**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**WASHINGTON,
      D.C. 20549**





**FORM
      10-Q**





x
            QUARTERLY
                REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIESEXCHANGE
                ACT OF 1934For
                Quarter Ended: June 30, 2008; oro
            TRANSITION
                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                SECURITIESEXCHANGE
                ACT OF 1934





For
      the
      transition period _________ to __________





Commission
      File Number: 0-52561





**American
      Resources and Development Company**


(Exact
      name of Registrant as specified in its charter)





**UTAH**
            **87-0401400**(State
                or other Jurisdiction of
            (IRS
                Employerof
                Incorporation or Organization)
            Identification
                No.)**5891
                Sagewood, Murray, UT**
            **84107**(Address
                of principal executive offices)
            (Zip
                Code)





**(801)
      230-1030**


(Issuer’s
      telephone number, including area code)





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 a registrant was required to file such reports), and
      (2) has been subject to such filing requirements for the past 90
      days.


Yes
o No
x








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


Yes
o No
x








As
      of
      August 10, 2008, there were 467,039,666 shares of the issuer's Common Stock,
      $0.001 par value, issued and outstanding.





Transitional
                Small Business Disclosure Format
            Yes
                  oNo
                  x








**AMERICAN
      RESOURCES and DEVELOPMENT COMPANY AND SUBSIDIARIES**


**Report
      on Form 10-Q**





**PART
      I - FINANCIAL INFORMATION**





Item
      1.
      Financial Statements


Item
      2.
      Management's Discussion and Analysis or Plan or Operations


Item
      3.
      Controls and Procedures





**PART
      II - OTHER INFORMATION**





Item
      1.
      Legal Proceedings


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


Item
      3.
      Defaults Upon Senior Securities


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


Item
      5.
      Other Information


Item
      6.
      Exhibits


i


**AMERICAN
                    RESOURCES AND DEVELOPMENT COMPANY AND
                    SUBSIDIARIES**Consolidated
                    Balance Sheets
  ASSETS
  June
                    30,
                
                March
                    31,2008
                
                2008CURRENT
                    ASSETS
                
                (Unaudited)Cash
                
                $
                42,148
                
                $
                21,429Investments
                
                
                4,160,712
                
                
                3,364,330Total
                    Current Assets
                
                
                4,202,860
                
                
                3,385,759TOTAL
                    ASSETS
                
                $
                4,202,860
                
                $
                3,385,759LIABILITIES
                    AND STOCKHOLDERS' EQUITY (DEFICIT)CURRENT
                    LIABILITIESAccounts
                    payable
                
                $
                -
                
                $
                -Total
                    Current Liabilities
                
                
                -
                
                
                -TOTAL
                    LIABILITIES
                
                
                -
                
                
                -STOCKHOLDERS'
                    EQUITY (DEFICIT)Common
                    stock; $0.01 par value; 500,000,000shares
                    authorized; 467,039,666 sharesissued
                    and outstanding
                
                
                467,040
                
                
                467,040Additional
                    paid-in capital
                
                
                11,553,822
                
                
                11,553,822Accumulated
                    deficit
                
                
                (7,818,002
                )
                
                (8,635,103
                )Total
                    Stockholders' Equity (Deficit)
                
                
                4,202,860
                
                
                3,385,759TOTAL
                    LIABILITIES ANDSTOCKHOLDERS'
                    EQUITY (DEFICIT)
                
                $
                4,202,860
                
                $
                3,385,759
 The
            accompanying notes are an integral part of these financial
            statements.


1


**AMERICAN
                  RESOURCES AND DEVELOPMENT COMPANY AND
                  SUBSIDIARIES**Consolidated
                  Statements of Operations(Unaudited)
  For
                  the Three Months EndedJune
                  30,2008
              
              2007REVENUES
              
              $
              883,822
              
              $
              -COST
                  OF SALES
              
              
              -
              
              
              -GROSS
                  PROFIT
              
              
              883,822
              
              
              -EXPENSESGeneral
                  and administrative
              
              
              74,323
              
              
              8,366Total
                  Expenses
              
              
              74,323
              
              
              8,366OPERATING
                  LOSS
              
              
              809,499
              
              
              (8,366
              )OTHER
                  INCOME (EXPENSES)Interest
                  expense
              
              
              -
              
              
              (26,714
              )Interest
                  income
              
              
              7,602
              
              
              -Unrealized
                  loss on investments
              
              
              -
              
              
              (143,673
              )Total
                  Other Income (Expense)
              
