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

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

         Date of Report (Date of earliest event reported): June 8, 2006

                        Collectible Concepts Group, Inc.
                        --------------------------------
             (Exact name of registrant as specified in its charter)



          Delaware                     000-30703                95-4026880
--------------------------------------------------------------------------------
(State or other jurisdiction     (Commission File Number)      (IRS Employer
     of incorporation)                                       Identification No.)

              1600 Lower State Road, Doylestown, Pennsylvania 18901
              -----------------------------------------------------
              (Address of principal executive offices and Zip Code)

        Registrant's telephone number, including area code (215) 491-1075

                                   Copies to:
                             Gregory Sichenzia, Esq.
                       Sichenzia Ross Friedman Ference LLP
                           1065 Avenue of the Americas
                            New York, New York 10018
                              Phone: (212) 930-9700
                               Fax: (212) 930-9725

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

|_|   Written  communications  pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)
|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
|_|   Pre-commencement  communications  pursuant  to  Rule  14d-2(b)  under  the
      Exchange Act (17 CFR 240.14d-2(b))
|_|   Pre-commencement  communications  pursuant  to  Rule  13e-4(c)  under  the
      Exchange Act (17 CFR 240.13e-4(c))


<PAGE>

ITEM 4.02  Non-Reliance on Previously  Issued Financial  Statements or a Related
Audit Report or Completed Interim Review

      As illustrated  below,  between May 2000 and September  2005,  Collectible
Concepts Group, Inc. (the "Company")  completed private  placements with certain
investors in which we issued  convertible  securities  along with stock purchase
warrants.

<TABLE>
<CAPTION>
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
         Transaction Date           Secured         Interest                   Conversion Price                    Warrants
                                  Convertible         Rate
                                   Notes Sold
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------

      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
<S>   <C>                       <C>                <C>           <C>                                             <C>
      May 2000                  $400,000           10%           $0.04 or 25% of market value                    4,000,000
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      May 28, 2002              $75,000            12%           $.01  or  25% of the  average  of the  lowest   150,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  ------------  ----------------------------------------------  -------------


      November 26, 2002         $250,000           15%           $.01  or  25% of the  average  of the  lowest   500,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      May 15, 2003              $25,000            15%           $.01  or  25% of the  average  of the  lowest   50,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      June 20, 2003             $25,000            15%           $.01  or  25% of the  average  of the  lowest   50,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      July 23, 2003             $25,000            15%           $.01  or  25% of the  average  of the  lowest   50,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      November 14, 2003         $50,000            15%           $.01  or  25% of the  average  of the  lowest   100,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      January 13, 2004          $50,000            15%           $.01  or  25% of the  average  of the  lowest   100,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      February 13, 2004         $25,000            15%           $.01  or  25% of the  average  of the  lowest   50,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      March 16, 2004            $100,000           15%           $.01  or  25% of the  average  of the  lowest   200,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      May 28, 2004              $550,000           15%           $.01  or  25% of the  average  of the  lowest   1,650,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      September 30, 2004        $250,000           15%           $.0026 or 25% of the  average  of the  lowest   1,250,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      May 18, 2005              $400,000           10%           $.0016 or 25% of the  average  of the  lowest   47,368,422
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      July 7, 2005              $850,000           10%           $.0016 or 25% of the  average  of the  lowest   1,700,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      September 29, 2005        $302,597           2%            $.0016  or 25% of the  average of the lowest    -0-
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
</TABLE>

<PAGE>

      Historically,  the Company valued the embedded  conversion  feature of the
convertible  securities  using the intrinsic  value method as a credit to equity
with a  corresponding  discount  to the notes  payable.  The  Company  engaged a
valuation  expert who reviewed the  Company's  compliance  with the SEC's recent
interpretation  of EITF  00-19 as it relates  to these  convertible  securities,
detachable warrants and registration rights. The Company has determined that due
to the  indeterminate  number of shares which might be issued under the embedded
convertible  debt host  conversion  feature,  the Company should have recorded a
derivative  liability  equal  to the  excess  of the  fair  value  of  both  the
detachable warrants and the embedded  convertible feature over the face value of
these certain notes payable.  The estimated  unrecorded liability as of February
28, 2005 was approximately $5,800,000.

