U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   Form 10-QSB

                             Quarterly Report Under
                       the Securities Exchange Act of 1934

                        For Quarter Ended: March 31, 2006

                         Commission File Number: 0-13628

                              ALPHA SPACECOM, INC.
                              --------------------
        (Exact name of small business issuer as specified in its charter)

                                     Nevada
                                     ------
         (State or other jurisdiction of incorporation or organization)

                                   13-3183646
                                   ----------
                        (IRS Employer Identification No.)

                                    Room 710
                                Zhou Ji Building
                                No. 16 Ande Road
                               Dongcheng District
                              Beijing, 100011 China
                              ---------------------
                    (Address of principal executive offices)

                                011-852-2602-3761
                                -----------------
                           (Issuer's Telephone Number)

Check  whether the issuer (1) 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 such filing  requirements  for the past 90 days: Yes
  X    No      .
-----     ----

The number of shares of the  registrant's  only class of common stock issued and
outstanding,  as of May 22, 2006:  99,869,330 shares of Common Stock were issued
and outstanding.

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

Documents Incorporated by Reference: None

<PAGE>

                                     PART I

ITEM 1.  FINANCIAL STATEMENTS







                              ALPHA SPACECOM, INC.

                        CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

                          Quarter Ended March 31, 2006
























                                                                               2

<PAGE>


                              ALPHA SPACECOM, INC.
                        Consolidated Financial Statements
                                   (Unaudited)


                                TABLE OF CONTENTS


                                                                            Page
                                                                            ----

FINANCIAL STATEMENTS

         Consolidated balance sheet                                          F-1
         Consolidated statements of operations                               F-2
         Consolidated statements of stockholders' deficit                    F-3
         Consolidated statements of cash flows                               F-4
         Notes to consolidated financial statements                          F-6

                                                                               3

<PAGE>

                              ALPHA SPACECOM, INC.
                          (A Development Stage Company)
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)

                                                                   Mar. 31, 2006
                                                                    -----------

ASSETS

   Total Assets                                                     $        --
                                                                    ===========

LIABILITIES & STOCKHOLDERS' DEFICIT

   Current liabilities
         Accrued payables                                           $   473,899
         Related party advances                                       1,645,277
         Shareholder advances                                                --
                                                                    -----------
             Total current liabilties                                 2,119,176
                                                                    -----------

   Total Liabilities                                                  2,119,176
                                                                    -----------

   Stockholders' Deficit
         Preferred stock, 20,000,000 shares authorized:
             Series A, $.001 par value; 23,000 shares designated;
                7% cumulative, convertible; 23,000 shares
                issued and outstanding                                       23
             Series B, $.0001 par value
                10,000,000 shares designated; convertible;
                No shares issued and
                outstanding                                                  --
         Common stock, $.0001 par value;
             2,000,000,000 shares authorized;
             99,887,766 shares issued and
             outstanding                                                 99,887
         Common stock subscribed                                        (50,000)
         Additional paid in capital                                     343,781
         Deficit accumulated during the development stage            (2,512,867)
                                                                    -----------

   Total Stockholders' Deficit                                       (2,119,176)
                                                                    -----------

   Total Liabilities and Stockholders' Deficit                      $        --
                                                                    ===========

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

                                       F-1

                                                                               4

<PAGE>

                              ALPHA SPACECOM, INC.
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                                                                   Period From
                                                                  Aug. 19, 1998
                                   Three months    Three months    (Inception)
                                      Ended           Ended            To
                                  Mar. 31, 2006   Mar. 31, 2005   Mar. 31, 2006
                                  -------------   -------------   -------------

Revenue                           $          --   $          --   $          --
                                  -------------   -------------   -------------

Operating expenses:
     General and administrative          97,667           8,947       2,079,833
                                  -------------   -------------   -------------
                                         97,667           8,947       2,079,833
                                  -------------   -------------   -------------

Gain (loss) from operations             (97,667)         (8,947)     (2,079,833)
                                  -------------   -------------   -------------

Other income (expense):
     Cost of share exchange                  --              --        (415,013)
     Interest expense                        --              --         (18,137)
     Other                                   --              --             116
                                  -------------   -------------   -------------
                                             --              --        (433,034)
                                  -------------   -------------   -------------
Income (loss) before
     provision for income taxes         (97,667)         (8,947)     (2,512,867)

Provision for income tax                     --              --              --
                                  -------------   -------------   -------------

Net income (loss)                 $     (97,667)  $      (8,947)  $  (2,512,867)
                                  =============   =============   =============

Net income (loss) per share
(Basic and fully diluted)         $       (0.00)  $       (0.00)
                                  =============   =============

Weighted average number of
common shares outstanding            99,887,766     136,038,452
                                  =============   =============


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

                                       F-2

                                                                               5

<PAGE>

<TABLE>
                              ALPHA SPACECOM, INC.
                          (A Development Stage Company)
                CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
<CAPTION>
                                                                                                            Deficit
                                                                                                          Accumulated
                          Common Stock      Preferred Series A  Preferred Series B    Common               During the   Stock-
                                Par Value(1)       ($.001 Par)         Par Value(1)   Stock     Paid In   Development   holders'
                       Shares (2)  Amount   Shares    Amount    Shares    Amount    Subscribed  Capital      Stage      Deficit
                       ----------  -------  ------  ---------  --------- ---------  ----------- --------  -----------  ------------
<S>                    <C>         <C>      <C>     <C>        <C>             <C>  <C>         <C>       <C>          <C>
Balances at
  December 31, 2004    13,603,846  $ 1,360  23,000  $      23  9,587,111       959  $  (50,000) $441,349  $(2,252,802) $(1,859,111)

Par value adjustment(1)        --   12,243      --         --         --     8,628          --   (20,871)          --           --

Conversion of
  preferred series B   86,283,920   86,284      --         -- (9,587,111)   (9,587)         --   (76,697)          --           --

Net income (loss)
  for the year                 --       --      --         --         --        --          --        --     (162,398)    (162,398)
                       ----------  -------  ------  ---------  --------- ---------  ----------  --------  -----------  -----------

Balances at
  December 31, 2005    99,887,766  $99,887  23,000  $      23         -- $      --  $  (50,000) $343,781  $(2,415,200) $(2,021,509)

Net income (loss)
   for the period
   ended March 31, 2006        --       --      --         --         --        --          --        --      (97,667)     (97,667)
                       ----------  -------  ------  ---------  --------- ---------  ----------  --------  -----------  -----------

Balances at
  March 31, 2006       99,887,766   99,887  23,000         23         --        --     (50,000)  343,781   (2,512,867)  (2,119,176)
                       ==========  =======  ======  =========  ========= =========  ==========  ========  ===========  ===========

</TABLE>

(1) $.001 in 2006, 2005 and $.0001 in 2004
(2) As restated for a 1 for 10 reverse stock split on June 16, 2005

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

                                       F-3

                                                                               6
<PAGE>

<TABLE>
                              ALPHA SPACECOM, INC.
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
<CAPTION>
                                                                               Period From
                                                                              Aug. 19, 1998
                                                Three months   Three months    (Inception)
                                                    Ended          Ended            To
                                                Mar. 31, 2006  Mar. 31, 2005  Mar.31, 2006
                                                 -----------    -----------    -----------
<S>                                              <C>            <C>            <C>
   Cash Flows From Operating Activities:
     Net income (loss)                               (97,667)   $    (8,947)   $(2,512,867)

     Adjustments to reconcile net loss to
     net cash provided by (used for)
     operating activities:
          Depreciation and amortization                   --             --        117,270
          Asset write offs                                --             --          3,479
          Bad debts                                       --             --          2,777
          Receivables, deposits & prepayments             --             --
          Cost of share exchange                          --             --        107,093
          Accrued payables                            97,667         (1,131)       675,951
          Compensatory stock issuances                    --             --            600
                                                 -----------    -----------    -----------
               Net cash provided by (used for)
               operating activities                       --        (10,078)    (1,605,697)
                                                 -----------    -----------    -----------