              
              7,602
              
              
              (170,387
              )NET
                  INCOME (LOSS)
              
              $
              817,101
              
              $
              (178,753
              )BASIC
                  LOSS PER SHARE
              
              $
              0.00
              
              $
              (0.00
              )WEIGHTED
                  AVERAGENUMBER
                  OF SHARESOUTSTANDING
              
              
              466,770,406
              
              
              466,770,406
 The
          accompanying notes are an integral part of these financial
          statements.
 2
 
 **AMERICAN
                      RESOURCES AND DEVELOPMENT COMPANY AND
                      SUBSIDIARIES**Consolidated
                      Statements of Cash Flows(Unaudited)
  For
                      the Three Months EndedJune
                      30,CASH
                      FLOWS FROM OPERATING ACTIVITIES
                  
                  2008
                  
                  2007Net
                      income (loss)
                  
                  $
                  817,101
                  
                  $
                  (178,753
                  )Adjustments
                      to reconcile net loss to net cashprovided (used) by operating activities:Earnings
                      on investments
                  
                  
                  (883,822
                  )
                  
                  -Interest
                      earned on investments
                  
                  
                  (7,560
                  )
                  
                  -Unrealized
                      loss on investments
                  
                  
                  -
                  
                  
                  143,673Changes
                      in operating assets and liabilitiesIncrease
                      in accounts payable and accrued expenses
                  
                  
                  -
                  
                  
                  30,988Net
                      Cash Used by Operating Activities
                  
                  
                  (74,281
                  )
                  
                  (4,092
                  )CASH
                      FLOWS FROM INVESTING ACTIVITIESCash
                      paid for investments
                  
                  
                  (95,000
                  )
                  
                  (1,725,000
                  )Cash
                      withdrawals from investments
                  
                  
                  190,000
                  
                  
                  -Net
                      Cash Provided (Used) by Investing Activities
                  
                  
                  95,000
                  
                  
                  (1,725,000
                  )CASH
                      FLOWS FROM FINANCING ACTIVITIESPayments
                      on notes receivable
                  
                  
                  -
                  
                  
                  (108,409
                  )Net
                      Cash Used by Financing Activities
                  
                  
                  -
                  
                  
                  (108,409
                  )NET
                      INCREASE (DECREASE) IN CASH
                  
                  
                  20,719
                  
                  
                  (1,837,501
                  )CASH
                      AT BEGINNING OF PERIOD
                  
                  
                  21,429
                  
                  
                  1,865,852CASH
                      AT END OF PERIOD
                  
                  $
                  42,148
                  
                  $
                  28,351CASH
                      PAID FOR:Interest
                  
                  $
                  -
                  
                  $
                  -Income
                      Taxes
                  
                  $
                  -
                  
                  $
                  -SUPPLIMENTAL
                      SCHEDULE OF NON-CASH ANDINVESTING
                      ACTIVITIES
                  
                  $
                  -
                  
                  $
                  -
 The
              accompanying notes are an integral part of these financial
              statements.


3
 **AMERICAN
                  RESOURCES AND DEVELOPMENT COMPANY AND SUBSIDIARIES**
 Notes
                  to
                  the Consolidated Financial Statements
  NOTE
                    1 -
                BASIS
                    OF FINANCIAL STATEMENT PRESENTATION
 
 The
          accompanying unaudited condensed financial statements have been prepared
          by the
          Company pursuant to the rules and regulations of the Securities and Exchange
          Commission. Certain information and footnote disclosures normally included
          in
          financial statements prepared in accordance with accounting principles
          generally
          accepted in the United States of America have been condensed or omitted
          in
          accordance with such rules and regulations. The information furnished in
          the
          interim condensed financial statements includes normal recurring adjustments
          and
          reflects all adjustments, which, in the opinion of management, are necessary
          for
          a fair presentation of such financial statements. Although management believes
          the disclosures and information presented are adequate to make the information
          not misleading, it is suggested that these interim condensed financial
          statements be read in conjunction with the Company's most recent audited
          financial statements and notes thereto included in its March 31, 2008 Annual
          Report on Form 10-K of the Company. Operating results for the three months
          ended
          June 30, 2008 are not necessarily indicative of the results that may be
          expected
          for the year ending March 31, 2009.
 
