                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

     (MARK ONE)
         ( X )    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                  SECURITIES EXCHANGE ACT OF 1934

                        For the quarterly period ended        April 30, 2006
                                                      --------------------------

                                       OR

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

                  For the transition period from               to
                                                 -------------     -------------

         Commission file number  1-11601
                                 -------

                                   IDNA, INC.
         -----------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

                   Delaware                                     34-1816760
         -------------------------------                   ---------------------
         (State or other jurisdiction of                     (I.R.S. Employer
         incorporation or organization)                      Identification No.)


         555 Madison Avenue, 29th Floor,
         New York, New York                                       10022
         ----------------------------------------          ---------------------
         (Address of principal executive offices)               (Zip Code)

         (212) 644-1400
         ----------------------------------------
         (Registrant's telephone number,
          including area code)

         -----------------------------------------------------------------------
                    (Former name, former address and former year,
                           if changed since last report)

         Indicate by check mark 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.
                                Yes (X) No ( )

         Indicate by check mark whether the registrant is an accelerated filer
         (as defined in Rule 12b-2 of the Securities and Exchange Act).
                                Yes ( ) No (X)

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

         Indicate the number of shares outstanding of each of the issuer's class
         of common stock, as of the latest practicable date:

                     Class                        Outstanding at June 12, 2006
         -----------------------------            ----------------------------
         Common Stock, $0.05 par value                     9,078,364



                           IDNA, INC. AND SUBSIDIARIES

                                TABLE OF CONTENTS


                                                                           PAGE
                                                                           ----

PART I.    FINANCIAL INFORMATION

Item 1.    Financial Statements

           Report of Independent Registered Public Accounting Firm           3

           Condensed Consolidated Balance Sheets as of
           April 30, 2006 and January 31, 2006                               4

           Condensed Consolidated Statements of Operations for the
           Three Months Ended April 30, 2006 and 2005                        5

           Condensed Consolidated Statement of Stockholders' Equity and
           Comprehensive Income (Loss) for the Three Months Ended
           April 30, 2006                                                    6

           Condensed Consolidated Statements of Cash Flows for the
           Three Months Ended April 30, 2006 and 2005                        7

           Notes to Condensed Consolidated Financial Statements              8


Item 2.    Management's Discussion and Analysis of
           Financial Condition and Results of Operations                    18

Item 3.    Quantitative and Qualitative Disclosures about
           Market Risk                                                      26

Item 4.    Controls and Procedures                                          26


PART II.   OTHER INFORMATION

Item 1.    Legal Proceedings                                                28
Item 1A.   Risk Factors                                                     28
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds      28
Item 3.    Defaults Upon Senior Securities                                  28
Item 4.    Submission of Matters to a Vote of Security Holders              28
Item 5.    Other Information                                                28
Item 6.    Exhibits                                                         29


Signatures                                                                  30

Certifications                                                              31

                                       2


                          PART I. FINANCIAL INFORMATION
                          ITEM 1. FINANCIAL STATEMENTS



REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM


To the Board of Directors and Stockholders of
iDNA, Inc. and Subsidiaries
New York, New York


         We have reviewed the accompanying condensed consolidated balance sheet
of iDNA, Inc. and Subsidiaries as of April 30, 2006, the related condensed
consolidated statements of operations for each of the three-month periods ended
April 30, 2006 and 2005; the related condensed consolidated statement of
stockholders' equity and comprehensive loss for the three-month period ended
April 30, 2006 and the condensed consolidated statements of cash flows for each
of the three-month periods ended April 30, 2006 and 2005. These financial
statements are the responsibility of the Company's management.

         We conducted our reviews in accordance with standards established by
the Public Company Accounting Oversight Board ("PCAOB"). A review of interim
financial information consists principally of applying analytical procedures and
making inquiries of persons responsible for financial and accounting matters. It
is substantially less in scope than an audit conducted in accordance with
generally accepted auditing standards, the objective of which is the expression
of an opinion regarding the financial statements taken as a whole. Accordingly,
we do not express such an opinion.

         Based on our review, we are not aware of any material modifications
that should be made to the condensed consolidated financial statements for them
to be in conformity with accounting principles generally accepted in the United
States of America.

         We have previously audited, in accordance with standards of the PCAOB,
the consolidated balance sheet as of January 31, 2006, and the related
consolidated statements of operations, stockholders' equity and comprehensive
loss, and cash flows for the year then ended (not presented herein); and in our
report dated April 26, 2006, we expressed an unqualified opinion on those
consolidated financial statements. In our opinion, the information set forth in
the accompanying condensed consolidated balance sheet as of January 31, 2006, is
fairly stated, in all material respects, in relation to the consolidated balance
sheet from which it has been derived.



/s/ Grant Thornton LLP
Cleveland, Ohio
June 7, 2006

                                       3



                           IDNA, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                        (IN THOUSANDS, EXCEPT SHARE DATA)




                                                                            April 30,               January 31,
                                                                              2006                     2006
                                                                           ------------             ------------
                                                                           (unaudited)

                           ASSETS
Cash and cash equivalents                                                       $  364                  $ 1,144
Accounts receivable, net of allowance
  of $93 and $105, respectively (Note 1)                                         2,332                    2,045
Inventory (Note 1)                                                                 298                      247
Prepaid expenses                                                                   190                      277
Other current assets                                                                71                       22
                                                                           ------------             ------------
  Total current assets                                                           3,255                    3,735

Property and equipment, net of accumulated
  depreciation of $2,271 and $2,029, respectively (Note 1)                       2,707                    2,919
Investment in AFC (Note 3)                                                       7,603                    7,822
Goodwill (Notes 1 and 2)                                                         5,879                    5,879
Other intangible assets, net of accumulated
  amortization of $1,585 and $1,430, respectively (Notes 1 and 2)                8,197                    8,352
Other assets                                                                       141                      140
                                                                           ------------             ------------
                                                                              $ 27,782                 $ 28,847
                                                                           ============             ============

            LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Current maturities of long term obligations (Note 4)                           $ 1,061                  $ 1,111
Accounts payable                                                                 1,620                    1,463
Accrued income taxes                                                               314                      358
Deferred revenue (Note 1)                                                        1,081                      891
Due to former OTI Members                                                          204                      530
Self-insurance claims (Note 5)                                                     235                      235
Other liabilities                                                                1,831                    1,746
                                                                           ------------             ------------
  Total current liabilities                                                      6,346                    6,334

Long term obligations (Note 4)                                                  10,106                   10,116
Convertible promissory note (Note 4)                                             2,825                    2,825
                                                                           ------------             ------------
                                                                                19,277                   19,275
                                                                           ------------             ------------

COMMITMENTS AND CONTINGENCIES (Note 5)                                               -                        -

STOCKHOLDERS' EQUITY
Preferred stock                                                                      -                        -
Common stock - $.05 par value,
  authorized 50,000,000 shares, issued
  39,949,589 and 39,949,589 shares, respectively                                 1,997                    1,997
Additional paid-in capital                                                     174,559                  174,479
Retained deficit                                                             (145,187)                (144,034)
Deferred compensation                                                             (59)                     (65)
Treasury stock, at cost, 30,913,225 and 30,913,225
  shares, respectively                                                        (22,805)                 (22,805)
                                                                           ------------             ------------
  Total stockholders' equity                                                     8,505                    9,572
                                                                           ------------             ------------
                                                                              $ 27,782                 $ 28,847
                                                                           ============             ============



     See accompanying notes to condensed consolidated financial statements.

                                       4



                           IDNA, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)
                                   (UNAUDITED)

                                                 Three Months Ended
                                                     April 30,
                                            ------------------------------
                                               2006              2005
                                            ------------     -------------

Service revenues                              $   3,432         $   2,864

Cost of service revenues                          2,334             1,497
                                            ------------     -------------
  Gross profit                                    1,098             1,367

Selling, general and administrative               2,138             1,728
                                            ------------     -------------

  Loss from operations                           (1,040)             (361)

Interest income                                       3                 4
Income from AFC investment                           68               159
Interest expense                                   (174)             (165)
                                            ------------     -------------

  Loss from continuing operations
     before income taxes                         (1,143)             (363)

Provision for income taxes                          (11)              (11)
                                            ------------     -------------

  Loss from continuing operations                (1,154)             (374)

Income from discontinued
  operations, net of tax                              1                 2
                                            ------------     -------------

  Net loss                                    $  (1,153)         $   (372)
                                            ============     =============

Basic and diluted loss per share
  Continuing operations                        $   (.13)         $   (.04)
  Discontinued operations                             -                 -
                                            ------------     -------------
     Net loss per share                        $   (.13)         $   (.04)
                                            ============     =============

Weighted average number
   of shares outstanding
   Basic and diluted                              9,036            10,083
                                            ============     =============



     See accompanying notes to condensed consolidated financial statements.

                                       5


                           IDNA, INC. AND SUBSIDIARIES
            CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
                             AND COMPREHENSIVE LOSS
                        THREE MONTHS ENDED APRIL 30, 2006
                        (IN THOUSANDS, EXCEPT SHARE DATA)
                                   (UNAUDITED)


                    Preferred
                       Stock        Common Stock
                   ------------  -------------------  Additional                            Deferred               Comprehensive
                           Par                 Par      Paid-In    Retained    Treasury   Compensation                Income
                   Shares Value    Shares     Value     Capital     Deficit      Stock       Expense      Total       (Loss)
                   ------ -----  ----------  -------  ----------  ----------   --------   ------------   -------   -------------

Balance at
January 31, 2006     -    $   -  39,949,589  $ 1,997  $  174,479  $ (144,034)  $(22,805)  $        (65)  $ 9,572

Net loss                                                              (1,153)                             (1,153)  $      (1,153)
Share-based
   compensation
   expense                                                    80                                              80

Deferred
   compensation
   expense                                                                                           6         6
                   ------ -----  ----------  -------  ----------  ----------   --------   ------------   -------   -------------
Comprehensive
   income (loss)                                                                                                   $      (1,153)
                                                                                                                   =============
Balance at
 April 30, 2006      -    $   -  39,949,589  $ 1,997  $  174,559  $ (145,187)  $(22,805)  $        (59)  $ 8,505
                   ====== =====  ==========  =======  ==========  ==========   ========   ============   =======


     See accompanying notes to condensed consolidated financial statements.

                                       6


                           IDNA, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)
                                   (UNAUDITED)


                                                                                Three Months Ended
                                                                                     April 30,
                                                                            ----------------------------
                                                                               2006            2005
                                                                            ------------    ------------

    Cash flows from operating activities
      Net loss                                                                 $ (1,153)         $  (372)
      Adjustments to reconcile net loss to net cash provided by
        (used in) operating activities:
        Depreciation and amortization                                               397              337
        Income from AFC investment                                                  (68)            (159)
        Share-based compensation expense                                             73                -
        Stock issued as compensation for services rendered                            -               33
        Amortization of deferred compensation expense                                 6                6

    Changes in operating assets and liabilities, net of acquisition:
     Accounts receivable                                                           (287)              669
     Income tax refundable                                                            -              826
     Accrued income tax                                                             (44)              11
     Accounts payable                                                               157             (335)
     Deferred revenue                                                               190             (348)
     Other operating assets and liabilities, net                                     79              416
                                                                            ------------    ------------
       Net cash provided by (used in) operating activities                         (650)           1,084
                                                                            ------------    ------------
    Cash flows from investing activities:
      Proceeds from AFC distributions                                               287              208
      Purchase of property and equipment                                            (31)             (77)
                                                                            ------------    ------------
          Net cash provided by investing activities                                 256              131
                                                                            ------------    ------------
    Cash flows from financing activities:
      Payments to retire due to former OTI Members                                 (326)               -
      Payments of long term debt                                                    (60)            (398)
                                                                            ------------    ------------
          Net cash used in financing activities                                    (386)            (398)
                                                                            ------------    ------------

        Increase (decrease) in cash and cash equivalents from operations           (780)             817
        Cash and cash equivalents at beginning of period                          1,144              471
                                                                            ------------    ------------
        Cash and cash equivalents at end of period                              $   364        $  1,288
                                                                            ============    ============
     Supplemental disclosures of cash flow information:
        Interest paid                                                            $    1          $   140
                                                                            ============    ============
        Income taxes paid                                                        $   55            $   -
                                                                            ============    ============
        Stock issued for services                                                 $   -           $   33
                                                                            ============    ============


      See accompanying notes to condensed consolidated financial statements

                                       7


                           IDNA, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)


NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

General
-------
           The accompanying unaudited condensed consolidated financial
statements include the accounts of iDNA, Inc. and Subsidiaries ("iDNA"). iDNA is
a multi-dimensional corporate and institutional strategic communications,
technology and entertainment company. iDNA specializes in the full service
design, creative development, production, post production editing and
transmission, via broadcast satellite videoconferencing, webcasting and
traditional on-site presentations of corporate and institutional strategic
communication, education and training video and other services for use at
meetings, events, symposiums and seminars. iDNA, through its custom wireless
communication technology and proprietary software, also facilitates client
audience interaction, participation and polling to collect, exchange and/or
analyze data and information in real-time during a meeting or event. iDNA's
wireless communication services are available as a turn-key service provided by
iDNA during a scheduled meeting or event or alternatively, a client can purchase
from iDNA the required electronic components and related proprietary software to
administrate its needs independently. Additionally, iDNA, through its investment
in the Angelika Film Center LLC ("AFC"), operates in the movie exhibition
industry (see Note 3).

         The financial statements are unaudited but in the opinion of
management, reflect all adjustments (consisting only of normal recurring
accruals) necessary for a fair presentation of iDNA's consolidated financial
position, results of operations, stockholders' equity and comprehensive loss,
and cash flows for the periods presented.

         The accompanying unaudited condensed consolidated financial statements
have been prepared in accordance with generally accepted accounting principles
for interim financial statements and with the rules of the Securities and
Exchange Commission applicable to interim financial statements and therefore do
not include all disclosures that might normally be required for financial
statements prepared in accordance with generally accepted accounting principles.
The accompanying unaudited condensed consolidated financial statements should be
read in conjunction with iDNA's consolidated financial statements, including the
notes thereto, appearing in iDNA's Annual Report on Form 10-K for the year ended
January 31, 2006. The results of operations for the three months ended April 30,
2006 are not necessarily indicative of the operating results for the full year.

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

         iDNA uses a January 31 year-end for financial reporting purposes.
References herein to the fiscal year ended January 31, 2007 shall be the term
"Fiscal 2007" and references to other "Fiscal" years shall mean the year, that
ended on January 31 of the year indicated. The term the "Company" or "iDNA" as
used herein refers to iDNA, Inc. together with its consolidated subsidiaries
unless the context otherwise requires.

                                       8


                           IDNA, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

Service Revenues
----------------
         iDNA's service revenues are earned within short time periods, generally
less than one week. iDNA recognizes revenue from video production, video
editing, meeting services and broadcast satellite or webcast services when the
video is complete and delivered or all technical services have been rendered.
Deposits and other prepayments are recorded as deferred revenue until revenue is
recognized. iDNA does not have licensing or other arrangements that result in
additional revenues following the delivery of the video or a broadcast. Costs
accumulated in the production of the video, meeting services or broadcasts are
deferred until the sale and delivery are complete. Deferred production costs of
$71,000 and $22,000, respectively, are included as a component of other current
assets at April 30, 2006 and January 31, 2006.

         iDNA recognizes revenue from the sale of electronic equipment,
proprietary software and related components at the time of shipment. Deposits
and other prepayments received prior to shipment are recorded as deferred
revenue until the electronic equipment and related software are shipped. iDNA
has licensing and technical support arrangements for future software
enhancements and upgrades for technical support for previously delivered
electronic equipment. Revenues derived from licensing and technical support are
recognized over the term of the licensing and technical support period, which
generally are sold in increments of one year of coverage. For the three months
ended April 30, 2006 and April 30, 2005, electronic equipment sales were
$775,000 and $121,000, respectively.

         iDNA recognizes revenue from website design and development when the
customer accepts the completed project. Deposits and other prepayments are
recorded as deferred revenue until revenue is recognized. These contracts are
generally limited to the design and development of websites and the presentation
of site library content developed by iDNA. Clients also have the option to
engage iDNA to maintain and upgrade their websites. These projects are separate
from the website development and design engagements, and the related revenue is
recognized over the term of the agreement, which is generally up to one year.

         iDNA recognizes revenue from developing and maintaining websites
pursuant to the requirements of Statement of Position No. 97-2, "Software
Revenue Recognition" ("SOP 97-2"), as amended by Statement of Position No. 98-9,
"Software Revenue Recognition with Respect to Certain Arrangements." Under SOP
97-2, revenue attributable to an element in a customer arrangement is recognized
when persuasive evidence of an arrangement exists and delivery has occurred,
provided the fee is fixed or determinable, collectibility is probable and the
arrangement does not require significant customization of the software. If at
the outset of the customer arrangement, iDNA determines that the arrangement fee
is not fixed or determinable or that collectibility is not probable, iDNA defers
the revenue and recognizes the revenue when the arrangement fee becomes due and
payable or, when collectibility is uncertain, as cash is collected.

