U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549



FORM 10-KSB/A



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

For the fiscal year ended: June 30, 2003



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

For the transition period from           to



Commission File number: 33-8067-NY



AMERICAN COAL CORPORATION

(Exact name of registrant as specified in charter)



| | Nevada                                                       | 13-3368082                
| | ------------------------------------------------------------ | --------------------------
| | State or other jurisdiction of incorporation or organization | (I.R.S. Employer I.D. No.)



7069 Highland Dr., Suite 300, Salt Lake City, UT 84121

(Address of principal executive offices)                          (Zip Code)



Issuer's telephone number, including area code:  801 274-1011



2469 E. Fort Union Blvd, Suite 214, Salt Lake City, UT     84121

(Former address of principal executive office if changed since last report)



Securities registered pursuant to section 12 (b) of the Act: None



Securities registered pursuant to sections 12 (g) of the Act: None



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



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



State issuer's revenue for its most recent fiscal year: $ 0.00



State the aggregate market value of the voting stock held by nonaffiliates of the registrant. The aggregate market value shall be computed by reference to the price at which the stock was sold, or the average bid and asked prices of such stock, as of a specific date within the past 60 days.





#





At June 30, 2003, the aggregate market value of the voting stock held by nonaffiliates is undeterminable and is considered to be 0.



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

Not applicable



(APPLICABLE ONLY TO CORPORATE REGISTRANTS)



As of June 30, 2003, the registrant had 51,805 shares of common stock issued and outstanding.



DOCUMENTS INCORPORATED BY REFERENCE



List hereunder the following documents if incorporated by reference and the part of the form 10-KSB (e.g., part I, part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or other information statement; and (3) Any prospectus filed pursuant to rule 424 (b) or (c) under the Securities Act of 1933:    None



FORWARD-LOOKING INFORMATION



THIS FORM 10KSB AND OTHER STATEMENTS ISSUED OR MADE FROM  TIME TO TIME BY THE COMPANY OR ITS REPRESENTATIVES CONTAIN  STATEMENTS WHICH MAY CONSTITUTE "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE SECURITIES ACT OF 1933 AND THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED BY THE PRIVATE SECURITIES LITIGATION REFORM  ACT OF 1995, 15 U.S.C.A. SECTIONS 77Z-2 AND 78U-5. THOSE STATEMENTS INCLUDE STATEMENTS REGARDING THE INTENT, BELIEF OR CURRENT  EXPECTATIONS  OF THE COMPANY AND MEMBERS OF ITS MANAGEMENT TEAM AS WELL AS THE ASSUMPTIONS ON WHICH SUCH STATEMENTS ARE BASED.



PROSPECTIVE INVESTORS ARE CAUTIONED THAT ANY SUCH FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND INVOLVE RISKS AND UNCERTAINTIES, AND THAT ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED BY SUCH FORWARD-LOOKING STATEMENTS. IMPORTANT FACTORS CURRENTLY KNOWN TO MANAGEMENT THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM  THOSE IN FORWARD- LOOKING STATEMENTS ARE SET FORTH HEREIN.  THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS TO REFLECT CHANGED ASSUMPTIONS, THE OCCURRENCE OF UNANTICIPATED EVENTS OR CHANGES TO  FUTURE OPERATING RESULTS OVER TIME.



PART I

ITEM 1.  DESCRIPTION OF BUSINESS



History and Organization



The Company was incorporated under the laws of the state of Nevada on July 2, 1986 with authorized common stock of 300,000,000 shares at a  par value of $.001, with the name of Technical Solutions, Ltd. On July 3, 1989 the name was changed to American Coal Corporation.



On November 1, 1987 the company issued 66 shares of its common stock in exchange for all of the outstanding shares of American Coal Corporation, a Virginia corporation. No revenues were ever realized because operations ceased soon after the acquisition.



On March 25, 1989 the Company acquired all of the outstanding stock of King Koals, Inc. in exchange for 84 common shares of the Company. King Koals, Inc. ceased operations in 1990, and until that time was in the business of developing and operating coal leases.



