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| | MB APPROVAL                                  |                
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| | OMB Number:                                  | 3235-0070       | 
| | Expires:                                     | August 31, 2008 | 
| | Estimated average burden 
Hours per response | 192.00          | 
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|UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549                                                                                                                                                                                                                                                                               
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                        
|FORM 10-Q                                                                                                                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                                                                                                                                                        
|(Mark One)                                                                                                                                                                                                                                                                                                                                              
|[X]                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                        
|OR                                                                                                                                                                                                                                                                                                                                                      
|[ ]                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                        
|Commission file number:  033-13474-NY                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                        
|American Home Alliance Corporation(Exact name of Registrant as specified in its charter)                                                                                                                                                                                                                                                                
|                                                                                                                                                                                                                                                                                                                                                        
|Delaware
(State or other jurisdiction of 
incorporation or organization)                                                                                                                                                                                                                                                                                
|                                                                                                                                                                                                                                                                                                                                                        
|706 Orchid Drive, Suite D, Bakersfield, California  93309(Address of principal executive office - Zip Code)                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                        
|(661) 393-7982 (Registrant's telephone number, including area code)                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                        
|(Former name, former address, and former fiscal year,
if changed since last report)                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                        
|Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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]                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                        
|Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.                                                     
|                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                        
|Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).                                                                                                                                                                                                                                        
|Yes  [X]     No  [  ]                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                        
|APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY 
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                        
|Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.                                                                                               
|Yes  [X]     No  [  ]                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                        
|APPLICABLE ONLY TO CORPORATE ISSUERS:                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                        
|Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                        
|On March 31, 2007, 3,707,500 shares of the issuer's common stock were outstanding.                                                                                                                                                                                                                                                                      



|
|





American Home Alliance Corporation

TABLE OF CONTENTS





|                               |          |                                                                                        | Page Number                                                                 
|------------------------------ | -------- | -------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------
|                               |          |                                                                                        |                                                                             
|PART I - FINANCIAL INFORMATION |         
|                               |          |                                                                                        |                                                                             
|                               | Item 1.  | Financial Statements                                                                   |                                                                             
|                               |          | Balance Sheets                                                                         |                                                                             
|                               |          |                                                                                        | March 31, 2007 (unaudited) andDecember 31,2006                              
|                               |          | Statements of Operations (unaudited)                                                   |                                                                             
|                               |          |                                                                                        | Three Months Ended March 31, 2007 (unaudited)
and March 31, 2006 (unaudited)
|                               |          | Statements of Cash Flows (unaudited)                                                   |                                                                             
|                               |          |                                                                                        | Three Months Ended March 31, 2007 and March 31, 2006                        
|                               |          | Notes to Financial Statements (unaudited)                                              | F 4                                                                         
|                               | Item 2.  | Management's Discussion and Analysis of Financial Condition 
and Results of Operations | 11                                                                          
|                               | Item 3.  | Quantitative and Qualitative Disclosures About Market Risk.                            | 13                                                                          
|                               | Item 4.  | Controls and Procedures.                                                               | 17                                                                          
|                               |          |                                                                                        |                                                                             
|PART II - OTHER INFORMATION    |         
|                               |          |                                                                                        |                                                                             
|                               | Item 1.  | Legal Proceedings                                                                      | 19                                                                          
|                               | Item 1A. | Risk Factors.                                                                          | 19                                                                          
|                               | Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds                            | 20                                                                          
|                               | Item 3.  | Defaults Upon Senior Securities                                                        | 20                                                                          
|                               | Item 4.  | Submission of Matters to a Vote of Security Holders                                    | 20                                                                          
|                               | Item 5.  | Other Information                                                                      | 20                                                                          
|                               | Item 6.  | Exhibits                                                                               | 20                                                                          



2



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|



Part I.  -  Financial Information



MATTER OF FORWARD-LOOKING STATEMENTS



THIS FORM 10-Q 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 CONDITIONS, REGULATIONS THAT AFFECT PUBLIC COPMPANIES THAT HAVE NO EXISTING BUSINESS 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-Q FOR AMERICAN HOME ALLIANCE CORPORATION, INCLUDING, BUT NOT LIMITED TO THE MATTERS SET FORTH IN MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. THE RISKS INCLUDE, BUT ARE NOT LIMITED TO, THE RISK FACTORS AND UNCERTAINTIES SET FORTH IN ITEM 1A, RISKS ASSOCIATED WITH A SMALL COMPANY THAT IS A "SHELL COMPANY", THE COMPARATIVELY LIMITED FINANCIAL RESOURCES OF THE COMPANY, THE INTENSE COMPETITION THE COMPANY FACES FROM OTHER ESTABLISHED COMPETITORS, 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-Q OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED OR OTHER SUBSEQUENT EVENTS.