Cash Flows From Investing Activities:
         Fixed asset purchases                            --             --       (120,749)
                                                 -----------    -----------    -----------
               Net cash provided by (used for)
               investing activities                       --             --       (120,749)
                                                 -----------    -----------    -----------
</TABLE>


                          (Continued On Following Page)


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

                                       F-4

                                                                               7

<PAGE>

<TABLE>
                              ALPHA SPACECOM, INC.
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                         (Continued From Previous Page)

<CAPTION>
                                                                               Period From
                                                                              Aug. 19, 1998
                                                 Three months   Three months   (Inception)
                                                    Ended          Ended            To
                                                Mar. 31, 2006  Mar. 31, 2005  Mar. 31, 2006
                                                 -----------    -----------    -----------
<S>                                              <C>            <C>            <C>
Cash Flows From Financial Activities:
     Sales of common stock                                --             --         54,282
     Related party advances                               --         10,078      2,209,371
     Related party repayments                             --             --       (713,936)
     Shareholder advances                                 --             --        176,729
                                                 -----------    -----------    -----------
               Net cash provided by (used for)
               financing activities                       --         10,078      1,726,446
                                                 -----------    -----------    -----------

Net Increase (Decrease) In Cash                           --             --             --

Cash At The Beginning Of The Period                       --             --             --
                                                 -----------    -----------    -----------

Cash At The End of the Period                    $        --    $        --    $        --
                                                 ===========    ===========    ===========

Schedule of Non-Cash Investing and Financing Activities
-------------------------------------------------------

None

Supplemental Disclosure
-----------------------

Cash paid for interest                           $        --    $        --    $        --
Cash paid for income taxes                       $        --    $        --    $        --

</TABLE>

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

                                       F-5

                                                                               8

<PAGE>

                      ALPHA SPACECOM, INC. AND SUBSIDIARIES
                          (A Development Stage Company)
                   NOTES CONSOLIDATED TO FINANCIAL STATEMENTS
                                   (Unaudited)


NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Alpha Spacecom,  Inc.  formerly,  Tridon  Enterprises,  Inc. (the "Company") was
originally  incorporated  in the State of  Colorado in 1983 under the name Turco
Computer Systems,  Inc. In June 2005 the Company  reincorporated in the State of
Nevada.  The  Company has  conducted  limited  operations  in the  formation  of
satellite  communications  partnerships  and is considered a  development  stage
company.

Basis of Presentation
---------------------

The accompanying unaudited financial statements have been prepared in accordance
with the  instructions  to Form 10-QSB and do not include all of the information
and  disclosures  required  by  generally  accepted  accounting  principles  for
complete  financial  statements.  All  adjustments  which are, in the opinion of
management,  necessary for a fair  presentation of the results of operations for
the  interim  periods  have  been  made  and are of a  recurring  nature  unless
otherwise  disclosed herein.  The results of operations for such interim periods
are not necessarily indicative of operations for a full year.

Principles of consolidation
---------------------------

The accompanying consolidated financial statements include the accounts of Alpha
Spacecom, Inc. and its wholly owned subsidiaries.  All intercompany accounts and
transactions have been eliminated in consolidation.

Use of Estimates
----------------

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

Cash and cash equivalents
-------------------------

The Company considers all highly liquid investments with an original maturity of
three months or less as cash equivalents.

Property and equipment
----------------------

Property and equipment are recorded at cost and  depreciated  under the straight
line method over each item's estimated useful life.

                                       F-6
                                                                               9

<PAGE>

                      ALPHA SPACECOM, INC. AND SUBSIDIARIES
                          (A Development Stage Company)
                   NOTES CONSOLIDATED TO FINANCIAL STATEMENTS
                                   (Unaudited)

NOTE 1. ORGANIZATION,  OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued):

Revenue recognition
-------------------

Revenue is recognized on an accrual basis as earned under contract terms.

Income tax
----------

The Company  accounts for income taxes under  Statement of Financial  Accounting
Standards No. 109 ("SFAS 109").  Under SFAS 109 deferred taxes are provided on a
liability  method  whereby  deferred tax assets are  recognized  for  deductible
temporary   differences  and  operating  loss  carryforwards  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 not 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 income (loss) per share
---------------------------

The net income (loss) per share is computed by dividing the net income (loss) by
the weighted  average number of shares of common  outstanding.  Warrants,  stock
options,  and  common  stock  issuable  upon  the  conversion  of the  Company's
preferred  stock (if any),  are not  included in the  computation  if the effect
would be  anti-dilutive  and would  increase the  earnings or decrease  loss per
share.

Financial Instruments
---------------------

The carrying value of the Company's  financial  instruments,  as reported in the
accompanying balance sheets, approximates fair value.

Long-Lived Assets
-----------------

In accordance  with Statement of Financial  Accounting  Standard 144 "Accounting
for the  Impairment or Disposal of  Long-Lived  Assets",  the Company  regularly
reviews the carrying  value of intangible  and other  long-lived  assets for the
existence of facts or  circumstances,  both internally and externally,  that may
suggest impairment. If impairment testing indicates a lack of recoverability, an
impairment  loss is  recognized  by the  Company  if the  carrying  amount  of a
long-lived asset exceeds its fair value.

                                       F-7
                                                                              10

<PAGE>

                      ALPHA SPACECOM, INC. AND SUBSIDIARIES
                          (A Development Stage Company)
                   NOTES CONSOLIDATED TO FINANCIAL STATEMENTS
                                   (Unaudited)

NOTE 1. ORGANIZATION,  OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued):

Foreign Currency
----------------

The Company currently conducts limited operations,  and has chosen the US dollar
as its  designated  operating  currency.  If the  Company's  foreign  operations
increase,  it will in all  likelihood  designate the currency of each country in
which it operates as the functional  operating  currency for that area, at which
time foreign  assets and  liabilities  will  generally be  translated  into U.S.
dollars at current  exchange  rates,  and revenues and  expenses  translated  at
average exchange rates during the year. Resulting  translation  adjustments will
be reflected as a separate component of stockholders'  equity.  Foreign currency
transaction gains and losses will be included in consolidated operations.

NOTE 2. GOING CONCERN

The Company  has  suffered  recurring  losses  from  operations  and has a large
working capital  deficit.  These conditions  raise  substantial  doubt about the
Company's  ability  to  continue  as a going  concern.  The  Company  may  raise
additional capital through the sale of its equity securities,  through offerings
of  debt  securities,   or  through  borrowings  from  financial   institutions.
Management  believes  that actions  presently  being taken to obtain  additional
funding provide the opportunity for the Company to continue as a going concern.

NOTE 3. RELATED PARTY TRANSACTIONS

The Company has  financed  its general  and  administrative  expenses  primarily
through advances from officers and  shareholders.  During the three months ended
March 31,  2006,  the  Company  was  advanced  approximately  $98,000 by related
parties for general and administrative  expenses.  At March 31, 2006 the Company
had  $1,645,277 in Directors and  shareholder  advances  outstanding  which were
unsecured, non-interest bearing and due on demand.

NOTE 4.  LEGAL PROCEEDINGS

In November,  2004,  a lawsuit was filed in the District  Court for the City and
County of Denver,  Colorado by certain former Officers and Directors claiming to
represent  the Company  and by Tridon  Trust (an entity  controlled  by a former
Director) as  Plaintiffs  (collectively  referred to as "Former  Directors"  and
"Tridon") The suit sought to have the Court confirm the alleged  resignation  of
Mr. Xuedong Hu, Chief Executive Officer and current Director, and Mr. Jian Wang,
current  Director,  each  of who  asserted  that  they  had not  resigned  their
respective  positions  with the  Company.  The action also sought to rescind the
2001 Share Exchange Agreement with Alpha Sky Investment Limited

                                       F-8
                                                                              11

<PAGE>

                      ALPHA SPACECOM, INC. AND SUBSIDIARIES
                          (A Development Stage Company)
                   NOTES CONSOLIDATED TO FINANCIAL STATEMENTS
                                   (Unaudited)

NOTE 4.  LEGAL PROCEEDINGS (Continued):

("Alpha Sky") through which Mr. Hu received his beneficial ownership interest in
the Company. In January, 2005, a motion to dismiss was filed on behalf of Mr. Hu
and Mr. Wang, which denied the allegations contained in the compliant.

