UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549
                           _____________________

                                FORM 10-KSB
[X]   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934.

      For the fiscal year ended December 31, 2005.


                                     OR

[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934.

                        Commission File No. 0-50441

                           MAUI GENERAL STORE, INC.
              ----------------------------------------------
              (Name of Small Business Issuer in its Charter)

           New York                                     84-1275578
   ------------------------------------------------------------------------
   (State or other jurisdiction                 (I.R.S. Employer ID Number)
    of incorporation or organization)

                     P.O. Box 297, Hana, Maui, HI 96713
                   --------------------------------------
                  (Address of principal executive offices)

	Issuer's Telephone Number, including Area Code: 808-248-8787

      Securities Registered Pursuant to Section 12(b) of the Act: None

        Securities Registered Pursuant to Section 12(g) of the Act:

                   Common Stock, $.001 par value per share

Check whether the issuer is not required to file reports pursuant to Section
13 or 15(d) of the Exchange Act.     Yes [ ]    No  [X]

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

Check if there is no disclosure of delinquent filers in response to Item 405
of Regulation S-B in this form, and no disclosure will be contained, to the
best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB.  [ ]

State the aggregate market value of the voting and non-voting common equity
held by non-affiliates, computed by reference to the price at which the
common equity was sold, or the average bid and ask prices of such common
equity, as of a specified date within the past 60 days.

   The aggregate market value of the Registrant's common stock, $.001 par
   value, held by non-affiliates as of February 15, 2006 was $3,333,895.

<PAGE>

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

State the issuer's revenues for its most recent fiscal year: $ 0.

As of February 15, 2006 the number of shares outstanding of the Registrant's
common stock was 143,256,635 shares, $.001 par value.

Transitional Small Business Disclosure Format:	Yes____	No   X

                  DOCUMENTS INCORPORATED BY REFERENCE: None

<PAGE>

             FORWARD-LOOKING STATEMENTS: NO ASSURANCES INTENDED

     This Report contains certain forward-looking statements regarding Maui
General Store, its business and financial prospects.  These statements
represent Management's best estimate of what will happen.  Nevertheless,
there are numerous risks and uncertainties that could cause our actual
results to differ dramatically from the results suggested in this Report.
Among the more significant risks are:

     *   We have no active business operations and have no significant
         assets. Our auditors have raised substantial doubt about our
         ability to continue as a going concern. Unless the Company obtains
         additional capital or acquires an operating company, the Company
         will not be able to undertake significant business activities.

     *   The Company's business plan contemplates that it will acquire an
         operating company in exchange for the majority of its common stock.
         If that occurs, the current management will have no control over
         that company.  Investors in the Company will rely on the business
         skill of the new management.  If the new management lacks
         sufficient skill to operate successfully, the Company's shares may
         lose value.
     *   The Company is currently under contract to acquire a medical
         research company.  The field of medical research is very risky.  If
         the acquisition is completed, the research activities may
         nevertheless fail to produce any marketable products or services,
         in which case the Company's share may be worthless.

     Because these and other risks may cause the Company's actual results
to differ from those anticipated by Management, the reader should not place
undue reliance on any forward-looking statements that appear in this Report.


                                    PART 1

Item 1.  Business

     In March 2005 we disposed of our only operating business.  We are
currently a shell company.

     During 2005 we explored a number of opportunities.  Some involved the
development of new businesses.  Others involved the use of the Company as a
shell in a reverse merger transaction, in which an operating company would
be merged into Maui General Store in exchange for a majority of our capital
stock.

     Merger Agreement with Palmera Holdings, Inc.

     On January 24, 2006 Maui entered into a Merger Agreement with Palmera
Holdings, Inc. Palmera is a recently-formed corporation that has a license
from The Stowe Foundation to carry on research using adult stem cell
technology developed by Dr. Lawrence Stowe.  Pursuant to the Merger
Agreement, Palmera will give an exclusive sublicense to a newly-formed
subsidiary of Palmera named Trinity Biogenics, Inc., and Trinity Biogenics
will engage Palmera on an exclusive basis to carry on research utilizing the
technology.  Palmera will then spin-off Trinity Biogenics to the
shareholders of Palmera.

     The Merger Agreement provides that at the closing Palmera will be
merged into a wholly-owned subsidiary of Maui with the result that the
shareholders of Palmera will own 80% of Maui's outstanding shares.  The

                                    -1-
<PAGE>
     Merger Agreement requires a closing on or prior to February 15, 2006.
The parties have informally agreed to waive that termination date, provided
that either party may terminate the Merger Agreement at any time.

     On January 24, 2006 Maui also entered into a Merger Agreement with
Trinity Biogenics under which Trinity Biogenics will be merged into a second
wholly-owned subsidiary of Maui with the result that the shareholders of
Trinity Biogenics (who are also the shareholders of Palmera) will, as a
result of the two mergers, own 90.9% of Maui's outstanding shares.  The
Merger Agreement provides that the closing will occur after (1) the
certificate of incorporation of Maui has been amended to increase its
authorized capital stock and (2) Maui has obtained at least $2,000,000 in
additional capital.

