##### **FORM 10-Q**

| **Oklahoma**                                  | **73-1251800**                                            |
|-----------------------------------------------|-----------------------------------------------------------|
| (State or OtherJurisdiction of Incorporation) |  (I.R.S. Employer or Organization IdentificationNo.) |
|                                          |                                                      |
| 13 Main Street, Titusville. Florida 32796     |
| (Address of Principal ExecutiveOffices)       |

| Large accelerated filer [   ]Non-accelerated filer [   ] | Accelerated filed [   ]Smaller reporting company [X] |
|--------------------------------------------------------------------|-----------------------------------------------------------|

| **TABLE OF CONTENTS**                                                                           |  |      |
|-------------------------------------------------------------------------------------------------|--|------|
|                                                                                                 |  |      |
|                                                                                                 |  | Page |
| **PART I: FINANCIAL INFORMATION**                                                               |  |      |
|                                                                                                 |  |      |
| Item 1.  Financial Statements (UNAUDITED)                                                  |  | 3    |
|     Balance Sheets as of March 31, 2008 and December 31, 2007                         |  | 3    |
|     Statements of Operations For the Three Months Ended March 31, 2008 and 2007       |  | 5    |
|     Statements of Cash Flows For  the Three Months Ended March 31, 2008 and 2007 |  | 6    |
|     Notes to Financial Statements                                                     |  | 8    |
|                                                                                                 |  |      |
| Item 2.  Management’s Discussion and Analysis and Plan of Operation                  |  | 15   |
|                                                                                                 |  |      |
| Item 3.  Quantitative and Qualitative Disclosures About Market Risk                        |  | 21   |
|                                                                                                 |  |      |
| Item 4T.  Controls and Procedures                                                          |  | 21   |
|                                                                                                 |  |      |
| **PART II: OTHER INFORMATION**                                                                  |  |      |
|                                                                                                 |  |      |
| Item 1.  Legal Proceedings                                                                 |  | 22   |
|                                                                                                 |  |      |
| Item 1A.  Risk Factors                                                                     |  | 22   |
|                                                                                                 |  |      |
| Item 2.  Unregistered Sales of Equity Securitiesand Use of Proceeds                        |  | 22   |
|                                                                                                 |  |      |
| Item 3.  Defaults upon SeniorSecurities                                                    |  | 23   |
|                                                                                                 |  |      |
| Item 4.  Submission of Matters to a vote ofSecurity Holders                                |  | 23   |
|                                                                                            |  |      |
| Item 5.  Other Information                                                                 |  | 23   |
|                                                                                                 |  |      |
| Item 6.  Exhibits                                                                          |  | 23   |
|                                                                                                 |  |      |
| Signatures                                                                                      |  | 24   |
|                                                                                                 |  |      |

|                                                                                                     | **March 31, 2008**                         | **December 31, 2007**                                         |
|-----------------------------------------------------------------------------------------------------|--------------------------------------------|---------------------------------------------------------------|
|                                                                                                     | (Unaudited)                                | (Audited)                                                     |
| **ASSETS**                                                                                          |                                            |                                                               |
| Current assets                                                                                      |                                            |                                                               |
|      Cash                                                                            | $         49,830  | $            13,147             |
|      Prepaid expense                                                                 | 2,500                                      | --                                                            |
|               Total current assets                          |  52,330                               |                13,147 |
|                                                                                                     |                                            |                                                               |
| Property and equipment                                                                              |                                            |                                                               |
|       Fixed assets-net of depreciation of $ 68,133 and                          |                                            |                                                               |