A hearing was held on various motions filed in this matter on March 18, 2005. On
March 30, 2005, a Colorado  District Court Judge signed an Order ruling that Mr.
Hu retained his beneficial  ownership in the Company's common stock and that the
attempt  by the  Former  Directors  to  remove  Mr. Hu and Mr.  Wang from  their
positions as  Directors  did not comply with  Colorado  law. The Judge also held
that a Board  meeting held on October 1, 2004 and continued to October 15, 2004,
lacked a quorum and could not  effectively  terminate  Mr. Hu's  position as the
Company's  CEO.  Finally,  the Court ruled as valid a demand  tendered by Mr. Hu
that the Company hold a special shareholders meeting to consider the election of
Directors and other matters pursuant to the laws of the State of Colorado.  This
meeting was held June 13, 2005.

On March 25, 2005,  Tridon  filed a voluntary  notice of dismissal of its claims
with the Colorado Court. Subsequent to the Court's March 30, 2005 written Order,
Tridon  filed a motion  asking the Court to vacate its Order and declare that it
lacked  jurisdiction  as a result of the notice of  dismissal.  In the  filings,
Tridon  claimed  that the  voluntary  notice of  dismissal  removes  the Court's
authority  to sign the  written  order,  and that the oral  ruling was not valid
until  reduced to writing  and  signed.  Mr. Hu, Mr.  Wang,  and Alpha Sky filed
responses to the Tridon  filings,  arguing  that the Order  entered by the Court
remains valid. On May 11, 2005, the Court issued a second Order stating that its
original order was entered March 18, 2005,  prior to the dismissal,  and that it
retained jurisdiction to sign and enforce its written Order.

Tridon  filed a notice of appeal  with the  Colorado  Court of Appeals  June 15,
2005;  Case No. 05 CA 1244.  Tridon also filed a Petition for Rule To Show Cause
with the Colorado Supreme Court on June 15, 2005; Case No. 05SA180.  On June 22,
2005, the Colorado Supreme Court denied the Petition.  The Court of Appeals case
remains pending, and is in its early stages.

While that appeal is pending,  the Colorado District Court's Orders of March 18,
2005  and May 11,  2005 are in  effect.  Those  Orders  provide  that the  Board
meetings removing Mr. Hu and Mr. Wang were not valid, and as a result Mr. Hu was
not properly or lawfully  removed as the Company's CEO or a member of the Board.
Similarly,  Mr.  Wang was not  properly or  lawfully  removed  from the Board of
Directors. In reliance upon this Court Order, Messrs. Hu and Wang have continued
to serve as Officers and Directors.

                                       F-9
                                                                              12

<PAGE>

                      ALPHA SPACECOM, INC. AND SUBSIDIARIES
                          (A Development Stage Company)
                   NOTES CONSOLIDATED TO FINANCIAL STATEMENTS
                                   (Unaudited)

NOTE 4.  LEGAL PROCEEDINGS (Continued):

On May 3, 2005, Tridon Trust as plaintiff,  filed a suit in the Federal District
Court  located  in  Los  Angeles,  California,  naming  Xuedong  Hu,  Alpha  Sky
Investment  Limited,  and Alpha Spacecom  Company Limited as defendants.  Tridon
Trust is a shareholder of the Company,  and Alpha Spacecom  Company Limited is a
subsidiary of the Company as a result of the prior Share  Exchange  Agreement of
December  10,  2001.  The suit  seeks  damages  based  upon  alleged  fraud  and
misrepresentations  leading up to the Share Exchange Agreement closing. The suit
also seeks to rescind the Share Exchange Agreement.

On the date  filed,  Tridon  Trust  also  asked  the  Court  to enter  temporary
injunctive   relief   requiring   that  Xuedong  Hu  provide   certain   alleged
representatives of Alpha Spacecom,  Inc. with the current SEC codes necessary to
file documents through the Edgar system. The Judge denied Tridon Trust's request
on May 3, 2005.

Mr. Hu and Alpha Sky  Investment  Limited  filed a motion to dismiss  all of the
claims  in  this  case.  Prior  to  the  date  set  for  hearing,  the  attorney
representing  Tridon Trust filed a First Amended Complaint,  changing the claims
and the parties. Alpha Sky Investment Limited and Alpha Spacecom Company Limited
are no longer  defendants,  Alpha Spacecom,  Inc. has been added as a plaintiff,
and the  Securities and Exchange  Commission has been added as a defendant.  The
Company under the current Board of Directors did not authorize this action.

The First  Amended  Complaint  filed in the case seeks to have the Court declare
that the actions  taken at the June 13, 2005  special  shareholder  meeting were
invalid based upon alleged violations of Federal securities laws relating to the
information required for a valid proxy statement.  The allegations also question
the ownership interest in a large block of Series B Preferred Convertible Stock,
9,777,775 shares in total.

The outcomes of this suit and of the case pending  before the Colorado  Court of
Appeals are undecided at the current  time. A ruling by either Court  rescinding
the results of the June 13, 2005 shareholders'  meeting or recognizing  previous
removal of the current Board could restore  control of the Company to the Former
Directors.  The Former  Directors  could  recognize  obligations,  contracts and
expense amounts for 2004 - 2006 not recognized by the current Board.  Therefore,
a Court  ordered  change  in  Board  control  of the  Company  could  result  in
substantial and material changes to the 2004 - 2006 financial  statements.  Such
possible changes are currently indeterminable and inestimable.

                                      F-10
                                                                              13

<PAGE>

                      ALPHA SPACECOM, INC. AND SUBSIDIARIES
                          (A Development Stage Company)
                   NOTES CONSOLIDATED TO FINANCIAL STATEMENTS
                                   (Unaudited)


NOTE 5.  CONTINGENCIES AND OTHER MATTERS

The  Company  on April 8, 2006  executed  a merger  agreement  with  East  Glory
Investments Group Limited ("East Glory"), a corporation with business operations
based in China. Pursuant to the agreement,  the Company will issue stock to East
Glory  sufficient to transfer 90% ownership in the Company,  in exchange for all
the  outstanding  stock  of the  East  Glory.  The  merger  is  contingent  upon
shareholder approval and other factors.
































                                      F-11

                                                                              14

<PAGE>

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

     The following  discussion  should be read in conjunction with the Financial
Statements and notes thereto included herein. In connection with, and because it
desires  to take  advantage  of, the "safe  harbor"  provisions  of the  Private
Securities Litigation Reform Act of 1995, the Company cautions readers regarding
certain forward looking statements in the following  discussion and elsewhere in
this Report and in any other statement made by, or on the behalf of the Company,
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 the
Company's 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 behalf of, the Company.  The
Company disclaims any obligation to update forward-looking statements.

OVERVIEW

     Alpha Spacecom, Inc., formerly, Tridon Enterprises, Inc. ("we, "us," "our,"
or the "Company"),  was  incorporated in the State of Colorado in 1983 under the
name "Turco Computer Systems,  Inc." Prior to the acquisition described below we
were seeking strategic  partnerships  with companies in the satellite  business.
However,  due to the  difficulty  in raising  working  capital  to  execute  our
business plans, we have ceased these operations.

