SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON, D.C. 20549
                                    FORM 10-KSB

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

                              For the year ended December 31, 2005

[ ]       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 000-27129

                          Asian Financial, Inc.
    (Exact Name of Small Business Issuer as specified in its charter)

               Wyoming                                          91-1922225
      (State or other Jurisdiction of                       (I.R.S. Employer
      Incorporation or Organization)                   Identification Number)

     69930 Highway 111, Suite 100, Rancho Mirage, CA                92270
     (Address of principal executive office)                    (Zip Code)

                                  (760) 219-2776
                            (Issuers Telephone Number)

Check whether the Issuer (1) filed all reports required to be filed by
Section 13 or 15(d)of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the Registrant
was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days.

(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 contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-KSB or any amendment to this Form 10-KSB.    [ ]

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

  State issuer's revenues for its most recent fiscal year: $0

  State the aggregate market value of the voting stock held by non-affiliates
computed by reference to the price at which the common equity was sold, or
the average bid and asked prices of such common equity, as of a specified
date within the past 60 days: The Company does not have an active trading
market and it is, therefore, difficult, if not impossible, to determine the
market value of the stock.

      Indicate the number of shares outstanding of each of the issuers
classes of
Common equity, as of the latest practicable date:


Common Stock, $.001 par value                            1,500,000
       Title of Class                         Number of Shares Outstanding
                                                  at March 31, 2006
No exhibits included.
PART I

Item 1.  Description of Business.

Business Development.

Asian Financial, Inc. (the Company) was organized under the laws of the State
of Nevada on August 10, 1998.  The Company was incorporated to engage in any
Lawful activity.  On July 27, 2005, the Company merged with Asian Financial,
Inc. (a Wyoming entity) for the purpose of changing its domicile from
Nevada to Wyoming.  The Company has not commenced operations and has not
generated any revenues since inception.  There are no employees other than
officers or directors.

The Company's articles initially authorized the Company to issue a total of
100,000,000 shares of common stock, and 1,000,000 preferred, all
with par value of $0.001.

Common Stock

On August 20, 1998, 473,250 shares of common stock were issued to individuals
for services rendered at par for a total value of $473.25.

On December 20, 1998, 1,026,750 shares of common stock were sold at par of
$0.001 per share, for total cash of $1,026.75.

As of December 31, 2005, there were 1,500,000 common shares issued
and outstanding.

Preferred Stock

No preferred stock has been issued since inception (August 10, 1998) through
the year end December 31, 2005.

Item 2. Description of Property

The Company currently has no assets or property.  The Company's headquarters
are furnished at no charge by Mr. Dempsey Mork, President/CEO.

Item 3. Legal Proceedings

None

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

None




Part II

Item 5.  Market for Common Equity and Related Stockholders.

There is not currently a public trading market for the Company's securities,
and the Company will act as its own transfer agent until an active public
trading market is established.  As of December 31, 2005, there were 1,500,000
common shares issued and outstanding.  No dividends have been declared or
paid on the Company's securities, and it is not anticipated that any
dividends will be declared or paid in the foreseeable future. There were 52
shareholders at March 31, 2006.

Item 6.  Managements Discussion and Analysis or Plan of Operation

No significant business activity was conducted by the Company during the
fiscal year 2005.  As a result, no income was earned by the Company in 2005
and there was no cash at the end of the year.

The primary activity of the Company will involve seeking merger or
acquisition candidates with whom it can either merge or acquire.  The Company
has not selected any company for acquisition or merger and does not intend to
limit potential acquisition candidates to any particular field or industry,
but does retain the right to limit acquisition or merger candidates, if it so
chooses, to a particular field or industry. The Company's plans are in the
conceptual stage only.

We have a limited operating history on which to base an evaluation of our
business and prospects. Our prospects must be considered in light of the
risks, expenses and difficulties frequently encountered by companies in their
early stages of development, particularly companies in new and rapidly
evolving markets.  We will encounter various risks in implementing and
executing our business strategy.  We can provide no assurance that we will be
successful in addressing such risks, and the failure to do so could have a
material adverse effect on our business.

The Company does not intend to make any loans to any prospective merger or
acquisition candidate, or to any unaffiliated third parties.

The officers and directors of the Company are currently involved in other
activities and will devote only a portion of their time to the specific
business affairs of the Company until such time as a merger or acquisition
candidate has been determined.  At such a time, they expect to spend the
necessary time and effort to investigate and finalize any merger or
acquisition.

The Company intends to structure a merger or acquisition in such manner as to
minimize federal and state tax consequences to the Company and the target
company.

Plan of Operation

The Company has not engaged in any material operations or had any revenues
from operations during the past two fiscal years.  The Company incurred
operating expenses totaling $5,900 for the year ended
December 31, 2005.

We do not expect to purchase any significant equipment for the foreseeable
future.

We do not expect any significant changes in the number of employees in the
next twelve months.