     On January 24, 2006 Maui and the shareholders of Palmera also entered
into an Escrow and Interim Operations Agreement.  The purpose of the Escrow
and Interim Operations Agreement is to provide for a rescission of the
merger with Palmera in the event that Maui does not obtain the required
capital.  Pursuant to the Escrow and Interim Operations Agreement, the
Palmera shareholders will escrow with Palmera's counsel the Maui shares that
they obtain on closing of the Palmera merger, and Maui will escrow with the
Escrow Agent the capital stock of Palmera.  When Maui has obtained
$2,000,000 in additional capital, the Escrow Agent will deliver the Maui
certificates to the Palmera shareholders and the Palmera shares to Maui.  If
Maui has not obtained the $2,000,000 within 120 days after the closing of
the Palmera merger (subject to extension of up to three months by the
Palmera shareholders), then the Escrow Agent will return the Maui
certificates to Maui for cancellation, and the Palmera shareholders will
again take control of Palmera.  In order to obtain the extension of the
termination date, the Palmera shareholders are required to pay $10,000 to
Richard Miller for the first month's extension and $15,000 for each
additional month.

     On December 9 Palmera also entered into a Stock Purchase Agreement
with Richard Miller, Maui's President.  The agreement provides that, on the
date of the Palmera Merger, Palmera will purchase 50,000,000 common shares
from Richard Miller, and Mr. Miller will surrender 3,256,635 common shares
to the Maui treasury.  The purchase price payable for the 50,000,000 shares
will be $750,000.  The purchase price will be payable after Maui has
obtained the $2,000,000 in additional capital, except that Palmera will, as
a prepayment, pay to Miller 25% of any money it raised in excess of $100,000
prior to January 18, 2006.  The Palmera Merger Agreement provides that, at
the time of the Palmera Merger, Palmera will surrender the 50,000,000 shares
to Maui's treasury.


     Employees

     We currently have no employees. The need for employees and their
availability will be addressed in connection with the decision whether or
not to acquire or participate in specific business opportunities.

Item 2.  Properties

     Currently our operations are located in Hana, Maui, Hawaii, which will
continue to be the headquarters for our operations for the foreseeable
future. We lease approximately 1,500 square feet of office space at our
Hana, Maui, Hawaii headquarters on a month-to-month basis.  The current
monthly rental is approximately $1,800. We also lease approximately 500
square feet of space in New York, New York pursuant to a month to month

                                    -2-
<PAGE>

lease that currently requires monthly rental payments of approximately
$1,000.

Item 3.  Legal Proceedings

     None.

Item 4.  Submission of Matters to a Vote of Security Holders

     Not applicable.


                                 PART II

Item 5.  Market for Registrant's Common Equity, Related Stockholder
         Matters and Small Business Issuer Purchases of Equity Securities

     (a) Market Information

     The Company's common stock has been quoted on the OTC Bulletin Board
under the symbol "MAUG.OB" since January 28, 2004.  Set forth below are the
high and low bid prices for each of the six fiscal quarters since quotes
were first posted. The reported bid quotations reflect inter-dealer prices
without retail markup, markdown or commissions, and may not necessarily
represent actual transactions.

                                   Bid
                          -------------------
Quarter Ending               High       Low

March 31, 2004             $   .17   $   .05
June 30, 2004              $   .20   $   .05
September 30, 2004         $  1.20   $   .07
December 31, 2004          $   .10   $   .05

March 31, 2005             $   .40   $   .05
June 30, 2005              $   .13   $   .04
September 30, 2005         $   .06   $   .03
December 31, 2005          $   .22   $   .04


     (b) Shareholders

     Our shareholders list contains the names of 2,046 registered
stockholders of record of the Company's Common Stock.

     (c)  Dividends

     The Company has never paid or declared any cash dividends on its
Common Stock and does not foresee doing so in the foreseeable future.  The
Company intends to retain any future earnings for the operation and
expansion of the business.  Any decision as to future payment of dividends
will depend on the available earnings, the capital requirements of the
Company, its general financial condition and other factors deemed pertinent
by the Board of Directors

     (d)  Sale of Unregistered Securities

     The Company did not issue any unregistered equity securities during
the 4th quarter of 2005.

     (e) Repurchase of Equity Securities

                                    -3-
<PAGE>

     The Company did not repurchase any of its equity securities that were
registered under Section 12 of the Securities Act during the 4th quarter of
2005.

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

     Results of Operations

     During the first quarter of 2005 we sold our only operating business.
 It was purchased by the individual from whom we acquired it, who gave us
one million shares of our common stock in payment for the business.

     We currently have no assets and no operations.  We are under contract
to acquire a medical research business.

     Liquidity and Capital Resources

     At December 31, 2005 we had a working capital deficit of ($79,865),
primarily due to the fact that we had no assets and owed $52,867 to our
President, who has financed our ongoing operations.  Our operations consumed
$6,096 of cash in 2005, which we funded with a loan from our President.  In
the future, unless we achieve the financial and/or operational wherewithal
to sustain our operations, it is likely that we will continue to experience
negative cash flow.

