SECURITIES
      AND EXCHANGE COMMISSION


Washington,
      D.C. 20549


FORM
      10-QSB





xQuarterly
      report under
      Section 13 or 15(d) of the Securities Exchange Act Of
      1934
      for the quarterly period ended June 30, 2006





oTransition
      report under
      Section 13 or 15(d) of the Securities Exchange Act of
      1934
      for the transition period _______ to ________





Commission
      file number: 000-49612





**SECURED
      FINANCIAL NETWORK, INC.**


(Exact
      name of small business issuer as specified in its charter)




Nevada
              86-0955239(State
                  or other jurisdiction of
                  incorporation or organization)
              (I.R.S.
                  Employer Identification No.)












100
                NE 3rdAvenueSuite
                1500Ft.
                Lauderdale, Florida
                33301(Address
                of principal executive office)(954)
                332-3793(Issuer's
                telephone
                number)





SECURITIES
      REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: NONE





SECURITIES
      REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: COMMON STOCK, PAR VALUE $.001
      PER SHARE





Check
      whether the Registrant: (1) filed all reports required to be filed by Section
      13
      or 15(d) of the Exchange Act during the past 12 months (or for such shorter
      period that the Registrant was required to file such reports), and (2) has
      been
      subject to such filing requirements for the past 90 days.





Yes
x
      No o




The number of outstanding shares of the Registrant's common
      stock, $0.001 par value, as of June 30, 2006 was 21,888,665.


1






SECURED
      FINANCIAL NETWORK, INC.





TABLE
      OF
      CONTENTS





PART
              I:
            FINANCIAL
              INFORMATION
            PageItem
              1.
            Financial
              Statements:
            4Report
              of Independent Registered Public Accounting Firm
            4Balance
              Sheet  (Unaudited)  June 30, 2006 and December
              31,2005
            5Statements
                of Operations  (Unaudited) Three Months Ended June 30, 2006 and 2005
                and Six Months Ended June 30, 2006 and 2005
            6Statement
                of Stockholders' Equity (Unaudited) for the period December 31, 2002
                to
                June 30, 2006
            7Statements
                of Cash Flows (Unaudited) Six Months Ended June 30,2006 and
                2005
            8Item
              2.
            Managements
                Discussion and Analysis of Financial Condition and Plan of
                Operations
            9Item
              3.
            Controls
              and Procedures
            17PART
              II:
            OTHER
              INFORMATION
            17Item
              1.
            Legal
              Proceedings
            17Item
              2.
            Changes
              in Securities
            17Item
              3.
            Defaults
              upon Senior Securities
            18Item
              4.
            Submission
              of Matters for a Vote of Security Holders
            18Item
              5.
            Other
              Information
            18Item
              6.
            Exhibits
              and Reports on Form 8-K
            18SIGNATURES
            18




2


*This
      Form 10-QSB contains forward-looking statements within the meaning of the "safe
      harbor" provisions under Section 21E of the Securities Exchange Act of 1934.
      We
      use forward-looking statements in our description of our plans and objectives
      for future operations and assumptions underlying these plans and objectives.
      Forward-looking terminology includes the words "may," "expects," "believes,"
      "anticipates," "intends," "projects," or similar terms, variations of such
      terms
      or the negative of such terms. These forward-looking statements are based on
      management's current expectations and are subject to factors and uncertainties,
      which could cause actual results to differ materially from those, described
      in
      such forward-looking statements. We expressly disclaim any obligation or
      undertaking to release publicly any updates or revisions to any forward-looking
      statements contained in this Form 10-QSB to reflect any change in our
      expectations or any changes in events, conditions or circumstances on which
      any
      forward-looking statement is based. Factors, which could cause such results
      to
      differ materially from those described in the forward-looking statements, and
      elsewhere,, are incorporated by reference into this Form 10-QSB. The term the
      "Company" includes Secured Financial Network, Inc., its predecessors, and its
      wholly owned subsidiary described elsewhere in this report.*




























































































3





PART
      I:
      FINANCIAL INFORMATION





Item1.
      Financial Statements







**MOORE
        & ASSOCIATES, CHARTERED**
 ***ACCOUNTANTS
        AND ADVISORS***
 ***PCAOB
        REGISTERED***
 
 
 
 **Report
        of Independent Registered Public Accounting Firm**
 
 
 **Secured
        Financial Network, Inc.**
 **7951
        SW 6** **th** **Street Suite 210**
 **Plantation,
        FL 33024**
 
 
 
 We
        have
        reviewed the accompanying balance sheet of Secured Financial Network, Inc.
        as of
        June 30, 2006,
        and
        the related statements of income, retained earnings, and cash flows for the
        six
        months then ended, in accordance with the standards of the Public Company
        Accounting Oversight Board (United States). All information included in these
        financial statements is the representation of the management of Secured
        Financial Network, Inc.
 
 A
        review
        consists principally of inquiries of company personnel and analytical procedures
        applied to financial data. It is substantially less in scope than an audit
        in
        accordance with generally accepted auditing standards, the objective of which
        is
        the expression of an opinion regarding the financial statements taken as
        a
        whole. Accordingly, we do not express such an opinion.
 
 Based
        on
        our review, we are not aware of any material modifications that should be
        made
        to the financial statements in order for them to be in conformity with generally
        accepted accounting principles.
 
 The
        accompanying financial statements have been prepared assuming that the company
        will continue as a going concern. As discussed in the notes to the financial
        statements, the Company has no established source of revenue and no operations.
        This raises substantial doubt about the Company’s ability to continue as a going
        concern. The financial statements do not include any adjustments that might
        result from this uncertainty.
 