     On December 10, 2001, pursuant to a share exchange  agreement,  we acquired
(the  "Acquisition") from Alpha Sky Investment Limited ("ASI") all of the equity
interests  in both  Accuhigh  Investments  Limited,  a  British  Virgin  Islands
company,  and Tidy Sum Investments Limited, a British Virgin Islands company, in
exchange for 10,000,000 shares of our convertible  preferred stock, which shares
of convertible  preferred stock are convertible into  900,000,000  shares of our
Common Stock. At present,  Accuhigh Investments Limited and Tidy Sum Investments
Limited hold 100% equity interest in Alpha Spacecom Company Limited ("ASC"). For
accounting purposes,  this acquisition has been treated as a recapitalization of
ASI with ASI as the acquirer.  Also on December 10, 2001,  Xuedong Hu, Fung Sien
and Wai Man Yu were appointed as members of our Board of Directors.  Brian Brick
resigned  from the  position of Chief  Executive  Officer.  The  directors  then
elected Xuedong Hu as the Chairman of the Board and Chief Executive  Officer and
appointed Mr. Brian Brick as the Chief Operating  Officer and as a member of the
Board of Directors.  Mr. Brick  resigned his positions with us in February 2005.
On April 1, 2003, Wai Man Yu resigned from the Board and Jian Wang was appointed
in his stead, effective May 26, 2003.

                                                                              15
<PAGE>

Control of Company

     Shareholders and potential  investors should be advised that, since October
2004, there has been an ongoing dispute concerning control of our Company.  This
dispute has resulted in two separate lawsuits being filed. See "PART I, Item 3,"
below for a  detailed  description  of these  actions  and the  results  arising
therefrom.

     This Report and the  contents  thereof has been  prepared by Mr. Hu, in his
capacity as our CEO, President,  CFO and principal  shareholder,  as well as the
Chairman  of our  Board of  Directors  and by Mr.  Wang,  in his  capacity  as a
director of our Company. In drafting and filing this Report, Messrs. Hu and Wang
have relied upon an Order issued by the Colorado  District Court,  wherein their
current  positions  with our Company have been  confirmed in March 2005. In that
Order,  the Court  confirmed  that a Board meeting held in October 2004 lacked a
quorum,  and Messrs.  Hu and Wang were not removed from their  respective  Board
seats or officer  positions at that meeting.  In deciding this issue,  the Court
reviewed our bylaws, our articles of incorporation, and applicable Colorado law,
and  determined  that the Board  consisted of four members in October 2004,  and
that the two members present at such meeting did not constitute a quorum. Others
continue to dispute the validity of the Court's Order and have made  allegations
about the ownership of the majority of the Series B Preferred Convertible shares
of our stock. (See "PART II, Item 1, Legal Proceedings," below).

Results of Operations

     Comparison of Results of Operations for the three month periods ended March
31, 2006 and 2005

     We generated  no revenues  during the three month  periods  ended March 31,
2006 and 2005,  and it is not  anticipated  that we will be able to generate any
revenues in the foreseeable  future unless we engage in a business  combination,
as described herein. We had no costs of sales.

     General and  administrative  expenses were $97,667  during our  three-month
period ended March 31, 2006,  compared to $8,947 during the  three-month  period
ended March 31, 2005, an increase of $88,720.  The expenses  incurred during the
three month period ended March 31, 2006, arose primarily from  professional fees
relating  to costs  associated  with our  being a  reporting  company  under the
Securities  Exchange Act of 1934, as amended,  including the pending merger more
fully described under "Subsequent Event," below. In addition,  we incurred legal
fees relating to the litigation described under "PART II, Item 1," below.

     As a result,  we  incurred a net loss of  $(97,667)  during the three month
period  ended  March 31, 2006 (less than $0.01 per share) as compared to our net
loss of $(8,947)  (less than $0.01 per share)  during the  comparable  period in
2005. Because we did not generate revenues

                                                                              16
<PAGE>

during the  three-month  periods ended March 31, 2006 and 2005, the following is
our Plan of Operation.

Plan of Operation

     We intend to seek to acquire assets or shares of an entity actively engaged
in business that generates revenues, in exchange for its securities.  We have no
particular  acquisitions  in mind  but as of the  date of this  Report,  we have
entered into various  discussions  regarding  such a business  combination,  but
there is no  definitive  agreement  with any third  party as of the date of this
Report.

     We have no full time paid employees. Our Chief Executive Officer/President,
Chief Operating Officer and our Secretary have each agreed to allocate a portion
of their time to our business activities, without compensation.  They anticipate
that our business plan can be  implemented  by their  devoting  minimal time per
month to our business affairs and, consequently, conflicts of interest may arise
with respect to the limited time commitment by such officers.

General Business Plan

     Our purpose is to seek,  investigate and, if such  investigation  warrants,
acquire an  interest  in business  opportunities  presented  to us by persons or
firms who or which desire to seek the  perceived  advantages  of an Exchange Act
registered, trading corporation. We will not restrict our search to any specific
business,  industry,  or  geographical  location  and  we may  participate  in a
business  venture  of  virtually  any kind or  nature.  This  discussion  of the
proposed business is purposefully  general and is not meant to be restrictive of
our  virtually  unlimited  discretion  to search  for and enter  into  potential
business   opportunities.   Management  anticipates  that  we  may  be  able  to
participate  in only one  potential  business  venture  because we have  nominal
assets  and  limited  financial  resources.  See  "PART  II,  Item 7,  Financial
Statements."  This lack of  diversification  should be  considered a substantial
risk to our  shareholders  because  it will not  permit us to  offset  potential
losses from one venture against gains from another.

     We may seek a  business  opportunity  with  entities  which  have  recently
commenced  operations,  or which wish to utilize the public marketplace in order
to raise additional capital in order to expand into new products or markets,  to
develop a new  product  or  service,  or for other  corporate  purposes.  We may
acquire assets and establish wholly owned  subsidiaries in various businesses or
acquire existing businesses as subsidiaries.

     We  anticipate  that the  selection of a business  opportunity  in which to
participate  will be  complex  and  extremely  risky.  Due to  general  economic
conditions,  rapid  technological  advances  being made in some  industries  and
shortages  of available  capital,  management  believes  that there are numerous
firms seeking the perceived benefits of a publicly registered corporation.  Such
perceived  benefits may include  facilitating  or  improving  the terms on which
additional  equity

                                                                              17
<PAGE>

financing may be sought,  providing  liquidity  for  incentive  stock options or
similar benefits to key employees,  providing liquidity (subject to restrictions
of applicable  statutes) for all  shareholders  and other factors.  Potentially,
available business  opportunities may occur in many different  industries and at
various  stages of  development,  all of which will make the task of comparative
investigation and analysis of such business  opportunities  extremely  difficult
and complex.

     We have,  and will continue to have, a limited amount of capital with which
to provide the owners of business  opportunities  with any  significant  cash or
other assets.  However,  management  believes we will be able to offer owners of
acquisition  candidates  the  opportunity  to  acquire a  controlling  ownership
interest in a publicly  registered,  trading company without  incurring the cost
and time  required  to  conduct an initial  public  offering.  The owners of the
business  opportunities  will,  however,  incur significant legal and accounting
costs in connection with  acquisition of a business  opportunity,  including the
costs of  preparing  Form  8-K's,  10-K's or  10-KSB's,  agreements  and related
reports  and  documents.  The  Securities  Exchange  Act of 1934  (the "34 Act")
specifically  requires that any merger or acquisition  candidate comply with all
applicable  reporting  requirements,  which include  providing audited financial
statements to be included within the numerous filings relevant to complying with
the 34 Act.  Nevertheless,  our officers and directors have not conducted market
research and are not aware of statistical  data that would support the perceived
benefits  of a merger or  acquisition  transaction  for the owners of a business
opportunity.

