|U.S. SECURITIES AND EXCHANGE COMMISSIONWashington, D.C.  20549                                                                                                                                                                                                                                                             
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|FORM 10-QSB                                                                                                                                                                                                                                                                                                                
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|(Mark One)                                                                                                                                                                                                                                                                                                                 
|[X]                                                                                                                                                                                                                                                                                                                        
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|OR                                                                                                                                                                                                                                                                                                                         
|[ ]                                                                                                                                                                                                                                                                                                                        
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|Commission file number:  033-13474-NY                                                                                                                                                                                                                                                                                      
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|American Home Alliance Corporation(Exact Name of Small Business Issuer in Its Charter)                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                           
|Delaware
(State or Other Jurisdiction of 
Incorporation or Organization)                                                                                                                                                                                                                                                   
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|1400 Norris Road, Bakersfield, California 93308(Address of principal executive office)                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                           
|(661) 391-3838 
Issuer's telephone number, including area code                                                                                                                                                                                                                                                             
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|(Former Name, Former Address, and Former Fiscal Year,
If Changed Since Last Report)                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                           
|Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes       No  X
|                                                                                                                                                                                                                                                                                                                           
|The number of shares outstanding of the Registrant's Common Stock as of March 31, 1997 was 3,707,500 shares.                                                                                                                                                                                                               







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American Home Alliance Corporation

TABLE OF CONTENTS





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|                               |          |                                                                                       |                                                                             
|PART I - FINANCIAL INFORMATION |         
|                               |          |                                                                                       |                                                                             
|                               | Item 1.  | Financial Statements                                                                  |                                                                             
|                               |          | Balance Sheets                                                                        |                                                                             
|                               |          |                                                                                       | March 31, 1997 (unaudited) andDecember 31,1996                              
|                               |          | Statements of Operations (unaudited)                                                  |                                                                             
|                               |          |                                                                                       | Three Months Ended March 31, 1997 (unaudited)
and March 31, 1996 (unaudited)
|                               |          | Statements of Cash Flows (unaudited)                                                  |                                                                             
|                               |          |                                                                                       | Three Months Ended March 31, 1997 and March 31, 1996                        
|                               |          | Notes to Financial Statements (unaudited)                                             | F 4                                                                         
|                               | Item 2.  | Management's Discussion and Analysis of Financial Condition and Results of Operations | 11                                                                          
|                               | Item 2A. | Factors That May Affect Future Results                                                | 13                                                                          
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|PART II - OTHER INFORMATION    |         
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|                               | Item 1.  | Legal Proceedings                                                                     | 15                                                                          
|                               | Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds                           | 15                                                                          
|                               | Item 3.  | Defaults Upon Senior Securities                                                       | 15                                                                          
|                               | Item 4.  | Submission of Matters to a Vote of Security Holders                                   | 15                                                                          
|                               | Item 5.  | Other Information                                                                     | 15                                                                          
|                               | Item 6.  | Exhibits and Reports on Form 8-K                                                      | 15                                                                          



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Part I.  Financial Information



Available Information



Information about our Company is available from the Company at the address shown on the first page of this Report. We are obligated to file reports with the Securities and Exchange Commission, or SEC. These reports include annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports, each of which is provided on our website after we electronically file such materials with or furnish them to the SEC. You can also read and copy any materials we file with the SEC at the SEC's Public Reference Room at 450 Fifth Street, NW, Washington, DC 20549. You can obtain additional information about the operation of the Public Reference Room by calling the SEC at 1.800.SEC.0330. In addition, the SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including us.



