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

                                    FORM 10-Q
(Mark One)

[X]  QUARTERLY  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT
     OF 1934
                  For the quarterly period ended March 31, 2008

[    ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

       For the transition period from ________________ to _______________

                                     0-13738
                            (Commission file number)

                             THE SAINT JAMES COMPANY
                             -----------------------
             (Exact name of registrant as specified in its charter)

       NORTH CAROLINA                                        56-1426581
       --------------                                        ----------
  (State of Incorporation)                                  (IRS Employer
                                                           Identification No.)

             4505 Las Virgenes Road, Suite 210, Calabasas, CA 91302
             ------------------------------------------------------
                    (Address of Principal Executive Offices)

                                 (310) 739-5696
                                 --------------
                         (Registrant's Telephone Number)


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 past 12 months (or for such shorter  period that the registrant was required
to file such reports),  and (2) has been subject to the filing  requirements for
the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the  registrant is a large  accelerated  file, an
accelerated filer, a non-accelerated  filer, or a smaller reporting company. See
the definitions of "large accelerated  filer,"  "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated  filer [ ] (Do
not check if a smaller reporting company) Smaller reporting company [X]

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


<PAGE>




Indicate  the number of share  outstanding  of each of the  issuer's  classes of
common stock, as of the latest practicable date.

As of May 11, 2008, the  Registrant  had  11,999,057  shares of its common stock
issued and outstanding.


<PAGE>
<TABLE>
<CAPTION>
<S>                                                                                           <C>




                             THE SAINT JAMES COMPANY
                                      Index

                                                                                               Page
                                                                                              Number

PART I.    FINANCIAL INFORMATION                                                                 3

Item 1.    Financial Statements (Unaudited)                                                      3

           Balance Sheet as of March 31, 2008 and December 31, 2007                              F-1

           Statements of Operations For the Three Months Ended
           March 31, 2008 and 2007 and the Period from January 1, 1999
           to March 31, 2008                                                                     F-2

           Statement of Stockholders' Deficit for the Period
           from January 1, 1999 to March 31, 2008                                                F-3

           Statements of Cash Flows for the Three Months ended
           March 31, 2008 and 2007 and the Period from January 1, 1999
           to March 31, 2008                                                                     F-4

           Notes to the Financial Statements                                                     F-5 - F-8

Item 2.  Management's Discussion and Analysis of Financial Condition                             4
         and Results of Operations

Item 3.  Quantitative and Qualitative Disclosures About Market Risk - Not Applicable             5

Item 4.  Controls and Procedures                                                                 6

Item 4T. Controls and Procedures                                                                 6

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings -Not Applicable                                                       7

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds  - Not Applicable           7

Item 3.  Defaults Upon Senior Securities - Not Applicable                                        7

Item 4.  Submission of Matters to a Vote of Security Holders - Not Applicable                    7

Item 5.  Other Information - Not Applicable                                                      7

Item 6.  Exhibits                                                                                7

SIGNATURES                                                                                       8


</TABLE>

<PAGE>
<TABLE>
<CAPTION>

                             The Saint James Company
                          (A Development Stage Company)
                                 Balance Sheets
<S>                                                                                     <C>                 <C>

                                                                                           March 31,         December 31,
                                                                                             2008                2007
                                                                                        ----------------    ----------------
                                                                                          (Unaudited)          (Audited)
              Assets

     Cash and cash equivalents                                                                      $ -                 $ -
     Other assets                                                                                50,000              50,000
                                                                                        ----------------    ----------------
Total assets                                                                                   $ 50,000            $ 50,000
                                                                                        ================    ================

                Liabilities and Stockholders' Equity

Current liabilities
     Accounts payable                                                                          $ 13,213            $ 13,213

                                                                                        ----------------    ----------------
Total current liabilities                                                                        13,213              13,213
                                                                                        ----------------    ----------------
Commitment and contingencies

Stockholders' equity
     Preferred stock, $0.01 par value; 500,000
        shares authorized; 0 issued and outstanding                                                   -                   -
     Common stock, $0.001 par value; 50,000,000
        shares authorized; 11,999,057 issued and outstanding at March 31, 2008
        and December 31, 2007, respectively                                                      11,999              11,999
     Additional paid-in capital                                                               3,728,217           3,650,579
     Deficit accumulated during development stage                                            (3,703,429)         (3,625,791)
                                                                                        ----------------    ----------------
Total stockholders' equity                                                                       36,787              36,787
                                                                                        ----------------    ----------------
Total liabilities and stockholders'  equity                                                    $ 50,000            $ 50,000
                                                                                        ================    ================

The accompanying notes are an integral part of these financial statements.


