SECURITIES AND EXCHANGE COMMISSION
             WASHINGTON, D.C. 20549
                      FORM 10-QSB/A

[x]     Quarterly Report Pursuant to Section 13 or 15(d) Securities
Exchange Act of 1934 for Quarterly Period Ended September 30, 2005

-OR-

[ ]     Transition Report Pursuant to Section 13 or 15(d) of the
Securities And Exchange Act of 1934 for the transaction period from
_________  to________

Commission File Number             000-51489


   Asian American Business Development Company
--------------------------------------------
   (Exact name of registrant as specified in its charter)


          Nevada                                       75-3000774
(State or other jurisdiction of                    (I.R.S. Employer
incorporation or organization)                   Identification No.)

671 Heinz Parkway
Estes Park, Colorado                              80517
(Address of principal Executive Offices)          (Zip Code)


970-577-8325
Issuer's Telephone Number:


Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 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 [   ]

The number of outstanding shares of the registrant's common stock,
September 30, 2005:  Common Stock  -  7,730,000






<PAGE>2


 PART I -- FINANCIAL INFORMATION

Asian American Business Development Company

Item 1. Financial Statements

Balance Sheets,
   December 31, 2004 and September 30, 2005(unaudited)         F-1
Statements of Operations for the
   Three months and
   Nine months ended
   September 30, 2004 and 2005 and from February 12, 2005
   (inception) to September 30, 2005
   (unaudited)                                                 F-2
Statements of Cash Flows for the
   Nine months ended September 30, 2004
   and 2005 (unaudited)                                        F-3
Notes to financial statements                                  F-4




<PAGE>3
              ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY
                    (A DEVELOPMENTAL STAGE COMPANY)
                            BALANCE SHEETS

                                ASSETS

                                               Sept 30,      Dec 31,
                                                 2005         2004
                                              ----------   ----------
                                              (Unaudited)
                                               (Restated)
CURRENT ASSETS
  Cash                                        $    1,673   $        -
                                              ----------   ----------
    TOTAL CURRENT ASSETS                           1,673            -
                                              ==========   ==========


                  LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES
  Notes Payable to Related Party                  25,820       15,876
  Advance From Major Shareholder                  17,500            -
                                              ----------   ----------
    TOTAL CURRENT LIABILITIES                     43,320       15,876
                                              ----------   ----------

STOCKHOLDERS' EQUITY (DEFICIT)
  Series A Preferred Stock $.0001 Par Value
   authorized 10,000,000 Shares, None Issued           -            -
  Common Stock, $.0001 Par Value, authorized,
   90,000,000 Shares, Issued and outstanding
   7,730,000 and 5,000,000, respectively             773          500
  Additional Paid-In-Capital                     273,227          500
  Accumulated Deficit during the
   Development Stage                            (315,647)     (16,876)
                                              ----------   ----------
    TOTAL STOCKHOLDERS' (DEFICIT)                (41,647)     (15,876)
                                              ----------   ----------
    TOTAL LIABILITIES AND
     STOCKHOLDERS' DEFICIT                    $    1,673   $        -
                                              ==========   ==========





See accompanying notes.

F-1


<PAGE>4

              ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY
                    (A DEVELOPMENT STAGE COMPANY)
                      STATEMENTS OF OPERATIONS
                             (UNAUDITED)
<TABLE>
                                                                                    Feb 12, 2002
                                    Three Months Ended        Nine Months Ended     (Inception) to
                                      September 30,             September 30,         Sept 30,
                                    2004         2005         2004         2005         2005
                                 ----------   ----------   ----------   ----------   ----------
                                              (Restated)                (Restated)    (Restated)

                                 <c>          <c>          <c>          <c>           <c>
EXPENSES
  Compensation and Services
    paid in Common Stock         $        -   $  273,000   $        -   $  273,000   $  273,000
  General and Administrative
    Expenses                         10,118        3,759       17,831       24,557       84,574
  Interest Expense                      450          469        2,363        1,214        7,113
                                 ----------   ----------   ----------   ----------   ----------
LOSS FROM CONTINUING
  OPERATIONS                        (10,568)    (277,228)     (20,194)    (298,771)    (364,687)