Cost of Service Revenues
------------------------
         Cost of revenues consists of direct expenses specifically associated
with client service revenues. The cost of revenues includes direct salaries and
benefits, purchased products or services for clients, web hosting, support
services, shipping and delivery costs.

                                       9


                           IDNA, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

Research and Development Costs
------------------------------
         As a consequence of the acquisition of Option Technologies Interactive,
LLC ("OTI") on November 18, 2005, iDNA incurred certain research and development
costs. Research and development costs are comprised principally of personnel
costs incurred for enhancements, modifications, updates, service and support
expenditures for iDNA proprietary software. Research and development costs are
charged to operations as incurred and are included as a component of costs of
service revenues. iDNA charged $80,000 to research and development expense for
the three months ended April 30, 2006.

Accounts Receivable
-------------------
         Accounts receivable are recorded at the invoiced amount and do not bear
interest. The allowance for doubtful accounts is iDNA's best estimate of the
amount of probable credit losses in iDNA's existing accounts receivable. iDNA
determines the allowance based on analysis of historical bad debts, client
concentrations, client credit-worthiness and current economic trends. iDNA
reviews its allowance for doubtful accounts quarterly. Past-due balances over 90
days and specified other balances are reviewed individually for collectibility.
All other balances are reviewed on an aggregate basis. Account balances are
written off against the allowance after all means of collection have been
exhausted and the potential for recovery is considered remote. iDNA does not
have any off-balance sheet credit exposure related to its clients.

Inventory
---------
         Inventory is comprised principally of electronic equipment and related
components held for sale to clients. Inventory is valued at the lower of cost or
market using the first-in - first-out inventory cost method.

Property and Equipment
----------------------
         Property and equipment are stated at cost. Depreciation is computed
using the straight-line method over the estimated useful lives of the assets,
which range from eighteen months to ten years. Leasehold improvements are
amortized over the shorter of the lease term or the estimated useful lives of
the related improvements.

Goodwill and Other Intangible Assets
------------------------------------
         Intangible assets with indefinite lives, including goodwill, are not
subject to amortization but are subject to testing for impairment at least
annually or whenever there is an impairment indicator.

         In its acquisition of OTI on November 18, 2005 (see Note 2), iDNA
acquired certain intangible assets including client relationships and lists and
a non-competition agreement with an initial estimated aggregate fair value of
$300,000. The useful lives of these intangibles are estimated to be 5 years and
7 years, respectively. The intangible assets with definite useful lives are
amortized using the straight-line method over those lives. For the three months
ended April 30, 2006, iDNA charged to operations $13,000 for the amortization of
these intangible assets. iDNA has engaged an independent valuation firm to
assist in the final determination of the fair value of the acquired assets of
OTI in order to finalize its purchase accounting allocation.

         In its acquisition of The Campus Group (as defined below), iDNA
acquired certain intangible assets including client relationships and lists and
a non-competition agreement with an initial aggregate fair value of $9.5
million. The useful lives of these intangibles are estimated to be 17 years and
9 years, respectively. The intangible assets with definite useful lives are
amortized using the straight-line method over those lives. For each of the three
months ended April 30, 2006 and 2005, iDNA charged to operations $142,000 for
the amortization of these intangible assets.

                                       10


                           IDNA, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

Impairment of Long-Lived Assets
-------------------------------
         iDNA reviews the carrying value of its long-lived assets (other than
goodwill) whenever events or changes in circumstances indicate that its carrying
amount may not be recoverable. If indicators of impairment exist, iDNA would
determine whether the estimated undiscounted sum of the future cash flows of
such assets is less than its carrying amount. If less, an impairment loss would
be recognized based on the excess of the carrying amount of such assets over
their respective fair values. iDNA would determine the fair value by using
quoted market prices, if available, for such assets; or if quoted market prices
are not available, iDNA would discount the expected estimated future cash flows.

Income Taxes
------------
         Deferred income taxes are provided for all temporary differences
between the book and tax basis of assets and liabilities. Deferred income taxes
are adjusted to reflect new tax rates when they are enacted into law. The effect
on deferred tax assets and liabilities of a change in tax rates is recognized in
income in the period that includes the enactment date. A valuation allowance is
recognized if it is anticipated that some or all of a net deferred tax asset may
not be realized.

Reclassifications
-----------------
           Certain Fiscal 2006 amounts have been reclassified to conform with
Fiscal 2007 presentations.

Revised Consolidated Statements of Cash Flow
--------------------------------------------
         In Fiscal 2007, iDNA has separately disclosed the operating, investing
and financing portions of cash flows attributable to its discontinued
operations, which in prior periods were reported on a combined basis as a single
amount. The principal cash flow component of iDNA's discontinued operations are
changes in connection with iDNA's self-insurance claims.


New Accounting Pronouncements
-----------------------------
         In December 2004 the FASB issued Statement of Financial Accounting
Standards ("SFAS") No. 123R (revised 2004), Share-Based Payment, which replaces
SFAS No. 123, Accounting for Stock-Based Compensation, and supersedes APB
Opinion No. 25, Accounting for Stock Issued to Employees. SFAS No. 123R requires
all share-based payments to employees, including grants of employee stock
options, to be recognized in the financial statements based on their fair values
beginning with the first interim or annual period after December 15, 2005. The
pro forma disclosures previously permitted under SFAS 123 no longer will be an
alternative to financial statement recognition. iDNA is required to adopt SFAS
123R at the beginning of Fiscal 2007 (effective February 1, 2006). Under SFAS
No. 123R, iDNA must determine the appropriate fair value model to be used for
valuing share-based payments, the amortization method for compensation cost and
the transition method to be used at date of adoption. The transition methods
include prospective and retrospective adoption options. Under the retrospective
option, prior periods may be restated either as of the beginning of the year of
adoption or for all periods presented. The prospective method requires that
compensation expense be recorded for all unvested stock options and restricted
stock at the beginning of the first quarter of adoption while the retrospective
methods would record compensation expense for all unvested stock options and
restricted stock beginning with the first period restated. iDNA has adopted the
prospective method of adopting SFAS No. 123R and as a consequence, iDNA recorded
a charge to operations for stock-based compensation expense for the three months
ended April 30, 2006 of $73,000 for the prospective adoption of SFAS 123R and to
record stock-based compensation expense for the period.

                                       11


                           IDNA, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

         In May 2005, FASB issued Statement No. 154, Accounting Changes and
Error Corrections ("SFAS 154"). SFAS 154 replaces APB No. 20, Accounting
Changes, and SFAS 3, Reporting Accounting Changes in Interim Financial
Statements, and establishes retrospective application as the required method for
reporting a change in accounting principle, unless it is impracticable to
determine either the period-specific effects or the cumulative effect of the
change. SFAS 154 applies to all voluntary changes in accounting principles and
to changes required by an accounting pronouncement in the instance that the
pronouncement does not include specific transition provisions. SFAS 154 is
effective for accounting changes and corrections of errors made in fiscal years
beginning after December 15, 2005. iDNA adoption of SFAS 154 did not have a
material impact on iDNA's consolidated financial position or results of
operations.

NOTE 2 - OPTION TECHNOLOGIES INTERACTIVE, LLC ACQUISITION

         On November 18, 2005, iDNA consummated the acquisition of 100% of the
membership interests of OTI from Flexner Wheatley & Associates ("FWA") and
MeetingNet Interactive, Inc. ("MeetingNet"). OTI is a technology company
providing interactive software and hardware systems and services that facilitate
audience interaction, participation and polling to collect exchange and/or
analyze data and information in real-time for use in live events, training and
education satellite videoconferencing and corporate or institutional meeting
services. Prior to the acquisition of OTI, iDNA's subsidiary Audience Response
Systems, Inc. ("ARS") also provided similar services. With the acquisition of
OTI, iDNA (i) gains access to important new clients, industries and market
segments, (ii) acquires a fully developed and integrated propriety software that
is an "add-in" application module with Microsoft(R) Office PowerPoint(R) which,
among other attributes, allows clients to develop and self-administrate audience
interaction programs at smaller and other venues not previously served by iDNA
and (iii) expands its solutions-based communication product offering to meet
dynamic demands of current and potential clients. The significant value in the
acquisition is principally its (i) industry position, (ii) assembled workforce,
(iii) proprietary software, (iv) trademarks and (iv) client lists and client
relations.

         In exchange for the acquisition of all of the outstanding membership
interests of OTI, iDNA (i) paid $744,000 at closing from iDNA's available cash
balances, (ii) issued to FWA and MeetingNet promissory notes in an aggregate
principal amount of $1.5 million ("OTI Promissory Notes") and (iii) issued an
aggregate of 496,250 shares of iDNA Common Stock to FWA and MeetingNet valued at
$258,000, representing the fair value of the iDNA Common Stock at the date of
the acquisition. For financial reporting purposes, the transaction was treated
as a purchase with an effective date of November 18, 2005. The purchase price is
subject to an upward and downward adjustment not to exceed $412,500 based upon
OTI's meeting, or failing to meet, certain minimum financial performance
criterion for Fiscal 2007 and Fiscal 2008.

         As part of the OTI acquisition, Mark Fite entered into an employment
agreement with OTI under which he has agreed to serve as President of OTI for an
initial term of three years. Under the terms of the employment agreement, Mr.
Fite will be entitled to base compensation of $150,000 per year, a grant of
stock options to acquire 60,000 shares of iDNA Common Stock, subject to vesting
in three equal annual installments over the term of the employment agreement and
a performance bonus based upon the operating results of OTI. iDNA also granted
to all active OTI employees stock options to acquire an aggregate of 66,500
shares of iDNA Common Stock, subject to vesting over a three year period and
subject to OTI's meeting certain minimum financial performance criterion for
Fiscal 2007 and Fiscal 2008. The exercise price for the stock options granted to
Mr. Fite and the OTI employees was set at the fair value of iDNA's Common Stock
as of the date of the OTI acquisition, $0.52 per share.

                                       12


                           IDNA, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 2 - OPTION TECHNOLOGIES INTERACTIVE, LLC ACQUISITION - CONTINUED

The components and allocation of the purchase price were as follows (in
thousands):

                                                              Amount
                                                         -----------------
Components of purchase price:
      Cash paid at closing                                       $    744
      Promissory notes issued at closing                            1,489
      Common stock issued at closing                                  258
      Transaction costs                                               268
                                                         -----------------
           Total purchase price                                 $   2,759
                                                         =================

Allocation of purchase price:
      Current assets                                            $   1,303
      Property and equipment                                        1,228
      Goodwill arising in the acquisition                             959
      Other intangible assets                                         300
                                                         -----------------
                                                                    3,790
      Accounts payable and accrued expenses                          (497)
      Due to former OTI Members                                      (534)
                                                         -----------------
      Net assets acquired                                       $   2,759
                                                         =================

         As a consequence of the OTI acquisition and in accordance with SFAS No.
141 Business Combinations, iDNA initially recognized goodwill and other
intangible assets of $959,000 and $300,000, respectively. iDNA has estimated
lives for these intangible assets of 5 to 7 years. For the three months ended
April 30, 2006, iDNA charged to operations $13,000 for the amortization of these
intangibles. iDNA has engaged the valuation services of an independent third
party appraisal company to assist iDNA with respect to the final determination
of the fair value of tangible and intangible assets acquired in accordance with
SFAS No. 141, Business Combinations, and may, depending on the results of that
valuation, adjust the preliminary allocation of the purchase price.

         iDNA does not expect amortization of goodwill or other intangibles, if
any, to be deductible for income tax purposes.

                                       13


                           IDNA, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 2 - OPTION TECHNOLOGIES INTERACTIVE, LLC ACQUISITION - CONTINUED

         The following sets forth the pro forma condensed results of operations
of iDNA and OTI for the three months ended April 30, 2005 as if the acquisitions
were consummated on February 1, 2005. Prior to OTI's acquisition, OTI used a
December 31 year end, and accordingly the pro forma results have been prepared
by combining the historical results for iDNA for the three months ended April 30
with the historical results of OTI for the three months ended March 31. These
pro forma results have been prepared for illustrative purposes only and do not
purport to be indicative of what would have occurred had the acquisitions been
in effect for the periods indicated or the results that may occur in the future.
Pro forma revenues, net loss and loss per share are as follows (in thousands):

                                                  Three Months Ended
                                                    April 30, 2005
                                                 ----------------------

  Service revenues                                           $   4,181
                                                 ======================

  Net loss from continuing operations                       $    (235)
                                                 ======================

  Loss per share from continuing operations                $    (0.02)
                                                 ======================

NOTE 3 - INVESTMENT IN AFC

         On April 5, 2000, iDNA, through its wholly owned subsidiary National
Cinemas, Inc., acquired a 50% membership interest in AFC. AFC is the owner and
operator of the Angelika Film Center, which is a multiplex cinema and cafe
complex in the Soho District of Manhattan in New York City.

         AFC is currently owned 50% by iDNA and 50% by Reading International,
Inc. ("Reading"). The articles and bylaws of AFC provide that for all matters
subject to a vote of the members, a majority is required, except that in the
event of a tie vote, the Chairman of Reading shall cast the deciding vote.

            iDNA uses the equity method to account for its investment in AFC.
iDNA's initial investment exceeded its share of AFC's net assets and that
portion of the investment balance is accounted for in a manner similar to
goodwill. AFC uses a December 31 year-end for financial reporting purposes. iDNA
reports on a January 31 year-end, and for its fiscal quarters ending April 30,
July 31, October 31 and January 31 records its pro-rata share of AFC's earnings
on the basis of AFC's fiscal quarters ending March 31, June 30, September 30 and
December 31, respectively. For the three months ended April 30, 2006 and 2005,
iDNA recorded income of $68,000 and $159,000, respectively, representing its
share of AFC's net income.

                                       14


                           IDNA, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 3 - INVESTMENT IN AFC - CONTINUED

          Summarized income statement data for AFC for the three months ended
March 31, 2006 and 2005, respectively, is as follows (in thousands):

                                                     Three Months Ended
                                                         March 31,
                                                   2006              2005
                                                 --------           -------

Revenues                                         $  1,465           $ 1,411
                                                 --------           -------

Film rental                                           517               307
Operating costs                                       603               544
Depreciation and amortization                         166               198
General and administrative expenses                    42                42
                                                 --------           -------
                                                    1,328             1,091
                                                 --------           -------
Net income                                        $   137            $  320
                                                 ========           =======
iDNA's proportionate share of net income           $   68            $  159
                                                 ========           =======

NOTE 4 - CURRENT AND LONG TERM OBLIGATIONS

         As a consequence of iDNA's acquisition of OTI effective November 18,
2005, iDNA issued to FWA and MeetingNet the OTI Promissory Notes in an aggregate
principal amount of $1.5 million. The OTI Promissory Notes bear interest at 5%
per annum and are repayable in quarterly installments according to a formula
based upon the future cash flows realized from OTI's operations. The OTI
Promissory Notes are secured by the membership interests of OTI. At April 30,
2006, iDNA had outstanding obligations under the terms of the OTI Promissory
Notes of $1.5 million and accrued interest of $34,000.

         As a consequence of iDNA's acquisition of The Campus Group effective
July 31, 2003, iDNA issued to Mr. Steve Campus and certain family trusts
promissory notes of $9.9 million and a convertible promissory note of $2.8
million. Of the $9.9 million in promissory notes issued by iDNA, $6.6 million of
the promissory notes ("Base Notes") bear interest at 5% per annum and are
repayable in quarterly installments according to a formula based upon the future
cash flows realized from The Campus Group over a period not to exceed seven
years. The remaining $3.3 million in promissory notes ("Trailing Notes") issued
by iDNA bear interest at 5% per annum and are repayable in quarterly
installments, commencing upon the retirement of the Base Notes, according to a
formula based upon the future cash flows realized from The Campus Group over a
period not to exceed three years subsequent to the retirement of the Base Notes.
The $2.8 million convertible promissory note (i) bears interest at 5% per annum,
payable quarterly in cash or accumulating as principal at the election of iDNA,
(ii) requires principal payments to commence upon the retirement of the Base
Notes and Trailing Notes and is then repayable in quarterly installments
according to a formula based upon the future cash flows realized from The Campus
Group over a period not to exceed three years and (iii) is convertible at the
option of the holder into shares of iDNA common stock at a base conversion price
of $1.50 per share. The holder may not convert the convertible promissory note
into iDNA common stock prior to repayment of the Base Notes and Trailing Notes.
The promissory notes are secured by the capital stock of the companies
comprising The Campus Group. At April 30, 2006, iDNA had outstanding obligations
under the terms of the Base Notes, Trailing Notes and the Convertible Notes of
$6.0 million, $3.3 million and $2.8 million, respectively, and accrued interest
of $625,000.

