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 June 30, 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)



                                 (305) 951-2785
        -----------------------------------------------------------------
              (Registrant's telephone number, including area code)

<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).
                                                                  |_| Yes |X| No

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock,  as of the latest  practicable  date.  82,566,666  total shares of
Common Stock  outstanding  as of July 11,  2008,  with  26,869,942  free trading
shares and 55,696,724 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 X



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<PAGE>


                         AMSTAR FINANCIAL SERVICES, INC.
                                    FORM 10-Q
                           QUARTER ENDED JUNE 30, 2008


                                      INDEX


                                     PART I

                              Financial Statements

               Please review in conjunction with prior filings at
             http://www.sec.gov/edgar/searchedgar/companysearch.html
             -------------------------------------------------------
                                   Symbol AMAF


Item 1. Balance Sheets                                                  4
        As of June 30, 2008

Item 2. Income and Expense Report
        For the Three Months Ending June 30, 2008                       5

Item 3. Notes to Financial Statements                                   6




                                     Part II
                                   Discussion

Item 1. Risk Factors                                                    7

Item 2. Unregistered Sales of Equity Securities and use of proceeds     7

Item 3. Defaults upon Senior Securities                                 7

Item 4. Submission of Matters to a Vote of Security Holders             7

Item 5. Other Information                                               7-8

Item 6. Exhibits, if any                                                8

Signature Page                                                          8


                                       3
<PAGE>
                         AMSTAR FINANCIAL SERVICES, INC.

                          COMPILED FINANCIAL STATEMENTS

                                  JUNE 30, 2008

AmStar Financial Services, Inc.
Balance Sheet June 30, 2008
(unaudited)
<TABLE>
<CAPTION>
<S>                                                           <C>                              <C>
                                                          -----------------------------------------------
                                                           Jun 30, 08        Mar 30, 08        $ Change
                                                          --------------    --------------    -----------
ASSETS
      Other Assets
          Florida MLL                                         75,000.00                        75,000.00
          Goodwill                                         4,836,911.00      4,836,911.00           0.00
          Other Assets                                        67,693.00         63,693.00       4,000.00
                                                          --------------    --------------    -----------
      Total Other Assets                                   4,979,604.00      4,900,604.00      79,000.00
                                                          --------------    --------------    -----------
TOTAL ASSETS                                               4,979,604.00      4,900,604.00      79,000.00
                                                          ==============    ==============    ===========
LIABILITIES & EQUITY
      Liabilities
          Current Liabilities
              Other Current Liabilities
                  Corp Inc Taxes                              12,855.00         12,855.00           0.00
                  Due Value Fin                               17,606.00         10,106.00       7,500.00
                                                          --------------    --------------    -----------
              Total Other Current Liabilities                 30,461.00         22,961.00       7,500.00
                                                          --------------    --------------    -----------
          Total Current Liabilities                           30,461.00         22,961.00       7,500.00
                                                          --------------    --------------    -----------
      Total Liabilities                                       30,461.00         22,961.00       7,500.00

      Equity
          Common Stock                                        82,567.00         78,567.00       4,000.00
          Paid In Capital                                 16,576,159.00     16,501,159.00      75,000.00
          Retained Earnings                              -11,688,818.00    -11,681,318.00      -7,500.00
          Series A conv                                       18,782.00         18,782.00           0.00
          Series B conv                                          842.00            842.00           0.00
          Unearned/Restricted Stock                          -40,389.00        -40,389.00           0.00
                                                          --------------    --------------    -----------
      Total Equity                                         4,949,143.00      4,877,643.00      71,500.00
                                                          --------------    --------------    -----------
TOTAL LIABILITIES & EQUITY                                 4,979,604.00      4,900,604.00      79,000.00
                                                          ==============    ==============    ===========

</TABLE>
                                       4
<PAGE>

AmStar Financial Services, Inc.
Income and Expense Report 6/30/08
(unaudited)
<TABLE>
<CAPTION>
<S>                                              <C>            <C>             <C>
                                                                Jun 30,
                                              Mar 31, 08          08           TOTAL
                                            ---------------    ----------    ----------
      Ordinary Income/Expense
            Expense
                Administrative Fee               10,106.00      7,500.00        17,606
                Taxes, Income                    12,855.00          0.00        12,855
                                            ---------------    ----------    ----------
            Total Expense                        22,961.00      7,500.00        30,461
                                            ---------------    ----------    ----------
      Net Ordinary Income                       -22,961.00     -7,500.00       -30,461
                                            ---------------    ----------    ----------
Net Income                                      -22,961.00     -7,500.00       -30,461
                                            ===============    ==========    ==========
</TABLE>


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<PAGE>
                         AMSTAR FINANCIAL SERVICES, INC.
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2008


Note 1:
-------

AmStar's  June 30, 2008  quarterly  income  statement  and balance sheet and the
Company's  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 conforms to the September 30, 2003 Form 10Q. The 2005
income  tax  return   conforms   to  the  income   statement   prepared  by  the
court-appointed  Assignee  who  executed  AmStar's  Florida  Assignment  for the
Benefit of Creditors.