     To date we have supplied our cash needs by making private placements
of securities and obtaining loans from management and shareholders.  We
expect that our President will continue to fund our operations until we have
completed an acquisition of an operating company and that we will,
therefore, have sufficient cash to maintain our existence as a shell company
for the next twelve months, if necessary.  Our President is not required to
fund our operations, however, by any contract or other obligation.

     Our agreement to acquire Palmera Holdings, Inc. requires that the
Company acquire $2,000,000 in capital.  If it does not obtain that capital
infusion by this summer, the merger will be, in effect, rescinded, and our
Company will return to being a shell.  However, even if those funds are
obtained within the required time period, the ongoing business plan of
Palmera will require many millions of dollars in additional financing before
it will even begin to market products or services.

     The report from our independent accountants on our 2005 financial
statements states that there is substantial doubt as to our ability to
continue as a going concern.  In order to alleviate that doubt, our
management is engaged in seeking to acquire, through the issuance of capital
stock, an operating business that can sustain its operations.  We cannot
tell at this time whether such an acquisition will be accomplished.

     Application of Critical Accounting Policies

     The preparation of our balance sheet as of December 31, 2005 did not
involve the implementation of any critical accounting policies.

     Impact of Accounting Pronouncements

     There were no recent accounting pronouncements that have had or are
likely to have a material effect on the Company's financial position or
results of operations.
                                    -4-
<PAGE>

     Off-Balance Sheet Arrangements

     We do not have any off-balance sheet arrangements that have or are
reasonably likely to have a current or future effect on our financial
condition or results of operations.

Item 7.  Financial Statements

     The Company's financial statements, together with notes and the
Independent Auditors' Report, are set forth immediately following Item 14 of
this Form 10-KSB.


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

     Not Applicable

Item 8A. Controls and Procedures

     Richard H. Miller, our Chief Executive Officer and Chief Financial
Officer, performed an evaluation of the Company's disclosure controls and
procedures as of December 31, 2005.  Based on his evaluation, he concluded
that the controls and procedures in place are sufficient to assure that
material information concerning the Company which could affect the
disclosures in the Company's quarterly and annual reports is made known to
him by the other officers and employees of the Company, and that the
communications occur with promptness sufficient to assure the inclusion of
the information in the then-current report.

     There have been no significant changes in the Company's internal
controls or in other factors that could significantly affect those controls
subsequent to the date on which Mr. Miller performed his evaluation.

Item 8B. Other Information

     None.

                                 PART III

Item 9.  Directors and Executive Officers of the Registrant

     The officers and directors of the Company are:

                                                               Director
Name                   Age     Position with the Company       Since
-----------------------------------------------------------------------
Richard H. Miller       60     Director, President              2001

     Directors hold office until the annual meeting of the Company's
stockholders and the election and qualification of their successors.
Officers hold office, subject to removal at any time by the Board, until the
meeting of directors immediately following the annual meeting of
stockholders and until their successors are appointed and qualified.

     Richard H. Miller.  Mr. Miller became a director of the Company in
February, 2001, after acquiring a majority of the outstanding shares of our
common stock.  From 1988 to 1999, Mr. Miller founded and served as president
and chairman of Art Cards, Inc., a publicly traded company that owned the
rights to the music and drawings of various contemporary artists for

                                    -5-
<PAGE>

reproduction on greeting cards and other products. From 1979 to 1982 Mr.
Miller founded and served as president and chairman of Electric Trans-
portation Systems, Inc, a publicly traded company that specialized in the
sales and distribution of electric cars. From 1968 to 1969, he was the sole
proprietor of Open Hand Publishing Company, a Toronto-based music-publishing
company. In 1974, Mr. Miller published the Whole Earth Catalogue for
distribution in Canada, and from 1976 to 1980 Mr. Miller was a 50% owner of
Mr. Freedom, a London clothing store where Mr. Miller oversaw the funding,
construction, hiring of management, ordering of clothing, advertising and
promotion of new stores. Mr. Miller also negotiated a license with Disney
for Mr. Freedom to use Disney's characters on Mr. Freedom's clothing lines.
Mr. Miller received a B.A. from SUNY Buffalo in 1968.

Audit Committee

     The Board of Directors has not appointed an Audit Committee.  The
functions that would be performed by an Audit Committee are performed by the
Board of Directors.  The Board of Directors does not have an "audit
committee financial expert," because there is only one Board member.

Code of Ethics

     The Company has not adopted a formal code of ethics applicable to its
executive officers.  The Board of Directors has determined that the
Company's financial operations are not sufficiently complex to warrant
adoption of a formal code of ethics.

Section 16(a) Beneficial Ownership Reporting Compliance

     Our President made a late filing of one report on Form 4 due in 2005.
 Other than that filing, none of the officers, directors or beneficial
owners of more than 10% of the Company's common stock failed to file on a
timely basis the reports required by Section 16(a) of the Exchange Act
during the year ended December 31, 2005.

Item 10. Executive Compensation

     The following table sets forth all compensation awarded to, earned by,
or paid by the Company to Richard H. Miller, its Chief Executive Officer,
for services rendered in all capacities to the Company during the years
ended December 31, 2005, 2004 and 2003.  There were no other executive
officers whose total salary and bonus for the fiscal year ended December 31,
2005 exceeded $100,000.