|        $ 64,742,respectively                                                    | 577,174                                    | 583,285                                                       |
|       Land                                                                           | 150,000                                    | 150,000                                                       |
|               Total property and equipment                  | 727,174                                    | 733,285                                                       |
|                                                                                                     |                                            |                                                               |
| Other assets                                                                                        |                                            |                                                               |
|      Development costs                                                               | 710,205                                    | 710,205                                                       |
|                      Total assets            | $      1,489,709            | $        1,456,637                        |
|                                                                                                     |
|           **LIABILITIES ANDSTOCKHOLDERS' EQUITY**                          |
| Current liabilities                                                                                 |                                            |
|       Accounts payable and accruedexpenses                                           | $          22,905 | $             13,280       |
|       Credit line payable                                                            | 70,784                                     | 72,584                                                        |
|       Mortgage – currentportion                                                | 11,313                                     | 8,550                                                         |
|       Note payable                                                                   | 60,000                                     | 60,000                                                        |
|       Note payable – relatedparty                                              | 782                                        | 782                                                           |
|       Taxes payable                                                                  | 11,599                                     | 11,599                                                        |
|                Total current liabilities                    | 177,383                                    | 166,795                                                       |
|                                                                                                     |                                            |                                                               |
| Long term liabilities                                                                               |                                            |                                                               |
|       Mortgage                                                                       | 580,613                                    | 580,613                                                       |
|       Less: Mortgage-currentportion                                                  | (11,313)                                   | (8,550)                                                       |
|                  Total long term liabilities           | 569,300                                    | 572,063                                                       |
|                       Total liabilities | 746,683                                    |              738,858       |
|                                                                                                     |                                            |                                                               |
| Stockholders' equity                                                                                |                                            |                                                               |
|        Common stock                                                             |                                            |                                                               |
|         $0.005 par value; 400,000,000shares authorized                          |                                            |                                                               |
|              300,897,100shares issued and outstanding and        |                                            |                                                               |
|              294,916,147shares issued and outstanding,           |                                            |                                                               |
|              respectively                                        | 1,504,484                                  | 1,474,579                                                     |
|       Paid-in capital                                                                | 11,882,414                                 | 11,852,509                                                    |
|       Accumulated deficit                                                            | (11,886,789)                               | (11,886,789)                                                  |
|       Accumulated deficit during developmentstage                                    | (755,967)                                  | (721,403)                                                     |
|       Treasury stock - 56,533 shares atcost                                          | (1,116)                                    | (1,116)                                                       |
|               Totalstockholders' equity                          | 743,026                                    | 717,779                                                       |
|               Totalliabilities and stockholders’ equity    | $       1,489,709      | $           1,456,637                |

|                                                                       |                                                                                  |                                                  | **FromJanuary 1, 2007**                                                                      |
|-----------------------------------------------------------------------|---------------------------------------------------------------------------------------|-------------------------------------------------------|----------------------------------------------------------------------------------------------|
