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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, 2006

  

** ̈                             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.) |
|                                                   |                                         |
| 115    East 57th Street, Suite 1118, New York, NY | 10022                                   |
| (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  ̈ No xIndicate 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, 2006, the aggregate market value of the 62,949,909 shares of common stockheld by non-affiliates of the Registrant was approximately $6,295.At December 31, 2006, the Registrant had184,949,909 shares of common stock outstanding. The issuer had no revenues during fiscal year 2006.

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 toTable 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 voluntarybankruptcy petition under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for theEastern District of New York (case no. 02-86689). As a result of the bankruptcy petition, the Registrant's assets, properties andliabilities were transferred to a United States Trustee and the Registrant terminated itsbusiness operations. In connection with the bankruptcy petition,each officer of the Registrant either resigned or was terminated as an officer andemployee and all of the directors resigned effective September 20, 2002. During 2003 and 2004, the Bankruptcy Trustee had disposedof substantially all of the assets of the Registrant and its subsidiaries. On November 4, 2005, the Bankruptcy Court approved an order authorizing a changein control and confirming that Park Avenue Group, Inc. is a good faith purchaser pursuantto 11 USC Section 363(m). The Court order further provided that the Company, subsequent tothe bankruptcy proceeding, is free and clear of all liens, claims and encumbrances.

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 65.96% 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 715,050,091 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 owns65.96% of issued shares or common stock, a controlling interest in the Company, and thusmay influence certain actions requiring 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 65.96% of our issuedshares of common stock and has accrued compensation for services rendered prior to or inconnection with a business combination. He also may be reimbursement for out-of-pocketexpenses incurred by him in connection with activities on the Company's behalf such asidentifying potential 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 115 East 57th Street, 11th Floor, New York, NY 10022. These facilities consist of approximately 300 square feet ofexecutive office space. The Registrant believes that the office facilities are sufficientfor the foreseeable future and this arrangement will remain in effect until we willconsummate a business combination. 

**ITEM 3. LEGAL PROCEEDING**Back toTable of Contents

None.

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

During the year ended December 31, 2006, 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 toTable of Contents

(a) Market Price InformationThe Registrant's common stockis quoted from time to time on the Pinksheets under the symbol MABAA. There has been onlylimited trading activity subsequent to the Registrant filing for bankruptcy proceeding.The following table shows the high and low bid prices for the Registrant's common stockduring the fiscal years 2006 and 2005 as reported by the National Quotation BureauIncorporated. These prices reflect inter-dealer quotations without adjustments for retailmarkup, markdown or commission, and do not necessarily represent actual transactions.
      High    Low  
**Year Ended    December 31, 2006**
                                
Quarter ended December 31,
      $0.001        $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, 2005**
                                
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, 2006, 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****

During the three month period ended December 31, 2006,the Registrant did not issue any restricted securities.

(e) Equity Compensation PlansWe have no equity compensation plans at December 31, 2006.

**ITEM 6.MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION**Back toTable 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, 2006, we had $19 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 31,2006, 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 31,2006 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, 2006 and 2005 are attached to this annual report.

Financial Statements forthe Fiscal Year ended December 31, 2006 and 2005

**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, 2006, 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 toTable 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  64  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 Chairman200612,000--- --- --- --- --- 2005--- --- --- --- --- ---   (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 toTable 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, 2006, the Registrant had 184,949,909 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    115 East 57th Street, Suite 1118, New York, NY 10022122,000,000 shares65.96%
Common    StockOfficer and director (1    person)122,000,000 shares65.96%(1) The percentage and ownership is based on    184,949,909 issued and outstanding shares as of December 31, 2006.
**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, 2006.

 

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, 2006, and fees billed for other services rendered by Michael F. Cronin,CPA during this period.

  

**Year Ended ****December    31, 2006****December    31, 2005**
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 has not filed reports requiredunder Section 16(a).

**SIGNATURES**Back to Table of Contents

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 30, 2007*
**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'    Equity23   Notes    to Financial Statements23
 
**REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMBack to Table of Contents

 

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

I have audited the accompanying balance sheet of American BiogeneticSciences, Inc. as of December 31, 2006 and 2005 and the related statements of operations,changes in stockholders’ equity and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Company’s management. Myresponsibility is to express an opinion on these financial statements based on my audit. 