     The analysis of new business  opportunities will be undertaken by, or under
the  supervision  of, our officers and directors,  none of who is a professional
business analyst.  Management intends to concentrate on identifying  preliminary
prospective  business  opportunities  that may be  brought  to  their  attention
through  present  associations  of  our  officers  and  directors,   or  by  our
shareholders.  In analyzing prospective business opportunities,  management will
consider  such matters as the  available  technical,  financial  and  managerial
resources;  working  capital  and  other  financial  requirements;   history  of
operations,  if any;  prospects  for the future;  nature of present and expected
competition;  the quality and  experience  of management  services  which may be
available and the depth of that management;  the potential for further research,
development, or exploration; specific risk factors not now foreseeable but which
then may be  anticipated  to impact our proposed  activities;  the potential for
growth or expansion;  the potential for profit; the perceived public recognition
of acceptance of products,  services, or trades; name identification;  and other
relevant  factors.  Our officers and directors  expect to meet  personally  with
management  and key  personnel  of the  business  opportunity  as part of  their
investigation.  To the extent possible, we intend to utilize written reports and
personal  investigation  to evaluate the above  factors.  We will not acquire or
merge with any company for which audited financial statements cannot be obtained
within a reasonable period of time after closing of the proposed transaction.

     Management, while not especially experienced in matters relating to our new
business,  shall rely upon their own efforts and, to a much lesser  extent,  the
efforts of our shareholders,  in

                                                                              18
<PAGE>

accomplishing our business purposes.  It is not anticipated that we will utilize
any  outside  consultants  or  advisors  to  effectuate  our  business  purposes
described  herein.  However,  if we do  retain  such an  outside  consultant  or
advisor,  any  cash  fee  earned  by  such  party  will  need  to be paid by the
prospective  merger/acquisition  candidate, as we have no cash assets with which
to pay such  obligation.  There have been no  contracts or  agreements  with any
outside consultants and none are anticipated in the future.

     We will not  restrict our search for any  specific  kind of firms,  but may
acquire a venture that is in its  preliminary  or  development  stage,  which is
already in operation,  or in essentially  any stage of its corporate life. It is
impossible  to predict at this time the status of any  business  in which we may
become engaged, in that such business may need to seek additional  capital,  may
desire  to  have  its  shares  publicly  traded,  or may  seek  other  perceived
advantages which we may offer.

Acquisition of Opportunities

     In implementing a structure for a particular business  acquisition,  we may
become a party to a merger,  consolidation,  reorganization,  joint venture,  or
licensing  agreement  with another  corporation  or entity.  We may also acquire
stock or assets of an existing  business.  On the consummation of a transaction,
it is probable that our present management and shareholders will no longer be in
control of our Company. In addition,  our directors may, as part of the terms of
the acquisition  transaction,  resign and be replaced by new directors without a
vote of our shareholders.

     It is  anticipated  that any securities  issued in any such  reorganization
would be issued in reliance upon exemption from  registration  under  applicable
federal  and  state  securities  laws.  In  some  circumstances,  however,  as a
negotiated element of its transaction, we may agree to register all or a part of
such securities immediately after the transaction is consummated or at specified
times  thereafter.  If  such  registration  occurs,  of  which  there  can be no
assurance,  it  will  be  undertaken  by the  surviving  entity  after  we  have
successfully consummated a merger or acquisition and we are no longer considered
a "shell"  company.  Until  such time as this  occurs,  we will not  attempt  to
register  any  additional  securities.  The issuance of  substantial  additional
securities and their potential sale into any trading market which may develop in
our  securities  may have a depressive  effect on the value of our securities in
the future, if such a market develops, of which there is no assurance.

     While the actual terms of a  transaction  to which we may be a party cannot
be predicted,  it may be expected  that the parties to the business  transaction
will find it  desirable  to avoid the  creation  of a taxable  event and thereby
structure  the  acquisition  in  a  so-called  "tax-free"  reorganization  under
Sections 368(a)(1) or 351 of the Internal Revenue Code (the "Code"). In order to
obtain tax-free  treatment under the Code, it may be necessary for the owners of
the acquired  business to own 80% or more of the voting  stock of the  surviving
entity. In such event,

                                                                              19
<PAGE>

our shareholders would retain less than 20% of the issued and outstanding shares
of the  surviving  entity,  which would  result in  significant  dilution in the
equity of such shareholders.

     As  part  of our  investigation,  our  officers  and  directors  will  meet
personally  with  management and key personnel,  may visit and inspect  material
facilities,  obtain independent  analysis of verification of certain information
provided,  check  references of  management  and key  personnel,  and take other
reasonable  investigative  measures,  to the  extent  of our  limited  financial
resources and  management  expertise.  The manner in which we  participate in an
opportunity will depend on the nature of the  opportunity,  the respective needs
and desires of us and other parties,  the management of the  opportunity and our
relative negotiation strength and such other management.

     With respect to any merger or acquisition, negotiations with target company
management  is  expected  to focus on the  percentage  of stock which the target
company shareholders would acquire in exchange for all of their shareholdings in
the target company.  Depending upon,  among other things,  the target  company's
assets  and  liabilities,  our  shareholders  will  in  all  likelihood  hold  a
substantially  lesser  percentage  ownership  interest  following  any merger or
acquisition. The percentage ownership may be subject to significant reduction in
the event we acquire a target  company with  substantial  assets.  Any merger or
acquisition effected by us can be expected to have a significant dilutive effect
on the percentage of shares held by our then shareholders.

     We will  participate in a business  opportunity  only after the negotiation
and  execution of  appropriate  written  agreements.  Although the terms of such
agreements  cannot be predicted,  generally  such  agreements  will require some
specific  representations  and  warranties by all of the parties  thereto,  will
specify  certain  events of  default,  will  detail the terms of closing and the
conditions  which must be  satisfied  by each of the parties  prior to and after
such  closing,  will  outline  the  manner of  bearing  costs,  including  costs
associated  with our  attorneys  and  accountants,  will set forth  remedies  on
default and will include miscellaneous other terms.

     As stated  hereinabove,  we will not acquire or merge with any entity which
cannot provide  independent  audited  financial  statements  within a reasonable
period of time after closing of the proposed transaction.  We are subject to all
of the  reporting  requirements  included  in  the 34  Act.  Included  in  these
requirements  is the  affirmative  duty to file  independent  audited  financial
statements as part of our Form 8-K to be filed with the  Securities and Exchange
Commission upon consummation of a merger or acquisition,  as well as our audited
financial  statements  included  in its annual  report on Form  10-KSB.  If such
audited  financial  statements  are not  available  at  closing,  or within time
parameters  necessary to insure our compliance  with the  requirements of the 34
Act,  or if the  audited  financial  statements  provided  do not conform to the
representations  made by the candidate to be acquired in the closing  documents,
the  closing  documents  will  provide  that the  proposed  transaction  will be
voidable,  at the discretion of our present  management.  If such transaction is
voided,  the  agreement  will  also  contain  a  provision

                                                                              20
<PAGE>

providing for the  acquisition  entity to reimburse us for all costs  associated
with the proposed transaction.

Subsequent Event

     On April 8, 2006, we executed a Merger  Agreement  (the  "Agreement")  with
East Glory Investments Group Limited, a Cayman Islands corporation ("EGIG") that
has its principal place of business  located at 12/F,  Beicang  Building,  No.76
Jianshebei Road, Taiyuan City, Shanxi Province,  People's Republic of China. The
Agreement  provides for us to issue an aggregate  of  898,823,370  shares of our
Common Stock  (representing 90% of all shares  outstanding after this merger) in
exchange for all of the issued and outstanding securities of EGIG.

