**FORM      10-QSB/A**

**000-49672**

**THE      BLACKHAWK FUND**

| NEVADA                                         |   | 88-0408213                            |
|------------------------------------------------|--------|---------------------------------------|
| (State                or Other Jurisdiction of |   | (IRS                Employer          |
| Incorporation                or Organization)  |   | Identification                Number) |

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**TABLE      OF CONTENTS**

**PART      I - FINANCIAL INFORMATION**

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**PART      I - FINANCIAL INFORMATION**

**ITEM      1. FINANCIAL STATEMENTS.**

**THE      BLACKHAWK FUND**

**BALANCE      SHEETS**

|                                                                                                                                                                       |                                                         |                                             |      |       |         |       |         | June                30, |    | December                31, |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|--------------------------------------------------|-----------|------------|--------------|------------|--------------|-------------------------|---------|-----------------------------|
|                                                                                                                                                                       |                                                         |                                             |      |       |         |       |         | 2007                    |    | 2006                        |
| ASSETS                                                                                                                                                                     |                                                         |                                             |      |       |         |       |         |                    |
|                                                                                                                                                                       | Cash                                                         |                                             |      |       |         |       | -            |                    | $11,748 |
|                                                                                                                                                                       |                                                         | Total                current assets              |      |       |         | -          |         | 11,748                  |
|                                                                                                                                                                       |                                                         |                                             |      |       |         |       |         |                    |    |                        |
|                                                                                                                                                                       | Property                - held-for-sale                      |                                             |      | 1,774,900  |         | 1,632,600  |
| TOTAL                ASSETS                                                                                                                                                |                                                         |                                             |      |       |         | $1,774,900 |         | $1,704,348              |
|                                                                                                                                                                       |                                                         |                                             |      |       |         |       |         |                    |    |                        |
| LIABILITIES                AND STOCKHOLDERS' EQUITY (DEFICIT)                                                                                                              |                                                         |                                             |      |       |
|                                                                                                                                                                       |                                                         |                                             |      |       |         |       |         |                    |    |                        |
| Cash                overdraft                                                                                                                                              |                                                         |                                             |      |       |         | 8,601      |         |               |
|                                                                                                                                                                       | Accounts                payable and accrued liabilities      |                                             | 1,630     |       | $1,219       |
|                                                                                                                                                                       | Notes                payable-related party                   |                                             |      | 784,541    |         | 590,700    |
|                                                                                                                                                                       |                                                         | Total                current liabilities         |      |       | 794,772      |       | 591,919      |
| Long                term liability                                                                                                                                         |                                                         |                                             |      |       |         |       |         |
|                                                                                                                                                                       | Note                payable                                  |                                             |      |       |         | 1,496,000  |         | 1,496,000               |
| Total                Liabilities                                                                                                                                           |                                                         |                                             |      |       | 2,290,772    |       | 2,087,919    |
|                                                                                                                                                                       |                                                         |                                             |      |       |         |       |         |                    |    |                        |
| Commitments                and contingencies                                                                                                                               |                                                         |                                             |      | -          |         | -          |
|                                                                                                                                                                       |                                                         |                                             |      |       |         |       |         |                    |    |                        |
| STOCKHOLDERS'                DEFICIT                                                                                                                                       |                                                         |                                             |      |       |
| Preferred                Stock $.001 par value:                                                                                                                            |                                                         |                                             |      |       |         |
|                                                                                                                                                                       | Series                A: Authorized 10,000,000               |                                             |      |       |         |       |
|                                                                                                                                                                       |                                                         | 9,000,000                issued and outstanding  |      | -          |         | 9,000      |
|                                                                                                                                                                       | Series                B: Authorized 10,000,000               |                                             |      |       |         |       |
|                                                                                                                                                                       |                                                         | 10,000,000                issued and outstanding |      | 10,000     |         | 10,000     |
|                                                                                                                                                                       | Series                C: Authorized 20,000,000               |                                             |      |       |         |       |
|                                                                                                                                                                       |                                                         | 10,000,000                issued and outstanding |      | 10,000     |         | 10,000     |
| Common                stock, Series B, $.001 par value, 10,000,000 authorized and issued                Common                stock, $.001 par value, 4,000,000,000 shares | 10,000                                                  |                                             |      |
|                                                                                                                                                                       | authorized,                216,860,458 and 24,664,792 shares |                                             |      |       |
|                                                                                                                                                                       | issued                and outstanding                        |                                             | 216,860   |       | 24,665       |
| Additional                paid in capital                                                                                                                                  |                                                         |                                             |      | 36,077,703 |         | 34,646,962 |
| Stock                subscriptions receivable                                                                                                                              |                                                         |                                             |      | (250,000)  |         | (40,000)   |
| Retained                Deficit                                                                                                                                            |                                                         |                                             |      |       | (36,590,435) |       | (35,084,198) |
|                                                                                                                                                                       |                                                         | Total                Stockholders' Deficit       |      | (515,872)  |         | (383,571)  |
| TOTAL                LIABILITIES AND STOCKHOLDERS' DEFICIT                                                                                                                 | $1,774,900                                                   |                                             | 1,704,348 |