During 1990 the Company abandoned its interest held in the subsidiary and its efforts to develop and operate mineral leases, and since that date has remained inactive.



On August 25, 1998 the Company acquired all of the outstanding stock of U S Jet, Inc. in a stock for stock exchange. On September 27, 1999 the transaction was retroactively rescinded by court

order.



On August 25, 1998 the Company completed a reverse stock split of one share for 100 outstanding shares.



As a result of the retroactive rescission of the acquisition of US Jet, Inc., the majority of the shares issued pursuant to the AGREEMENT AND PLAN OF MERGER with US Jet were cancelled.  See Item 3 and Ex-99.2 to the Company=s Form 8-K, filed October 8, 1999.



On October 21, 1999 the Company completed a reverse stock split of  one share for 500 outstanding shares with no certificate being reversed below 100 shares.



ITEM 2.   DESCRIPTION OF PROPERTIES



Office Space



The Company has not had a need to rent office space. A shareholder of the Company is allowing the Company to use its address, as needed, at no expense to the Company. The Company does not own any property.



ITEM 3.   LEGAL PROCEEDINGS



None.



ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS



No matters were submitted to a vote of shareholders of the Company during the fiscal year ended June 30, 2003.



PART II



ITEM 5.   MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS



During the past five years there has been no established trading market for the Company's common capital stock. Since its inception, the Company has not paid any dividends on its common stock, and the Company does not anticipate that it will pay dividends in the foreseeable future. At June 30, 2003, the Company had 176 shareholders.



ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OR OPERATION



Plan of Operation



The Company is seeking to acquire assets or shares of an entity actively engaged in business which generates revenues. The Company has no particular acquisitions in mind and has not entered into any negotiations regarding such an acquisition. None of the Company's officers, directors, promoters or affiliates have engaged in any substantive contact or discussions with any representative of any other company regarding the possibility of an acquisition or merger between the Company and such other company as of the date of this quarterly report.  The Board of Directors intends to obtain certain assurances of value of the target entity's assets prior to consummating such a transaction.  Any business combination or transaction will likely result in a significant issuance of shares and substantial dilution to present stockholders of the Company.



The Company has, and will continue to have, no capital with which to provide the owners of business opportunities with any significant cash or other assets. However, management believes the Company will be able to offer owners of acquisition candidates the opportunity to acquire a controlling ownership interest in a publicly registered company without incurring the cost and time required to conduct an initial public offering. The owners of the business opportunities will, however, incur significant legal and accounting costs in connection with the acquisition of a business opportunity, including the costs of preparing Form 8-K's, 10-KSB's, 10-QSB=s, agreements and related reports and documents.



Liquidity and Capital Resources



The Company remains in the development stage and, since inception, has experienced no significant change in liquidity or capital resources or stockholder's equity. The Company's balance sheet as of June 30, 2003, reflects a total asset value of $0.00. The Company has no cash or line of credit, other than that which present management may agree to extend to or invest in the Company, nor does it expect to have one before a merger is effected.  The Company will carry out its plan of business as discussed above. The Company cannot predict to what extent its liquidity and capital resources will be diminished prior to the consummation of a business combination or whether its capital will be further depleted by the operating losses (if any) of the business entity which the Company  may eventually acquire.



Results of Operations



During the period from July 1, 2002 through June 30, 2003, the Company has engaged in no significant operations other than maintaining its reporting status with the SEC and seeking a business combination.  No revenues were received by the Company during this period.



For the current fiscal year, the Company anticipates incurring a loss as a result of legal and accounting expenses, and expenses associated with locating and evaluating acquisition candidates. The Company anticipates that until a business combination is completed  with an acquisition candidate, it will not generate revenues, and may continue to operate at a loss after completing a business combination, depending upon the performance of the acquired business.