     The  effectiveness  of the  Agreement is contingent  upon several  factors,
including (i) the approval of the Agreement by our shareholders,  as well as the
shareholders  of EGIG;  (ii) the filing and  acceptance of an Amendment with the
Nevada Secretary of State to increase the number of our authorized Common Shares
to 1,000,000,000,  par value $0.001 per share, and changing our name to "Beicang
Iron & Steel Inc.";  (iii) the filing and  acceptance of Articles of Merger,  as
required  under Nevada law; (iv) the receipt by us of EGIG's  audited  Financial
Statements for its fiscal year ended December 31, 2005,  which shall be prepared
in accordance with Generally Accepted Accounting Principles;  and (v) receipt by
us of all information required to be included to allow us to file a Form 8-K12G3
(or  such  other  form  as may be  prescribed  by the  Securities  and  Exchange
Commission)  with the US  Securities  and Exchange  Commission,  advising of the
Merger and change in control of our Company.  As of the date of this Report, the
parties to the Merger Agreement are working towards satisfying these conditions.

     If the Agreement  becomes  effective,  our current  management  will resign
their  respective  positions with us and be replaced by Messrs.  Hou Beicang and
Zou  Zhendong,  who will become  directors of our Company.  Mr. Hou Beicang will
also assume the  positions  of our Chief  Executive  Officer,  President,  Chief
Financial Officer, Secretary and Treasurer.

     EGIG was  incorporated  under the laws of the  Cayman  Islands  on July 26,
2005, and holds all of the issued and outstanding  share capital of Trinity Link
Holdings Ltd.  ("Trinity  Link"),  which was incorporated  under the laws of the
British Virgin Islands on August 18, 2005. Trinity Link in turn holds all of the
issued and outstanding  share capital of Shanxi Bestlink  Management  Consulting
Co. Ltd.  ("Bestlink"),  which was  incorporated  under the laws of the People's
Republic of China on December 30, 2005.  Neither EGIG,  Trinity Link or Bestlink
have carried on any  substantive  operations of their own,  except that Bestlink
has entered into  certain  exclusive  agreements  with Pinglu  County  Changhong
Ferroalloy Co. Ltd.  ("PL"),  Fanshi County Xinyu Iron Resources Co. Ltd. ("FS")
and other relevant parties.

     Located in Pinglu County and Fanshi County,  respectively,  in the southern
and northern part of Shanxi  Province of China, PL and FS engage in the refinery
of iron ores. PL produces

                                                                              21
<PAGE>

ferrochromium  alloy,  whereas FS produces pelletized iron that is used in steel
manufacturing.  Customers  of PL and FS include  major  steel  manufacturers  in
China.

     The  majority  of the  paid-in  capital of both PL and FS was funded by the
shareholders  of EGIG.  On  January  5,  2006,  Bestlink  entered  into  certain
exclusive agreements with both PL and FS and their shareholders.  PL and FS hold
the licenses and approvals necessary to operate the iron ore refinery businesses
in China.  Pursuant to these agreements,  Bestlink provides exclusive management
consulting and other general business  operation services to PL and FS in return
for a  services  fee  which is equal to 95% of PL and FS's  revenue  less  their
operational cost and fees. In addition,  PL's and FS's shareholders have pledged
their equity interests in PL and FS to Bestlink, irrevocably granted Bestlink an
exclusive option to purchase, to the extent permitted under PRC law, all or part
of the controlling  equity interests in PL and FS, and agreed to entrust all the
rights to exercise  their voting power to the  person(s)  appointed by Bestlink.
Through these contractual arrangements,  EGIG, through Bestlink, has the ability
to substantially influence PL's and FS's daily operations and financial affairs,
appoint its senior  executives  and approve  all matters  requiring  shareholder
approval.

     As a result  of  these  contractual  arrangements,  which  obligates  EGIG,
through  Bestlink,  to absorb a majority  of the risk of loss from PL's and FS's
activities  and enable  EGIG,  through  Bestlink,  to receive a majority  of its
expected residual returns,  EGIG accounts for PL and FS as its variable interest
entities ("VIE") under FASB  Interpretation No. 46R ("FIN 46R"),  "Consolidation
of Variable  Interest  Entities,  an  Interpretation of ARB No. 51," because the
equity investors in PL and FS do not have the  characteristics  of a controlling
financial  interest and EGIG should be considered the primary  beneficiary of PL
and FS.  Accordingly,  EGIG  consolidates  PL's and FS's results of  operations,
assets and liabilities.

     PL is based in Pinlu County in the southern  part of Shanxi  Province.  Its
main product is ferrochromium alloy (used in the production of steel). The major
production  facilities  of PL include two owned 6,300 KVA ore hot stoves and one
leased 12,500 KVA ore hot stove.  Annual  production  capacity amounts to 40,000
tons of  ferrochromium,  while annual  revenue  amounts to RMB250 million (US$31
million, unaudited).

     Major raw materials used by PL include chromium,  silica, coke powder, iron
oxide,  etc.  The major  supplies  come  from  chromium  mines in Tibet,  India,
Pakistan,  Turkey and the Philippines.  PL maintains long-term relationship with
import  agents,  which  provides  for the  continuous  and steady  supply of raw
materials.

     FS's main product is acid pellets (used in blast furnace  iron-smelting for
the production of carbon steel).  Its production  facilities are based in Fanshi
County in the northern part of Shanxi Province. FS's plant occupies a total area
of 6.76 hectors (around 16.7 acres), consisting of one 10m(2) shaft furnace with
an annual capacity of 400,000 tons of acid pellets. It is expected that a second
shaft furnace shall be added in the near future.

                                                                              22
<PAGE>

     The raw  material  for the  production  of acid  pellets is fine ore.  FS's
largest supplier is Changchi Enterprise (Group) Ltd. (a related company owned by
Mr. Hou Beicang).  Changchi  Enterprise  leases from New Linfen Steel & Iron Co.
Ltd (a major state-owned steel manufacturer, hereinafter referred as "Linfen") a
5-year  mining right over 2 iron mines with an  aggregate  reserve of 20 million
tons of 25%-36% iron ores that has an average  annual  output of 2 million tons.
In addition, Changchi Enterprise also operates three ore dressing plants with an
aggregate  annual  output of 300,000 ton 64.5% fine ore. It is intended that the
mining and ore dressing  operations of Changchi will be transferred to FS in due
course.

     FS has also entered into a 5-year sales contract with Changchi  Enterprise,
which in turn sells to  Linfen.  Changchi  has  agreed to  purchase a minimum of
300,000 tons of acid pellets  produced by FS annually,  representing 75% or more
of FS's current  annual  capacity of 400,000 tons. FS also has sales  agreements
with other  large-scale  steel  manufacturers in China,  including Handan Iron &
Steel Group Co. Ltd. in Hebei  province,  Changzhi Iron & Steel (Group) Co. Ltd.
in Shaanxi, Qingdao Iron & Steel Plant and Tianjin Steel Plant.

LIQUIDITY AND CAPITAL RESOURCES

     At March 31, 2006, we had no available cash.

     We have financed our general and administrative  expenses primarily through
advances from officers and shareholders. At March 31, 2006, we had $1,645,277 in
related party advances outstanding that were unsecured, non-interest bearing and
due on demand.

     Because  we  are  not  currently  required  to pay  salaries  to any of our
officers or  directors,  management  believes that we have  sufficient  funds to
continue  operations  through the foreseeable  future.  In the event  additional
funds are required to allow us to continue  our  operations,  it is  anticipated
that these funds will be loaned to us by  management,  as it is doubtful that we
will be able to obtain loans from any established financial  institution.  It is
further   anticipated   that  we  will  continue  to  incur   expenses   without
corresponding  revenues during the foreseeable future, until such time as we are
successful in merging with or acquiring assets of a third party.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

     We have  identified  critical  accounting  policies  that,  as a result  of
judgments,   uncertainties,   uniqueness  and  complexities  of  the  underlying
accounting standards and operations involved could result in material changes to
our financial  position or results of operations  under different  conditions or
using different assumptions. The most critical accounting policies and estimates
are:

                                                                              23
<PAGE>

     >    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 reported
          amounts of assets and liabilities and disclosure of contingent  assets
          and  liabilities  at the  date  of the  financial  statements  and the
          reported amounts of revenue and expenses during the reporting  period.
          Actual results could differ from those estimates.

