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| Colorado                      |   | 000-51139                     |   | 13-4228144                             |
|-------------------------------|--------|-------------------------------|--------|----------------------------------------|
| (State      of Incorporation) |   | (Commission      File Number) |   | (IRS      Employer Identification No.) |

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Table of Contents

|                                         |                                                                                            | Page   |
|----------------------------------------------|-------------------------------------------------------------------------------------------------|--------|
| Item      1                                  | Financial      Statements (Unaudited)                                                           |   |
|                                         | Consolidated Balance SheetsMarch      31, 2009 and  December 31, 2008                 | 1      |
|                                         | Consolidated Statements of OperationsThree      months ended March 31, 2009 and 2008            | 2      |
|                                         | Consolidated Statements of Cash Flows – Three months      ended March 31, 2009 and 2008   | 3      |
|                                         | Consolidated Statement of Changes in Stockholders’      Equity – March 31, 2009     | 4      |
|                                         | Notes to Consolidated Financial    Statements                                                   | 5      |
| Item      2                                  | Management’s Discussion and Analysis of Financial      Conditionand Results of Operations | 22     |
| Item      3                                  | Quantitative and Qualitative Disclosures About Market      Risk                                 | 26     |
| Item      4                                  | Controls and Procedures                                                                         | 27     |
| Item      4T                                 | Controls and Procedures                                                                         | 27     |
|  PART      II – OTHER INFORMATION |                                                                                            |
| Item      1                                  | Legal Proceedings                                                                               | 30     |
| Item      2                                  | Changes in Securities                                                                           | 30     |
| Item      3                                  | Defaults Upon Senior Securities                                                                 | 31     |
| Item      4                                  | Submission of Matters to a Vote of Security      Holders                                        | 31     |
| Item      5                                  | Other      Information – Not      Applicable                                              | 31     |
| Item      6                                  | Exhibits                                                                                        | 31     |
|                                         | SIGNATURES                                                                                      | 32     |
| Exhibit 31                                   |                                                                                            | 33     |
| Exhibit 32                                   |                                                                                            | 35     |