I conducted my audit in accordance with standards established by thePublic Company Accounting Oversight Board (United States). Those standards require that Iplan and perform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. The company is not required to have, nor wasI engaged to perform, an audit of its internal control over financial reporting. My auditincluded consideration of internal control over financial reporting as a basis fordesigning audit procedures that are appropriate in the circumstances, but not for thepurpose of expressing an opinion on the effectiveness of the Company's internal controlover financial reporting. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation. I believe that my auditprovides a reasonable basis for my opinion.

In my opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of American Biogenetic Sciences,Inc. as of December 31, 2006 and 2005 and the results of its operations and its cash flowsfor the years then ended in conformity with accounting principles generally accepted inthe United States of America..

The Company adopted "fresh-start" accounting as of September20, 2002. The impact of this is more fully described in note 1 of the financialstatements. Also discussed in the notes and effective January 1, 2006, the Company adoptedthe provisions of Statement of Financial Accounting Standards No. 123 (Revised 2004), *Share-BasedPayment.*

Michael F. Cronin, CPA

Rochester, New York 

March 27, 2007

**Financial Statements for the fiscal years 2006and 2005**
**American Biogenetic Sciences, Inc.**Balance SheetsBack to Table of Contents     **Fiscal Year Ended****Fiscal Year Ended**** ****December 31, 2006****December 31, 2005**
ASSETSCurrent assets:   Cash$19$404   Prepaid expenses00           Total current assets19404      Total    Assets$19$404  
LIABILITIES    AND STOCKHOLDERS' DEFICIENCYCurrent Liabilities:   Accounts payable -    trade$13,104$5,139   Notes payable -    related parties8282            Total current liabilities13,1865,221  Stockholders' Deficiency:Common stock, 900,000,000    shares authorized, $0.0001 par value;         184,949,909 shares issued and outstanding at December 31, 2006 and        140,949,909 shares issued and outstanding at December 31, 200518,49514,095   Additional paid-in    capital(4,495)(4,495)   Subscriptions    receivable(6,050)(7,350)   Accumulated    deficit(21,117)(7,067)     Total    Stockholders' Deficiency(13,167)(4,817)            Total Liabilities and Stockholders' Deficiency$19$404     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, 2006****December 31, 2005**  Revenue$0$0  Costs and Expenses:   General and administrative14,0507,067Total costs and expenses14,0507,067  Net loss$(14,050)$(7,067)  Basic and diluted net loss$0.00$0.00  Weighted average shares outstanding (basic and    diluted)170,966,34744,949,909  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, 2006****December 31, 2005**   Cash flows used by operating    activities$$     Net loss(14,050)(7,067)        Adjustments required to reconcile net loss to cash used in operating activities:        Increase (decrease) in accounts payable and accrued expenses7,9655,139Cash flows used in operating    activities(6,085)(1,928)  Cash flow from investing    activities:      Cash used in investing    activities00   Cash flows from financing activities:   Proceeds from the issuance of    common and preferred stock5,7002,250   Advances from related parties082     Cash    provided by financing activities5,7002,332       Change in cash(385)404Cash - beginning of period4040Cash - end of period$19$404  See Summary of    Significant Accounting Policies and Notes to Financial Statements.**American Biogenetic Sciences, Inc.**Statements of Stockholders'    Equity  Back to Table of Contents      
**Common    Stock****Additional****Paid-In****Subscriptions**
**Accumulated**
**Shares**
**Amount**
**Capital****receivable**
**Deficit**  Balance at    December 31, 200444,949,90944,950(44,950)00  Stock    issued for cash96,000,0009,6000(7,530)     Restated par value(40,455)40,455  Net    loss(7,067)  -----Balance at    December 31, 2005140,949,90914,095(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, 2006184,949,909$18,495$(4,495)$(6,050)$(21,117)     See    Summary of Significant Accounting Policies and Notes to Financial Statements.**AMERICAN BIOGENETIC SCIENCES, Inc.Background and Significant Accounting Policies December 31, 2006
**The Company

