UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

              (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                  For the Quarterly Period Ended March 31, 2008

                                       OR

              ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                           Commission File No. 0-25803

                         AMSTAR FINANCIAL SERVICES, INC.
        -----------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)




           Florida                                     65-0181535
--------------------------------------        -----------------------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
 incorporation or organization)



                    670 NW 116th Street, Miami Florida 33168
--------------------------------------------------------------------------------
                     (Address of principal executive office)



                               No Telephone Number
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)


                                       1
<PAGE>

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the 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.                              X  Yes     No
                                              ----    ----

Indicate by check mark whether the Registrant is a shell company (as defined in
Rule 12b-2 of the Act).  X  Yes    No
                       ----    ----

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date. 78,556,666 total shares of
Common Stock outstanding as of April 8, 2008, with 26,869,942 free trading
shares and 51,696,724 restricted shares.

Indicate by check mark whether the Registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definition of these terms in Ruler 12b-2 of the Exchange Act.
Large accelerated filer
                             --
Accelerated filer
                             --
Non-accelerated filer
                             --

Smaller reporting company    XX
                             --

                                       2
<PAGE>



                         AMSTAR FINANCIAL SERVICES, INC.
                                    FORM 10-Q
                          QUARTER ENDED MARCH 31, 2008




                                      INDEX





                                     PART I

                              Financial Statements



                                     PART II

<TABLE>
<CAPTION>
<S>  <C>                                                                                                         <C>
Item 1.      Risk Factors.                                                                                       12



Item 2.      Unregistered sales of Equity Securities and use of proceeds.                                        12



Item 3.      Defaults upon Senior Securities.                                                                    12



Item 4.      Submission of Matters to a Vote of Security Holders.                                                12


Item 5.     Other Information.                                                                                   13


Item 6.      Exhibits, if any.                                                                                   14



SIGNATURE PAGE                                                                                                   15
</TABLE>

                                       3
<PAGE>

                                     PART I





                         AMSTAR FINANCIAL SERVICES, INC.

                          COMPILED FINANCIAL STATEMENTS


                                 MARCH 31, 2008



                          JOEL G. GALPERN, C.P.A., P.A
                           CPAHELP Financial Services
                           Certified Public Accountant
                              North Miami, Florida


                                       4
<PAGE>


                         AMSTAR FINANCIAL SERVICES, INC.

                                      INDEX




<TABLE>
<CAPTION>
<S>                                                                                                <C>

                                                                                                 Pages


Accountant's Compilation Report                                                                    6

Balance Sheets                                                                                    7-8
         As of March 31, 2008, 2007

Statements of Receipts, Disbursements and Retained Earnings (Deficit)
         For the Three Months Ending March 31, 2008, 2007                                          9

Statements of Cash Flows
         For the Three Months Ending March 31, 2008, 2007                                         10

Notes to Financial Statements                                                                     11
</TABLE>

                                       5
<PAGE>

                           JOEL G. GALPERN, CPA, P.A.
                          CERTIFIED PUBLIC ACCOUNTANT
JOEL G. HALPERN, CPA       CPAHELP FINANCIAL SERVICES          MEETING LOCATIONS
                                                        THROUGHOUT SOUTH FLORIDA
                                   MAIN OFFICE
                             CPAHELP FINANCIAL BUILDING
                       1035 N.E. 125TH STREET, SUITE 320
                           NORTH MIAMI, FLORIDA 33161
                            MIAMI-DADE: 305-593-8610
                               FAX: 305-893-6057
                               -----------------
                            EMAIL: JOEL@CPAHELP.NET
                                WWW.CPAHELP.NET


                                 April 9, 2008

Amstar Financial Services, Inc.
Miami, Florida

The accompanying comparative unaudited balance sheets of Amstar Financial
Services, Inc. as of March 31, 2008 and March 31, 2007 and the related
statements of receipts, disbursements and retained earnings (deficit) and cash
flows for the periods then ended have been compiled by us.

A compiliation is limited to presenting in the form of financial statements
information that is the repsentation of management. We have not audited or
reviewed the accompanying financial statements, and accordingly, do not express
an opinion or any other form of assurance on them.

Management has elected to omit substantially all of the disclosures as required
by generally accepted accounting principles. If the omitted disclosures were
included in the financial statements, they might influence the user's
conclusions about the company's financial position, results of operations, and
cash flows. Accordingly, these financial statements are not designed for those
who are not informed about such matters.

                                                   JOEL G. GALPERN, C.P.A., P.A.