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Consolidated Balance Sheets

|                                              |                                                   |                                                                                                                                                                                                |                                                                                                                |                                                                                                                | March      31, 2009 Unaudited                                           | December      31, 2008Audited                                     |
|---------------------------------------------------|--------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|-------------------------------------------------------------------|
| ASSETS:                                           |                                                   |                                                                                                                                                                                                |                                                                                                                |                                                                                                                |
|                                              | Current      Assets:                                   |                                                                                                                                                                                                |                                                                                                                |
|                                              |                                                   | Cash      and cash equivalents                                                                                                                                                                      |  $          657                                              |              874                                   |
|                                              |                                                   | Marketable      securities                                                                                                                                                                          |              123                                   |                    - |
|                                              |                                                   | S/T      Mortgages receivable - Net of allowance for bad debts of      $340  and $476 and unearned revenue of $0 and $6 on March 31,      2009 and December 31, 2008, respectively        |              789                                   |           2,197                                                   |
|                                              |                                                   | S/T      Note receivable - Jaguar Group LLC  net of $1,407 allowance on      March 31, 2009 and December 31, 2008 (Note 4)                                                                |                   -       |                    - |
|                                              |                                                   | Accrued      interest receivable                                                                                                                                                                    |                84                        |                 88                  |
|                                              |                                                   | Advances      receivable                                                                                                                                                                            |                  1             |                    - |
|                                              |                                                   | Income      taxes receivable                                                                                                                                                                        |              221                                   |                    - |
|                                              |                                                   | Prepaid      expenses                                                                                                                                                                               |                  4             |                 21                  |
|                                              | Total      Current Assets                              |          1,879                                                                                                                                         |            3,180                                             |
|                                              |   Property, equipment and      software, net |              112                                                                                                                   |               114                             |
|                                              | Other      Assets                                      |                                                                                                                                                                                                |                                                                                                                |
|                                              |                                                   | Notes      receivable - (Note 4) - Aegis/Grizzle                                                                                                                                                    |             450                                         |               450                             |
|                                              |                                                   | Investment      in Boston Property, net of impairment of $492 taken on December 31,      2008                                                                                                       |        2,531                                                                     |      2,315                                                                                 |
|                                              |                                                   | Other      real estate owned - net of impairment of $738 and $298 and accumulated      depreciation of $40 and $27 on March 31, 2009 and December 31, 2008,      respectively (Note 5)              |        3,595                                                                     |         3,288                                                               |
|                                              |                                                   | Other      assets                                                                                                                                                                                   |                22                        |                   3       |
|                                              |                                                   |                                                                                                                                                                                                |        Total      Other Assets                                                   |          6,598                                                         |            6,056 |
| TOTAL      ASSETS                                 |  $       8,589 |            9,350                                                                                                                             |
|                                              |                                                   |                                                                                                                                                                                                |                                                                                                                |                                                                                                                |                                                                    |                                                              |
| LIABILITIES      & STOCKHOLDERS' EQUITY:      |                                                   |                                                                                                                                                                                                |
|                                              | Current      Liabilities:                              |                                                                                                                                                                                                |                                                                                                                |
|                                              |                                                   | Accounts      payable                                                                                                                                                                               |  $          112                                              |               149                             |
|                                              |                                                   | Short      term borrowings  (Note 5)                                                                                                                                                      |          1,391                                                         |            1,391                                             |
|                                              |                                                   | Accrued      taxes payable (Notes 2, 10)                                                                                                                                                            |                 -                   |                 85                  |
|                                              |                                                   | Accrued      liabilities                                                                                                                                                                            |                24                        |                 38                  |
|                                              | Total      Current Liabilities                         |          1,527                                                                                                                                         |            1,663                                             |
|                                              | Minority      Interest in Subsidiary (Note 2)          |                  9                                                                                             |                    - |
|                                              |                                                   |                                                                                                                                                                                                |                                                                                                                | Total      Liabilities                                                                                              |          1,536             |           1,663 |
|                                              | Stockholders'      Equity:                             |                                                                                                                                                                                                |                                                                                                                |
|                                              |                                                   | Common      stock, $0.001 par value, 100,000,000 shares authorized, 8,894,057      and  9,019,057 shares issued and outstanding at March 31, 2009      and December 31, 2008 respectively |                9                         |                 9                   |
|                                              |                                                   | Additional      paid-in capital                                                                                                                                                                     |          8,830                                                         |            8,873                                             |
|                                              |                                                   | Accumulated      other comprehensive income (Note 2)                                                                                                                                                |               (2)                             |                    - |
|                                              |                                                   | Accumulated      (deficit)                                                                                                                                                                          |         (1,784)                                                             |          (1,195)                                                       |
|                                              |                                                   |                                                                                                                                                                                                |         Total      Stockholders' Equity                                     |          7,053                                                         |            7,687 |
| TOTAL      LIABILITIES & STOCKHOLDERS' EQUITY |  $       8,589 |            9,350                                                                                                                             |

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Consolidated Statements of Operations

|                                                                                | Three      Months Ended                                                                                                         |
|-------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|
|                                                                                | March      31, 2009                                                                                                             | March      31, 2008 RESTATED |
| Revenue                                                                             |  $             157                                        |                    289 |
|     Cost      of loan fees including facilities and commissions |                   72                  |                    186 |
| Gross      Profit                                                                   | 85                                                                                                                              |                    103 |
|                                                                                |                                                                                                                            |   |
| Operating      Expenses:                                                            |                                                                                                                            |   |
|     General      and administrative                             |                 605                             |                    610 |
|     Depreciation      and amortization                          |                 16                              |                       8 |
|         Total      operating expenses       |                 621                             |                    618 |
| Loss      from operations                                                           |               (536)                                       |                   (515) |
|                                                                                |                                                                                                                            |   |
| Other      income (expense)                                                         |                                                                                                                            |   |
|    Impairments                                                       | (140)                                                                                                                           | - |
|    Gain      on sale of BPZ investment                               |                      - |                 2,487 |
|    Interest      income                                              |                     4       |                     33 |
|    Interest      (expense)                                           |                 (29)                            |                    (31) |
|         Other income (expense)                                            | 50                                                                                                                         | (64)  |
|    Total      other income                                           |              (115)                                             |             2,425 |
| Net      (Loss) Income before taxes                                                 |               (651)                                       |                 1,910 |
|                                                                                |                                                                                                                            |   |
|    Income      Taxes                                                 |                                                                                                                            |   |
| Income      tax (expense) benefit  (Notes 2, 10)                          |                   62                  |                   (713) |
| Net      (Loss) Income                                                              |  $           (589)                                                  |                 1,197 |
|                                                                                |                                                                                                                            |   |
| (Loss)      Earnings Per Share:                                                     |                                                                                                                            |   |
|     Basic                                                       |  $          (0.07)                                                       |                   0.13 |
|                                                                                |                                                                                                                            |   |
| Weighted      Average Shares Outstanding:                                           |                                                                                                                            |   |
|    Basic                                                             | 8,957                                                                                                                           | 9,093 |