American Biogenetic Sciences, Inc. (the "Company","We" or "ABS") was incorporated in Delaware on September 1, 1983.Prior to filing for bankruptcy under chapter 7, the Company engaged in the research,development and production of bio-pharmaceutical products. 
*Bankruptcy Proceedings:****On September 19, 2002, theRegistrant filed a voluntary Chapter 7 petition under the U.S. Bankruptcy Code in the U.S.Bankruptcy Court Eastern District of New York (case no. 02-86689). As a result of thefiling, all of our assets, properties and liabilities were transferred to a United StatesTrustee and we terminated all of our business operations. The Bankruptcy Trustee hasdisposed of all substantially of the Company’s assets. On November 4, 2006, theBankruptcy Court approved an Order confirming the sale of debtor's interest in personalproperty to Park Avenue Group, Inc.
*Basis of Presentation:****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. The results of thediscontinued component have been reclassified from continuing operations. Thereclassification reduced sales for December 31, 2002 by $74,000 and related expenses by$1,173,200.
**Significant Accounting Policies*Use of EstimatesThe preparation of financial statements inconformity with generally accepted accounting principles requires management to makeestimates and assumptions that affect reported amounts of assets and liabilities anddisclosure of contingent assets and liabilities at the date of the financial statement andthe reported amounts of revenues and expenses during the reporting period. Actual resultscould differ from the estimates.
*Cash and Cash Equivalents: For financial statement presentationpurposes, the Company considers those short-term, highly liquid investments with originalmaturities of three months or less to be cash or cash equivalents.
*Property and Equipment New property and equipment are recordedat cost. Property and equipment included in the bankruptcy proceedings and transferred tothe Trustee 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 ofour long-lived assets including equipment, goodwill and other intangible assets, whenevents or changes in circumstances occur that indicate that the carrying value of theasset may not be recoverable. The assessment of possible impairment is based on ourability to recover the carrying value of the asset from the expected future pre-tax cashflows (undiscounted and without interest charges) of the related operations. If these cashflows are less than the carrying value of such asset, an impairment loss is recognized forthe difference between estimated fair value and carrying value. Our primary measure offair value is based on discounted cash flows. The measurement of impairment requiresmanagement to make estimates of these cash flows related to long-lived assets, as well asother fair value determinations.
*Stock Based Compensation:Stock-based awards to non-employeesare accounted for using the fair value method in accordance with SFAS No. 123(R), *Accountingfor Stock-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 FinancialAccounting Standards ("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 results in no restatement of prior period amounts. Under this method, theprovisions of SFAS 123(R) apply to all awards granted or modified after the date ofadoption. In addition, compensation expense must be recognized for any unvested stockoption awards outstanding as of the date of adoption on a straight-line basis over theremaining vesting period. We calculate the fair value of options using a Black-Scholesoption pricing model. We do not currently have any outstanding options subject to futurevesting. SFAS 123(R) also requires the benefits of tax deductions in excess of recognizedcompensation expense to be reported in the Statement of Cash Flows as a financing cashinflow rather than an operating cash inflow. In addition, SFAS 123(R) required amodification to the Company’s calculation of the dilutive effect of stock optionawards on earnings per share. For companies that adopt SFAS 123(R) using the"modified prospective" method, disclosure of pro forma information for periodsprior to adoption must continue to be made. 
*Fair Value of Financial Instruments: Statements of FinancialAccounting Standards No. 107, "Disclosures about Fair Value of FinancialInstruments," requires disclosure of fair value information about financialinstruments. Fair value estimates discussed herein are based upon certain marketassumptions and pertinent information available to management as of March 31, 2007. Therespective carrying value of certain on-balance sheet financial instruments approximatedtheir fair values. 

These financial instruments include cash and cash equivalents, accountspayable and accrued expenses. Fair values were assumed to approximate carrying values forthese financial 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 computedusing the weighted average number of common shares outstanding during the period. Dilutednet loss per common share is computed using the weighted average number of common anddilutive equivalent shares outstanding during the period. Dilutive common equivalentshares consist of options to purchase common stock (only if those options are exercisableand at prices below the average share price for the period) and shares issueable upon theconversion of our Preferred Stock. Due to the net losses reported, dilutive commonequivalent shares were excluded from the computation of diluted loss per share, asinclusion would be anti-dilutive for the periods presented.

There were no common equivalent shares required to be added to thebasic weighted average shares outstanding to arrive at diluted weighted average sharesoutstanding in 2006 or 2005.
*Income Taxes:We must make certain estimates and judgments indetermining income tax expense for financial statement purposes. These estimates andjudgments occur in the calculation of certain tax assets and liabilities, which arise fromdifferences in the timing of recognition of revenue and expense for tax and financialstatement purposes. 