                                                     /s/ Joel G. Galpern, C.P.A.
                                                     --------------------------
                                                     Joel G. Galpern
                                                     Certified Public Accountant

JG/sf

            MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANT


                                       6
<PAGE>


                         AMSTAR FINANCIAL SERVICES, INC.
                                 BALANCE SHEETS
                                    UNAUDITED


                                                     March 31    March 31
                                                        2008        2007
                                                    -----------------------
ASSETS

CURRENT ASSETS
 Cash and Cash Equivalents                          $         - $         -
                                                    -----------------------
    Total Current Assets                            $         - $         -

PROPERTY AND EQUIPMENT, Net                                   0           0

OTHER ASSETS
 Goodwill, net                                      $ 4,836,911 $ 4,836,911
 Other Assets                                            63,693
                                                    -----------------------
    Total Other Assets                              $ 4,900,604 $ 4,836,911

                                                    -----------------------
    TOTAL ASSETS                                    $ 4,900,604 $ 4,836,911
                                                    =======================

                                       7
<PAGE>

                         AMSTAR FINANCIAL SERVICES, INC.
                                 BALANCE SHEETS
                                    UNAUDITED

<TABLE>
<CAPTION>
<S>                                                                                                 <C>          <C>
                                                                                                 March 31    March 31
                                                                                                   2008        2007
                                                                                                ------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Due to Value Financial Mortgage Services, Inc.                                                      $10,106      $2,156
Corporation Income Taxes Payable                                                                     12,855
                                                                                                ------------------------
   Total Current Liabilities                                                                        $22,961      $2,156

                                                                                                ------------------------
   Total Liabilities                                                                                $22,961      $2,156


STOCKHOLDERS' EQUITY
Preferred Stock:
Series A Convertible, $0.001 par value; 20,000,000 shares authorized,
  18,782,097 shares issued and outstanding 2008 and 6,234,670 shares                                $18,782      $6,235
  issued and outstanding 2007
Series B Convertible, $0.001 par value; 1,000,000 shares authorized,
  841,666 shares issued and outstanding 2008 and 2007                                                   842         842
Series C Convertible, $0.001 par value; 900,000 shares authorized,
  none issued                                                                                             0           0

Common Stock, $0.001 par value; 100,000,000 shares authorized,
  78,566,666 shares issued and outstanding 2008 and 27,420,559 shares                               $78,567     $27,421
  issued and outstanding 2007

Additional Paid in Capital                                                                       16,501,159  16,501,159

Retained Earnings (Deficit)                                                                     (11,681,318)(11,660,513)

Unearned Compensation, Restricted Stock                                                             (40,389)    (40,389)
                                                                                                ------------------------

   Total Stockholders' Equity                                                                    $4,877,643  $4,834,755

                                                                                                ------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                                       $4,900,604  $4,836,911
                                                                                                ========================
</TABLE>

                                       8
<PAGE>

                         AMSTAR FINANCIAL SERVICES, INC.
              STATEMENTS OF RECEIPTS AND DISBURSEMENTS AND RETAINED
                                    UNAUDITED

                                                    Three Months Three Months
                                                       Ending       Ending
                                                      March 31     March 31
                                                       2008          2007
                                                    --------------------------

RECEIPTS
Revenues                                           $          -  $          -

                                                    --------------------------
   Net Receipts                                    $          -  $          -
                                                    --------------------------

DISBURSEMENTS
Licenses and Taxes                                 $        450  $        150
Professional Fees                                         7,500         2,006

                                                    --------------------------
   Total Disbursements                             $      7,950  $      2,156
                                                    --------------------------

   Net Income (Loss)                               $     (7,950) $     (2,156)

Retained Earnings (Deficit) - Beginning of Period   (11,673,368)  (11,658,357)

                                                    --------------------------
Retained Earnings (Deficit) - End of Period        $(11,681,318) $(11,660,513)
                                                    ==========================

                                       9
<PAGE>


                         AMSTAR FINANCIAL SERVICES, INC.
                             STATEMENT OF CASH FLOWS
                                    UNAUDITED

                                                                Three    Three
                                                                 Months  Months
                                                                Ending   Ending
                                                               March 31 March 31
                                                                 2008     2007
                                                               -----------------
CASH FLOWS FROM OPERATING ACTIVITIES:

Net Income (Loss)                                              $ (7,950)$(2,156)
Adjustments to reconcile net income (loss) to net cash
 provided by (used in) operating activities:
Increase in Due to Value Financial Mortgage Services, Inc.        7,950   2,156
                                                               -----------------

Net cash used in Operating Activities                          $      - $     -
                                                               -----------------

CASH FLOWS FROM FINANCING ACTIVITIES

Increase in preferred stock issued and outstanding             $ 12,547
Increase in common stock issued and outstanding                  51,146
                                                               -----------------

Net cash from financing activities                             $ 63,693 $     -
                                                               -----------------

CASH FLOWS FROM INVESTING ACTIVITIES

Increase in other assets                                       $(63,693)$     -
                                                               -----------------

Net cash from investing activities                             $(63,693)
                                                               -----------------

Cash and Cash Equivalents - Beginning of Period                       -       -

                                                               -----------------
Cash and Cash Equivalents - End of Period                      $      - $     -
                                                               =================

                                       10
<PAGE>


                         AMSTAR FINANCIAL SERVICES, INC.
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2008



Note 1:
-------

AmStar's March 31, 2008 quarterly income statement and balance sheet and the
previously filed federal income tax returns for the years ending December 31,
2003, 2004, 2005, 2006 and 2007 were prepared and filed in accordance with
generally accepted accounting principles.