                              Compensation
                        Year     Salary
                        ------------------
Richard H. Miller       2005      $0
                        2004      $0
                        2003      $0

     Employment Agreements

     All of our employment arrangements with our executives are on an at
will basis.

     Equity Grants

     The following tables set forth certain information regarding the stock
options acquired by the Company's Chief Executive Officer during the year
ended December 31, 2005 and those options held by him on December 31, 2005.

                                    -6-
<PAGE>

                  Option Grants in the Last Fiscal Year

                            Percent
                            of total                       Potential realizable
                Number of   options                        value at assumed
                securities  granted to                     annual rates of
                underlying  employees  Exercise            appreciation of
                option      in fiscal  Price    Expiration for option term
Name            granted     year       ($/share)Date           5%        10%
-------------------------------------------------------------------------------
R. Miller          0         N.A.       N.A.     N.A.          0         0

                 Aggregated Fiscal Year-End Option Values

             Number of securities underlying  Value of unexercised in-the-money
             unexercised options at fiscal    options at fiscal year-end ($)
Name         year-end (#) (All exercisable)   (All exercisable)
-------------------------------------------------------------------------------
Richard Miller            0                                  0

     Compensation of Directors

     The members of our Board of Directors receive no compensation for
their services on the Board.

Item 11. Security Ownership of Certain Beneficial Owners and Management

     The following table sets forth information known to us with respect to
the beneficial ownership of our common stock as of the date of this
prospectus by the following:

     *   each shareholder known by us to own beneficially more than 5% of
         our common stock;

     *   Richard H. Miller;

     *   each of our directors; and

     *   all directors and executive officers as a group.

     There are 143,256,635 shares of our common stock outstanding on the
date of this report.  Except as otherwise indicated, we believe that the
beneficial owners of the common stock listed below have sole voting power
and investment power with respect to their shares,  subject to community
property laws where applicable.  Beneficial ownership is determined in
accordance with the rules of the Securities and Exchange Commission.

                                    -7-
<PAGE>

     In computing the number of shares beneficially owned by a person and
the percent ownership of that person, we include shares of common stock
subject to options or warrants held by that person that are currently
exercisable or will become exercisable within 60 days. We do not, however,
include these "issuable" shares in the outstanding shares when we compute
the percent ownership of any other person.

                            Amount and
                            Nature of
Name and Address            Beneficial              Percentage
of Beneficial Owner(1)      Ownership               of Class
-----------------------------------------------------------------------
Richard H. Miller           115,497,305               80.6%

All officers and directors
as a group (1 person)       115,497,305               80.6%

______________________________

(1)  The address of each shareholder, unless otherwise noted, is c/o Maui
     General Store, Inc., P.O. Box 297, Hana, Maui, HI 96713.

Equity Compensation Plan Information

     The information set forth in the table below regarding equity
compensation plans (which include individual compensation arrangements) was
determined as of December 31, 2005.

                                                               Number of
                          Number of                            securities
                          securities to      Weighted          remaining
                          be issued upon     average price     available
                          exercise of        price of          for future
                          outstanding        outstanding       issuance
                          options,           options,          under equity
                          warrants and       warrants and      compensation
                          rights             rights            plans
                          -------------------------------------------------
Equity compensation plans
 approved by security
 holders..........              0              --                   0

Equity compensation plans
 not approved by security
 holders.....                   0              --                   0

                         --------          ------             -------
   Total..............          0              --                   0

                                    -8-
<PAGE>

Item 12. Certain Relationships and Related Transactions

     None.

Item 13. Exhibit List

     (a) Financial Statements

     Report of Independent Registered Public Accounting Firm

     Balance Sheet - December 31, 2005<PAGE>

     Statements of Operations - Years ended December 31, 2005 and 2004
     (Consolidated).

     Statements of Stockholders' Deficiency - Years ended December 31,
     2005 and 2004 (Consolidated).

     Statements of Cash Flows - Years ended December 31, 2005 and 2004
     (Consolidated).

     Notes to Financial Statements

     (b) Exhibit List

3-a  Certificate of Incorporation, as amended. (1)

3-b  By-laws (1)

21   Subsidiaries - None

31   Rule 13a-14(a) Certification

32   Rule 13a-14(b) Certification

_________________________________________

(1)  Filed as an exhibit to the Company's Registration Statement on Form
     10-SB (File No. 000-50441) and incorporated herein by reference.

Item 14. Principal Accountant Fees and Services

     On November 18, 2004 Maui General Store retained Webb & Company, P.A.
as its principal accountant.  Webb & Company, P.A. had performed no services
for Maui General Store prior to that date.

     Audit Fees

     Webb & Company, P.A. billed $5,541 in connection with the audit and
reviews of the Company's financial statements for the year ended December
31, 2005.  Webb & Company, P.A. billed $3,000 in connection with the audit
and reviews of the Company's financial statements for the year ended
December 31, 2004.  Also included are those services normally provided by
the accountant in connection with the Company's statutory and regulatory
filings.

     Audit-Related Fees

     Webb & Company, P.A. did not bill the Company for any Audit-Related
fees in 2005 or in 2004.