 
 
 /s/
        Moore & Associates, Chartered
 Moore
        & Associates, Chartered
 Las
        Vegas, Nevada
 August
        29, 2006
 
 
  
 ***2675
        S. JONES BLVD. SUITE 109, LAS VEGAS, NEVADA 89146 (702) 253-7511 Fax:
        (702)253-7501***


4


**SECURED
                      FINANCIAL NETWORK, INC.****BALANCE
                      SHEETS****ASSETS**June
                        30,2006
                  
                  
                  December
                      31,(Unaudited)
                  
                  
                  2005CURRENT
                      ASSETSCash
                  
                  $
                  -
                  
                  $
                  -Accounts
                      Receivable
                  
                  
                  1,994,366
                  
                  
                  1,841,101Container
                      Notes
                      Receivable
                  
                  
                  1,924,969
                  
                  
                  1,770,000Allowance
                      for
                      Uncollectibles
                  
                  
                  -3,919,335
                  
                  
                  (3,611,101
                  )Employee
                    Loans
                  
                  
                  6,030
                  
                  
                  32,134Prepaid
                      Expenses
                  
                  
                  -
                  
                  
                  2,500Total
                      Current Assets
                  
                  
                  6,030
                  
                  
                  34,634PROPERTY
                      AND EQUIPMENT (NET)
                  
                  
                  3,029
                  
                  
                  4,837OTHER
                      ASSETSInvestment
                      in
                      Subsidiary
                  
                  
                  -Investments
                    Held for Sale
                  
                  
                  300
                  
                  
                  6,000Security
                      Deposits
                  
                  
                  -
                  
                  
                  2,870Trademarks,
                      Formulae and Client Files (Net)
                  
                  
                  -
                  
                  
                  -Total
                      Other Assets
                  
                  
                  300
                  
                  
                  8,870TOTAL
                      ASSETS
                  
                  $
                  9,359
                  
                  $
                  48,341**LIABILITIES
                      AND STOCKHOLDERS' EQUITY**CURRENT
                      LIABILITIESAccounts
                    Payable
                  
                  $
                  95,603
                  
                  $
                  128,061Investor
                      Notes
                      Payable
                  
                  
                  2,025,000
                  
                  
                  2,025,000Investor
                      Profit
                      Participation
                  
                  
                  539,898
                  
                  
                  256,733Accrued
                      Expenses
                  
                  
                  69,699
                  
                  
                  103,521Short
                      Term Notes
                  
                  
                  60,000
                  
                  
                  50,000Total
                      Current Liabilities
                  
                  
                  2,790,200
                  
                  
                  2,563,315LONG
                      TERM LIABILITIES
                  
                  
                  -
                  
                  
                  -TOTAL
                      LIABILITIES
                  
                  
                  2,790,200
                  
                  
                  2,563,315STOCKHOLDERS'
                      EQUITYCommon
                      Stock authorized is 100,000,000 shares at $0.001 par value.
                      Issued and
                      outstanding on June 30, 2006 is 21,888,665and
                      December 31, 2005 is 19,628,108 shares.
                  
                  
                  21,899
                  
                  
                  19,628Additional
                      Paid
                      in Capital
                  
                  
                  1,296,842
                  
                  
                  1,000,558Stock
                      Subscribed
                  
                  
                  -
                  
                  
                  -Retained
                    Earnings (Loss)
                  
                  
                  (4,099,582
                  )
                  
                  (3,535,160
                  )Total
                      Stockholders' Equity
                  
                  
                  (2,780,841
                  )
                  
                  (2,514,974
                  )TOTAL
                      LIABILITIES AND STOCKHOLDERS' EQUITY
                  
                  $
                  9,359
                  
                  $
                  48,341The
                      accompanying notes are an integral part of these
                      statements
 5
  **SECURED
            FINANCIAL NETWORK, INC.**
  **Statements
            of Operations**
 (Unaudited)
  Three
                      Months Ended
                    June
                      30,
                  Six
                      Months Ended
                    June
                      30,2006
                  
                  
                  2005
                  
                  
                  2006
                  
                  
                  2005INCOMESales
                  
                  $
                  154,968
                  
                  $
                  129,167
                  
                  $
                  310,733
                  
                  $
                  171,467OtherCapital
                      Gain(loss)
                  
                  $
                  (3,900
                  )
                  $
                  
                  
                  $
                  (3,900
                  )
                  $Total
                      Income
                  
                  $
                  151,068
                  
                  $
                  129,167
                  
                  $
                  306,833
                  
                  $
                  171,467EXPENSES
                    Administrative
                      Expenses
                  
                  
                  34,832
                  
                  
                  93,049
                  
                  
                  135,472
                  
                  
                  198,919Container
                      Financing Expense
                  
                  
                  101,915
                  
                  
                  62,087
                  
                  
                  202,146
                  
                  
                  62,087Bad
                      Debt Expense
                  
                  
                  154,969
                  
                  
                  
                  
                  
                  308,234Professional
                      and Consulting
                  
                  
                  131,700
                  
                  
                  18,930
                  
                  
                  213,510
                  
                  
                  36,348Depreciation
                      and Amortization
                  
                  
                  154
                  
                  
                  266
                  
                  
                  308
                  
                  
                  350Interest
                      Expense
                  
                  
                  11,535
                  
                  
                  450
                  
                  
                  11,585
                  
                  
                  450Total
                      Expenses
                  
                  
                  435,105
                  
                  
                  174,782
                  
                  
                  871,255
                  
                  
                  298,154Net
                      (Loss) before DiscontinuedOperations
                  
                  
                  (284,037
                  )
                  
                  (45,615
                  )
                  
                  (564,422
                  )
                  
                  (126,687
                  )Gain
                      on Disposal of DiscontinuedOperations
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  9,162Net
                      Income (Loss) from DiscontinuedOperations
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  (125,000
                  )Net
                      (Loss) from Sale of InvestmentsNet Income/loss before Provisionfor
                      Income Taxes
                  
                  
                  (284,037
                  )
                  
                  (45,615
                  )
                  
                  (564,422
                  )
                  