</TABLE>

                                      F-1

<PAGE>
<TABLE>
<CAPTION>
                             The Saint James Company
                          (A Development Stage Company)
                            Statements of Operations
                                   (Unaudited)
<S>                                                      <C>                       <C>                 <C>


                                                                                                           Development
                                                                                                        Stage - January 1,
                                                                    Three Months Ended                       1999 to
                                                               March 31,              March 31,             March 31,
                                                                  2008                  2007                   2008
                                                         -----------------------   ----------------    ---------------------
Sales                                                    $                    -    $             -     $                  -
Cost of Sales                                                                 -                  -                        -
                                                         -----------------------   ----------------    ---------------------
Gross profit                                                                  -                  -                        -

Operating expenses
     Research and development                                                 -                  -                        -
     General and administrative                                          77,638                  -                  254,857
                                                         -----------------------   ----------------    ---------------------
Total operating expenses                                                 77,638                  -                  254,857
                                                         -----------------------   ----------------    ---------------------
Loss from operation                                                     (77,638)                 -                 (254,857)
                                                         -----------------------   ----------------    ---------------------
Other income (expense)
     Other income (expense)                                                   -                  -                   37,067
     Interest expense                                                         -               (171)                  (5,407)
                                                         -----------------------   ----------------    ---------------------
Total other income (expense)                                                  -               (171)                  31,660
                                                         -----------------------   ----------------    ---------------------
Losses before taxes                                                     (77,638)              (171)                (223,197)

Provision for taxes                                                           -                  -                        -
                                                         -----------------------   ----------------    ---------------------
Net loss                                                 $              (77,638)   $          (171)    $           (223,197)
                                                         =======================   ================    =====================
Net loss per shares - basic and diluted                  $                    *    $             *
                                                         =======================   ================

Weighted average shares outstanding
        Basic and diluted                                            11,999,057         11,999,057
                                                         =======================   ================

     * Less than $(0.01) per share.

     The accompanying notes are an integral part of these financial statements.

                                      F-2

</TABLE>


<PAGE>
<TABLE>
<CAPTION>
                             The Saint James Company
                          (A Development Stage Company)
                   Statement of Stockholders' (Deficit) Equity
              For The Period of July 1, 1999 through March 31, 2008
                                   (Unaudited)
<S>                                                    <C>            <C>           <C>          <C>            <C>

                                                                                    Additional      During
                                                              Common Stock          Paid-in       Development
                                                          Shares        Amount       Capital        Stage         Total
                                                       -------------  ------------  -----------  -------------  -----------
Balance, December 31, 1998                                  999,057         $ 999   $3,460,568   $ (3,480,232)   $ (18,665)

Net loss                                                          -             -            -         (6,115)      (6,115)
                                                       -------------  ------------  -----------  -------------  -----------
Balance, December 31, 1999                                  999,057           999    3,460,568     (3,486,347)     (24,780)

Net loss                                                          -             -            -        (22,670)     (22,670)
                                                       -------------  ------------  -----------  -------------  -----------
Balance, December 31, 2000                                  999,057           999    3,460,568     (3,509,017)     (47,450)

Net loss                                                          -             -            -         (4,382)      (4,382)
                                                       -------------  ------------  -----------  -------------  -----------
Balance, December 31, 2001                                  999,057           999    3,460,568     (3,513,399)     (51,832)

Net loss                                                          -             -            -         (4,314)      (4,314)
                                                       -------------  ------------  -----------  -------------  -----------
Balance, December 31, 2002                                  999,057           999    3,460,568     (3,517,713)     (56,146)