|                                                                       | **For Three Months Ended**                                                            | **through**                                           |
|                                                                       | **2008**                                                                              | **2007**                                              | **March 31,2008**                                                                            |
| Income                                                                | $                     -   | $               -- | $                       -   |
|                                                                       |                                                                                       |                                                       |                                                                                              |
|     General and administrative expense                      |              27,747                                | 130,745                                               | 724,064                                                                                      |
|     Depreciation                                            | 6,111                                                                                 | 6,111                                                 | 30,557                                                                                       |
|         Total operating expenses                  | 33,858                                                                                | 136,856                                               | 754,621                                                                                      |
|                                                                       |                                                                                       |                                                       |                                                                                              |
|         Loss from operations                      | (33,858)                                                                              | (136,856)                                             | (754,621)                                                                                    |
|                                                                       |                                                                                       |                                                       |                                                                                              |
|     Other income (expense)                                  |                                                                                       |                                                       |                                                                                              |
|         Interest expense                          | (9,282)                                                                               | (9,237)                                               | (57,725)                                                                                     |
|         Other income                              | 11,141                                                                                | 10,510                                                | 62,056                                                                                       |
|         Impairment loss on fixed asset            | --                                                                                    | (1,612)                                               | (1,612)                                                                                      |
|         Other expense                             | (2,565)                                                                               |       --                               | (4,065)                                                                                      |
|            Total other income (expense) | (706)                                                                                 | (339)                                                 | (1,346)                                                                                      |
|                                                                       |                                                                                       |                                                       |                                                                                              |
|     Net loss                                                | $           (34,564)                                    | $ (137,195)                                           | $      (755,967)                                                              |
|                                                                       |                                                                                       |                                                       |                                                                                              |
| Earnings per share(Basic):                                            |                                                                                       |                                                       |                                                                                              |
| Loss from operations                                                  | $                (0.00)                       | $      ( 0.00)                         |                                                                                              |
| Weighted average number of shares outstanding (Basic)                 | 296,036,189                                                                           | 263,857,108                                           |                                                                                              |

|                                                                                        | **For Three Month**                                 | **From Jan. 1,   2007**                          |
|----------------------------------------------------------------------------------------|-----------------------------------------------------|-------------------------------------------------------|