                  (242,525
                  )Provision
                      for Income TaxesNET
                      (LOSS)
                  
                  $
                  (284,037
                  )
                  $
                  (45,615
                  )
                  $
                  (564,422
                  )
                  $
                  (242,525
                  )Basic
                      and Diluted
                    Net
                      (Loss) per Common Share
                  
                  $
                  (0.01
                  )
                  $
                  (0.00
                  )
                  $
                  (0.03
                  )
                  $
                  (0.02
                  )Weighted
                      Average Number of Shares
                    Common
                      Shares Outstanding
                  
                  
                  19,628,108
                  
                  
                  14,471,763
                  
                  
                  20,430,346
                  
                  
                  14,471,763
  The
            accompanying notes are an integral part of these statements
 6
  **SECURED
            FINANCIAL NETWORK, INC.**
  **Statement
            of Stockholders' Equity**
 (Unaudited)
 for
            the
            period December 31, 2002 to June 30, 2006
  Common
                      Stock
                  
                  
                  Paid
                      in
                  
                  
                  Stock
                  
                  
                  Accumulated
                  
                  
                  TotalShares
                  
                  
                  Amount
                  
                  
                  Capital
                  
                  
                  Subscribed
                  
                  
                  (Loss)
                  
                  
                  Equity**Balance,
                      December 31, 2002**
                  
                  
                  521,108
                  
                  $
                  521
                  
                  $
                  64,496
                  
                  $
                  3,000
                  
                  $
                  (103,289
                  )
                  $
                  (35,272
                  )Common
                      Stock Issued for Cash
                  
                  
                  15,207
                  
                  
                  15
                  
                  
                  122,985
                  
                  
                  
                  
                  
                  
                  
                  
                  123,000Common
                      Stock Issued for Service
                  
                  
                  32,389
                  
                  
                  32
                  
                  
                  234,068
                  
                  
                  
                  
                  
                  
                  
                  
                  234,100Common
                      Stock Issued to retire Debt
                  
                  
                  3,509
                  
                  
                  4
                  
                  
                  21,981
                  
                  
                  
                  
                  
                  
                  
                  
                  21,985Net
                      (Loss)
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  (281,602
                  )
                  
                  (281,602
                  )**Balance,
                      December 31, 2003**
                  
                  
                  572,213
                  
                  
                  572
                  
                  
                  443,530
                  
                  
                  3,000
                  
                  
                  (384,891
                  )
                  
                  62,211Common
                      Stock Issued for Services
                  
                  
                  140,717
                  
                  
                  141
                  
                  
                  62,126
                  
                  
                  
                  
                  
                  
                  
                  
                  62,267Common
                      Stock Issued to acquireSubsidiary
                  
                  
                  52,637
                  
                  
                  53
                  
                  
                  239,947
                  
                  
                  
                  
                  
                  
                  
                  
                  240,000Common
                      Stock Issued to retire Debt
                  
                  
                  247,198
                  
                  
                  247
                  
                  
                  33,607
                  
                  
                  
                  
                  
                  
                  
                  
                  33,854Net
                      (Loss)
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  (392,494
                  )
                  
                  (392,494
                  )**Balance,
                      December 31, 2004**
                  
                  
                  1,012,765
                  
                  
                  1,013
                  
                  
                  779,210
                  
                  
                  3,000
                  
                  
                  (777,385
                  )
                  
                  5,838Common
                      Stock Issued for Cashin
                      reorganization
                  
                  
                  14,737,343
                  
                  
                  14,737
                  
                  
                  285,263
                  
                  
                  
                  
                  
                  
                  
                  
                  300,000Common
                      Stock Cancelled
                  
                  
                  (56,630
                  )
                  
                  (57
                  )
                  
                  (239,943
                  )
                  
                  
                  
                  
                  
                  
                  
                  (240,000
                  )Write-Off
                      Subscription Receivable
                  
                  
                  
                  
                  
                  
                  
                  
                  3,000
                  
                  
                  (3,000
                  )
                  
                  
                  
                  
                  -Common
                      Stock Issued for Cash
                  
                  
                  200,000
                  
                  
                  200
                  
                  
                  29,800
                  
                  
                  
                  
                  
                  
                  
                  
                  30,000Common
                      Stock Issued for Service
                  
                  
                  3,734,630
                  
                  
                  3,735
                  
                  
                  143,228
                  
                  
                  
                  
                  
                  
                  
                  
                  146,963Net
                      Income/(Loss)
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  (2,757,775
                  )
                  
                  (2,757,775
                  )**Balance,
                      December 31, 2005**
                  
                  
                  19,628,108
                  
                  
                  19,628
                  
                  
                  1,000,558
                  
                  
                  -
                  
                  
                  (3,535,160
                  )
                  
                  (2,514,974
                  )Common
                      Stock Issued for Cash
                  
                  
                  125,000
                  
                  
                  125
                  
                  
                  24,875
                  
                  
                  
                  
                  
                  
                  
                  
                  25,000Common
                      Stock Issued for Service
                  
                  
                  2,135,557
                  
                  
                  2,146
                  
                  
                  271,409
                  
                  
                  
                  
                  
                  
                  
                  
                  273,555Net
                      Income/(Loss)
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  (564,422
                  )
                  
                  (564,422
                  )**Balance,
                      June 30, 2006**
                  
                  
                  21,888,665
                  
                  $
                  21,899
                  
                  $
                  1,296,842
                  
                  $
                  -
                  
                  $
                  (4,099,582
                  )
                  $
                  (2,780,841
                  )
  On
            November 3, 2004 the Company had a 1 to 57 reverse stock split. This
            reverse
            split has been retroactively applied
            to the above schedule.
  The
          accompanying notes are an integral part of these
          statements
  7
  SECURED
          FINANCIAL NETWORK,
          INC.   **Statements
            of Cash Flows**
 (Unaudited)
  Six
                      Months Ended
                    June
                        30,2006
                  