Need for Additional Financing



Based upon current management=s willingness to extend credit to the Company and/or invest in the Company until a business combination is completed, the Company believes that its existing capital will be sufficient to meet the Company's cash needs required for the costs of compliance with the continuing reporting requirements of the Securities Exchange Act of 1934, as amended, and for the costs of accomplishing its goal of completing a business combination, for an indefinite period of time. Accordingly, in the event the Company is able to complete a business combination during this period, it anticipates that its existing capital will be sufficient to allow it to accomplish the goal of completing a business combination. There is no assurance, however, that the available funds will ultimately prove to be adequate to allow it to complete a business combination, and once a business combination is completed, the Company's needs for additional financing are likely to increase substantially.  In addition, as current management is under no obligation to continue to extend credit to the Company and/or invest in the Company, there is no assurance that such credit or investment will continue or that it will continue to be sufficient for future periods.



ITEM 7.   FINANCIAL STATEMENTS



The financial statements of the Company are included following the signature page of this form 10-KSB.



ITEM 8.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE



The certified accountants for the Company has changed its name from Andersen, Andersen & Strong, LLC  to Sellers & Andersen, LLC.



The Company has had no disagreements with its certified public accountants with respect to accounting practices or procedures of financial disclosure.



ITEM 8A. CONTROLS AND PROCEDURES



Within the 90-day period prior to the date of this report, we evaluated the effectiveness and operation of our disclosure controls and procedures pursuant to Rule 13a-14 of the Securities Exchange Act of 1934. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are effective. There have been no significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date we carried out our evaluation.



PART III



ITEM 9.   DIRECTORS AND EXECUTIVE OFFICERS, PROMOTERS AND CONTROL  PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT.



The following table sets forth as of June 30, 2003, the name, age, and position of each executive officer and director and the term of office of each director of the Company.



|Name                 | Age | Position                  | Director and/or Officer Since
|-------------------- | --- | ------------------------- | -----------------------------
|Justeene Blankenship | 44  | Sole Officer and Director | Since April, 2003            
|Michael L. Labertew  | 39  | Sole Officer and Director | February, 2002 to April, 2003



Each director of the Company serves for a term of one year and until his successor is elected at the Company's annual shareholders' meeting and is qualified, subject to removal by the Company's shareholders. Each officer serves, at the pleasure of the board of directors, for a term of one year and until his successor is elected at the annual meeting of the board of directors and is qualified.



Set forth below is certain biographical information regarding each of the Company's executive officers and directors.



|Justeene Blankenship | Ms. Blankenship was appointed the Company=s sole officer and director in April, 2003. She owns a stock transfer agency and also provides EGDARization services for publicly-held companies. Ms. Blankenship graduated from the University of Utah with a bachelor of science degree in Business Administration.                                        
|-------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                     |                                                                                                                                                                                                                                                                                                                                                        
|Michael L. Labertew  | Michael Labertew, age 39, was the Company=s president, secretary and treasurer, and sole director from February, 2002 to April, 2003. Mr. Labertew is and has been for the last 14 years an attorney in Salt Lake City, Utah. Mr. Labertew has a bachelor of arts degree from the University of Iowa and a Juris Doctorate from the University of Utah.



Except as indicated below, to the knowledge of management, during the past five years, no present or former director, executive officer or person nominated to become a director or an executive officer of the Company:



(1) filed a petition under federal bankruptcy laws or any state insolvency law, nor had a receiver, fiscal agent or similar officer appointed by a court for the business or property of such person, or any partnership in which he was a general partner at or within two years before the time of such filing.



(2) was convicted in a criminal proceeding or named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);



(3) Was the subject of any order, judgement or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from or otherwise limiting, the following activities:



(i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, associated person of any of the foregoing, or as an investment advisor, underwriter, broker or dealer in securities, or as an affiliate person, director or employee of any investment company, or engaging in or continuing any conduct or practice in connection with such activity;



(ii) engaging in any type of business practice; or



(iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities laws or federal

commodities laws;



(4) was the subject of any order, judgement, or decree, not subsequently reversed, suspended, or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described under this Item, or to be associated with persons engaged in any such activity;



(5) was found by a court of competent jurisdiction in a civil action or by the Securities and Exchange Commission to have violated any federal or state securities law, and the judgement in such civil action findings by the Securities and Exchange Commission has not been subsequently reversed, suspended, or vacated.