      On June 8, 2006,  the Company then discussed the matter with the Company's
independent   registered  public  accounting  firm,  Weinberg  &  Company,  P.A.
("Weinberg") as to materiality.  Weinberg stated that these facts caused them to
believe that our accounting for the issuance of certain debt securities  between
May 2000 and September 2005 was incorrect and it was determined  that the effect
of such misstatements was material. As a result, the Company determined that the
consolidated  financial  statements included in its Annual Report on Form 10-KSB
for the year ended February 28, 2005 and the consolidated  financial  statements
included in the  Company's  Quarterly  Reports on Form  10-QSB for the  quarters
ended May 31,  2005,  August 31, 2005 and  November 30, 2005 should no longer be
relied upon. The restated consolidated  financial statements will be included in
amended Form 10-KSB and Form 10-QSB  filings,  which are expected to be filed by
July 15, 2006.

      On  June  12,  2006,  the  Company  provided  Weinberg  with a copy of the
disclosures  it is making  in  response  to Item 4.02 on this Form 8-K,  and has
requested that Weinberg furnish it with a letter addressed to the Securities and
Exchange  Commission  stating  whether it agrees  with the above  statements  as
promptly as possible. Such letter is filed herewith as Exhibit 16.1.

ITEM 9.01 Financial Statements and Exhibits.

(c)   Exhibits.

      16.1  Letter of agreement with regard to Form 8-K disclosures,  dated June
            13, 2006 from Weinberg & Company, P.A.


<PAGE>

                                   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 hereunto duly authorized.

                                          Collectible Concepts Group, Inc.


Date: June 14, 2006                       /s/ Paul S. Lipschutz
                                          -----------------------------------
                                          Paul S. Lipschutz
                                          Chief Executive Officer
{"company-data": {"conformed-name": "COLLECTIBLE CONCEPTS GROUP INC", "cik": "0001106946", "assigned-sic": "7389", "irs-number": "954026880", "state-of-incorporation": "DE", "fiscal-year-end": "0228"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-30703", "film-number": "06904102"}, "business-address": {"street1": "1600 LOWER STATE RD", "city": "DOYLESTOWN", "state": "PA", "zip": "18901", "phone": "2154911075"}, "mail-address": {"street1": "1600 LOWER STATE ROAD", "city": "DOYLESTOWN", "state": "PA", "zip": "18901"}}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

         Date of Report (Date of earliest event reported): June 8, 2006

                        Collectible Concepts Group, Inc.
                        --------------------------------
             (Exact name of registrant as specified in its charter)

          Delaware                     000-30703                95-4026880
--------------------------------------------------------------------------------
(State or other jurisdiction     (Commission File Number)      (IRS Employer
     of incorporation)                                       Identification No.)

              1600 Lower State Road, Doylestown, Pennsylvania 18901
              -----------------------------------------------------
              (Address of principal executive offices and Zip Code)

        Registrant's telephone number, including area code (215) 491-1075

                                   Copies to:
                             Gregory Sichenzia, Esq.
                       Sichenzia Ross Friedman Ference LLP
                           1065 Avenue of the Americas
                            New York, New York 10018
                              Phone: (212) 930-9700
                               Fax: (212) 930-9725

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

|_|   Written  communications  pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)
|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
|_|   Pre-commencement  communications  pursuant  to  Rule  14d-2(b)  under  the
      Exchange Act (17 CFR 240.14d-2(b))
|_|   Pre-commencement  communications  pursuant  to  Rule  13e-4(c)  under  the
      Exchange Act (17 CFR 240.13e-4(c))
ITEM 4.02  Non-Reliance on Previously  Issued Financial  Statements or a Related
Audit Report or Completed Interim Review

      As illustrated  below,  between May 2000 and September  2005,  Collectible
Concepts Group, Inc. (the "Company")  completed private  placements with certain
investors in which we issued  convertible  securities  along with stock purchase
warrants.
------------------------  -----------------  -----------   ----------------------------------------------  -------------
         Transaction Date           Secured         Interest                   Conversion Price                    Warrants
                                  Convertible         Rate
                                   Notes Sold
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------