     Tax Fees

     Webb & Company, P.A. did not bill the Company in 2005 or 2004 for

                                    -9-
<PAGE>

professional services rendered for tax compliance, tax advice and tax
planning.

     All Other Fees

     Webb & Company, P.A. did not bill the Company for any other fees in
2005 or 2004.

     It is the policy of the Company that all services, other than audit,
review or attest services, must be pre-approved by the Board of Directors.


                                   -10-
<PAGE>

         REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Board of Directors of:
Maui General Store, Inc.

We have audited the accompanying balance sheets of Maui General Store, Inc.
as of December 31, 2005, and the related statements of operations and
comprehensive income, changes in stockholders' deficiency and cash flows for
the years ended December 31, 2005 and 2004 (consolidated).  These financial
statements are the responsibility of the Company's management.  Our
responsibility is to express an opinion on these financial statements based
on our audit.

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

In our opinion, the financial statements referred to above present fairly in
all material respects, the financial position of Maui General Store, Inc. as
of December 31, 2005, and the results of its operations and its cash flows
for the years then ended in conformity with accounting principles generally
accepted in the United States of America.

The accompanying financial statements have been prepared assuming that
the Company will continue as a going concern.  As discussed in Note 9 to the
consolidated financial statements, the Company has an accumulated deficit of
$54,865.  This raises substantial doubt about its ability to continue as a
going concern.  Management's plans concerning this matter are also described
in Note 9.  The accompanying consolidated financial statements do not include
any adjustments that might result from the outcome of this uncertainty.


/s/ WEBB & CONPANY, P.A.
------------------------
WEBB & COMPANY, P.A.

Boynton Beach, Florida
January 31, 2006
                                                                F-1

<PAGE>

                           MAUI GENERAL STORE, INC.
                                BALANCE SHEET
                           AS OF DECEMBER 31, 2005

ASSETS

Cash                                                  $       1
                                                       --------
TOTAL ASSETS                                          $       1
                                                       ========

LIABILITIES AND STOCKHOLDERS' DEFICIENCY

CURRENT LIABILITIES
 Accounts payable                                     $  26,999
 Advances from stockholder                               52,867
                                                       --------
TOTAL CURRENT LIABILITIES                                79,866
                                                       --------
STOCKHOLDERS' DEFICIENCY
 Common stock, $0.001 par value, 500,000,000
  shares authorized, 143,256,635 shares issued
  and outstanding                                       143,257
 Additional paid in capital                             313,511
 Accumulated deficit                                   (536,633)
                                                       --------
 Total Stockholders' Deficiency                         (79,865)
                                                       --------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY        $       1
                                                       ========


See accompanying notes to financial statements.


<PAGE>                                                          F-2

                           MAUI GENERAL STORE, INC.
                           STATEMENTS OF OPERATIONS
        FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004 (CONSOLIDATED)



                                                2005            2004
                                                           (Consolidated)
                                            -----------------------------
REVENUE, NET                                 $        -     $         -

COST OF GOODS SOLD                                    -               -
                                              ---------       ---------
GROSS PROFIT                                          -               -

OPERATING EXPENSES
 Consulting services                                  -          40,000
 Professional fees                               38,914          24,083
 Other general and administrative costs          18,355           5,000
                                              ---------       ---------
Total Operating Expenses                         57,269          69,083
                                              ---------       ---------
LOSS FROM CONTINUING OPERATIONS                 (57,269)        (69,083)

OTHER INCOME
 Settlement of liabilities                            -          18,014
                                              ---------       ---------
Total Other Income                                    -          18,014
                                              ---------       ---------
LOSS BEFORE DISCONTINUED OPERATIONS             (57,269)        (51,069)

DISCONTINUED OPERATIONS
 Income from operations of discontinued
  segment (including gain on disposal
  of $41,307)                                    41,135           8,809
                                              ---------       ---------
INCOME FROM DISCONTINUED OPERATIONS              41,135           8,809

Provision for Income Taxes                            -               -
                                              ---------       ---------
NET LOSS                                     $  (16,134)     $  (42,260)
                                              =========       =========
NET LOSS PER COMMON SHARE - BASIC AND DILUTED
 Loss from continuing operations                      -               -
 Income from discontinued operations                  -               -
                                              ---------       ---------
NET LOSS PER SHARE - BASIC AND FULLY DILUTED $        -      $        -
                                              =========       =========
WEIGHTED AVERAGE NUMBER OF SHARES
 OUTSTANDING - BASIC AND FULLY DILUTED      143,447,226     143,922,939
                                            ===========     ===========

See accompanying notes to financial statements.