MATTER OF FORWARD-LOOKING STATEMENTS



THIS FORM 10-QSB CONTAINS "FORWARD-LOOKING STATEMENTS" THAT CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING WORDS SUCH AS "BELIEVES," "EXPECTS," "MAY," "WILL," "SHOULD," OR "ANTICIPATES," OR THE NEGATIVE OF THESE WORDS OR OTHER VARIATIONS OF THESE WORDS OR COMPARABLE WORDS, OR BY DISCUSSIONS OF PLANS OR STRATEGY THAT INVOLVE RISKS AND UNCERTAINTIES.  MANAGEMENT WISHES TO CAUTION THE READER THAT THESE FORWARD-LOOKING STATEMENTS, INCLUDING,  BUT NOT LIMITED TO, STATEMENTS REGARDING THE COMPANY'S MARKETING PLANS, GOALS, COMPETITIVE AND TECHNOLOGY TRENDS AND OTHER MATTERS THAT ARE NOT HISTORICAL FACTS ARE ONLY PREDICTIONS.  NO ASSURANCES CAN BE GIVEN THAT SUCH PREDICTIONS WILL PROVE CORRECT OR THAT THE ANTICIPATED FUTURE RESULTS WILL BE ACHIEVED.  ACTUAL EVENTS OR RESULTS MAY DIFFER MATERIALLY EITHER BECAUSE ONE OR MORE PREDICTIONS PROVE TO BE ERRONEOUS OR AS A RESULT OF OTHER RISKS FACING THE COMPANY. FORWARD-LOOKING STATEMENTS SHOULD BE READ IN LIGHT OF THE CAUTIONARY STATEMENTS AND IMPORTANT FACTORS DESCRIBED IN THIS FORM 10-QSB FOR AMERICAN HOME ALLIANCE CORPORATION, INCLUDING, BUT NOT LIMITED TO "THE FACTORS THAT MAY AFFECT FUTURE RESULTS" SHOWN AS ITEM 2A AND IN MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. THE RISKS INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH AN EARLY-STAGE COMPANY THAT HAS ONLY A LIMITED HISTORY OF AND NO CURRENT OPERATIONS, THE COMPARATIVELY LIMITED FINANCIAL RESOURCES OF THE COMPANY, THE INTENSE COMPETITION THE COMPANY FACES FROM OTHER ESTABLISHED COMPETITORS, TECHNOLOGICAL CHANGES THAT MAY LIMIT THE ABILITY OF THE COMPANY TO MARKET AND SELL ITS PRODUCTS AND SERVICES  OR ADVERSELY IMPACT THE PRICING OF THESE PRODUCTS AND SERVICES, AND MANAGEMENT THAT HAS ONLY LIMITED EXPERIENCE IN DEVELOPING SYSTEMS AND MANAGEMENT PRACTICES.  ANY ONE OR MORE OF THESE OR OTHER RISKS COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE FUTURE RESULTS INDICATED, EXPRESSED, OR IMPLIED IN SUCH FORWARD-LOOKING STATEMENTS.  WE UNDERTAKE NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENT TO REFLECT EVENTS, CIRCUMSTANCES, OR NEW INFORMATION AFTER THE DATE OF THIS FORM 10-QSB OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED OR OTHER SUBSEQUENT EVENTS.



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Item 1.  Financial Statements



|AMERICAN HOME ALLIANCE CORPORATION
(Formerly Ancona Group, Ltd.)
(A Development Stage Company)
Balance Sheets
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|ASSETS                                                                                                       
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|Current Assets                                                                                               
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|Total Current Assets                                                                                         
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|LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)                                                                 
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|Current Liabilities                                                                                          
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|Total Current Liabilities                                                                                    
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|Stockholders' Equity (Deficit)                                                                               
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|Total Stockholders' Equity (Deficit)                                                                         
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See Notes to Financial Statements
F 1

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|AMERICAN HOME ALLIANCE CORPORATION
(Formerly Ancona Group, Ltd.)
(A Development Stage Company)
Statements of Operations
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|Revenues                                                                                                               
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|Total Revenues                                                                                                         
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|Operating Costs                                                                                                        
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|Total Operating Costs                                                                                                  
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|Other Income & (Expenses)                                                                                              
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|Total Other Income & (Expenses)                                                                                        
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|Net Loss                                                                                                               
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|Basic income (loss) per share                                                                                          
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|Weighted average number of 
common shares outstanding                                                                  
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See Notes to Financial Statements
F 2

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|AMERICAN HOME ALLIANCE CORPORATION
(Formerly Ancona Group, Ltd.)
(A Development Stage Company)
Statements of Cash Flows
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|CASH FLOWS FROM OPERATING ACTIVITIES                                                                                   
|Net income (loss)                                                                                                      
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|Net cash provided by (used in) operating activities                                                                    
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|CASH FLOWS FROM INVESTING ACTIVITIES                                                                                   
|Net cash provided by (used in) investing activities                                                                    
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|CASH FLOWS FROM FINANCING ACTIVITIES                                                                                   
|Proceeds from issuance of common stock                                                                                 
|Proceeds from issuance of paid-in capital                                                                              
|Note payable - related party                                                                                           
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|Net cash provided by (used in) financing activities                                                                    
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|Net increase (decrease) in cash                                                                                        
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|Cash at beginning of period                                                                                            
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|Cash at end of period                                                                                                  
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|SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:                                                                     
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|Interest paid                                                                                                          
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|Income taxes paid                                                                                                      
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See Notes to Financial Statements
F 3

