Platina Energy 10QSB 2008 Q1 Quarterly report (small business)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-QSB

(Mark One)


þ		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

for the period ended June 30, 2007.


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

for the transition period from to .

Commission File No.000-28335

Platina Energy Group, Inc.

(Name of small business issuer in its charter)


Delaware		84-1080043

(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1807 CAPITOL AVE. SUITE 101 - I, CHEYENNE, WY 82001		82001

(Address of principal executive offices)		(Zip Code)

Issuer’s telephone number:(307) 637-3900

Securities registered pursuant to Section 12(b) of the Act:


Title of each class		Name of each exchange on which registered

None		None

Securities registered pursuant to Section 12(g) of the Act: Common Stock

Check whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yesþ Noo

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the Issuer's classes of common equity, as of the latest practicable date:
As of July 9, 2007 there were 40,185,587 shares of $.001 par value common stock outstanding.

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION
	ITEM 1. FINANCIAL STATEMENTS
	CONSOLIDATED BALANCE SHEET
	CONSOLIDATED STATEMENTS OF OPERATIONS
	CONSOLIDATED STATEMENT OF CASH FLOWS
	NOTES TO FINANCIAL STATEMENTS
	ITEM 2. - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
PART II - OTHER INFORMATION
	ITEM 1. LEGAL PROCEEDINGS
	ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
	ITEM 3. DEFAULTS UPON SENIOR SECURITIES
	ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
	ITEM 5. OTHER INFORMATION
	ITEM 6. EXHIBITS AND REPORTS
SIGNATURES
EXHIBIT 31.1
EXHIBIT 32.1

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PLATINA ENERGY GROUP, INC.
FINANCIAL STATEMENTS
QUARTER ENDED JUNE 30, 2007

INDEX TO FINANCIAL STATEMENTS AND SCHEDULES



		Page
Financial Statements

Consolidated Balance Sheet -		F-1
As of June 30, 2007

Consolidated Statements of Operations -
For the Three and Six Months Ending June 30, 2007 and for the Period Jan. 9, 2007 through June 30, 2007		F-2

Consolidated Statements of Cash Flows -
For the Three and Six Months Ending June 30, 2007 and for the Period Jan. 9, 2007 through June 30, 2007		F-3

Notes to Consolidated Financial Statements		F-6

Table of Contents

PLATINA ENERGY GROUP, INC.
(An Exploratory Stage Company)
CONSOLIDATED BALANCE SHEET
(UNAUDITED)


		June 30,
		2007

ASSETS

Current assets
Prepaid expense		$	298,392

Property & equipment
Oil and gas properties, full cost method of accounting:
Unproven			993,473
Other property and equipment			45,704

Other assets
Intangible asset subject to amortization			235,804

		$	1,573,373

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities
Bank overdraft		$	611
Accounts payable and accrued expenses			90,582
Accrued compensation due officers			407,000
Notes payable to related parties			303,120
Notes payable - other			394,555
	Total current liabilities		1,195,868

Commitments and Contingencies			-

Stockholders' deficit
Preferred stock, par value $.001, 20,000,000 shares authorized 70,000 shares designated Series A, no shares issued and outstanding. Aggregate liquidation preference of $0. One share of Series A preferred is convertible into ten shares of common stock.			61

Preferred stock, 100,000 shares designated Series B, 96,464 shares issued and outstanding. Aggregate liquidation value preference of $9,646, One share of Series B preferred is convertible into 100 shares of common stock.			96

Preferred stock, 10,000 shares designated Series C. 3,600 shares issued and outstanding at December 31, 2006. Aggregate liquidation value preference of $360. One share of Series C preferred is convertible into 100 shares of common stock.			4
Common stock; $0.001 par value; 100,000,000 shares authorized; 40,185,587 shares issued and outstanding.			40,186
Additional paid in capital			11,668,846
Accumulated deficit			(6,913,820	)
Deficit accumulated during the exploratory stage			(4,417,868	)
	Total stockholders' deficit		377,505

		$	1,573,373

The accompanying notes are an integral part of these financial statements
	F-1

PLATINA ENERGY GROUP, INC.
(An Exploratory Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

							From
	Three Months Ended						January 9, 2007
	June 30,			June 30,			through
	2007			2006			June 30, 2007

Net Revenue	$	7,200		$	-		$	18,000

Operating Expenses
General and administrative expenses		140,951			84,210			248,619
Consulting fees, non-cash		302,095			-			489,899
Non-cash compensation - option grants		10,775			-			10,775
		453,821			84,210			749,293

Loss from Operations		(446,621	)		(84,210	)		(731,293	)

Other Income (Expense)
Interest expense		(21,390	)		(12,773	)		(174,809	)
Loss on settlement of debt		(3,230,167	)		-			(3,511,766	)
		(3,251,557	)		(12,773	)		(3,686,575	)

Net Loss	$	(3,698,178	)	$	(96,983	)	$	(4,417,868	)


Per Share Data
Basic loss per share	$	(0.13	)	$	(0.01	)

Weighted average common
shares outstanding		29,039,433			17,647,313

The accompanying notes are an integral part of these financial statements

F-2

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Platina Energy Inactive 10QSB2008 Q1 Quarterly report (small business)

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