**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C.20549**

**Form 10-KSB**

(Mark One)x  ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended June 30, 2005

 ̈  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  For the transition period from _______________ to ______________

Commission file number: 000-31154

**Nevada Classic Thoroughbreds, Inc.**(Name of small business issuer in its charter)

| **Nevada**                                                              | **86-1007952** |
|-------------------------------------------------------------------------|----------------|
| (State or other jurisdiction of incorporation          or organization) | (I.R.S. EIN)   |
|                                                                    |
| **705 North 110th Place, Mesa, AZ**                                     | **85207**      |
| (Address of principal executive offices)                                | (Zip Code)     |

Issuer’s telephone number:**(480) 890-0678**

     Securities registered under Section 12(b) of the Exchange Act:**None**

Securities registered under 12(g) of the Exchange Act:**Common Stock**  (Title of Class)

**Horse Preferred Stock**  (Title of Class)

**Ranch Preferred Stock**(Title of Class)

----

----

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes**  X****  **       No         

Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B is not contained in this form, and no disclosure will be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this form 10-KSB or any amendment to this Form 10-KSB. **  X  **

State issuer's revenues for its most recent fiscal year. $0.00 

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was sold, or the average bid and asked price of such common equity, as of a specified date within the past 60 days. (See definition of affiliate in Rule 12b-2 of the Exchange Act.) 

**Not Applicable**

(ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) 

**Not Applicable**

(APPLICABLE ONLY TO CORPORATE REGISTRANTS) 

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date. 

**2,182,000 shares Common Stock2,000,000 shares Horse Preferred Stock****2,000,000 shares Ranch Preferred Stock**

DOCUMENTS INCORPORATED BY REFERENCE: **March 31, 2004 10-QSB**

Transitional Small Business Disclosure Format (Check one):       Yes            No **  X  **

2 

----

**TABLE OF CONTENTS**

| PAGE                                                                                               |
|----------------------------------------------------------------------------------------------------|
| **PART I:**                                                                                        |
|                Item 1:  | Description of Business | 4  |
|                Item 2:  | Description of Property | 4  |
|                Item 3:  | Legal Proceedings | 5  |
|                Item 4:  | Submission of Matters to a Vote of Security Holders | 5  |
|                                                                                               |
| **PART II:**                                                                                       |
|                Item 5:  | Market for Common Equity and Related Stockholder Matters | 5  |
|                Item 6:  | Management's Discussion and Analysis or Plan of Operation | 5  |
|                Item 7:  | Financial Statements | 6  |
|                Item 8:  | Changes In and Disagreements With Accountants on Accounting and Financial Disclosure | 17  |
|                                                                                               |
| **PART III:**                                                                                      |
|                Item 9:  | Directors, Executive Officers, Promoters and Control Persons; Compliance WithSection 16(a) of the Exchange Act | 17  |
|                                                                                               |   | 17  |
|                Item 10: | Executive Compensation | 17  |
|                Item 11: | Security Ownership of Certain Beneficial Owners and Management | 17  |
|                Item 12: | Certain Relationships and Related Transactions | 17  |
|                Item 13: | Exhibits and Reports on Form 8-K | 17  |
|                                                                                               |
| **SIGNATURES**                                                                                     |   | 18  |

3 

----

**PART I:**

ITEM 1: Description of Business.

Nevada Classic Thoroughbreds, Inc. (henceforth referred to as NCT) has developed a breeding, training, racing, proprietary, unified horse racing structure. The company is vertically structured making it possible for one or two people to maintain real-time contact with one to four racing horses. This provides the breeding, training and racing of the individual racehorse to be accomplished completely in-house. The company has control over the unified system. 

The company’s proprietary solution to the horse racing industry’s challenge is “***Power Genetics***”, pre-potent characteristics in horses that can reproduce themselves. 

*MARKET*

There are five distinct markets for the company’s horses. The first market is for inferior foals that do not possess the “Power Genetics” the company desires but have the other qualities that make such horses sellable in the horse industry’s auctions. These foals will be sold as yearlings or weanlings at horse auctions in the industry. The sale of these inferior horses gives the company immediate cash flow and eliminates the costly expenses of racing inferior racehorses. 

The second market is to race company horses in “claiming races.” The claiming race is to enable people to buy the company’s horses at the racetrack. This is a viable means of eliminating horses that are good but not quite able to compete at the top level of horse racing. 

