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| [X] | Quarterly      Report Under Section 13 or 15(d) of The Securities Exchange Act of 1934      for the Quarterly Period Ended June 30,2008 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| [       ] | Transition      Report Under Section 13 or 15(d) of The Securities Exchange Act of 1934      for the Transition Period from _______ to  _______ |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

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| FLORIDA                              | 65-0493217                             |
|--------------------------------------|----------------------------------------|
| (State      or other jurisdiction of | (IRS      Employer Identification No.) |
| incorporation      or organization)  |                                   |

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| Large      accelerated filer    |  ̈                                                          |
|--------------------------------------|----------------------------------------------------------------------|
| Non-accelerated      filer      |  ̈ (Do      not check if a smaller reporting company)  |
| Accelerated      filer          |  ̈                                                               |
| Smaller      reporting company  | þ                                                               |

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|   TABLE OF      CONTENTS                                                                     |                                   |
|--------------------------------------------------------------------------------------------------------|----------------------------------------|
|                                                                                                   |                                   |
| PART      I. FINANCIAL INFORMATION                                                                     |                                   |
|                                                                                                   |                                   |
| ITEM 1. FINANCIAL      STATEMENTS                                                                      | 3                                      |
|                                                                                                   |                                   |
| ITEM 2. MANAGEMENT'S DISCUSSION AND      ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF      OPERATION | 8                                      |
|                                                                                                   |                                   |
| ITEM      3. QUANITATIVE AND QUALITATIVE DISCLOSURES      ABOUT MARKET RISK                            | 15                                     |
|                                                                                                   |                                   |
| ITEM 4. CONTROLS AND      PROCEDURES                                                                   | 15                                     |
|                                                                                                   |                                   |
| PART      II. OTHER INFORMATION                                                                        |                                   |
|                                                                                                   |                                   |
| ITEM 1. LEGAL      PROCEEDINGS                                                                         | 15                                     |
|                                                                                                   |                                   |
| ITEM      1A. RISK FACTORS                                                                             |            15 |
|                                                                                                   |                                   |
| ITEM      2. UNREGISTERED SALES OF EQUITY SECURITIES      AND USE OF PROCEEDS                          | 15                                     |
|                                                                                                   |                                   |
| ITEM 3. DEFAULTS UPON SENIOR      SECURITIES                                                           | 15                                     |
|                                                                                                   |                                   |
| ITEM      4. SUBMISSION OF MATTERS TO A VOTE OF      SECURITY HOLDERS                                  | 15                                     |
|                                                                                                   |                                   |
| ITEM 5. OTHER      INFORMATION                                                                         | 15                                     |
|                                                                                                   |                                   |
| ITEM 6. EXHIBITS AND REPORTS ON FORM      8-K                                                          | 15                                     |
|                                                                                                   |                                   |
| SIGNATURES                                                                                             | 16                                     |
|                                                                                                   |                                   |
| INDEX TO      EXHIBITS                                                                                 | 17                                     |

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Table of Contents

TEMENTS

|  INFORMATION      SYSTEMS ASSOCIATES, INC. |
|-------------------------------------------------|
|                                            |   |   |   |   |   |   |   |   |   |
|                                            |   |   |   |   |   |   |   |   |   |
|                                            |   |   |   |   |   |   |   |   |   |
|        TABLE      OF CONTENTS              |
|                                            |   |   |   |   |   |   |   |   |   |
|                                            |   |   |   |   |   |   |   |   |   |
|                                            |   |   |   |   |   |   |   |   |   |
|                                            |   |   |   |   |   |   |   |   |   |
|                                            |   |   |   |   |   |   |   |   |   |
| FINANCIAL      STATEMENTS                       |   |   |   |   |
|                                            |   |   |   |   |   |   |   |   |   |
|                                            | Balance      Sheet......................................................................................................................................................................................................... | 4 |
|                                            |   |   |   |   |   |   |   |   |   |
|                                            | Statements      of      Operations......................................................................................................................................................................................... | 5 |
|                                            |   |   |   |   |   |   |   |   |   |
|                                            | Statements      of Cash      Flows....................................................................................................................................................................................... | 6 |
|                                            |   |   |   |   |   |   |   |   |   |
|                                            | Notes      to the Financial      Statements............................................................................................................................................................................. | 7 |