As used herein, the term "the Company," "we,"  "us," and "our" refer to American Home Alliance Corporation, a Delaware corporation unless otherwise noted.



3



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|





Item 1.  Financial Statements



|AMERICAN HOME ALLIANCE CORPORATION
(A Development Stage Company)
Balance Sheets
|-------------------------------------------------------------------------------
|                                                                               
|                                                                               
|                                                                               
|                                                                               
|                                                                               
|                                                                               
|ASSETS                                                                         
|                                                                               
|Current Assets                                                                 
|                                                                               
|                                                                               
|Total Current Assets                                                           
|                                                                               
|                                                                               
|                                                                               
|                                                                               
|                                                                               
|                                                                               
|                                                                               
|                                                                               
|                                                                               
|LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)                                   
|                                                                               
|Current Liabilities                                                            
|                                                                               
|                                                                               
|                                                                               
|Total Current Liabilities                                                      
|                                                                               
|Total Long-Term Liabilities                                                    
|                                                                               
|                                                                               
|                                                                               
|Stockholders' Equity (Deficit)                                                 
|                                                                               
|                                                                               
|                                                                               
|                                                                               
|Total Stockholders' Equity (Deficit)                                           
|                                                                               
|                                                                               
|                                                                               
|                                                                               
|                                                                               
|                                                                               

See Notes to Financial Statements
F 1

4



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|







|AMERICAN HOME ALLIANCE CORPORATION
(A Development Stage Company)
Statements of Operations (Unaudited)
|-----------------------------------------------------------------------------------------------------
|                                                                                                     
|                                                                                                     
|                                                                                                     
|                                                                                                     
|                                                                                                     
|                                                                                                     
|                                                                                                     
|                                                                                                     
|Revenues                                                                                             
|                                                                                                     
|                                                                                                     
|Total Revenues                                                                                       
|                                                                                                     
|Operating Expenses                                                                                   
|                                                                                                     
|                                                                                                     
|                                                                                                     
|Total Operating Expenses                                                                             
|                                                                                                     
|Other Income & (Expenses)                                                                            
|                                                                                                     
|                                                                                                     
|                                                                                                     
|                                                                                                     
|Total Other Income & (Expenses)                                                                      
|                                                                                                     
|                                                                                                     
|Net Loss                                                                                             
|                                                                                                     
|                                                                                                     
|                                                                                                     
|                                                                                                     
|                                                                                                     
|Basic loss per share                                                                                 
|                                                                                                     
|                                                                                                     
|                                                                                                     
|                                                                                                     
|                                                                                                     
|Weighted average number of 
common shares outstanding                                                
|                                                                                                     
|                                                                                                     
|                                                                                                     

See Notes to Financial Statements
F 2

5



|
|







|AMERICAN HOME ALLIANCE CORPORATION
(A Development Stage Company)
Statements of Cash Flows (Unaudited)
|-----------------------------------------------------------------------------------------------------
|                                                                                                     
|                                                                                                     
|                                                                                                     
|                                                                                                     
|                                                                                                     
|                                                                                                     
|                                                                                                     
|                                                                                                     
|CASH FLOWS FROM OPERATING ACTIVITIES                                                                 
|Net income (loss)                                                                                    
|Changes in operating assets and liabilities:                                                         
|Increase (decrease) in accounts payable                                                              
|                                                                                                     
|Net cash provided by (used in) operating activities                                                  
|                                                                                                     
|CASH FLOWS FROM INVESTING ACTIVITIES                                                                 
|Net cash provided by (used in) investing activities                                                  
|                                                                                                     
|CASH FLOWS FROM FINANCING ACTIVITIES                                                                 
|Proceeds from issuance of common stock                                                               
|Proceeds from issuance of paid-in capital                                                            
|Note payable - related party                                                                         
|                                                                                                     
|Net cash provided by (used in) financing activities                                                  
|                                                                                                     
|                                                                                                     
|Net increase (decrease) in cash                                                                      
|                                                                                                     
|Cash at beginning of period                                                                          
|                                                                                                     
|                                                                                                     
|Cash at end of period                                                                                
|                                                                                                     
|                                                                                                     
|                                                                                                     
|                                                                                                     
|                                                                                                     
|SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:                                                   
|                                                                                                     
|Interest paid                                                                                        
|                                                                                                     
|                                                                                                     
|                                                                                                     
|                                                                                                     
|Income taxes paid                                                                                    
|                                                                                                     
|                                                                                                     
|                                                                                                     