|                                                                                        | **Ended March 31,**                                 | **through**                                           |
|                                                                                        | **2008**                                            | **2007**                                              | **March 31, 2008** |
| **CASH FLOWS FROM OPERATING ACTIVITIES**                                               |                                                     |                                                       |  |
|     Net loss                                                                 | $   (34,564)                                   | $   (137,195)                                    | $   (755,967)     |
|     Adjustments to reconcile loss from continuing                            |                                                     |                                                       |  |
|      operations to net cash used in operating activities:               |                                                     |                                                       |  |
|         Impairment loss                                            | --                                                  | 1,612                                                 | 1,612 |
|         Depreciation                                               | 6,111                                               | 6,111                                                 | 30,558 |
|         Stock based compensation                                   | --                                                  | 102,000                                               | 332,000 |
|         Allowance for doubtful accounts                            | --                                                  | --                                                    | 60,500 |
|         Financing cost                                             | --                                                  | --                                                    | 105,000 |
|     Changes in operating assets and liabilities:                             |                                                     |                                                       |  |
|         Increase in accounts receivable                            | --                                                  | --                                                    | (10,500) |
|         Increase(decrease) in accounts payable and accrued expense | 9,626                                               | (8,876)                                               | 9,903 |
|         Increase(decrease) in accrued liabilities - related party  | --                                                  | (27,750)                                              | (27) |
|         Increase in prepaid                                        |      (2,500)                         |              --    |       (2,500) |
|             Net cash used in operating activities        | (21,327)                                            | (64,099)                                              | (229,421) |
|                                                                                        |                                                     |                                                       |  |
| **CASH FLOW FROM INVESTING ACTIVITIES**                                                |                                                     |                                                       |  |
|         Payments for development costs                             | --                                                  | --                                                    | (70,001) |
|         Disposal of fixed assets                                   |               -- |               --   |         4,833 |
|             Net cash used investing activities           | --                                                  | --                                                    | (65,168) |
|                                                                                        |                                                     |                                                       |  |
| **CASH FLOW FROM FINANCING ACTIVITIES**                                                |                                                     |                                                       |  |
|         Payments made on mortgage                                  | --                                                  | (2,094)                                               | (8,551) |
|         Proceeds from notes payable                                | --                                                  | 60,000                                                | 60,000 |
|         Payments on notes payable-related party                    | --                                                  | (76,173)                                              | (76,173) |
|         Proceeds from issuance of common stock                     | 59,810                                              | 48,000                                                | 262,260 |
|         Proceeds from credit line                                  | --                                                  | --                                                    | 72,584 |
|         Payment on credit line                                     |       (1,800)                        |               --   |       (1,800) |
|             Net cash provided by financing activities    | 58,010                                              | 110,740                                               | 308,320 |
|                                                                                        |                                                     |                                                       |  |
| **NET CHANGE IN CASH**                                                                 | 36,683                                              | (3,359)                                               | 13,731 |
|                                                                                        |                                                     |                                                       |  |
| **CASH AT BEGINNING OF PERIOD**                                                        |       13,147                         |       36,099                           |       36,099 |
|                                                                                        |                                                     |                                                       |  |