                                       15


                           IDNA, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 4 - CURRENT AND LONG TERM OBLIGATIONS - CONTINUED

         As a consequence of iDNA's acquisition of OMI Business Communications,
Inc. ("OMI") effective April 1, 2003, iDNA assumed $814,000 in bank debt and
capital lease obligations to financial institutions and issued a promissory note
payable to Mr. Dean Thompson in the principal amount of $153,000.

         During 2001, OMI obtained a $300,000 bank term loan (the "Term Loan")
to finance certain capital expenditures. The Term Loan is payable in monthly
installments of $6,000, comprised of principal and interest, over a five year
term, expiring in July 2006. The Term Loan bears interest at the rate of 8.25%
per annum. The Term Loan is collateralized by substantially all of OMI's assets
and the personal guarantee of Mr. Thompson. The outstanding balance of the Term
Loan at April 30, 2006 was $9,000.

         On April 25, 2002, OMI obtained a $402,000 loan guaranteed by the U.S.
Small Business Administration (the "SBA Loan") to finance losses incurred as a
result of the September 11, 2001 terrorist attacks in New York City. At April
30, 2006, the remaining balance of the SBA Loan of $348,000 is repayable in
monthly installments of $3,309 with the last payment due in April 2017. The SBA
Loan bears interest at the rate of 4% per annum. The SBA Loan is collateralized
by substantially all of OMI's assets and the personal guarantee of Mr. Thompson.

         The promissory note payable to Mr. Thompson was payable in monthly
installments of principal and interest over a 36 month period expiring April
2006. The promissory note bears interest at 5% per annum. The promissory note
was repaid and retired in April 2006.

         The components of long term obligations at April 30, 2006 are as
follows (in thousands):

                                           Amounts
                                          ---------
      Term loan                           $       9
      SBA loan                                  348
      OTI promissory notes                    1,489
      Base promissory notes                   6,046
      Trailing promissory notes               3,275
      Convertible promissory note             2,825
                                          ---------
                                             13,992
      Less current maturities                (1,061)
                                          ---------
      Long term obligations and
        convertible promissory note       $  12,931
                                          =========

                                       16


                           IDNA, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 4 - CURRENT AND LONG TERM OBLIGATIONS - CONTINUED

         iDNA's current maturities and long term obligations at April 30, 2006
are as follows (in thousands):

                                     Amounts
                                   ------------
              2007                     $ 1,061
              2008                       1,275
              2009                       1,524
              2010                       1,806
              2011                       1,648
              Thereafter                 6,678
                                   ------------
                                       $13,992
                                   ============

NOTE 5 - COMMITMENTS AND CONTINGENCIES

Self-Insurance Reserves for Property Damage and Personal Injury Claims
----------------------------------------------------------------------
         iDNA, under the names Agency Rent-A-Car, Inc. ("ARAC"), Altra Auto
Rental and Automate Auto Rental, previously engaged in the rental of automobiles
on a short-term basis, principally to the insurance replacement market. In
Fiscal 1996, iDNA disposed of its rental fleet business through the sale of
certain assets and through certain leases to a national car rental company. All
liabilities related to the discontinued rental business, principally
self-insurance claims, were retained by iDNA.

         iDNA is subject to certain self-insurance claims and litigation
expenses relating to its discontinued automobile rental operations. iDNA
estimates the required self-insurance liability based upon specific
identification of the known matters subject to future claims, the nature of the
claim and the estimated costs to be incurred. These estimates include, but are
not limited to, iDNA's historical loss experience and projected loss factors.
The required self-insurance liability is subject to adjustment in the future
based upon changes in the nature of the remaining claims or the ultimate cost.
As a consequence of iDNA's sale of its automobile rental operations in 1995,
iDNA believes that all incurred claims have been reported to iDNA and that there
are no longer any incurred but not yet reported claims to be received by iDNA.
iDNA's self-insurance liability at both April 30, 2006 and January 31, 2006 was
$235,000.

Other Litigation
----------------
         In the normal course of its business, iDNA is periodically named as
defendant in legal proceedings. It is the policy of iDNA to vigorously defend
litigation and/or enter into settlements of claims where management deems
appropriate. In the opinion of management, the amount of ultimate liability with
respect to any current actions, if any, is unlikely to materially affect our
financial position, results of operations or liquidity.

                                       17


                                     ITEM 2.
                           IDNA, INC. AND SUBSIDIARIES
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS


GENERAL

         iDNA, Inc. ("iDNA") began operations in 1969 and was incorporated in
Delaware in 1971. iDNA is a multi-dimensional corporate and institutional
strategic communications, technology and entertainment company. iDNA specializes
in the full service design, creative development, production, post production
editing and transmission, via broadcast satellite videoconferencing, webcasting
and traditional on-site presentations of corporate and institution strategic
communication, education and training video and other services for use at
meetings, events, symposiums and seminars. iDNA, through its custom wireless
communication technology and proprietary software, also facilitates client
audience interaction, participation and polling to collect, exchange and/or
analyze data and information in real-time during a meeting or event. iDNA's
wireless communication services are available as a turn-key service provided by
iDNA during a scheduled meeting or event or alternatively, a client can purchase
from iDNA the required electronic components and related proprietary software to
administrate its needs independently. Additionally, iDNA, through its investment
in the Angelika Film Center LLC ("AFC"), operates in the movie exhibition
industry.

CRITICAL ACCOUNTING POLICIES

         iDNA's consolidated financial statements are prepared in accordance
with generally accepted accounting principles, which require iDNA to make
estimates and assumptions. Those estimates and assumptions affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities, and the reported revenues and expenses of iDNA. iDNA's significant
accounting policies are described in Note 1 of Notes to Consolidated Financial
Statements. However, certain accounting policies are deemed "critical", as they
require management's highest degree of judgment, estimates and assumptions.
These accounting estimates and disclosures have been discussed with the Audit
Committee of iDNA's Board of Directors. A discussion of iDNA's critical
accounting policies, the judgments and uncertainties affecting their application
and the likelihood that materially different amounts would be reported under
different conditions or using different assumptions are as follows:

         Service Revenues: iDNA's service revenues are earned within short time
periods, generally less than one week. iDNA recognizes revenue from video
production, video editing, meeting services and broadcast satellite or webcast
services when the video is complete and delivered or all technical services have
been rendered. Deposits and other prepayments are recorded as deferred revenue
until revenue is recognized. iDNA does not have licensing or other arrangements
that result in additional revenues following the delivery of the video or a
broadcast. Costs accumulated in the production of the video, meeting services or
broadcasts are deferred until the sale and delivery are complete. Deferred
production costs of $71,000 and $22,000, respectively, are included as a
component of other current assets at April 30, 2006 and January 31, 2006.

         iDNA recognizes revenue from the sale of electronic equipment,
proprietary software and related components at the time of shipment. Deposits
and other prepayments received prior to shipment are recorded as deferred
revenue until the electronic equipment and related software is shipped. iDNA has
licensing and technical support arrangements for future software enhancements
and upgrades for technical support for previously delivered electronic
equipment. Revenues derived from licensing and technical support are recognized
over the term of the licensing and technical support period, which generally are
sold in increments of one year of coverage. For the three months ended April 30,
2006 and April 30, 2005, electronic equipment sales were $775,000 and $121,000,
respectively.

                                       18


                           IDNA, INC. AND SUBSIDIARIES
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED

         iDNA recognizes revenue from website design and development when the
customer accepts the completed project. Deposits and other prepayments are
recorded as deferred revenue until revenue is recognized. These contracts are
generally limited to the design and development of websites and the presentation
of site library content developed by iDNA. Clients also have the option to
engage iDNA to maintain and upgrade their websites. These projects are separate
from the website development and design engagements, and the related revenue is
recognized over the term of the agreement, which is generally up to one year.

         iDNA recognizes revenue from developing and maintaining websites
pursuant to the requirements of Statement of Position No. 97-2, "Software
Revenue Recognition" ("SOP 97-2"), as amended by Statement of Position No. 98-9,
"Software Revenue Recognition with Respect to Certain Arrangements." Under SOP
97-2, revenue attributable to an element in a customer arrangement is recognized
when persuasive evidence of an arrangement exists and delivery has occurred,
provided the fee is fixed or determinable, collectibility is probable and the
arrangement does not require significant customization of the software. If at
the outset of the customer arrangement, iDNA determines that the arrangement fee
is not fixed or determinable or that collectibility is not probable, iDNA defers
the revenue and recognizes the revenue when the arrangement fee becomes due and
payable or, when collectibility is uncertain, as cash is collected.

         Cost of Service Revenue: Cost of revenues consists of direct expenses
  specifically associated with client service revenues. The cost of revenues
  includes direct salaries and benefits, purchased products or services for
  clients, web hosting, support
services, shipping and delivery costs.

         Accounts Receivable: iDNA extends credit to clients in the normal
course of business. iDNA continuously monitors collections and payments from
clients and maintains an allowance for doubtful accounts based upon historical
experience and any specific client collection issues that have been identified.
Since accounts receivable are concentrated in a relatively few number of
clients, a significant change in the liquidity or financial position of any of
these clients could have a material adverse impact on the collectibility of the
accounts receivable and future operating results. iDNA does not have any
off-balance sheet credit exposure related to its customers.

         Valuation of Long-lived Assets and Goodwill: iDNA reviews the carrying
value of its long-lived assets for impairment whenever events or changes in
circumstances indicate that the carrying amount of these assets may not be fully
recoverable and it annually assesses whether goodwill has been impaired by
comparing the carrying amount of the goodwill to its fair value. When it is
determined that the carrying amount of long-lived assets or goodwill is
impaired, impairment is measured by comparing an asset's estimated fair value to
its carrying value. The determination of fair value is based on quoted market
prices in active markets, if available, or independent appraisals; sales price
negotiations; or projected future cash flows discounted at a rate determined by
management to be commensurate with iDNA's business risk. The estimation of fair
value utilizing discounted forecasted cash flows includes significant judgments
regarding assumptions of revenue, operating and marketing costs; selling and
administrative expenses; interest rates; property and equipment additions and
retirements; and industry competition, general economic and business conditions,
among other factors.

                                       19


                           IDNA, INC. AND SUBSIDIARIES
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED


         Management has determined that there was no impairment to our
long-lived assets and goodwill on the basis of a review of a discounted cash
flow analysis, which for goodwill is performed at the level of the subsidiaries
to which the goodwill relates. If there is a material change in the assumptions
used in the determination of fair value or a material change in the conditions
or circumstances influencing fair value, iDNA could be required to recognize a
material impairment charge.

         Self-Insurance Claims: iDNA maintained and continues to maintain
self-insurance for claims and associated litigation expenses relating to bodily
injury or property damage from accidents involving the vehicles rented to
customers by its discontinued automobile rental operations occurring in Fiscal
1996 and prior. iDNA was, when required by either governing state law or the
terms of its rental agreement, self-insured for the first $1.0 million per
occurrence, and for losses in excess of $5.0 million per occurrence, for bodily
injury and property damage resulting from accidents involving its rental
vehicles. iDNA was also self-insured, up to certain retained limits, for bodily
injury and property damage resulting from accidents involving iDNA vehicles
operated by employees within the scope of their employment.

         iDNA is subject to certain self-insurance claims and litigation
expenses relating to its discontinued automobile rental operations. iDNA
estimates the required self-insurance liability based upon specific
identification of the known matters subject to future claims, the nature of the
claim and the estimated costs to be incurred. These estimates include, but are
not limited to, iDNA's historical loss experience and projected loss factors.
The required self-insurance liability is subject to adjustment in the future
based upon changes in the nature of the remaining claims or the ultimate cost.
As a consequence of iDNA's sale of its automobile rental operations in 1995,
iDNA believes that all incurred claims have been reported to iDNA and that there
are no longer any incurred but not yet reported claims to be received by iDNA.
iDNA's self-insurance liability at both April 30, 2006 and January 31, 2006 was
$235,000.

         Because of the uncertainties related to several residual small claims
and legal proceedings involving iDNA's former rental operations and
self-insurance claims, it is difficult to project with precision the ultimate
effect the adjudication or settlement of these matters will have on iDNA. As
additional information regarding iDNA's potential liabilities becomes available,
iDNA will revise the estimates as appropriate.

         Income Taxes: iDNA recognizes deferred tax assets and liabilities based
on differences between the financial statement carrying amounts and the tax
basis of assets and liabilities. Loss carrybacks, reversal of deferred tax
liabilities, tax planning and estimates of future taxable income are considered
in assessing the need for a valuation allowance. At the time it is determined
that iDNA will more likely than not be able to realize deferred tax assets in
excess of the recorded amount, net of its valuation allowance, an adjustment to
reduce the valuation allowance would be recorded that would increase income in
the period such determination was made. Likewise, should management determine
that iDNA would not be able to realize all or part of net deferred tax assets
generated in the future, increase to the valuation allowance would be charged to
and reduce income in the period such determination was made.

                                       20


                           IDNA, INC. AND SUBSIDIARIES
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED


FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS FROM OPERATIONS FOR THE THREE MONTHS ENDED APRIL 30, 2006
  AS COMPARED TO THE THREE MONTHS ENDED APRIL 30, 2005

         Service Revenues: Revenues for the three months ended April 30, 2006
and April 30, 2005 were $3.4 million and $2.9 million, respectively. Revenues
increased $568,000 due principally to the net effects of (i) revenues derived
from Option Technologies Interactive, LLC. ("OTI"), acquired November 18, 2005,
of $1.2 million, (ii) an increase in revenues of OMI Business Communications,
Inc. ("OMI") of $35,000 offset by (ii) a decrease in the aggregate revenues of
Audience Response Systems, Inc. ("ARS") and Campus Group Companies, Inc.
("Campus") (collectively known as "The Campus Group") of $708,000.

         For the three months ended April 30, 2006, revenues for The Campus
Group were $1.9 million as compared to revenues of $2.6 million for the three
months ended April 31, 2005. For the three months ended April 30, 2006, revenues
for OMI were $277,000 as compared to revenues of $242,000 for the three months
ended April 30, 2005. The decrease in revenues for the Campus Group of $708,000
for the three months ended April 30, 2006 as compared to revenues for the three
months ended April 30, 2005 was principally due to a decrease in the number,
scope and value of client assignments, principally for medical symposiums and
seminars, scheduled and completed during the three months ended April 30, 2006.
The nature of OMI's and The Campus Group's business is such that the nature and
timing of assignments completed for clients, and the resulting revenue, will
vary from period to period. Recently, iDNA has hired senior marketing
strategists and is forming a new integrated marketing group for corporate
communication services to develop new marketing initiatives, create new project
opportunities, seek new clients for its services and expand existing client
relationships to generate new revenues. Although no assurances can be made, iDNA
will seek revenue expansion through the retention of these new marketing
strategists as a means to reduce year-to-year and quarter-to-quarter
fluctuations in its revenues as well as ultimately to increase revenues.
Generally, there is a six to twelve month investment period before iDNA expects
to realize the benefits from the addition of such personnel in the form of new
projects and/or clients.

         Cost of Service Revenues: Cost of revenues for the three months ended
April 30, 2006 were $2.3 million and were comprised principally of cost of
revenues derived from operations of The Campus Group, OMI and OTI, with (i) The
Campus Group's cost of revenues of $1.5 million, (ii) OMI's cost of revenues of
$178,000 and (iii) OTI's cost of revenues of $607,000. Cost of revenues for
three months ended April 30, 2005 were $1.5 million and were comprised
principally of (i) The Campus Group's cost of revenues of $1.3 million and (ii)
OMI's cost of revenues of $147,000. The average gross margin for the three
months ended April 30, 2006 and April 30, 2005 was 32.0% and 47.7%, respectively

         The aggregate decrease in gross profit of $269,000 for the three months
ended April 30, 2006 as compared to the three months ended April 30, 2005 is due
principally to the net effects of (i) an increase in revenues due to the
acquisition of OTI, offset by (ii) a decrease in revenues at The Campus Group
and (iii) a decrease in production gross margin realized. The aggregate average
gross margins for The Campus Group decreased by 29.4%, which can be principally
attributed to (i) a decrease of revenues realized to offset fixed production
overhead costs and (ii) a decrease in general production margins as a
consequence of an unfavorable production mix during the three months ended April
30, 2006 The aggregate gross

                                       21


                           IDNA, INC. AND SUBSIDIARIES
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED

margins for OMI decreased 3.4% as a consequence of higher production costs
during the three months ended April 30, 2006 as compared to the three months
ended April 30, 2005. OTI's aggregate gross margin for the three months ended
April 30, 2006 was 51.1%.

         Selling, General and Administrative ("SG&A"): For the three months
ended April 30, 2006, SG&A expense increased $410,000 to $2.1 million as
compared to $1.7 million for the three months ended April 30, 2005. The increase
in SG&A expense was due principally to the net effect of (i) $413,000 in new
SG&A expense due to the acquisition of OTI, (ii) an increase in iDNA SG&A of
$33,000 relating principally to the cost of its marketing and branding
initiatives, (iii) an increase in OMI SG&A of $81,000 as a consequence of an
increase in personnel costs, offset by (iv) a decrease in The Campus Group SG&A
of $117,000.