See Notes to Financial Statements
F 3

6



|
|



AMERICAN HOME ALLIANCE CORPORATION
(A Development Stage Company)
Notes to Financial Statements
As of March 31, 2007
(Unaudited)



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, 1988.  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, 1988 (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

7



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|





AMERICAN HOME ALLIANCE CORPORATION
(A Development Stage Company)
Notes to Financial Statements
As of March 31, 2007
(Unaudited)



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 or all of the deferred tax assets will not 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 $2,810,982 during the period from January 20, 1988 (inception) to March 31, 2007.  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

8



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AMERICAN HOME ALLIANCE CORPORATION
(A Development Stage Company)
Notes to Financial Statements
As of March 31, 2007
(Unaudited)



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, 2007 the Company has a note payable due to International Credit Bureau, Inc. (a related party) in the amount of $143,091.  An officer of the Corporation owns International Credit Bureau, Inc.  This is an unsecured loan with an interest rate of 3%.  As of March 31, 2007 all accumulated interest has been waived.



NOTE 6.  INCOME TAXES



|                                | As of 
March 31, 2007
|------------------------------- | ---------------------
|                                |                      
|Deferred tax assets:            |                      
|Net operating tax carryforwards | $ 955,734            
|Other                           | -0-                  
|                                |                      
|Gross deferred tax assets       | 955,734              
|Valuation allowance             | (955,734)            
|                                |                      
|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

9



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|





AMERICAN HOME ALLIANCE CORPORATION
(A Development Stage Company)
Notes to Financial Statements
As of March 31, 2007
(Unaudited)



NOTE 7.  SCHEDULE OF NET OPERATING LOSSES





|1988 Through 1993 Net Operating Loss            |  | $ (2,814,950)
|----------------------------------------------- |  | -------------
|1994 Net Operating Loss                         |  | (39,352)     
|1995 Net Operating Income                       |  | 82,478       
|1996 Net Operating Loss                         |  | (120)        
|1997 Net Operating Loss                         |  | (120)        
|1998 Net Operating Loss                         |  | (192)        
|1999 Net Operating Loss                         |  | (110)        
|2000 Net Operating Income/(Loss)                |  | 0            
|2001 Net Operating Income/(Loss)                |  | 0            
|2002 Net Operating Income/(Loss)                |  | 0            
|2003 Net Operating Income/(Loss)                |  | 0            
|2004 Net Operating Income/(Loss)                |  | 0            
|2005 Net Operating Income/(Loss)                |  | (12,796)     
|2006 Net Operating Income/(Loss)                |  | (25,820)     
|2007 Net Operating Income/(Loss) (three months) |  | 0            
|                                                |  |              
|Net Operating Loss                              |  | $ (2,785,162)
|                                                |  |              
|                                                |  |              
|                                                |  |              



As of March 31, 2007, the Company has a net operating loss carryforwards of approximately $2,810,982.  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, 2007the 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, 2007:



- Common stock, $ 0.001 par value: 50,000,000 shares authorized; 3,707,500 shares issued and outstanding.

F 7

10



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|



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



Company Background



We are a Delaware corporation and we originally carried the name Imperial Group I, Ltd. ("the Company").  We were incorporated in the State of Delaware on January 20, 1987.  At the time of its formation, we sought to become a public shell and to acquire one or more operating businesses.  To this end, we 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, we remained without any operations and was unsuccessful in acquiring any operating business.



In March 1991 we changed our corporate name to Ancona Group, Ltd. and in May 1991 our 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 through this year, we continued our 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.



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.



11



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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.