We do not currently provide any services and have not generated any revenues,
and we do not expect to generate revenues for the foreseeable future, nor do
we anticipate incurring any significant expenses. Therefore, we will continue
to operate on a minimal operating budget. Any expenses incurred will be paid
for by our officers and directors and reimbursed once a merger or acquisition
transaction takes place and we start generating cash flows.  We intend to
limit our operations to seeking merger and acquisition candidates, and don't
believe it is necessary to raise any additional funds during the next twelve
months.

Item 7.  Financial Statements.

See financial statements.

Item 8.  Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.

On September 8, 2005, the Company filed a Form 8-K indicating the replacement
of its previous auditor, Mr. David Winings, CPA, Palm Desert, CA, with Child,
Sullivan & Co., Certified Public Accountants, Kaysville, UT.  This change was
made in order to comply with SEC Regulations, which require that all public
companies have a PCAOB registered accountant audit and certify year-end
financial statements.  Mr. Winings was not registered with the PCAOB.  There
were no disagreements between the Company and Mr. Winings.

On January 2, 2006, our independent auditor, Child, Sullivan & Company,
changed its accounting practice from a corporation to a professional limited
liability company named Child, Van Wagoner & Bradshaw, PLLC.  Because Child,
Van Wagoner & Bradshaw, PLLC, is viewed as a separate legal entity, we were
obliged to dismiss Child, Sullivan & Company as our independent auditor, and
to engage Child, Van Wagoner & Bradshaw, PLLC, as our independent auditor for
the fiscal year ending December 31, 2005 and the interim periods for 2006.
The decision to change our independent auditor was approved by our Board of
Directors.

None of the reports of Child, Sullivan & Company on our financial statements
for either of the past two years or subsequent interim period contained an
adverse opinion or disclaimer of opinion, or was qualified or modified as to
uncertainty, audit scope or accounting principles.



There were no disagreements between us and Child, Sullivan & Company,
for either of the past two years or subsequent interim period on any
matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which, if not resolved to
the satisfaction of Child, Sullivan & Company, would have caused it to
make reference to the subject matter of the disagreement in connection
with its report.  No reportable events of the type described in item
304(a)(1)(iv)(B) of Regulation S-B occurred during the two most recent
fiscal years.

We provided Child, Sullivan & Company with a copy of this disclosure
and requested that they furnish the Company with a letter addressed to
the Commission stating whether Child, Sullivan & Company agrees or
disagrees with the statements by us in a Current Report on Form 8-K
and, if not, stating the respects in which it does not agree.  A letter
from Child, Sullivan & Company to such effect is attached as Exhibit
16.1 to our current report on Form 8-K filed with the Securities and
Exchange Commission on January 6, 2006.

During our two most recent fiscal years, we have not consulted with
Child, Van Wagoner & Bradshaw, PLLC, on any matter that (i) involved
the application of accounting principles to a specific completed or
contemplated transaction, or the type of audit opinion that might be
rendered on our financial statements, in each case where written or
oral advice was provided, that was an important factor considered by us
in reaching a decision as to the accounting, auditing or financial
reporting issue; or (ii) was either the subject of a disagreement or
event, as that term is described in item 304(a)(1)(iv)(A) of Regulation
S-B.

Item 8a.  Controls and Procedures

The Chief Executive Officer and the Chief Financial Officer of the
Company
have made an evaluation of the disclosure controls and procedures
relating to
the annual report on Form 10-KSB for the year ended December 31, 2005
as
filed with the Securities and Exchange Commission and have judged such
controls and procedures to be effective as of December 31, 2005, the
evaluation date.

There have not been any significant changes in the internal controls of
the
Company or other factors that could significantly affect internal
controls
relating to the Company since the evaluation date.


Item 8b.  Other Information

None

PART III
Item 9.  Directors, Executive Officers, Promoters and Control Persons;
Compliance with Section 16(A) of the Exchange Act

The following table sets forth the names of all current directors and
executive officers of the Company. These are the only persons whose
activities are expected to be material to the Company. They will serve
until the next annual meeting of the stockholders  or until their
successors are elected or appointed and qualified, or their prior
resignation or termination:

                                             Date of           Date of
                                           Election or   Termination or
Name                  Positions Held       Designation      Resignation
-------------------   ------------------   -------------  ------------

Dempsey K. Mork   President/CEO/Director    8/10/1998               N/A

Norbert L. LeBoeuf       CFO/Director      12/15/2001               N/A


Business Experience of Directors/Executive Officers:

Mr. Mork (age ?) has been the majority shareholder, President, and
Chief Executive Officer/Director of Asian Financial, Inc. since 1998.
For the past eight years, he has been an officer/director of Magellan
Capital Corporation, Animal Cloning Sciences, Silver Bow Antique
Aviation, Apex Capital Group, Inc., Knickerbocker Capital Corporation
and North Star Ventures.  Mr. Mork has experience in start-up
companies, business reorganizations and cross border business
transactions.  He will spend approximately 20 hours per month
on Asian Financial, Inc. business.