Capital contribution from Funet                                   -             -       27,239              -       27,239
Net loss                                                          -             -            -        (54,644)     (54,644)
                                                       -------------  ------------  -----------  -------------  -----------
Balance, December 31, 2003                                  999,057           999    3,487,807     (3,572,357)     (83,551)

Capital contribution from Funet                                   -             -       10,769              -       10,769
Net loss                                                          -             -            -        (47,640)     (47,640)
                                                       -------------  ------------  -----------  -------------  -----------
Balance, December 31, 2004                                  999,057           999    3,498,576     (3,619,997)    (120,422)
                                                       -------------  ------------  -----------  -------------  -----------

Issuance of common stock for purchased assets             5,000,000         5,000       45,000              -       50,000
Issuance of common stock for purchased services           6,000,000         6,000       54,000              -       60,000
Net loss                                                          -             -            -        (33,182)     (33,182)
                                                       -------------  ------------  -----------  -------------  -----------
Balance, December 31, 2005                               11,999,057        11,999    3,597,576     (3,653,179)     (43,604)
                                                       -------------  ------------  -----------  -------------  -----------
Net loss                                                          -             -            -           (682)        (682)
                                                       -------------  ------------  -----------  -------------  -----------
Balance, December 31, 2006                               11,999,057        11,999    3,597,576     (3,653,861)     (44,286)
                                                       -------------  ------------  -----------  -------------  -----------
Forgiveness of officer debt                                                             53,003                      53,003
Net Income                                                        -             -            -         28,070       28,070
                                                       -------------  ------------  -----------  -------------  -----------
Balance, December 31, 2007                               11,999,057        11,999    3,650,579     (3,625,791)      36,787
                                                       -------------  ------------  -----------  -------------  -----------
Payment of expenses by stockholders                               -             -       77,638              -       77,638
Net loss                                                          -             -            -        (77,638)     (77,638)
                                                       -------------  ------------  -----------  -------------  -----------
Balance, March 31, 2008                                  11,999,057      $ 11,999   $3,728,217   $ (3,703,429)    $ 36,787
                                                       =============  ============  ===========  =============  ===========

The accompanying notes are an integral part of these financial statements.

                                      F-3

</TABLE>


<PAGE>
<TABLE>
<CAPTION>

                             The Saint James Company
                          (A Development Stage Company)
                            Statements of Cash Flows
                                   (Unaudited)
<S>                                                         <C>               <C>               <C>


                                                                                                     Development
                                                                                                 Stage - January 1,
                                                                   Three Months Ended                  1999 to
                                                              March 31,         March 31,             March 31,
                                                                 2008              2007                 2008
                                                            ---------------   ---------------   ----------------------
Cash flows from operating activities
    Net loss                                                $      (77,638)   $         (171)   $            (223,197)
    Adjustments to reconcile net loss to net
      cash used by operating activities:
        Common stock issued for services                                 -                 -                   60,000
        Gain on settlement of judgment                                   -                 -                  (37,067)
      Changes in operating assets and liabilities
        Increase in accounts payable                                     -                 -                   25,616
        Increase in accrued interest                                     -               171                    5,285

                                                            ---------------   ---------------   ----------------------
Net cash used in operating activities                              (77,638)                -                 (169,363)
                                                            ---------------   ---------------   ----------------------

Cash flows from financing activities
    Advances from related parties                                        -                 -                   53,003
    Capital contribution from Funet                                      -                 -                   38,008
    Additional Paid in Capital                                      77,638                 -                   77,638

                                                            ---------------   ---------------   ----------------------
Net cash provided by financing activities                           77,638                 -                  168,649
                                                            ---------------   ---------------   ----------------------
Net decrease in cash                                                     -                 -                     (714)

Cash at beginning of period                                              -                 -                      714

                                                            ---------------   ---------------   ----------------------
Cash at end of period                                       $            -    $            -    $                   -
                                                            ===============   ===============   ======================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
    Cash paid for interest expense                          $            -    $            -    $                   -
                                                            ===============   ===============   ======================
    Cash paid for income taxes                              $            -    $            -    $                   -
                                                            ===============   ===============   ======================
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
    Issuance of 6,000,000 shares for accounts payable
      valued at $60,000                                     $            -    $            -    $              60,000
                                                            ===============   ===============   ======================
    Issuance of 5,000,000 shares for artwork
      valued at $50,000                                     $             -   $            -    $              50,000
                                                            ===============   ===============   ======================

    The accompanying notes are an integral part of these financial statements.