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Consolidated Statements of Cash Flows

|                                                        |                                                                                                                                     |                                                                                                                                                    | For      the Three Months Ended March 31,                                                                                                                           |
|-------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                        |                                                                                                                                     |                                                                                                                                                    | 2009                                                                                                                                                                | 2008      RESTATED |
| Cash      Flows from Operating Activities:                  |                                                                                                                                     |                                                                                                                                                    |
|                                                        | Net      Income (Loss)                                                                                                                   |  $                 (589)                                      |  $                 1,197                                                  |
|                                                        | Adjustments      to reconcile net income (loss) to net cash used in operating      activities:                                           |                                                                                                                                                    |
|                                                        |                                                                                                                                     | Depreciation                                                                                                                                            |                        16                        |                           8 |
|                                                        |                                                                                                                                     | (Decrease)      in bad debt allowance on note receivable                                                                                                |                     (136)                                       |                            - |
|                                                        |                                                                                                                                     | Increase      in impairments on real estate owned                                                                                                       |                      440                                   |                        164 |
|                                                        |                                                                                                                                     | Gain      on sale investments                                                                                                                           |                       (64)                            |                    (2,487) |
|                                                        |                                                                                                                                     | Option      expense                                                                                                                                     |                        25                        |                            - |
|                                                        |                                                                                                                                     | Minority      interest                                                                                                                                  |                          9             |                            - |
|                                                        | Changes      in operating assets and liabilities:                                                                                        |                                                                                                                                                    |                                                                                                                                                                |
|                                                        |                                                                                                                                     | Deferred      Revenue                                                                                                                                   |                         (6)                 |                         77 |
|                                                        |                                                                                                                                     | Prepaid      expenses and other assets                                                                                                                  |                        16                        |                         22 |
|                                                        |                                                                                                                                     | Short      term loans receivable                                                                                                                        |                      695                                   |                      (878) |
|                                                        |                                                                                                                                     | Income      tax receivable                                                                                                                              |                     (221)                                       |                            - |
|                                                        |                                                                                                                                     | Accrued      interest and advances                                                                                                                      |                          4             |                         15 |
|                                                        |                                                                                                                                     | Accounts      payable                                                                                                                                   |                       (36)                            |                            - |
|                                                        |                                                                                                                                     | Accrued      liabilities and other                                                                                                                      |                       (99)                            |                        560 |
| Net      Cash Provided by/(Used in) Operating Activities    | 54                                                                                                                                       |                   (1,322)                                     |
|                                                        |                                                                                                                                     |                                                                                                                                                    |                                                                                                                                                                |   |
| Cash      Flows from Investing Activities:                  |                                                                                                                                     |                                                                                                                                                    |
|                                                        | Investments      (increased)/decreased                                                                                                   |                                                                                                                                                    |                                                                                                                                                                |
|                                                        |                                                                                                                                     | Boston      real estate                                                                                                                                 |                    (216)                                             |                      (251) |
|                                                        |                                                                                                                                     | Jaguar      note receivable                                                                                                                             |                          -             |                      (307) |
|                                                        |                                                                                                                                     | Marketable      securities purchased                                                                                                                    |                (37,539)                                                                  |                   (1,074) |
|                                                        |                                                                                                                                     | Proceeds      from  marketable securities sold                                                                                                |                  37,416                                                        |                     4,042 |
|                                                        |                                                                                                                                     | Proceeds      from REO property sold                                                                                                                    | 136                                                                                                                                                                 | - |
|                                                        | Increase      in fixed assets                                                                                                            |                       (3)                 |                        (43)                      |
|                                                        | Proceeds      from fixed assets sold                                                                                                     | 3                                                                                                                                                       | -                                                                                                                                                                   |
| Net      Cash Provided by/(Used in) Investing Activities    |                     (203)            |                     2,367                           |
|                                                        |                                                                                                                                     |                                                                                                                                                    |                                                                                                                                                                |   |
| Cash      Flows from Financing Activities:                  |                                                                                                                                     |                                                                                                                                                    |
|                                                        | Increase      in short term borrowings                                                                                                   |                          - | 705                                                                                                                                                                 |
|                                                        | Option      exercise proceeds                                                                                                            |                          - |                           5       |
|                                                        | Retirement      of Common Stock                                                                                                          |                       (68)                |                            - |
| Net      Cash Provided by/(Used in) Financing Activities    |                       (68) |                        710           |
| Net      Increase (Decrease) in Cash & Cash Equivalents |                     (217)            |                     1,755                           |
| Beginning      Cash & Cash Equivalents                  |                      874        |                     1,407                           |
| Ending      Cash & Cash Equivalents                     |  $                  657                   |  $                 3,162                                      |
| Supplemental      Disclosure of Cash Flow Information       |                                                                                                                                     |                                                                                                                                                    |
|                                                        | Non      cash settlement on short term mortgages and transfers                                                                           |                                                                                                                                                    |                                                                                                                                                                |
|                                                        |                                                                                                                                     |  to      REO, net of impairment recapture                                                                                                          |  $                  482                                              |  $                    261 |
|                                                        | Cash      paid for Interest                                                                                                              |  $                    29                       |  $                      15                       |
|                                                        | Cash      paid for Income Taxes                                                                                                          |  $                  239                                  |  $                    103                                  |