Mr. Norbert LeBoeuf (age ?) is a shareholder, officer/director of Asian
Financial, Inc.  He has been responsible for all accounting and tax
functions for all companies with which Mr. Mork has been affiliated.
Mr. LeBoeuf's professional career includes three years in the U.S.
Marine Corps Legal/Administrative functions (1952-55) and forty years
in all areas of accounting for small, medium and large (Fortune 500
Companies) in Electronics, Manufacturing and Aerospace.  He is also an
officer/director of Knickerbocker Capital Corporation, Silver Bow
Antique Aviation, Northstar Ventures, Animal Cloning Sciences, and Apex
Capital Group, Inc., and will spend approximately 20 hours per month on
Asian Financial, Inc. business.

Significant Employees.
The Company has no employees who are not executive officers.

Audit Committee.
The Board of Directors is the acting audit committee.  There is
currently no audit committee expert, as the Company does not have
available funds to compensate such an individual.

Code of Ethics

The Company has adopted a code of ethics that applies to the chief
executive officer and chief financial officer and is included in this
Form 10-KSB as Exhibit 14.1.

Item 10.  Executive Compensation

On August 20, 1998, 473,250 shares of unregistered and restricted
shares of the Company's common stock, were issued for services
rendered, as follows:

             # SHARES        ISSUED TO
                ---------   -------------------------

                225,000   Magellan Capital Corp.
                 76,500    Magellan Litigation Corp.
                 75,000    Dempsey K. Mork
                 30,750    Randall A. Baker
                 37,500    Robert J. Filiatreaux
                 28,500    Norbert L. Le Boeuf
                ---------
                473,250     TOTAL SHARES ISSUED
                ======

To date, no additional compensation has been provided to the officers
and directors, Dempsey Mork and Norbert LeBoeuf.  There are no standard
arrangements pursuant to which the Company's directors are compensated
for any services provided as director.  No additional amounts are
payable to the Company's officers or directors for committee
participation, special assignments, or other services rendered in the
normal course of business.

Item 11.  Security Ownership of Certain Beneficial Owners and
Management.

The following table sets forth the shareholdings of those persons or
entities who own more than 5% of the 1,500,000 shares of the Company's
common stock outstanding as of the date of these filings, and/or belong
to management hereof, to wit:

                                  Number of Shares          Percentage
Name and Address                  Beneficially Owned          of Class
- ------------------------------   ---------------------      -------
LISTING 473,250 SHS ISSUED 8/20/98:

Dempsey K.  Mork                            75,000*              5.00%*
69930 Highway 111,
Suite 100
Rancho Mirage, CA 92270 (1)

Norbert L. LeBoeuf                          28,500               1.90%
69930 Highway 111,
 Suite 100
Rancho Mirage, CA 92270 (1)                    ---------             --
----
  Sub-total Officers/Directors              103,500               6.90%
(1)Addresses are in c/o the Company

Other Shareholders/Former Associates:

Randall A. Baker                             30,750               2.05%
P.O. Box 1025
Morongo Valle, CA 92256

Robert Filiatreaux                           37,500               2.50%
77545 Chillon
Rancho Mirage, CA 92270

Magellan Capital Corp.                      225,000              15.00%
69930 Highway 111,
 Suite 100
Rancho Mirage, CA 92270

Magellan Litigation Services                 76,500               5.10%
69930 Highway 111,
 Suite 100
Rancho Mirage, CA 92270
                                          ---------             ------

Total shares issued 8/20/98                473,250              31.55%
    for services rendered                 ---------             ------

LISTING OF 1,026,750 SHS SOLD 12/20/98:

Magellan Capital Corp.
Dempsey K. Mork
Pension Plan and Trust                     450,000*             30.00%*
69930 Highway 111,
 Suite 100
Rancho Mirage, CA 92270

Magellan Capital Corp.
Dempsey K. Mork
Profit Sharing Plan and Trust              450,000*             30.00%*
69930 Highway 111,
 Suite 100
Rancho Mirage, CA 92270

Shares sold to other individuals           126,750               8.45%
                                           ---------             ------
Total shares sold 12/20/98                1,026,750              68.45%
                                           ---------             ------
 TOTAL SHS ISSUED FROM INCEPTION
   (8/10/98) THROUGH 12/31/05             1,500,000             100.00%
                                           =========             ======

*Beneficial ownership/Dempsey K. Mork      975,000*              65.00%
                                            =======               =====

The following table sets forth the shareholdings of the Company's
directors and executive officers as of the date hereof, to wit:


                              Number of Shares       Percent
                               Beneficially Owned    1,500,000 SHS.
Name and Address                 as of 03/31/06        Outstanding
- --------------------           ------------------      -------------
Dempsey K. Mork                     975,000*          65.00%
69930 Highway 111,
 Suite 100
Rancho Mirage, CA 92270

Norbert L. Le Boeuf                  28,500           1.90%
69930 Highway 111,
 Suite 100
Rancho Mirage, CA 92270
                                 ---------            -----
     Totals:                     1,003,500           66.90%
                                   =========          =====


 Item 12.  Certain Relationships and Related Transactions

The Company has accrued $10,000 per year for management services
rendered by Dempsey Mork (the Company's majority shareholder/President)
pursuant to a five-year convertible promissory note covering years 1998
through 2002 for a total balance of $50,000 at December 31, 2005.  This
note is non-interest bearing and convertible at a rate of $0.05 per
share for 1,000,000 common shares at the option of the holder. If not
sooner converted into common stock, the principal amount is due
December 31, 2008.