The third market is to sell the broodmare after it has produced a female foal that possesses the superior “Power Genetics”, superior to the broodmare. The broodmare would be sold at the industry’s auctions, which are throughout the country and designed for the purpose of selling breeding stock. 

The fourth market is racing income from the racetrack. When the race horse races and performs well, NCT will receive income, or “purse money,” from the winnings. 

The fifth market is for the syndication of stallions. The stallions that possess outstanding pedigrees, conformation, and race records are syndicated into breeding shares. A breeding share entitles the owner to breed one mare to the stallion in any one particular breeding season for the duration of the stallion’s life. 

The company is not dependent on only a few customers, since the horse racing industry’s market is virtually nationwide, where the horse can be raced or bred virtually throughout the entire United States. The company is not limited by its customers or limited by the location of its selected sires. The breeding rights for these stallions are, almost without exception, readily available and accessible. 

The company does not require governmental approval or licensing for any of its breeding programs. However, the racetrack requires a normal training license where the horse is intended to race. The licensing is to provide safety for the horse and riders who train and compete at that specific track. NCT intends to perform this function, and there are numerous trainers available as alternatives, as the company deems beneficial. NCT believes the licensing is not material to the company’s success in the horse racing industry. 

Table of Contents

ITEM 2: Description of Property.

The company’s real asset is its four-year old filly of 2001. The company spent a vast amount of time and energy in research to find the genetic pedigree with natural horse racing ability. The company feels the four-year-old filly has the genetics, heritage, and conformation encompassed by the technology of “Power Genetics.” The four-year-old filly is invaluable to the company in producing its racehorses. The four-year-old filly has a flaw: her left front leg turns one/eighth rotation from the knee to the hoof. This flaw is normally considered a medium flaw by Arizona Equine Veterinary Clinic, in Gilbert, Arizona. Her “Power Genetics” indicated that her best racing distance would be one and one-fourth miles on the turf or grass surface. 

The four-year-old filly is a line breeding from the stallion, "Mr. Prospector." "Mr. Prospector" is a legend in the thoroughbred horse racing industry. The company's filly is genetically three/eighths "Mr. Prospector;" a direct son of "Mr. Prospector" would be genetically four/eighths "Mr. Prospector." The filly is genetically very similar to "Fusaichi Pegasus," whose sire is "Mr. Prospector" and whose dam is by "Dansig", a "Northern Dancer" son. Thus both the sire and dam side are genetically similar to the company's filly. "Fusaichi Pegasus" was syndicated for approximate $50,000,000 at the end of his racing career. 

The 2001 four-year-old filly possesses “Power Genetics” numbers greater than either the sire or the dam. This filly has exceeded the power-numbers expectation from the breeding. While the company can, for all intents and purposes, be relatively accurate in its assessment now that the foal is a four-year-old, the company feels it has over-achieved what the mating was expected to produce. This filly does not resemble either the sire or the dam, but actually looks like and is built like “Mr. Prospector” himself. This is exactly “theoretically” what was supposed to happen in a successful line breeding. The line breeding of the filly is genetically three/eighths “Mr. Prospector.” A direct offspring of “Mr. Prospector” would be four/eighths. The company feels it has achieved a successful line breeding, intensifying the good qualities, while eliminating the unwanted qualities, with the exception of the left front leg turning out one/sixteenth rotation from the knee to the hoof. This would be considered a moderate flaw. The other indications are at this time that the company has produced a top-level racehorse with the ability to reproduce top-level racehorses. 

Table of Contents

4

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ITEM 3: Legal Proceedings.

Not Applicable. 

Table of Contents

ITEM 4: Submission of Matters to a Vote of Security Holders.

Not Applicable. 

Table of Contents

**PART II:**

ITEM 5: Market for Common Equity and Related Stockholder Matters.

There are no markets for the company’s securities. The company is inactive at the present time. 

The company intends to obtain a market maker for the company’s common stock and horse preferred stock.. 