                  
                  2005OPERATING
                    ACTIVITIESNet
                      Income (Loss)
                  
                  $
                  (564,422
                  )
                  $
                  (242,525
                  )Adjustments
                    to Net
                    IncomeCommon
                      Stock for Services
                  
                  
                  273,555
                  
                  
                  59,300Write-off
                      Subscription Receivable
                  
                  
                  
                  
                  
                  (3,000
                  )Depreciation
                  
                  
                  308
                  
                  
                  350Changes in Assets and LiabilitiesDiscontinued
                      Operations
                  
                  
                  
                  
                  
                  (231,193
                  )(Increase)/Decrease
                      Container Notes Receivable
                  
                  
                  (154,969
                  )
                  
                  (280,500
                  )(Increase)/Decrease
                      in Ac counts Receivable
                  
                  
                  (153,265
                  )
                  
                  (64,005
                  )(Increase)/Decrease
                      in Security Deposits
                  
                  
                  2,870(Increase)/Decrease
                      in Prepaid Expense
                  
                  
                  2,500
                  
                  
                  8,533(Increase)/Decrease
                      in Employee Loans
                  
                  
                  26,104Increase/(Decrease)
                      in Allowance for Uncollectibles
                  
                  
                  308,234Increase/(Decrease)
                      in Investor Profit Participation
                  
                  
                  283,165Increase/(Decrease)
                      in Accrued Expenses
                  
                  
                  (33,822
                  )Increase/(Decrease)
                      in Accounts Payable
                  
                  
                  (32,458
                  )
                  
                  27,625Cash
                      (Used) in Operations
                  
                  
                  (42,200
                  )
                  
                  (725,415
                  )INVESTING
                    ACTIVITIESInvestment
                      Held
                      for Sale
                  
                  
                  5,700
                  
                  
                  -(Purchase)/Disposal
                      of Equipment
                  
                  
                  1,500
                  
                  
                  (5,453
                  )Cash
                      Provided/(Used) for Investing
                  
                  
                  7,200
                  
                  
                  (5,453
                  )FINANCING
                    ACTIVITIESPrincipal
                      Received on Short Term Notes
                  
                  
                  10,000
                  
                  
                  394,000Principal
                      Received from Investor Notes
                  
                  
                  -
                  
                  
                  45,161Proceeds
                      from
                      the sale of Common Stock
                  
                  
                  25,000
                  
                  
                  330,000Cash
                      Provided by Financing
                  
                  
                  35,000
                  
                  
                  769,161Net
                      Change in Cash
                  
                  
                  -
                  
                  
                  38,293Beginning
                      Cash Balance
                  
                  
                  
                  
                  
                  31Ending
                      Cash Balance
                  
                  $
                  -
                  
                  $
                  38,324Additional
                    DisclosuresTaxes
                  
                  $
                  -
                  
                  $
                  -Interest
                  
                  $
                  11,585
                  
                  $
                  450
 Non-Cash
            Transactions:
  The
            company issued 2,135,557 common shares for services valued at
            $273,555.
 The
            company increased its allowance for doubtful accounts in the amount of
            $308,234
            which represents 100% of its receivables.
  The
            accompanying notes are an integral part of these statements
  8
 Secured
                Financial Network, Inc.
 NOTES
                TO
                UNAUDITED FINANCIAL STATEMENTS
 (June
                30,
                2006 and December 31, 2005)
 
 Note
          1.OVERVIEW
          OF OPERATIONS AND ACCOUNTING POLICIES
 
 The
          Company, Secured Financial Network, Inc. (originally Loughran/Go Corporation
          and
          changed its name to 12 To 20 Plus, Inc.), was incorporated in April 26,
          1996 and
          changed its name to Secured Financial Network, Inc. on January 11, 2005.
          The
          Company was organized to manufacture and market over-the-counter medical
          remedies and similar products through retail establishments and those operations
          have been discontinued. The Company now provides financial services specializing
          in short term high-margin business capital sometimes referred to as “Opportunity
          Financing/Investing.” Its primary business is financing and/or investing in
          domestic and international container shipping. The Company also expects
          to
          expand into “bridge
          loan” capital financing.
 
 
 **Marketing
          Strategy**
 
 The
          Company has entered into the domestic and international container shipping
          market. On April 7, 2005 the Company implemented its primary business plan
          of
          providing manufactures and shippers with short-term, high participation
          capital
          by making its first container investment. As of June 30, 2006 the Company
          has
          invested $1,924,969 in several container contracts through its promissory
          note
          program.
 
 
 **Container
          Notes Receivable and Revenue Recognition**
 
 The
          Company provides short-term (average 45-day) financing to manufacturers
          and
          shippers at a specified rate of return and secured by a non-interest bearing
          promissory note for the gross amount receivable (Principal plus interest/profit
          participation). The Company initially records its container notes receivable
          net
          of potential interest and profit participation. This represents the net
          principle amount invested in container financing that as of June 30, 2006
          is
          $1,924,969.
 
 The
          notes
          the Company holds were place with two clients that are currently under
          investigation for certain “offshore” transactions made prior to their
          association with the Company. The Company is not under investigation. However,
          these clients have been instructed to cease business operation pending
          completion of the investigation. As a result they are unable to collect
          their
          receivables and subsequently pay the Company amounts owed. The Company’s clients
          have stated that the Federal Government is holding the monies owed the
          Company
          in suspense pending the outcome of its investigation.
 
 The
          monies owed the Company by its clients are not in dispute and Management
          believes that the amounts being held will ultimately be collected. However,
          because the timing of such collection is uncertain the Company has established
          an allowance for uncollectibles of 100%.
 
  The
          Company will continue to take whatever action it feels prudent to protect
          its
          interests and hasten collection.
 
 Revenue
          in the form of interest/profit participation is accrued and recognized
          at the
          end of each quarter and recorded as accounts receivable.
 