The Company accrued total fees of $20,000 during 2003 and 2004 for
management services rendered by Millennium Capital, Inc., a Company
affiliated with the Company's majority shareholder/President, pursuant
to the terms of a convertible promissory note.  This note is non-
interest bearing and convertible at a rate of $0.02 per share for
1,000,000 common shares at the option of the holder. If not sooner
converted into common stock, the principal amount is due December 31,
2008.

The Company's officers and directors have resolved to provide for
various minimal expenses incurred by the Company without repayment
until such time that a merger candidate is found.  These expenses
consist of, but are not limited to, office space, accounting, filing
requirements, and management services.

Item 13.  Exhibits and Reports on Form 8-K

(a)       The Exhibits listed below are filed as part of this Annual
Report.

Exhibit No.
- --------------

3.1       Articles of Incorporation (Incorporated by reference from
Registration Statement on Form 10-SB filed with the Securities and
Exchange Commission on August 24, 1999).

3.2       Bylaws (Incorporated by reference from Registration Statement
on Form 10-SB filed with the Securities and Exchange Commission on
August 24, 1999).

14.1       Code of Ethics

31.1     Certification Under Section 302 of the Sarbanes-Oxley Act of
2002

31.2     Certification Under Section 302 of the Sarbanes-Oxley Act of
2002

32.1     Certification Under Section 906 of the Sarbanes-Oxley Act of
2002

32.2      Certification Under Section 906 of the Sarbanes-Oxley Act of
2002

(b)       The Corporation did file a report on Form 8-K during the
quarter ended December 31, 2005. This Form 8-K provided notice of a
name change of the Auditor as a result of the Auditing firm merging
with another firm (Item 8).

ITEM 14. Principal Accountant Fees and Services
All audit and related services are approved by the Board of Directors
(the acting audit committee) prior to the rendering of services.

Audit Fees

The fees incurred during the years ending December 31, 2005 and 2004
for professional services rendered by our principal accountant, Child,
Van Wagoner & Bradshaw, PLLC (formerly Child, Sullivan & Company), for
the audits of our annual financial statements and review of our
quarterly financial statements is $5,900 and $0, respectively.
The Company did not incur any fees during the years ending December 31,
2005 or 2004 for professional services rendered by our former principal
accountant, David Winings, CPA, for the audits of our annual financial
statements and review of our quarterly financial statements.

Audit-Related Fees

The Company did not incur any fees for the year ending December 31,
2005 or 2004 for professional services that are reasonably related to
the audit or review of our financial statements that are not covered in
the Audit Fees disclosure above.

Tax Fees

The Company did not incur any fees for the year ending December 31,
2005 or 2004 for professional services rendered for tax compliance, tax
advice, and tax planning.

All Other Fees

There were no fees billed for the years ending December 31, 2005 or
2004 for professional services rendered by our auditors for all other
services not disclosed above.


SIGNATURES

In accordance with the Exchange Act, this report has been signed below
by the
following
persons on behalf of the registrant and in the capacities and on the
dates
indicated.

Dated:  March 29, 2006
Asian Financial, Inc.

By:  /s/  Dempsey Mork
- -------------------------------------
Dempsey Mork
President and CEO


By:  /s/  Norbert L. LeBoeuf
- -------------------------------------
Norbert L. LeBoeuf
CFO



ASIAN FINANCIAL, INC.
(A Development Stage Company)

Financial Statements

For the Years Ended December 31, 2005 and 2004, and the
Period of August 10, 1998 (inception) to December 31, 2005




Report of Independent Registered Public Accounting Firm      F-1

Financial Statements:

Balance Sheet      F-2

Statements of Operations       F-3

Statements of Changes in Stockholders' Deficit      F-4

Statements of Cash Flows      F-5

Notes to the Financial Statements      F-6 - F-8































Report of Independent Registered Public Accounting Firm


To the Board of Directors
Asian Financial, Inc.

We have audited the balance sheet of Asian Financial, Inc. (a
development stage company) (the Company) as of December 31, 2005, and
the related statements of operations, changes in stockholders' deficit
and cash flows for the years ended December 31, 2005 and 2004.  These
financial statements are the responsibility of the Company's
management.  The financial statements for the period of August 10, 1998
(inception) through December 31, 2002 were audited by another auditor,
who expressed an unqualified opinion in his audit report dated March
26, 2004.  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 audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States).  Those standards
require that we plan and perform the audits 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 audits
provide 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 the Company
as of December 31, 2005, and the results of its operations and its cash
flows for the years ended December 31, 2005 and 2004, 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.  As discussed in Note 5
to the financial statements, the Company has suffered net losses since
inception and is still considered a development stage company, as it
has not yet obtained revenues from its planned principle operations.
These factors raise substantial doubt about the Company's ability to
meet its obligations and to continue as a going concern. Management's
plans in regard to these matters are also described in Note 5.  The
financial statements do not include any adjustments that might result
from the outcome of this uncertainty.