**The 5,000 shares that was previously forward split into 2,000,000 shares shall be forward split again  1 to 2, to 4,000,000 shares and then divided equally between the horse preferred stock (2,000,000 shares) and the ranch preferred stock (2,000,000 shares). The remaining 1,000,000 shares is authorized but is not issued or outstanding as follows: 500,000 shares authorized of horse preferred stock and 500,000 shares authorized of ranch preferred stock.**

**Pursuant to an agreement between Brad Brimhall and the company, the salary reserve stock of the common stock reserved for Brad Brimhall shall be used for NCT treasury stock, giving the company additional liquidity to eventually be issued to the public. The salary reserved treasury stock is restricted stock until June 30, 2006.**

The preferred stock was initially registered with the Securities and Exchange Commission at its initial filing of the 10SB12G. The stock became freely tradable on October 14, 2002. On March 31, 2005,a stock split occurred, resulting in 2,000,000 shares of horse preferred stock and 2,000,000 shares of ranch preferred stock. Descendants Trust offered  a block of stock for sale on a private and a public offer to the public. This block was withdrawn on June 30, 2005 with no sales made or proceeds received, and offered again to the public on  June 30, 2005 as described elsewhere in this document. At the present time, the Horse Preferred Stock and the Ranch Preferred Stock are freely tradable. 

The freely tradable common stock owned by Descendant's Trust and Brad Brimhall was split and redistributed to the market makers in the form of warrants to enable the market makers to make a market in the company's stock. The split is fully described in Item 6 of this document. 

The company has issued dividends to its current shareholders from stock donated to the company by Descendant's Trust. The shareholders of the company's common stock are almost entirely made up of sophisticated and accredited investors, many of whom have held their stock since 2000. The company has elected to give its shareholders on the common stock shareholders list as of July 20, 2005 1/2% (.5%) of the horse preferred stock and 1/2% (.5%) of the ranch preferred stock, which amounts to 10,000 shares of the horse preferred stock and 10,000 shares of the ranch preferred stock. The distribution amount per shareholder will be based upon the number of common stock shares held. Example: 1,400 shares of common stock, if equal to .007 percent of the issued and outstanding common stock; this allows a dividend of .007 percent each of horse preferred stock and ranch preferred stock, totalling 7 shares of horse preferred stock and 7 shares of ranch preferred stock. This excludes the 930,000 shares of common stock set aside for stock option 

The disbursement of the ranch preferred stock will occur at a later date, to be determined by the management of the company. 

Ideally the market for the company’s stock is in the heart of the horse racing and gaming industry. One or more market makers in either of the states of  Kentucky, California, Nevada, or New York would suit the needs of the investors as well as providing the company with representation in the horse racing industry, thereby giving investors the flexibility of various security goals and the company with its liquidity to take advantage of opportunities as they arise. The company needs to meet the needs of its shareholders in their buying and selling of the company’s securities, and in their investment objections, having available horse preferred stock in the horses the company acquires. Investors may want the  the potential capital appreciation of the company’s horses.

The beneficial shareholders has withdrawn their block of stock for sale as described in the March 31, 2004 10Q. The company could not acquired the horse interests in a timely manner. The excellent reputation of the company and the company’s intent on purchasing interests in the horses allowed the company’s competitors to obtain the interests in the horses before the company. To eliminate this situation, the shareholders of the company have offered for sale a block of their personally-owned shares to be gifted to the company to enable the company to be financially able to take advantage of interests in horses before its competitors.

Table of Contents

ITEM 6: Management's Discussion and Analysis or Plan of Operation.

The major concerns of the company have been addressed: that of producing a foal that has the genetic qualities that the company needs in order to be successful. The use of the company’s “Power Genetics” system has produced a foal whose “Power Genetics” numbers are greater than either the sire’s or the dam’s power numbers. The four-year-old filly’s flaw is her left front leg turning out one/sixteenth rotation from the knee to the hoof. It would be considered a moderate rotation in normal breeding and racing circles. This flaw may or may not affect the four-year-old filly’s racing ability. Another major concern of the company is filing its Security and Exchange Commission required yearly and quarterly filings. This has been addressed and appears that there are no problems in meeting the Security and Exchange Commission disclosure requirements as the company desires its shareholders to be fully informed on every material aspect of the company.

The company intends to obtain market makers for the company’s stock and a bank line of credit to enable the company to effectively participate in horse interests when they become readily available. At this time, the company has no contracts with banks or market making institutions, but is actively pursuing such.