INCOME TAXES                              -            -        7,356            -        7,356
                                 ----------   ----------   ----------   ----------   ----------
NET LOSS FROM
  CONTINUING OPERATION              (10,568)    (277,228)     (12,838)    (298,771)    (357,331)
                                 ----------   ----------   ----------   ----------   ----------
DISCONTINUED OPERATIONS
  Operating Loss From
   Discontinued Operations                -            -       (2,462)           -      (14,269)
  Gain on Sale of
   Discontinued Operations                -            -       63,309            -       63,309
  Income Tax Expense (Benefit)             -            -       (7,356)            -       (7,356)
                                 ----------   ----------   ----------   ----------   ----------
INCOME (LOSS) FROM
  DISCONTINUED OPERATIONS                 -            -       53,491            -       41,684
                                 ----------   ----------   ----------   ----------   ----------
NET (LOSS)                       $  (10,568)  $ (277,228)  $  (40,653)  $ (298,777)  $ (315,647)
                                 ----------   ----------   ----------   ----------   ----------
NET (LOSS) PER SHARE
  From Continuing
   Operations                    $     0.00   $    (0.04)  $     0.00   $    (0.05)
  From Discontinuing
   Operations                          0.00         0.00         0.00         0.00
                                 ----------   ----------   ----------   ----------
                                 $     0.00   $    (0.04)  $     0.00   $    (0.05)
                                 ==========   ==========   ==========   ==========
WEIGHTED AVERAGE NUMBER OF
 COMMON SHARES
 OUTSTANDING                      5,000,000    5,000,000    5,000,000    5,819,000
                                 ==========   ==========   ==========   ==========
</TABLE>

See accompanying notes.
F-2
<PAGE>5

              ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY
                    (A DEVELOPMENTAL STAGE COMPANY)
                       STATEMENTS OF CASH FLOWS
                               (UNAUDITED)
<TABLE>
                                                 Nine months Ended,     February 12, 2002
                                                   September 30,         (Inception) to
                                                 2004         2005     September 30, 2005
                                              ----------   ----------  ------------------
                                                            (Restated)     (Restated)

                                               <c>          <c>             <c>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net Loss from Continuing Operations         $  (12,838)  $ (298,771)     $(357,331)
  Adjustment to Reconcile Net Loss To Net
   Cash Used By Continuing Operating Activities
    Deferred Tax Expense                          (7,356)           -         (7,356)
    Stock Issuance for Services                        -      273,000        273,000
                                              ----------   ----------     ----------
NET CASH FLOWS USED BY CONTINUING OPERATIONS     (20,194)     (25,771)       (91,687)

NET CASH FLOWS FROM DISCONTINUED OPERATIONS       50,000            -         50,000
                                              ----------   ----------     ----------

NET CASH PROVIDED BY (USED) BY OPERATING
   ACTIVITIES                                    (29,806)     (25,771)       (41,687)
                                              ----------   ----------     ----------

CASH FLOWS FROM FINANCING ACTIVITIES
   Note Payable to Related Party                (29,806)        9,944         25,860
   Advance From Majority Shareholder                  -        17,500         17,500
                                              ----------   ----------     ----------
NET CASH PROVIDED (USED) BY FINANCING
   ACTIVITIES                                   (29,806)       27,444  -      43,360
                                              ----------   ----------     ----------

NET INCREASE IN CASH                                   -        1,673          1,673

CASH AT BEGINNING OF PERIOD                            -            -              -
                                              ----------   ----------     ----------
CASH AT END PERIOD                            $        -   $    1,673     $    1,673
                                              ==========   ==========     ==========
SUPPLEMENTAL CASH FLOW DISCLOSURES
  Cash Paid During the Period for:
    Interest                                  $    2,363   $    1,214     $    7,113
                                              ==========   ==========     ==========
    Income Taxes                              $        -   $        -     $        -
                                              ==========   ==========     ==========
</TABLE>



See accompanying notes.
F-3



<PAGE>6

              ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY
                    (A DEVELOPMENTAL STAGE COMPANY)
                     NOTES TO FINANCIAL STATEMENTS
                          SEPTEMBER 30, 2005


NOTE 1:  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization
------------
Asian American Business Development Company ("Company") was
incorporated in the State of Nevada on February 12, 2002 as Wiltex
First, Inc.  On March 10, 2005, the company filed a certificate of
amendment with the State of Nevada changing its name to Asian American
Business Development Company.  The Company has elected to prepare its
financial statements in accordance with generally accepted accounting
principles (United States) and has selected December 31, as its year
end.