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**THE      BLACKHAWK FUND**

**STATEMENTS      OF OPERATIONS**

**For      the Three Months and Six Months**

**Ended      June 30, 2007 and 2006**

**(Unaudited)**

|                                            |        |       | Three                Months Ended |         |       | Six                Months Ended |
|-------------------------------------------------|-------------|------------|-----------------------------------|--------------|------------|---------------------------------|
|                                            |        |       | June                30,           |         |       | June                30,         |
|                                            | 2007        | 2006       |                              | 2007         | 2006       |
| Revenue                                         |        | 173,150    | -                                 |         | 274,928    | -                               |
| Cost                of Sales                    |        | 180,331    | -                                 |         | 234,231    | -                               |
| Gross                Profit                     |        | (7,181)    |                              |         | 40,697     | -                               |
| Stock                for Services               |        | 180,336    |                              |         | 1,293,936  |                            |
| General                and Administrative       | 11,027      | 106,151    |                              | 169,976      | 139,094    |
| Interest                expense                 |        | 33,013     | 25,186                            |         | 83,021     | 28,451                          |
| Net                Loss                         | ($231,557)  | ($131,337) |                              | $(1,506,236) | ($167,545) |
|                                            |        |       |                              |         |       |
|                                            |        |       |                              |         |       |                            |
| Basic                and diluted loss per share | ($0.00)     | ($0.01)    |                              | ($0.01)      | ($0.02)    |
|                                            |        |       |                              |         |       |                            |
| Weighted                average shares          |        |       |                              |         |       |
| Outstanding                                     | 201,007,864 | 14,736,479 |                              | 143,516,136  | 10,678,620 |
|                                            |        |       |                              |         |       |                            |