         Income from AFC Investment: iDNA accounts for its investment in AFC
using the equity method. For the three months ended April 30, 2006 and 2005,
iDNA recorded income of $68,000 and $159,000, respectively, representing iDNA's
share of AFC's net income for the three months ended March 31, 2006 and 2005
respectively.

         The following sets forth summarized operating results for AFC (in
thousands):

                                               Three Months Ended
                                                     March 31,
                                                2006           2005
                                               -----          -----

   Revenues                                   $1,465         $1,411

   Film rental                                   517            307
   Operating costs                               603            544
   Depreciation and amortization                 166            198
   General and administrative expenses            42             42
                                               -----          -----
                                               1,328          1,091
                                               -----          -----
   Net income                                  $ 137          $ 320
                                               =====          =====
   NAC's proportionate share of net income      $ 68          $ 159
                                               =====          =====

         AFC's revenues increased $54,000 for the three months ended March 31,
2006 as compared to the three months ended March 31, 2005, principally as a
result of the net effects of (i) a 3.5% increase in average ticket prices, (ii)
an increase of $36,000 in other, concession and cafe revenues offset by (iii) a
decrease of 1.8% in attendance period-to-period. The attendance, and at times
the ticket prices, at AFC will vary depending on audience interest in, and the
popularity of the films it exhibits and other factors. Film rental expense, as a
percentage of revenue, increased 13.5% to 35.3% from 21.8% for the three months
ended March 31, 2006 and 2005, respectively. Film rental expense generally is a
factor of a fixed percentage rental rate per film multiplied by the number of
tickets sold. AFC experiences fluctuations in film rental expense, as a
percentage of revenue, depending upon the rental rate per film and the
popularity of the film. Operating costs, as a percent of revenue, increased 2.5%
to 41.1% for the three months ended March 31, 2006, as compared to 38.6% for the
three months ended March 31, 2005 due principally to an increase in advertising
and personnel costs for the three months ended March 31, 2006 as compared to the
three months ended March 31, 2005. The nature of AFC's operating costs tend
generally to be more fixed overhead-related costs and advertising expenses.

                                       22


                           IDNA, INC. AND SUBSIDIARIES
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED


         Income Taxes: Due to net operating losses and the availability of net
operating loss carryforwards, iDNA's effective federal income tax rate was zero
for the three month periods ended April 30, 2006 and April 30, 2005. iDNA has
provided a full valuation allowance against its net operating loss carryforward
and other net deferred tax asset items due to the uncertainty of their future
realization.


LIQUIDITY AND CAPITAL RESOURCES

         Throughout the three months ended April 30, 2006 and as of June 14,
2006, iDNA had no external source of financing and has operated on its existing
cash balances, cash flows from operations and distributions from its investment
in AFC. iDNA will continue to pursue reductions in its operating expenses,
invest in marketing initiatives and seek new debt or equity financing (though
there can be no assurance iDNA will obtain such financing) as means of
supplementing iDNA's resources available to pursue new acquisitions, joint
ventures or other business development opportunities. At April 30, 2006, iDNA
had cash of $364,000, which together with any cash flow derived from its
investment in AFC and the operations of iDNA's corporate communications business
will be used to pursue such opportunities.

         As a consequence of iDNA's acquisition of OTI effective November 18,
2005, iDNA issued to FWA and MeetingNet the OTI Promissory Notes in an aggregate
principal amount of $1.5 million. The OTI Promissory Notes bear interest at 5%
per annum and are repayable in quarterly installments according to a formula
based upon the future cash flows realized from OTI's operations. The OTI
Promissory Notes are secured by the membership interests of OTI. At April 30,
2006, iDNA had outstanding obligations under the terms of the OTI Promissory
Notes of $1.5 million and accrued interest of $34,000.

         As a consequence of iDNA's acquisition of The Campus Group effective
July 31, 2003, iDNA issued to Mr. Steve Campus and certain family trusts
promissory notes of $9.9 million and a convertible promissory note of $2.8
million. Of the $9.9 million in promissory notes issued by iDNA, $6.6 million of
the promissory notes ("Base Notes") bear interest at 5% per annum and are
repayable in quarterly installments according to a formula based upon the future
cash flows realized from The Campus Group over a period not to exceed seven
years. The remaining $3.3 million in promissory notes ("Trailing Notes") issued
by iDNA bear interest at 5% per annum and are repayable in quarterly
installments, commencing upon the retirement of the Base Notes, according to a
formula based upon the future cash flows realized from The Campus Group over a
period not to exceed three years subsequent to the retirement of the Base Notes.
The $2.8 million convertible promissory note (i) bears interest at 5% per annum,
payable quarterly in cash or accumulating as principal at the election of iDNA,
(ii) requires principal payments to commence upon the retirement of the Base
Notes and Trailing Notes and is then repayable in quarterly installments
according to a formula based upon the future cash flows realized from The Campus
Group over a period not to exceed three years and (iii) is convertible at the
option of the holder into shares of iDNA common stock at a base conversion price
of $1.50 per share. The holder may not convert the convertible promissory note
into iDNA common stock prior to repayment of the Base Notes and Trailing Notes.
The promissory notes are secured by the capital stock of the companies
comprising The Campus Group. At April 30, 2006, iDNA had outstanding obligations
under the terms of the Base Notes, Trailing Notes and the Convertible Notes of
$6.0 million, $3.3 million and $2.8 million, respectively, and accrued interest
of $625,000.

                                       23


                           IDNA, INC. AND SUBSIDIARIES
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED


         As a consequence of iDNA's acquisition of OMI effective April 1, 2003,
iDNA assumed $814,000 in bank debt and capital lease obligations to financial
institutions and issued a promissory note payable to Mr. Dean Thompson in the
amount of $153,000.

         During 2001, OMI obtained a $300,000 bank term loan (the "Term Loan")
to finance certain capital expenditures. The Term Loan is payable in monthly
installments of $6,000, comprised of principal and interest, over a five year
term, expiring in July 2006. The Term Loan bears interest at the rate of 8.25%
per annum. The Term Loan is collateralized by substantially all of OMI's assets
and the personal guarantee of Mr. Thompson. The outstanding balance of the Term
Loan at April 30, 2006 was $9,000.

         On April 25, 2002, OMI obtained a $402,000 loan guaranteed by the U.S.
Small Business Administration (the "SBA Loan") to finance losses incurred as a
result of the September 11, 2001 terrorist attacks in New York City. At April
30, 2006, the remaining balance of the SBA Loan of $348,000 is repayable in
monthly installments of $3,309 with the last payment due in April 2017. The SBA
Loan bears interest at the rate of 4% per annum. The SBA Loan is collateralized
by substantially all of OMI's assets and the personal guarantee of Mr. Thompson.

         The promissory note payable to Mr. Thompson was payable in monthly
installments of principal and interest over a 36 month period expiring April
2006. The promissory note bears interest at 5% per annum. The promissory note
was repaid and retired in April 2006.

           For the three months ended April 30, 2006, iDNA's cash and cash
equivalents decreased $780,000 due principally to the net effects of (i)
proceeds from AFC distributions of $287,000, offset by (ii) cash flows used in
operations of $650,000, (iii) capital expenditures of $31,000 and (iv) the
repayment of debt and due to former OTI Members of $386,000.

         iDNA believes that the available cash and cash equivalents totaling
$364,000 at April 30, 2006 and any cash distributions from its investment in AFC
and cash flow from operations will be sufficient to pay operating expenses,
existing liabilities, fund existing debt repayments and fund its activities
through the next twelve months as iDNA explores new strategic business
alternatives. Additionally, as previously discussed, iDNA's lack of external
financing sources may limit its ability to pursue strategic business
alternatives being considered by iDNA's Board of Directors. Such limitations may
have an adverse impact on iDNA's financial position, results of operations and
liquidity.

                                       24


                           IDNA, INC. AND SUBSIDIARIES
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED


OTHER

New Accounting Pronouncements
-----------------------------
         In December 2004 the FASB issued Statement of Financial Accounting
Standards ("SFAS") No. 123R (revised 2004), Share-Based Payment, which replaces
SFAS No. 123, Accounting for Stock-Based Compensation, and supersedes APB
Opinion No. 25, Accounting for Stock Issued to Employees. SFAS No. 123R requires
all share-based payments to employees, including grants of employee stock
options, to be recognized in the financial statements based on their fair values
beginning with the first interim or annual period after December 15, 2005. The
pro forma disclosures previously permitted under SFAS 123 no longer will be an
alternative to financial statement recognition. iDNA is required to adopt SFAS
123R at the beginning of Fiscal 2007 (effective February 1, 2006). Under SFAS
No. 123R, iDNA must determine the appropriate fair value model to be used for
valuing share-based payments, the amortization method for compensation cost and
the transition method to be used at date of adoption. The transition methods
include prospective and retrospective adoption options. Under the retrospective
option, prior periods may be restated either as of the beginning of the year of
adoption or for all periods presented. The prospective method requires that
compensation expense be recorded for all unvested stock options and restricted
stock at the beginning of the first quarter of adoption while the retrospective
methods would record compensation expense for all unvested stock options and
restricted stock beginning with the first period restated. iDNA has adopted the
prospective method of adopting SFAS No. 123R and as a consequence, iDNA recorded
a charge to operations for stock-based compensation expense for the three months
ended April 30, 2006 of $73,000 for the prospective adoption of SFAS 123R and to
record stock-based compensation expense for the period.

         In May 2005, FASB issued Statement No. 154, Accounting Changes and
Error Corrections ("SFAS 154"). SFAS 154 replaces APB No. 20, Accounting
Changes, and SFAS 3, Reporting Accounting Changes in Interim Financial
Statements, and establishes retrospective application as the required method for
reporting a change in accounting principle, unless it is impracticable to
determine either the period-specific effects or the cumulative effect of the
change. SFAS 154 applies to all voluntary changes in accounting principles and
to changes required by an accounting pronouncement in the instance that the
pronouncement does not include specific transition provisions. SFAS 154 is
effective for accounting changes and corrections of errors made in fiscal years
beginning after December 15, 2005. iDNA adoption of SFAS 154 did not have a
material impact on iDNA's consolidated financial position or results of
operations.

Inflation
---------
      Inflation has not had a material adverse impact on iDNA.

                                       25


FORWARD-LOOKING STATEMENTS

         Some of the information in this report contains forward looking
statements within the meaning of the federal securities laws that relate to
future events or our future financial performance and involve known and unknown
risks, uncertainties and other factors that may cause us or our industry's
actual results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by the forward-looking statements. You should
not rely on forward-looking statements in this report. Forward-looking
statements typically are identified by use of terms such as "anticipate",
"believe", "plan", "expect", "intend", "may", "will", "should", "estimate",
"predict", "potential", "continue" and similar words, although some
forward-looking statements are expressed differently. This report may contain
forward-looking statements attributed to third parties relating to their
estimates regarding the growth of our markets or other factors. All
forward-looking statements address matters that involve risk and uncertainties,
and there are many important risks, uncertainties and other factors that could
cause our actual results as well as those of the markets we serve, levels of
activity, performance, achievements and prospects to differ materially from the
forward-looking statements contained in this report. You should also consider
carefully the statements under other sections of this report that address
additional facts that could cause our actual results to differ from those set
forth in any forward-looking statements. We undertake no obligation to publicly
update or review any forward-looking statements, whether as a result of new
information, future developments or otherwise.


ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         Like virtually all commercial enterprises, iDNA can be exposed to the
risk ("market risk") that the cash flows to be received or paid relating to
certain financial instruments could change as a result of changes in interest
rate, exchange rates, commodity prices, equity prices and other market changes.

         iDNA does not engage in trading activities and does not utilize
interest rate swaps or other derivative financial instruments or buy or sell
foreign currency, commodity or stock indexed futures or options. Accordingly,
iDNA is not exposed to market risk from these sources.

         As of April 30, 2006, the interest rates under iDNA's long term and
convertible debt are fixed. As a result iDNA has limited market risk associated
with market interest rates.


ITEM 4.   CONTROLS AND PROCEDURES

         As of the end of the period covered by this interim report on Form
10-Q, the Chief Executive Officer and the Chief Financial Officer of iDNA (the
"Certifying Officers") have conducted evaluations of iDNA's disclosure controls
and procedures. As defined under Sections 13a-15(e) and 15d-15(e)) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), the term
"disclosure controls and procedures" means controls and other procedures of an
issuer that are designed to ensure that information required to be disclosed by
the issuer in the reports that it files or submits under the Exchange Act is
recorded, processed, summarized and reported within the time periods specified
in the Commission's rules and forms. Disclosure controls and procedures include,
without limitation, controls and procedures designed to ensure that information
required to be disclosed by an issuer in the reports that it files or submits
under the Exchange Act is accumulated and communicated to the issuer's
management, including its principal executive officer or officers and principal
financial officer or officers, or persons performing similar functions, as
appropriate to allow timely decisions regarding required disclosure. The
Certifying
                                       26


Officers have reviewed iDNA's disclosure controls and procedures and
have concluded that those disclosure controls and procedures were effective as
of the end of our most recent fiscal quarter. In compliance with Section 302 of
the Sarbanes-Oxley Act of 2002, (18 U.S.C. 1350), each of the Certifying
Officers executed an Officer's Certification included in this Quarterly Report
on Form 10-Q.

         The Certifying Officers have also conducted evaluations of iDNA's
internal control over financial reporting and have concluded that there have
been no changes in our internal control over financial reporting during our most
recent fiscal quarter that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting.

                                       27


                                    PART II.
                                OTHER INFORMATION

ITEM 1.        LEGAL PROCEEDINGS

Self-Insurance Reserves for Property Damage and Personal Injury Claims
----------------------------------------------------------------------
         iDNA, under the names Agency Rent-A-Car, Inc. ("ARAC"), Altra Auto
Rental and Automate Auto Rental, previously engaged in the rental of automobiles
on a short-term basis, principally to the insurance replacement market. In
Fiscal 1996, iDNA disposed of its rental fleet business through the sale of
certain assets and through certain leases to a national car rental company. All
liabilities related to the discontinued rental business, principally
self-insurance claims, were retained by iDNA.

         iDNA is subject to certain self-insurance claims and litigation
expenses relating to its discontinued automobile rental operations. iDNA
estimates the required self-insurance liability based upon specific
identification of the known matters subject to future claims, the nature of the
claim and the estimated costs to be incurred. These estimates include, but are
not limited to, iDNA's historical loss experience and projected loss factors.
The required self-insurance liability is subject to adjustment in the future
based upon changes in the nature of the remaining claims or the ultimate cost.
As a consequence of iDNA's sale of its automobile rental operations in 1995,
iDNA believes that all incurred claims have been reported to iDNA and that there
are no longer any incurred but not yet reported claims to be received by iDNA.
iDNA's self-insurance liability at both April 30, 2006 and January 31, 2006 was
$235,000.

Other Litigation
----------------
         In the normal course of its business, iDNA is periodically named as
defendant in legal proceedings. It is the policy of iDNA to vigorously defend
litigation and/or enter into settlements of claims where management deems
appropriate. In the opinion of management, the amount of ultimate liability with
respect to any current actions, if any, is unlikely to materially affect our
financial position, results of operations or liquidity.

ITEM 1A. RISK FACTORS
         Not applicable

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
         Not applicable

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES
         Not applicable

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
         Not applicable

ITEM 5.  OTHER INFORMATION
         Not applicable

                                       28


ITEM 6.       EXHIBITS

EXHIBIT                                                                   PAGE
NUMBER    TITLE OF EXHIBIT                                               NUMBER
--------------------------------------------------------------------------------
31.1      Officer's Certification Pursuant to Section 302 of the
          Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)                      31
31.2      Officer's Certification Pursuant to Section 302 of the
          Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)                      32
32.1      Certification of Principal Executive Officer Pursuant to
          18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002)   33
32.2      Certification of Principal Financial Officer Pursuant to
          18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002)   34

                                       29


                                   SIGNATURES
                                   ----------


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                        iDNA, INC.

Date: June 16, 2006                By: /s/ James J. McNamara
      ---------------                  --------------------------------
                                       James J. McNamara
                                       Chairman of the Board and
                                       Chief Executive Officer
                                       (principal executive officer)


                                    By: /s/ Robert V. Cuddihy, Jr.
                                        --------------------------------
                                        Robert V. Cuddihy, Jr.
                                        Chief Financial Officer
                                        (principal accounting and
                                         financial officer)


                                       30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended April 30, 2007


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

For the transition period from to

Commission file number 1-11601

iDNA, INC.
(Exact name of registrant as specified in its charter)


Delaware			34-1816760
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
415 Madison Avenue, 7^th Floor, New York, New York			10017
(Address of principal executive offices)			(Zip Code)
(212) 644-1400
(Registrant’s telephone number, including area code)

Indicate by check mark 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.