| **CASH AT END OF PERIOD**                                                              | $     49,830                              | $  32,740                                        | $          49,830 |
|                                                                                        |                                                     |                                                       |  |
| **SUPPLEMENTAL INFORMATION:**                                                          |                                                     |                                                       |  |
|     Interest paid                                                            | $             --      | $               -- | $            7,724 |
|     Income taxes paid                                                        | $             --      | $               -- | $                  -- |

| **Description** | **Useful Life** |
|-----------------|-----------------|
| Vehicles        | 5 Years         |
| Building        | 10-40 years     |

**NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS**
| Building                       | $600,000  |
|--------------------------------|-----------|
| Land                           | 150,000   |
| Vehicles                       | 45,307    |
|                           | $ 795,307 |
|                           |      |
| Less: Accumulated depreciation | (68,133)  |
|                           | $ 727,174 |

| Original value                | $8,000   |
|-------------------------------|----------|
| Less accumulateddepreciation  | (1,554)  |
| Less insurance payment onloss | (4,834)  |
|     Impairment loss | $ 1,612) |
| Design payments to ship yards        | $660,205             |
|--------------------------------------|----------------------|
| Engineering of glassdesign           | 25,000               |
| Consulting fees to administrator     |     25,000 |
|    Total Development Costs | $710,205             |
| Fiscal Year |     |
|-------------|----------|
| 2008        | 11,313   |
| 2009        | 9,482    |
| 2010        | 9,995    |
| 2011        | 10,531   |
| 2012        | 11,000   |
| Thereafter  | 528,192  |
|        | $580,613 |
| 2008       | $ 128,574                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         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| 2009       | 172,296                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 2010       | 174,396                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           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| 2011       | 176,574                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           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| 2012       | 178,812                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           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| Thereafter |         573,299  Total$ 1,403,951On February 15, 2008,the Company signed a contract with the Odys Shipyard for building Underseavessels.  Under the terms of the contract, the contract becomes effectivewhen the registrant has placed a 50% deposit on the first vessel to be built.The Company has 100 days from the date of the contract to make the initialdeposit or Odys Shipyard may unilaterally cancel the contract. The Company hasno financial obligations until the initial payment has been completed. Nopayments have been made to the shipyard under the contract and the Company has not received any notice of cancellation from the shipyard.**NOTE 12 - LEGAL MATTERS**The Company is the defendant in a lawsuit filed on February 21, 2008 in Brevard County, Florida Case No:05-2008-CA-019105 which was brought by the mortgage holder of the property ownedby the Company at 13 Main Street Titusville, FL.  The matter was heard onMarch 14, 2008 and the Company was ordered to commence monthly payments of $3,272.32 to the plaintiff beginning on April 16, 2008 and on the samedate each month thereafter.  The Company has met the requirements of theAgreement as of June 30, 2008.The Company is in receipt of a letter fromthe Securities and Exchange Commission dated August 10, 2007.  The letterpointed to certain deficiencies in the 10-KSB that was filed for the year endingDecember 31, 2006.  The Company responded to the letter and has filed anamended copy of the 10-KSB/A for the year end December 31, 2006. The Companyreceived an additional response letter from the SEC dated April 4, 2008. TheCompany has incorporated certain recommendations by the SEC into the 10-KSB/Afor the year ended December 31, 2007 which was filed on July 29,2008.**ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF OPERATIONS.**The followingdiscussion and analysis of the Company’s financial condition and resultsof operations is based upon, and should be read in conjunction with, itsunaudited financial statements and related notes included elsewhere in this Form10-Q, which have been prepared in accordance with accounting principlesgenerally accepted in the United States.**15****Overview.**The Company  is in the planning and development stage of building the firstUnderSea Resort & Casino, the first Undersea Residence, and the firstResidence Fractional Ownership. The development will be the residence and thefractional ownership, and the project will be financed from pre-sellingindividual units. The Company estimates that the average resort and casinoincluding 50,000 square feet world class Spa by Pevonia and a 200,000 squarefoot convention center. The development should generate approximately $600million while the total development cost should be approximately $460 million.The Company is in discussions with leaders in the hospitality, gambling, spa andconvention industry to explore the possibility of a partnership or contractualarrangement with the Company. The undersea resort ships have the ocean availablewithout the limitations of land. In addition, several locations are going to bethree miles offshore the Florida coast because it’s consideredinternational water and thus tax free.  The Company also intends totake advantage of any reasonable business proposal presented which managementbelieves will provide the Company and its stockholders with a viable businessopportunity and fits within the objectives of the Company and its businessdevelopment.  The board of directors will make the final approval indetermining whether to complete any acquisition, and unless required byapplicable law, the articles of incorporation or bylaws or by contract,stockholders' approval will not be sought.Along with the development ofthe Undersea Resort and Casino, the investigation of specific businessopportunities and the negotiation, drafting, and execution of relevantagreements, disclosure documents, and other instruments will require substantialmanagement time and attention and will require the Company to incur costs forpayment of accountants, attorneys, and others.  