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Table of Contents

| INFORMATION      SYSTEMS ASSOCIATES, INC. BALANCE      SHEETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| June      30, 2008 and December 31, 2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |  June      30,2008 |   |   |  December      31, 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | Unaudited |   |   | Audited |   |
| ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |
| CURRENT      ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |
| Cash      and cash equivalent                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | $ | 108,859 |   |   | $ | 13,326 |   |
| Accounts      receivable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   | 100,291 |   |   |   | 114,175 |   |
|        Prepaid Consulting                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | -  |   |   |   | 1,798 |   |
| Income      tax claims receivable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | 637 |   |   |   | 637 |   |
| Deferred      income tax credit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 32,739 |   |   |   | 37,154 |   |
| Total      current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | 242,526 |   |   |   | 167,090 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |
| PROPERTY      AND EQUIPMENT (net)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | 77,558 |   |   |   | 139,360 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $ | 320,084 |   |   | $ | 306,450 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |
|                                                                                    LIABILITIES      AND STOCKHOLDERS' EQUITY |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |
| CURRENT      LIABILITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |
| Note      payable - line of credit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $ | 31,524 |   |   | $ | 9,030 |   |
| Accounts      payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | 56,087 |   |   |   | 88,066 |   |
| Accrued      payroll taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | 6,965 |   |   |   | 2,476 |   |
| Other      liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   | 1,700 |   |   |   | 1,100 |   |
| Total      current liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 96,276 |   |   |   | 100,672 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |
| STOCKHOLDERS'      EQUITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| Common      stock - $.001 par value, 50,000,000 shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |
| authorized,      11,403,834 shares issued and outstanding                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | 11,404 |   |   |   | 11,404 |   |
| Additional      paid in capital                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 366,097 |   |   |   | 366,097 |   |
| Retained      earnings (deficit)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | (153,693 | ) |   |   | (171,723 | ) |
| Total      stockholders' equity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 223,808 |   |   |   | 205,778 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $ | 320,084 |   |   | $ | 306,450 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |