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer (See definition of ‘‘accelerated filer’’ and ‘‘large accelerated filer’’ in Rule 12b-2 of the Exchange Act). (Check one):

Large accelerated filer Accelerated filer Non-Accelerated filer

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

Yes No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:


Class			Outstanding at June 12, 2007
Common Stock, $0.05 par value			9,954,614

iDNA, Inc. and Subsidiaries

TABLE OF CONTENTS


		PAGE
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements		3
	Report of Independent Registered Public Accounting Firm		3
	Condensed Consolidated Balance Sheets as of April 30, 2007 and January 31, 2007		4
	Condensed Consolidated Statements of Operations for the Three Months Ended April 30, 2007 and 2006		5
	Condensed Consolidated Statement of Stockholders’ Equity and Comprehensive Loss for the Three Months Ended April 30, 2007		6
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended April 30, 2007 and 2006		7
	Notes to Condensed Consolidated Financial Statements		8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		17
Item 3.	Quantitative and Qualitative Disclosures about Market Risk		26
Item 4.	Controls and Procedures		26
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings		27
Item 1A.	Risk Factors		28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		28
Item 3.	Defaults Upon Senior Securities		28
Item 4.	Submission of Matters to a Vote of Security Holders		28
Item 5.	Other Information		28
Item 6.	Exhibits		28
Signatures			30
Certifications			31

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of
iDNA, Inc. and Subsidiaries
New York, New York

We have reviewed the accompanying condensed consolidated balance sheet of iDNA, Inc. and Subsidiaries as of April 30, 2007, the related condensed consolidated statements of operations for each of the three-month periods ended April 30, 2007 and 2006; the related condensed consolidated statement of stockholders’ equity and comprehensive loss for the three-month period ended April 30, 2007 and the condensed consolidated statements of cash flows for each of the three-month periods ended April 30, 2007 and 2006. These financial statements are the responsibility of the Company’s management.

We conducted our reviews in accordance with standards of the Public Company Accounting Oversight Board (‘‘PCAOB’’). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to the condensed consolidated financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with standards of the PCAOB, the consolidated balance sheet as of January 31, 2007, and the related consolidated statements of operations, stockholders’ equity and comprehensive loss, and cash flows for the year then ended (not presented herein); and in our report dated May 3, 2007, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of January 31, 2007, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

/s/ Grant Thornton LLP
Cleveland, Ohio
June 12, 2007

Table of Contents

iDNA, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share data)


	April 30, 2007				January 31, 2007
	(unaudited)
ASSETS
Cash and cash equivalents		$	774			$	548
Restricted cash (Note 1)			147				147
Accounts receivable, net of allowance of $77 and $82, respectively (Note 1)			2,148				1,796
Income taxes refundable			19				19
Inventory (Note 1)			205				232
Prepaid expenses			205				293
Other current assets			55				115
Total current assets			3,553				3,150
Property and equipment, net of accumulated depreciation of $3,049 and $2,833, respectively (Note 1)			2,551				2,752
Investment in AFC (Note 2)			6,745				7,224
Goodwill (Note 1)			2,728				2,728
Other intangible assets, net of accumulated amortization of $2,386 and $2,183, respectively (Note 1)			5,912				6,115
Other assets			108				109
		$	21,597			$	22,078
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Current maturities of long term obligations (Note 3)		$	1,806			$	805
Accounts payable			1,526				1,621
Accrued income taxes			378				298
Deferred revenue (Note 1)			1,379				1,033
Self-insurance claims (Note 4)			235				235
Other liabilities			1,638				1,445
Total current liabilities			6,962				5,437
Long term obligations (Note 3)			10,054				11,071
Convertible promissory note (Note 3)			2,825				2,825
			19,841				19,333
COMMITMENTS AND CONTINGENCIES (Note 4)			—				—
STOCKHOLDERS’ EQUITY
Preferred stock			—				—
Common stock – $.05 par value, authorized 50,000,000 shares, issued 39,949,589 and 39,949,589 shares, respectively			1,997				1,997
Additional paid-in capital			174,947				174,837
Retained deficit			(153,024	)			(151,699	)
Deferred compensation			(36	)			(41	)
Treasury stock, at cost, 29,994,975 and 30,294,975 shares, respectively			(22,128	)			(22,349	)
Total stockholders’ equity			1,756				2,745
		$	21,597			$	22,078

See accompanying notes to condensed consolidated financial statements.

Table of Contents

iDNA, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)


	Three Months Ended April 30,
	2007				2006
Revenues (Note 1)		$	3,600			$	3,432
Cost of revenues (Note 1)			2,521				2,334
Gross profit			1,079				1,098
Selling, general and administrative			2,334				2,138
Loss from operations			(1,255	)			(1,040	)
Other income (expense):
Income from AFC investment (Note 2)			271				68
Interest income			2				3
Interest expense (Note 3)			(55	)			(174	)
Loss from continuing operations before income taxes			(1,037	)			(1,143	)
Provision for income taxes			(6	)			(11	)
Loss from continuing operations			(1,043	)			(1,154	)
Income from discontinued operations, net of tax			5				1
Net loss		$	(1,038	)		$	(1,153	)
Basic and diluted loss per share
Continuing operations		$	(.11	)		$	(.13	)
Discontinued operations			—				—
Net loss per share		$	(.11	)		$	(.13	)
Weighted average number of shares outstanding
Basic and diluted			9,861				9,036

See accompanying notes to condensed consolidated financial statements.

Table of Contents

iDNA, Inc. and Subsidiaries
Condensed Consolidated Statement of Stockholders’ Equity
and Comprehensive Loss
Three Months Ended April 30, 2007
(in thousands, except share data)
(unaudited)


	Preferred Stock					Common Stock					Additional Paid-In Capital			Retained Deficit				Treasury Stock				Deferred Compensation Expense				Total				Comprehensive Income (Loss)
	Shares		Par Value			Shares		Par Value			Additional Paid-In Capital			Retained Deficit				Treasury Stock				Deferred Compensation Expense				Total				Comprehensive Income (Loss)
Balance at January 31, 2007		—		$	—		39,949,589		$	1,997		$	174,837		$	(151,699	)		$	(22,349	)		$	(41	)		$	2,745
Adjustment to retained deficit (Note 1)																(80	)											(80	)
Net loss																(1,038	)											(1,038	)		$	(1,038	)
Share-based compensation expense													110															110
Treasury stock issued																(207	)			221								14
Deferred compensation expense																								5				5
Comprehensive income (loss)																															$	(1,038	)
Balance at April 30, 2007		—		$	—		39,949,589		$	1,997		$	174,947		$	(153,024	)		$	(22,128	)		$	(36	)		$	1,756

See accompanying notes to condensed consolidated financial statements.

Table of Contents

iDNA, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)


	Three Months Ended April 30,
	2007				2006
Cash flows from operating activities
Net loss		$	(1,038	)		$	(1,153	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			419				397
Income from AFC investment			(271	)			(68	)
Share-based compensation expense			77				73
Stock issued as compensation for services rendered			33				—
Amortization of deferred compensation expense			5				6
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable			(352	)			(287	)
Accrued income tax/refundable			—				(44	)
Accounts payable			(95	)			157
Deferred revenue			346				190
Other operating assets and liabilities, net			369				79
Net cash used in operating activities			(507	)			(650	)
Cash flows from investing activities:
Proceeds from AFC distributions			750				287
Purchase of other property and equipment			(15	)			(31	)
Net cash provided by investing activities			735				256
Cash flows from financing activities:
Proceeds from exercise of stock options			14				—
Payments to retire due to former OTI Members			—				(326	)
Payments on debt, notes payable and capital lease			(16	)			(60	)
Net cash used in financing activities			(2	)			(386	)
Increase (decrease) in cash and cash equivalents			226				(780	)
Cash and cash equivalents at beginning of period			548				1,144
Cash and cash equivalents at end of period		$	774			$	364
Supplemental disclosures of cash flow information:
Interest paid		$	41			$	1
Income taxes paid		$	—			$	55

See accompanying notes to condensed consolidated financial statements.

Table of Contents

iDNA, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(unaudited)

Note 1 — Basis of Presentation and Significant Accounting Policies

General

The accompanying unaudited condensed consolidated financial statements include the accounts of iDNA, Inc. and its subsidiaries (‘‘iDNA’’). iDNA’s operations are comprised of three principal reportable segments: (i) strategic communications services, (ii) information services and (iii) entertainment. iDNA manages each segment separately as a consequence of different marketing, service requirements and technology strategies (see Note 5).

The strategic communications services segment provides content development via the design, development and production of media, collateral material, logistics, support and/or broadcast services for presentations at corporate and institutional events, meetings, training seminars and symposiums. The presentations may be live at single or multi-site venues and can include video conferencing, satellite broadcasting and webcasting or the presentations may be provided via on-demand access via internet websites, DVD or video tape.

The information services segment utilizes custom wireless communication technology and proprietary software to facilitate client audience interaction, participation and polling to collect, exchange and/or analyze data and information in real-time during a meeting or event. The wireless communication services are available as a turn-key service provided by iDNA during a scheduled meeting or event or alternatively, a client can purchase from iDNA the required electronic components and related proprietary software to administer its needs independently.

As a consequence of iDNA’s investment in the Angelika Film Centers, LLC (‘‘AFC’’), iDNA operates in the movie exhibition and entertainment industry (see Note 2).

The financial statements are unaudited but in the opinion of management, reflect all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of iDNA’s consolidated financial position, results of operations, stockholders’ equity and comprehensive loss, and cash flows for the periods presented.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial statements and with the rules of the Securities and Exchange Commission applicable to interim financial statements and therefore do not include all disclosures that might normally be required for financial statements prepared in accordance with generally accepted accounting principles. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with iDNA’s consolidated financial statements, including the notes thereto, appearing in iDNA’s Annual Report on Form 10-K for the year ended January 31, 2007. The results of operations for the three months ended April 30, 2007 are not necessarily indicative of operating results that may be achieved over the course of the full year.

The preparation of financial statements and the accompanying notes thereto, in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the respective reporting periods. Examples include provision for bad debt, useful lives of property and equipment and intangible assets, impairment of property and equipment and intangible assets, deferred income taxes, self insurance claims and assumptions related to equity-based compensation. Actual results could differ from those estimates.

iDNA uses a January 31 year-end for financial reporting purposes. References herein to the fiscal year ending January 31, 2008 shall be the term ‘‘Fiscal 2008’’ and references to other ‘‘Fiscal’’ years

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iDNA, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(unaudited)

Note 1 — Basis of Presentation and Significant Accounting Policies — continued

shall mean the year, that ended (or ends, as the case may be) on January 31 of the year indicated. The term the ‘‘Company’’ or ‘‘iDNA’’ as used herein refers to iDNA, Inc. together with its consolidated subsidiaries unless the context otherwise requires.

Revenues

iDNA’s revenues are earned within short time periods, generally less than one week. iDNA recognizes revenue from its strategic communications segment, including the video production, video editing, meeting services and broadcast satellite or webcast services, and its information services segment when the services are complete and delivered or all technical services have been rendered. Deposits and other prepayments are recorded as deferred revenue until revenue is recognized. iDNA does not have licensing or other arrangements that result in additional revenues following the delivery of the video or a broadcast. Costs accumulated in the production of the video, meeting services or broadcasts are deferred until the sale and delivery are complete. Deferred production costs of $55,000 and $115,000, respectively, are reported as other current assets at April 30, 2007 and January 31, 2007.

iDNA recognizes revenue from the sale of electronic equipment, proprietary software and related components at the time of shipment. Deposits and other prepayments received prior to shipment are recorded as deferred revenue until the electronic equipment and related software are shipped. iDNA has licensing and technical support arrangements for future software enhancements and upgrades for technical support for previously delivered electronic equipment. Revenues derived from licensing and technical support are recognized over the term of the licensing and technical support period, which generally are sold in increments of one year of coverage. For the three months ended April 30, 2007 and 2006, electronic equipment sales were $576,000 and $775,000, respectively.

iDNA recognizes revenue from website design and development when the customer accepts the completed project. Deposits and other prepayments are recorded as deferred revenue until revenue is recognized. These contracts are generally limited to the design and development of websites and the presentation of site library content developed by iDNA. Clients also have the option to engage iDNA to maintain and upgrade their websites. These projects are separate from the website development and design engagements, and the related revenue is recognized over the term of the agreement, which is generally up to one year.

iDNA recognizes revenue from developing and maintaining websites pursuant to the requirements of Statement of Position No. 97-2, ‘‘Software Revenue Recognition’’ (‘‘SOP 97-2’’), as amended by Statement of Position No. 98-9, ‘‘Software Revenue Recognition with Respect to Certain Arrangements.’’ Under SOP 97-2, revenue attributable to an element in a customer arrangement is recognized when persuasive evidence of an arrangement exists and delivery has occurred, provided the fee is fixed or determinable, collectibility is probable and the arrangement does not require significant customization of the software. If at the outset of the customer arrangement, iDNA determines that the arrangement fee is not fixed or determinable or that collectibility is not probable, iDNA defers the revenue and recognizes the revenue when the arrangement fee becomes due and payable or, when collectibility is uncertain, as cash is collected.

Cost of Revenues

Cost of revenues consists of direct expenses specifically associated with client service revenues. The cost of revenues includes direct salaries and benefits, purchased products or services for clients, web hosting, support services, shipping and delivery costs.

Research and Development Costs

Research and development costs are comprised principally of personnel costs incurred for enhancements, modifications, updates, service and support expenditures for iDNA’s proprietary

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iDNA, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(unaudited)

Note 1 — Basis of Presentation and Significant Accounting Policies — continued

software. Research and development costs are charged to operations as incurred and are included as a component of costs of revenues. iDNA charged $97,000 and $80,000, respectively, to research and development expense for the three months ended April 30, 2007 and 2006.

Restricted Cash

In June 2006, iDNA obtained a letter of credit in an amount of $147,000 that was issued in favor of the landlord of iDNA’s new New York headquarters. The letter of credit is collateralized by an interest bearing money market account in the same amount. Therefore, $147,000 is classified as restricted cash as of April 30, 2007 and January 31, 2007.

Accounts Receivable

Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is iDNA’s best estimate of the amount of probable credit losses in iDNA’s existing accounts receivable. iDNA determines the allowance based on analysis of historical bad debts, client concentrations, client credit-worthiness and current economic trends. iDNA reviews its allowance for doubtful accounts quarterly. Past-due balances over 90 days and specified other balances are reviewed individually for collectibility. All other balances are reviewed on an aggregate basis. Account balances are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. iDNA does not have any off-balance sheet credit exposure related to its clients.

Inventory

Inventory is comprised principally of electronic equipment and related components held for sale to clients. Inventory is valued at the lower of cost or market using the first-in – first-out inventory cost method.

Property and Equipment

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from eighteen months to ten years. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the related improvements.

Goodwill and Other Intangible Assets

Intangible assets with indefinite lives, including goodwill, are not subject to amortization but are subject to testing for impairment at least annually or whenever there is an impairment indicator.

In its acquisition of Option Technologies Interactive, LLC (‘‘OTI’’), iDNA acquired certain intangible assets including client relationships and lists and a non-competition agreement with an aggregate fair value of $703,000. The useful lives of these intangibles are estimated to be 5 to 7 years. The intangible assets with definite useful lives are amortized using the straight-line method over those lives. For the three months ended April 30, 2007 and 2006, iDNA charged to operations $26,000 and $13,000, respectively, for the amortization of these intangible assets.

In its acquisition of Audience Response Systems, Inc. and the Campus Group Companies, Inc. (collectively, the ‘‘Campus Group’’), iDNA acquired certain intangible assets including client relationships and lists and a non-competition agreement with an initial aggregate fair value of $9.5 million. The useful lives of these intangibles were initially estimated to be 17 years and 9 years,

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iDNA, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(unaudited)

Note 1 — Basis of Presentation and Significant Accounting Policies — continued

respectively. In connection with iDNA’s impairment analysis, effective July 31, 2006, among other adjustments, the estimated useful life of the client relationships was revised to 10 years. The intangible assets with definite useful lives are amortized using the straight-line method over those lives. For the three months ended April 30, 2007 and 2006, iDNA charged to operations $177,000 and $142,000, respectively for the amortization of these intangible assets.

Valuation of Long-Lived Assets and Goodwill

iDNA reviews the carrying value of its long-lived assets (other than goodwill) whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. When indicators of impairment exist, iDNA determines whether the estimated undiscounted sum of the future cash flows from such assets is less than their carrying amounts. If less, an impairment loss is recognized in the amount, if any, by which, the carrying amount of such assets exceeds their respective fair values. The determination of fair value is based on quoted market prices in active markets, if available, or independent appraisals; sales price negotiations; or projected future cash flows discounted at a rate determined by management to be commensurate with iDNA’s business risk. The estimation of fair value utilizing discounted forecasted cash flows includes significant judgments regarding assumptions of revenue, operating and marketing costs; selling and administrative expenses; interest rates; property and equipment additions and retirements; industry competition; and general economic and business conditions, among other factors.