      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
May 2000                  $400,000           10%           $0.04 or 25% of market value                    4,000,000
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      May 28, 2002              $75,000            12%           $.01  or  25% of the  average  of the  lowest   150,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  ------------  ----------------------------------------------  -------------

      November 26, 2002         $250,000           15%           $.01  or  25% of the  average  of the  lowest   500,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      May 15, 2003              $25,000            15%           $.01  or  25% of the  average  of the  lowest   50,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      June 20, 2003             $25,000            15%           $.01  or  25% of the  average  of the  lowest   50,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      July 23, 2003             $25,000            15%           $.01  or  25% of the  average  of the  lowest   50,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      November 14, 2003         $50,000            15%           $.01  or  25% of the  average  of the  lowest   100,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      January 13, 2004          $50,000            15%           $.01  or  25% of the  average  of the  lowest   100,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      February 13, 2004         $25,000            15%           $.01  or  25% of the  average  of the  lowest   50,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      March 16, 2004            $100,000           15%           $.01  or  25% of the  average  of the  lowest   200,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      May 28, 2004              $550,000           15%           $.01  or  25% of the  average  of the  lowest   1,650,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      September 30, 2004        $250,000           15%           $.0026 or 25% of the  average  of the  lowest   1,250,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      May 18, 2005              $400,000           10%           $.0016 or 25% of the  average  of the  lowest   47,368,422
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      July 7, 2005              $850,000           10%           $.0016 or 25% of the  average  of the  lowest   1,700,000
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
      September 29, 2005        $302,597           2%            $.0016  or 25% of the  average of the lowest    -0-
                                                                 three  intraday  trading  prices  during  the
                                                                 twenty  trading  days  immediately  preceding
                                                                 conversion
      ------------------------  -----------------  -----------   ----------------------------------------------  -------------
Historically,  the Company valued the embedded  conversion  feature of the
convertible  securities  using the intrinsic  value method as a credit to equity
with a  corresponding  discount  to the notes  payable.  The  Company  engaged a
valuation  expert who reviewed the  Company's  compliance  with the SEC's recent
interpretation  of EITF  00-19 as it relates  to these  convertible  securities,
detachable warrants and registration rights. The Company has determined that due
to the  indeterminate  number of shares which might be issued under the embedded
convertible  debt host  conversion  feature,  the Company should have recorded a
derivative  liability  equal  to the  excess  of the  fair  value  of  both  the
detachable warrants and the embedded  convertible feature over the face value of
these certain notes payable.  The estimated  unrecorded liability as of February
28, 2005 was approximately $5,800,000.

      On June 8, 2006,  the Company then discussed the matter with the Company's
independent   registered  public  accounting  firm,  Weinberg  &  Company,  P.A.
("Weinberg") as to materiality.  Weinberg stated that these facts caused them to
believe that our accounting for the issuance of certain debt securities  between
May 2000 and September 2005 was incorrect and it was determined  that the effect
of such misstatements was material. As a result, the Company determined that the
consolidated  financial  statements included in its Annual Report on Form 10-KSB
for the year ended February 28, 2005 and the consolidated  financial  statements
included in the  Company's  Quarterly  Reports on Form  10-QSB for the  quarters
ended May 31,  2005,  August 31, 2005 and  November 30, 2005 should no longer be
relied upon. The restated consolidated  financial statements will be included in
amended Form 10-KSB and Form 10-QSB  filings,  which are expected to be filed by
July 15, 2006.

      On  June  12,  2006,  the  Company  provided  Weinberg  with a copy of the
disclosures  it is making  in  response  to Item 4.02 on this Form 8-K,  and has
requested that Weinberg furnish it with a letter addressed to the Securities and
Exchange  Commission  stating  whether it agrees  with the above  statements  as
promptly as possible. Such letter is filed herewith as Exhibit 16.1.

ITEM 9.01 Financial Statements and Exhibits.

(c)   Exhibits.

      16.1  Letter of agreement with regard to Form 8-K disclosures,  dated June
            13, 2006 from Weinberg & Company, P.A.
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 hereunto duly authorized.

                                          Collectible Concepts Group, Inc.

Date: June 14, 2006                       /s/ Paul S. Lipschutz
                                          -----------------------------------
                                          Paul S. Lipschutz
                                          Chief Executive Officer