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Table of Contents

| INFORMATION      SYSTEMS ASSOCIATES, INC.                                  |   |
|----------------------------------------------------------------------------|--------|
| STATEMENTS      OF OPERATIONS                                              |   |
| FOR      THE THREE AND SIX MONTHS ENDED JUNE 30, 2008 AND 2007             |   |
|                                                                       |   |
| Unaudited                                                                  |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   | For      the Three Months end June 30, |   |   | For      the Six Months Ended June 30, |   |
|                                                                       |   | 2008 |   |   | 2007 |   |   | 2008 |   |   | 2007 |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| EARNED      REVENUES                                                       |   | $ | 473,023 |   |   | $ | 95,732 |   |   | $ | 729,288 |   |   | $ | 151,950 |   |
| COST      OF GOODS SOLD                                                    |   |   | 26,524 |   |   |   | 0 |   |   |   | 26,524 |   |   |   | 0 |   |
| GROSS      PROFIT FROM OPERATIONS                                          |   |   | 446,499 |   |   |   | 95,732 |   |   |   | 702,764 |   |   |   | 151,950 |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OPERATING      EXPENSES                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Administrative      and general                                            |   |   | 155,730 |   |   |   | 40,133 |   |   |   | 248,172 |   |   |   | 66,430 |   |
| Payroll      and payroll tax                                               |   |   | 42,196 |   |   |   | 17,602 |   |   |   | 77,819 |   |   |   | 31,943 |   |
| Professional                                                               |   |   | 228,828 |   |   |   | 55,214 |   |   |   | 350,030 |   |   |   | 90,219 |   |
| Total      operating expenses                                              |   |   | 426,754 |   |   |   | 112,949 |   |   |   | 676,021 |   |   |   | 188,592 |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OPERATING      INCOME (LOSS)                                               |   |   | 19,745 |   |   |   | (17,217 | ) |   |   | 26,743 |   |   |   | (36,642 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER      INCOME (EXPENSE)                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consulting      - financing                                                |   |   | (2,500 | ) |   |   | (5,176 | ) |   |   | (4,298 | ) |   |   | (15,052 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| INCOME      (LOSS)  FROM CONTINUING OPERATIONS                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BEFORE      INCOME TAX (CREDIT)                                            |   |   | 17,245 |   |   |   | (22,393 | ) |   |   | 22,445 |   |   |   | (51,694 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PROVISION      FOR INCOME TAX  (CREDIT)                          |   |   | 3,390 |   |   |   | (4,325 | ) |   |   | 4,415 |   |   |   | (9,970 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      INCOME (LOSS)  FROM  CONTINUING    OPERATIONS |   |   | 13,855 |   |   |   | (18,068 | ) |   |   | 18,030 |   |   |   | (41,724 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| DISCONTINUED      OPERATIONS                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| INCOME      (LOSS) FROM OPERATIONS OF DISCONTINUED                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BUSINESS      BEFORE INCOME TAX (CREDIT)                                   |   |   | 0 |   |   |   | (9,501 | ) |   |   | 0 |   |   |   | (9,501 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PROVISION      FOR INCOME TAX (CREDIT)                                     |   |   | 0 |   |   |   | (9,501 | ) |   |   | 0 |   |   |   | (1,830 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      INCOME (LOSS) FROM DISCONTINUED OPERATIONS                        |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | (7,671 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      INCOME (LOSS)                                                     |   | $ | 13,855 |   |   | $ | (18,068 | ) |   | $ | 18,030 |   |   | $ | (49,395 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BASICALLY      AND FULLY DILUTED  INCOME (LOSS) PER SHARE        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CONTINUING      OPERATIONS                                                 |   | $ | 0 |   |   | $ | (0 | ) |   | $ | 0 |   |   | $ | (0 | ) |
| DISCONTINUED      OPERATIONS                                               |   | $ | 0 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | (0 | ) |
| TOTAL      OPERATIONS                                                      |   | $ | 0 |   |   | $ | (0 | ) |   | $ | 0 |   |   | $ | (0 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| WEIGHTED      AVERAGE SHARES OUTSTANDING                                   |   |   | 11,403,834 |   |   |   | 11,403,834 |   |   |   | 11,403,834 |   |   |   | 11,403,834 |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Tableof Contents