We anticipate 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.



We 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.



We anticipate 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, we may pay a finder's fee for locating an acquisition prospect.  If any such fee is paid, it will be approved by our 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, 2007 and March 31, 2006



During the first three months ending March 31, 2007, ("First Quarter 2007"), we recorded no sales revenues. During this period we had no business, assets, or operations.  Similarly, during the first three months ending March 31, 2006 ("First Quarter 2006"), the Company recorded no sales revenues and again during First Quarter 2006, the Company had no business, material assets, or operations.



During the First Quarter 2007, the Company record $0 as general and administrative expense (expenses related to the maintenance of the Company's corporate charter, accounting, administrative, and related expenses).  By comparison, during the First Quarter 2006, the Company recorded  $0 as general and administrative expenses.



During the First Quarter 2007 and the First Quarter 2006, the Company had no other expenses.



As a result, the Company had no Net Loss or Net Gain ($0) during the First Quarter 2007 compared to the First Quarter 2006 when again we had no Net Loss or Net Gain ($0).



On a per share basis, the Net Loss during the First Quarter 2007 was $0 compared to First Quarter 2006 when the Net Loss Per Common Share was $0.  During both periods the Company had 3,707,500 shares outstanding.

12



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Liquidity and Capital Resources

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, 2007 the Company has a note payable due to International Credit Bureau, Inc. (a related party) in the amount of $143,091.  This is an unsecured loan and interest has been waived. The Company has no real liquidity and no apparent source of financing apart from the arrangement that it has established with ICBI.  On a going-forward basis, the Company anticipates that it may need as much as $15,000 to $25,000 or more annually merely to maintain the Company's existence and to pay the expenses and costs that it incurs to ensure that the Company can remain a corporate enterprise with all of the attendant responsibilities, filings, and associated documentation.  For these and other reasons, the Company's management recognizes adverse difficulties and challenges it faces.   Apart from the limited assurances that the Company has received from ICBI, there can be no assurance that the Company will receive any financing or funding from any source or if any financing should be obtained, that existing shareholders will not incur substantial, immediate, and permanent dilution of their existing investment.



Further, there can be no assurance that the Company will be successful in obtaining any additional financing, or if the Company receives any additional financing, that any such financing can be obtained on terms that may be deemed reasonable given the Company's current dire financial condition.



Item 3.  Quantitative and Qualitative Disclosures About Market Risk.



The Company's operations and its securities are subject to a number of substantial risks, including those described below. If any of these or other risks actually occur, the Company's business, financial condition and operating results, as well as the trading price or value of its securities could be materially adversely affected.  No attempt has been made to rank these risks in the order of their likelihood or potential harm.  In addition to those general risks enumerated elsewhere in the document, any purchaser of the Company's common stock should also consider the following risk factors:



1.  New Company:  No Revenues from Operation; Losses; Risk of Loss.  The Company faces all of the risks inherent in a new business, coupled with the risks involved with a blind pool/blank check company.  Since the Company, subject to shareholder approval, has sold its existing businesses, there is no information at this time upon which to base an assumption that its plans will either materialize or prove successful.  During the past five years we have experienced continued losses and we have no basis to believe that we will achieve any profitability in the foreseeable future. There can be no assurance that any of the Company's business activities will result in any operating revenues or profits.  Investors should be aware that they may lose all or substantially all of their investment.



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2.  Dormant Company & Potential Difficulties.



3.  No Full-Time Employees.  The Company has no full-time employees and management and none of its officers devote their full time to the Company's proposed business affairs.  None of the officers or directors receives a salary, but are reimbursed for any expenses they may incur in the activities of the Company.  Due to the fact that no salaries are paid to officers of the Company and that members of management are engaged in activities outside the operation of the Company, the ability and speed for the Company to effect a merger or acquisition may be significantly impaired.



4.  Reliance Upon One Officer;  Limited Time to Devote to Company Business.The Company is dependent upon the personal efforts and abilities of its sole officer and director, who devotes only limited time to the affairs of the Company.  She has certain business experience but has almost no experience in acquisition or merger activities.  The officer and director has not agreed to expend any specific amount of time on behalf of the Company, but will devote such time as necessary to identify and consummate a merger or acquisition.