The financial statements include the accounts of the Company and its
majority owned subsidiary, Wiltex A, Inc. from inception to August 2,
2004 (date of sale).  All intercompany accounts and transactions have
been eliminated in consolidation.

Galaxy Partners, LTD Corp. (a company owned by the sole shareholder of
the Company) has managed and financed the Company since inception.

Basis of Presentation
---------------------
The accompanying consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X.  Accordingly, they do not include all of
the information and footnotes required by generally accepted accounting
principles for complete consolidated financial statements.  In the
opinion of management, all adjustments considered necessary for a fair
presentation have been included.  All such adjustments are of a normal
and recurring nature.  These financial statements should be read in
conjunction with the audited financial statements at December 31, 2004.
Operating results for the quarter and nine months ended September 30,
2005 are not necessarily indicative of the results that may be expected
for the fiscal year ending December 31, 2005.

Use of Estimates and Assumptions
--------------------------------
Management uses estimates and assumptions in preparing financial
statements in accordance with generally accepted accounting principles.
Those estimates and assumptions affect the reported amounts of assets
and liabilities, the disclosure of contingent assets and liabilities,
and the reported amounts of revenue and expenses.  Actual results could
vary from the estimates used.

F-4


<PAGE>7
              ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY
                    (A DEVELOPMENTAL STAGE COMPANY)
                     NOTES TO FINANCIAL STATEMENTS
                          SEPTEMBER 30, 2005

NOTE 2:  INVESTMENT IN WILTEX A, INC.

In exchange for the issuance of 10,000 shares of the Company's common
stock upon the initial stock issuance, the Company received 5,000,000
shares of common stock (representing 99.2%) of Wiltex A, Inc. ("Wiltex"
another shell company) valued at $960 and a receivable from Galaxy
Partners LTD Corp. ("Galaxy") of $40.  The $960 value assigned to
Wiltex represented the Company's portion of the book value of Wiltex on
the date of contribution.  On August 26, 2004, the Company sold
4,200,000 shares of Wiltex for $50,000 and recognized a gain on the
sale in the amount of $63,309.  The $50,000 proceeds from the sale was
used to reduce the note payable to Galaxy.  At September 30, 2005, the
Company owns 800,000 shares of Wiltex (Wiltex has been renamed EMTA
Corporation ("EMTA")(representing 3.4 percent of the ownership interest
in EMTA).  As a result of EMTA's accumulated losses, the investment in
EMTA has been reduced to zero in the accompanying balance sheet at
December 31, 2004 and September 30, 2005.

NOTE 3:  COMMON STOCK ISSUANCE AND RESTATEMENT OF FINANCIAL INFORMATION

On July 15, 2005, the Company's Board of Directors authorized the
issuance of 2,730,000 shares of the Company's $0.0001 par value common
stock to seventeen (17) individuals for services rendered.  The fair
value of the services was deemed to be $273,000 ($0.10 per share).

The adjustments have been made to the financial statement as follows:

September 30, 2005 and the three months then ended
<TABLE
                                                As Previously                      As
Financial Statement Caption                       Reported      Difference      Restated
---------------------------                     -------------   ----------     ----------

                                                 <c>             <c>            <c>
Common Stock, Par Value                         $       500     $       273    $       773
Additional Paid-in-Capital                              500         272,727        273,227
Accumulated Deficit During the
   Development Stage                                (42,647)       (273,000)      (315,647)
Compensation and Services
   Paid in Common Stock                                   -         273,000        273,000
Net Loss From Operations                             (4,228)       (273,000)      (277,228)
Net Loss Per Share                                    (0.00)          (0.04)         (0.04)

The nine months ended September 30, 2005
----------------------------------------
Compensation and Services
   Paid in Common Stock                          $        -      $  273,000     $  273,000
Net Loss From Continuing Operations                 (25,711)       (273,000)      (298,771)
Net Loss Per Share                                    (0.00)          (0.05)         (0.05)
</TABLE>

F-5


<PAGE>8

ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.

