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

                                  FORM 10-QSB


 [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
     OF 1934 For the quarterly period ended June 30, 2007

 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
     For the transition period from       to

		          Commission File No. 000-05474

              NORTH AMERICAN GAMING AND ENTERTAINMENT CORPORATION

                Delaware                            75-2571032
      ------------------------------      -------------------------------
     (State or other jurisdiction of     (IRS Employer Identification No.)
       incorporation or organization)

                   3300 Oak Lawn Avenue, Dallas, Texas 75219
    ----------------------------------------------------------------------
                   (Address of principal executive offices)

                                (972) 671-1133
                          --------------------------
                          (Issuer's telephone number)

Check  whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the  Exchange Act during the past 12 months (or 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.
                         [X] YES    [ ] NO

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

                 APPLICABLE TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant filed all documents and  reports  required  to  be
filed by Section 12, 13 or 15 (d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court.
                 [ ]    YES    [ ] NO

                     APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's  classes  of
common equity, as of the latest practicable date: June 30, 2007: 24,216,058

Transitional Small Business Disclosure Format (check one)   Yes [ ] No [X]

<TABLE>
<CAPTION>

<S>							<C>		<C>
NORTH AMERICAN GAMING AND ENTERTAINMENT
  CORPORATION
BALANCE SHEETS (UNAUDITED)
                                                        June 30,    December 31,
                                                     	 2007          2006
                                            	      (UNAUDITED)
						      -----------   -----------
ASSETS
Current assets:

Cash                                                  $	      115   $	    784
Interest receivable                                        39,575        33,590
						      -----------   -----------
Total current assets                                       39,690        33,590

Property and equipment,
  net of accumulated deprecation     			    2,067         2,831
Note receivable                                           133,000       133,000
						      -----------   -----------

Total assets                                          $   174,757   $   170,205
						      ===========   ===========

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Notes payable                                         $   501,408   $   419,704
Accounts payable and accrued liabilities                  111,995        96,037
Preferred stock dividends payable                          15,003        15,003
						      -----------   -----------
Total current liabilities                                 628,406       530,744
						      -----------   -----------
Commitments and contingencies

Stockholders' Deficit:

Common stock, $.01 par value, 100,000,000 shares
   authorized, 41,788,552 shares issued                   417,886       417,886
Additional paid-in capital                                517,214       517,214
Treasury stock, 17,572,494 shares, at cost               (489,258)     (489,258)
Accumulated deficit                                      (899,491)     (806,381)
						      -----------   -----------
Total stockholders' deficit                              (453,649)     (360,539)
						      -----------   -----------

Total liabilities and stockholders' deficit           $   174,757   $   170,205
						      ===========   ===========



                                       1
The accompanying notes are an integral part of the financial statements.

</TABLE>


<PAGE>

<TABLE>
<CAPTION>

<S>						<C>			<C>

NORTH AMERICAN GAMING AND ENTERTAINMENT
  CORPORATION
STATEMENTS OF OPERATIONS (UNAUDITED)

                                                      THREE MONTHS                      SIX MONTHS
                                                     ENDED JUNE 30,                   ENDED JUNE 30,
					      ---------------------------     -----------------------------
                                                 2007             2006            2007             2006
					      -----------     -----------     ------------	-----------
Costs and expenses:

General and administrative expenses           $    35,688     $    39,950     $     77,734      $    65,395
					      -----------     -----------     ------------	-----------
Operating loss                                    (35,688)        (39,950)         (77,734)         (65,395)

Interest expense                                  (10,987)         (7,588)         (21,361)         (14,366)
Interest income                                     2,992           2,993            5,985            5,986
					      -----------     -----------     ------------	-----------
Loss before provision
 for income taxes                                 (43,683)        (44,545)         (93,110)         (73,775)

Provision for income taxes                              -               -                -                -
					      -----------     -----------     ------------	-----------
Net loss                                      $   (43,683)    $   (44,545)    $    (93,110)     $   (73,775)
					      ===========     ===========     ============	===========
Basic loss per share                                    *               *                *                *
					      ===========     ===========     ============	===========
Basic weighted average shares outstanding      24,216,058      24,216,058       24,216,058       24,216,058
					      ===========     ===========     ============	===========
</TABLE>