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AMERICAN HOME ALLIANCE CORPORATION
(Formerly Ancona Group, Ltd.)
(A Development Stage Company)
Notes to Financial Statements
As of March 31, 1997



NOTE 1.  ORGANIZATION AND DESCRIPTION OF BUSINESS



American Home Alliance Corporation (the Company) was incorporated under the laws of the State of Delaware on January 20, 1987. The Company has limited operations and in accordance with SFAS #7, the Company is considered a development stage company.  The Company is currently researching the possibility of acquiring or merging with an operating company.





NOTE 2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a.  Basis of Accounting

The Company's financial statements are prepared using the accrual method of accounting.  The Company has elected a December 31, year-end.

b.  Basic Earnings per Share

In February 1997, the FASB issued SFAS No. 128, "Earnings Per Share", which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock.  SFAS No. 128 supersedes the provisions of APB No. 15, and requires the presentation of basic earnings (loss) per share and diluted earnings (loss) per share.  The Company has adopted the provisions of SFAS No. 128 effective January 20, 1987 (inception).



Basic earnings (loss) per share amounts are computed by dividing the net income (loss) by the weighted average number of common shares outstanding.  Diluted gain (loss) per common share has been calculated based on the weighted average number of shares of common and preferred stock outstanding during the period.



c.  Cash Equivalents



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

F 4

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AMERICAN HOME ALLIANCE CORPORATION
(Formerly Ancona Group, Ltd.)
(A Development Stage Company)
Notes to Financial Statements
As of March 31, 1997



NOTE 2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

d.  Income Taxes



Income taxes are provided in accordance with Statement of Financial Accounting Standards No. 109 (SFAS 109), Accounting for Income Taxes.  A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carryforwards.  Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.





NOTE 3.  WARRANTS AND OPTIONS

There are no warrants or options outstanding to acquire any additional shares of common.





NOTE 4.  GOING CONCERN



The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  The Company generated net losses of $2,771,974 during the period from January 20, 1987 (inception) to March 31, 1997.  This condition raises substantial doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent on its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Management plans to raise additional funds through debt or equity offerings.  There is no guarantee that the Company will be able to raise any capital through any type of offerings.

F 5

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AMERICAN HOME ALLIANCE CORPORATION
(Formerly Ancona Group, Ltd.)
(A Development Stage Company)
Notes to Financial Statements
As of March 31, 1997



NOTE 5.  RELATED PARTY TRANSACTION



The Company neither owns nor leases any real or personal property.  A director provides office services without charge.  Such costs are immaterial to the financial statements and accordingly, have not been reflected therein.  The officers and directors of the Company are involved in other business activities and may, in the future, become involved in other business opportunities as they become available, such persons may face a conflict in selecting between the Company and their other business interests.  The Company has not formulated a policy for the resolution of such conflicts.



As of March 31, 1997 the Company has a note payable due to International Credit Bureau, Inc. (a related party) in the amount of $91,290.  This is an unsecured loan with an interest rate of 3%.



NOTE 6.  INCOME TAXES



|                                | As of 
March 31, 1997
|------------------------------- | ---------------------
|                                |                      
|Deferred tax assets:            |                      
|Net operating tax carryforwards | $ 942,471            
|Other                           | -0-                  
|                                |                      
|Gross deferred tax assets       | 942,471              
|Valuation allowance             | (942,471)            
|                                |                      
|Net deferred tax assets         | $    -0-             
|                                |                      
|                                |                      
|                                |                      

Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income.  As the achievement of required future taxable income is uncertain, the Company recorded a valuation allowance.