 NOTE
                    2 -
                SIGNIFICANT
                    ACCOUNTING POLICIES
 
 a.
          Organization
 
 The
          accompanying consolidated financial statements include those of American
          Resources and Development Company (the Company) and its wholly-owned subsidiary,
          Springfield Finance and Mortgage Company, LLC (SFMC). In addition, the
          consolidated financial statements include those of Springfield Investment,
          Inc.
          (SFIC) and Springfield Construction, LLC (SFCC). Both SFIC and SFCC, although
          not majority owned by the Company, have been determined to be “Variable Interest
          Entities” pursuant to FIN 46 and have therefore been consolidated in these
          financial statements. All inter-company items and transactions have been
          eliminated in consolidation.
 
 The
          Company was formed on March 21, 1983 and until 2007 was in the business
          of
          providing debt financing to other entities involved in the development
          of
          residential real estate through its SFMC subsidiary. The Company obtained
          the
          capital for the financing of real estate development from outside sources
          as
          well as certain majority shareholders. Since March 2007 the Company has
          changed
          its primary strategic focus to that of making temporary investments in
          stock
          options through a “short strangle” strategy.
 
 b.
          Accounting Method
 
 The
          Company’s consolidated financial statements are prepared using the accrual
          method of accounting. The Company has elected an March 31 year-end.
  4
 **AMERICAN
                RESOURCES AND DEVELOPMENT COMPANY AND SUBSIDIARIES**
 Notes
                to
                the Consolidated Financial Statements
  NOTE
                    2 -
                SIGNIFICANT
                    ACCOUNTING POLICIES (Continued)
 
 c.
          Recognition of Revenues
 
 Investment
          income is the Company’s primary earnings focus. Revenues from investments are
          derived from trading securities, and unrealized gains and losses are recorded
          as
          earnings whether or not the underlying securities are sold.
 
 d.
          Use of
          Estimates
 
 The
          preparation of financial statements in conformity with generally accepted
          accounting principles 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 revenues and expenses during the reporting period.
          Actual results could differ from those estimates.
 
 e.
          Concentration of Credit Risk
 
 The
          Company maintains its cash in bank deposit accounts at high credit quality
          financial institutions. The balances, at times, may exceed federally insured
          limits. In addition, the Company occasionally maintains cash investments
          with
          institutions that are not federally insured.
 
 f.
          Cash
          and Cash Equivalents
 
 The
          Company considers all highly-liquid investments with a maturity of three
          months
          or less when purchased to be cash equivalents.
 
 g.
          Advertising
 
 The
          Company follows the policy of charging the costs of advertising to expense
          as
          incurred. There were no advertising charges during the periods presented
          in
          these financial statements.
 
 h.
          Property and Equipment
 
 Property,
          equipment, and capital leases are recorded at cost and are depreciated
          over the
          estimated useful life of the related assets, generally three to seven years.
          When assets are retired or otherwise disposed of, the cost and related
          accumulated depreciation are removed from the accounts, and any resulting
          gain
          or loss is reflected in income for the period.
  5
 **AMERICAN
                RESOURCES AND DEVELOPMENT COMPANY AND SUBSIDIARIES**
 Notes
                to
                the Consolidated Financial Statements
 
 NOTE
                    2 -
                SIGNIFICANT
                    ACCOUNTING POLICIES (Continued)
 
 i.
          Basic
          Income (Loss) per Share
 
 Basic
          income (loss) per share is computed based on the weighted average number
          of
          common shares outstanding during the period. As of June 30, 2008, there
          were no
          common stock equivalents outstanding. Therefore, the basic and fully diluted
          income (loss) per share is the same for the periods presented
          herein.
 
 NOTE
                    3 -
                COMMON
                    STOCK
 
 During
          fiscal 2005 the Company issued 12,500,000 shares of its restricted common
          stock
          in exchange for the purchase of 100% of the members’ units and net assets of
          SFMC. The value of the exchange ($8,923) was deemed by management to be
          equal to
          the net book value of the assets and liabilities of SFMC since the only
          assets
          acquired were cash and notes receivable with values substantially equal
          to their
          face values, and the only liabilities were notes payable and accrued interest
          bearing terms deemed equal to traditional terms used in arms-length
          transactions. As of June 30, 2008, the Company had 467,039,666 shares of
          common
          stock issued and outstanding.
 NOTE
                      4 -
                  SIGNIFICANT
                      EVENTS
  During
          the period ended June 30, 2008, the Company invested a sum of $95,000 in
          BC Oil,
          LLC. {“BC”), an Idaho company, in order to help BC meet its short-term cash
          requirements. This investment is the first tranche of a $250,000 investment
          the
          Company has agreed to make into BC. In exchange for this investment, BC
          has
          agreed to pay the Company 8.00% percent per month of the outstanding
          investment.