                                      F-4

</TABLE>


<PAGE>


                             THE SAINT JAMES COMPANY
                          (A Development Stage Company)
                        NOTES TO THE FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
                                   (Unaudited)


NOTE 1 - ORGANIZATION AND LINE OF BUSINESS

On January 10,  1984,  the company  now known as The Saint  James  Company  (the
"Company") was incorporated  under the laws of the State of North Carolina under
the name Chem-Waste  Corporation (the "Company").  On July 19, 1984, the Company
changed its name to Radiation Disposal Systems, Inc. and on December 7, 2007, to
its current name.  The Company  re-entered the  development  stage on January 1,
1999 and is  currently a  development  stage  company  under the  provisions  of
Statement of Financial Accounting Standards ("SFAS") No. 7.

The Company  currently owns a collection of Sericells artwork known as the Ninja
Turtle Animation  Collection.  The Company is currently  exploring marketing and
sales opportunities in connection with the artwork.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The unaudited  consolidated financial statements have been prepared by The Saint
James  Company (the  "Company"),  pursuant to the rules and  regulations  of the
Securities and Exchange  Commission  (SEC).  The  information  furnished  herein
reflects  all  adjustments   (consisting  of  normal   recurring   accruals  and
adjustments)  which are,  in the  opinion  of  management,  necessary  to fairly
present the operating results for the respective  periods.  Certain  information
and  footnote  disclosures  normally  present  in  annual  financial  statements
prepared in accordance  with  accounting  principles  generally  accepted in the
United  States  of  America  have  been  omitted  pursuant  to  such  rules  and
regulations.  These financial  statements should be read in conjunction with the
audited financial  statements and footnotes for the year ended December 31, 2007
included in the Company's Annual Report on Form 10-KSB. The results of the three
months ended March 31, 2008 are not necessarily  indicative of the results to be
expected for the full year ending December 31, 2008.

                                      F-5

<PAGE>






DEVELOPMENT STAGE COMPANY

The Company has not earned any significant revenues from its limited operations.
Accordingly,  the  Company's  activities  have been  accounted for as those of a
"Development  Stage Enterprise" as set forth is Financial  Accounting  Standards
Board Statement No. 7 ("FASB 7"). Among the  disclosures  required by FASB 7 are
that the Company's financial  statements be identified as those of a development
stage  company,  and that the  statements  of  operation,  stockholders'  equity
(deficit)  and cash  flows  disclose  activity  since the date of the  Company's
inception.

GOING CONCERN AND MANAGEMENT'S PLAN

The  accompanying  financial  statements  have been prepared in conformity  with
accounting principles generally accepted in the United States of America,  which
contemplate continuation of the Company as a going concern. However, the Company
has no  operations  and has not  established  a source of  revenue.  This matter
raises  substantial  doubt  about the  Company's  ability to continue as a going
concern.  These financial  statements do not include any adjustments relating to
the recoverability and classification of recorded asset amounts,  or amounts and
classification  of  liabilities  that might be  necessary  should the Company be
unable to continue as a going concern.

Management  intends to  actively  pursue  merger  candidates  that have  ongoing
operations and a source of revenue.

USES OF ESTIMATES

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America requires  management to make
estimates  and  assumptions  that  affect  the  reporting  amounts of assets and
liabilities  and disclosure of contingent  assets and liabilities at the date of
the  financial  statements  and the  reported  amounts of revenues  and expenses
during the periods.  Management makes these estimates using the best information
available at the time the  estimates  are made;  however,  actual  results could
differ materially from these estimates.

CASH AND CASH EQUIVALENTS

The Company considers all highly liquid investments with an original maturity of
three months or less and money market instruments to be cash equivalents.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair value of the  advances  to  officers/directors  is not  practicable  to
estimate, based upon the related party nature of the underlying transactions.