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CONSOLIDATED STATEMENT OF STOCKHOLDER'S EQUITY

|                                          |                                                                      |                                                                      |                                                          |                                                          |                                                                |                                                                            |                                                                                                | Accumulated                                                                                         |                                                                              |                                                                                        |                                                                  |                                                                                        |
|-----------------------------------------------|---------------------------------------------------------------------------|---------------------------------------------------------------------------|---------------------------------------------------------------|---------------------------------------------------------------|---------------------------------------------------------------------|---------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|---------------------------------------------------------------------------------------------|
|                                          |                                                                      | Voting                                                                    |                                                          | Additional                                                    |                                                                | Other                                                                           |                                                                                                |                                                                                                |                                                                              |                                                                                        |
|                                          |                                                                      | Common      Stock                                                         |                                                          | Paid-in                                                       |                                                                | Comprehensive                                                                   |                                                                                                | Accumulated                                                                                         |                                                                              | Stockholder                                                                                 |
|                                          |                                                                      | Shares                                                                    |                                                          | Amount                                                        |                                                                | Capital                                                                         |                                                                                                | Income                                                                                              |                                                                              | (Deficit)                                                                                   |                                                                  |        Equity                                                                          |
| Balance,      December 31, 2006 (as restated) |       7,950                                 | $                                                                         |           8 | $                                                             |       8,210                           | $                                                                               |            1,483                             | $                                                                                                   |          (3,678)                     | $                                                                                           |         6,023                 |
|                                          |                                                                      |                                                                      |                                                          |                                                          |                                                                |                                                                            |                                                                                                |                                                                                                |                                                                              |                                                                                        |                                                                  |                                                                                        |
| Net      income                               |             - |                                                                      |          -       |                                                          |            - |                                                                            |                 -   |                                                                                                |           2,301                 |                                                                                        |         2,301                 |
|                                          | Options      exercised                                                    |      1,000                                       |                                                          |           1 |                                                                |            49            |                                                                                                |                 -   |                                                                              |                - |                                                                  |              50            |
|                                          | Correct      BPZ transaction                                              |            33      |                                                          |          -       |                                                                |              2 |                                                                                                |                 -   |                                                                              |                - |                                                                  |                2 |
|                                          | Correct      private placement                                            |            9       |                                                          |          -       |                                                                |            -             |                                                                                                |                 -   |                                                                              |                - |                                                                  |              -             |
|                                          | Legacy      Option Exercise                                               |             - |                                                          |          -       |                                                                |          647                       |                                                                                                |                 -   |                                                                              |                - |                                                                  |            647                       |
|                                          | Retirement      of stock - Armijo settlement                              |         (68)                      |                                                          |          -       |                                                                |        (150)                                 |                                                                                                |                 -   |                                                                              |                - |                                                                  |           (150)                           |
|                                          | Gain      on marketable securities                                        |             - |                                                          |          -       |                                                                |            -             |                                                                                                |                95        |                                                                              |                - |                                                                  |              95            |
| Balances,      December 31, 2007              |  8,924                                                               | $                                                                         | 9                                                             |                                                          | 8,758                                                               |                                                                            | 1,578                                                                                               |                                                                                                | (1,377)                                                                           |                                                                                        | 8,968                                                                 |
|                                          |                                                                      |                                                                      |                                                          |                                                          |                                                                |                                                                            |                                                                                                |                                                                                                |                                                                              |                                                                                        |                                                                  |                                                                                        |
| Net      Income                               |             - |                                                                      |          -       |                                                          |            - |                                                                            |                 -   |                                                                                                |              182 |                                                                                        |            182 |
|                                          | Options      exercised                                                    |          100                 |                                                          |          -       |                                                                |              5 |                                                                                                |                 -   |                                                                              |                - |                                                                  |                5 |
|                                          | Change      in unrealized gains                                           |             - |                                                          |          -       |                                                                |            -             |                                                                                                |           (1,578)                                 |                                                                              |                - |                                                                  |        (1,578)                                           |
|                                          | Options      issued                                                       |             - |                                                          |          -       |                                                                |          114                       |                                                                                                |                 -   |                                                                              |                - |                                                                  |            114                       |
|                                          | Retirement      of Stock- open market purchases                           |          (5)                 |                                                          |          -       |                                                                |           (4)                 |                                                                                                |                 -   |                                                                              |                - |                                                                  |               (4)     |
| Balances,      December 31, 2008              |     9,019                                             | $                                                                         | 9                                                             |                                                          | 8,873                                                               |                                                                            | -                                                                                                   |                                                                                                | (1,195)                                                                           |                                                                                        | 7,687                                                                 |
|                                          |                                                                      |                                                                      |                                                          |                                                          |                                                                |                                                                            |                                                                                                |                                                                                                |                                                                              |                                                                                        |                                                                  |                                                                                        |
| Net      (Loss)                               |             - |                                                                      |          -       |                                                          |            - |                                                                            |                 -   |                                                                                                |             (589)     |                                                                                        |           (589)     |
|                                          | Stock-based      compensation expense                                     |             - |                                                          |          -       |                                                                |            25            |                                                                                                |                 -   |                                                                              |                - |                                                                  |              25            |
|                                          | Retirement      of Stock - open market purchases                          |        (125)                           |                                                          |          -       |                                                                |          (68)                      |                                                                                                |                 -   |                                                                              |                - |                                                                  |             (68)                |
|                                          | Gain      (loss) on marketable securities                                 |             - |                                                          |          -       |                                                                |            -             |                                                                                                |                 (2) |                                                                              |                - |                                                                  |               (2)     |
| Balances,      March 31, 2009                 |     8,894                                             | $                                                                         |           9 | $                                                             |       8,830                           | $                                                                               |                 (2) | $                                                                                                   |          (1,784)                     | $                                                                                           |         7,053                 |