Note 2:
-------

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

Note 3:
-------

AmStar is a fully  reporting  Company as  required by Section 13 or 15(d) of the
Securities Exchange Act of 1934. AmStar's SEC Edgar Filings are current.

Note 4:
-------

As of June 30th,  2008 the Company was not  involved  in any  litigation  of any
kind. There are no known legal actions pending.

Note 5:
-------

During the 2nd quarter AmStar acquired a Florida Mortgage Lender's  License.  It
is reflected  on the Balance  Sheet as "Florida  MLL".  The license is valued at
$75,000 and was contributed by the Company's Directors.



                                       6
<PAGE>
                                     PART II


Item 1.     Risk Factors

AmStar is currently  executing its plan to launch a Mortgage  Warehouse Facility
specifically  for short term funding of federally  insured FHA Reverse  Mortgage
product.  The investor  related risks involved with FHA Insured Reverse Mortgage
product is significantly different from non-FHA Mortgage product and the product
is  emerging as an  important  mortgage  product  for the future.  However it is
uncertain  if  AmStar's  plan will  succeed  and AmStar and its  management  and
directors make no guarantees of any kind as to AmStar's 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 domestic  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 investor  funding  needed,
greater  than  anticipated  warehouse  operating  costs,  potential  issuance of
additional shares, the adverse outcome of currently unforeseen  litigation,  the
decline of  availability  of suitable  reverse  mortgage  product at  reasonable
rates, and a deepening downturn in general economic conditions.

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

Item 3.     Defaults upon senior securities - none.

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

Item 5.     Other information.

SUMMARY: The Company is a current,  fully reporting registrant.  The Company has
built and launched its Internet Property known as www.amstarweb.com and retained
an advisor to identify a potential warehouse line investor. At this time efforts
to fund the line are fully  underway.  The Company is  interviewing an SEC audit
firm in preparation for its 2008 end of year 10-K.


CURRENT NEWS:  During the second quarter 2008, AmStar launched its Internet Site
for   Shareholder   and  Investor   assistance.   AmStar's  web   addresses  are
www.AmStarweb.net   or   www.AmStarweb.com.   These  sites  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.

                                       7
<PAGE>

On April 28, 2008 Amstar  announced  through  Business Wire that AmStar  reached
agreement  in  principle  with  Value  Financial  Mortgage  Services  a separate
unrelated  Florida  corporation - whereby AmStar will  contractually use Value's
existing operations platform to provide infrastructure necessary to launch. This
should reduce AmStar's costs and allow AmStar to achieve profitability  quicker.
Value agreed to commit up to 50% of its future FHA Reverse  Mortgage  production
to the AmStar  facility.  This  commitment  could  produce  immediate use of the
AmStar line once the line is funded.

During the second quarter 2008 Amstar submitted executive summaries to potential
Investors.  Amstar seeks an initial  $2,000,000  which would be fully secured by
real estate and  enhanced by equity in the Company.  This is an ongoing  process
and at this writing no suitable  investor has  surfaced.  To enhance the process
Amstar  has  identified  and  retained  a  banking   executive  with  experience
sufficient to successfully match the Company's needs with prospective  providers
of warehouse lines.  Timing is uncertain but AmStar's  management team shall use
its reasonable best efforts to expedite this process.  During the second quarter
2008 AmStar received inquiries from certain Florida based HUD Correspondents who
requested  information  about approval as customers of the AmStar line, once the
AmStar line is funded.  Combined with Value Financial's  usage  commitment,  the
AmStar line could achieve critical mass quickly.  These potential customers have
been placed in a holding pattern, pending funding of the line.

The Company has elected to provide internal unaudited financial statements
because the prior CPA firm has merged into a larger entity and at this writing
had not yet been retained. The internal financial statements conform to the
prior CPA's March 30 2008 10-Q adjusted for second quarter activity.

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: July 25, 2008

                                        AmStar Financial Services, Inc.


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

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