Trends and Uncertainties.   Asian American intends to become a business
development company.  Inasmuch as a major portion of our activities
will relate of venture capital investments and professional management
and administration of small businesses, our operations may be adversely
affected by competitors such as private equity and venture capital
funds, competitors of these small businesses and prolonged recessionary
periods.

Financing activities.   For the nine months ended September 30, 2005,
we received an advance of $17,500 from Galaxy Partners Ltd. Corp. and a
note payable to related party of $9,944 resulting in net cash from
financing activities of $27,444.

Comparatively, for the nine months ended September 30, 2004, we had a
note payable to related party of $29,806.  As a result, we had net cash
used by financing activities of $29,806 for the nine months ended
September 30, 2004.

Results of Operations.   We have not had any revenue since inception.
All of our expenses have been paid by Galaxy Partners Ltd. Corp, a
company controlled by James Hogue, an officer, director and principal
shareholder of Asian American.

For the three months ended September 30, 2005, Asian American received
no revenues.  Expenses for the three months ended September 30, 2005
increased to $277,228 from $10,568 for the three months ended September
30, 2004.  Expenses for the three months ended September 30, 2005
consisted of basic operating expenses spent to set up business
operations and to become a reporting company under the Exchange Act of
1934.  The main reason for the increase was due to compensation and
services paid in common stock of $273,000.  Additionally, we had a
decrease in legal and professional fees was due to the preparation of
the Form 10SB filed with the Securities and Exchange Commission during
the three months ended September 30, 2004 which was non-recurring in
the three months ended September 30, 2005.

For the nine months ended September 30, 2005, Asian American received
no revenues.  Expenses for the nine months ended September 30, 2005
increased to $298,771 from $20,194 for the nine months ended September
30, 2004.  Expenses for the nine months ended September 30, 2005
consisted of basic operating expenses spent to set up business
operations and to become a reporting company under the Exchange Act of
1934.  The main reason for the increase was due to a decrease in
management fees, office rent, telephone and other expenses offset by
compensation and services paid in common stock of $273,000, an increase
in legal and professional fees from $6,266 to $16,830.  The increase in
legal and professional fees was due to the preparation of the Form 10SB
filed with the Securities and Exchange Commission.



<PAGE>9

Recent Accounting Pronouncements

No new pronouncement issued by the Financial Accounting Standards
Board, the American Institute of Certified Public Accountants or the
Securities and Exchange Commission is expected to have a material
impact on Asian American's financial position or reported results of
operations.


Item 3. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, under the supervision and with the participation of our
chief executive officer, conducted an evaluation of our "disclosure
controls and procedures" (as defined in Securities Exchange Act of 1934
(the "Exchange Act") Rules 13a-14(c)).  Based on his evaluation, our
chief executive officer and chief financial officer have concluded that
as of the Evaluation Date, our disclosure controls and procedures are
effective to ensure that all material information required to be filed
in this quarterly report on Form 10QSB has been made known to him in a
timely fashion.

Changes in Internal Controls

There have been no significant changes (including corrective actions
with regard to significant deficiencies or material weaknesses) in our
internal controls or in other factors that could significantly affect
these controls subsequent to the Evaluation Date set forth above.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings. Not applicable.

Item 2. Changes in Securities and Use of Proceeds.

Item 3. Defaults Upon Senior Securities.
        not applicable.

Item 4. Submission of Matters to a Vote of Security Holders.
         not applicable.

Item 5. Other Information. Not applicable.

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

(a)   Reports on Form 8-K.   none
(b)   Exhibits.    none




<PAGE>10

                  SIGNATURES

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

Dated:  January 10, 2007

Asian American Business Development Company

By  /s/ James E. Hogue
    ------------------------
    James E. Hogue
    President and CEO