Income Taxes

Deferred income taxes are provided for all temporary differences between the book and tax basis of assets and liabilities. Deferred income taxes are adjusted to reflect new tax rates when they are enacted into law. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is anticipated that some or all of a net deferred tax asset may not be realized.

In February 2007, iDNA adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (‘‘FIN 48’’), an interpretation of FASB Statement No. 109, Accounting for Income Taxes. FIN 48 prescribes a recognition threshold and measurement attribute for the financial recognition and measurement of a tax position taken or expected to be taken on a tax return. The interpretation requires that iDNA recognize the impact of a tax position in the financial statements if that position is less likely than not of being sustained on audit, based on the technical merits of the position. FIN 48 also provides guidance on derecognition classification, interest and penalties, accounting in interim periods and disclosure. In accordance with the provisions of FIN 48, any cumulative effect resulting from the change in accounting principle is to be recorded as an adjustment to the opening balance of retained earnings (deficit).

As of January 31, 2007, iDNA had federal net operating loss carryforwards of $88.8 million that may be used to reduce future taxable income, subject to limitations. Largely as a consequence of these operating loss carryforwards, iDNA reported a net deferred tax asset of $39.4 million and an offsetting valuation allowance of $39.4 million since iDNA is unable to determine, at this time, that it more likely than not will generate future taxable income against which the net operating loss could be applied.

Effective November 3, 2000, iDNA repurchased shares of its common stock, $0.05 par value, (‘‘Common Stock’’) and underwent a ‘‘change in ownership’’ as defined for the purposes of Sections 382 and 383 of the Internal Revenue Code. As a consequence of this ‘‘change in ownership’’, the use of net operating loss carryforwards totaling $61.0 million incurred prior to November 3, 2000

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iDNA, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(unaudited)

Note 1 — Basis of Presentation and Significant Accounting Policies — continued

(‘‘pre-change losses’’) will be subject to significant annual limitation. Based upon an evaluation of the tax position regarding the Section 382 limitation on the pre-change losses, iDNA has determined that $5.9 million of these pre-change losses may expire unused resulting in a tax-effected reduction of $2.1 million to iDNA’s net operating loss carryforwards included in its net deferred tax asset. As a consequence of this evaluation, iDNA has recorded adjustments to (i) reduce the amount of its net deferred tax asset attributable to its net operating loss carryforwards by $2.1 million, thereby reducing its total net deferred tax asset from $39.4 million to $37.3 million, and (ii) reduce iDNA’s valuation allowance by $2.1 million from $39.4 million to $37.3 million. These adjustments offset one another, resulting in no net charge to iDNA’s opening retained deficit reported for the quarter ended April 30, 2007.

As a consequence of the adoption of the provisions of FIN 48, iDNA recorded an adjustment to retained deficit of $80,000 to reflect potential liabilities for iDNA’s uncertain tax position, inclusive of interest. In addition, iDNA’s tax years open for examination vary by jurisdiction. iDNA was last under examination by the IRS for the taxable years through January 31, 1998. iDNA recognizes interest and penalties associated with uncertain tax positions as a component of tax expense (benefit).

Stock-Based Compensation

Effective February 1, 2006, iDNA adopted the provisions of Statement of Financial Accounting Standards (‘‘SFAS’’) No. 123R (revised 2004), Share-Based Payment (‘‘SFAS No. 123(R)’’), which replaces SFAS No. 123, Accounting for Stock-Based Compensation (‘‘SFAS No. 123’’), and supersedes APB Opinion No. 25, Accounting for Stock Issued to Employees. SFAS No. 123(R) requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values beginning with the first interim or annual period after December 15, 2005. iDNA elected the prospective method of adopting SFAS No. 123(R) which requires that compensation expense be recorded over the remaining periods for what would have been the remaining fair value under SFAS No. 123 of all unvested stock options and restricted stock at the beginning of the first quarter of adoption. The compensation costs for that portion of awards is based on the grant-date fair value of the awards as calculated for pro forma disclosures under SFAS No. 123. iDNA charged to operations $77,000 and $73,000, respectively, for share-based compensation for the three months ended April 30, 2007 and 2006.

Earnings Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of iDNA, $0.05 par value common stock (‘‘Common Stock’’) outstanding for the period. Dilutive earnings per share for all periods presented is the same as basic earnings per share because the inclusion of common stock equivalents would have an anti-dilutive effect on loss per share for the three months ended April 30, 2007 and 2006. Common stock equivalents, in the form of stock options, which were excluded from the earnings (loss) per share computation due to their dilutive effect were 3,176 and 12,707 for the three months ended April 30, 2007 and 2006, respectively.

New Accounting Pronouncements

In September 2006, the Financial Accounting Standards Board (‘‘FASB’’) issued Statement of Financial Accounting Standards (‘‘SFAS’’) No. 157, Fair Value Measurement (‘‘SFAS No. 157’’). SFAS No. 157 defines fair value, establishes a framework for measuring fair value in accordance with Generally Accepted Accounting Principles (‘‘GAAP’’), and expands disclosures about fair value measurements. The provisions of SFAS No. 157 are effective for fiscal years beginning after November 15, 2007. iDNA does not anticipate the application of this pronouncement will have a material impact on iDNA’s reported consolidated financial position or results of operations.

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iDNA, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(unaudited)

Note 1 — Basis of Presentation and Significant Accounting Policies — continued

In February 2007, the FASB issued Statement No. 159, The Fair Value Option for Financial Assets and Financial Liabilities (‘‘SFAS 159’’). SFAS 159 allows entities the option to measure eligible financial instruments at fair value as of specified dates. Such election, which may be applied on an instrument by instrument basis, is typically irrevocable once elected. SFAS 159 is effective for fiscal years beginning after November 15, 2007, and early application is allowed under certain circumstances. iDNA is currently evaluating the impact SFAS 159 will have on its consolidated financial position.

Reclassifications

Certain Fiscal 2007 amounts have been reclassified to conform with Fiscal 2008 presentations.

Note 2 — Investment in AFC

On April 5, 2000, iDNA, through its wholly owned subsidiary National Cinemas, Inc., acquired a 50% membership interest in AFC. AFC is the owner and operator of the Angelika Film Center, which is a multiplex cinema and café complex in the Soho District of Manhattan in New York City.

AFC is currently owned 50% by iDNA and 50% by Reading International, Inc. (‘‘Reading’’). The articles and bylaws of AFC provide that for all matters subject to a vote of the members, a majority is required, except that in the event of a tie vote, the Chairman of Reading shall cast the deciding vote.

iDNA uses the equity method to account for its investment in AFC. iDNA’s initial investment exceeded its share of AFC’s net assets and that portion of the investment balance is accounted for in a manner similar to goodwill. AFC uses a December 31 year-end for financial reporting purposes. iDNA reports on a January 31 year-end, and for its fiscal quarters ending April 30, July 31, October 31 and January 31 records its pro-rata share of AFC’s earnings on the basis of AFC’s fiscal quarters ending March 31, June 30, September 30 and December 31, respectively. For the three months ended April 30, 2007 and 2006, iDNA recorded income of $271,000 and $68,000, respectively, representing its share of AFC’s net income.

Summarized income statement data for AFC for the three months ended March 31, 2007 and 2006, respectively, is as follows (in thousands):


	Three Months Ended March 31,
	2007			2006
Revenues		$	2,000		$	1,465
Film rental			562			517
Operating costs			654			603
Depreciation and amortization			195			166
General and administrative expenses			47			42
			1,458			1,328
Net income		$	542		$	137
iDNA’s proportionate share of net income		$	271		$	68

Note 3 — Current and Long Term Obligations

Table of Contents

iDNA, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(unaudited)

Note 3 — Current and Long Term Obligations — continued

Promissory Notes bear interest at 5% per annum and are repayable in quarterly installments according to a formula based upon the future cash flows realized from OTI’s operations. The OTI Promissory Notes are secured by the membership interests of OTI. At April 30, 2007, iDNA had outstanding principal obligations under the terms of the OTI Promissory Notes of $1.1 million and accrued interest of $29,000.

As a consequence of iDNA’s acquisition of the Campus Group effective July 31, 2003, iDNA issued to Mr. Steve Campus and certain family trusts promissory notes in an aggregate principal amount of $9.9 million and a convertible promissory note in the principal amount of $2.8 million (collectively, the ‘‘Campus Notes’’). Of the $9.9 million in promissory notes issued by iDNA, $6.6 million of the promissory notes (‘‘Base Notes’’) bear interest at 5% per annum and are repayable in quarterly installments according to a formula based upon the future cash flows realized from the Campus Group over a period not to exceed seven years. The remaining $3.3 million in promissory notes (‘‘Trailing Notes’’) issued by iDNA bear interest at 5% per annum and are repayable in quarterly installments, commencing upon the retirement of the Base Notes, according to a formula based upon the future cash flows realized from the Campus Group over a period not to exceed three years subsequent to the retirement of the Base Notes. The $2.8 million convertible promissory note (‘‘Convertible Note’’) (i) bears interest at 5% per annum, payable quarterly in cash or accumulating as principal at the election of iDNA, (ii) requires principal payments to commence upon the retirement of the Base Notes and Trailing Notes and is then repayable in quarterly installments according to a formula based upon the future cash flows realized from the Campus Group over a period not to exceed three years and (iii) is convertible at the option of the holder into shares of iDNA’s Common Stock at a base conversion price of $1.50 per share. The holder may not convert the Convertible Note into shares of iDNA’s Common Stock prior to repayment of the Base Notes and Trailing Notes. The promissory notes are secured by the capital stock of the companies comprising the Campus Group. At April 30, 2007, iDNA had outstanding principal obligations under the terms of the Base Notes, Trailing Notes and the Convertible Note of $6.0 million, $3.3 million and $2.8 million, respectively, and accrued interest of $156,000.

For the trailing twelve month period ended April 30, 2007, the Campus Group’s financial performance fell below certain minimum operating cash flow thresholds established pursuant to the terms of the Campus Notes. As a consequence no interest was incurred on the Campus Notes during the period February 1, 2007 through April 30, 2007. Prospectively, interest may accrue pursuant to the terms of the Campus Notes; however, iDNA is not obligated to pay any principal or interest on the Campus Notes until October 31, 2007.

As a consequence of iDNA’s acquisition of OMI Business Communications, Inc. (‘‘OMI’’) effective April 1, 2003, iDNA assumed a $402,000 loan guaranteed by the U.S. Small Business Administration (the ‘‘SBA Loan’’). At April 30, 2007, the remaining balance of the SBA Loan of $320,000 is repayable in monthly installments of $3,309 with the last payment due in April 2017. The SBA Loan bears interest at the rate of 4% per annum. The SBA Loan is collateralized by substantially all of OMI’s assets and the personal guarantee of Mr. Dean Thompson, President of OMI.

In September 2006, OMI consummated equipment financing in the form of a capital lease with a financing institution to acquire $102,000 in various digital media production and editing equipment. The capital lease is payable in monthly installments with the last payment due in July 2009 and bears an implied interest rate of 10%. The capital lease is collateralized by the digital media production and editing equipment acquired by OMI. At April 30, 2007, the remaining balance due under the capital lease was $77,000. The accumulated depreciation for the underlying equipment pursuant to the capital lease was $23,000 and $14,000, respectively at April 30, 2007 and January 31, 2007

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iDNA, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(unaudited)

Note 3 — Current and Long Term Obligations — continued

On July 20, 2006, iDNA consummated a Loan and Security Agreement with a lender and issued a Promissory Note (‘‘Note’’) in a principal amount of $1.0 million. The lender, Seasons Go Round, is an unaffiliated third party lender. Pursuant to the terms of the Note, (i) the outstanding principal of the Note is due February 15, 2008, (ii) iDNA is required to pay interest only, monthly and in arrears, during the term of the Note and (iii) the Note bears interest at fourteen percent (14%) per annum. iDNA may prepay the Note at any time and without a prepayment penalty. The Note is secured by a perfected first priority security interest in and to, and a lien on and pledge of iDNA’s right, title and interest in and to virtually all of iDNA’s assets not previously pledged pursuant to other long term obligations. At April 30, 2007, the balance due under the Note was $1.0 million.

The components of long term obligations at April 30, 2007 are as follows (in thousands):


	Amounts
Capital leases		$	77
SBA loan			320
Promissory note			1,000
OTI promissory notes			1,142
Base promissory notes			6,046
Trailing promissory notes			3,275
Convertible debt			2,825
			14,685
Less current maturities			(1,806	)
Long-term obligations and convertible debt		$	12,879

iDNA’s current maturities and long term obligations at April 30, 2007 are as follows (in thousands):


	Amounts
2008		$	1,812
2009			1,041
2010			623
2011			514
2012			4,429
Thereafter			6,275
			14,694
Less: capital lease interest			(9	)
		$	14,685

Note 4 — Commitments and Contingencies

Self-Insurance Reserves for Property Damage and Personal Injury Claims

iDNA, under the names Agency Rent-A-Car, Inc. (‘‘ARAC’’), Altra Auto Rental and Automate Auto Rental, previously engaged in the rental of automobiles on a short-term basis, principally to the insurance replacement market. In Fiscal 1996, iDNA disposed of its rental fleet business through the sale of certain assets and through certain leases to a national car rental company. All liabilities related to the discontinued rental business, principally self-insurance claims, were retained by ARAC.

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iDNA, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(unaudited)

Note 4 — Commitments and Contingencies — continued

iDNA is subject to certain self-insurance claims and litigation expenses relating to its discontinued automobile rental operations. iDNA’s management estimates the required self-insurance liability based upon specific identification of the known matters subject to future claims, the nature of the claim and the estimated costs to be incurred. These estimates include, but are not limited to, ARAC’s historical loss experience and projected loss factors. The required self-insurance liability is subject to adjustment in the future based upon changes in the nature of the remaining claims or the ultimate cost. As a consequence of iDNA’s sale of its automobile rental operations in 1995, iDNA believes that all incurred claims have been reported to ARAC and that there are no longer any incurred but not yet reported claims to be received by ARAC. iDNA’s self-insurance liability at both April 30, 2007 and January 31, 2007 was $235,000.

Other Litigation

In the normal course of its business, iDNA is periodically named as defendant in legal proceedings. It is the policy of iDNA to vigorously defend litigation and/or enter into settlements of claims where management deems appropriate. In the opinion of management, the amount of ultimate liability with respect to any current actions, if any, is unlikely to materially affect iDNA’s financial position, results of operations or liquidity.

Note 5 — Segment Information

iDNA’s operations are comprised of three principal reportable segments, strategic communications services, information services and entertainment. iDNA manages each segment separately as a consequence of different marketing, service requirements and technology strategies for the respective segments.

iDNA evaluates the performance of its segments and allocates resources based on revenues and operating income. The table below presents the information about reportable segments for continuing operations used by iDNA’s chief operating decision-makers for the three months ended April 30, 2007 and 2006. Prior financial periods have been conformed to the current presentation (in thousands):


	Information Services				Strategic Communications Services				Entertainment			Undistributed Corporate Expenses				Intersegment Elimination				Total
Three Months Ended April 30, 2007
Revenues		$	2,305			$	1,326			$	—		$	—			$	(31	)		$	3,600
Operating income (loss)			(226	)			(811	)			271			(271	)			—				(1,037	)
Depreciation and amortization expense			220				185				—			14				—				419
Capital expenditures			3				—				—			12				—				15
Three Months Ended April 30, 2006
Revenues		$	2,403			$	1,035			$	—		$	—			$	(6	)		$	3,432
Operating income (loss)			(101	)			(825	)			68			(285	)			—				(1,143	)
Depreciation and amortization expense			202				179				—			16				—				397
Capital expenditures			23				4				—			4				—				31

Table of Contents

iDNA, Inc. and Subsidiaries
Management’s Discussion and Analysis of
Financial Condition and Results of Operations

Item 2.

General

iDNA, Inc. (the ‘‘Company’’ or ‘‘iDNA’’), began operations in 1969 and was incorporated in Delaware in 1971. As a consequence of iDNA’s consummation of a series of acquisitions during the past four years, iDNA’s operations are comprised of three principal reportable segments: (i) strategic communications services, (ii) information services and (iii) entertainment. iDNA manages each segment separately as a consequence of different marketing, service requirements and technology strategies for the respective segments.

The strategic communications services segment provides content development via the design, development and production of media, collateral material, logistics, support and/or broadcast services for presentations at corporate and institutional events, meetings, training seminars and symposiums. The presentations may be live at single or multi-site venues and can include video conferencing, satellite broadcasting and webcasting, or the presentations may be provided via on-demand access via internet websites, DVD or video tape.

As of consequence of iDNA’s investment in the Angelika Film Centers, LLC (‘‘AFC’’), iDNA operates in the movie exhibition and entertainment industry.