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

| ·   | Creating      or acquiring a controlling interest in development stage enterprises with      the expectation of further developing the enterprise and then taking the      enterprise public.  The Company generally focuses on developing      one enterprise at a time to take public.  The Company is      developing to take public is Northsight, Inc. (Northsight”) its wholly      owned subsidiary.  Northsight is registered as a mortgage broker      in Arizona and Colorado.  Northsight is actively seeking to      merge with a mortgage bank. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Originating      and self funding short term first lien mortgage loans to purchasers of      discounted residential real estate that are rehabilitating the properties      and resell or rent the properties. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Purchasing      and rehabilitating for its own account discounted residential real estate      to resell or rent through Southie Development, LLC. (“Southie”), a wholly      owned subsidiary. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Trading      public securities solely for the Company’s own account (“Trading      Account”).  Trading is limited to no more than 35% of net      tangible shareholder equity.  The Trading Account was 5.2% of      net shareholder equity as of December 31,2008. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Asset      Type                       | Life      in Years | March      31, 2009 | December      31, 2008 |
|---------------------------------------|--------------------|---------------------|------------------------|
| Office      equipment & Furniture | 5 –      7   | $      95,000       | $      92,000          |
| Computers                             | 3                  | 93,000              | 96,000                 |
| Website                               | 3                  | 2,000               | 2,000                  |
| Subtotal                              |               | $      190,000      | 190,000                |
| Less      Accumulated Depreciation    |               | (78,000)            | (76,000)               |
| Net      Book Value                   |               | $      112,000      | $      114,000         |

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| Note      From                         | Due                | Principal      Amount | Annual      Interest rate | Accrued      Interest | Security                                      |
|----------------------------------------|--------------------|-----------------------|---------------------------|-----------------------|-----------------------------------------------|
| Robert      Grizzle                    | Oct      17, 2009  | $450,000              | 8%                        | $69,000               | Shares      and options in Navidec and Aegis  |
| Welend-Jaguar                          | June      13, 2008 | $1,100,000            | 0%                        | $-0-                  | Junior      security in residential mortgages |
| Various      short term home mortgages | Various            | $1,129,000            | 9.95%      to 14%         | $15,000               | First      mortgage                           |