6


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





**CAUTIONARY
      FORWARD - LOOKING STATEMENT**





*Statements
      included in this Management's Discussion and Analysis of Financial Condition
      and
      Results of Operations, and in future filings by the Company with the Securities
      and Exchange Commission, in the Company's press releases and in oral statements
      made with the approval of an authorized executive officer which are not
      historical or current facts are "forward-looking statements" made pursuant
      to
      the safe harbor provisions of the Private Securities Litigation Reform Act
      of
      1995 and are subject to certain risks and uncertainties that could cause actual
      results to differ materially from historical earnings and those presently
      anticipated or projected. The Company wishes to caution readers not to place
      undue reliance on any such forward-looking statements, which speak only as
      of
      the date made.*





**A.**  **Management’s
      Plan of Operation**





American
      Resources & Development Company ("ARDCO" or "the Company"), formerly known
      as Leasing Technology, Incorporated, was incorporated in Utah on March 21,
      1983.
      On February 20, 1997 it name was changed to American Resources and Development
      Company. When used throughout this document, unless the context suggests
      otherwise, the "Company" refers to ARDCO and/or its subsidiaries.





By
      March
      31, 2007, the real estate market in which had previously constituted the
      Company’s primary business focus, had slowed considerably. Hence, the Company
      elected to terminate its business of providing financing for real estate
      development; and became focused on investing in the ‘Futures Options market’.







The
      Company utilizes a ‘short strangle’ trading strategy; and, relies on the
      experienced investment advisors at MSI Trading to make all trading decisions
      and
      the brokers at Brewer Investment Group to execute orders and monitor margins
      on
      the account. These personal have a combined total of over 60 years of trading
      experience. Brewer is paid the industry standard commissions and fees; and
      MSI
      Trading is paid five (5%) percent of the net monthly income.





On
      April
      18th, 2007 the Company opened account number 396-44607 with Infinity; and on
      May
      31st, 2007, in order to receive better executions and commissions on trades,
      the
      Company transferred its account from Infinity to Brewer Futures Group, account
      number D13 89 N8535. All
      of
      the Company’s trading in the futures market is presently being conducted thru
      its account at Brewer with funds being held at Peregrine Financial Group, the
      holding Futures Commission Merchant (FCM), where the company is able to rely
      on
      the experience and expertise of several trading specialists as well as on the
      experience and expertise of the Investment Advisors at MSI Trading. The Brokers
      at Brewer and PFG (FCM) are all registered with the NFA and CFTC regulatory
      bodies of the Futures industry.





By
      utilizing the strategy of trading ‘Short Strangle Options’ the company is able
      to take advantage of trading the RANGE, rather than the DIRECTON of the market.
      Profits are earned (or lost) by receiving the time decay from the premium
      (credit) received from selling Option Contracts that have 30 to 60 day
      expiration. Option positions are generally closed out and new ones reset after
      the third Friday of each month. Thus, there are approximately 12 trading periods
      each year; and, the monthly liquidity allows traders to properly analyze and
      evaluate the recent trading range of the market before positioning new trades
      for the succeeding month. From a cash management perspective this also provides
      excellent liquidity.





The
      Company’s goal is to take advantage of the markets trading RANGE rather than its
      DIRECTION. We sell Out-of-the-Money Call and Put Option contracts on the
      S&P 500 Futures (the underlying) market and receive a credit on each trade.
      We then take advantage of the time decay of these
      Out-Of-The-Money options as the market stays between our two selected Strike
      Price levels. This strategy is called a Short Strangle.  Profits (and or
      losses) are earned  from the credit (premium) received and the
      time decay of the option contracts. Positions are generally closed out and
      new
      positions entered after the third Friday of each month, thus there are
      approximately 12 trading periods each year. The 30 day liquidity period allows
      us to properly analyze and evaluate the recent trading range of the market;
      and,
      to keep pace with the ever changing value of the S&P 500 Futures price. The
      re-positioning of trades for each succeeding month is a critical
      component in controlling risk. From a cash management perspective this
      concept provides excellent liquidity. Call Option Strike Prices are usually
      sold
      100 points ABOVE the value of the underlying while Put Option Strike Prices
      are usually sold 125 - 200 points BELOW the underlying.





7


There
      are
      no limitations on the percentage of Company assets which the Company may invest
      in any one investment, or type of investment. Any Company policy regarding
      such
      investments may be changed without a vote of the Company’s shareholders. It is
      the Company’s policy to make investments primarily for income, though assets
      also may be acquired for possible capital gain.