| INFORMATION      SYSTEMS ASSOCIATES, INC.            |
|------------------------------------------------------|
| STATEMENTS      OF CASH FLOWS                        |
| FOR      THE SIX MONTHS ENDED JUNE 30, 2008 AND 2007 |
|                                                 |
| Unaudited                                            |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   | 2008 |   |   |   | 2007 |
| CASH      FLOWS FROM OPERATING ACTIVITIES            |   |   |   |   |   |   |   |
|                                                 | Net      income (loss) |   |   |   | $18,030 |   |   |   | ($49,395) |
|                                                 | Adjustments      to reconcile net income (loss) to cash |   |   |   |   |   |   |   |
|                                                 |   | provided      (used) by operating activities |   |   |   |   |   |   |   |
|                                                 |   |   | Depreciation      and amortization |   |   | 21,632 |   |   |   | 959 |
|                                                 |   |   | Cumulative      change in deferred income tax |   |   | 4,415 |   |   |   | (11,800) |
|                                                 |   |   | (Increase)      decrease in accounts receivable |   |   | 13,884 |   |   |   | (10,698) |
|                                                 |   |   | (Increase)      decrease in prepaid consulting |   |   | 1,798 |   |   |   | 15,052 |
|                                                 |   |   | Increase      (decrease) in accounts payable |   |   | (31,979) |   |   |   | 9,813 |
|                                                 |   |   | Increase      (decrease) in accrued payroll |   |   | 0 |   |   |   | (6,041) |
|                                                 |   |   | Increase      (decrease) in accrued payroll taxes |   |   | 4,489 |   |   |   | 2,038 |
|                                                 |   |   | Increase      (decrease) in other liabilities |   |   | 600 |   |   |   | 600 |
|                                                 |   |   |   | Net      cash provided (used) by operating activities |   |   | 32,869 |   |   |   | (49,472) |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH      FLOWS FROM INVESTING ACTIVITIES            |   |   |   |   |   |   |   |
|                                                 | Computer      software development costs |   |   | 0 |   |   |   | (59,211) |
|                                                 | Software      license agreement - payments received |   |   | 67,708 |   |   |   | 0 |
|                                                 | Software      license agreement - marketing costs |   |   | (18,041) |   |   |   | 0 |
|                                                 | Purchase      of property and equipment |   |   | (9,497) |   |   |   | 0 |
|                                                 |   |   |   | Net      cash provided (used) by investing activities |   |   | 40,170 |   |   |   | (59,211) |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH      FLOWS FROM FINANCING ACTIVITIES            |   |   |   |   |   |   |   |
|                                                 | Proceeds      from note payable - line of credit |   |   | 29,494 |   |   |   | 0 |
|                                                 | Payments      made on note payable - line of credit |   |   | (7,000) |   |   |   | 0 |
|                                                 |   |   |   | Net      cash provided (used) by financing activities |   |   | 22,494 |   |   |   | 0 |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      INCREASE (DECREASE) IN CASH                 |   |   | 95,533 |   |   |   | (108,683) |
| CASH,      BEGINNING OF PERIOD                       |   |   | 13,326 |   |   |   | 178,775 |
| CASH,      END OF PERIOD                             |   |   | $108,859 |   |   |   | $70,092 |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| INFORMATION      SYSTEMS ASSOCIATES, INC.                  |
|------------------------------------------------------------|
| NOTES      TO THE FINANCIAL STATEMENTS                     |
| JUNE      30, 2008 and 2007                                |
|                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
| Note      1 - Statement of Significant Accounting Policies |   |   |   |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                       | Business      Activity |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                       | Information      Systems Associates, Inc. (Company) was incorporated under the laws of the      state      of Florida on May 31, 1994. The Company provides services and software      system design for      the planning and implementation of Computer Aided Facilities Management      (CAFM) based asset      management tools. The Company also provided services through its insurance      sales business      (discontinued as of March 31,      2007). |
|                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                       | Recent      Accounting Pronouncements |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                       | In      May 2008, the FASB released SFAS No. 162, "The Hierarchy of Generally      Accepted Accounting      Principles".   SFAS No. 162 identifies the sources of      accounting principles and      the framework for selecting the principles used in the preparation of      financial statements      of nongovernmental entities that are presented in conformity with      generally accepted      accounting principles in the United States of America. SFAS No. 162 will      be effective      60 days following the SEC's approval of the PCAOB amendments to AU Section      411, "The Meaning of Present Fairly in Conformity With Generally Accepted      Accounting      Principles".  The Company does not believe SFAS No. 162 will      have a significant      impact on the Company’s financial      statements. |
|                                                       |   |   |   |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
| Note      2- Cash and Cash Equivalent                      |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   | 2008 | 2007 |   |
|                                                       |   | Wachovia      Bank (FDIC insured to $100,000.00) |   | $108,859 | $70,092 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
| Note      3 - Property and Equipment                       |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   | 2008 | 2007 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                       | Computer      software (developed for internal use) |   | $88,121 | $103,274 |   |
|                                                       | Computer      software (purchased) |   |   | 1,307 | 1,307 |   |
|                                                       | Furniture,      fixtures, and equipment |   |   | 34,197 | 16,750 |   |
|                                                       |   |   |   |   |   |   |   | 123,625 | 121,331 |   |