F 6

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AMERICAN HOME ALLIANCE CORPORATION
(Formerly Ancona Group, Ltd.)
(A Development Stage Company)
Notes to Financial Statements
As of March 31, 1997



NOTE 7.  SCHEDULE OF NET OPERATING LOSSES





|1987 Through 1993 Net Operating Loss   |  | $ (2,814,950)
|-------------------------------------- |  | -------------
|1994 Net Operating Loss                |  | (39,352)     
|1995 Net Operating Loss                |  | 82,478       
|1996 Net Operating Loss                |  | (120)        
|1997 Net Operating Loss (three months) |  | (30)         
|                                       |  |              
|Net Operating Loss                     |  | $ (2,771,974)
|                                       |  |              
|                                       |  |              
|                                       |  |              



As of March 31, 1997, the Company has a net operating loss carryforwards of approximately $2,771,974.  Net operating loss carryforward expires twenty years from the date the loss was incurred.





NOTE 8.  STOCK TRANSACTIONS



Transactions, other than employees' stock issuance, are in accordance with paragraph 8 of SFAS 123. Thus issuances shall be accounted for based on the fair value of the consideration received.  Transactions with employees' stock issuance are in accordance with paragraphs (16-44) of SFAS 123. These issuances shall be accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, or whichever is more readily determinable.



As of March 31, 1997 the Company had 3,707,500 shares of common stock issued and outstanding.





NOTE 9.  STOCKHOLDERS' EQUITY



The stockholders' equity section of the Company contains the following classes of capital stock as of March 31, 1997:



- Common stock, $ 0.01 par value: 50,000,000 shares authorized; 3,707,500 shares issued and outstanding.

F 7

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



Company Background



The Company is a Delaware corporation and was originally named Imperial Group I, Ltd. ("the Company"). The Company was incorporated in the State of Delaware on January 20, 1987.  At the time of its formation, the Company sought to become a public shell and to acquire one or more operating businesses.  To this end, the Company conducted a self-underwritten public offering of $112,500 of its common stock commencing on September 18, 1987. Following the offering and through April 1991, the Company remained without any operations and was unsuccessful in acquiring any operating business.



In March 1991 the Company changed its name to Ancona Group, Ltd. and in May 1991 the Company's Board of Directors approved the exchange of 3,250,000 shares of the Company's common stock to acquire 100% of the outstanding common stock of Summit Fine Arts, Inc. and Valparaiso Industries, Inc. from Harlan, Michael, & Edwards ("HME").  As a result, HME held a controlling interest in the Company at that time.  Throughout the period from January 20, 1987 through December 31, 1992, the Company remained a development-stage company.  During the first six months of 1993, the Company was successful in selling artwork that it acquired from Summit Fine Arts, Inc.  At the time, the Company specialized in the art liquidation and brokerage and resale business.  This strategy was founded on efforts to obtain discounts from multiple art publishers that would allow the Company to offer discounts ranging from 30% to 50% on gallery art to the general public.  On June 30, 1993 and through its subsidiary, Summit Fine Arts, Inc., the Company liquidated all of its inventory and rights to produce art work in exchange for certain notes receivable.



Following the liquidation of its artwork assets and through an action of a majority of the stockholders on September 30, 1993, the Company changed its name to American Home Alliance Corporation.  Although the Company changed its name, the Company pursued a strategy of entering the business of real estate development and construction, through its wholly-owned subsidiary, Valparaiso Industries, Inc. while also pursuing potential acquisitions of one or more operating companies since the Company remained a public "shell company."



During 1995, the Company continued its existence as a "public shell" company.  As a result, the Company sought to either merge with or acquire an operating company with operating history and assets. The exact form and nature of any investment or activity that the Company may undertake has not yet been determined. In the Company's current condition, the Securities and Exchange Commission has defined and designated our company as a "blind pool" and "blank check" company with all of the unfortunate aspects of that moniker.



The Company is currently delinquent in filing reports with the U.S. Securities and Exchange Commission  (the Company was obligated to file a Form 10-KSB and three Form 10-QSBs each year over the past ten years) and otherwise meeting its obligations under federal securities laws, the Company may have continuing exposure to civil liability, fines, and other substantial adverse regulatory actions under the Securities Exchange Act of 1934.  While the Company's sole officer seeks to take every reasonable step to ensure that the Company can meet its obligations under the securities laws, the Company will likely face continuing challenges.