*Less than $.005 per share



                                       2
The accompanying notes are an integral part of the financial statements.


<PAGE>

<TABLE>
<CAPTION>

<S>							<C>		<C>
NORTH AMERICAN GAMING AND ENTERTAINMENT
  CORPORATION
STATEMENTS OF CASH FLOWS (UNAUDITED)
                                                     		 Six Months Ended June
								-----------------------
                                                     		   2007          2006
								---------     ---------
Cash Flows From Operating Activities:
Net loss                                          		$ (93,110)    $ (73,775)
Adjustments to reconcile net loss to net cash used in
   operating activities:
      Depreciation expense                               	      764           615
Changes in operating assets and liabilities:
   Increase in interest receivable                   		   (5,985)       (5,986)
   Increase in accounts payable and accrued liabilities  	   22,162        16,267
								---------     ---------
Net Cash Used In Operating Activities               		  (76,169)      (62,879)
								---------     ---------
Net Cash From Investing Activities:
   Purchase of furniture and fixtures                  		        0          (642)
								---------     ---------
Net Cash Provided By (Used In) Investing Activities        	        0          (642)

Cash Flows From Financing Activities:
   Borrowings under note payable                      		   75,500        64,494
   Payments on notes payable                              	        0        (3,000)
								---------     ---------
Net Cash Provided By Financing Activities             		   75,500        61,494
								---------     ---------
Net Decrease In Cash                                   		     (669)       (2,027)

Cash, beginning of period                                	      784         2,504
								---------     ---------
Cash, end of period                               		$     115     $     477
								=========     =========
Cash paid during the period for:
   Interest                                         		$	-     $	      -
								=========     =========

                                       3
The accompanying notes are an integral part of the financial statements.

</TABLE>


<PAGE>
NORTH AMERICAN GAMING AND ENTERTAINMENT
  CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SIX MONTHS ENDED JUNE 30, 2007

1.  OPINION OF MANAGEMENT

The preceding  financial  information has been prepared by the Company pursuant
to the rules and regulations  of the Securities and Exchange Commission ("SEC")
and,  in  the  opinion  of  the Company,  includes  all  normal  and  recurring
adjustments necessary for a fair statement of the results of each period shown.
Certain information and footnote disclosures normally included in the financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted  pursuant  to  SEC  rules  and regulations.  The
Company believes that the disclosures made are adequate to make the information
presented not misleading.

Results  for the six months ended June 30, 2007 are not necessarily  indicative
of the results to be realized during the full year.  These financial statements
should be  read  in conjunction with the Company's Annual Report on Form 10-KSB
for the year ended December 31, 2006.

The accompanying financial  statements  have  been  prepared  assuming that the
Company will continue as a going concern.  However, the Company  currently  has
no sources of revenue or cash flow.  Management plans to continue operating the
business and pursue various business, investment and financing opportunities.

2.  NOTE RECEIVABLE

In  March  2004, the Company entered into a loan agreement with US Daylighting,
L.L.C. (Daylighting).  Under the terms of the Note, the Company is to initially
advance up to  $150,000  to  Daylighting, with interest due monthly at 9%.  The
Company may advance an additional  $150,000  and  has the option to convert the
total of all advances ($300,000) into a 25% interest  in Daylighting.  Advances
under the note are due within six months of demand being  made  by the Company,
and the note is in default as of June 30, 2007.  The note is secured by various
membership  interests  of  Daylighting.   As of June 30, 2007, the Company  has
advanced $133,000 under this note, and accrued interest receivable on this note
is  $39,575  as  of  June  30, 2007.  No allowance  for  doubtful  accounts  is
considered necessary, due to  the  terms  of the note payable to related party,
discussed in Note 3.

3.  NOTES PAYABLE

In May 2004, the Company issued a 12% promissory  note to an unrelated party in
the amount of $110,000.  The note is unsecured, and guaranteed by an officer of
the Company.  The note has been renewed repeatedly  and  in  now due August 18,
2007.    As  of  June 30, 2007, the balance of the note is $108,195.   At  each
renewal date, the  renewal  amount  has  included the outstanding principal and
accrued interest payable.

                                       4

NORTH AMERICAN GAMING AND ENTERTAINMENT
  CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SIX MONTHS ENDED JUNE 30, 2007


3.  NOTES PAYABLE (Continued)

In July 2004, the Company issued an 8% promissory note to a related party.  The
note has been renewed repeatedly and is now  due June 30, 2007.  As of June 30,
2007, the balance of the note is $380,512.  The  note  is collateralized by the
note receivable from Daylighting.  Under the terms of the  current renewal, the
related  party  lender's  sole  remedy  for  collection  is  to  foreclose  the
collateral note receivable from Daylighting and seek recovery from Daylighting.
The  related  party lender also agreed it had no claim against the Company  for
any deficiency  in  the collection, by the Company, of the note receivable from
Daylighting.  Interest expense on the note payable to related party was $13,867
and $7,647 for the six months ended June 30, 2007 and 2006, respectively.