(6) was found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any federal commodities law, and the judgement in such civil action or filing by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated.



Compliance with Section 16(a) of the Exchange Act



Since the Company ceased operations in 1990, other than as set forth below, the Company knows of no person, who at any time during the subsequent fiscal years, was a director, officer, beneficial owner of more than ten percent of any class of equity securities of the registrant registered pursuant to Section 12 ("Reporting Person"), that failed to file on a timely basis any reports required to be furnished pursuant to Section 16(a). Based upon a review of Forms 3 and 4 furnished to the registrant under Rule 16a-3(d) during its most recent fiscal year, other than disclosed below, the registrant knows of no Reporting Person that failed to file the required reports during the most recent fiscal year or prior years.





ITEM 10.  EXECUTIVE COMPENSATION



Cash Compensation



There was no cash compensation paid to any director or executive officer of the Company during the fiscal years ended June 30, 2003, 2002, and 2001.



Bonuses and Deferred Compensation



None.



Compensation Pursuant to Plans



None.



Pension Table



None.



Other Compensation



None.



Compensation of Directors



None.



Termination of Employment and Change of Control Arrangement



There are no compensatory plans or arrangements, including payments to be received from the Company, with respect to any person named in Cash Compensation set out above which would in any way result in payments to any such person because of his resignation, retirement, or other termination of such person's employment with the Company or its subsidiaries, or any change in control of the Company, or a change in the person's responsibilities following a changing in control of the Company.



ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth as of June 30, 2003, the name and address and the number of shares of the Company's Common Stock, par value $0.001 per share, held of record or beneficially by each person who held of record, or was known by the Company to own beneficially, more than 5% of the issued and outstanding shares of the Company's Common Stock, and the name and shareholdings of each director and of all officers and directors as a group.



|Name of Person or Group                            | Nature of Ownership (1) | Number of Shares Owned | Percent
|-------------------------------------------------- | ----------------------- | ---------------------- | -------
|Officers and Directors and Principal Shareholders: |                         |                        |        
|Michael L. Labertew                                |                         | 0                      | 0%     
|Justeene Blankenship                               | Direct                  | 21,400                 | 41%    
|                                                   | Indirect                | 800                    | 2%     
|All Officers and Directors as a Group (1 person)   |                         | 22,200                 | 43%    



(1) All shares owned directly are owned beneficially and of record, and such shareholder has sole voting, investment, and dispositive power, unless otherwise noted.



Subsequent to June 30, 2003 10,000 shares of the Company=s common stock were issued pursuant to Rule 144 to Justeene Blankenship for services rendered at par value of $.001 for a total value of $10.00.



ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS



Transactions with Management and Others



There have been no material transactions, or series of similar transactions, since the beginning of the Company's last fiscal year, or any currently proposed transactions, or series of similar transactions, to which the Company was or is to be party, in which the amount involved exceeds $60,000, and in which any  director or executive officer, or any securities holder who is  known by the Company to own of record or beneficially more than 5% of any class of the Company's common stock, or any member of  the immediate family of any of the foregoing persons, has an interest.



Indebtedness of Management



There were not material transactions, or series of similar transactions, since the beginning of the Company's last fiscal year, or any currently proposed transactions, or series of similar transactions, to which the Company was or is to be a party, in which the amount involved exceeds $60,000 and in which any director or executive officer, or any security holder who is known to the Company to own of record or beneficially more than 5% of any class of the Company's common stock, or any member of the immediate family of any of the foregoing persons, has an interest.



Transactions with Promoters



The Company was organized more than five years ago, therefore transactions between the Company and its promoters or founders are not deemed to be material.  There were no transactions between the Company and any promoters or founders during the twelve months that are the subject of this report.





ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K.



Reports on Form 8-K



None



Exhibits



Copies of the following documents are included as exhibits to this report pursuant to Item 601 of Regulation S-B.



Exhibit No.

SEC Ref. No.

Title of Document

Location

1

(3)(i)

Restated Articles of Incorporation

See Note (1)

2

(3)(i)

Articles of Amendment to the Articles of Incorporation

See Note (1)

3

(3)(i)

Articles of Amendment to the Articles of Incorporation

Attached

4

(3)(ii)

Restated By-Laws

See Note (1)

5

(2)

Agreement and Plan of Merger

See Note (1)

6

(99.1)

Default Judgment for Rescission

See Note (2)

7

(31.1)

CEO and CFO Certification under Section 302

of the Sarbanes-Oxley Act of 2002

Attached

8

(32.1)

CEO and CFO Certification under Section 906

of the Sarbanes-Oxley Act of 2002

Attached



Note (1) Filed as an Exhibit on Form 8-K which was filed September 16, 1998, is incorporated herein by reference.

Note (2) Filed as an Exhibit on Form 8-K which was filed October 8, 1999, is incorporated herein by reference..



ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.



(1) Audit Fees.



The Company was billed the following amounts for its fiscal years 2002 and 2003, for professional services rendered by its principal accountant for the audits of the Company=s annual financial statements and for reviews of the Company=s quarterly financial statements:



2002:

$ 1,528

2003:

$ 2,510



(2) Audit-Related Fees.



The Company was billed the following amounts for its fiscal years 2002 and 2003, for assurance and related services by the Company=s principal accountant that are reasonably related to the performance of the audits or reviews of the Company=s financial statements not otherwise reported under Item 14(1), above:



2002:

$ 0

2003:

$ 0



(3) Tax Fees.



The Company was billed the following amounts for its fiscal years 2002 and 2003, for professional services rendered by its principal accountant for tax compliance, tax advice, and tax planning:



2002:

$ 0

2003:

$ 0



(4) All Other Fees.



The Company was billed the following amounts for its fiscal years 2002 and 2003, for professional services rendered by its principal accountant for all other fees not otherwise reported under Item 14(1), (2) or (3), above



(5) Audit Committee Policies and Procedures.



Not applicable



(6) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant=s engagement to audit the registrant=s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant=s full-time, permanent employees.



Not applicable



SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:



AMERICAN COAL CORPORATION



Date: March 23, 2004

By:  /s/ Justeene Blankenship

Justeene Blankenship, President and Director











[Letterhead]

SELLERS & ANDERSEN, L.L.C.

941 East 3300 South, Suite 202

Certified Public Accountants and Business Consultants

Salt Lake City, Utah 84106

Member SEC Practice Section of the AICPA

Telephone 801 486-0096

Fax 801 486-0098



Board of Directors

American Coal Corporation

Salt Lake City, Utah



REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS



We have audited the accompanying balance sheet of American Coal Corporation (development stage company) at  June 30, 2003 and the related statements of operations, stockholders equity, and cash flows for the years ended June 30, 2003 and 2002 and the period July 2, 1986 (date of inception) to June 30, 2003. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audits.



We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.



In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of American Coal Corporation at June 30, 2003 and the results of operations, and cash flows for the years ended June 30, 2003 and 2002, and the period July 2, 1986 to June 30, 2003, in conformity with accounting principles generally accepted in the United States of America.



The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company will need working capital to service its debt and for any planned activity, which raises substantial doubt about its ability to continue as a going concern. Managements plans in regard to these matters are described in the notes to the financial statements. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.