The 2003 income tax return agrees to the September 30, 2003 Form 10Q. The 2005
income tax return reflects the income statement prepared by the court-appointed
Assignee who executed AmStar's Florida Assignment for the Benefit of Creditors.

There were no material business operations in 2004, 2005, 2006, 2007 and the
first quarter of 2008.

Note 2:
-------

Documents relevant to AmStar's 2004 filing of a Florida Assignment for the
Benefit of Creditors are available at www.amstarweb.net.

Note 3:
-------

AmStar's SEC Edgar Filings are current.

Note 4:
-------

As of March 31, 2008 the Company was not involved in any litigation of any kind.
There are no known legal actions pending.


                                       11
<PAGE>

                                     PART II

Item 1.       Risk Factors

Through March 31, 2008 AmStar Financial Services, Inc. was an inactive
Registrant with no revenue or assets. As properly disclosed on an 8K filed March
1, 2004 the Company ceased all prior operations in February 2004. The Company
subsequently entered into an Assignment for the Benefit of Creditors on March 4,
2004 and emerged without material creditor or shareholder challenge on March 23,
2005.

The Assignment was managed by Michael Moecker and Associates of Fort Lauderdale,
Florida. AmStar handed over control of all its assets, and Moecker liquidated
them as appropriate and under the supervision of the courts - to pay AmStar's
expenses and creditors. All creditors of record were notified by Moecker, and
given an opportunity to participate in a distribution of AmStar's assets, if
any. By electing to participate in any potential distribution, the creditor
stayed certain creditor rights. Moecker records indicate that all known
creditors elected to participate, resulting in no litigation for AmStar.

When the Assignment was complete, AmStar had no assets remaining. Copies of the
relevant court documents are attached to this filing as an exhibit.

Prior to March 31, 2008 AmStar concentrated on housekeeping and analytical
review of certain business opportunities. A preliminary business plan is under
development and discussed in part II item 5.

It is uncertain if this preliminary plan will succeed and the company makes no
guarantees of any kind as to its future success, if any. The results of a plan
like this are subject to risks and uncertainties that could cause actual
performance to differ materially from those expected. Factors that might cause
such a difference include the possibility of continued decline in the American
housing market further depressing home values, higher than anticipated interest
rates requiring a higher coupon than originally planned on the warehouse
facility money, slower access to the funding needed, greater than anticipated
operating costs, potential issuance of additional shares, the adverse outcome of
currently unforeseen litigation, the decline of availability of reverse mortgage
product at reasonable rates, and a deepening downturn in general economic
conditions.

Management makes no warranties expressed or implied. Management will endeavor to
always use its reasonable best efforts, but cannot and will not make any
guarantees of present or future results.

Item 2.     Unregistered sales of equity securities and use of proceeds - none.


Item 3.     Defaults upon senior securities - none.


Item 4.     Submission of Matters to a Vote of Security Holders - none.

                                       12
<PAGE>

Item 5.          Other information.

At March 31, 2008 there were no prior operations to discuss. During the first
quarter 2008, and for 48 months prior, AmStar was a shell company. Presently a
preliminary business plan is under ongoing development.



BACKGROUND: According to readily available Industry and HUD statistics, the
Reverse Mortgage Industry is expanding at a record rate. Since 2000 the Industry
has grown from under 10,000 Reverse Mortgage (RM) loans originated nationally,
to over 125,000 RM loans originated in 2007. Industry commentators and certain
Trade Associations project that 2008 could produce over 200,000 transactions, as
the graying of America continues and more of the so-called "baby boomer
generation" become eligible (by virtue of turning 62 years old) for these
special kind of home equity loans for seniors.



DISCUSSION: AmStar Management believes that to survive in todays highly stressed
and competitive marketplace, AmStar must identify and fill a niche that is
underserved. Since the origination end of the Industry is cost intensive and
heavily fee regulated, the best niche for AmStar would seem to be one requiring
minimal investment in staff and facilities allowing most of AmStar's operating
capital to be used for income producing activity, thereby minimizing expense and
creating the potential for reasonable and consistent earnings per share.