Child, Van Wagoner & Bradshaw, PLLC
Kaysville, Utah
March 29, 2006

ASIAN FINANCIAL, INC.
(A Development Stage Company)
BALANCE SHEET
December 31, 2005

<table>
ASSETS
<c>                                                            <c>
Total assets                                             $      -

LIABILITIES AND STOCKHOLDERS' DEFICIT

LIABILITIES

Current liabilities:
Accounts payable                                         $      3,915

Long-term liabilities:
Notes payable - related parties (note 4)                       71,985

Total liabilities                                              75,900

STOCKHOLDERS' DEFICIT (note 3)

Preferred stock; $0.001 par value;
  1,000,000 shares authorized; no
  shares issued and outstanding            -

Common stock; $0.001 par value;
  100,000,000 shares authorized;
  1,500,000 shares issued and outstanding                      1,500

Additional paid-in capital            -
Deficit accumulated during development stage                 (77,400)

Total stockholders' deficit                                  (75,900)

Total liabilities and stockholders' deficit      $      -




</table>See accompanying notes to financial statements.


ASIAN FINANCIAL, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS

<table>
<c>                   <c>                    <c>                 <c>
                                                             Cumulative
                                                                from
                                                             inception
                                                             (Aug 10,
                          For the year ended                  1998) to
                               December 31,                  Dec. 31,
                     2005                   2004               2005

Revenues         $     -               $     -               $      -

Operating
expenses            5,900                  10,000
77,400

Net loss from
operations         (5,900)                (10,000)          (77,400)

Other income
(expense)            -                  -                        -

Net loss       $   (5,900)         $      (10,000)   $      (77,400)

Net loss
per share      $      -            $      -

Weighted ave.
common shares
outstanding    1,500,000                  1,500,000




</table>See accompanying notes to financial statements.


ASIAN FINANCIAL, INC.
(A Development Stage Company)
STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT
For the Period of August 10, 1998 (inception) to December 31, 2005

<table>
<c>                           <c>        <c>        <c>          <c>     <c>
                                                                  Deficit
                                                                Accumulated
                                                   Additional     During
                                            Common   Paid-In    Development
                            Shares      Stock    Capital        Stage   Total

Balance, Aug. 10, 1998
   (date of inception)              -    $     -  $     -        $   -     $  -

Shares issued for
   services                    473,250       473        -            -       473
Shares issued for cash       1,026,750     1,027        -            -     1,027
Net loss                          -            -        -        (10,473)(10,473)

Balance, Dec. 31, 1998       1,500,000     1,500        -        (10,473) (8,973)

Net loss                         -            -         -        (10,000)(10,000)

Balance, Dec. 31, 1999      1,500,000      1,500        -        (20,473)(18,973)

Net loss                         -            -         -        (10,130)(10,130)

Balance, Dec. 31, 2000      1,500,000      1,500        -        (30,603)(29,103)

Net loss                                                         (10,000)(10,000)

Balance, Dec. 31, 2001      1,500,000      1,500        -        (40,603)(39,103)

Net loss                         -            -         -        (10,897)(10,897)

Balance, Dec. 31, 2002      1,500,000      1,500        -        (51,500)(50,000)

Net loss                         -            -         -        (10,000)(10,000)

Balance, Dec. 31, 2003      1,500,000      1,500        -        (61,500)(60,000)

Net loss                         -            -         -        (10,000)(10,000)

Balance, Dec. 31, 2004      1,500,000      1,500        -        (71,500)(70,000)

Net loss                         -            -         -         (5,900) (5,900)

Balance, Dec. 31, 2005      1,500,000    $ 1,500   $    -     $ (77,400)$(75,900)


</table>




See accompanying notes to financial statements.

ASIAN FINANCIAL, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
<table>
<c>                                  <c>            <c>              <c>
                                                                  Cumulative
                                                                     from
                                                                   inception
                                                                   (Aug. 10,
                                     For the year ended             1998) to
                                         December 31,               Dec. 31,
                                     2005            2004            2005
Operating Activities
Net loss                    $      (5,900)  $      (10,000)     $  (77,400)

Adjustments to reconcile
  net loss to net cash
  used in operations:

Issuance of shares for
  services rendered                   -                  -              473
Issuance of notes payable
  to related parties for
  services rendered                   -              10,000          70,000
Issuance of notes payable
  to related parties for
  payment of operating expenses     1,985              -             1,985

Changes in operating
  assets and liabilities:
Increase in accounts payable        3,915              -             3,915
Net cash used in
  operating activities                -                -            (1,027)

Investing Activities                  -                                -

Financing Activities
Issuance of shares for cash                 -               -             1,027
Net cash provided by
  financing activities                -                -            1,027

Net change in cash                    -                -                -
Cash at beginning of period           -                -                -
Cash at end of period          $      -         $      -         $      -

Supplemental Information:
Cash paid for interest and
   income taxes                   $      -         $      -         $      -

Non-cash investing and financing activities:
Issuance of notes payable to
  related parties for services $      -         $    10,000   $      70,000

Issuance of notes payable to
  related parties for payment
  of operating expenses        $      1,985     $      -       $      1,985



</table>
See accompanying notes to financial statements.