|                                                       | Less      accumulated depreciation and amortization |   | 46,067 | 11,881 |   |
|                                                       |   |   |   |   |   |   |   | $77,558 | $109,450 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                       | Depreciation      and amortization expense |   |   | $21,632 | $959 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
| Note      4 - Computer Software Developed for Internal Use |   |   |   |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                       | During      the year ended December 31, 2007, the Company completed the development      of      the of the internal-use software, "On Site Physical Inventory" (OSPI). The      OSPI software was      developed to be used by the Company for collecting data for information      technology assets      installed in data centers. The Company began using the OSPI software in      October      2007 while providing consultation services for managing the physical      infrastructure      of data centers. |
|                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                       | After      implementing the use of the OSPI software,  the Company decided      to market the software      and  entered into a software license agreement with Aperture      Technologies, Inc. |
|                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                       | The      Company has capitalized the cost of the OSPI software using Statement of      Position      (SOP) 98-1, "Accounting for the Costs of Computer Software Developed or      Obtained      for Internal Use" as follows: |
|                                                       |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   | 2008 | 2007 |   |
|                                                       | Development      costs |   |   | $139,900 | $103,274 |   |
|                                                       | Software      license agreement - payments received |   | (81,250) | 0 |   |
|                                                       | Software      license agreement - marketing costs |   |   | 29,471 | 0 |   |
|                                                       |   |   |   |   |   |   |   | 88,121 | 103,274 |   |
|                                                       | Less      accumulated depreciation and amortization |   | 31,331 | 0 |   |
|                                                       |   |   |   |   |   |   |   | $56,790 | $103,274 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
| Note      5 - Income Taxes                                 |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   | 2008 | 2007 |   |
|                                                       | Provision      for income tax (credit) consists of: |   |   |   |   |   |
|                                                       |   | Current      accrual |   |   | $0 | $0 |   |
|                                                       |   | Cumulative      change in deferred income tax |   | 1,025 | (11,800) |   |
|                                                       |   |   |   |   |   |   |   | $1,025 | ($11,800) |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                       | Income      tax receivable consists of the following: |   |   |   |   |   |
|                                                       |   | Federal      claim for refund |   |   | $637 |   |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                       | The      Company had the following net operating loss carryovers |   |   |   |
|                                                       | for      income tax purposes: |   |   |   |   |   |
|                                                       |   |   | Expiring      2020 |   |   | $204 |   |   |
|                                                       |   |   | Expiring      2021 |   |   | 82,899 |   |   |
|                                                       |   |   | Expiring      2022 |   |   | 133,233 |   |   |
|                                                       |   |   |   |   |   |   |   | $216,336 |   |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
| Note      6 - Supplemental Cash Flow Information           |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                       | Supplemental      disclosures of cash flow information for the periods ended June 30, 2008      and |   |
|                                                       | 2007      is summarized as follows: |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   | 2008 | 2007 |   |
|                                                       | Cash      paid during the periods for interest and income taxes: |   |   |   |
|                                                       |   | Income      taxes |   |   | $0 | $0 |   |
|                                                       |   | Interest |   |   |   |   | $493 | $895 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
| Note      7 - Operating Lease                              |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                       | The      Company leases its Palm City Florida facility.  The lease      requires monthly payments      of $1,400.   The lease commenced on June 1, 2007 and      expires on May 31, 2008.      The renewed the lease on June 1, 2008 for $1,500 per      month |
|                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                       | The      following is a schedule of the lease payments by year under the      lease: |   |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                       | 2008 |   |   | 10,500 |   |   |   |   |   |   |
|                                                       | 2009 |   |   | 7,500 |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
| Note      8 -  Note Payable                      |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                       | The      Company has a line of credit with Wachovia Bank NA.  The line of      credit provides for      borrowing up to $40,000.  The balance as of June 30, 2008 is      $31,524.  The interest      rate is Prime Rate plus 3%.  The President is a personal      guaranty on the line of      credit. |
|                                                       |   |   |   |   |   |   |   |   |   |   |
| Note      9 - Subsequent Event                             |   |   |   |   |   |
|                                                       | On      July, 15, 2008, Information Systems Associates, Inc. (the “Company”)      received a subscription in the amount of $100,000      for 400,000 shares of the Company’s common stock from Derek J. Leach      (“Leach”) pursuant to an Offshore      Stock Purchase Agreement Under terms of the agreement the company will      issue 2,000,000      shares at .25 per share for a total proceeds of $400,000 over a period of      fivemonths |