5.Auditor's Opinion:  Going Concern.  The Company's independent auditors have expressed substantial doubt about the Company's ability to continue as a going concern since the Company is an early-stage company, the Company has minimal assets, and there exists only a limited history of operations.



6.  Limited Financial Resources;  Need for Additional Financing.  The Company's financial resources are minimal.  The Company needs to obtain additional financing from the sale of the Company's Common Stock, debt, or some combination thereof in order to undertake further business plans.  The Company's ability to operate as a going concern is contingent upon its receipt of additional financing through private placements or by loans. The Company has, as of December 31, 2006, outstanding debts of $143,091 in the form of a note payable.   This note payable is to a related party. Moreover, the transactions with a related party may be viewed as transactions that are the product of a conflict of interest.  A conflict of interest arises whenever a person has an interest on both sides of a transaction.  While the Company believes that the transaction the related party were fair and reasonable and likely at no more costs than that which the Company would obtain from an independent, unrelated third party, there can be no guarantee of that. The Company's business may require additional funds in the future.  There can be no assurance that if additional funds are required they will be available, or, if available, that they can be obtained on terms satisfactory to Management.  In the event the Company elects to issue stock to raise additional capital, any rights or privileges attached to such stock may either (i) dilute the percentage of ownership of the already issued common shares or (ii) dilute the value of such shares.  No rights or privileges have been assigned to the stock and any such rights and privileges will be at the total discretion of the Board of Directors of the Company.  There can be no guarantee that the Company will be able to obtain additional financing, or if successful, that it will be able to do so on terms that are reasonable in light of current market conditions.



7.  No Existing Trading Market for Common Stock.  The Company's Common Stock is currently not traded in any market.  If any trading were to commence in the near future (a highly unlikely event) such trading would likely be limited to the non-OTC Pink Sheets.  In prior years trading for the stock was sporadic and there was only a limited market for the Company's Common Stock. At the present time, there is no public market for the Company's Common Stock, and there can be no assurance that a market will in fact develop.  Even if a market does develop, it may not be sustained and, given the Company's lack of resources, there is a substantial likelihood that the Company's common stock will not to trade in any public market absent the Company receiving additional significant financial resources.



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8.  Limited Facilities and Location.  We presently maintain our principal offices at the offices of our President, Ms. Lisa Norman.  The office space is supplied at no cost.  We pay our own charges for long distance telephone calls and other miscellaneous secretarial, photocopying and similar expenses.  However, the lack of any substantial office facilities may severely limit our ability to ever undertake any implementation of our business plan or allow us to acquire or develop any business.



9.  Lack of Revenues And Development Stage Company.  The Company faces all of the risks inherent in a new business.  There is no information at this time upon which to base an assumption that its plans will either materialize or prove successful.  The Company may or may not pursue any business in the residential housing industry.  The Company's present business and plans have not been determined. There can be no assurance that any of the Company's business activities will result in any operating revenues or profits.  Investors should be aware that they may lose all or substantially all of their investment.



10.  Lack of Dividends.  The company has not paid dividends and does not contemplate paying dividends in the foreseeable future.  The Company has only minimal assets and no operations.



11.  Competition.  The Company is an insignificant participant among firms which engage in business combinations with, or financing of, development stage enterprises.  There are many established management and financial consulting companies and venture capital firms which have significantly greater financial and personnel resources, technical expertise and experience than the Company.  In view of the Company's limited financial resources and management availability, the Company will continue to be at significant competitive disadvantage vis-avis the Company's competitors.



12.  Regulation & Taxes.  The Investment Company Act of 1940 defines an "investment company" as an issuer which is or holds itself out as being engaged primarily in the business of investing, reinvesting or trading of securities.  While the Company does not intend to engage in such activities, the Company could become subject to regulation under the Investment Company Act of 1940 in the event the Company obtains or continues to hold a minority interest in a number of development stage enterprises.  The Company could be expected to incur significant registration and compliance costs if required to register under the Investment Company Act of 1940.  Accordingly, management will continue to review the Company's activities from time to time with a view toward reducing the likelihood the Company could be classified as an "investment company."  The Company intends to structure a merger or acquisition in such manner as to minimize Federal and State tax consequences to the Company and to any target company.