COMPREHENSIVE INCOME

SFAS No. 130,  Reporting  Comprehensive  Income,  establishes  standards for the
reporting  and  display  of  comprehensive  income  and  its  components  in the
financial statements. During the three months ended March 31, 2008 and 2007, the
Company did not have any  components  of  comprehensive  income (loss) to report
and,  accordingly,  has not included a schedule of  comprehensive  income in the
financial statements.

                                      F-6

<PAGE>






INCOME TAXES

The  Company  accounts  for  income  taxes in  accordance  with  SFAS  No.  109,
Accounting for Income Taxes. Deferred taxes are provided on the liability method
whereby deferred tax assets are recognized for deductible temporary differences,
and deferred tax liabilities are recognized for taxable  temporary  differences.
Temporary differences are the differences between the reported amounts of assets
and  liabilities  and their tax bases.  Deferred  tax  assets  are  reduced by a
valuation  allowance when, in the opinion of management,  it is more likely than
not that some  portion  or all of the  deferred  tax  assets  will be  realized.
Deferred tax assets and  liabilities  are adjusted for the effects of changes in
tax laws and rates on the date of enactment.

NET LOSS PER SHARE

SFAS No.  128,  Earnings  per Share,  requires  dual  presentation  of basic and
diluted earnings or loss per share ("EPS") for all entities with complex capital
structures and requires a reconciliation of the numerator and denominator of the
basic EPS  computation  to the  numerator  and  denominator  of the  diluted EPS
computation.  Basic EPS excludes  dilution;  diluted EPS reflects the  potential
dilution that could occur if securities or other contracts to issue common stock
were  exercised  or  converted  into common stock or resulted in the issuance of
common stock that then shared in the earnings of the entity.

Basic loss per share is  computed  by  dividing  net loss  applicable  to common
shareholders by the weighted average number of common shares  outstanding during
the period.  Diluted loss per share  reflects the potential  dilution that could
occur if dilutive  securities  and other  contracts  to issue  common stock were
exercised or  converted  into common stock or resulted in the issuance of common
stock that then shared in the earnings of the  Company,  unless the effect is to
reduce a loss or increase  earnings  per share.  The  Company  had no  potential
common  stock  instruments  which  would  result  in a diluted  loss per  share.
Therefore, diluted loss per share is equivalent to basic loss per share.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In  September  2006,  the FASB issued SFAS No.  157,  "Fair Value  Measurements"
("SFAS No. 157").  SFAS No. 157 defines fair value,  establishes a framework for
measuring fair value in generally accepted accounting  principles ("GAAP"),  and
expands disclosures about fair value measurements.  This statement applies under
other accounting  pronouncements  that require or permit fair value  measurement
where the FASB has previously  determined that under those  pronouncements  fair
value is the  appropriate  measurement.  This statement does not require any new
fair value  measurements but may require  companies to change current  practice.
This statement is effective for those fiscal years  beginning after November 15,
2007 and to the interim  periods within those fiscal years. We believe that SFAS
No. 157 should not have a material  impact on our financial  position or results
of operations

In February  2007,  the FASB issued  SFAS No.  159,  "The Fair Value  Option for
Financial Assets and Financial Liabilities".  This Statement permits entities to
choose to measure many financial assets and financial liabilities at fair value.
Unrealized  gains and losses on items for which the fair  value  option has been
elected are  reported in earnings.  SFAS No. 159 is  effective  for fiscal years
beginning after November 15, 2007. Management is currently evaluating the effect
of this pronouncement on the consolidated financial statements.

                                      F-7

<PAGE>





In June 2007, the FASB issued FASB Staff Position No. EITF 07-3, "Accounting for
Nonrefundable  Advance Payments for Goods or Services Received for use in Future
Research and Development  Activities" ("FSP EITF 07-3"), which addresses whether
nonrefundable  advance  payments for goods or services that used or rendered for
research and development  activities should be expensed when the advance payment
is made or when the  research  and  development  activity  has  been  performed.
Management  is  currently  evaluating  the effect of this  pronouncement  on the
consolidated financial statements.