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|                               |                               | For      the Three Months Ended March 31, 2009                 |                                                                      | For      the Three Months Ended March 31, 2008                                        |
|------------------------------------|------------------------------------|----------------------------------------------------------------|---------------------------------------------------------------------------|---------------------------------------------------------------------------------------|
|                               |                               |                                                           | (In      thousands)                                                       |                                                                                  | (In      thousands)  RESTATED |
|                               |                               |                                                           | Navidec      Financial Services                                           |                                                                                  | Northsight,      Inc. |   | Southie,      LLC |   | Legendary      Investment Group, LLC |   | Navidec      Financial Services |   | Northsight,      Inc. |   | Southie,      LLC |   | Legendary      Investment Group, LLC |
| Revenue                            |                               |                                                           |                                                                      |                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                               | Loan      fees, interest and other | $                                                              |           35            | $                                                                                     |           106 | $ |         5 | $ |              11 | $ |             1 | $ |           288 | $ |             - | $ |               - |
|                               | Cost      of Services              |                                                           |             - |                                                                                  |          (53) |   |       (12) |   |              (7) |   |             - |   |         (186) |   |             - |   |               - |
| Gross      Profit                  |                               |           35 |                                                                      |            53                  |   |         (7) |   |               4 |   |            1 |   |           102 |   |             - |   |               - |
|                               |                               |                                                           |                                                                      |                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Operating Expenses      |                               |         390            |                                                                      |           134                       |   |         54 |   |              25 |   |         234 |   |           384 |   |             - |   |               - |
|                               |                               |                                                           |                                                                      |                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other      Income/(Expense)        |                               |                                                           |                                                                      |                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                               | Gain      on sale of investments   |                                                           |           67            |                                                                                  |               - |   |             - |   |                - |   |      2,487 |   |               - |   |             - |   |               - |
|                               | Impairments      and depreciation  |                                                           |         297                       |                                                                                  |               - |   |   (453) |   |   |   |             - |   |            (13) |   |             - |   |               - |
|                               | Other      income/(expense)        |                                                           |         (17)                      |                                                                                  |               - |   |      (27) |   |                - |   |        (49) |   |               - |   |             - |   |               - |
| Total      Other Income/(Expense)  |                               |         347            |                                                                      |               - |   |    (480) |   |                - |   |      2,438 |   |            (13) |   |             - |   |               - |
|                               |                               |                                                           |                                                                      |                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      Taxes (Expense)/Credit |                               |          (7)      |                                                                      |            28                  |   |         34 |   |               7 |   |       (713) |   |               - |   |             - |   |               - |
| Net      Income (Loss)             | $                                  |          (15)     | $                                                                         |       (53)                                              | $ |    (507) | $ |             (14) | $ |      1,492 | $ |          (295) | $ |             - | $ |               - |

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| ·   | Trading      profits, at the time of purchase of Company stock, realized during the      present fiscal year on all securities traded by Navidec;  or |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | An      amount equal to a maximum of one percent (1%) of Navidec tangible net      assets; or |
|--------------------|-----------------------------------------------------------------------------------------------|

| ·   | An      amount of re-purchase not to exceed$500,000. |
|--------------------|------------------------------------------------------|

|                                 | Navidec       | Northsight |
|--------------------------------------|---------------|------------|
| Expected      stock price volatility | 43%           | 43%        |
| Risk-free      interest rate         | 2.64%         | 2.64%      |
| Expected      option life (years)    | 3.8      to 6 | 6          |
| Expected      annual dividend yield  | 0%            | 0%         |