If the Company does not successfully pursue some form of operating business, then the primary activity of the Company will likely involve seeking merger or acquisition candidates with whom it can either merge or acquire.  The Company has not selected any company for acquisition or merger and does not intend to limit potential acquisition candidates to any particular field or industry, but does retain the right to limit acquisition or merger candidates, if it so chooses, to a particular field or industry.  The Company's plans are in the conceptual stage only and the Company may or may not pursue any specific investments or business activity.



The Company will not restrict its search to any specific business, industry or geographical location, and the Company may participate in a business venture of virtually any kind or nature.  The discussion of the proposed business under this caption is purposefully general and is not meant to be restrictive of the Company's virtually unlimited discretion to search for and enter into potential business opportunities.



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The Company intends to obtain funds in one or more private placements to finance the operation of any acquired business.  Persons purchasing securities in these placements and other shareholders will likely not have the opportunity to participate in the decision relating to any acquisition.  The Company's proposed business is sometimes referred to as a "blind pool" because any investors will entrust their investment monies to the Company's management before they have a chance to analyze any ultimate use to which their money may be put.  Consequently, the Company's potential success is heavily dependent on the Company's management, which will have virtually unlimited discretion in searching for and entering into a business opportunity.  There can be no assurance that the Company will be able to raise any funds in private placements.



Management anticipates that it will only participate in one potential business venture which may or may not involve the residential housing industry.  This lack of diversification should be considered a substantial risk in investing in the Company because it will not permit the Company to offset potential losses from one venture against gains from another.



The Company may seek a business opportunity with a firm which only recently commenced operations, or a developing company in need of additional funds for expansion into new products or markets, or seeking to develop a new product or service, or an established business which may be experiencing financial or operating difficulties and is in the need for additional capital which is perceived to be easier to raise by a public company.  In some instances, a business opportunity may involve the acquisition or merger with a corporation which does not need substantial additional cash but which desires to establish a public trading market for its common stock.  The Company may purchase assets and establish wholly owned subsidiaries in various businesses or purchase existing businesses as subsidiaries.



The Company anticipates that the selection of a business opportunity in which to participate will be complex and extremely risky.  Because of 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 benefits of a publicly traded corporation.  Such perceived benefits of a publicly traded corporation may include facilitating or improving the terms on which additional equity financing may be sought, providing liquidity for the principals of a business, creating a means for providing 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.



As is customary in the industry, the Company may pay a finder's fee for locating an acquisition prospect.  If any such fee is paid, it will be approved by the Company's Board of Directors and will be in accordance with the industry standards.  Such fees are customarily between 1% and 5% of the size of the transaction, based upon a sliding scale of the amount involved.  Such fees are typically in the range of 5% on a 41,000,000 transaction ratably down to 1% in a $4,000,000 transaction.



The Company has insufficient capital with which to provide the owners of business opportunities with any significant cash or other assets.  However, management believes the Company will offer owners of business opportunities the opportunity to acquire a controlling ownership interest in a public company at substantially less cost than is required to conduct an initial public offering.



The owners of the business opportunities will, however, incur significant post-merger or acquisition registration costs in the event they wish to register a portion of their shares for subsequent sale.  The Company will also incur significant legal and accounting costs in connection with the acquisition of a business opportunity including the costs of preparing post-effective amendments, Forms 8-K, agreements and related reports and documents, nevertheless, the officers and directors of the Companies have not conducted market research and are not aware of statistical data which would support the perceived benefits of a merger or acquisition transaction for the owners of a business opportunity.



Three Month Periods Ended March 31, 1997 and March 31, 1996



During the three months ending March 31, 1997, ("First Quarter 1997"), the Company recorded no sales revenues.  During this period the Company had no business, assets, or operations.   Similarly, during the three months ending March 31, 1996 ("First Quarter 1996"), the Company recorded no sales revenues and again during First Quarter 1998, the Company had no business, material assets, or operations.



During the First Quarter 1997, the Company did record $30 as general and administrative expense - these were expenses related to the maintenance of the Company's corporate charter, accounting, administrative, and related expenses.  By comparison, during the First Quarter 1996, the Company incurred $30 as general and administrative expenses.  These expenses also reflect costs incurred for the maintenance of the Company's corporate charter, accounting, administrative, and related expenses.



During the First Quarter 1997 and the First Quarter 1996, the Company had no other expenses.



As a result, the Company had a Net Loss of $30 during the First Quarter 1997 compared to a Net Loss of $30 during the First Quarter 1996.