 
 **Accounts
          Receivable Impact on Cash Flows**
 
 Accounts
          receivable consists primarily of accrued interest/container profit participation
          and is recorded when accrued as revenue. The Accounts Receivable balance
          is
          $1,994,366.
 
 9
 Secured
                Financial Network, Inc.
 NOTES
                TO
                UNAUDITED FINANCIAL STATEMENTS
 (June
                30,
                2006 and December 31, 2005)
  Note
          1.  OVERVIEW
          OF OPERATIONS AND ACCOUNTING POLICIES - continued
  The
          Companies accounts receivable is primarily from two clients that are currently
          under investigation for certain “offshore” transactions made prior to their
          association with the Company. The Company is not under investigation. However,
          these clients have been instructed to cease business operation pending
          completion of the investigation. As a result they are unable to collect
          their
          receivables and subsequently pay the Company amounts owed. The Company’s clients
          have stated that the moneys owed are currently being held in financial
          institutions awaiting authorization from the Federal Government for
          release.
 
 The
          monies owed the Company by its clients are not in dispute and Management
          believes that the amounts being held will ultimately be collected. However,
          because the timing of such collection is uncertain the Company has established
          an allowance for uncollectibles of 100%. The Company will continue to take
          whatever action it feels prudent to protect its interests and hasten
          collection.
 
 The
          current situation with container notes receivable and accounts receivable
          has
          seriously affected the cash flow of the Company. Management believes that
          this
          is a temporary situation.
 
 
 **Container
          Financing Expense**
 
 The
          costs
          of providing container financing includes sales and marketing fees related
          to
          finding investors. It also includes a negotiated interest in the Company’s
          profit from the sale of the contents of the containers that is often referred
          to
          as investor profit participation. Both components are classified in the
          financials as Container Financing Expense. Direct interest associated with
          the
          financing is recorded as interest expense.
 
 
 **Equipment**
 
 Equipment
          is depreciated using the straight-line method over the estimated useful
          lives,
          which is five years. The Company disposed of its equipment along with all
          its
          other assets and liabilities upon merger with Secured Financial Network,
          Inc.
          Some new office equipment has been acquired. Fixed assets consist of the
          following:
 
   Period
                  Ended
                
                
                6/30/06
                
                
                12/31/05Office equipment
                $
                5,453
                
                $
                9,486Less: Accumulated depreciation
                
                (924
                )
                
                (616
                )Less: Disposed Assets
                
                (1,500
                )
                
                (4,033
                )Total
                $
                3,029
                
                $
                4,837
   
 10
 Secured
                Financial Network, Inc.
 NOTES
                TO
                UNAUDITED FINANCIAL STATEMENTS
 (June
                30,
                2006 and December 31, 2005)
  Note
          1.  OVERVIEW
          OF OPERATIONS AND ACCOUNTING POLICIES - continued
 **Use
          of Estimates**
 
 The
          preparation of financial statements in conformity with accounting principles
          generally accepted in the United States of America (GAAP) requires management
          to
          make estimates and assumptions that affect the reported amounts and the
          disclosure of contingent amounts in the Company’s financial statements and the
          accompanying notes. Actual results could differ from those
          estimates.
 
 
 **Earnings
          per Share**
 
 The
          basic
          (loss) per share is calculated by dividing the Company’s net income available to
          common shareholders by the weighted average number of common shares during
          the
          year.
 
 The
          Company has no potentially dilutive securities outstanding at the end of
          the
          statement periods. Therefore, the basic and diluted (loss) per share are
          presented on the face of the statement of operations as the same
          number.
 
 
 **Stock
          Based Compensation**
 
 
 The
          Company accounts for its stock based compensation based upon provisions
          in SFAS
          No.
  123, *Accounting
          for Stock-Based Compensation* .
          In this
          statement stock based compensation is divided into two general categories,
          based
          upon who the stock receiver is, namely: employees/directors and
          non-employees/directors. The employees/directors category is further divided
          based upon the particular stock issuance plan, namely compensatory and
          non-
          compensatory. The employee/directors non-compensatory securities are recorded
          at
          the sales price when the stock is sold. The compensatory stock is calculated
          and
          recorded at the securities’ fair value at the time the stock is given. SFAS 123
          also provides that stock compensation paid to non-employees be recorded
          with a
          value which is based upon the fair value of the services rendered or the
          value
          of the stock given, whichever is more reliable. The common stock paid to
          non-employees was valued at the value of the services rendered.
 
 
 
 Note
          2NOTES
          PAYABLE
 
 
 **Long-Term
          Notes**
 
 
 Notes
          payable and capital lease obligations consist of the following:
 
 Period
                  Ended
                
                
                6/30/06
                
                
                12/31/05Demand
                  note from related Party
                
                $
                60,000
                
                $
                50,000Total
                  Notes Payable
                
                $
                60,000
                
                $
                50,000
   
 11
 Secured
                Financial Network, Inc.
 NOTES
                TO
                UNAUDITED FINANCIAL STATEMENTS
 (June
                30,
                2006 and December 31, 2005)
  Note
          2  NOTES
          PAYABLE - continued
 **Investor
          Notes Payable**
 
 The
          Company issues short-term notes (average 90-days) with a specific rate
          of return
          (average4%)
          to
          acquire funds to invest into high yield activities (e.g. Container
          financing/investment). As of June 30, 2005 the Company’s short-term notes
          payable total $2,025,000.
  
 Note
          3.STOCKHOLDERS’
          EQUITY
 
 
 The
          Company, Secured Financial Network, Inc. (originally Loughran/Go Corporation
          then 12 TO
          20
          Plus, Inc.) was incorporated April 29, 1996 in the state of Nevada. The
          Company
          had
 100,000,000
          shares of common stock authorized. Two forward stock splits, one stock
          retirement and one reverse stock split have been retroactively and ratably
          applied to all share amounts listed below. On January 11, 2005, the Company
          changed its name to Secured Financial Network, Inc.
 