Critical Accounting Policies

iDNA’s consolidated financial statements are prepared in accordance with generally accepted accounting principles, which require iDNA to make estimates and assumptions. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses of iDNA. iDNA’s significant accounting policies are described in Note 1 of Notes to Condensed Consolidated Financial Statements included under Item 1 of this Part I (hereinafter, the ‘‘Notes’’). However, certain accounting policies are deemed ‘‘critical’’, as they require management’s highest degree of judgment, estimates and assumptions. These accounting estimates and disclosures have been discussed with the Audit Committee of iDNA’s Board of Directors. A discussion of iDNA’s critical accounting policies, the judgments and uncertainties affecting their application and the likelihood that materially different amounts would be reported under different conditions or using different assumptions are as follows:

Revenues: iDNA’s revenues are earned within short time periods, generally less than one week. iDNA recognizes revenue from its strategic communications segment, including the video production, video editing, meeting services and broadcast satellite or webcast services, and its information services segment when the services are complete and delivered or all technical services have been rendered. Deposits and other prepayments are recorded as deferred revenue until revenue is recognized. iDNA does not have licensing or other arrangements that result in additional revenues following the delivery of the video or a broadcast. Costs accumulated in the production of the video, meeting services or broadcasts are deferred until the sale and delivery are complete. Deferred production costs of $55,000 and $115,000, respectively, are reported as other current assets at April 30, 2007 and January 31, 2007.

iDNA recognizes revenue from the sale of electronic equipment, proprietary software and related components at the time of shipment. Deposits and other prepayments received prior to shipment are

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iDNA, Inc. and Subsidiaries
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Financial Condition and Results of Operations — continued

recorded as deferred revenue until the electronic equipment and related software are shipped. iDNA has licensing and technical support arrangements for future software enhancements and upgrades for technical support for previously delivered electronic equipment. Revenues derived from licensing and technical support are recognized over the term of the licensing and technical support period, which generally are sold in increments of one year of coverage. For the three months ended April 30, 2007 and 2006, electronic equipment sales were $576,000 and $775,000, respectively.

Cost of Revenues: Cost of revenues consists of direct expenses specifically associated with client service revenues. The cost of revenues includes direct salaries and benefits, purchased products or services for clients, web hosting, support services, shipping and delivery costs.

Accounts Receivable: iDNA extends credit to clients in the normal course of business. iDNA continuously monitors collections and payments from clients and maintains an allowance for doubtful accounts based upon historical experience and any specific client collection issues that have been identified. Since accounts receivable are concentrated in a relatively few number of clients, a significant change in the liquidity or financial position of any of these clients could have a material adverse impact on the collectibility of the accounts receivable and future operating results. iDNA does not have any off-balance sheet credit exposure related to its customers.

Valuation of Long-lived Assets and Goodwill: iDNA reviews the carrying value of its long-lived assets (other than goodwill) whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. When indicators of impairment exist, iDNA determines whether the estimated undiscounted sum of the future cash flows from such assets is less than their carrying amounts. If less, an impairment loss is recognized in the amount, if any, by which, the carrying amount of such assets exceeds their respective fair values. The determination of fair value is based on quoted market prices in active markets, if available, or independent appraisals; sales price negotiations; or projected future cash flows discounted at a rate determined by management to be commensurate with iDNA’s business risk. The estimation of fair value utilizing discounted forecasted cash flows includes significant judgments regarding assumptions of revenue, operating and marketing costs; selling and administrative expenses; interest rates; property and equipment additions and retirements; industry competition; and general economic and business conditions, among other factors.

Self-Insurance Claims: iDNA’s wholly-owned subsidiary ARAC, Inc. (‘‘ARAC’’) maintained and continues to maintain self-insurance for claims and associated litigation expenses relating to bodily injury or property damage from accidents involving the vehicles rented to customers by its discontinued automobile rental operations occurring in Fiscal 1996 and prior. ARAC was, when required by either governing state law or the terms of its rental agreement, self-insured for the first $1.0 million per occurrence, and for losses in excess of $5.0 million per occurrence, for bodily injury and property damage resulting from accidents involving its rental vehicles. ARAC was also self-insured, up to certain retained limits, for bodily injury and property damage resulting from accidents involving ARAC vehicles operated by employees within the scope of their employment.

ARAC is the subject to certain self-insurance claims and associated litigation expenses relating to its discontinued automobile rental operations. iDNA’s management estimates the required self-insurance liability based upon specific identification of the known matters subject to future claims, the nature of the claim and the estimated costs to be incurred. These estimates include, but are not limited to, ARAC’s historical loss experience and projected loss factors. The required self-insurance liability is subject to adjustment in the future based upon changes in the nature of the remaining claims or the ultimate cost. As a consequence of iDNA’s sale of its automobile rental operations in 1995, iDNA believes that all incurred claims have been reported to ARAC and that there are no longer any incurred but not yet reported claims to be received by ARAC. iDNA’s self-insurance liability at April 30, 2007 and January 31, 2007 was $235,000 and $235,000, respectively.

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iDNA, Inc. and Subsidiaries
Management’s Discussion and Analysis of
Financial Condition and Results of Operations — continued

Because of the uncertainties related to several residual small claims and legal proceedings involving iDNA’s former rental operations and self-insurance claims, it is difficult to project with precision the ultimate effect that the adjudication or settlement of these matters will have on iDNA. As additional information regarding iDNA’s potential liabilities becomes available, iDNA will revise its estimates as appropriate.

Stock-Based Compensation: Effective February 1, 2006, iDNA adopted the provisions of Statement of Financial Accounting Standards (‘‘SFAS’’) No. 123R (revised 2004), Share-Based Payment (‘‘SFAS No. 123(R)’’), which replaces SFAS No. 123, Accounting for Stock-Based Compensation (‘‘SFAS No. 123’’), and supersedes APB Opinion No. 25, Accounting for Stock Issued to Employees. SFAS No. 123(R) requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values beginning with the first interim or annual period after December 15, 2005. iDNA elected the prospective method of adopting SFAS No. 123(R) which requires that compensation expense be recorded over the remaining periods for what would have been the remaining fair value under SFAS No. 123 of all unvested stock options and restricted stock at the beginning of the first quarter of adoption. The compensation costs for that portion of awards is based on the grant-date fair value of the awards as calculated for pro forma disclosures under SFAS No. 123. iDNA charged to operations $77,000 and $73,000, respectively, for share-based compensation for the three months ended April 30, 2007 and 2006.

Income Taxes: iDNA recognizes deferred tax assets and liabilities based on differences between the financial statement carrying amounts and the tax basis of assets and liabilities. Loss carrybacks, reversal of deferred tax liabilities, tax planning and estimates of future taxable income are considered in assessing the need for a valuation allowance. At the time it is determined that iDNA will more likely than not be able to realize deferred tax assets in excess of the recorded amount, net of its valuation allowance, an adjustment to reduce the valuation allowance would be recorded that would increase income in the period such determination was made. Likewise, should management determine that iDNA would not be able to realize all or part of net deferred tax assets generated in the future, an increase to the valuation allowance would be charged to and reduce income in the period such determination was made.

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iDNA, Inc. and Subsidiaries
Management’s Discussion and Analysis of
Financial Condition and Results of Operations — continued

Financial Condition and Results of Operations
Results from Operations for the Three Months Ended April 30, 2007
as Compared to the Three Months Ended April 30, 2006

The following table sets forth for the three months ended April 30, 2007 and 2006 certain statements of operations data by segment obtained from iDNA’s consolidated statement of operations (in thousands).


	Information Services Three Months Ended April 30,								Strategic Communications Services Three Months Ended April 30,								Intersegment Elimination Three Months Ended April 30,
	2007				2006				2007				2006				2007				2006
Revenues		$	2,305			$	2,403			$	1,326			$	1,035			$	(31	)		$	(6	)
Cost of revenues			1,346				1,319				1,206				1,021				(31	)			(6	)
Selling, general and admininistrative expenses			1,186				1,185				931				838				—				—
Operating income (loss)			(226	)			(101	)			(811	)			(825	)			—				—
Depreciation and amortization expense			220				202				185				179				—				—


	Entertainment Three Months Ended April 30,						Undistributed Corporate Expenses Three Months Ended April 30,								Consolidated Three Months Ended April 30,
	2007			2006			2007				2006				2007				2006
Revenues		$	—		$	—		$	—			$	—			$	3,600			$	3,432
Cost of revenues			—			—			—				—				2,521				2,334
Selling, general and admininistrative expenses			—			—			217				115				2,334				2,138
Operating income (loss)			271			68			(271	)			(285	)			(1,037	)			(1,143	)
Depreciation and amortization expense			—			—			14				16				419				397

Revenues: Revenues increased 4.9% to $3.6 million for the three months ended April 30, 2007 as compared to $3.4 million for the three months ended April 30, 2006.

Revenues attributed to the information services segment decreased $98,000 to $2.3 million for the three months ended April 30, 2007 as compared to $2.4 million for the three months ended April 30, 2006. The decrease in revenues was principally due to changes in the timing and/or scope of the projects during the three months ended April 30, 2007 as compared to the three months ended April 30, 2006.

Revenues attributed to the strategic communications services segment increased $291,000 to $1.3 million for the three months ended April 30, 2007 as compared to $1.0 million for the three months ended April 30, 2006. The increase in revenues was principally due to an increase in the scope, size and timing of projects served during the three months ended April 30, 2007 as compared to the three months ended April 30, 2006.

The nature of iDNA’s business is such that the nature and timing of assignments completed for clients, and the resulting revenue, will vary from period to period in terms of scope, size of projects and the ultimate revenues derived. iDNA’s recently consolidated its previously decentralized marketing for strategic communications services in an effort to improve the coordination and program value for current and prospective clients. Each of iDNA’s senior marketing strategists develops new marketing initiatives, creates new project opportunities, seeks new clients for its services and expands

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iDNA, Inc. and Subsidiaries
Management’s Discussion and Analysis of
Financial Condition and Results of Operations — continued

existing client relationships to generate new revenues to reduce period to period fluctuations. Although no assurances can be made, iDNA continues to seek revenue expansion through its new marketing strategists’ initiatives as a means to reduce year-to-year and quarter-to-quarter fluctuations in its revenues as well as to ultimately increase revenues. Generally, there is a six to twelve month investment period in new client initiatives and relationships before iDNA expects to realize revenues in the form of new projects and/or clients.

Cost of Service Revenues: Cost of revenues for the three months ended April 30, 2007 and 2006 was $2.5 million and $2.3 million, respectively.

Cost of revenues attributed to the information services segment remained steady at $1.3 million for the three months ended April 30, 2007 as compared to $1.3 million for the three months ended April 30, 2006.

The gross profit realized by the information services segment for the three months ended April 30, 2007 and 2006 was $1.0 million and $1.1 million, respectively. The gross profit decrease of $125,000 for the three months ended April 30, 2007 as compared to the three months ended April 30, 2006 is due principally to the net effects of (i) a decline in revenues of $98,000, offset by, (ii) an increase in project overhead costs. The gross margin for the three months ended April 30, 2007 decreased 3.5% to 41.6% as compared to 45.1% for the three months ended April 30, 2006, principally due to the net effects of (i) a decrease in direct project costs of 2.5% that resulted in higher project margins, offset by, (ii) an increase of 6% in indirect production overhead.

Cost of revenues attributable to the strategic communications segment increased $185,000 to $1.2 million for the three months ended April 30, 2007 as compared to $1.0 million for the three months ended April 30, 2006. The increase in the costs of revenues was principally due to an increase in direct project costs as a consequence of the $291,000 increase in revenues for the three months ended April 30, 2007 as compared to the three months ended April 30, 2006. The gross profit realized by the strategic communications segment for the three months ended April 30, 2007 and 2006 was $120,000 and $14,000 respectively. The gross profit increase of $106,000 for the three months ended April 30, 2007 as compared the three months ended April 30, 2006 is principally due to the increase of revenues. The nature of the strategic communications segment’s cost of revenues includes various fixed production, operating and personnel costs as well as variable direct project costs. As a consequence, the absorption of the fixed production operating and personnel costs can cause quarter-to-quarter fluctuations in gross profit realized as iDNA experiences quarter-to-quarter fluctuations in revenues.

Selling, General and Administrative (‘‘SG&A’’): SG&A for three months ended April 30, 2007 and the three months ended April 30, 2006 was $2.3 million and $2.1 million, respectively.

SG&A attributed to the information services segment remained stable at $1.2 million for three months ended April 30, 2007 and the three months ended April 30, 2006.

SG&A attributable to the strategic communications services segment increased $93,000 to $931,000 for three months ended April 30, 2007 as compared to $838,000 for the three months ended April 30, 2006. The increase in SG&A was principally due to an increase in personnel and related benefit expenses.

SG&A for undistributed corporate expenses for the three months ended April 30, 2007 and April 30, 2006 was $217,000 and $115,000, respectively. The corporate expenses incurred by iDNA relate principally to expenses incurred at its executive offices for executive and corporate finance personnel, certain employee benefits, professional services such as consulting, legal and accounting fees, corporate insurance, corporate marketing initiatives and the costs associated with maintaining its New York facility. iDNA allocates to its various business segments or units the proportionate share of corporate expenses that directly relate to and/or benefit such business segment or unit. The undistributed corporate expenses reflect the remaining expenses incurred but not directly attributable

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iDNA, Inc. and Subsidiaries
Management’s Discussion and Analysis of
Financial Condition and Results of Operations — continued

to a business segment or unit. The increase in corporate SG&A of $102,000 for the three months ended April 30, 2007 as compared to the three months ended April 30, 2006 was due principally to an increase in personnel and related benefit expenses.

Income from AFC Investment: iDNA accounts for its investment in AFC using the equity method. For the three months ended April 30, 2007 and April 30, 2006, iDNA recorded income of $271,000 and $68,000, respectively, representing iDNA’s share of AFC’s net income.

Summarized income statement data for AFC for the three months ended March 31, 2007 and 2006, respectively, is as follows (in thousands):


	Three Months Ended March 31,
	2007			2006
Revenues		$	2,000		$	1,465
Film rental			562			517
Operating costs			654			603
Depreciation and amortization			195			166
General and administrative expenses			47			42
			1,458			1,328
Net income		$	542		$	137
iDNA’s proportionate share of net income		$	271		$	68

AFC’s revenues increased $535,000 for the three months ended March 31, 2007 as compared to the three months ended March 31, 2006, principally as a result of (i) an increase of 39.5% in attendance period-to-period, (ii) a 2.2% increase in average ticket prices and (iii) an increase of $43,000 in other, concession and café revenues. The attendance, and at times the ticket prices, at AFC will vary depending on audience interest in, and the popularity of the films it exhibits and other factors. Film rental expense, as a percentage of revenue, decreased 7.2% to 28.1% from 35.3% for the three months ended March 31, 2007 and 2006, respectively. Film rental expense generally is a factor of a fixed percentage rental rate per film multiplied by the number of tickets sold. AFC experiences fluctuations in film rental expense, as a percentage of revenue, depending upon the rental rate per film and the popularity of the film. Operating costs, as a percent of revenue, decreased 8.5% to 32.7% for the three months ended March 31, 2007, as compared to 41.2% for the three months ended March 31, 2006 due principally to the increased revenues without a corresponding increase in operating costs for the three months ended March 31, 2007 as compared to the three months ended March 31, 2006. The nature of AFC’s operating costs tend generally to be more fixed overhead-related costs and advertising expenses.

Interest Expense: For the three months ended April 30, 2007 and 2006, iDNA incurred interest expense of $55,000 and $174,000, respectively. The decrease of $119,000 in interest expense for the three month period ended April 30, 2007 as compared to the three month period ended April 30, 2006 is due principally to the net effects of (i) the suspension of interest attributable to the Base Notes, Trailing Notes and Convertible Note (each defined below) (collectively, the ‘‘Campus Notes’’) for the period February 1, 2007 through April 30, 2007, offset by, (ii) an increase of $41,000 in interest expense relating to a $1.0 million promissory note issued in July 2006.

The aggregate value of the Campus Notes outstanding during the interest suspension period was $12.1 million and the value of the foregone interest was $150,000. The Campus Notes issued by iDNA to acquire Audience Response Systems, Inc. and the Campus Group Companies, Inc. (collectively, the ‘‘Campus Group’’) bear interest at 5% per annum and are repayable in quarterly installments

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Management’s Discussion and Analysis of
Financial Condition and Results of Operations — continued

according to a formula based upon the future cash flows realized from the Campus Group. For the trailing twelve month period ended April 30, 2007, the Campus Group’s financial performance fell below certain minimum operating cash flow thresholds established pursuant to the terms of the Campus Notes. As a consequence no interest was incurred on the Campus Notes during the period February 1, 2007 through April 30, 2007. Prospectively, interest may accrue pursuant to the terms of the Campus Notes; however, iDNA is not obligated to pay any principal or interest on the Campus Notes until October 31, 2007.

Income Taxes: Due to net operating losses and the availability of net operating loss carryforwards, iDNA’s effective federal income tax rate was zero for the three month periods ended April 30, 2007 and April 30, 2006. iDNA has provided a full valuation allowance against its net operating loss carryforward and other net deferred tax asset items due to the uncertainty of their future realization.