     >    Fair  value of  instruments.  Our  financial  instruments  consist  of
          accounts  receivable,  accounts  payable and long term debt.  The fair
          value of financial instruments approximate their recorded values. Fair
          value of loans payable to  stockholders  and balances of bank lines of
          credit, in the circumstances, are not reasonably determinable.

     Details  regarding our use of these policies and the related  estimates are
described in the accompanying  consolidated financial statements as of March 31,
2006 and 2005.  During the three month period  ended March 31, 2006,  there have
been no material changes to our critical  accounting  policies that impacted our
consolidated financial condition or results of operations.

Inflation

     Although  management  expects that our operations are influenced by general
economic  conditions,  we do not believe that inflation had a material effect on
the results of operations during the three month period ended March 31, 2006.

ITEM 3. CONTROLS AND PROCEDURES

     Within 90 days prior to the date of filing of this quarterly report on Form
10-QSB,   we  carried  out  an  evaluation,   under  supervision  and  with  the
participation     of    our     management,     including     Chief    Executive
Officer/President/Chief  Financial  Officer (the "Certifying  Officer"),  of the
effectiveness  of the  design  and  operation  of our  disclosure  controls  and
procedures pursuant to Exchange Act Rule 13a-14. Based upon that evaluation, our
Certifying  Officer  concluded that our  disclosure  controls and procedures are
effective in timely alerting him to material information relating to us required
to be included  in our  periodic  SEC  filings.  Subsequent  to the date of that
evaluation,  there have been no changes in internal controls or in other factors
that could  significantly  affect  internal  controls,  nor were any  corrective
actions   required  with  regard  to  significant   deficiencies   and  material
weaknesses.

                                                                              24

<PAGE>


                           PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

     We are involved in two legal proceedings related to the December 2001 Share
Exchange Agreement between Tridon Enterprises (currently Alpha Spacecom,  Inc.),
Alpha Sky Investment Limited, and Tridon Trust. All references to "Tridon" below
refer to both Tridon entities,  the Company (now Alpha Spacecom,  Inc.  formerly
Tridon Enterprises) and Tridon Trust, one of our shareholders.

     Each of the below  described  matters  also  involve (1) a dispute over the
identity and  authority of our current  management,  (2) the validity of actions
taken at a special meeting of  shareholders  held June 13, 2005, and (3) certain
allegations  related  to the  ownership  of  9,555,553  shares  of our  Series B
Preferred  Convertible  Stock.  The actions  were  brought by Mr. Sien and other
individuals,  not by Messrs.  Hu and Wang.  Current  shareholders  and potential
purchasers of our securities are strongly  cautioned that the matters  described
below have not been  litigated to  completion  and  investors  should review the
details of these matters from independent sources prior to making any investment
decisions.

Alpha  Spacecom,  Inc. and Tridon Trust v. Xuedong Hu, Jian Wang,  and Alpha Sky
Investment  LTD.,  Case Number 04 CV 9819,  District  Court,  City and County of
Denver, Colorado

     On or about  November  29,  2004,  Tridon  filed a law suit in the Colorado
District Court located in Denver, Colorado. Our current management believes that
this suit was not properly  authorized,  as this action was taken by only two of
our then four  directors.  The complaint filed in that case contained four basic
claims:  (1) to have the judge  declare that  Xuedong Hu and Jian Wang  resigned
their positions as directors by their conduct effective October 15, 2004; (2) to
have the judge declare that the remaining  directors lawfully removed Xuedong Hu
as our Chief  Executive  Officer,  effective  October 15, 2004;  (3) to have the
judge order the removal of Hu and Wang under the  guidelines of Colorado law for
alleged  dishonest and fraudulent  conduct;  and (4) asking the judge to rescind
the December 2001 Share Exchange Agreement.

     After the suit was filed,  Xuedong Hu, pursuant to the laws of the State of
Colorado, issued a written request that we hold a special shareholder meeting to
address several issues.  On or about January 19, 2005, two of our four directors
sent Mr. Hu a letter declining to hold the requested meeting,  stating that they
did not  consider  him to be a  shareholder  of our  Company  by  virtue  of the
Colorado lawsuit filing seeking rescission.

     On or about January 13, 2005, all three defendants (Hu, Wang and Alpha Sky)
filed a motion to dismiss all four claims. On or about January 26, 2005, Xuedong
Hu filed a motion with the Colorado  District Court under Colorado law to compel
us to hold the requested special shareholder meeting.  Tridon filed responses to
the motions filed by Hu, Wang, and Alpha Sky. The Colorado  District Court Judge
held a hearing  on the  motions  on March 18,  2005.  At the

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<PAGE>

conclusion of the hearing, the Judge entered an Order and findings orally and in
a minute order. The substance of that Order was later reduced to writing,  and a
copy of that Order was  attached  to our Form 8-K filed with the SEC on or about
April 7, 2005. In part,  that Order  dismissed the first two claims  asserted by
Tridon, required us to hold the requested special shareholder meeting, and found
that Xuedong Hu is entitled to vote at the special  shareholder meeting since he
remains the beneficial owner of more than 82% of our outstanding securities.  At
the  conclusion of the hearing,  the Judge also  requested that the attorney for
Mr. Hu, Mr. Wang, and Alpha Sky prepare a written form of Order and submit it to
the Court.  The written  Order was  ultimately  signed by the Judge on March 30,
2005.

     On March 25,  2005,  Tridon  filed a voluntary  notice of  dismissal of its
claims with the Colorado  District  Court.  Subsequent  to the Court's March 30,
2005 written  Order,  Tridon filed a motion asking the Court to vacate its Order
and declare that it lacked  jurisdiction as a result of the notice of dismissal.
In the filings,  Tridon claimed that the voluntary  notice of dismissal  removes
the Court's  authority to sign the written  Order,  and that the oral ruling was
not valid until reduced to writing and signed.  Mr. Hu, Mr. Wang,  and Alpha Sky
filed  responses to the Tridon  filings,  arguing that the Order  entered by the
Court remains  valid.  On May 11, 2005,  the Court issued a second Order stating
that its original Order was entered March 18, 2005, prior to the dismissal,  and
that it retained jurisdiction to sign and enforce its written Order.

     Tridon filed a Notice of Appeal with the Colorado  Court of Appeals on June
15,  2005,  Case No. 05 CA 1244.  Tridon also filed a Petition  for Rule To Show
Cause with the Colorado  Supreme Court on June 15, 2005,  Case No.  05SA180.  On
June 22, 2005,  the Colorado  Supreme  Court denied the  Petition.  The Court of
Appeals case remains pending.

Alpha Spacecom, Inc. and Tridon Trust, Appellants;  Xuedong Hu, Jian Wang, Alpha
Sky Investment  Company  Limited,  Appellees;  Case Number 05 CA 1244,  Colorado
Court of Appeals

     Tridon has filed its opening  brief with the Court,  arguing that the trial
court  lacked any  jurisdiction  to sign the written  order of March 30, 2005. A
response  brief has also been filed  recently on behalf of the Appellees  asking
the appellate court to affirm the trial court's order.  Tridon has also recently
asked the Court to hear oral argument on the matter.

     Tridon did not request any stay of the existing orders, so while the appeal
is pending,  the Colorado  District Court's Orders of March 18, 2005 and May 11,
2005 remain in effect.  Those Orders provide that the Board meeting removing Mr.
Hu and Mr. Wang was not valid.  As a result Mr. Hu was not  properly or lawfully
removed  as our CEO or a  member  of the  Board.  Similarly,  Mr.  Wang  was not
properly or lawfully removed from our Board of Directors. In reliance upon these
Court Orders,  Messrs.  Hu and Wang have  continued to perform their  respective
duties  owed to us,  including  but not  limited to  executing  and filing  this
Report.