 The
          Company has authorized 100,000,000 common shares wit a par value of $0.001
          per
          share.
 
 As
          of
          December 31, 2004 the Company had 1,012,765 post-split common shares valued
          at $780,223
          issued and outstanding a fterward,
          14,737,343 post-split common shares were issued for $300,000 in the merger
          with
          Secured Financial Network, Inc. ($0.02 per share); 56,630 shares were received
          and cancelled for disposal of subsidiary valued at $240,000 (representing
          a
          reversal of the original purchase); 200,000
          common shares were sold for $30,000 cash ($0.15 per share); 2,950,000 common
          shares were issued for services valued at $59,000 ($0.02 per share); 594,630
          common shares were issued for services valued at $59,463 ($0.10 per share);
          190,000 common shares were issued for services valued at $28,500 ($0.15
          per
          share) and subscriptions receivable of 3,000 was written off as not
          collectable.
 During
          the period ended June 30, 2006, the Company issued 125,000 common shares
          for $25,000
          cash ($0.20 per share) and 2,135,557 common shares for services valued
          at
          $273,555 ($0.13
          per share).
 
 Note
          5.INCOME
          TAXES
 
 
 The
          Company provides for income taxes under Statement of Financial Accounting
          Standards No.
  109, *Accounting
          for Income Taxes* .
          SFAS
          No. 109 requires the use of an asset and liability approach in accounting
          for
          income taxes. Deferred tax assets and liabilities are recorded based on
          the
          differences between the financial statement and tax bases of assets and
          liabilities and the tax rates in effect currently.
 
 SFAS
          No.
          109 requires the reduction of deferred tax assets by a valuation allowance
          if,
          based on the weight of available evidence, it is more likely than not that
          some
          or all of the deferred tax assets will not be realized. In the Company’s
          opinion, it is uncertain whether they will generate sufficient taxable
          income in
          the future to fully utilize the net deferred tax asset. Accordingly, a
          valuation
          allowance equal to the deferred tax asset has been recorded. The total
          deferred
          tax asset is $777,735, which is calculated by multiplying a 22% estimated
          tax
          rate by the cumulative NOL of $3,535,160. The total valuation allowance
          is a
          comparable $777,735. The details for the current period and the last two
          years
          follow:
 
 
 12
 Secured
                Financial Network, Inc.
 NOTES
                TO
                UNAUDITED FINANCIAL STATEMENTS
 (June
                30,
                2006 and December 31, 2005)
  Note
          5.INCOME
          TAXES - continued
  Period
                    and Year Ended
                  
                  
                  12/31/05
                  
                  
                  12/31/04Deferred
                    Tax Asset
                  
                  $
                  777,735
                  
                  $
                  $
                    171,025Valuation
                    Allowance
                  
                  
                  (777,735
                  )
                  
                  (171,075
                  )Current
                    Taxes
                    Payable
                  
                  
                  0
                  
                  
                  0Income
                    Tax Expense
                  
                  $
                  0
                  
                  $
                  0
  
 Below
          is
          a chart showing the estimated corporate federal net operating loss (NOL)
          and the
          year in which it will expire.
 
  Year
                
                Amount
                
                Expiration1999
                  and prior
                $
                23,832
                
                20112000
                
                29,873
                
                20202001
                
                28,668
                
                20212002
                
                20,916
                
                20222003
                
                281,602
                
                20232004
                
                392,494
                
                20242005
                
                2,757,775
                
                2025Total
                  NOL
                $
                3,535,160
 
 The
          Company has filed no income tax returns since inception. Management is
          planning
          to complete these during 2006.
 
 
 
 Note
          6.THE
          EFFECT OF RECENTLY ISSUED ACCOUNTING STANDARDS
  Below
          is
          a listing of the most recent accounting standards SFAS 150-154 and their
          effect
          on the Company.
 
 **Statement
          No. 150**  *Accounting
          for Certain Financial Instruments with Characteristics of both* *Liabilities
          and Equity (Issued 5/03)*
 
 This
          Statement establishes standards for how an issuer classifies and measures
          certain financial instruments with characteristics of both liabilities
          and
          equity.
 
 **Statement
          No. 151**  *Inventory
          Costs-an amendment of ARB No. 43, Chapter 4 (Issued 11/04)* This
          statement amends the guidance in ARB No. 43, Chapter 4, *Inventory
          Pricing* ,
          to
          clarify the accounting for abnormal amounts of idle facility expense, freight,
          handling costs, and wasted material (spoilage). Paragraph 5 of ARB 43,
          Chapter
          4, previously stated that “...under some circumstances, items such as idle
          facility expense, excessive spoilage, double freight and re- handling costs
          may
          be so abnormal ass to require treatment as current period charges....” This
          Statement requires that those items be recognized as current-period charges
          regardless of whether they meet the criterion of “so abnormal.” In addition,
          this Statement requires that allocation of fixed production overheads to
          the
          costs of conversion be based on the normal capacity of the production
          facilities.
 
  
 13
  Note
          6.  THE
          EFFECT OF RECENTLY ISSUED ACCOUNTING STANDARDS - continued
  **Statement
          No. 152***Accounting
          for Real Estate Time-Sharing Transactions (an amendment of**FASB
          Statements No. 66 and 67)*
  This
          Statement amends FASB Statement No. 66, *Accounting
          for Sales of Real Estate* ,
          to
          reference the financial accounting and reporting guidance for real estate
          time-sharing transactions that is provided in AICPA Statement of Position
          (SOP)
          04-2, *Accounting
          for Real Estate Time-Sharing Transactions* .
 
 This
          Statement also amends FASB Statement No. 67, Accounting *for
          Costs and Initial Rental Operations of Real Estate Projects* ,
          states
          that the guidance for (a) incidental operations and (b) costs incurred
          to sell
          real estate projects does not apply to real estate time-sharing transactions.
          The accounting for those operations and costs is subject to the guidance
          in SOP
          04-2.
 