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|                                                               |                                                       |                                               |                                                                                                                                       | 2007                                                                                                                           | 2006                                        |
|--------------------------------------------------------------------|------------------------------------------------------------|----------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------|
|                                                               |                                                       |                                               |                                                                                                                                       |                                                                                                                           |                                        |
| CASH                FLOWS FROM OPERATING ACTIVITIES                |                                                       |                                               |
|                                                               | Net                loss                                    |                                               |                                                                                                                                       | ($1,506,236)                                                                                                                   | ($167,545)                                  |
|                                                               | Adjustments                to reconcile net loss to net    |                                               |                                                                                                                                       |
|                                                               |                                                       | cash                used in operating activities:  |                                                                                                                                       |                                                                                                                           |
|                                                               |                                                       |                                               | Stock                issued for services                                                                                                   | 1,293,936                                                                                                                      | -                                           |
|                                                               |                                                       |                                               | Stock                option expense                                                                                                        | -                                                                                                                              | -                                           |
|                                                               |                                                       |                                               | Changes                in:                                                                                                                 |                                                                                                                           |                                        |
|                                                               |                                                       | Accounts                payable                    | 411                                                                                                                                        | (806)                                                                                                                          |
|                                                               |                                                       |                                               |                                                                                                                                       |                                                                                                                           |                                        |
| NET                CASH USED IN OPERATING ACTIVITIES               | (211,889)                                                  | (168,351)                                          |
|                                                               |                                                       |                                               |                                                                                                                                       |                                                                                                                           |                                        |
|                                                               |                                                       |                                               |                                                                                                                                       |                                                                                                                           |                                        |
| CASH                FLOWS FROM INVESTING ACTIVITIES                |                                                       |                                               |
|                                                               |                                                       | Advances                to related party           | -                                                                                                                                          | -                                                                                                                              |
|                                                               |                                                       | Purchase                of buildings, improvements | (82,300)                                                                                                                                   | (132,583)                                                                                                                      |
|                                                               |                                                       |                                               |                                                                                                                                       |                                                                                                                           |                                        |
| NET                CASH USED IN INVESTING ACTIVITIES               | (82,300)                                                   | (132,583)                                          |
|                                                               |                                                       |                                               |                                                                                                                                       |                                                                                                                           |                                        |
|                                                               |                                                       |                                               |                                                                                                                                       |                                                                                                                           |                                        |
|                                                               |                                                       |                                               |                                                                                                                                       |                                                                                                                           |                                        |
| CASH                FLOWS FROM FINANCING ACTIVITIES-Bank overdraft | 8,601                                                      |                                               |
|                                                               | Proceeds                from stock issuances/subscriptions | 80,000                                             | 187,853                                                                                                                                    |
|                                                               | Proceeds                from note payable - related party  | 193,840                                            | 158,001                                                                                                                                    |
|                                                               | Payments                on loan payable - related party    |                                               | (23,000)                                                                                                                                   |
|                                                               |                                                       |                                               |                                                                                                                                       |                                                                                                                           |                                        |
| NET                CASH PROVIDED BY FINANCING ACTIVITIES           | 282,441                                                    | 322,854                                            |
|                                                               |                                                       |                                               |                                                                                                                                       |                                                                                                                           |                                        |
| NET                CHANGE IN CASH                                  |                                                       | (11,748)                                           | 21,920                                                                                                                                     |
|                                                               |                                                       |                                               |                                                                                                                                       | ===========                                                                                                                    |                   =========  |
| CASH                BALANCES                                       |                                                       |                                               |                                                                                                                                       |                                                                                                                           |
|                                                               | -Beginning                of period                        |                                               | 11,748                                                                                                                                     | 12,709                                                                                                                         |
|                                                               |                                                       |                                               |                                                                                                                                       |                                                                                                                           |                                        |
|                                                               | -End                of period                              |                                               | 0                                                                                                                                          | 34,629                                                                                                                         |
|                                                               |                                                       |                                               |                                                                                                                                       | ===========                                                                                                                    | ==========                                  |
| Supplemental                disclosures:                           |                                                       |                                               |                                                                                                                                       |
|                                                               | Interest                paid                               |                                               | 59,680                                                                                                                                     | $23,177                                                                                                                        |
|                                                               | Income                taxes paid                           |                                               | $                                    - | $                                  - |
|                                                               |                                                       |                                               |                                                                                                                                       |                                                                                                                           |                                        |
| NON-CASH                INVESTING AND FINANCING ACTIVITIES         |                                                       |                                               |
|                                                               | Purchase                of fixed assets through financing  |                                               | $1,496,000                                                                                                                                 |

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**NOTE      1 - BASIS OF PRESENTATION**

**NOTE      2 - STOCK BASED COMPENSATION**

**NOTE      3 - PROPERTY - HELD FOR SALE**

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**THE      BLACKHAWK FUND**

**NOTES      TO FINANCIAL STATEMENTS**

**(unaudited)**

**NOTE      4 - COMMON STOCK**

**NOTE      5 - MORTGAGES PAYABLE**

**NOTE      6-RELATED PARTY TRANSACTIONS**

**NOTE      7-GOING CONCERN**

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**THE      BLACKHAWK FUND**

**NOTES      TO FINANCIAL STATEMENTS**

**(unaudited)**

**NOTE      8-SEGMENT INFORMATION**

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**ITEM      2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF      OPERATIONS.**

**FORWARD-LOOKING      INFORMATION**

**MANAGEMENT'S      PLAN OF OPERATIONS.**

**CURRENT      BUSINESS PLAN**

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**RESULTS      OF OPERATIONS**

**THREE      MONTHS ENDED JUNE 30, 2007 COMPARED TO THE THREE MONTHS ENDED JUNE      30,**
**2006.**

**SIX      MONTHS ENDED JUNE 30, 2007 COMPARED TO THE SIX MONTHS ENDED JUNE 30,      2006.**

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**LIQUIDITY      AND CAPITAL RESOURCES**

**CRITICAL      ACCOUNTING POLICIES**

**OFF-BALANCE      SHEET ARRANGEMENTS.**

**ITEM      3. CONTROLS AND PROCEDURES.**

 

 

 

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**PART      II - OTHER INFORMATION**

**ITEM      1. LEGAL PROCEEDINGS.**

**ITEM      2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF      PROCEEDS.**

**ITEM      3. DEFAULTS UPON SENIOR SECURITIES**

**ITEM      4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

**ITEM      5. OTHER INFORMATION**

**ITEM      6. EXHIBITS.**

 

**SIGNATURES**

**THE      BLACKHAWK FUND**

Executive      Officer and Director