From the sale of the beneficial shareholder’s issued and outstanding block of stock donated or gifted back to the company, the proceeds of which will be directed for the purpose of obtaining three stallion breeding shares and two broodmares, through the company’s *Power Genetics Numbers* the company anticipates obtaining stallion breeding shares ranging from relatively inexpensive to very expensive, and purchasing two broodmares with as high of power genetics numbers as can reasonably be obtained. The following is a breakdown as an example:

                Stallion Share – $15,000.00; Broodmare – *Rio Buscador*

                Stallion Share – $25,000.00; Broodmare – to be purchased – $10,000.00

                Stallion Share – $160,000.00; Broodmare – to be purchased – $40,000.00

By the company acquiring these horse assets, the company anticipates the yearly foal selling price would be approximately $200,000 (this estimate was derived from information gathered in *The Bloodhorse*, the industry’s national magazine for auctions, selling prices, broodmare and stallion sales statistics, etc.). The company believes the foal assets would give the investors an increase in their investment and put the company in a solid position to have its impact on the thoroughbred racing industry.

The company’s investors have voted to restructure the company stock to enable the company to obtain market makers and enable them to offer to the investing public a competitive investment product. 

The following tables show the common and horse preferred stock before and after June 30, 2005:

> 
*Common Stock:*

*The common stock is issued and outstanding and freely tradable.*

|  | BeforeAfterBeneficial shareholder Brad Brimhall1,193,34062% 713,25037.5%Beneficial shareholder Descendant's Trust500,00027% 713,25037.5%Public Shareholders * 208,66011% 475,50025.0%NCT Salary Reserve**280,000  0 NCT Treasury Liquidity** 0  280,000 
* **The difference between the 475,500 shares (After) and the 208,660 shares (Before), totaling 266,840 shares, will be made available to the market makers as warrants at $ .25 per share.
** Issued to Brad Brimhall, who donated to the company (restricted stock until June 30, 2006) to be sold to the public as the company determines.

*Horse Preferred Stock:*

*The Horse Preferred Stock is issued and outstanding and freely tradable.*

*The Descendant's Trust donated to the company 500,000 shares of its Horse Preferred Stock, to be sold by the company in a secondary block sale of 350,000 shares directly to the public at $.80 per share, 50,000 shares given to the market makers at $.80 per share, and 100,000 shares held by the company to be sold to the public at a later date.*

*Descendant's Trust has held in reserve its remaining 1,490,000 shares to be sold in the market at or above $1.50 per share for the first 100,000 shares,  at or above $3.00 per share for the next 500,000 shares, and  at or above $6.00 per share for the remaining 890,000 shares.*
 BeforeAfterBeneficial shareholder Brad Brimhall00% 00%Beneficial shareholder Descendant's Trust 2,000,000100% 00%Public Shareholders00% 350,00070%NCT Treasury00% 100,00020%Warrants - Market Maker00% 50,00010%Descendant's Trust Reserve---- 1,490,000--Horse Preferred Shareholder Dividends---- 10,000--
 

The company anticipates that this will meet the needs of the market makers in making a market for the company’s securities and liquidity for the company.

Table of Contents

5 

ITEM 7: Financial Statements.

The following financial statements are attached to this 10-KSB Annual Report and filed as a part hereof. 

Table of Contents

**NEVADA CLASSIC THOROUGHBREDS, INC.   (A Development Stage Company)**

**FINANCIAL STATEMENTS   (Unaudited)**

**JUNE 30, 2005**

**Index to Financial Statements**

*FINANCIAL STATEMENTS*

PAGE   
 
       Balance Sheet
 
7
 
       Statement of Operations
 
8
 
       Statement of Stockholders' Equity
 
9
 
       Statement of Cash Flows
 
11
 
       Notes to Financial Statements
 
12
     
Table of Contents

6 

**BALANCE SHEET**

**FOR PERIOD ENDING JUNE 30, 2005**

***ASSETS***
     
JUNE 30, 2005
   
JUNE 30,2004
        
CURRENT ASSETS
           
Cash
   
$

00
   
$

0
 
Thoroughbred Four-year Old
    
10,000
    
10,000
 
1991 Ford Pickup Truck13
    
2,500
      
1986 Horse Trailer14
    
3,000
      
Cash receivable15
    
35,000 
    
0
        
TOTAL ASSETS
    
50,500
    
10,000
                    
***LIABILITIES AND STOCKHOLDERS' EQUITY***
            
CURRENT LIABILITIES
           
Accounts payable
   
$

0
   
$

0
            
STOCKHOLDERS' EQUITY
           
Horse and RanchPreferred Stock, 
           
     par value $.001 per share
           
Authorized 5,000,000 (2,500,000 Horse Preferred and 
           
     2,500,000 Ranch Preferred) shares
           
     4,000,000 shares issued and outstanding

 

 
    