On a per share basis, the Net Loss during the First Quarter 1997 was $0 compared to First Quarter 1996 when the Net Loss Per Common Share was $0.  During both periods the Company had 3,707,500 shares outstanding.

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Liquidity and Capital Resources













Item 2a.  Factors that May Affect Future Results



The Company's business organization and existing debt and obligations on its balance sheet all involve elements of substantial risk.  In many instances, these risks arise from factors over which the Company will have little or no control.  Some adverse events may be more likely than others and the consequence of some adverse events may be greater than others.  No attempt has been made to rank risks in the order of their likelihood or potential harm.  In addition to those general risks enumerated elsewhere, any purchaser of the Company's Common Stock should also consider the following factors.



1.  Continued Operating Losses.  The Company incurred significant losses during the twelve months ending December 31, 1996.  There is no assurance that the Company's operations will be successful or that it will be profitable in the future.



2.  Absence of Assets, Business, Operations & Extraordinary Uncertainties.  The Company has no meaningful assets, business or operations and there can be no assurance that the Company will regain or acquire any new assets in the future. While the Company may later search for other ventures, the ability of the Company to undertake any such future venture will likely be severely limited and there can be no assurance that the Company will ever acquire any other business venture or if such a venture is acquired, that any such venture can be acquired on any reasonable terms in light of the Company's current financial circumstances.



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3.  Lack of Business, No Equity, No Working Capital & Severe Need for Additional Financing.  The Company has no business, no equity, and no operations.  If the Company is to develop or acquire any new business, the Company will need to obtain significant additional equity or debt financing on reasonable terms. There can be no guarantee that the Company will be successful in obtaining any such financing or if it is obtained, that stockholders will not lose all of their investment.



4.  Auditor's Opinion:  Going Concern.  Except for the explanatory paragraph included in the firm's report on the financial statements for the year ended December 31, 1996, relating to the substantial doubt existing about the Company's ability to continue as a going concern, the audit report did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.



5.  Subordinate to Existing and Future Debt & Authorized But Unissued Common Stock.  All of the Common Stock is subordinate to the claims of the Company's existing and future creditors and any future holders of the Company's preferred stock. The Company is authorized to issue up to 50,000,000 shares of the Company's common stock.  In the event that the Company issues additional shares of its common stock, there can be no assurance that the shares will be issued upon terms that are reasonable in light of the Company's current circumstances.  In the event that the Company issues additional shares of its Common Stock, existing investors may incur substantial and immediate dilution.



6.  Matter of Part-Time Management.  The Company has only one Director who serves only on a part-time basis.  Given the Company's lack of financial resources, there is little likelihood that the Director will be able to devote more than a limited amount of time to the Company and its business.  The lack of full-time management and the lack of any significant financial resources may severely limit the ability of the Company to take any action that may serve to benefit the Company or otherwise allow the Company to survive as an entity.



7.  Other Factors Cited in Form 10-KSB.  The Company faces many risks and uncertainties.  These also include those risks and uncertainties recited in the Company's most recent Form 10-KSB.  Any investor who purchases the Company's Common Stock should be prepared to lose their entire investment.



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PART II - OTHER INFORMATION (Unaudited)



|Item 1. | Legal Proceedings                                          
|------- | -----------------------------------------------------------
|        | None.                                                      
|        |                                                            
|Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds
|        | Not applicable.                                            
|        |                                                            
|Item 3. | Defaults Upon Senior Securities                            
|        | Not applicable.                                            
|        |                                                            
|Item 4. | Submission of Matters to a Vote of Security Holders        
|        | None.                                                      
|        |                                                            
|Item 5. | Other Information                                          
|        | Not applicable.                                            
|        |                                                            
|Item 6. | Exhibits and Reports on Form 8-K                           
|        |                                                            
|        | (a)  Exhibits                                              
|        |                                                            
|        |                                                            
|        |                                                            
|        |                                                            
|        |                                                            
|        | (b)  Reports on Form 8-K                                   
|        |                                                            



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SIGNATURE



Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.





|                     | Registrant:American Home Alliance Corporation                                           
|-------------------- | ----------------------------------------------------------------------------------------
|                     |                                                                                         
|Date:  June 26, 2006 |                                                                                         
|                     |                                                                                         
|                     | /s/ Lisa NormanLisa Norman
President, Chief Executive Officer and
Chief FinancialOfficer



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