Other notes payable in  the  amount  of  $12,700  at  June  30, 2007 consist of
amounts due to former preferred stockholders of the Company.   Those notes bear
interest at 9% and were payable in 2001.  The notes are unsecured  and  are  in
default at June 30, 2007.

4.  NEW ACCOUNTING PRONOUNCEMENTS

In  September 2006,  the  Financial  Accounting  Standards  Board (FASB) issued
Statement  of  Financial  Accounting  Standards  (SFAS)  No.  157, "Fair  Value
Measurements".  The statement defines fair value, establishes a  framework  for
measuring  fair  value,  expands  disclosures about fair value measurements and
does not require any new fair value measurements. SFAS No. 157 is effective for
fiscal years beginning after November 15, 2007. We are currently evaluating the
impact  of  the  adoption  of SFAS  No. 157  on  our  consolidated  results  of
operations and financial condition.

In February 2007, the FASB issued SFAS  No. 159,  "The  Fair  Value  Option for
Financial  Assets and Financial Liabilities". SFAS No. 159 permits entities  to
choose to measure  many  financial  instruments and certain other items at fair
value that are not currently required  to  be  measured  at  fair  value.  SFAS
No. 197 is effective for fiscal years beginning after November 15, 2007. We are
currently  evaluating  the  impact  of  the  adoption  of SFAS  No. 159  on our
consolidated results of operations and financial condition.


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

LIQUIDITY AND CAPITAL RESOURCES

General:  Until  August  20,  2001, the Company was engaged in the video gaming
business through its partial ownership  of  three  operating  companies.  These
companies  operated video poker machines located in truck stops  in  Louisiana.
Effective August 20, 2001, the Company sold its interests in these companies.
                                       5
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION (CONTINUED)

General Condition.  The Company ended the quarter with $115 in cash, $39,575 in
accrued interest  receivable,  $2,067  in  furniture  and  fixtures  (net)  and
$133,000  in note receivable.  Total liabilities were $628,406 at June 30, 2007
and consist  of  accounts  payable  and  accrued liabilities of $111,995, notes
payable  of $501,408 and preferred stock dividends  payable  of  $15,003.   The
Company's current liabilities increased from approximately $530,744 at December
31, 2006.   This  increase  was  due primarily to an increase in unpaid accrued
interest and additional borrowings from a related party.

Plan of Operations

Effective August 20, 2001, the Company  sold  its  interests  in  video  gaming
business for cash and notes receivable. During 2003, the Company sold the notes
receivable  for  cash.  As  a result, the Company has no on-going operations or
revenues.  The  Company's  plan   is  to  continue  exploring  for  acquisition
opportunities  and the financing required  to  buy  and  support  an  operating
business. There  is no assurance that we will be able to do so, and during 2007
we will have to continue  to  rely on advances from management and shareholders
to pay our basic level of operating expense.

On July 17, 2007, the Registrant  received all signatures and deposits required
to make effective that certain Agreement  Concerning  the  Exchange  of  Common
Stock between the Registrant, Shaanxi Chang Jiang Si You Neng Yuan Fa Zhnag  Gu
Feng  You  Xiang Gong Si ("Chiang Jiang"), and the shareholders of Chiang Jiang
(the "Agreement"), pursuant to which the Registrant will acquire Eighty Percent
(80%) of the  outstanding shares of Chiang Jiang through the acquisition of One
Hundred Percent  (100%)  of  the  outstanding  shares of the indirect parent of
Chiang  Jiang,  in  exchange  for  the  issuance  by  the   registrant  to  the
shareholders  of  Chiang  Jiang  of Five Hundred Thousand (500,000)  shares  of
Series C Convertible Preferred Stock  ("Series  C Preferred") of the Registrant
(the "Exchange"). The Series C shares will be reduced  by  an amount sufficient
to  issue 4,500,000 shares of common stock to Capital Advisory  Services,  Inc.
for its  consulting  services in connection with the acquisition. In connection
with the Exchange, Chiang  Jiang  will  deliver  Three Hundred Seventy Thousand
Dollars  ($370,000)  to  the  Registrant  and  certain  non-affiliates  of  the
Registrant  will  transfer to Chiang Jiang or its designee  a  total  of  Three
Million Eight Hundred  Thousand  (3,800,000)  shares of Common Stock, par value
$0.01 per share ("Common Stock"), of the Registrant  which  had  been  held for
longer  than Two (2) years by such non-affiliates, in exchange for the issuance
by the Registrant  to  each such non-affiliate of Two Million Two Hundred Fifty
Thousand (2,250,000) shares of Common Stock of the Registrant.  The date of the
original agreement was May  30,  2007,  amended  to  July  5,  2007, but in all
respects subject to signatures, regulatory approvals in China and deposits with
Chiang Jiang's attorneys, which were completed on July 17, 2007.