 
          (2,000,000 Horse Preferred and 2,000,000 Ranch Preferred)$5    5    
Common stock, 
           
     par value $.001 per share
           
Authorized 5,000,000 shares
           
     2,182,000 shares issued and   
           
    outstanding
 
2,182
    
89
    
Paid in capital in excess of        par value of stock
 
53,196
    
12,696
              
Deficits accumulated        during developmental stage16
 
      (60,789

      )
   
      (2,790

      )
           
TOTAL STOCKHOLDERS' EQUITY
   
$

50,500
   
$

10,000
        
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
   
$

50,500 
   
$ 

10,000 
                    
See Accompanying Notes 

Table of Contents

7 

**STATEMENT OF OPERATIONS**

**FOR PERIOD ENDING JUNE 30, 2005**
     
JUNE 30, 2005 
   
JUNE 30, 2004
                        
REVENUE
   
$

0
    
$ 

0
                
EXPENSES
             
Development costs
    
0
    
0
   
General & Administrative
    
10,936
    
10,936
   
Marketing
    
0
    
0
   
General
    
1,760
    
1,760
    
Broodmare 
             
Pasture

$

0
    
$ 

0
       
Supplemental Feed
 
0
    
0
       
Veterinarian
 
0
      
0 
                     
0
    
0 
                      
Four-year Old
              
Pasture

$

1,200
    
$ 

1,200
       
Supplemental Feed
 
410
    
410
       
Veterinarian
 
150
      
150 
                     
1,760
    
1,760
                     
SEC Accounting
    
$

0
   
$

0
               
TOTAL EXPENSES
    
$

12,696
    
12,696
               
NET (LOSS)
    
$

(12,696

)
  
$

(12,696

)
              
NET (LOSS) PER COMMON SHARE
           
Basic and diluted
   
$

( .00

)
  
$

( .00

)
            
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
          
Basic and diluted
   
2,182,000
    
1,780,000
                                 
See Accompanying Notes 

Table of Contents

8 

**STATEMENT OF STOCKHOLDERS' EQUITY**

**FOR THE PERIOD FROM JUNE 30, 2004 TO JUNE 30, 2005**
 UNAUDITED      JUNE 30, 2005  UNAUDITED        JUNE 30, 2004  horse preferred stock Common Stock Amount Preferred Shares  Common Shares Amount      JUNE 30, 2005 - SHARES ISSUED TO FOUNDERS: 0  1,693,340 $1,693  2,000,000 1,780,000 $3,780FAIR MARKET VALUE OF SERVICES DONATED BY STOCKHOLDERS:  $ .02/share $ .004/share $10,936  $ .02/share $ .004/share $10,936INCREASE IN PAID-IN CAPITAL FOR PAYMENT OF EXPENSES BY STOCKHOLDERS:  $ .106/share $ .028/share $53,196  ($ .025)/share ($ .004) /share $(12,696)NET (LOSS) FOR THE PERIOD FROM JUNE 30, 2002 TO JUNE 30, 2005:  ($ .025)/share ($ .004) /share  $(12,696) ($ .025)/share ($ .004) /share $(12,696)              
 

See Accompanying Notes 

Table of Contents

9 

**STATEMENT OF STOCKHOLDERS' EQUITY (continued)**

UNAUDITED          JUNE 30, 2005
 
UNAUDITED          JUNE 30, 2004
 
Paid in Capital          in Excess of           Par Value of Stock
 
Paid in Capital           Accumulation During           the Development Stage
 
Deficit in Excess of           Par Value of Stock
 
Accumulation during          the Development Stage
   
JUNE 30, 2005:

12,696
 
60,789
 
(3,780

)

0
 
FAIR MARKET VALUE OF SERVICES          PROVIDED BY STOCKHOLDER:

(10,936

)

(43,799

)

10,936
 
0
 
DONATED OR GIFTED CAPITAL BY          STOCKHOLDERS FOR PAYMENT OF EXPENSES:

(2,033

)

(8,132

)

1,760
 
0
 
NET (LOSS) FOR THE PERIOD FROM          JUNE 30, 2004 TO JUNE 30, 2005:

(12,696
)
(60,789
)16
0
 
(12,696)
    
BALANCE -  JUNE 30, 2005:

12,696

60,789

0
 
0
    
See Accompanying Notes 

Table of Contents

10 

**STATEMENT OF CASH FLOWS**

**FOR THE PERIOD FROM JUNE 30, 2003 TO JUNE 30, 2004**
 
UNAUDITED          JUNE 30, 2005
 
UNAUDITED          JUNE 30, 2004
  
CASH FLOWS FROM OPERATING ACTIVITIES:
         