If a decision is made notto participate in or complete the acquisition of a specific businessopportunity, the costs incurred in a related investigation will not berecoverable.  Further, even if an agreement is reached for theparticipation in a specific business opportunity by way of investment orotherwise, the failure to consummate the particular transaction may result inthe loss to the Company of all related costs incurred.If and when theCompany locates a business opportunity, management of the Company will giveconsideration to the dollar amount of that entity's profitable operations andthe adequacy of its working capital in determining the terms and conditionsunder which the Company would consummate such an acquisition.  Potentialbusiness opportunities, no matter which form they may take, will most likelyresult in substantial dilution for the Company’s shareholders due to theissuance of stock to acquire such an opportunity.**16****Results of Operations.****(a)    Revenues.**The Company reportedno revenues for the three months ended March 31, 2008  and no revenue forthe three months ended March 31, 2007.  The Company does receive rentalincome from the building it owns and this revenue is classified as OtherIncome.**(b)    General and Administrative Expenses.**The Company incurred total selling, general and administrative expenses of $27,747for the three months ended March 31, 2008 as compared to $130,745 for the threemonths ended March 31, 2007; representing a decrease of $102,998.  Thedecrease  is due primarily to the decrease in expenses for consultingservices and operations.**(c)    Depreciation.**Depreciation for the three months ended March31, 2008 and 2007 was $6,111 and $6,111, respectively.  The depreciation isattributable to the building and vehicles owned by the Company. **(d)    Interest Expense.**The Company incurred interest charges of$9,282 and $9,237 during the three months ended March 31, 2008 and 2007,respectively. The interest expense difference in the quarter ended March 31,2008 is the result of mortgage payments not all being made during the threemonth period ending March 31, 2008.**(e)    Net Operating Loss Carryforward.**At March 31, 2007, the Company had available netoperating loss carryforwards of approximately $11.4 million that may providefuture tax benefits. This compares with net operating loss carryforwards ofapproximately $12.6 million at March 31, 2008.  **(f)   Net Loss.**The Company reported a net loss of $137,195 for the threemonths ended March 31, 2007 as compared to a net loss of $34,564 for the threemonths ended March 31, 2008. The lower loss was attributable to decreasedgeneral and administrative costs during the period ending March 31,2008.**Factors That May Affect Operating Results.**The operating results of the Company can vary significantly depending upon a numberof factors, many of which are outside its control.  General factors thatmay affect the Company’s operating results include:•    market acceptance of and changes in demand for products and services;•    a small number of customers account for, and may in future periodsaccount for, substantial portions      of the Company’s revenue, and revenuecould decline because of delays in customer orders or the      failure to retaincustomers;**17**•    gain or loss of clients or strategic relationships;•    announcement or introduction of new services and products by theCompany or by its competitors;•    price competition;•    the ability to upgrade and develop systems and infrastructure to accommodate growth;•    the ability to introduce and market products and services in accordance with market demand;•    changes in governmental regulation; and•    reduction in or delay of capital spending by clients due to theeffects of terrorism, war and political instability.**Key Personnel.**The Company’s success is largely dependent on the personalefforts and abilities of its senior management.  The loss of certainmembers of the Company’s senior management, including the Company’schief executive officer, chief financial officer and chief technical officer,could have a material adverse effect on the Company’s business andprospects.**Operating Activities.**The net cash used inoperating activities was $21,327 for the three months ended March 31, 2008compared to net cash used of $64,099 for the three months ended March 31, 2007. This decrease is due primarily to reduced issuance of stock for servicesof $99,500 for the three months ended March 31, 2007 compared to the same periodin 2008.**Investing Activities.**Net cash used in investingactivities was zero for the three months period ending March 31, 2007 and zerofor the same period ending March 31, 2008.  **Financing Activities.**Net cash provided by financing activities was $58,010 forthe three month period ending March 31, 2008 and $110,740 for the same periodending March 31, 2007.  Financing activities for the period ending March31, 2007 were higher due to a combination of stock sales and note issuedtotaling $108,000 in the period ended March 31, 2007 verses stock sales of$59,810 in the period ended March 31, 2008. **Liquidity and Capital Resources.**As of March 31, 2008, the Company had total current assetsof $52,330 and total current liabilities of $177,383, resulting in net workingcapital deficit of $125,053  During the three months ended March 31, 2008and 2007, the Company incurred losses of $34,564 and $137,195, respectively. Theaggregate accumulated deficit and accumulated deficit during the developmentstage of the Company is $12,642,756 ($11,886,789 and $748,356, respectively). These factors raise substantial doubt as to the Company’s ability tocontinue as a going concern.  In fact, the Company’s independentaccountants’ audit report included in the Form 10-KSB/A for the year endedDecember 31, 2007 includes a substantial doubt paragraph regarding theCompany’s ability to continue as a going concern.**18**The accompanying financial statements have been prepared assuming that the Company will continueas a going concern which contemplates the realization of assets and thesatisfaction of liabilities in the normal course of business.  However, theability of the Company to continue as a going concern on a longer-term basiswill be dependent upon its ability to generate sufficient cash flow fromoperations to meet its obligations on a timely basis, to retain its currentfinancing, to obtain additional financing, and ultimately attain profitability.Our current cash flow will not be sufficient to maintain our capitalrequirements for the next twelve months.  Accordingly, the Company willneed to continue raising capital through either debt or equity instruments. The Company believes it will need to raise additional capital to continueexecuting the business plan.  