In December  2007,  the FASB issued SFAS No. 160,  "Noncontrolling  Interests in
Consolidated Financial Statements", which is an amendment of Accounting Research
Bulletin ("ARB") No. 51. This statement clarifies that a noncontrolling interest
in a subsidiary is an ownership interest in the consolidated  entity that should
be reported as equity in the consolidated  financial statements.  This statement
changes the way the consolidated  income statement is presented,  thus requiring
consolidated  net income to be  reported  at amounts  that  include  the amounts
attributable to both parent and the noncontrolling  interest.  This statement is
effective for the fiscal years,  and interim  periods within those fiscal years,
beginning  on or after  December  15,  2008.  Based on current  conditions,  the
Company does not expect the adoption of SFAS 160 to have a significant impact on
its  results of  operations  or  financial  position.  Management  is  currently
evaluating the impact of FASB 160 on the consolidated financial statements.

In  December  2007,  the FASB  issued FASB 141R,  Business  Combinations  ("FASB
141R"). Under FASB 141R, an entity is required to recognize the assets acquired,
liabilities  assumed,  contractual  contingencies  and contingent  consideration
measured  at  their  fair  value  at  the  acquisition  date  for  any  business
combination  consummated  after the  effective  date.  It further  requires that
acquisition-related  costs are to be recognized  separately from the acquisition
and expensed as incurred.  This statement is effective for financial  statements
issued for fiscal years beginning after December 15, 2008. Accordingly,  we will
adopt FASB 141R effective January 1, 2009.

In March  2008,  the FASB  issued SFAS No. 161 "  Disclosures  about  Derivative
Instruments and Hedging Activities". SFAS No. 161 requires additional disclosure
related to derivatives  instruments  and hedging  activities.  The provisions of
SFAS No. 161 are  effective  as of January 1, 2008 and the Company is  currently
evaluating the impact of adoption.

NOTE 3 - RELATED PARTY TRANSACTIONS

During the three  months  ended  March 31,  2008,  certain  stockholders  of the
Company paid  outstanding  accounts  payables on behalf of the Company  totaling
$77,638.  This amount has been treated as a capital  contribution  and accounted
for in additional paid-in capital.

NOTE 4 - ARTWORK

In December 2005, the Company  entered into a purchase  agreement with The Saint
James  Collection,  LLC and  purchased  Limited  Edition Cell Art  Collection or
Sericels for 5,000,000  shares of the common stock The Saint James Company.  The
5,000,000  shares of  common  stock  were  valued at $0.01 per share for a total
value of $50,000.

NOTE 5 -STOCKHOLDER'S DEFICIT

During the three  months  ended  March 31,  2008,  the Company did not issue any
shares of its common stock.

During the three  months  ended  March 31,  2008,  certain  stockholders  of the
Company paid  outstanding  accounts  payables on behalf of the Company  totaling
$77,638.  This amount has been treated as a capital  contribution  and accounted
for in additional paid-in capital.


                                      F-8


<PAGE>




ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

The  following  discussion  should  be read in  conjunction  with our  unaudited
financial  statements and notes thereto included herein. In connection with, and
because we desire to take  advantage  of, the "safe  harbor"  provisions  of the
Private  Securities  Litigation Reform Act of 1995, we caution readers regarding
certain forward looking statements in the following  discussion and elsewhere in
this report and in any other statement made by, or on our behalf, whether or not
in future filings with the Securities and Exchange  Commission.  Forward-looking
statements are statements not based on historical  information  and which relate
to future  operations,  strategies,  financial  results  or other  developments.
Forward looking  statements are necessarily based upon estimates and assumptions
that are inherently  subject to significant  business,  economic and competitive
uncertainties and  contingencies,  many of which are beyond our control and many
of which,  with  respect to future  business  decisions,  are subject to change.
These  uncertainties and contingencies can affect actual results and could cause
actual results to differ  materially from those expressed in any forward looking
statements  made by, or on our behalf.  We  disclaim  any  obligation  to update
forward-looking statements.

The  independent  registered  public  accounting  firm's report on the Company's
financial  statements as of December 31, 2007,  and for each of the years in the
two-year period then ended,  includes a "going concern"  explanatory  paragraph,
that describes  substantial  doubt about the Company's  ability to continue as a
going  concern.  Management's  plans in  regard  to the  factors  prompting  the
explanatory  paragraph are  discussed  below and also in Note 2 to the unaudited
quarterly financial statements.