Net (loss)

$

( 12,696

)
 
$

( 12,696

)
  
Adjustments to reconcile net (loss) to net cash provided by operating activities:
          
Fair market value of services provided by stockholder
 
10,936
   
10,936
   
Increase in donated or gifted capital for payment of expenses by stockholders
 
1,760
   
1,760
   
Changes in operating assets and liabilities:
          
Accounts payable
 
0
   
0
        
NET CASH PROVIDED BY OPERATING ACTIVITIES

$

0
  
$

0
            
CASH FLOWS FROM INVESTING ACTIVITIES
 
0
   
0
            
CASH FLOWS FROM FINANCING ACTIVITIES
 
0
   
0
        
NET INCREASE IN CASH AND CASH           BALANCE AT JUNE 30, 2005

$

0
  
$

0
        
SUPPLEMENTAL DISCLOSURE OF CASH       FLOW INFORMATION
         
Cash paid for interest

$ 

0 
  
$ 

0 
          
Cash paid for taxes

$ 

0 
  
$ 

0 
       
SCHEDULE OF NON-CASH INVESTING AND      FINANCING ACTIVITIES
         
Fair market value of services provided by stockholder

$ 

10,936 
  
$ 

10,936 
         
Increase in donated or gifted          capital for           payment of      expenses paid by stockholders

$ 

53,969
  
$ 

1,760 
       
See Accompanying Notes 

Table of Contents

11 

**NOTES TO FINANCIAL STATEMENTS**

**JUNE 30, 2005**

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

*Accounting Estimates*

Management uses estimates and assumptions in preparing financial statements in accordance with accounting principles generally accepted in the United States of America. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were used. 

*Income Taxes*

Provisions for income taxes are based on taxes payable or refundable for the current year and deferred taxes on temporary differences between the amount of taxable income and pretax financial income and between the basis of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled as prescribed in FASB Statement No. 109, “Accounting for Income Taxes.” As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. 

*Net (Loss) Per Share*

The Company adopted Statement of Financial Accounting Standards No. 128 that requires the reporting of both basic and diluted earnings (loss) per share. Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. In accordance with FASB 128, any anti-dilutive effects on net loss per share are excluded. 

*Long-Lived Assets*

Statement of Financial Accounting Standards No. 121, “Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of,” requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset in question may not be recoverable. 

*Horse Owned — Thoroughbred Four-Year-Old*

The following tables indicate the number of horses sold by the sire of the thoroughbred mare and thoroughbred filly and also indicates the average price upon which these horses were sold. These figures were obtained from the “BloodHorse Magazine” which keeps record of all horses sold at auctions within the United States. The Company uses a three-year average sales price in obtaining the asset value of the Company’s horses. 

If the number of horses sold is less than ten (10) and the stallion stud fee is less than $5,000, the value will be four times the stallion’s stud fee. This is an average value as an industry standard. The four-year-old filly is valued at $10,000. 

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12 

NOTE 2: DEVELOPMENT STAGE OPERATIONS

As of June 30, 2005 the Company was in the development stages of operations. According to the Financial Accounting Standards Board of the Financial Accounting Foundation, a development stage Company is defined as a company that devotes most of its activities to establishing a new business activity. In addition, planned principle activities have not yet commenced. 

The Company did not expense any development costs as per donation or gift from the shareholders for the period from June 30, 2004 to June 30, 2005 

NOTE 3: FINANCIAL STATEMENT OF AN INACTIVE REGISTRANT

Under Statute 210.3-11, the Company does not need to provide an audited or reviewed quarterly report. 

Reg. Statutes 210.3-11 

     (a) Gross Receipts from all sources for the fiscal year are not in excess of $100,000; 

     (b) The registrant has not purchased or sold any of its own stock, granted options therefore, or levied assessments upon outstanding stock; 

     (c) Expenditures for all purposes for the fiscal year are not in excess of $100,000; 

     (d) No material change in the business has occurred during the fiscal year, including any bankruptcy, reorganization, readjustment or succession or any material acquisition or disposition of plants, mines, mining equipment, mine rights or leases; and 

     (e) No exchange upon which the shares are listed, or governmental authority having jurisdiction, requires the furnishing to it or the publication of audited financial statements. 