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<PAGE>

Tridon Trust v. Xuedong Hu, Alpha Sky Investment Limited, Alpha Spacecom Company
Limited, and Does 1-10, Case No. CV05 3295DT(RCx),  U.S. District Court, Central
District of California

     On May 3, 2005,  Tridon  Trust filed a suit in the Federal  District  Court
located  in Los  Angeles,  California.  Tridon  Trust  is a  shareholder  of our
Company,  and Alpha Spacecom Company Limited is a subsidiary of our Company as a
result of the prior Share Exchange Agreement of December 9, 2001. The suit seeks
damages based upon alleged fraud and misrepresentations  leading up to the Share
Exchange  Agreement  closing.  The suit also seeks to rescind the Share Exchange
Agreement.

     On the date filed,  Tridon  Trust also asked the Court to enter a temporary
order for  injunctive  relief  requiring  that  Xuedong Hu provide  Mr.  Sien or
another  representative  of Alpha  Spacecom,  Inc.  with the  current  SEC codes
necessary to file documents  through the EDGAR  electronic  filing  system.  The
Judge denied Tridon's request.

     Mr. Hu and Alpha Sky  Investment  Limited  filed a motion to dismiss all of
the  claims  in this  case.  Prior  to the date set for  hearing,  the  attorney
representing  Tridon Trust filed a First Amended Complaint,  changing the claims
and the parties. Alpha Sky Investment Limited and Alpha Spacecom Company Limited
are no longer  defendants,  Alpha Spacecom,  Inc. has been added as a plaintiff,
and the Securities and Exchange Commission has been added as a defendant. We did
not authorize  this action.  The caption for this case is now:  Alpha  Spacecom,
Inc. and Tridon Trust v. Xuedong Hu, the United States  Securities  and Exchange
Commission and Does 1-10,  United States District Court for the Central District
Of California, Case No. CV05 3295DT(RCx).

     Since the First Amended  Complaint was filed,  the Court heard Xuedong Hu's
motion to dismiss and denied  that  motion  based upon the nature of the federal
claims  asserted.  Subsequently,  Tridon  requested  the Court issue a temporary
injunction against the U.S.  Securities and Exchange  Commission  requiring that
they provide access codes to the Plaintiffs. That request was denied.

     The  First  Amended  Complaint  filed in the case  seeks to have the  Court
declare that the actions taken at the June 13, 2005 special  shareholder meeting
were invalid based upon alleged  violations of federal  securities laws relating
to the  information  required for a valid proxy  statement.  Tridon alleges that
under  Section  14a of the  Securities  and  Exchange  Act of 1934 the Notice of
Meeting & Proxy Statements  issued by us for our Special Meeting of Shareholders
held June 13, 2005 violated federal  regulations because they were allegedly not
sent to all  shareholders  of record  and failed to contain a copy of our annual
report. The allegations also question the ownership interest in a large block of
Series  B  Convertible  Preferred  Stock,   9,555,553  shares  in  total.  These
allegations  suggest that  certain  stock powers were signed in favor of Paul A.
Ebeling,  but do not ask the Court to  address  the  ownership  of the shares in
question. Mr. Ebeling is not a party to this lawsuit.

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<PAGE>

     Shareholders and potential  investors are strongly cautioned not to rely on
the  lawsuit  allegations,  including  those  related  to the  ownership  of the
majority of the Series B Convertible  Preferred shares. The allegations have not
been fully litigated at this time and the stock ownership  allegations  directly
conflict with the Colorado District Court orders that are in place.

     Shareholders  and potential  investors  are also strongly  cautioned not to
rely on the Schedule  13D filed by Paul A. Ebeling or upon prior press  releases
issued  through PR Newswire or our web site which is not  controlled  by current
management. Mr. Ebeling claims to have acquired ownership of 9,555,553 shares of
Series B Preferred  Convertible  Stock  through  stock powers  effective May 31,
2005.  Prior to that time,  two press releases were issued on March 18, 2005 and
April 12, 2005, both without proper authorization from us. The first stated that
9.55  million  shares  of the  Series B  Convertible  Preferred  stock  had been
returned by an individual to us and cancelled. The April release stated that the
shares  in  question  had been  returned  to us on June 21,  2004.  We have also
recently  received a request to convert  additional Series B Preferred shares of
stock from a representative associated with the Plaintiffs.  These shares do not
appear to have been  lawfully  issued and we have  declined  to convert  them to
Common Stock and have asked the requesting parties to provide  information about
the issuance of these shares. Accordingly,  Shareholders and potential investors
are strongly  advised to review all public  information,  including the Colorado
Court orders  issued March 18, 2005 and May 11, 2005,  and all public  documents
filed with the  Securities  and  Exchange  Commission  or  available  from other
sources.

ITEM 2.  CHANGES IN SECURITIES

     During the three month period ended March 31, 2006, we did not issue any of
our securities.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES - NONE

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

     No matters were submitted to our shareholders for their approval during the
three month period ended March 31, 2006.

ITEM 5.  OTHER INFORMATION - NONE

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K -

     (a) Exhibits

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<PAGE>


         31   Certification of Chief Executive Officer/Chief Financial Officer
              Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

         32   Certification of Chief Executive Officer/Chief Financial Officer
              Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

     (b) Reports on Form 8-K

     We did not file any reports on Form 8-K during the three month period ended
March 31, 2006.

Subsequent Event

     On April 12, 2006, we filed a report on Form 8-K, advising that on April 8,
2006,  we  executed  a  Merger  Agreement  (the  "Agreement")  with  East  Glory
Investments Group Limited,  a Cayman Islands  corporation  ("EGIG") that has its
principal place of business located at 12/F, Beicang Building,  No.76 Jianshebei
Road,  Taiyuan City, Shanxi Province,  People's Republic of China. The Agreement
provides for us to issue an aggregate of 898,823,370  shares of our Common Stock
(representing  90% of all shares  outstanding after this merger) in exchange for
all of the issued and outstanding securities of EGIG.

     The  effectiveness  of the  Agreement is contingent  upon several  factors,
including (i) the approval of the Agreement by our shareholders,  as well as the
shareholders  of EGIG;  (ii) the filing and  acceptance of an Amendment with the
Nevada Secretary of State to increase the number of our authorized Common Shares
to 1,000,000,000,  par value $0.001 per share, and changing our name to "Beicang
Iron & Steel Inc.";  (iii) the filing and  acceptance of Articles of Merger,  as
required  under Nevada law; (iv) the receipt by us of EGIG's  audited  Financial
Statements for its fiscal year ended December 31, 2005,  which shall be prepared
in accordance with Generally Accepted Accounting Principles;  and (v) receipt by
us of all information required to be included to allow us to file a Form 8-K12G3
(or  such  other  form  as may be  prescribed  by the  Securities  and  Exchange
Commission)  with the US  Securities  and Exchange  Commission,  advising of the
Merger and change in control of our Company.

     If the Agreement  becomes  effective,  our current  management  will resign
their  respective  positions with us and be replaced by Messrs.  Hou Beicang and
Zou  Zhendong,  who will become  directors of our Company.  Mr. Hou Beicang will
also assume the  positions  of our Chief  Executive  Officer,  President,  Chief
Financial Officer, Secretary and Treasurer.

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<PAGE>

                                   SIGNATURES


     Pursuant to the  requirements  of Section 12 of the Securities and Exchange
Act of 1934,  the  Registrant  has duly  caused  this Report to be signed on its
behalf by the undersigned, thereunto duly authorized.

Dated: May 22, 2006        ALPHA SPACECOM, INC.
                           (Registrant)



                           By: s/ Xuedong Hu
                               -------------------------------------------------
                               Xuedong Hu, Chief Executive Officer and President



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