OVERVIEW

On December 15, 2005, we entered into a purchase  agreement with The Saint James
Collection,  LLC and purchased  Limited Edition Animation Art Cell Collection or
Sericells for 5,000,000  shares of the common stock of The Saint James  Company.
The 5,000,000  shares of common stock were valued at $0.01 per share for a total
value of $50,000.

The St. James Company Ninja Turtles  Animation  Collection  (also referred to as
"Dino Cells")  consists of a number of production Cels,  pencil drawings,  hand-
painted backgrounds and hand-painted pan backgrounds.

We intend on marketing  the  Sericells,  which would include  providing  limited
numbers of original  Animation Cell Art to collectors through some select retail
venues and by working  closely  with some  charities  that can sell  original or
reproduction  art as a fund  raiser to the public or through  school  systems in
most states.  The Company intends to establish a relationship  with distributors
to sell art.

Due to our limited resources, we have not been able to aggressively pursue their
business  objectives and will be better positioned once we are quoted and traded
on the OTC BB,  wherein  said  listing may  facilitate  financing  opportunities
during the next twelve months.

We have  assets of $50,000.  We incurred a net loss of $77,638  during the three
months ended March 31,  2008.  Currently,  management  does not  anticipate  any
circumstances in which we will produce revenues or acquire assets. Management is
seeking a  potential  merger  candidate  or  purchaser  for us to  minimize  the
shareholders' loss.

                                       4

<PAGE>






RESULTS OF OPERATIONS

For the Three  Months  Ended March 31, 2008  compared to the Three  Months Ended
March 31, 2007

During the three months ended March 31, 2008 and 2007,  we did not recognize any
revenues for our business activities.

During the three months ended March 31, 2008, we incurred $77,638 in general and
administrative expenses compared to none during the three months ended March 31,
2007.  The  increase  of  $77,638  was a  result  of our  increased  operational
activities,  which included the  performance of our 2007 audit and the filing of
our annual report.

During the three  months  ended  March 31,  2008,  we  recognized  a net loss of
$77,638  compared to a net loss of $171 during the three  months ended March 31,
2008.  The  increase of $77,467 was a result of the $77,638  increase in general
and  administrative  expenses  discussed  above,  offset by the $171 decrease in
interest expense.

FINANCIAL CONDITION AND LIQUIDITY

For the three months ended March 31, 2008, we held no cash or cash  equivalents.
We had assets of $50,000,  consisting  of the artwork  acquired in 2006.  We had
total liabilities of $13,213, all current. Net cash used by operating activities
during the three  months  ended  March 31,  2008 was  $77,638.  During the three
months  ended March 31,  2008,  the net cash  provided  represented  net loss of
$77,638,  which was not adjusted for any non-cash items. During the three months
ended  March 31,  2007,  we  neither  used or were  provided  cash  through  our
operating activities.

During the three  months  ended  March 31,  2008 and 2007,  we did not have cash
flows from our investing activities.

During the three months ended March 31, 2008, we received  funds of $77,638 from
our financing  activities.  During the three months ended March 31, 2007, we did
not receive or use funds in our  financing  activities.  During the three months
ended March 31, 2008, certain of our stockholders paid for the professional fees
that were  incurred by us in  connection  with our  activities  during the three
months ended March 31, 2008. These fees, legal and accounting,  totaled $77,638.
These payments have been treated as a capital  contribution and accounted for in
additional paid-in-capital.
We remain  dependent  on raising  additional  equity  and,  or, debt to fund any
negotiated  settlements  with our  outstanding  creditors  and meet our  ongoing
operating  expenses.  There is no  assurance  that we will be able to raise  the
necessary  equity  and,  or,  debt  that  we will  need to be able to  negotiate
acceptable  settlements  with our  outstanding  creditors  or fund  our  ongoing
operating  expenses.  There can be no  assurances  that we will be able to raise
such funds.