<PAGE>                                                          F-3

                           MAUI GENERAL STORE, INC.
                    STATEMENTS OF STOCKHOLDERS' DEFICIENCY
         FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004 (CONSOLIDATED)

                                             Additional
                          Common Stock       Paid-In     Accumulated
                       Shares      Amount    Capital     Deficit       Total
-------------------------------------------------------------------------------
Balance,
 December 31, 2003    143,606,635  143,607    254,411     (478,239)    (80,221)

Common stock issued
 in exchange for
 services                 525,000      525     93,225            -      93,750

In-kind contribution
 of rent and services           -        -      5,000            -       5,000

Net loss, 2004                  -        -          -      (42,260)    (42,260)
                      --------------------------------------------------------
Balance,
 December 31, 2004
 (Consolidated)       144,131,635  144,132    352,636     (520,499)    (23,731)

Common stock returned  (1,000,000)  (1,000)   (59,000)           -     (60,000)

Stock issued for
 services                 125,000      125      4,875            -       5,000

In-kind contribution
 of rent and services           -        -     15,000            -      15,000

Net loss, 2005                  -        -          -      (16,134)    (16,134)
                      --------------------------------------------------------
BALANCE,
 DECEMBER 31, 2005    143,256,635 $143,257   $313,511    $(536,633)   $(79,865)
                      ========================================================

See accompanying notes to financial statements.


<PAGE>                                                          F-4


                           MAUI GENERAL STORE, INC.
                           STATEMENTS OF CASH FLOWS
        FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004 (CONSOLIDATED)

                                                   2005          2004
                                                            (Consolidated)
                                               ---------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)                               $  (16,134)   $  (42,260)
 Adjustments to reconcile net income
  (loss) to net cash used in operating
  activities:
  In-kind contribution of rent and services         15,000         5,000
  Gain on disposal                                 (41,307)            -
  Gain on settlement of debt                             -       (18,014)
  Issuance of shares for services rendered           5,000             -
  Issuance of shares for services rendered -
   directors and consultants                             -        79,475
  Changes in assets and liabilities:
   Inventory                                         8,738       (18,863)
   Accounts payable and accrued expenses            22,607       (60,257)
                                                 ---------     ---------
 Net Cash Used In Operating Activities              (6,096)      (54,919)
                                                 ---------     ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
 Advances from stockholder                          35,270        42,099
 Proceeds from loan payable - related party              -         6,705
 Repayment on loan payable - related party         (31,705)            -
                                                 ---------     ---------
 Net Cash Provided By Financing Activities           3,565        48,804
                                                 ---------     ---------

NET DECREASE IN CASH AND CASH EQUIVALENTS           (2,531)       (6,115)

CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR        2,532         8,647
                                                 ---------     ---------
CASH AND CASH EQUIVALENTS - END OF YEAR         $        1    $    2,532
                                                 =========     =========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
 Interest Paid                                  $        -    $        -
                                                 =========     =========

 Income Taxes Paid                              $        -    $        -
                                                 =========     =========

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING
 AND FINANCING ACTIVITIES:
 Issuance of shares for settlement of accounts
  payable                                       $        -    $   14,275

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

During 2005, the Company received 1,000,000 shares of its common stock
from a stockholder in exchange for 100% of the outstanding membership
interest of Hana Pearl, LLC.  The shares were valued at the fair value on
the date of sale of $60,000.

See accompanying notes to financial statements.


<PAGE>                                                          F-5

                    MAUI GENERAL STORE, INC. AND SUBSIDIARY
                        NOTES TO FINANCIAL STATEMENTS
                           AS OF DECEMBER 31, 2005

NOTE 1	ORGANIZATION
--------------------

Maui General Store, Inc. (the "Company") was incorporated under the laws of the
State of New York on January 3, 1995 as Kelly Green Products, Inc.  Kelly Green
Products, Inc. did not have any operating activities prior to the acquisitions
of Maui General Store, Inc. (A Colorado Corporation) and Hana Pearl, LLC.  On
October 30, 2001, the Company changed its name to Maui General Store, Inc.

On October 10, 2001, the Company acquired 100% of the outstanding shares of
Maui General Store, Inc. (A Colorado Corporation).  Subsequent to the merger,
Maui General Store, Inc. (A Colorado Corporation) was dissolved.

On October 10, 2001, in a separate transaction, the Company acquired a 100%
interest in Hana Pearl, LLC (A Hawaii LLC).  Hana Pearl, LLC was initially
formed on November 9, 2000 as a limited liability company under the laws of
the state of Hawaii.

Pursuant to a Purchase and Sale Agreement dated March 30, 2005, the Company
sold 100% of the membership interest it held in Hana Pearl, LLC for 1,000,000
shares of the Company's common stock.

(A) Description of Business

In 2004, the Company merchandised "island products", initially Hawaiian goods,
and later, products from other islands.  The products the Company offered
spanned a variety of categories, ranging from coffee, candy, soaps and lotions
to apparel.  There is, however, a common island theme in all of the Company's
products.  Hana Pearl, LLC is a wholesaler of black and golden pearls.  These
operations were discontinued during 2005.

In 2005, subject to market conditions and opportunities, the Company intends to
maintain its existing efforts to explore various alternatives, including
acquisition opportunities, for the future use of the public corporate entity.

NOTE 2	NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
---------------------------------------------------------------------------

(A) Use of Estimates

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

<PAGE>                                                          F-6

                    MAUI GENERAL STORE, INC. AND SUBSIDIARY
                        NOTES TO FINANCIAL STATEMENTS
                           AS OF DECEMBER 31, 2005

(B) Principles of Consolidation

In 2005, the financial statements include the accounts of Maui General Store,
Inc.  The accounts of Hana Pearl, LLC are accounted for as discontinued
operations for the period from January 1, 2005 to March 30, 2005.