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RATION

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Table of Contents

| –   | Improve      impact analysis, minimize errors and reduce staff requirements associated      with changes |
|---------------------|----------------------------------------------------------------------------------------------------------|

| –   | Enable      proactive infrastructure capacityplanning |
|---------------------|-------------------------------------------------------|

| –   | Facilitate      the planning and execution of consolidation or relocation      projects |
|---------------------|-----------------------------------------------------------------------------------------|

| –   | Provide      alerts for key performance indicators and threshold    conditions |
|---------------------|--------------------------------------------------------------------------------|

| –   | Enforce      adherence to redundancy requirements and design guidelines to ensure      availability and businesscontinuity |
|---------------------|----------------------------------------------------------------------------------------------------------------------------|

| –   | Reduce      mean-time-to-repair for outages |
|---------------------|---------------------------------------------|

| –   | Ensure      compliance with standard or regulatedprocesses |
|---------------------|------------------------------------------------------------|

| –   | Speed      time-to-market for new applicationdeployments |
|---------------------|----------------------------------------------------------|

| –   | All      devices, including Mainframe, Open System and Network    devices. |
|---------------------|----------------------------------------------------------------------------|

| –   | Internal      device features, control units, logical  partitioning. |
|---------------------|----------------------------------------------------------------------|

| –   | All      device ports, CHPIDs, interface. |
|---------------------|-------------------------------------------|

| –   | Warranty,      install/de-install dates, contract and leasing  information. |
|---------------------|-----------------------------------------------------------------------------|

| –   | All      fiber cables including ESCON, FICON, Fiber Channel, FDDI,    etc. |
|---------------------|----------------------------------------------------------------------------|

| –   | All      copper cables including Bus & Tag, SCSI, CAT5, Coax,    etc. |
|---------------------|---------------------------------------------------------------------------|

| –   | All      physical connectivity between devices and internal connectivity through      switching equipment. |
|---------------------|------------------------------------------------------------------------------------------------------------|

| –   | All      power equipment and connectivity. |
|---------------------|--------------------------------------------|

| –   | Device      racks. |
|---------------------|--------------------|

| –   | Copper      and fiber patch panels andcabinets. |
|---------------------|-------------------------------------------------|

| –   | SAN      Fabric definition including aliases, zone sets and zone      members. |
|---------------------|--------------------------------------------------------------------------------|

| –   | All      asset and connectivity data defined once with multiple physical/logical      displays of the data from different physical/logical      viewpoints. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| –   | Able      to link an asset to external documents such as Word documents, CAD      drawings, spreadsheets, etc. |
|---------------------|----------------------------------------------------------------------------------------------------------------|

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| –   | Track      equipment, furniture and telecom assets in use and in      inventory. |
|---------------------|----------------------------------------------------------------------------------|

| –   | Assign      assets to locations, employees and costcenters. |
|---------------------|-------------------------------------------------------------|

| –   | Report      on condition, depreciation, warranties and maintenance      histories. |
|---------------------|------------------------------------------------------------------------------------|

| –   | Inventory      analysis, including leased vs. ownedassets. |
|---------------------|------------------------------------------------------------|

| –   | Track      assets as individual components or create an asset made up of many      individual components by recording a bill-of-materials (i.e.      workstation). |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| –   | Establish      product standards. |
|---------------------|-----------------------------------|

| –   | Create      purchase orders and track cost, approval and  supplier. |
|---------------------|---------------------------------------------------------------------|

| –   | Receive      goods and specify installedlocation. |
|---------------------|---------------------------------------------------|

| –   | Track      warranties, insurance policies and asset leases, including duration and      payments. |
|---------------------|---------------------------------------------------------------------------------------------------|

| –   | Create      multiple stock locations including non-fixed locations such as maintenance      trucks. |
|---------------------|-----------------------------------------------------------------------------------------------------|

| –   | Track      parts in stock, establish recommended stock levels and reorder parts for      stock. Work orders reserve and use parts in  stock. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| –   | Track      the lifecycle of assets from purchase, to relocation to      disposition. |
|---------------------|--------------------------------------------------------------------------------------|

| –   | Report      on assets by location, department andemployee. |
|---------------------|------------------------------------------------------------|

| –   | Review      expiring insurance policies, warranties and  leases. |
|---------------------|------------------------------------------------------------------|

| –   | Review      an assets maintenance history including on-demand and preventative      maintenance work. |
|---------------------|-------------------------------------------------------------------------------------------------------|