ITEM 3.  QUANTATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

    Not Applicable

                                       5

<PAGE>







ITEM 4.  CONTROLS AND PROCEDURES

Disclosures Controls and Procedures

We have adopted and maintain disclosure controls and procedures (as such term is
defined in Rules  13a-15(e) and 15d-15(e)  under the Securities  Exchange Act of
1934,  as  amended  (the  "Exchange  Act"))  that are  designed  to ensure  that
information  required to be disclosed in our reports  under the Exchange Act, is
recorded,  processed,  summarized and reported within the time periods  required
under  the  SEC's  rules and forms  and that the  information  is  gathered  and
communicated to our management, including our Chief Executive Officer (Principal
Executive Officer) and Chief Financial Officer (Principal Financial Officer), as
appropriate, to allow for timely decisions regarding required disclosure.

As  required  by SEC Rule  15d-15(b),  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
Exchange  Act Rule  15d-14 as of the end of the period  covered by this  report.
Based on the foregoing,  our Chief Executive Officer and Chief Financial Officer
have  concluded  that our  disclosure  controls and  procedures are effective in
timely  alerting  them to  material  information  required to be included in our
periodic SEC filings and to ensure that information  required to be disclosed in
our periodic SEC filings is  accumulated  and  communicated  to our  management,
including our Chief  Executive  Officer and Chief  Financial  Officer,  to allow
timely decisions regarding required disclosure.

ITEM 4T. CONTROLS AND PROCEDURES

Management's Quarterly Report on Internal Control over Financial Reporting.
Our management is responsible for establishing and maintaining adequate internal
control over financial  reporting for the company in accordance  with as defined
in Rules  13a-15(f) and 15d-15(f)  under the Exchange Act. Our internal  control
over financial  reporting is designed to provide reasonable  assurance regarding
the  reliability  of  financial  reporting  and  the  preparation  of  financial
statements  for  external   purposes  in  accordance  with  generally   accepted
accounting  principles.  Our internal control over financial  reporting includes
those policies and procedures that:
(i) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of our assets; (ii) provide
reasonable  assurance  that  transactions  are  recorded as  necessary to permit
preparation  (iii)provide  reasonable  assurance regarding  prevention or timely
detection of unauthorized Because of its inherent limitations,  internal control
over  financial  reporting  may  not  prevent  or  detect  misstatements.  Also,
projections of any evaluation of  effectiveness to future periods are subject to
the risk that controls may become  inadequate  because of changes in conditions,
or  that  the  degree  of  compliance   with  the  policies  or  procedures  may
deteriorate.

                                       6

<PAGE>




Management's  assessment  of  the  effectiveness  of the  registrant's  internal
control over  financial  reporting  is as of the three  months  ending March 31,
2008. We believe that internal control over financial reporting is effective. We
have not identified any, current material weaknesses  considering the nature and
extent of our current operations and any risks or errors in financial  reporting
under  current  operations.  There was no change in our  internal  control  over
financial reporting that occurred during the fiscal quarter ended March 31, 2008
that has materially affected,  or is reasonably likely to materially affect, our
internal control over financial reporting.

                           PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

There are no material pending legal  proceedings to which the Company is a party
or of which any of the Company's property is the subject.


ITEM 2.  CHANGE IN SECURITIES

None.


ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

None.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.

ITEM 5.  OTHER INFORMATION

None.


ITEM 6.  EXHIBITS

Exhibits.  The  following is a complete  list of exhibits  filed as part of this
Form 10-Q.  Exhibit  numbers  correspond  to the numbers in the Exhibit Table of
Item 601 of Regulation S-K.

     Exhibit 31.1  Certification of Chief Executive  Officer pursuant to Section
     302 of the Sarbanes-Oxley Act

     Exhibit 32.1  Certification  of  Principal  Executive  Officer  pursuant to
     Section 906 of the Sarbanes-Oxley Act

                                       7

<PAGE>




                                   SIGNATURES

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

                                      THE SAINT JAMES COMPANY




May 14, 2008                 By:      /s/ Bruce Anthony Cosgrove
                                      --------------------------------
                                          Bruce Anthony Cosgrove, President, CEO
                                          & Principal Accounting Officer

                                       8