Salt Lake City, Utah

September 24, 2003

/s/ Sellers & Andersen LLC







|AMERICAN COAL CORPORATION    
|-----------------------------
|( Development Stage Company )
|BALANCE SHEET                
|June 30, 2003                

==============================================================================

|ASSETS                                                                                   |             
|---------------------------------------------------------------------------------------- | ------------
|CURRENT ASSETS                                                                           |             
|Cash                                                                                     | $         - 
|                                                                                         | __________  
|Total Current Assets                                                                     | $        -  
|                                                                                         | =========   
|LIABILITIES AND STOCKHOLDERS' DEFICIENCY                                                
|CURRENT LIABILITIES                                                                      |             
|Accounts payable - related party                                                         | $8,428      
|Note payable - related party                                                             | 5,000       
|                                                                                         | __________  
|Total Current Liabilities                                                                | 13,428      
|                                                                                         | __________  
|STOCKHOLDERS' DEFICIENCY                                                                 |             
|Common stock                                                                             |             
|300,000,000 shares authorized, at $0.001 par value; 51,805 shares issued and outstanding | 52          
|Capital in excess of par value                                                           | 80,871      
|Deficit accumulated during the development stage                                         | (94,351)    
|                                                                                         | __________  
|Total Stockholders' Equity (deficiency)                                                  | $(13,428)   
|                                                                                         | __________  
|                                                                                         | $          -
|                                                                                         | =========   

The accompanying notes are an integral part of these financial statements.

|AMERICAN COAL CORPORATION                                                                              
|-------------------------------------------------------------------------------------------------------
|(Development Stage Company)                                                                            
|STATEMENT OF OPERATIONS                                                                                
|For the Years Ended June 30, 2003 and 2002
the Period July 2, 1986 (Date of Inception) to June 30, 2003

=============================================================================

|                           |             |               | July 2, 1986     
|-------------------------- | ----------- | ------------- | -----------------
|                           | 2003        | 2002          | to  June 30, 2003
|SALES                      | $         - | $           - | $2,850,562       
|COST OF SALES              | -           | -             | 2,418,648        
|                           | __________  | __________    | __________       
|Gross Profit               | -           | -             | 431,914          
|EXPENSES                   | 2,510       | 1,528         | 526,265          
|                           | __________  | __________    | __________       
|NET LOSS                   | $(2,510)    | $  (1,528)    | $  (94,351)      
|                           | =========   | =========     | ========         
|NET LOSS PER COMMON SHARE  |             |               |                  
|Basic                      | $   (.04)   | $    (.03)    |                  
|                           | ======      | =======       |                  
|AVERAGE OUTSTANDING SHARES |             |               |                  
|Basic                      | 51,805      | 51,805        |                  
|Diluted                    | 5,051,805   | 5,051,805     |                  
|                           | ======      | ======        |                  

The accompanying notes are an integral part of these financial statements.









|AMERICAN COAL CORPORATION                              
|-------------------------------------------------------
|( Development Stage Company )                          
|STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY           
|Period July 2, 1986 (Date of Inception)to June 30, 2003