Deferred income taxes are recorded in accordance with SFAS No. 109,"*Accounting for Income Taxes*," or SFAS 109. Under SFAS No. 109, deferredtax assets and liabilities are determined based on the differences between financialreporting and the tax basis of assets and liabilities using the tax rates and laws ineffect when the differences are expected to reverse. SFAS 109 provides for the recognitionof deferred tax assets if realization of such assets is more likely than not to occur.Realization of our net deferred tax assets is dependent upon our generating sufficienttaxable income in future years in appropriate tax jurisdictions to realize benefit fromthe reversal of temporary differences and from net operating loss, or NOL, carry forwards.We have determined it more likely than not that these timing differences will notmaterialize and have provided a valuation allowance against substantially all of our netdeferred tax asset. Management will continue to evaluate the realizability of the deferredtax asset and its related valuation allowance. If our assessment of the deferred taxassets or the corresponding valuation allowance were to change, we would record therelated adjustment to income during the period in which we make the determination. Our taxrate may also vary based on our results and the mix of income or loss in domestic andforeign tax jurisdictions in which we operate. 

In addition, the calculation of our tax liabilities involves dealingwith uncertainties in the application of complex tax regulations. We recognize liabilitiesfor anticipated tax audit issues in the U.S. and other tax jurisdictions based on ourestimate of whether, and to the extent to which, additional taxes will be due. If weultimately determine that payment of these amounts is unnecessary, we will reverse theliability and recognize a tax benefit during the period in which we determine that theliability is no longer necessary. We will record an additional charge in our provision fortaxes in the period in which we determine that the recorded tax liability is less than weexpect the ultimate assessment to be.
**Recent Accounting Pronouncements
In September 2006, the FASB issued SFAS No. 157, *Fair ValueMeasurements* (SFAS 157). SFAS 157 provides guidance for using fair value to measureassets and liabilities. It also responds to investors’ requests for expandedinformation about the extent to which companies measure assets and liabilities at fairvalue, the information used to measure fair value, and the effect of fair valuemeasurements on earnings. SFAS 157 applies whenever other standards required (or permit)assets or liabilities to be measured at fair value, and does not expand the use of fairvalue in any new circumstances. SFAS 157 is effective for financial statements issued forfiscal years beginning after November 15, 2007. We are currently evaluating theeffect that the adoption of SFAS 157 will have on our results of operations and financialcondition and are not yet in a position to determine such effects.

 In September 2006, the SEC staff issued Staff AccountingBulletin No. 108, *Considering the Effects of Prior Year Misstatements whenQuantifying Misstatements in Current Year Financial Statements*("SAB 108").SAB 108 establishes an approach that requires quantification of financial statementmisstatements based on the effects of the misstatements on each of the Company’sconsolidated financial statements and the related financial statement disclosures.SAB 108 is effective for the year ending December 31, 2006. We are currentlyevaluating the effect that the adoption of SFAS 157 will have on our results of operationsand financial

 In June 2006, the FASB issued FASB InterpretationNo. 48, *Accounting for Uncertainty in Income Taxes—an Interpretation of FASBStatement 109* ("FIN 48"), which clarifies the accounting for uncertain taxpositions. This Interpretation allows the tax effects from an uncertain tax position to berecognized in the Company's financial statements if the position is more likely than notto be sustained upon audit, based on the technical merits of the position. FIN 48 alsoprovides guidance on derecognition, classification, interest and penalties, accounting ininterim periods, disclosure and transition. FIN 48 is effective for fiscal years beginningafter December 15, 2006. We do not expect the adoption of FIN 48 to have a materialimpact on our financial statements.

In May 2006, the FASB issued "SFAS No. 154","Accounting Changes and Error Corrections", which replaces APB OpinionNo. 20 "Accounting Changes" and FASB Statement No. 3 "ReportingAccounting Changes in Interim Financial Statements". SFAS No. 154 changes therequirements for the accounting and reporting of a change in an accounting principle. SFASNo. 154 requires retrospective application for voluntary changes in an accountingprinciple unless it is impracticable to do so. SFAS No. 154 is effective foraccounting changes made in fiscal years beginning after December 15, 2006. We adoptedSFAS No. 154 on January 1, 2006 with no expected material effect on ourfinancial statements.**AMERICAN BIOGENETIC SCIENCES, INC.NOTES TO FINANCIAL STATEMENTSDecember 31, 2006
**1. "Fresh Start" Accounting

On September 19, 2002 all of the Company’s assets were transferredto the chapter 7 trustee in settlement of all outstanding corporate obligations. Weadopted "fresh-start" accounting as of September 20, 2002 in accordance withprocedures specified by AICPA Statement of Position ("SOP") No. 90-7,"Financial Reporting by Entities in Reorganization under the Bankruptcy Code."