 **Statement
          No. 153**  *Exchanges
          of Non-monetary Assets (an amendment of APB Opinion No.* *29)*
 
 The
          guidance in APB Opinion No. 29, *Accounting
          for Non-monetary Transactions* ,
          is
          based on the principle that exchanges of non-monetary assets should be
          measured
          based on the fair value of the assets exchanged. The guidance in that Opinion,
          however, includes certain exceptions to the principle. This Statement amends
          Opinion 29 to eliminate the exception for non-monetary exchanges of similar
          productive assts and replaces it with a general exception for exchanges
          of
          non-monetary assets that do not have commercial substance. A non-monetary
          exchange has commercial substance if the future cash flows of the entity
          are
          expected to change significantly as a result of the exchange.
 
 **Statement
          No. 154**  *Accounting
          Changes and Error Corrections (a replacement of APB Opinion No. 20 and
          FASB
          Statement No. 3)*
 
 This
          Statement replaces APB Opinion No. 20, *Accounting
          Changes,* and FASB
          Statement No. 3, *Reporting
          Accounting Changes in Interim Financial Statements,* and
          changes the requirements for the accounting for and reporting of a change
          in
          accounting principle. This Statement applies to all voluntary changes in
          accounting principle. It also applies to changes required by an accounting
          pronouncement in the unusual instance that the pronouncement does not include
          specific transition provisions. When a pronouncement includes specific
          transition provisions, those provisions should be followed.
 
 The
          adoption of these new Statements is not expected to have a material effect
          on
          the Company’s current financial position, results or operations, or cash
          flows.




In
      the
      opinion of management, the accompanying unaudited condensed financial statements
      have been prepared in accordance with generally accepted accounting principles
      for interim financial information and with the instructions to Form 10-QSB.
      Accordingly, they do not include all of the information and footnotes required
      by generally accepted accounting principles for complete financial statements.
      In the opinion of management, all adjustments (consisting of normal recurring
      accruals) considered necessary for a fair presentation of the Company's
      financial position as of June 30, 2006 and the results of its operations and
      cash flows for the six months ended June 30, 2006 and 2005 have been made.
      Operating results for the six months ended June 30, 2006 are not necessarily
      indicative of the results that may be expected for the year ended December
      31,
      2006.





These
      condensed financial statements should be read in conjunction with the financial
      statements and notes thereto contained in the Company's Form 10-KSB for the
      year
      ended December 31, 2005.

























14





**Item
      2. Management’s Discussion and Analysis of Financial Condition and Plan of
      Operations**




*The
      following discussion is intended to provide an analysis of our financial
      condition and Plan of Operation and should be read in conjunction with our
      financial statements and the notes thereto set forth herein. The matters
      discussed in this section that are not historical or current facts, deal with
      potential future circumstances and developments. Our actual results could differ
      materially from the results discussed in the forward-looking statements. Factors
      that could cause or contribute to such differences include those discussed
      below.*





**Plan
      of Operations**





**MANAGEMENT’S
      DISCUSSION & ANALYSIS OF FINANCIAL CONDITION & RESULTS OF
      OPERATION**





Following
      the merger with Secured Financial Network, Inc., the business has been refocused
      on conducting short-term, high-participation financial transactions. These
      are
      business instruments that offer higher-than-average returns, without
      experiencing higher risk factors. Such contracts include “container financing”
that enable manufacturers and shippers to complete trade transactions, with
      maturities averaging 45 days. In such agreements, working with a network of
      qualified agents, the Company obtains a secured positioned with professionally
      valued collateral assets and personal guarantees.





Similarly,
      “bridge financings” fall into the short-term category of providing business
      capital primarily for Corporate, Production and Real Estate purposes. These
      customers require additional working capital, for a limited period of time.
      The
      need may exist until the closing of new equity financing, or for a variety
      of
      manufacturing and construction project delays. The Company targets the shortest
      term contracts in this category, 30-60 days, and with positions secured by
      free
      trading stock, inventories of production materials, finished products,
      buildings, land or other resalable assets.





The
      Company has a low-operating-cost philosophy to employ a small skilled staff,
      occupy modest office space, and use technology to achieve high performance.
      Working through a network of agents and referral sources, the Company is able
      to
      control its cost-of-transactions, and utilize in-house due diligence
      professionals to minimize risk in every financing transaction.





During
      the year ended 2005 our primary focus was container financing/investment.
 This enables manufacturers and shippers to finalize their transactions
      with short-term, high participation capital. Entering the fast-growing sector
      of
      international container shipping, Secured Financial Network had made this
      financing/investment the core of its business to date.





We
      had
      initiated our “Promissory Note Program” to implement our Container Investment
      under arrangements with several companies involved in the brokering of domestic
      financially distressed or closeout goods. **** Our
      investment in these contracts would revolve every 45 days as additional
      container investment opportunities arise. With the higher-than-average returns
      we will generate the revenues to fund operations, and steadily grow the company.
      We made our first Container Investment on April 7, 2005 implementing our primary
      business plan.  As of the close June 30, 2006, we had invested $1,924,969
      in various Container Contracts through our Promissory Note
      Program.  ****


15


Item
      2. Management’s Discussion and Analysis of
      Financial Condition and Plan of Operations - continued




**Results
      of Operation**





***Six
      Months Ended June 30, 2006 and June 30, 2005.***


During
      the six months ended June 30, 2006, we generated $306,833 revenue compared
      to
      revenues of $171,467 for the same period ending June 30, 2005. Net loss for
      the
      three months ending June 30, 2006, was $564,422 compared to net losses of
      $126,687 for the same period ending June 30, 2005, and were primarily
      attributable to our inability to collect on receivables. The Company continues
      its efforts to collect its receivables.