Whereas the Company has been successful inthe past in raising capital, no assurance can be given that these sources offinancing will continue to be available to us and/or that demand for ourequity/debt instruments will be sufficient to meet our capital needs, or thatfinancing will be available on terms favorable to the Company.  Thefinancial statements do not include any adjustments relating to therecoverability and classification of liabilities that might be necessary shouldthe Company be unable to continue as a going concern.If funding isinsufficient at any time in the future, the Company may not be able to takeadvantage of business opportunities or respond to competitive pressures, or maybe required to reduce the scope of our planned product development and marketingefforts, any of which could have a negative impact on its business and operatingresults. In addition, insufficient funding may have a material adverse effect onour financial condition, which could require us to: •     curtail operations significantly;•     sell significant assets;•     seek arrangements with strategic partners or other parties that mayrequire the Company to relinquish significant rights to products, technologiesor markets; or•     explore other strategic alternativesincluding a merger or sale of the Company.To the extent that the Companyraises additional capital through the sale of equity or convertible debtsecurities, the issuance of such securities may result in dilution to existingstockholders. If additional funds are raised through the issuance of debtsecurities, these securities may have rights, preferences and privileges seniorto holders of common stock and the terms of such debt could impose restrictionson our operations. Regardless of whether our cash assets prove to be inadequateto meet our operational needs, we may seek to compensate providers of servicesby issuance of stock in lieu of cash, which may also result in dilution toexisting shareholders.**Off Balance Sheet Arrangements.**The Company does not engage in any off balance sheet arrangements thatare reasonably likely to have a current or future effect on our financialcondition, revenues, and results of operations, liquidity or capitalexpenditures.**19****Inflation.**The impact of inflation on our costs and the ability to pass on cost increases tocustomers over time is dependent upon market conditions. We are not aware of anyinflationary pressures that have had any significant impact on our operationsover the past quarter, and the Company does not anticipate that inflationaryfactors will have a significant impact on future operations. **Critical Accounting Policies.**The Securities and Exchange Commission(“SEC”) has issued Financial Reporting Release No. 60,“Cautionary Advice Regarding Disclosure About Critical AccountingPolicies” (“FRR 60”), suggesting companies provide additionaldisclosure and commentary on their most critical accounting policies.  InFRR 60, the SEC has defined the most critical accounting policies as the onesthat are most important to the portrayal of a company’s financialcondition and operating results, and require management to make its mostdifficult and subjective judgments, often as a result of the need to makeestimates of matters that are inherently uncertain.  Based on thisdefinition, the Company’s most critical accounting policies include: (a)use of estimates in the preparation of financial statements; (b) non-cashcompensation arrangements; and (c) revenue recognition.  The methods,estimates and judgments the Company uses in applying these most criticalaccounting policies have a significant impact on the results the Company reportsin its financial statements. **(a)    Use of Estimates in the Preparation of Financial Statements.**The preparation of thesefinancial statements requires the Company to make estimates and judgments thataffect the reported amounts of assets, liabilities, revenues and expenses, andrelated disclosure of contingent assets and liabilities.  On an on-goingbasis, the Company evaluates these estimates, including those related to revenuerecognition and concentration of credit risk.  The Company bases itsestimates on historical experience and on various other assumptions that arebelieved to be reasonable under the circumstances, the results of which form thebasis for making judgments about the carrying values of assets and liabilitiesthat are not readily apparent from other sources.  Actual results maydiffer from these estimates under different assumptions orconditions.**(b)    Stock-Based Compensation Arrangements.**The Company may issue shares of common stock to various individuals and entities formanagement, legal, consulting and marketing services.  These issuances willbe valued at the fair market value of the services provided and the number ofshares issued is determined, based upon the open market closing price of commonstock as of the date of each respective transaction.  These transactionswill be reflected as a component of selling, general and administrative expensesin the Company’s statement of operations.**(c)    Revenue Recognition.**Sales are recognized when the product or service isdelivered to the customer.  **20****Forward Looking Statements.**Information in this Form 10-Q contains “forwardlooking statements” within the meaning of Rule 175 of the Securities Actof 1933, as amended, and Rule 3b-6 of the Securities Act of 1934, as amended. When used in this Form 10-Q, the words “expects,”“anticipates,” “believes,” “plans,”“will” and similar expressions are intended to identifyforward-looking statements.  These are statements that relate to futureperiods and include, but are not limited to, statements regarding our adequacyof cash, expectations regarding net losses and cash flow, our need for futurefinancing, our dependence on personnel, and our operating expenses. Forward-looking statements are subject to certain risks anduncertainties that could cause actual results to differ materially from thoseprojected.  These risks and uncertainties include, but are not limited to,those discussed above as well as risks set forth above under “Factors ThatMay Affect Our Results.”  These forward-looking statements speak onlyas of the date hereof.  The Company expressly disclaims any obligation orundertaking to release publicly any updates or revisions to any forward-lookingstatements contained herein to reflect any change in its expectations withregard thereto or any change in events, conditions or circumstances on which anysuch statement is based.**ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.**As a “smaller reportingcompany” as defined by Item 10 of Regulation S-K, the Company is notrequired to provide information required under this Item. **ITEM 4T.  CONTROLS AND PROCEDURES.****Evaluation of Disclosure Controlsand Procedures.