Liquidity and Capital Resources

As a consequence of periodic fluctuations in iDNA’s working capital needs based upon the timing of collections, distributions from AFC, and periods of increased production activity, on July 20, 2006, iDNA consummated a Loan and Security Agreement (‘‘Loan Agreement’’) with a lender and issued a Promissory Note (the ‘‘Note’’) in a principal amount of $1.0 million. The lender, Seasons Go Round, is an unaffiliated third party lender. Pursuant to the terms of the Note, (i) the outstanding principal amount owed under the Note is due February 15, 2008, (ii) iDNA is required to pay interest only, monthly and in arrears, during the term of the Note and (iii) the Note bears interest at fourteen percent (14%) per annum. iDNA may prepay the Note at any time and without a prepayment penalty. The Note is secured by a perfected first priority security interest in and to, and a lien on and pledge of, iDNA’s right, title and interest in and to virtually all of iDNA’s assets. The lien does not extend to the common stock or membership interests of certain subsidiaries — the Campus Group and Option Technologies Interactive, LLC. (‘‘OTI’’)

Prior to the issuance of the Note, iDNA had no external source of financing and had operated on its existing cash balances, cash flows from operations and distributions from its investment in AFC. iDNA will continue to pursue reductions in its operating expenses and invest in marketing initiatives and is actively seeking new debt or equity financing (though there can be no assurance that iDNA will obtain such financing) as means of supplementing iDNA’s resources available to pursue new acquisitions, joint ventures or other business development opportunities and to secure working capital. At April 30, 2007, iDNA had unrestricted cash of $774,000, which together with any cash flow derived from its investment in AFC and the operations of iDNA’s corporate communications business will be used to pursue such opportunities.

As a consequence of iDNA’s acquisition of OTI effective November 18, 2005, iDNA issued to Flexner Wheatley & Associates (‘‘FWA’’) and MeetingNet Interactive, Inc. (‘‘MeetingNet’’) promissory notes in an aggregate principal amount of $1.5 million (the ‘‘OTI Promissory Notes’’). The OTI Promissory Notes bear interest at 5% per annum and are repayable in quarterly installments according to a formula based upon the future cash flows realized from OTI’s operations. The OTI Promissory Notes are secured by the membership interests of OTI. At April 30, 2007, iDNA had outstanding principal obligations under the terms of the OTI Promissory Notes of $1.1 million and accrued interest of $29,000.

As a consequence of iDNA’s acquisition of The Campus Group effective July 31, 2003, iDNA issued to Mr. Steve Campus and certain family trusts promissory notes in an aggregate principal amount of $9.9 million and a convertible promissory note in the principal amount of $2.8 million (collectively, the ‘‘Campus Notes’’). Of the $9.9 million in promissory notes issued by iDNA, $6.6 million of the promissory notes (‘‘Base Notes’’) bear interest at 5% per annum and are repayable

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iDNA, Inc. and Subsidiaries
Management’s Discussion and Analysis of
Financial Condition and Results of Operations — continued

in quarterly installments according to a formula based upon the future cash flows realized from The Campus Group over a period not to exceed seven years. The remaining $3.3 million in promissory notes (‘‘Trailing Notes’’) issued by iDNA bear interest at 5% per annum and are repayable in quarterly installments, commencing upon the retirement of the Base Notes, according to a formula based upon the future cash flows realized from The Campus Group over a period not to exceed three years subsequent to the retirement of the Base Notes. The $2.8 million convertible promissory note (‘‘Convertible Note’’) (i) bears interest at 5% per annum, payable quarterly in cash or accumulating as principal at the election of iDNA, (ii) requires principal payments to commence upon the retirement of the Base Notes and Trailing Notes and is then repayable in quarterly installments according to a formula based upon the future cash flows realized from The Campus Group over a period not to exceed three years and (iii) is convertible at the option of the holder into shares of iDNA’s Common Stock at a base conversion price of $1.50 per share. The holder may not convert the Convertible Note into iDNA’s Common Stock prior to repayment of the Base Notes and Trailing Notes. The Campus Notes are secured by the capital stock of the companies comprising The Campus Group. At April 30, 2007, iDNA had outstanding principal obligations under the terms of the Base Notes, Trailing Notes and the Convertible Note of $6.0 million, $3.3 million and $2.8 million, respectively, and accrued interest of $156,000.

For the trailing twelve month period ended April 30, 2007, the Campus Group’s financial performance fell below certain minimum operating cash flow thresholds established pursuant to the terms of the Campus Notes. As a consequence no interest was incurred on the Campus Notes during the period from February 1, 2007 through April 30, 2007. Prospectively, interest may accrue pursuant to the terms of the Campus Notes; however, iDNA is not obligated to pay any principal or interest on the Campus Notes until October 31, 2007.

As a consequence of iDNA’s acquisition of OMI Business Communications, Inc. (‘‘OMI’’) effective April 1, 2003, iDNA assumed a $402,000 loan guaranteed by the U.S. Small Business Administration (the ‘‘SBA Loan’’). At April 30, 2007, the remaining balance of the SBA Loan of $320,000 is repayable in monthly installments of $3,309 with the last payment due in April 2017. The SBA Loan bears interest at the rate of 4% per annum. The SBA Loan is collateralized by substantially all of OMI’s assets and payment thereunder is subject to the personal guarantee of Mr. Dean Thompson, President of OMI.

For the three months ended April 30, 2007, iDNA’s cash and cash equivalents increased $226,000 due principally to the net effects of (i) proceeds from AFC distributions of $750,000, (ii) proceeds from the exercise of stock options of $14,000, offset by (iii) cash flows used in operations of $507,000, (iv) capital expenditures of $15,000, and (v) the repayment of debt of $16,000.

As of April 30, 2007, iDNA had cash and cash equivalents of $774,000. iDNA believes that its current cash balances combined with cash distributions from its investment in AFC and cash flow from operations will be sufficient to pay operating expenses and existing liabilities, to fund existing debt repayments and to fund its activities through the next twelve months. However, as previously discussed, iDNA’s lack of external financing sources may limit its ability to pursue strategic business alternatives being considered by iDNA’s Board of Directors. Such limitations may have an adverse impact on iDNA’s financial position, results of operations and liquidity. As a consequence, iDNA is currently investigating additional financing alternatives, including equity and/or debt financing to

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iDNA, Inc. and Subsidiaries
Management’s Discussion and Analysis of
Financial Condition and Results of Operations — continued

(i) refinance certain debt obligations, (ii) pursue certain strategic ventures which may include a business combination and to (iii) manage its periodic fluctuations in working capital needs based upon the timing of collections, distributions from AFC, and periods of increased production activity. iDNA’s ability to consummate a financing is dependent on the state of the debt and/or equity markets at the time of the proposed financing and the structure of the financing. There is no assurance that capital in any form will be available to iDNA, and if available, will be available on terms and conditions that are acceptable to iDNA.

Other

New Accounting Pronouncements

In September 2006, the Financial Accounting Standards Board (‘‘FASB’’) issued Statement of Financial Accounting Standards (‘‘SFAS’’) No. 157, Fair Value Measurement (‘‘SFAS No. 157’’). SFAS No. 157 defines fair value, establishes a framework for measuring fair value in accordance with Generally Accepted Accounting Principles (GAAP), and expands disclosures about fair value measurements. The provisions of SFAS No. 157 are effective for fiscal years beginning after November 15, 2007. iDNA does not anticipate the application of this pronouncement will have a material impact on iDNA’s reported consolidated financial position or results of operations.

Inflation

Inflation has not had a material adverse impact on iDNA.

Forward Looking Statements

Some of the information in this report contains forward looking statements within the meaning of the federal securities laws that relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause us or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by the forward-looking statements. You should not rely on forward-looking statements in this report. Forward-looking statements typically are identified by use of terms such as ‘‘anticipate’’, ‘‘believe’’, ‘‘plan’’, ‘‘expect’’, ‘‘intend’’, ‘‘may’’, ‘‘will’’, ‘‘should’’, ‘‘estimate’’, ‘‘predict’’, ‘‘potential’’, ‘‘continue’’ and similar words, although some forward-looking statements are expressed differently. This report may contain forward-looking statements attributed to third parties relating to their estimates regarding the growth of our markets or other factors. All forward-looking statements address matters that involve risk and uncertainties, and there are many important risks, uncertainties and other factors that could cause our actual results as well as those of the markets we serve, levels of activity, performance, achievements and prospects to differ materially from the forward-looking statements contained in this report. You should also consider carefully the statements under other sections of this report that address additional factors that could cause our actual results to differ from those set forth in any forward-looking statements. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Like virtually all commercial enterprises, iDNA can be exposed to the risk (‘‘market risk’’) that the cash flows to be received or paid relating to certain financial instruments could change as a result of changes in interest rates, exchange rates, commodity prices, equity prices and other market changes.

iDNA does not engage in trading activities and does not utilize interest rate swaps or other derivative financial instruments or buy or sell foreign currency, commodity or stock indexed futures or options. Accordingly, iDNA is not exposed to market risk from these sources.

As of April 30, 2007, the interest rates under iDNA’s long term and convertible debt are fixed. As a result iDNA has limited market risk associated with market interest rates.

Item 4. Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q, the Chief Executive Officer and the Chief Financial Officer of iDNA (the ‘‘Certifying Officers’’) have conducted evaluations of iDNA’s disclosure controls and procedures. As defined under Sections 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the ‘‘Exchange Act’’), the term ‘‘disclosure controls and procedures’’ means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. The Certifying Officers have reviewed iDNA’s disclosure controls and procedures and have concluded that those disclosure controls and procedures were effective as of the end of our most recent fiscal quarter. In compliance with Section 302 of the Sarbanes-Oxley Act of 2002, (18 U.S.C. 1350), each of the Certifying Officers has executed the requisite Officer’s Certification included as Exhibit 31 to this Quarterly Report on Form 10-Q.

The Certifying Officers have also conducted an evaluation of iDNA’s internal control over financial reporting and have concluded that there has been no change in our internal control over financial reporting during our most recent fiscal quarter covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Self-Insurance Reserves for Property Damage and Personal Injury Claims

iDNA, under the names Agency Rent-A-Car, Inc. (‘‘ARAC’’), Altra Auto Rental and Automate Auto Rental, previously engaged in the rental of automobiles on a short-term basis, principally to the insurance replacement market. In Fiscal 1996, iDNA discontinued its automobile rental fleet business through the sale of certain assets and through certain leases to a national car rental company. All liabilities related to the discontinued rental business, principally self-insurance claims, were retained by ARAC.

iDNA’s wholly-owned subsidiary ARAC maintained and continues to maintain self-insurance for claims relating to bodily injury or property damage from accidents involving the vehicles rented to customers by its discontinued automobile rental operations occurring in Fiscal 1996 and prior. ARAC was, when required by either governing state law or the terms of its rental agreement, self-insured for the first $1.0 million per occurrence, and for losses in excess of $5.0 million per occurrence, for bodily injury and property damage resulting from accidents involving its rental vehicles. ARAC was also self-insured, up to certain retained limits, for bodily injury and property damage resulting from accidents involving ARAC vehicles operated by employees within the scope of their employment.

ARAC is subject to certain self-insurance claims and litigation expenses relating to its discontinued automobile rental operations. iDNA’s management estimates the required self-insurance liability based upon specific identification of the known matters subject to future claims, the nature of the claim and the estimated costs to be incurred. These estimates include, but are not limited to, ARAC’s historical loss experience and projected loss factors. The required self-insurance liability is subject to adjustment in the future based upon changes in the nature of the remaining claims or the ultimate cost. As a consequence of iDNA’s sale of its automobile rental operations in 1995, iDNA believes that all incurred claims have been reported to ARAC and that there are no longer any incurred but not yet reported claims to be received by ARAC. iDNA’s self-insurance liability at April 30, 2007 and January 31, 2007 was $235,000 and $235,000, respectively.

Because of the uncertainties related to several residual small claims and legal proceedings involving iDNA’s former rental operations and self-insurance claims, it is difficult to project with precision the ultimate effect the adjudication or settlement of these matters will have on iDNA. As additional information regarding iDNA’s potential liabilities becomes available, iDNA will revise the estimates as appropriate.

Trademarks

On August 16, 2006, OTI was named as a defendant in a complaint filed in the United States District Court for the Northern District of Illinois Eastern Division (the ‘‘Court’’) entitled ‘‘Brahler ICS Konferenztechnik AG (‘‘Brahler’’) vs. Digivote, Inc., Option Technologies Interactive, LLC and Suneel Mirchandani’’. The complaint alleges that since on or about September 2004 the defendants wrongfully used and infringed upon Brahler’s federally registered trademark Digivote for their own commercial gain without the authorization of Brahler.

In January 2007, at the request of the parties, the Court held a settlement conference during which all parties agreed in principal to a global settlement. Pursuant to the terms of the proposed global settlement, OTI agreed not to use the trademark Digivote (OTI had ceased that use substantially before the litigation commenced) and to make a cash payment of $25,000 to Brahler. OTI’s co-defendants agreed to more numerous and complex settlement terms. Since the January 2007 settlement conference, Brahler and OTI’s co-defendants have been unable to reduce into writing their portion of the global settlement and as a consequence, the Court ordered all of the parties to appear at another settlement conference on May 18, 2007. The May 18, 2007 settlement conference was postponed at the request of Brahler and has not yet been rescheduled by the Court. The terms of the

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global settlement that are currently in contention do not affect OTI’s portion of the proposed global settlement. As of April 30, 2007 and January 31, 2007, iDNA has accrued $25,000 pursuant to the terms of the proposed global settlement.

This matter is in its early stage of review however, OTI and iDNA believe that OTI has a number of affirmative defenses regarding this matter and we intend to vigorously defend this litigation and/or enter into settlements of claims where management deems appropriate. In the opinion of management, the amount of ultimate liability with respect to this action, if any, is unlikely to materially affect our financial position, results of operations or liquidity.

Other Litigation

In the normal course of its business, iDNA is periodically named as defendant in legal proceedings. It is the policy of iDNA to vigorously defend litigation and/or enter into settlements of claims where management deems appropriate. In the opinion of management, the amount of ultimate liability with respect to any current actions, if any, is unlikely to materially affect our financial position, results of operations or liquidity.

Item 1A. Risk Factors.

Not applicable

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Not applicable

Item 3. Defaults Upon Senior Securities.

Not applicable

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

Not applicable

Item 5. Other Information.

Not applicable

Item 6. Exhibits.


Exhibit Number			Title of Exhibit	Page Number
	3	.1	Second Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed on November 4, 2005, SEC File No. 1-11601).	N/A
	3	.2	Second Amended and Restated By-Laws of the Company dated as of November 4, 2005 (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K filed on November 4, 2005, SEC File No. 1-11601).	N/A
	4	.1	Certificate of Designation, Number, Powers, Preferences and Relative, Participating, Optional and Other Special Rights and the Qualifications, Limitations, Restrictions, and Other Distinguishing Characteristics of the Series A Convertible Preferred Stock of the Company, dated as of April 5, 2000 (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on April 20, 2000, SEC File No. 1-11601).	N/A

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Exhibit Number			Title of Exhibit	Page Number
	4	.2	Certificate of Designations of Series B and Series C Preferred Stock of The Company dated as of December 15, 2000 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on January 2, 2001, SEC File No. 1-11601).	N/A
	4	.3	Certificate of Designation Preferences and Rights of Series D Junior Participating Preferred Stock of the Company (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on October 9, 2001, SEC File No. 1-11601).	N/A
	4	.4	Specimen Stock Certificate – of the Company’s Common Stock (incorporated by reference to Exhibit 4(c) to the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 1996, filed on April 25, 1996, SEC File No. 1-11601).	N/A
	4	.5	Specimen Stock Certificate of the Company’s Series C Redeemable Preferred Stock Certificate (incorporated by reference to the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2001, filed on May 16, 2001, SEC File No. 1-11601).	N/A
	4	.6	Rights Agreement, dated as of September 26, 2001, between the Company and American Stock Transfer & Trust Company, which included the form of Certificate of Designation, Preferences and Rights for the Series D Junior Participating Preferred Stock as Exhibit ‘‘A’’, the form of Rights Certificate as Exhibit ‘‘B’’ and the Summary of Rights to Purchase Preferred Stock as Exhibit ‘‘C’’ (incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed on October 9, 2001, SEC File No. 1-11601).	N/A
	31	.1	Officer’s Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)	31
	31	.2	Officer’s Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)	32
	32	.1	Certification of Principal Executive Officer Pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002)	33
	32	.2	Certification of Principal Financial Officer Pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002)	34

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	iDNA, INC.
Date: June 12, 2007	By:	/s/ James J. McNamara
		James J. McNamara Chairman of the Board and Chief Executive Officer (principal executive officer)
	By:	/s/ Robert V. Cuddihy, Jr.
		Robert V. Cuddihy, Jr. Chief Financial Officer (principal accounting and financial officer)

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