===============================================================================

|                                                                                                           | Common Stock | Capital in Excess of Par Value | Accumulated Deficit
|---------------------------------------------------------------------------------------------------------- | ------------ | ------------------------------ | -------------------
|                                                                                                           | Shares       | Amount                         |                    
|Balance July 2, 1986 (Date of inception)                                                                   | -            | $        -                     | $          -       
|Issuance of common stock for cash at $17.65 - 1986                                                         | 340          | -                              | 6,000              
|Issuance of common stock for cash at $1,241.69 net of issuance costs - 1987                                | 36           | -                              | 44,701             
|Net operating income for the period ended June 30, 1987                                                    | -            | -                              | -                  
|Issuance of common stock for all of the outstanding stock of American Coal Corporation -value unknown-1987 | 66           | -                              | -                  
|Contribution to capital - expenses - 1988                                                                  | -            | -                              | 5,000              
|Net operating loss for the year ended June 30, 1988                                                        | -            | -                              | -                  
|Issuance of common stock for all of the outstanding stock of King Koals, Inc. - at $23.81 - 1989           | 84           | -                              | 2,000              
|Net operating loss for the year ended June 30, 1989                                                        | -            | -                              | -                  
|Net operating income for the year ended June 30, 1990                                                      | -            | -                              | -                  
|Net operating loss for the years ended June 30, 1991 to June 30, 1996                                      | -            | -                              | -                  
|Net operating loss for the year ended June 30, 1997                                                        | -            | -                              | -                  
|Net operating loss for the year ended June 30, 1998                                                        | -            | -                              | -                  
|Issuance of common stock for failed merger at $1.54 - Note 3                                               | 31,279       | 32                             | 4,783              
|Net operating loss for year ended June 30, 1999                                                            | -            | -                              | -                  
|Issuance of common stock for services at $.50 - October 21, 1999                                           | 20,000       | 20                             | 9,980              
|Net operating loss for the year ended June 30, 2000                                                        | -            | -                              | -                  
|Contribution to capital - expenses - related parties                                                       | -            | -                              | 2,669              
|Net operating loss for the year ended June 30, 2001                                                        | -            | -                              | -                  
|                                                                                                           | __________   | __________                     | __________         
|Balance June 30, 2001                                                                                      | 51,805       | 52                             | 75,133             
|Contribution to capital - expenses - related parties                                                       | -            | -                              | 3,228              
|Net operating loss for the year ended June 30, 2002                                                        | -            | -                              | -                  
|                                                                                                           | __________   | __________                     | __________         
|Balance June 30, 2002                                                                                      | 51,805       | 52                             | 78,361             
|Contribution to capital - expenses - related parties                                                       | -            | -                              | 2,510              
|Net operating loss for the year ended June 30, 2003                                                        | -            | -                              | -                  
|                                                                                                           | __________   | __________                     | __________         
|Balance June 30, 2003                                                                                      | 51,805       | $    52                        | $80,871            
|                                                                                                           | ========     | =========                      | =========          

The accompanying notes are an integral part of these financial statements.



|AMERICAN COAL CORPORATION                                                                                  
|-----------------------------------------------------------------------------------------------------------
|( Development Stage Company )                                                                              
|STATEMENT OF CASH FLOWS                                                                                    
|For the Years Ended June 30, 2003 and 2002 and the
Period July 2, 1986 (Date of Inception) to June 30, 2003

===============================================================================

|                                                                               | June 30,     | June 30,    | July 2, 1986    
|------------------------------------------------------------------------------ | ------------ | ----------- | ----------------
|                                                                               | 2003         | 2002        | to June 30, 2003
|CASH FLOWS FROM OPERATING ACTIVITIES                                           |              |             |                 
|Net loss                                                                       | $ (2,510)    | $(1,528)    | $(94,351)       
|Adjustments to reconcile net loss to net cash provided by operating activities |              |             |                 
|Loss in investments                                                            | -            | -           | 2,000           
|Loss on failed merger                                                          | -            | -           | 4,815           
|Changes in accounts payable - related party                                    | -            | (1,700)     | 13,428          
|Issuance of common stock for expenses                                          | -            | -           | 10,000          
|Contribution to capital - expenses                                             | 2,510        | 3,228       | 13,407          
|                                                                               | __________   | __________  | __________      
|Net Cash Used From Operations                                                  | -            | -           | (50,701)        
|                                                                               | __________   | __________  | __________      
|CASH FLOWS FROM INVESTING ACTIVITIES                                           | -            | -           | -               
|                                                                               | __________   | __________  | __________      
|CASH FLOWS FROM FINANCING ACTIVITIES                                           |              |             |                 
|Proceeds from issuance of common stock                                         | -            | -           | 50,701          
|                                                                               | __________   | __________  | __________      
|Net Increase (Decrease) in Cash                                                | -            | -           | -               
|Cash at Beginning of Period                                                    | -            | -           | -               
|                                                                               | __________   | __________  | __________      
|Cash at End of Period                                                          | $          - | $         - | $        -      
|                                                                               | =========    | =========   | ========        



|SCHEDULE OF NONCASH OPERATING AND INVESTING ACTIVITIES                       
|-----------------------------------------------------------------------------
|Issuance of 24 shares of common stock for stock of American Coal Corp - 1987 
|Issuance of 40 shares of common stock for stock of King Koals, Inc. - 1989   
|Contribution to capital - expenses - 1988 through 2003                       
|Issuance of 20,000 shares of common stock for services - related party - 1999