Table of Contents

13 

NOTE 4: INCOME TAXES

Net (loss)

$

( 12,696

)

The provisions for income taxes is estimated as follows:
    
Currently payable

$

0
  
Deferred

$

0
 
The net (loss) for financial statements differs from the federal income tax net loss. A reconciliation is as follows:
    
Financial statement net loss

$

12,696
  
Non-deductible services
 
10,936
     
Income tax net loss
 
1,760
    
Significant components of the Company's deferred tax asset are as follows:
    
Net operating loss carryforward

$

0
  
Less valuation allowance
 
0
     
Net deferred asset

$

0
    
NOTE 5: PREFERRED STOCK 

No special rights or preferences have been assigned to either the Horse Preferred Stock or the Ranch  Preferred Stock. 

NOTE 6: COMMON STOCK OPTION AGREEMENT

In June 2005, the Company revised its stock option agreement under which a total of 930,000 shares of common stock are reserved for the option. 

The details of the option are as follows: 

Number          of Shares
 
Exercise          Price
 
Exercise          Date
  
  64,000 
 
$ 

.25 
 
June 30, 2008 

866,000 
  
.75 
 
June 30, 2009 
     
930,000 
          
The Company has elected to account for stock-based compensation under APB Opinion No. 25, under which no compensation expense has been recognized for stock options granted to employees at fair market value. 

A summary of the option activity for the period from June 30, 2004 to June 30, 2005 , pursuant to the terms of the plan is as follows: 
 
Shares          Under          Option
 
Weighted          Average          Exercise Price
    
Options outstanding at June 30, 2005
 
0
  
$

0

Granted
 
930,000
   
.72
  
Outstanding at June 30, 2004
 
930,000
  
$

23.81
  
No shares are exercisable at June 30, 2005. 

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14 

Information regarding stock options outstanding as of June 30, 2005 is as follows: 

NOTE 6: COMMON STOCK OPTION AGREEMENT (CONTINUED)

Price range

$ .25 - $ .75
  
Weighted average exercise and grant date prices

$ .72
  
Weighted average remaining contractual life

3 years, 5 months

The weighted average fair market value of options granted in the period of June 30, 2004 to June 30, 2005 were estimated as of the date of grant using the Black-Scholes stock option pricing model, based on the following weighted average assumptions: 

Dividend yield

0

Expected volatility

50%

Risk fee interest rate

5.7%

Expected life

3 1/2  years

For purposes of pro forma disclosure, the estimated fair market value of the options, if any, is amortized to expense over the options’ vesting periods. 

Under the Black-Scholes model, the options did not have any intrinsic value. Therefore, pro forma disclosure information has not been presented. 

NOTE 7: BREAKDOWN OF AUTHORIZED, ISSUED, AND OUTSTANDING SHARES
    **COMMON**  
 
**PREFERRED**      Total stock authorized 
 
  
5,000,000
    
5,000,000
                      Less stock issued
 
  (3,112,000)   (4,000,000) Common stock(2,182,000)   --   Less common stock reserve for stock options ( 930,000)   --  Less Market Maker distribution --    (500,000)  
Less Horse Preferred  reserve
-- 
 

 
 (990,000)
 
  Less Horse Preferred dividends --   (10,000)  
Less Descendant's Trust shares held in reserve
--      (500,000)
 
          Less Ranch Preferred reserve--   (1,990,000)  Less Ranch  Preferred dividends --   (10,000)       Balance of authorized sharesavailable for issuance  1,888,000    1,000,000        
NOTE 8: NET OPERATING LOSS CARRYFORWARD

The corporation has the following net operating loss carryforward: 

Year
 
Amount
 
Expiration Date
  
June 30, 2005
 
$

60,789
 
June 30, 2021
        
NOTE 9: FAIR MARKET VALUE OF SERVICES DONATED BY STOCKHOLDER

A stockholder, Brad Brimhall, Operations Manager of the Company provided services for the maintenance, care and training of the horse. The value of the services is estimated to be $ 10,936. 

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15 

NOTE 10: LIMITED OPERATION COSTS

The shareholders have elected to pay the operation costs of the company up to June, 2005 as gifts or donations to the Company. 

NOTE 11: GOING CONCERN

The financial statements are presented on the basis that the Company is a going concern. Going concern contemplates the realization of assets and the satisfaction of liabilities in the normal course of business over a reasonable length of time. The Company is in the development stage of breeding and training horses and needs additional capital to maintain its present development program. If the breeding and training of the horses is not successful and/or the Company does not obtain additional working capital, there is a possibility that the Company's development plans might be curtailed. These factors could raise a doubt as to the Company's ability to continue as a going concern. 