The December 31, 2004 consolidated financial statements include the accounts of
the Company and its wholly owned subsidiary, Hana Pearl, LLC.  All significant
intercompany balances and transactions were eliminated in consolidation.

(C) Cash and Cash Equivalents

Cash and cash equivalents include time deposits, certificates of deposit, and
all highly liquid debt instruments with original maturities of three months or
less.

(D) Advances from Stockholder

Advances from stockholder consist of advances for working capital purposes.
The amount is due on demand, non-interest bearing and unsecured.

(E) Revenue Recognition

Revenue from the sale of products is recognized when the goods are delivered,
the customer's right of return has expired and collectability is reasonable
assured.  Revenue from re-work/repair services for prior product sales is
recognized as the services are provided.

(F) Stock-Based Compensation

For stock, options and warrants issued to non-employees, the Company applies
Statements of Financial Accounting Standards ("SFAS") No. 123, "Accounting for
Stock-Based Compensation," which requires the recognition of compensation cost
based upon the fair value of stock, options and warrants at the grant date
using the Black-Scholes option pricing model.

(G) Business Segments

The Company operates in one segment and therefore segment information is not
presented.

(H) Income Taxes

The Company accounts for income taxes in accordance with Statement of Financial
Accounting Standards No. 109, "Accounting for Income Taxes", using the asset
and liability approach, which require recognition of deferred tax liabilities
and assets for the expected future tax consequences of temporary differences
between the carrying amounts and the tax basis of such assets and liabilities.

<PAGE>                                                          F-7

                    MAUI GENERAL STORE, INC. AND SUBSIDIARY
                        NOTES TO FINANCIAL STATEMENTS
                           AS OF DECEMBER 31, 2005

This method utilizes enacted statutory tax rates in effect for the year in
which the temporary differences are expected to reverse and gives immediate
effect to changes in income tax rates upon enactment.  Deferred tax assets are
recognized, net of any valuation allowance, for temporary differences and net
operating loss and tax credit carry forwards.  Deferred income tax expense
represents the change in net deferred assets and liability balances.

(I) Loss Per Common Share

Loss per common share is computed in accordance with Statement of Financial
Accounting Standards No. 128, "Earnings Per Share".  Basic earnings per common
share is calculated by dividing net loss available to common shareholders by
the weighted average number of common shares outstanding for each period.
Diluted earnings per common share is calculated by adjusting the weighted
average shares outstanding assuming conversion of all potentially dilutive
stock options, warrants, and convertible securities.  As of December 31, 2005
and 2004, the Company does not have any outstanding dilutive securities.

(J) Financial Instruments

The Company's financial instruments consist of cash and accounts payable.
Unless otherwise noted, it is management's opinion that the Company is not
exposed to significant interest, currency or credit risks arising from these
financial instruments.  The fair value of these financial instruments
approximates their carrying value, unless otherwise noted.

(K) Concentrations of Credit Risk

During 2004, 38% of the Company's sales were to one customer.

(L) Reclassification

Amounts from the 2004 financial statements have been reclassified to conform
to the 2005 presentation.

(M) Recent Accounting Pronouncements

Statement of Financial Accounting Standards ("SFAS") No. 151, "Inventory
Costs - an amendment of ARB No. 43, Chapter 4"" SFAS No. 152, "Accounting
for Real Estate Time-Sharing Transactions - an amendment of FASB Statements
No. 66 and 67," SFAS No. 153, "Exchanges of Non-monetary Assets - an
amendment of APB Opinion No. 29," and SFAS No. 123 (revised 2004), "Share-
Based Payment," were recently issued.  SFAS No. 151, 152, 153 and 123
(revised 2004) have no current applicability to the Company and have no
effect on the financial statements.

<PAGE>                                                          F-8

                    MAUI GENERAL STORE, INC. AND SUBSIDIARY
                        NOTES TO FINANCIAL STATEMENTS
                           AS OF DECEMBER 31, 2005

NOTE 3	LOAN PAYABLE - STOCKHOLDER
----------------------------------

During 2005, the Company received working capital loans of $35,270 and
repaid $25,000.  The loans are non-interest bearing, unsecured and due on
demand.  The outstanding balance at December 31, 2005 was $52,867.

NOTE 4	LOAN PAYABLE - RELATED PARTY
------------------------------------

During 2004, the Company received working capital loans of $6,705.  The
loans are non-interest bearing, unsecured and due on demand.  The
outstanding balance at December 31, 2005 was $0.