13.  Possible Rule 144 Stock Sales.  A large portion of the Company's outstanding Common Stock are "restricted securities" and may be sold only in compliance with Rule 144 adopted under the Securities Act of 1933 or other applicable exemptions from registration.  Rule 144 provides that a person holding restricted securities for a period of two years may thereafter sell in brokerage transactions, an amount not exceeding in any three month period the greater of either (i) 1% of the Company's outstanding Common Stock, or (ii) the average weekly trading volume during a period of four calendar weeks immediate preceding any sale.  Persons who are not affiliated with the Company and who have held their restricted securities for at least three years are not subject to the volume limitation.  Possible or actual sales of the Company's Common Stock by present shareholders under Rule 144 may have a depressive effect on the price of the Company's Common Stock in any market which may develop.



14.Risks of Low Priced Stocks.  Currently, the Company's common stock is not trading in any market and there is no certain prospect that the Company's common stock will regain any trading in any organized market.  In the past, the Company's common stock had only limited and sporadic trading in the so-called "pink sheets," and before that, on the NASD's "Electronic Bulletin Board."  As a result and due to the absence of a market, a shareholder may find it more difficult to dispose of, or to obtain accurate quotations as to the price of, the Company's securities.  In the absence of a security being quoted on NASDAQ, or the Company having $2,000,000 in net tangible assets, trading in the Common Stock is covered by Rule 3a51-1 promulgated under the Securities Exchange Act of 1934 for non-NASDAQ and non-exchange listed securities.  Under such rule, broker/dealers who recommend such securities to persons other than established customers and accredited investors (generally institutions with assets in excess of $5,000,000 or individuals with net worth in excess of $1,000,000 or an annual income exceeding $200,000 or $300,000 jointly with their spouse) must make a special written suitability determination for the purchaser and receive the purchaser's written agreement to a transaction prior to sale.

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Securities are also exempt from this rule if the market price is at least $5.00 per share, or for warrants, if the warrants have an exercise price of at least $5.00 per share.  The Securities Enforcement and Penny Stock Reform Act of 1990 requires additional disclosure related to the market for penny stocks and for trades in any stock defined as a penny stock.  The Commission has recently adopted regulations under such Act which define a penny stock to be any NASDAQ or non-NASDAQ equity security that has a market price or exercise price of less than $5.00 per share and allow for the enforcement against violators of the proposed rules.



In addition, unless exempt, the rules require the delivery, prior to any transaction involving a penny stock, of a disclosure schedule prepared by the Commission explaining important concepts involving the penny stock market, the nature of such market, terms used in such market, the broker/dealer's duties to the customer, a toll-free telephone number for inquiries about the broker/dealer's disciplinary history, and the customer's rights and remedies in case of fraud or abuse in the sale.



Disclosure also must be made about commissions payable to both the broker/dealer and the registered representative, current quotations for the securities, and if the broker/dealer is the sole market-maker, the broker/dealer must disclose this fact and its control over the market.



Finally, monthly statements must be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks.  While many NASDAQ stocks are covered by the proposed definition of penny stock, transactions in NASDAQ stock are exempt from all but the sole market-maker provision for (i) issuers who have $2,000,000 in tangible assets ($5,000,000 if the issuer has not been in continuous operation for three years), (ii) transactions in which the customer is an institutional accredited investor and (iii) transactions that are not recommended by the broker/dealer.  In addition, transactions in a NASDAQ security directly with the NASDAQ market-maker for such securities, are subject only to the sole market-maker disclosure, and the disclosure with regard to commissions to be paid to the broker/dealer and the registered representatives.



Finally, all NASDAQ securities are exempt if NASDAQ raised its requirements for continued listing so that any issuer with less then $2,000,000 in net tangible assets or stockholder's equity would be subject to delisting.  These criteria are more stringent than the proposed increased in NASDAQ's maintenance requirements.



The Company's securities are subject to the above rules on penny stocks and the market liquidity for the Company's securities could be severely affected by limiting the ability of broker/dealers to sell the Company's securities.

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Item 4.  Controls and Procedures.



Evaluation of Disclosure Controls and Procedures



We conducted an evaluation under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures.  The term "disclosure controls and procedures," as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended ("Exchange Act"), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by the company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms.  Disclosure controls and procedures also include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.  Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded as of June 30, 2008, that our disclosure controls and procedures are effective to a reasonable assurance level of achieving such objectives.  However, it should be noted that the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.