The
      Company had total assets of $9,359 at the period ended June 30, 2006, compared
      to $401,607 for the period ended June 30, 2005. The decrease was primarily
      attributed to losses incurred by the Company’s inability to collect on
      receivables. The Company continues its efforts to collect its
      receivables.





The
      Company had total liabilities of $2,790,200 at the period ended June 30, 2006,
      compared to $488,994 for the period ended June 30, 2005. The increase was
      primarily attributable to inability to pay down note holders and collect
      receivables owed. The Company continues its efforts to collect its
      receivables.





At
      June
      30, 2006, the Company had $0.00 cash on hand compared to $38,324 at June
      30, 2005.





At
      June
      30, 2006, the Company had accounts receivable of $1,994,366 and container note
      receivables of $1,924,969. At June 30, 2006, the Company had an allowance for
      doubtful accounts of $3,919,335. The Company’s accounts receivable is primarily
      from two clients that are currently under investigation for certain “offshore”
transactions made prior to their association with the Company. The Company
      is
      not under investigation. However, these clients have been instructed to cease
      business operation pending completion of the investigation. As a result they
      are
      unable to collect their receivables and subsequently pay the Company amounts
      owed.





The
      monies owed the Company by its clients are not in dispute and Management
      believes that the amounts being held will ultimately be collected.





Even
      though management is confident that amounts currently being held will ultimately
      be received and will take whatever action is necessary to protect its interests,
      timing of the release of those funds is uncertain. Accordingly, the Company
      has
      established an allowance for uncollectible receivables of 100% because of the
      uncertainties associated with collection.





The
      current situation with container notes receivable and accounts receivable has
      seriously affected the cash flow of the Company. Management believes that this
      is a temporary situation.


16


Item
      2. Management’s Discussion and Analysis of
      Financial Condition and Plan of Operations - continued


The
      Company expects to continue to incur losses at least through the 4th
      quarter of 2006, and there can be no assurance that the Company will achieve
      or
      maintain profitability, generate revenue or sustain future growth.




**Liquidity
      and Capital Resources.**





At
      June
      30, 2006, the Company’s total assets of $9,359 were exceeded by our total
      liabilities of $2,790,200. We have no working capital. We believe that
      additional working capital will need to be raised in the form of debt, equity,
      or some other financing to meet our anticipated cash needs for at least the
      next
      12 months. In the event financing is needed in the future, there can be no
      assurance that it will be available to the Company in an amount and on terms
      acceptable to us.





**Item
      3. Controls and Procedures**





**Evaluation
      of Disclosure Controls and Procedures**





Disclosure
      controls and procedures are designed to ensure that information required to
      be
      disclosed in the reports filed or submitted under the Exchange Act of 1934
      are
      recorded, processed, summarized and reported, within the time periods specified
      in the rules and forms of the Securities and Exchange Commission. Disclosure
      controls and procedures include, without limitation, controls and procedures
      designed to ensure that information required to be disclosed in the reports
      filed under the Securities Exchange Act of 1934 is accumulated and communicated
      to management, including our Principal Executive Officer and Principal
      Accounting Officer, as appropriate, to allow timely decisions regarding required
      disclosure.





Within
      the 90 days prior to the filing date of this report, we carried out an
      evaluation of the effectiveness of the design and operation of our disclosure
      controls and procedures pursuant to Exchange Act Rule 13a-14. This evaluation
      was done under the supervision and with the participation of our Principal
      Executive Officer/Principal Accounting Officer. Based upon that evaluation,
      we
      have concluded that our disclosure controls and procedures are effective in
      gathering, analyzing and disclosing information needed to satisfy our disclosure
      obligations under the Exchange Act.





**Changes
      in Internal Controls**





There
      were no significant changes in our internal controls or in other factors that
      could significantly affect those controls since the most recent evaluation
      of
      such controls.





**PART
      II: OTHER INFORMATION**





**Item
      1. Legal Proceedings**




None





**Item
      2. Changes in Securities**




The
      Company issued 125,000 shares of common Stock for cash and 2,135,557 shares
      of
      stock for services rendered.


17




**Item
      3. Defaults upon Senior Securities**




None





**Item
      4. Submission of Matters to a Vote of Security Holders**




None





**Item
      5: Other Information**





None





**Item
      6. Exhibits and Reports on Form 8-K**





(a)
      Exhibits





31.1
            Certificate
                of Principal Executive Officer




31.2
            Certificate
                of Principal Accounting Officer




32.1
            Certification
                Pursuant to 18 U.S.C. 1350, as Adopted Pursuant to Section 906 of
                the
                Sarbanes-Oxley Act of 2002




32.2
            Certification
                Pursuant to 18 U.S.C. 1350, as Adopted Pursuant to Section 906 of
                the
                Sarbanes-Oxley Act of 2002





(b)
      Reports on Form 8-K




On
      June
      28, 2006, the Company filed a 3rd Amendment to a Report originally filed on
      Form
      8-K on April 21, 2006.





**SIGNATURES**




In
      accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934,
      the
      Registrant caused this report to be signed on its behalf by the undersigned,
      thereunto duly authorized.





SECURED
      FINANCIAL NETWORK, INC.


(Registrant)







Date: August
              29, 2006
            By:
            /s/ Jeffrey
              L. SchultzJeffrey
              L. SchultzTitle:
              Principal Executive Officer


Date: August
              29, 2006
            By:
            /s/ Michael
              FasciMichael
              FasciTitle:
              Principal Accounting Officer







18





In
      accordance with the Securities Exchange Act of 1934, this report has been signed
      below by the following persons on behalf of the Registrant and in the capacities
      and on the dates indicated.





Date: August
              29, 2006
            By:
            /s/ Jeffrey
              L. SchultzJeffrey
              L. SchultzTitle:
              Director Date: August
                29, 2006
              By:
              /s/ Stephen
                F. BurgStephen
                F. BurgTitle:
                Director






























19