NOTE 5	DISPOSAL OF SUBSIDIARY
------------------------------

Pursuant to a purchase and sale agreement dated March 30, 2005, the Company
sold 100% of the membership interest it held in Hana Pearl, LLC for 1,000,000
shares of the Company's common stock with a fair value of $60,000.  The Company
recorded a gain on the disposal of $41,307.  Discontinued operations for the
years ended December 31, 2005 and 2004 are as follows:


                                          2005            2004
                                       --------------------------
       Sales                           $   6,730       $  36,413
                                          (2,557)        (18,138)
       Operating expenses                 (4,345)         (9,466)
       Net income (loss) from
        discontinued operations
        before gain on sale                 (172)          8,809
       Gain on sale of assets of
        subsidiary                        41,307               -
                                        --------         -------
       Income from discontinued
        operations                     $  41,135       $   8,809
                                        ========         =======

       The gain on sale from the sale of all of the assets of the Company's
       subsidiary is calculated as follows:

       Fair value of stock received for
        subsidiary's assets                   $  60,000
       Less retained earnings of
        subsidiary at date of sale              (18,693)
                                               --------
       Gain on disposal of subsidiary,
        net of taxes                          $  41,307
                                               ========
<PAGE>                                                          F-9

                    MAUI GENERAL STORE, INC. AND SUBSIDIARY
                        NOTES TO FINANCIAL STATEMENTS
                           AS OF DECEMBER 31, 2005
NOTE 6	COMMON STOCK
--------------------

(A) Stock Issued for Services

During 2004, the Company issued 100,000 shares of common stock for services
with a fair value of $11,000, on the date of grant.

During 2004, the Company issued 25,000 shares of common stock for services
with a fair value of $2,750, on the date of grant.

During 2004, the Company issued 400,000 shares of common stock for prior and
future services with a fair value of $80,000, on the date of grant.  The
Company settled accounts payable of $32,289 and recognized a gain on the
settlement of prior legal fees of $18,014 and an expense for stock issued for
services of $65,725.

During 2005, the Company issued 125,000 shares of common stock for services
with a fair value of $5,000, on the date of grant.

(B) In-Kind Contribution

During 2005, the Company recorded $15,000 of in-kind rent expense and
services contributed by its majority stockholder

During 2004, the Company recorded $5,000 of in-kind rent expense and
services contributed by its majority stockholder.

NOTE 7	RELATED PARTY DISCLOSURE
--------------------------------

During 2005, a stockholder and officer loaned the Company $35,270.

During 2004, a related party loaned the Company $6,705 and the balance was
fully repaid as at December 31, 2005

NOTE 8	INCOME TAXES
--------------------

Income tax expense for the year ended December 31, 2005 and 2004 is
summarized as follows:

         2005                 Current    Deferred      Total
                             --------------------------------

        Federal              $      -    $      -    $      -
        State                       -           -           -
                              -------     -------     -------
                             $      -    $      -    $      -
                              =======     =======     =======


         2004                 Current    Deferred      Total
                             --------------------------------

        Federal              $      -    $      -    $      -
        State                       -           -           -
                              -------     -------     -------
                             $      -    $      -    $      -
                              =======     =======     =======

<PAGE>                                                          F-10

                    MAUI GENERAL STORE, INC. AND SUBSIDIARY
                        NOTES TO FINANCIAL STATEMENTS
                           AS OF DECEMBER 31, 2005

Income tax expense for the years ended December 31, 2005 and 2004 differed
from amounts computed by applying the statutory U.S. federal corporate
income tax rate of 34% to income before income tax benefit as a result of
the following:

  Expected income tax expense (benefit) from operations     $  (5,486)
  Valuation allowance                                           5,486
                                                             --------
                                                            $       -
                                                             ========

The effects of the temporary differences that gave rise to significant
portions of deferred tax assets and liabilities at December 31, 2005 and
2004 are as follows:

  Deferred tax assets:                          2004          2003

  Net operating loss carryforward (benefit)   $(182,456)    $(162,601)

  Total gross deferred tax assets              (182,456)     (162,601)
  Less valuation allowance                      182,456       162,601
                                               --------      --------
  Net deferred tax assets                     $       -     $       -
                                               ========      ========

The Company has a net operating loss carryforward of approximately $520,500
available to offset future taxable income through 2025.  The valuation
allowance at December 31, 2005 and 2004 was $182,456 and $176,969,
respectively.  The net change in the valuation allowance for the year
ended December 31, 2005 was an increase of $5,486.

NOTE 9	GOING CONCERN
---------------------

As reflected in the accompanying financial statements, the Company has a
working capital and stockholders' deficiency of $54,866 and currently has no
operations.  These factors raise substantial doubt about the Company's
ability to continue as a going concern.

The Company's continued existence is dependent upon its ability to raise
capital and to successfully market and sell its products.  The financial
statements do not include any adjustments that might be necessary should
the Company be unable to continue as a going concern.

NOTE 10	SUBSEQUENT EVENT
------------------------

On October 18, 2005, the Company signed a non-binding letter of intent to
merge with Palmera Holdings, Inc., a newly formed adult stem cell technology
company.


                                                                F-11
<PAGE>


                                  SIGNATURES

     In accordance with Section 13 or 15(d) of the Exchange Act, the
Registrant has caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                     Maui General Store, Inc.


                                     By: /s/ Richard H. Miller
                                     ---------------------------------
                                     Richard H. Miller, Chief Executive
                                      Officer

      In accordance with the Exchange Act, this Report has been signed
below on February 22, 2006 by the following persons, on behalf of the
Registrant and in the capacities and on the dates indicated.


/s/ Richard H. Miller
---------------------------
Richard H. Miller, Director
Chief Executive Officer, Chief
Financial and Accounting Officer