Management's Report on Internal Control Over Financial Reporting



Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act.  Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.  The internal controls for the Company are provided by executive management's review and approval of all transactions.  Our internal control over financial reporting also includes those policies and procedures that:



(1)  pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;



(2)  provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with the authorization of our management; and



(3)  provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.



Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.



Management assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2007.  In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework.  Management's assessment included an evaluation of the design of our internal control over financial reporting and testing of the operational effectiveness of these controls.



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Based on this assessment, management has concluded that as of December 31, 2006, our internal control over financial reporting was effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles.

This annual report does not include an attestation report of the Company's registered public accounting firm regarding internal control over financial reporting.  Management's report was not subject to attestation by the Company's registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management's report in this annual report.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during our fiscal quarter ended March 31, 2007 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION





|Item 1.                                     | Legal Proceedings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                            | None.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|Item 1A.                                    | Risk Factors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                            | In addition to the risks and uncertainties set forth above in Item 3, we are also subject to other risks and uncertainties relating to our status as a "shell company" and our limited managerial and financial resources.  These risks and uncertainties are largely beyond our control but include the following:                                                                                                                                                                                                                                                                                                                                                                              
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                            | We are a "shell company" and we will likely require significant additional capital.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                            | If we to acquire an existing business or finance a proposed business that we develop, we will likely require a significant amount of additional capital.  We cannot assure you that we can obtain additional capital or, if we do, that we can obtain it in a timely fashion and on terms that are reasonable in light of our current circumstances.                                                                                                                                                                                                                                                                                                                                             
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                            | We have limited management and limited staff resources to manage our business.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                            | We have one officer and one director, Lisa Norman, and we have no present plans to increase our management and staff at the present time.  While we believe that this policy is prudent and appropriate in our circumstances, the lack of additional officers, directors, and additional support staff serves to limit our ability to conduct in-depth evaluations of our business, our strategy, our competitive environment, and other critical aspects of our business.  As a result, we may be successful in correctly identifying competitive and industry trends or, for that matter, in  developing strategies that will respond effectively to the ever-changing competitive environment.
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                            | We have no "key man" life insurance on the life of Lisa Norman.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                            | Currently, we maintain no "key man" life insurance on the life of Lisa Norman and we have no plans to purchase any such insurance in the future.  In the event that Ms. Norman becomes ill or incapacitated or in the event of her death, we may be exposed to significant and protracted losses.                                                                                                                                                                                                                                                                                                                                                                                                
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|Risks Related to the Company's Common Stock
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                            | Our Common Stock is not currently in any market and there can be no assurance that it will ever regain any tradability in any established trading market.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                            | Our Common Stock is not traded anywhere and there can be no assurance that it will ever regain any tradability in any  market. This will likely continue to limit the attractiveness of our Common Stock and also limit the interest that investors and the overall market may have in our Common Stock.  For these and other reasons, we cannot assure you that our stock will ever increase in value.                                                                                                                                                                                                                                                                                          
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                            | We are a "shell company" and the securities of shell companies are not viewed as viable investments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                            | We are still a "shell company" (as that term is used in Rule 405 of the Securities Act of 1933 and Rule 12b-2 of the Securities Exchange Act of 1934).  We have almost no assets and no business.  Our future is subject to many risks and uncertainties and the future course of our company and the market price of the Company's Common Stock can not be predicted or evaluated in any historical context.  For these reasons alone, the purchase of our Common Stock should be viewed as "HIGH RISK" and as an appropriate investment reserved exclusively for persons who can afford the total loss of their entire investment.                                                             

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|Item 2. | Unregistered Sales of Equity 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.                                                  
|        |                                                            
|        | Regulation S-B Number                                      
|        | 31.1                                                       
|        | 31.2                                                       
|        | 32.1                                                       
|        | 32.2                                                       



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SIGNATURE









|                       | American Home Alliance Corporation                
|---------------------- | --------------------------------------------------
|                       |                                                   
|Date:  August 26, 2008 | /s/ Lisa NormanLISA NORMAN
Chief Executive Officer
|                       |                                                   
|Date:  August 26, 2008 | /s/ Lisa NormanLISA NORMAN
Chief FinancialOfficer 



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