Management's plans to eliminate the going concern situation include, but are not limited to, raising additional working capital through a public or private stock issuance. Management believes there are also various lenders that would be willing to finance the cost of breeding and foaling the horses. 

NOTE 12: INSURANCE

The Company does not have any insurance coverage on its horse nor any liability or workers' compensation insurance. However, the company intends to purchase insurance before any of the company’s horses are bred or raced.

NOTE 13: FORD TRUCK ASSET

The truck was purchased and donated to the company by Brad Brimhall, Operations Manager and beneficial shareholder. The truck was purchased to give the company five to six years of operation without substantially decreasing in asset value and resale value. Furthermore, the truck was acquired for the purpose of transporting the company’s broodmares safely to and from stallion breeding farm(s).

NOTE 14: HORSE TRAILER ASSET

The horse trailer was purchased and donated to the company by Brad Brimhall, Operations Manager and beneficial shareholder. The horse trailer was purchased to give the company five to six years of operation without substantially decreasing in asset value and resale value. Furthermore, the horse trailer was acquired for the purpose of transporting the company’s broodmares safely to and from stallion breeding farm(s).

NOTE 15: CASH RECEIVABLE

The cash receivable represents a lump sum donation to the company by Brad Brimhall, beneficial shareholder and Operations Manager, from a personal family inheritance which is expected to arrive within 60 days from the date of this report.

NOTE 16: ACCUMULATED DEFICITS

The company has eliminated the common stock issuance to its Operations Manager, Brad Brimhall, retroactive to August 15, 2001. The common stock for salary was donated back to the company for the restructuring of its common stock for the purpose of acquiring market makers and their float requirements. The figure represents accumulated deficits as though the common stock issuance for services rendered by Mr. Brimhall, the company’s Operations Manager and beneficial shareholder, had not occurred, and instead a cash salary would have been paid. The accumulated deficits of operation have also been included. 

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16 

ITEM 8: Changes In and Disagreements With Accountants on Accounting and Financial Disclosure

Not Applicable. 

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**PART III:**

ITEM 9: Directors, Executive Officers, Promoters and Control Persons; Compliance With Section 16(a) of the Exchange Act

In response to this item, the company hereby incorporates by reference the information previously filed in the 10SB12G, filed August 15, 2001. There has been no change in Directors, Executive Officers, Promoters and Control Persons. 

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ITEM 10: Executive Compensation

In response to this item, the company hereby incorporates by reference the information previously filed in the 10SB12G, filed August 15, 2001. There has been no change in Executive Compensation as it relates to the dollar amount. 

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ITEM 11: Security Ownership of Certain Beneficial Owners and Management

In response to this item, the company hereby incorporates by reference the information previously filed in the 10SB12G, filed August 15, 2001. There has been no change in Security Ownership of Certain Beneficial Owners and Management up to June 30, 2005.  The security ownership is as described elsewhere in this 10KSB Annual Report for the period ending June 30, 2005

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ITEM 12: Certain Relationships and Related Transactions

In response to this item, the company hereby incorporates by reference the information previously filed in the 10SB12G, filed August 15, 2001. There has been no change in Certain Relationships and Related Transactions. 

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ITEM 13: Exhibits and Reports on Form 8-K

Exhibit 31.1 - Certification of the Chief Executive Officer pursuant to Rule 13A-14 or 15D-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 31.2 - Certification of the  Acting Chief Financial Officer pursuant to Rule 13A-14 or 15D-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.1 - Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.2 - Certification of the  Acting Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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17 

**SIGNATURES**

In accordance with Section 13 or 15(d) of the Exchange Act, and the Financial Statements of an Inactive Registrant, Regulation Section 210-3-11, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 
 
**Nevada Classic Thoroughbreds, Inc.**
  
Dated: July 25, 2005

By: /s/ Kristin Curtis
  
Kristin Curtis
 
Chief Accounting Officer / Acting Chief Financial Officer 

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

Dated: July 25, 2005

By: /s/ Brad Brimhall 
  
Brad Brimhall 
 
President and Chief Executive Officer 
  
Dated: July 25, 2005

By: /s/ Pamela J. Brimhall 
  
Pamela J. Brimhall 
 
Secretary/Treasurer

Supplemental information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Exchange Act By Non-Reporting Issuers: 

Not Applicable. 

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