shares outstanding in2007 or 2006. 
*Income Taxes:We must make certain estimates and judgments in determiningincome tax expense for financial statement purposes. These estimates and judgments occurin the calculation of certain tax assets and liabilities, which arise from differences inthe timing of recognition of revenue and expense for tax and financial statement purposes.

Deferred income taxes are recorded in accordance with SFAS No. 109, “*Accountingfor Income Taxes*,” or SFAS 109. Under SFAS No. 109, deferred tax assets andliabilities are determined based on the differences between financial reporting and thetax basis of assets and liabilities using the tax rates and laws in effect when thedifferences are expected to reverse. SFAS 109 provides for the recognition of deferred taxassets if realization of such assets is more likely than not to occur. Realization of ournet deferred tax assets is dependent upon our generating sufficient taxable income infuture years in appropriate tax jurisdictions to realize benefit from the reversal oftemporary differences and from net operating loss, or NOL, carry forwards. We havedetermined it more likely than not that these timing differences will not materialize andhave provided a valuation allowance against substantially all of our net deferred taxasset. Management will continue to evaluate the realizability of the deferred tax assetand its related valuation allowance. If our assessment of the deferred tax assets or thecorresponding valuation allowance were to change, we would record the related adjustmentto income during the period in which we make the determination. Our tax rate may also varybased on our results and the mix of income or loss in domestic and foreign taxjurisdictions in which we operate. 

In addition, the calculation of our tax liabilities involves dealing with uncertaintiesin the application of complex tax regulations. We recognize liabilities for anticipatedtax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether,and to the extent to which, additional taxes will be due. If we ultimately determine thatpayment of these amounts is unnecessary, we will reverse the liability and recognize a taxbenefit during the period in which we determine that the liability is no longer necessary.We will record an additional charge in our provision for taxes in the period in which wedetermine that the recorded tax liability is less than we expect the ultimate assessmentto be.
**Recent Accounting Pronouncements**
In September 2006, the FASB issued SFAS No. 157, *Fair Value Measurements*(SFAS 157). SFAS 157 provides guidance for using fair value to measure assets andliabilities. It also responds to investors’ requests for expanded information aboutthe extent to which companies measure assets and liabilities at fair value, theinformation used to measure fair value, and the effect of fair value measurements onearnings. SFAS 157 applies whenever other standards required (or permit) assets orliabilities to be measured at fair value, and does not expand the use of fair value in anynew circumstances. SFAS 157 is effective for financial statements issued for fiscal yearsbeginning after November 15, 2007.

 In June 2006, the FASB issued FASB Interpretation No. 48, *Accountingfor Uncertainty in Income Taxes—an Interpretation of FASB Statement 109*("FIN 48"), which clarifies the accounting for uncertain tax positions. ThisInterpretation allows the tax effects from an uncertain tax position to be recognized inthe Company's financial statements if the position is more likely than not to be sustainedupon audit, based on the technical merits of the position. FIN 48 also provides guidanceon derecognition, classification, interest and penalties, accounting in interim periods,disclosure and transition. FIN 48 is effective for fiscal years beginning afterDecember 15, 2006. We do not expect the adoption of FIN 48 to have a material impacton our financial statements.

In February 2007, FASB issued FASB Statement No. 159, The Fair ValueOption for Financial Assets and Financial Liabilities. FAS 159 is effective for fiscalyears beginning after November 15, 2007. Early adoption is permitted subject to specificrequirements outlined in the new Statement. The new Statement allows entities to choose,at specified election dates, to measure eligible financial assets and liabilities at fairvalue that are not otherwise required to be measured at fair value. If a company electsthe fair value option for an eligible item, changes in that item's fair value insubsequent reporting periods must be recognized in current earnings. FAS 159 alsoestablishes presentation and disclosure requirements designed to draw comparisonbetween entities that elect different measurement attributes for similar assets andliabilities.

In December 2007, the FASB issued SFAS No. 141(R), “Business Combinations”.This Statement replaces SFAS No. 141, Business Combinations. This Statement retains thefundamental requirements in Statement 141 that the acquisition method of accounting (whichStatement 141 called the purchase method) be used for all business combinations and for anacquirer to be identified for each business combination. This Statement also establishesprinciples and requirements for how the acquirer: a) recognizes and measures in itsfinancial statements the identifiable assets acquired, the liabilities assumed, and anynoncontrolling interest in the acquiree; b) recognizes and measures the goodwill acquiredin the business combination or a gain from a bargain purchase and c) determines whatinformation to disclose to enable users of the financial statements to evaluate the natureand financial effects of the business combination. SFAS No. 141(R) will applyprospectively to business combinations for which the acquisition date is on or afterCompany’s fiscal year beginning October 1, 2009. While the Company has not yetevaluated this statement for the impact, if any, that SFAS No. 141(R) will have on itsconsolidated financial statements, the Company will be required to expense costs relatedto any acquisitions after September 30, 2009.
**AMERICAN BIOGENETIC SCIENCES, INC.NOTES TO FINANCIAL STATEMENTSDecember 31, 2007
**1. “Fresh Start” Accounting:**
On September 19, 2002 all of the Company’s assets were transferred to the chapter7 trustee in settlement of all outstanding corporate obligations. We adopted"fresh-start" accounting as of September 20, 2002 in accordance with proceduresspecified by AICPA Statement of Position ("SOP") No. 90-7, "FinancialReporting by Entities in Reorganization under the Bankruptcy Code."