ASIAN FINANCIAL, INC.
(A Development Stage Company)
NOTES TO THE FINANCIAL STATEMENTS
For the Years Ended December 31, 2005 and 2004, and the
Period of August 10, 1998 (inception) to December 31, 2005


NOTE 1 - ORGANIZATION AND BUSINESS PLAN

Asian Financial, Inc. (the Company) was incorporated under the laws of the
State of Nevada on August 10, 1998 to engage in any lawful activity. On July
27, 2005, the Company merged with Asian Financial, Inc. (a Wyoming entity)
for the purpose of changing its domicile from Nevada to Wyoming.

The Articles of Incorporation authorize the Company to issue 100,000,000
shares of common stock and 1,000,000 shares of preferred stock, both with a
par value of $0.001.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Development Stage Company
The Company is considered a 'Development Stage Company' as defined in SFAS 7,
"Accounting and Reporting by Development Stage Enterprises."  Therefore,
cumulative amounts are reported on the statements of operations,
stockholders' deficit, and cash flows.

Cash and Equivalents
The Company considers all highly liquid debt instruments purchased with a
maturity of three months or less to be cash equivalents. No cash was paid for
interest or income taxes during the years ended December 31, 2005 or 2004.

Loss Per Common Share
Loss per common share is computed by dividing the net loss for the period by
the weighted average number of shares outstanding for the years ended
December 31, 2005 and 2004. The Company's convertible debt (Note 4) is a
potentially dilutive security, but does not impact the computation of fully
diluted EPS because its effect would be antidilutive. Accordingly, basic
earnings per share and fully diluted earnings per share are the same.

Use of Estimates
The preparation of the accompanying financial statements, in conformity with
accounting principles generally accepted in the United States of America,
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, and disclosure of contingent
assets and liabilities at the date of the financial statements, and the
reported amounts of expenses during the reporting periods. Actual results
could differ from those estimates.

Recently Issued Accounting Pronouncements
In December of 2002, the FASB issued SFAS 148, "Accounting for Stock-Based
Compensation - Transition and Disclosure - An Amendment of FASB Statement No.
123."  SFAS 148 provides alternative methods of transition for a voluntary
change to the fair value based method of accounting for stock-based employee
compensation.  In addition, the statement amends the disclosure requirement
of Statement No. 123 to require prominent disclosures in both annual and
interim financial statements about the method of accounting for stock-based
employee compensation and the effect of the method used on reported results.
ASIAN FINANCIAL, INC.
(A Development Stage Company)
NOTES TO THE FINANCIAL STATEMENTS
For the Years Ended December 31, 2005 and 2004, and the
Period of August 10, 1998 (inception) to December 31, 2005

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Recently Issued Pronouncements (continued)
In April 2003, the FASB issued SFAS No. 149, "Amendment of Statement 133 on
Derivative Instruments and Hedging Activities."  SFAS No. 149 amends and
clarifies financial accounting and reporting for derivative instruments,
including certain derivative instruments embedded in other contracts and for
hedging activities under FASB Statement No. 133, "Accounting for Derivative
Instruments and Hedging Activities."  SFAS No. 149 is generally effective for
contracts entered into or modified after June 30, 2003 and for hedging
relationships designated after June 30, 2003.

In May 2003, the FASB issued SFAS No. 150, "Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and Equity."  SFAS No.
150 establishes standards for how an issuer measures certain financial
instruments with characteristics of both liabilities and equity and requires
that an issuer classify a financial instrument within its scope as a
liability  (or asset in some circumstances).  SFAS No. 150 was effective for
financial statements entered into or modified after May 31, 2003 and
otherwise was effective and adopted by the Company in 2003.

In May 2005, the FASB issued SFAS No. 154, "Accounting Changes and Error
Corrections, a replacement of APB Opinion No. 20 and FASB Statement No. 3."
This statement changes the requirements for the accounting for and reporting
of a change in accounting principle.  Previously, Opinion 20 required that
most voluntary changes in accounting principle be recognized by including in
net income of the period of change the cumulative effect of changing to a new
principle.  This statement requires retrospective application to prior
periods' financial statements of changes in accounting principle, when
practicable.

None of the above new pronouncements has current application to the Company,
but may be applicable to the Company's future financial reporting.