As a result of the Exchange effected pursuant to the Agreement described above,
the Registrant will experience a change in control.  The shareholders of Chiang
Jiang, through their ownership of Five Hundred Thousand (500,000) shares of the
Registrant's Series C Preferred, will control the Registrant, as  each share of
Series  C  Preferred  carries  with  it the right to vote and convert into  One
Thousand Two Hundred Eighteen (1,218) shares of Common Stock of the Registrant,
which, upon voting or conversion of all  shares  of  Series  C  Preferred, will
equal  at  least  Ninety-Six  Percent (96%) of the total issued and outstanding
Common Stock of the Registrant on a fully diluted basis.

                                       6

Our independent accountants have  expressed substantial doubt about our ability
to continue as a going concern.

Comparison of the six months ended  June 30, 2007, to the six months ended June
30, 2006.

Operating Expense

The Company recorded an operating loss  of  $93,110,  comprised  of general and
administrative costs during the six months ended June 30, 2007, compared  to an
operating  loss  of  $73,775 also comprised of general and administrative costs
for the six months ended  June  30,  2006.   The  increase  in  the  loss  from
operations  for the six months ended June 30, 2007 as compared to the loss from
operations for  the  six  months  ended  June  30,  2006  is  due  primarily to
acceleration  in  timing  and  related  accrual  of  our external audit and  an
increase in legal fees during the six months ended June 30, 2007 as compared to
last year.

Interest Expense

The Company incurred interest expense of $21,361 for the  six months ended June
30,  2007,  compared to $14,366 for the six months ended June  30,  2006.   The
increase in interest  expense  is due to additional borrowings from related and
unrelated parties.

Interest Income

The Company recorded interest income of $5985 for the six months ended June 30,
2007, related to interest income  on  the  convertible  secured promissory note
with U.S. Daylighting, L.L.C., compared to interest income  of  $5,986  for the
six months ended June 30, 2006.

ITEM 3.  CONTROLS AND PROCEDURES

a)   Within the 90-day period prior to the date of this report, we carried  out
   an  evaluation,  under  the  supervision  and  with the participation of our
   management,  including  the  Chief  Executive Officer  and  Chief  Financial
   Officer, of the effectiveness of the  design and operation of our disclosure
   controls and procedures pursuant to Rule  13a-14  of the Securities Exchange
   Act  of  1934  (the "Exchange Act"). Based upon that evaluation,  the  Chief
   Executive officer  and Chief Financial Officer concluded that our disclosure
   controls and procedures  are  effective  in timely alerting them to material
   information relating to the Company required  to be included in our Exchange
   Act  filings.   The  two Executive Officers responsible  for  the  financial
   reporting and disclosure  are  in direct control of the books and records of
   the Company and are involved first-hand  in  the decision making process for
   material transactions.

b)  There have been no significant changes in our internal controls or in other
   factors, which could significantly affect internal  controls  subsequent  to
   the date we carried out our evaluation.


                                       7



Forward Looking Statements

Certain   statements  contained  in  this  Report  on  Form  10-QSB,  including
statements  of  the  Company's  current  expectations,  intentions,  plans  and
beliefs,   and  statements  containing  the  words  "believes",  "anticipates,"
"estimates," "expects," or "may," are forward-looking statements, as defined in
Section 21D  of  the  Securities  Exchange  Act  of 1934.  Such forward-looking
statements  involve  known and unknown risk, uncertainties  and  other  factors
which may cause the actual  results, performance, timing or achievements of the
Company to be materially different  from  any  results,  performance, timing or
achievements expressed or implied by such forward-looking statements.


                                       8

PART II - OTHER INFORMATION

Items 1 through 5 not applicable.

ITEM 6.    EXHIBITS

(a)   Exhibits required to be filed by Item 601 of Regulation S-B:

31.1  Certification  of  Chief  Executive  Officer  and Chief Financial Officer
      Under Section 302 of the Sarbanes-Oxley Act of 2002

32.1  Certification pursuant to 18 U.S.C. Section 1350, as  adopted pursuant to
      Section 906 of the Sarbanes-Oxley Act of 2002.




                                       9




                                  SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange  Act of 1934,
the  Company  has  duly  caused  this report to be signed on its behalf by  the
undersigned, thereunto duly authorized.

                                        NORTH AMERICAN GAMING AND
                                        ENTERTAINMENT CORPORATION


August 15, 2007
                                        /s/ E. H. Hawes, II, President
                                        ------------------------------
                                        E. H. Hawes,  II,  President
                                        and Chief Executive Officer
                                        (Principal Executive Officer
                                        and Principal Financial and
                                        Accounting Officer)



                                      10