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|                                         | Shares          | Weighted      AverageExercise      Price |
|----------------------------------------------|-----------------|------------------------------------------|
| Outstanding,      January 1, 2008            | 3,681,510       | $1.18                                    |
| Granted                                      | 760,000         | $2.00                                    |
| Cancelled                                    | (400,000)       | $1.00                                    |
| Expired                                      | -               | -                                        |
| Exercised                                    | (      100,000) | $      0.05                              |
| Outstanding,  January      1, 2009 | 3,941,510       | $      1.33                              |
| Granted                                      | -               | -                                        |
| Cancelled                                    | -               | -                                        |
| Expired                                      | -               | -                                        |
| Exercised                                    | -               | -                                        |
| Outstanding,      March 31, 2009             | 3,941,510       | $      1.33                              |
| Options      Exercisable , March 31, 2009    | 3,248,177       | $      1.16                              |

|                                         | Shares    | Weighted      AverageExercise      Price |
|----------------------------------------------|-----------|------------------------------------------|
| Outstanding,      January 1, 2008            | -         | -                                        |
| Granted                                      | 1,200,000 | -                                        |
| Cancelled                                    | (617,223) | -                                        |
| Expired                                      | -         | -                                        |
| Exercised                                    | -         | -                                        |
| Outstanding,  January      1, 2009 | 582,777   | $0.50                                    |
| Granted                                      | -         | -                                        |
| Cancelled                                    | -         | -                                        |
| Expired                                      | -         | -                                        |
| Exercised                                    |  -   | -                                        |
| Outstanding,      March 31, 2009             | 582,777   | $      0.50                              |
| Options      Exercisable , March 31, 2009    | 222,276   | $      0.50                              |

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| Number      of commonshares      covered by warrants | Exercise      Price | Expiration      Date |
|------------------------------------------------------|---------------------|----------------------|
| 1,332,500                                            | $      4.00         | August      2010     |
| 1,332,500                                            | 2.00                | August      2010     |
|     150,000                      | 1.00                | July      2010       |
| 2,815,000                                            |                |                 |

| Period | Amount      Due |
|--------|-----------------|
| 2009   | $137,000        |
| 2010   | $105,000        |
| 2011   | $12,000         |

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| Period | Amount      Due |
|--------|-----------------|
| 2009   | $      20,000   |
| 2010   | $      6,000    |
| 2011   | $      5,000    |

| Federal      Rate                  | 34.00%  |
|------------------------------------|---------|
| State      Rate                    | 4.63%   |
| Federal      benefit of State Rate | (1.57)% |
| Net      Effective Rate            | 37.06%  |

| (in      thousands)                          |         |
|----------------------------------------------|--------------|
| Book      loss                               | $      (651) |
| Adjustments      to increase taxable income: |         |
| Non-deductible      impairments              | 440          |
| Stock      option expense                    | 25           |
| Other      increases                         | 19           |
| Adjustments      to decrease taxable income: | -            |
| Taxable      Income (Loss)                   | $      (167) |
| Tax      (benefit) at net effective rate     | $      (62)  |
| Prior      payments                          | 159          |
| Requested      refund                        | $      221   |

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ITEM 2. 

| -   | Northsight,      Inc. (“Northsight”) is 98% owned by the      Company.   Northsight is focused on the Arizona (through      its subsidiary Northsight, Mortgages Group, LLC) and Colorado mortgage      markets and is primarily engaged in the business of marketing and      brokering mortgages secured by real estate with an emphasis on providing      credit worthy individuals with interim financing for the purchase of      repossessed or auctioned residentialproperties. |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Southie      Development, LLC (Southie) is a wholly-owned subsidiary of Northsight. The      purpose of Southie is to develop residential real estate for resale and to      own and manage residential real estate acquired via default of real estate      loans owned by the Company.  Once a real estate loan defaults,      the Company transfers the property to Southie for development and      management.   As part of the management and development of      the properties transferred to it, Southie honors any existing residential      leases, will potentially expend monies for rehabilitation of the property      with the goal of selling the property in a short time period, usually less      than one year. |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Legacy      Investment Group, LLC (Legacy) is a wholly-owned subsidiary of      Northsight.  The purpose of Legacy is to provide property      management and real estate brokerage services in the Phoenix AZ      marketplace. |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | Trading      profits, at the time of purchase of Company stock, realized during the      present fiscal year on all securities traded by Navidec;  or |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | An      amount equal to a maximum of one percent (1%) of Navidec tangible net      assets; or |
|--------------------|-----------------------------------------------------------------------------------------------|

| ·   | An      amount of re-purchase not to exceed$500,000. |
|--------------------|------------------------------------------------------|

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| Allowance      for short term mortgages receivables | $340,000       |
|-----------------------------------------------------|----------------|
| Allowance      for Real Estate Owned                | $738,000       |
| Allowance      for Boston Property (Thomas Park)    | $      492,000 |
| Allowance      for amounts owed from Jaguar         | $1,407,000     |

ITEM 3.

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ITEM 4. 