Income Taxes
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the carrying amounts of
existing assets and liabilities and their respective tax bases. Deferred tax
assets and liabilities are measured using enacted tax rates expected to apply
to taxable income in the years in which those temporary differences are
expected to reverse. The effect on deferred tax assets and liabilities from a
change in tax rates is recognized in the statement of operations in the
period that includes the enactment date. The Company has not yet commenced an
active trade or business, therefore, the Company did not provide any current
or deferred federal or state income tax expense or benefit for any of the
periods presented because to date, it has experienced operating losses. The
Company has a federal net operating loss carryforward of $77,400 expiring in
the years 2018 through 2026. The tax benefit of this net operating loss,
based on an effective tax rate of 35%, is approximately $27,090 and has been
offset by a full valuation allowance, which increased by $2,065 and $3,500
during the years ended December 31, 2005 and 2004, respectively.
ASIAN FINANCIAL, INC.
(A Development Stage Company)
NOTES TO THE FINANCIAL STATEMENTS
For the Years Ended December 31, 2005 and 2004, and the
Period of August 10, 1998 (inception) to December 31, 2005


NOTE 3 - STOCKHOLDERS' DEFICIT

On August 20, 1998, the Company issued 473,250 shares of common stock at par
value $0.001, to individuals (including Officers/Directors) for consulting
services provided to the Company for a total value of $473.

On December 20, 1998, the Company issued 1,026,750 shares of common stock at
par value $0.001 for $1,027 in cash.

Total shares of common stock issued and outstanding were 1,500,000 at
December 31, 2005 and 2004.

No preferred stock has been issued and none is outstanding as of December 31,
2005 or 2004.

NOTE 4 - RELATED PARTY TRANSACTIONS

The Company has accrued $10,000 per year for management services rendered by
the Company's majority shareholder/President pursuant to a five-year
convertible promissory note covering years 1998 through 2002 for a total
balance of $50,000 at December 31, 2005 and 2004.  This note is non-interest
bearing and convertible at a rate of $0.05 per share for 1,000,000 common
shares at the option of the holder. If not sooner converted into common
stock, the principal amount is due December 31, 2008.

The Company has accrued $20,000 during 2003 and 2004 for management services
rendered by an affiliate of the Company's majority shareholder/President
pursuant to the terms of a convertible promissory note.  This note is non-
interest bearing and convertible at a rate of $0.02 per share for 1,000,000
common shares at the option of the holder. If not sooner converted into
common stock, the principal amount is due December 31, 2008.

The Company's President paid $1,985 during 2005 for audit fees incurred by
the Company.  The advance is non-interest bearing and will be reimbursed once
the Company starts generating cash flows.

The Company's officers and directors have resolved to provide for various
minimal expenses incurred by the Company without repayment until such time
that a merger candidate is found.  These expenses consist of, but are not
limited to, office space, accounting, filing requirements, and management
services.









ASIAN FINANCIAL, INC.
(A Development Stage Company)
NOTES TO THE FINANCIAL STATEMENTS
For the Years Ended December 31, 2005 and 2004, and the
Period of August 10, 1998 (inception) to December 31, 2005

NOTE 5 - GOING CONCERN AND INCIDENTAL COSTS

The accompanying financial statements have been prepared in conformity with
accounting principles generally accepted in the United States of America,
which contemplate continuation of the Company as a going concern.  However,
the Company has incurred losses since its inception and has not yet been
successful in establishing profitable operations. These factors raise
substantial doubt about the ability of the Company to continue as a going
concern.  Unanticipated costs and expenses or the inability to generate
revenues could require additional financing, which would be sought through
bank borrowings, or equity or debt financing.  To the extent financing is not
available, the Company may not be able to, or may be delayed in, developing
its business purpose.  The accompanying financial statements do not reflect
any adjustments that might result from the outcome of these uncertainties.

Incidental costs to maintain legal registrations of the Company in its state
of incorporation and with the Securities and Exchange Commission have been
paid or assumed by the current shareholders of the Company.  This will
continue for the foreseeable future.

The Company intends to actively pursue a business relationship with a
qualified merger or acquisition candidate.  Costs incurred on these efforts
will continue to be borne/paid by the Officers/Directors of the Company in
the form of loans/advances or the issuance of stock.





EXHIBIT 14.1

CODE OF ETHICS FOR SENIOR FINANCIAL OFFICERS

This code of ethics for Senior Financial Officers has been adopted by the
Board of Directors of Asian Financial Corp (the Company) to promote honest
and ethical conduct, proper disclosure of financial information in the
Companys reports, and compliance with applicable laws, rules and regulations
by the Companys senior officers who have financial responsibilities.

Applicability
As used in this code, the term Senior Financial Officer means the
Corporations Chief Executive Officer, Chief Financial Officer and Controller.

Principles and Practices
In performing his or her duties, each of the Senior Financial Officers must:

Maintain high standards of honest and ethical conduct and avoid any actual or
apparent conflict of interest.

Report to the Audit Committee of the Board of Directors (or persons
performing the equivalent functions) any conflict of interest that may arise
and any material transaction or relationship that reasonably could be
expected to give rise to a conflict. Provide, or cause to be provided, full,
fair, accurate, timely and understandable disclosure in reports and documents
that the Company files with the SEC and other regulatory organizations, State
and Federal, and in other public communications.