**RESULTS
      OF OPERATIONS**





**For
      the three months ended June 30, 2008 compared to the three months ended June
      30,
      2007.**





During
      the three months ended June 30, 2008, the Company earned revenues totaling
      $883,822, compared to revenues of $-0- during the same period in 2007. This
      increase is attributed to the Company’s moving away from the real estate
      industry and focusing primarily on its investment operations.





Operating
      expenses for the three months ended June 30, 2008 totaled $74,323, a 788%
      increase from the comparable period of 2007. This
      increase  resulted
      primarily from a sharp increase in general and administrative in the current
      period, particularly relating to auditing and accounting fees. Additionally,
      because the Company was nearly inactive during the three months ended June
      30,
      2008, operating expenses were unusually minimal during that brief period.





The
      Company earned net income of $817,101 during the three month period ended June
      30, 2008, compared to a net loss of $178,753 in the comparable period of 2007.
      This increased net income resulted primarily from the Company’s investment
      income, partially offset by its increased operating expenses during the period.
      Basic net income per share was $0.00 for the three month period ended June
      30,
      2008, representing no material change from the comparable period of 2007.




**Liquidity
      and Capital Resources**





As
      of
      June 30, 2008, the Company had working capital of $4,202,860 compared to working
      capital of $3,385,759 at March 31, 2008. The change in working capital resulted
      primarily from the Company’s investment income.





During
      the three months ended June 30, 2008 the Company experienced negative cash
      flow
      from operating activities of $74,281, and had positive cash flows from investing
      activities of $95,000. The Company had zero cash flows from financing activities
      during the three months ended June 30, 2008. The Company’s cash requirements are
      currently so small that the Company can keep nearly all of its liquid assets
      invested in the market at all times. When the Company’s cash needs become
      significant, the Company will simply liquidate a portion of its working
      investments. Management does not anticipate the necessity of any external
      financing within the next 12 months.





**ITEM
      3. CONTROLS AND PROCEDURES**





**Evaluation
      of Disclosure Controls and Procedures**





The
      Company maintains disclosure controls and procedures that are designed to ensure
      that information required to be disclosed by the Company in the reports that
      it
      files or submits to the Securities and Exchange Commission under the Securities
      Exchange Act of 1934, as amended, is recorded, processed, summarized and
      reported within the time periods specified by the Securities and Exchange
      Commission’s rules and forms, and that information is accumulated and
      communicated to the Company management, including the principal executive and
      principal financial officer (whom the Company refers to in this periodic report
      as the Certifying Officer), as appropriate to allow timely decisions regarding
      required disclosure. Company management evaluated, with the participation of
      the
      Certifying Officer, the effectiveness of the Company disclosure controls and
      procedures as of June 30, 2008, pursuant to Rule 13a-15(b) under the Securities
      Exchange Act. Based upon that evaluation, the Certifying Officer concluded
      that,
      as of June 30, 2008, the Company disclosure controls and procedures were
      effective.




8


**Changes
      in Internal Controls**




There
      were no changes in our internal control over financial reporting that occurred
      during the quarter ended June 30, 2008 that have materially affected, or are
      reasonably likely to materially affect, our internal control over financial
      reporting.




**PART
      II - OTHER INFORMATION.**





**ITEM
      1. LEGAL PROCEEDINGS.**





None





**ITEM
      2. CHANGES IN SECURITIES AND USE OF PROCEEDS.**





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**





The
      following exhibits are filed as a part of this report:




**Exhibit
                Number***
            
            **Title
                of Document**
            
            **Location****Item
                31**
            
            **Rule
                13a-14(a)/15d-14(a) Certifications**31.01
            
            Certification
                of Principal Executive Officer and Principal Financial Officer Pursuant
                to
                Rule 13a-14
            
            Attached**Item
                32**
            
            **Section
                1350 Certifications**32.01
            
            Certification
                Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section
                906 of
                the Sarbanes-Oxley Act of 2002 (Chief Executive Officer and Chief
                Financial Officer)
            
            Attached


_______________


*
            All
                exhibits are numbered with the number preceding the decimal indicating
                the
                applicable SEC reference number in Item 601 and the number following
                the
                decimal indicating the sequence of the particular document.





9





**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.





American
                Resources and Development Company,a
                Utah corporationDated:
                August 10, 2008
            /s/
                Tom StamosBy:
                Tom StamosIts:
                President




10