All results for periods subsequent to September 19, 2002 are referred to as those ofthe "Successor Company". The results of operations and cash flows as presentedon the 2002 financial statements reflect the predecessor company. The successor companyhad no transactions between September 19 and the end of the reporting period, December 31,2002. 

In accordance with SOP No. 90-7, the reorganized value of the Company was allocated tothe Company's assets based on procedures specified by SFAS No. 141, "BusinessCombinations". Each liability existing at the plan sale date, other than deferredtaxes, was stated at the present value of the amounts to be paid at appropriate marketrates. It was determined that the Company's reorganization value computed immediatelybefore September 20, 2002 was $0. We adopted "fresh-start" accounting becauseholders of existing voting shares immediately before filing and confirmation of the salereceived less than 50% of the voting shares of the emerging entity and its reorganizationvalue is less than its post-petition liabilities and allowed claims. 
**2. Bankruptcy Proceedings**
On September 19, 2002, the Registrant filed a voluntary Chapter 7petition under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court Eastern District ofNew York (case no. 02-86689). On November 4, 2005, the Bankruptcy Court approved an Orderconfirming the sale of debtor's interest in personal property to Park Avenue Group Inc.The material terms of the transaction confirmed by Bankruptcy Court authorized Park AvenueGroup to appoint new members to the Registrant's board of directors and authorized thenewly-appointed board of directors to amend the Article of Incorporation with respect tothe capital stock of the Company.

The accounts of the former subsidiaries were not included in the sale and have not beencarried forward. 
**Resultant Change in Control: In connection with the Orderconfirming the sale of debtor's interest in certain intangible personal property to ParkAvenue Group Inc. approved by the U.S. Bankruptcy Court Eastern District of New York onNovember 4, 2006, the Court authorized a change in control pursuant to which Richard Rubinbecame our sole director on November 29, 2006, and was appointed CEO by the new board ofdirectors on November 29, 2006. The Court order further provided that the sale was freeand clear of liens, claims and interests of others and that the sale was free and clear ofany and all other real or personal property interests, including any interests inABS’s subsidiaries.
**3. Income Taxes**
Our net operating loss carryovers available to reduce future income taxes were reducedor eliminated through our bankruptcy proceedings. We have adopted SFAS 109 which providesfor the recognition of a deferred tax asset based upon the value the loss carry-forwardswill have to reduce future income taxes and management's estimate of the probability ofthe realization of these tax benefits. 

We have a current operating loss carry-forward of $ 18,000 resulting in deferred taxassets of $6,000. We have determined it more likely than not that these timing differenceswill not materialize and have provided a valuation allowance against substantially all ournet deferred tax asset.

Utilization of federal and state NOL and tax credit carry forwards may be subject to asubstantial annual limitation due to the ownership change limitations provided by theInternal Revenue Code of 1986, as amended and similar state provisions. The annuallimitation may result in the expiration of NOL and tax credit carry forwards before fullutilization.
**4. Commitments**
The Company, prior to its bankruptcy, was a party to numerous claims and threatenedlitigation. As a result of the bankruptcy and the subsequent transfer by the BankruptcyTrustee of the Company’s corporate shell entity free of all liens, claims andencumbrances pursuant to Section 363(f) of the US Bankruptcy Code, the Company is nolonger party to any litigation.

The Company is not a party to any leases and does not have any commitments .
**5. Stockholders' Equity***Common Stock*
In November, 2005, pursuant to authorization provided by the Court Order, we amendedour authorized shares of common stock to 900,000,000 par value $0.0001. All issued sharesof common stock are entitled to vote on a 1 share/1 vote basis. 

On December 20, 2007 we issued 31,800,000 shares in satisfaction of $31,800 due forservices rendered. The shares were valued at $0.01per share which was management’sestimate of fair value at the time of issuance. 30,000,000 of the shares valued at $30,000were issued to our sole officer and director. 

On March 24, 2006 we issued 40,000,000 shares to our sole officer and director inexchange for $ 4,400 in cash. We also issued 4,000,000 shares to 2 individuals in exchangefor $ 400 in cash.

On December 13, 2005 we issued 82,000,000 shares to our sole officer and director inexchange for $ 8,200 in cash. We also issued 14,000,000 shares to 2 individuals inexchange for $ 1,400 in cash. 
*Preferred Stock*
On November 29, 2005 and pursuant to authority granted to it by the bankruptcy court,the Board cancelled and extinguished all issued and outstanding preferred stock. Allrelated dividends obligations were also extinguished (the elimination of this preferredstock has been reflected in the 2002 financial statements), and authorized 10,000,000 newshares of preferred stock, $0.0001 par value that may be issued in one or more series. TheBoard of Directors of the Corporation is authorized to fix the powers, preferences,rights, qualifications, limitations or restrictions of the preferred stock and any seriesthereof pursuant to Section 151 of the Delaware General Corporation Law. 
*Stock Based Compensation*
On November 29, 2005 and pursuant to authority granted to it by the bankruptcy court,the Board cancelled and extinguished all issued and outstanding common stock options andwarrants. 

There are no employee or non-employee options or warrants outstanding or exercisable. 
**6. Related Party Transactions not Disclosed Elsewhere***Due related parties and Fair value of services: The principal stockholder provided,without cost to the Company, his services and office space. The total of these expenseswas $30,000 and $6,000 for 2007 and 2006, respectively, and was reflected in the statementof operations as general and administrative expenses.********************** |