| –   | Manage      parts inventories including allocated parts and  reordering. |
|---------------------|--------------------------------------------------------------------------|

| –   | Compare      actual furniture to typical furniture by room  type. |
|---------------------|-------------------------------------------------------------------|

| –   | Keep      asset locations up to date in AutoCAD drawings or by issuing move      orders. |
|---------------------|------------------------------------------------------------------------------------------|

| - Graphical      Design & Modeling of Datacenters                  |
|-----------------------------------------------------------------------------|
| - Auto-Build      Visual Documentation From Imported Bill of Materials |
| - Advanced      Operations & Reporting                             |
| - Modeling      and Impact Analysis of Datacenter Designs              |
| - Space,      Power, Cooling, and Cable Management                     |
| - Generate      Detailed Datacenter and Rack Visualizations            |
| - Ensure      Racks and the Datacenter are Within Design Limits        |
| - Instantly      Find Available Datacenter Resources                   |
| - Improve      Utilization of Power and Space                          |
| - Import,      & Document the Datacenter inMinutes                 |

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Table of Contents

| 1.   | Updated      and customized data entry forms included in the standard VisionFM      product |
|----------------|---------------------------------------------------------------------------------------------|
| 2.   | Added      new forms and workflow processes                                                 |

| 3.   | Created      a training video whose target audience is the end user submitting Work      Orders and Move Requests |
|----------------|-------------------------------------------------------------------------------------------------------------------|
| 4.   | Other      minor modifications to the VisionFMsolution.                                                           |

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|   | • | Enterprise      asset management - related solutions -Visual Network Design, Inc.,      ShowRack, NLyte, Visio) |
|--------|---------|-----------------------------------------------------------------------------------------------------------------|
|   | • | Facilities      Management - related solutions -Archibus)                                                       |

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| DISCLOSURE CONTROLS      AND PROCEDURES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Our      management, including our Principal Executive Officer and Principal      Financial Officer, has evaluated the design, operation, and effectiveness      of our disclosure controls and procedures pursuant to Rule 13a-15 under      the Securities Exchange Act of 1934 (the “Exchange Act”). There are      inherent limitations to the effectiveness of any system of disclosure      controls and procedures, including the possibility of human error and the      circumvention or overriding of the controls and procedures. Accordingly,      even effective disclosure controls and procedures can only provide      reasonable assurance of achieving their control objectives. Based upon the      evaluation performed by our management, including its Principal Executive      Officer and Principal Financial Officer, it was determined that, as of the      end of the period covered by this quarterly report, our disclosure      controls and procedures were effective to provide reasonable assurance      that information required to be disclosed in the reports filed or      submitted pursuant to the Exchange Act is recorded, processed, summarized,      and reported within the time periods specified in the rules and forms of      the SEC, and that such information is accumulated and communicated to our      management, including its Principal Executive Officer and Principal      Financial Officer, or persons performing similar functions, as appropriate      to allow timely decisions regardingdisclosures |

EEDINGS

MATION

ON FORM 8-K

| (1)   | Exhibits: Exhibits required to be attached      by Item 601 of Regulation S-B are listed in the Index to Exhibits      beginning on page 8 of this Form 10-Q, which is incorporated herein by      reference. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (1)   | On      July 21, 2008, we filed a current report on Form 8-K to announce an      Offshore Stock Purchase Agreement with Derek J. Leach. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------|
|            |                                                                                                                                    |

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NATURES

|                       |                             |                                                  |
|----------------------------|----------------------------------|-------------------------------------------------------|
|                       |                             |
|                       |                             |  Information      Systems Associates, Inc.  |
| Date:      August 19, 2008 | By:                    | /s/ Joseph      P. Coschera                      |
|                       | Joseph      P. CoscheraPresident |

----

XHIBITS

| Exhibit      No. |   | Description                                                                                                                   |
|------------------|--------|-------------------------------------------------------------------------------------------------------------------------------|
|  31.1  |   |  Certification of Chief Executive Officer and Chief      Financial Officer                                               |
|             |   |                                                                                                                          |
| 32.1        |   | Statement required by 18 U.S.C. Section 1350, as adopted      pursuant to section 906 of the Sarbanes-Oxley Act of2002.  |