Comply and take all reasonable actions to cause others to comply with
applicable government laws, rules, and Promptly report violations to the
appropriate committee of the Board of Directors.

Senior Financial Officers must also comply with the Code of Ethics and
Standards of Conduct applicable to the Companys Directors, officers, and
employees generally.

Waiver
Any request for a waiver of any provision of this code must be in writing and
addressed to the Audit Committee. Waivers of the Senior Financial Officers
code of conduct in registered public companies must be reported on Form 8-K
to the Securities and Exchange Commission.

Compliance and Accountability
The Audit Committee will assess compliance with this code, report material
violations to the Board of Directors and recommend to the Board appropriate
action.

Approved:


/s/  Dempsey Mork            Date:  March 29, 2006
-----------------------            ---------------------
Dempsey Mork
President
Chief Executive Officer
Director


/s/  Norbert LeBoeuf          Date: March 29, 2006
------------------------          --------------------
Chief Financial Officer
Director


CERTIFICATIONS
Exhibit 31.1

I, Dempsey K. Mork, certify that:

1.          I have reviewed this annual report on Form 10-KSB of Asian
Financial, Inc.

2.       Based on my knowledge, the annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statement were made, not misleading with respect to the period covered by
this annual report;

3.       Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present, in all material
respects, the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this annual report;

4.       The registrants other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a- 15e and 15d-15e) for the registrant and we have:

(a)       designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly report is
being prepared;

(b)       evaluated the effectiveness of the registrants disclosure controls
and procedures as of a date within 90 days prior to the filing date of this
annual report (the Evaluation Date);  and,

(c)       presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;

(d)       disclosed in this report any change in the registrants internal
control over financial reporting that occurred during the registrants most
recent fiscal quarter (the registrants fourth fiscal quarter in the case of
an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrants internal control over financial reporting;
and

5.       The registrants other certifying officers and I have disclosed,
based on our most recent evaluation, to the registrants auditors and the
audit committee of the registrants board of directors (or persons performing
the equivalent function):

(a)       all  significant deficiencies in the design or operation of
internal controls which could adversely affect the registrants ability to
record, process, summarize and report financial data and have identified for
the registrants auditors any material weaknesses in internal controls; and,

(b)       any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrants internal
controls; and,

6.       The registrants other certifying officers and I have indicated in
this annual report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including any
corrective actions with respect to significant deficiencies and material
weaknesses.

Date:  March 29, 2006

/s/ Dempsey K. Mork
   ------------------------
Dempsey K. Mork
President/Chief Executive Officer


Exhibit 31.2

I, Norbert L. LeBoeuf, certify that:

1.          I have reviewed this annual report on Form 10-KSB of Asian
Financial, Inc.

2.       Based on my knowledge, the annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statement were made, not misleading with respect to the period covered by
this annual report;

3.       Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present, in all material
respects, the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this annual report;

4.       The registrants other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a- 15e and 15d-15e) for the registrant and we have:

(a)       designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly report is
being prepared;

(b)       evaluated the effectiveness of the registrants disclosure controls
and procedures as of a date within 90 days prior to the filing date of this
annual report (the Evaluation Date);  and,

(c)       presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;

(d)       disclosed in this report any change in the registrants internal
control over financial reporting that occurred during the registrants most
recent fiscal quarter (the registrants fourth fiscal quarter in the case of
an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrants internal control over financial reporting;
and

5.       The registrants other certifying officers and I have disclosed,
based on our most recent evaluation, to the registrants auditors and the
audit committee of the registrants board of directors (or persons performing
the equivalent function):

(a)       all  significant deficiencies in the design or operation of
internal controls which could adversely affect the registrants ability to
record, process, summarize and report financial data and have identified for
the registrants auditors any material weaknesses in internal controls; and,

(b)       any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrants internal
controls; and,

6.       The registrants other certifying officers and I have indicated in
this annual report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including any
corrective actions with respect to significant deficiencies and material
weaknesses.

Date: March 29, 2006

/s/Norbert L. LeBoeuf
----------------------------------------
Norbert L. LeBoeuf, Chief Financial Officer




Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


I, Dempsey K. Mork, certify, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Annual
Report of Asian Financial, Inc. on Form 10-KSB for the year ended December
31, 2004 fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934 and that information contained in such
Form 10-KSB fairly presents in all material respects the financial condition
and results of operations of Asian Financial, Inc.

Date: March 29, 2006

/s/ Dempsey K. Mork
   ------------------------------
Dempsey K.  Mork
President/Chief Executive Officer



Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


I, Norbert L. LeBoeuf, certify, pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the
Annual Report of Asian Financial, Inc. on Form 10-KSB for the year ended
December 31, 2004 fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934 and that information contained
in such Form 10-KSB fairly presents in all material respects the financial
condition and results of operations of Asian Financial, Inc.

Date: March 29, 2006

/s/ Norbert L. LeBoeuf
   ------------------------------
Norbert L. LeBoeuf
Chief Financial Officer