The accompanying notes are an integral part of these financial statements.







|AMERICAN COAL CORPORATION     
|------------------------------
|(A Development Stage Company )
|NOTES TO FINANCIAL STATEMENTS 







1.

ORGANIZATION



The Company was incorporated under the laws of the state of Nevada on July 2, 1986 with authorized common stock of 300,000,000 shares at a  par value of $.001 with the name of Technical Solutions, Ltd. On July 3, 1989 the name was changed to American Coal Corporation.



The Company has been in the development stage since inception and has been engaged in the business of seeking mineral leases for potential development. During 1990 the Company abandoned its interest held in a subsidiary and its efforts to develop and operate mineral leases, and since that date has remained inactive.



2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



Accounting Methods



The Company recognizes income and expenses based on the accrual method of accounting.



Dividend Policy



The Company has not yet adopted a policy regarding payment of dividends.



Earnings (Loss) Per Share



Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common shares and common equivalent shares outstanding as if shares had been issued on the exercise of any common share rights unless the exercise becomes antidilutive and then only the basic per share amounts are shown in the report.



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 the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses.  Actual results could vary from the estimates that were assumed in preparing these financial statements.





|AMERICAN COAL CORPORATION                
|-----------------------------------------
|(A Development Stage Company )           
|NOTES TO FINANCIAL STATEMENTS (Continued)

===============================================================================



2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)



Statement of Cash Flows





For the purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents.



Income Taxes



The Company utilizes the liability method of accounting for income taxes. Under the liability method deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax bases of the assets and liabilities and are measured using the enacted tax rates and laws that will be in effect, when the differences are expected to reverse. An allowance against deferred tax assets is recorded, when it is more likely than not, that such tax benefits will not be realized.



On June 30, 2003, the Company had net operating losses available for carry forward of $94,351. The tax benefit of approximately $28,000 from the carry forwards have been fully offset by a valuation reserve because the use of the future tax benefit is undeterminable since the Company has no operations. The loss carry forwards expire starting in the years 2003 though 2023.



Financial Instruments



The carrying amounts of financial instruments, including accounts payable,  are considered by management to be their estimated fair values.



Financial and Concentrations Risk



The Company does not have any concentration or related financial credit risk.



Revenue Recognition



Revenue is recognized on the sale and delivery of a product or the completion of a service provided.



Advertising and Market Development



The Company expenses advertising and market development costs as incurred.



Recent Accounting Pronouncements



The Company does not expect that the adoption of other recent accounting pronouncements will have a material impact on its financial statements.



|AMERICAN COAL CORPORATION     
|------------------------------
|(A Development Stage Company )
|NOTES TO FINANCIAL STATEMENTS 

=============================================================================



3. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES



An officer-director has acquired, or controls, 43% of the outstanding capital stock and has made contributions to capital, from inception, by the payment of Company expenses of $13,407. An officer has made advances to the Company of $8,428 and a demand, no interest loan of $5,000. The terms of the loan include rights to convert the note to common capital stock of 5,000,000 shares, at the option of the note holder, with the restriction that the conversion cannot create a new affiliate status.



4.  GOING CONCERN



The Company intends to acquire interests in various business opportunities which, in the opinion of management, will provide a profit to the Company, however, the Company does not have the working capital to be successful in this effort which raises substantial doubt about its ability to continue as a going concern.



Continuation of the Company as a going concern is dependent upon obtaining additional working capital and the management of the Company has developed a strategy, which it believes will accomplish this objective through additional loans from an officer and equity funding which will enable the Company to operate for the coming year.