ITEM 4T.

|   | (i) | pertain      to the maintenance of records that, in reasonable detail, accurately and      fairly reflect the transactions and dispositions of our      assets; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | provide      reasonable assurance that transactions are recorded as necessary to permit      preparation of financial statements in accordance with generally accepted      accounting principles, and that our receipts and expenditures are being      made only in accordance with authorizations of our management and      directors; and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | provide      reasonable assurance regarding prevention or timely detection of      unauthorized acquisition, use or disposition of our assets that could have      a material effect on our financialstatements. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | An      inability to ensure there is timely analysis and review of accounting      records, spreadsheets, and supporting data;and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| ·   | an      inability to effectively monitor access to, or maintain effective controls      over changes to, certain financial application programs and related      data. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | we      have authorized the addition of additional staff members to the finance      department to ensure that there are sufficient resources within the      department to prepare our financial statements and disclosures in      accordance with accounting principles generally accepted in the United      States of America; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | we      are in the process of analyzing our processes for all business units and      the establishment of formal policies and procedures with necessary      segregation of duties, which will establish mitigating controls to      compensate for the risk due to lack of segregation of duties.,      and  |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | we      are utilizing an accounting system with audit  trails; |
|--------------------|----------------------------------------------------------------|

| ·   | after      issuance of quarterly and yearly financials, we password protect any      subsequent accounting entries which must be approved by the Controller, or      a more senor staff or officer; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | we      have implemented a system to scan source documents into the accounting      system; |
|--------------------|---------------------------------------------------------------------------------------------|

| ·   | check      requests and journal entries over a set amount must be      approved; |
|--------------------|----------------------------------------------------------------------------------|

| ·   | the      controller approves checks to be paid before the final check signatures,      and |
|--------------------|--------------------------------------------------------------------------------------------|

| ·   | we      are beginning segregating important finance and accounting functions such      as check reconciliation andapprovals. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------|

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ITEM 1. 

ITEM 2.

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| Period                                               | Total      number of shares purchased (1) | Average      price paid per share | Total      number of shares purchased as part of publicly announced plans or programs      (2) |
|------------------------------------------------------|-------------------------------------------|-----------------------------------|------------------------------------------------------------------------------------------------|
| January      1, 2009 through January      31, 2009   | 87,826                                    | $0.64                             | 93,352                                                                                         |
| February      1, 2009 through February      28, 2009 | 12,174                                    | $0.55                             | 105,526                                                                                        |
| March      1, 2009 through March      31, 2009       | 25,000                                    | $0.35                             | 130,526                                                                                        |
|      TOTAL                  | 125,000                                   | $0.55                             | 130,526                                                                                        |

| (1)   |  The      Company purchased all 125,000 shares of its publicly traded common stock      in open market transactions.  The common shares were not      purchased any plan or program, nor were the purchases publicly announced      prior to purchase. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   |  On      March 11, 2009 the Company’s Board approved past purchases and future      purchases of the Company’s stock on the open market with the following      parameters: |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a.   | Trading      profits, at the time of purchase of Company stock, realized during the      present fiscal year on all securities traded by Navidec;  or |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | An      amount equal to a maximum of one percent (1%) of Navidec tangible net      assets; or |
|----------------|-----------------------------------------------------------------------------------------------|

| c.   | An      amount of re-purchase not to exceed$500,000. |
|----------------|------------------------------------------------------|

ITEM 3. 

ITEM 4.

ITEM 5. 

ITEM 6.

| Exhibit      31 | Certification      of Chief Executive Officer pursuant to Section 302 of  the      Sarbanes-Oxley Act  |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|
| Exhibit      32 | Certification      of Principal Executive Officer pursuant to Section 906  of the      Sarbanes-Oxley Act   |

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SIGNATURES

|                                            | NAVIDEC      FINANCIAL SERVICES, INC.(Registrant)      |
|-------------------------------------------------|-------------------------------------------------------------|
|   Dated:      May 14,  2009 |   By:      /s/ John McKowen                       |   |
|                                            | John      McKowen, President & Chief Accounting Officer |   |

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Exhibit 31

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|   Dated:      May 14, 2009 |   By:      /s/ John McKowen                        |
|--------------------------------------|--------------------------------------------------------------|
|                                 | John      McKowen, President & Chief Accounting  Officer |

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EXHIBIT 32

|   Dated:      May 14, 2009 |   By:      /s/ John McKowen                        |
|--------------------------------------|--------------------------------------------------------------|
|                                 | John      McKowen, President & Chief Accounting  Officer |

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