All results for periods subsequent to September 19, 2002 are referredto as those of the "Successor Company". The results of operations and cash flowsas presented on the 2002 financial statements reflect the predecessor company. Thesuccessor company had no transactions between September 19 and the end of the reportingperiod, December 31, 2002.

In accordance with SOP No. 90-7, the reorganized value of the Companywas allocated to the Company's assets based on procedures specified by SFAS No. 141,"Business Combinations". Each liability existing at the plan sale date, otherthan deferred taxes, was stated at the present value of the amounts to be paid atappropriate market rates. It was determined that the Company's reorganization valuecomputed immediately before September 20, 2002 was $0. We adopted "fresh-start"accounting because holders of existing voting shares immediately before filing andconfirmation of the sale received less than 50% of the voting shares of the emergingentity and its reorganization value is less than its post-petition liabilities and allowedclaims.
**2. Bankruptcy Proceedings

On September 19, 2002, the Registrant filed a voluntaryChapter 7 petition under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court EasternDistrict of New York (case no. 02-86689). On November 4, 2006, the Bankruptcy Courtapproved an Order confirming the sale of debtor's interest in personal property to ParkAvenue Group Inc. The material terms of the transaction confirmed by Bankruptcy Courtauthorized Park Avenue Group to appoint new members to the Registrant's board of directorsand authorized the newly-appointed board of directors to amend the Article ofIncorporation with respect to the capital stock of the Company.
The accounts of the former subsidiaries were not included in the saleand have not been carried 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 incometaxes were reduced or eliminated through our bankruptcy proceedings. We have adopted SFAS109 which provides for the recognition of a deferred tax asset based upon the value theloss carry-forwards will have to reduce future income taxes and management's estimate ofthe probability of the realization of these tax benefits. 

Utilization of federal and state NOL and tax credit carry forwards maybe subject to a substantial annual limitation due to the ownership change limitationsprovided by the Internal Revenue Code of 1986, as amended and similar state provisions.The annual limitation may result in the expiration of NOL and tax credit carry forwardsbefore full utilization.
**4. Commitments

The Company, prior to its bankruptcy, was a party to numerous claimsand threatened litigation. As a result of the bankruptcy and the subsequent transfer bythe Bankruptcy Trustee of the Company’s corporate shell entity free of all liens,claims and encumbrances pursuant to Section 363(f) of the US Bankruptcy Code, the Companyis no longer party to any litigation.

The Company is not a party to any leases and does not have anycommitments.**5. Stockholders' Equity*Common Stock

In November, 2005, pursuant toauthorization provided by the Court Order, we amended our authorized shares of commonstock to 900,000,000 par value $0.0001. All issued shares of common stock are entitled tovote on a 1 share/1 vote basis. On March 24, 2006 we issued 40,000,000 shares to our soleofficer and director in exchange for $4,400 in cash. We also issued 4,000,000 shares to 2individuals in exchange for $ 400 in cash. On December 13, 2005 we issued 82,000,000shares to our sole officer and director in exchange for $8,200 in cash. We also issued14,000,000 shares to 2 individuals in exchange for $1,400 in cash. 
*Preferred Stock

On November 29, 2005 and pursuant to authority granted to it by thebankruptcy court, the Board cancelled and extinguished all issued and outstandingpreferred stock. All related dividends obligations were also extinguished (the eliminationof this preferred stock has been reflected in the 2002 financial statements), andauthorized 10,000,000 new shares of preferred stock, $0.0001 par value that may be issuedin one or more series. The Board of Directors of the Corporation is authorized to fix thepowers, preferences, rights, qualifications, limitations or restrictions of the preferredstock and any series thereof pursuant to Section 151 of the Delaware General CorporationLaw.

*Stock Based Compensation*

On November 29, 2005 and pursuant to authority granted to it by thebankruptcy court, the Board cancelled and extinguished all issued and outstanding commonstock options and warrants. The elimination has been reflected in the 2002 financialstatements.

There are no employee or non-employee options or warrants outstandingor exercisable.*************************************** |