**The Company maintains disclosure controls andprocedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the SecuritiesExchange Act of 1934, as amended) that are designed to ensure that informationrequired to be disclosed in our periodic reports filed under the Exchange Act isrecorded, processed, summarized and reported within the time periods specifiedin the SEC’s rules and forms, and that such information is accumulated andcommunicated to our management, including our principal executive officer, toallow timely decisions regarding required disclosure.Because of theinherent limitations in all control systems, no evaluation of controls canprovide absolute assurance that all control issues and instances of fraud, ifany, will be or have been detected.  These inherent limitations include therealities that judgments in decision-making can be faulty, and that breakdownscan occur because of simple error or mistake.  Additionally, controls canbe circumvented by the individual acts of some persons, by collusion of two ormore people, and/or by management override of the control.  The design ofany system of controls also is based in part upon certain assumptions about thelikelihood of future events, and there can be no assurance that any design willsucceed in achieving its stated goals under all potential future conditions;over time, controls may become inadequate because of changes in conditions,and/or the degree of compliance with the policies and procedures maydeteriorate. Because of the inherent limitations in a cost-effective internalcontrol system, misstatements due to error or fraud may occur and not bedetected.**21**Within the 90 days prior to the end of the period covered bythis report, the Registrant carried out an evaluation of the effectiveness ofthe design and operation of its disclosure controls and procedures pursuant toRule 13a-15 under the Securities Exchange Act of 1934, as amended(“Exchange Act”). This evaluation was done under the supervision andwith the participation of the Registrant’s president. Based upon thatevaluation, he concluded that the Registrant’s disclosure controls andprocedures are not effective in gathering, analyzing and disclosing informationneeded to satisfy the Registrant’s disclosure obligations under theExchange Act.**Changes in Disclosure Controls and Procedures.**There were no significant changes in the Company’s disclosurecontrols and procedures, or in factors that could significantly affect thosecontrols and procedures, since their most recentevaluation.**PART II – OTHER INFORMATION****ITEM 1.  LEGAL PROCEEDINGS.**Other than as set forth below, the Company is not aparty to any material pending legal proceedings and, to the best of itsknowledge, no such action by or against the Company has beenthreatened.The Company is the defendant in a law suit filed on February12, 2008 in Brevard County, Florida Case No: 05-2008-CA-019105 which was broughtby the mortgage holder of the property owned by the Registrant at 13 Main StreetTitusville, FL.  The matter was heard on March 14, 2008 and the Registrantwas ordered to commence monthly payments of  $3,272.32 to the plaintiffbeginning on April 16, 2008 and on the same date each month thereafter. The Company has met the requirements of the Agreement as of June 30,2008.**ITEM 1A.  RISK FACTORS.**There have been no material changes to the Company’s risk factors as previouslydisclosed in our most recent 10-KSB/A filing for the year ending December 31,2007.**ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.**The Company made the followingsales of unregistered (restricted) securities during the period ending March 31,2008:   (a)  On January 9, 2008, the Company sold a total of1,000,000 shares of common stock to an individual for cash.  These shareswere valued at a total of $10,000 ($0.01 per share).    (b)  On March 27, 2008, the Company issued a total of4,980,953 shares of common stock to an individual for cash for a total value of$49,810 ($0.01 per share).No commissions were paid in connection withany of these sales.  These sales were undertaken under Rule 506 ofRegulation D under the Securities Act of 1933.  Each of the transactionsdid not involve a public offering and each of the investors represented thathe/she was a “sophisticated” or “accredited” investor asdefined in Rule 502 of Regulation D. **22****ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.**The Company is in default on the mortgage on thebuilding it owns at 13 Main Street Titusville, FL. The Company is the defendantin a law suit brought by the mortgage holder of the property. and was ordered tocommence monthly payments of  $3,272.32 to the plaintiff beginning on April16, 2008 and on the same date each month thereafter.  The Company has metthe requirements of the Agreement as of June 30, 2008. **ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**None**ITEM 5.  OTHER INFORMATION.**On March 10, 2008, the Registrant filed an 8-Kannouncing a contract between the Registrant and Odys Shipyard for building theUndersea vessels.  Under the terms of the contract, the contract becomeseffective when the registrant has placed a 50% deposit on the first vessel to bebuilt. The Registrant has 100 days from the date of the contract to make theinitial deposit or Odys Shipyard may unilaterally cancel the contract. TheRegistrant has no financial obligations until the initial payment has beencompleted. No payments have been made under the contract and the Company has notreceived any form of cancellation.On February 15, 2008, the Companysigned a contract between with the Odys Shipyard for building Undersea vessels. Under the terms of the contract, the contract becomes effective when theregistrant has placed a 50% deposit on the first vessel to be built. TheRegistrant has 100 days from the date of the contract to make the initialdeposit or Odys Shipyard may unilaterally cancel the contract. The Registranthas no financial obligations until the initial payment has been completed. Nopayments have been made to the shipyard under the contract and the Company has not received any notice of cancellation from the shipyard. The Registrant has held discussions and received affirmative agreement with the NewYork Harbor Department to dock resort ships in the Hudson River. As of this dateno written contract has been completed**ITEM 6. EXHIBITS.**31  Rule 13a-14(a)/15d-14(a) Certification of Joseph Cala.	32  Section 1350 Certification of Joseph Cala.**23****SIGNATURE**Pursuant to the requirements of Section 13 or 15(d) of the SecuritiesExchange Act of 1934, the Company has duly caused this report to be signed onits behalf by the undersigned, thereunto duly authorized.  **Cala Corporation**      Dated:  August 18th, 2008  By: /s/ Joseph Cala  Joseph Cala, President   Principal ExecutiveOfficer and Chief Financial Officer **24** |