AmStar's Management reasoned that if the plan would focus on filling a needed
niche in the RM Industry - using Investor funds to finance the start-up of its
core operations - securing the Investors with federally insurable collateral
thereby reducing Investor risk of loss - Investor funds should come available
quicker and the cost of funds to AmStar should be lower than what AmStar
experienced in the past. By offering Investors secured collateral, AmStar might
but not necessarily could avoid raising funds via convertible debentures or high
coupon unsecured debt. The traditional Investor concern has always involved risk
reduction and the time involved in the start-up window. Here, Management has
addressed both issues.

Through actual experience acquired while managing several successful RM Lenders,
AmStar's Management saw the opportunity that existed to create a Reverse
Mortgage Warehouse Facility to serve FHA Correspondent Lenders or FHA "DE"
Lenders - who originate FHA Home Equity Conversion Mortgages. HECM Reverse
Mortgages are insured by FHA and should largely represent minimal collateral
risk (absent fraud) to an Investor.

If the RM loan is originated properly, the value of the underlying collateral
(the consumer's home) is guaranteed by FHA - reducing the risk of portfolio
devaluation over time (such as what is currently being seen in traditional MBS
valuations). The value of the underlying RM collateral is insured by FHA to
guarantee the end Investor will see a form of guaranteed repayment of its
expectations of the transaction. For the short amount of time an RM loan might
be funded by the Reverse Mortgage Warehouse Facility's money - it would be
unlikely the collateral might lose value. This certainty in valuation creates
greater value in the secondary market sale of the RM loan by the Lender.

                                       13
<PAGE>

Hence these loans, if properly originated by reputable and experienced sources,
create excellent security for a warehouse facility. The facility would provide
funds to close the consumer's loan timely while the originator evaluates the
secondary market and makes his best informed choice as to where to sell that
closed loan.

Once the RM loan is sold by the Lender it would come off the warehouse facility
with AmStar being reimbursed by the Lender's "take-out Investor" AmStar would
earn interim interest and certain allowable transaction fees. Potential exists
in AmStar's ability to consistently review the quality of its correspondent's
closings and bid for the best quality production as a participant in the sale to
the secondary market. This would allow AmStar to aggregate production and move
from buying on a "flow" basis as most small correspondents must - to selling
directly to the secondary market on a "bulk" basis. At this time, RM backed
securities are among the safest and most attractive MBS available. Secondary
Market RM Investors have been willing to pay more dollars per file when the
bundle is larger.

To attract this business from its best correspondents, AmStar could
contractually share some of these secondary market earnings with the
correspondent. AmStar would retain the rest, using this income to offset its
cost of funds, its operational costs and to accumulate earnings that might among
other uses, allow AmStar to consider paying future dividends to shareholders.

It should be noted that AmStar has identified a potential business partner and
has begun negotiations that if satisfactorily concluded should provide access to
the secondary market directly and the technology necessary to insure smooth deal
flow. Included would be staffing, systems, and most significant of all - a share
of the partner's production creating immediate business for the facility and the
potential for quicker Investor interest in funding the line.

The potential business partner is established and the production is public
record. Hence Investor risk should once again be reduced. The Facility will
offer FHA insurable collateral, and an operations platform that can conclude the
transactions efficiently.

To further develop the business plan, AmStar's Management has secured a Florida
Mortgage Lender's License. This license will provide AmStar with the regulatory
approval needed to apply for AmStar's own HUD approval - to be used in the event
that AmStar decides to provide direct underwriting services to its
correspondents. The need might develop from relationships with FHA
Correspondents who have smaller shops and need underwriting services before they
can sell their production. This is by far the largest class of FHA approved
lender - the small FHA loan correspondent. This contingency addresses another
niche AmStar has identified to be discussed in more detail in a future filing.

Please note: although significant development has gone into the plan so far,
there are many elements of this plan that have yet to be fully evaluated. AmStar
Management cannot give any assurances expressed or implied that this proposed
business plan will work as discussed. There are variables currently present that
are beyond Management's control.

However, absent significant negative developments in the RM Industry, adverse
regulatory changes, or a worsening of secondary market demand for HECM
production - Management could using its reasonable best efforts achieve many of
its objectives in successfully establishing this new Reverse Mortgage Warehouse
Facility.

A more specific timetable will be discussed in future filings.

                                       14
<PAGE>


AmStar has created a web site for Shareholder and Investor assistance. AmStar's
web addresses are www.AmStarweb.net or www.AmStarweb.com. These sites should
allow shareholders, investors, and potential correspondents to access timely
information and communicate with AmStar Management. Audio reports present at the
site may give interested persons better understanding of the proposed business
plan.

Risk factors are discussed again - at both the web site and during the audio
files, and responsible investors and shareholders making their most informed
decisions should listen to them carefully.





Item 6.       Exhibits - none.











                                    SIGNATURE

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


Date:  April 11, 2008
                                    AmStar Financial Services, Inc.


                                    By:  /s/ Nelson A. Locke
                                         ---------------------------------------
                                         Nelson A. Locke
                                         CEO and Director

                                       15