UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C. 20549

                                 FORM 10-KSB
                                 -----------

(Mark One)
[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

    For the Fiscal Year ended September 30, 2007
                              ------------------

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

    For the transition period from ________ to _________

                        Commission file number 0-8463
                                               ------

                          PISMO COAST VILLAGE, INC.
                ---------------------------------------------
               (Name of small business issuer in its charter)

                   California                       95-2990441
         ---------------------------------     ---------------------
         (State or other jurisdiction          (IRS Employer ID No.)
         of incorporation or organization)

            165 South Dolliver Street, Pismo Beach, CA    93449
            ---------------------------------------------------
           (Address of Principal Executive Offices)   (Zip Code)

                 Issuer's telephone number (805)773-5649
                                           -------------

        Securities registered under Section 12(b) of the Exchange Act:

         Title of Each Class                 Name of Each Exchange
                                              on Which Registered
         -------------------                 ---------------------
                 N/A                                   N/A

        Securities registered under Section 12(g) of the Exchange Act:

                                Common Stock
                                ------------
                              (Title of Class)

Check whether the issuer is not required to file reports pursuant to Section
13 or 15(d) of the Exchange Act. [ ]

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


<PAGE>

Check if there is no disclosure of delinquent filers in response to Item 405
of Regulation S-B contained in this form, and no disclosure will be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB.  [ ]

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

State issuer's revenues for its most recent fiscal year.  $5,402,890

State the aggregate market value of the voting and non-voting common equity
held by non-affiliates computed by reference to the price at which the common
equity was sold, or the average bid and asked price of such common equity, as
of the last business day of the registrant's most recently completed fiscal
quarter.   $56,512,000

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

Check whether the issuer has filed all documents and reports required to be
filed by Section 12, 13, or 15 (d) of the Exchange Act after the distribution
of securities under a plan confirmed by a court. YES [ ]  NO [ ]

                  (APPLICABLE ONLY TO CORPORATE REGISTRANTS)

State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date.   1,800

                     DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's Notice of 2008 Definitive Proxy Statement for the
Annual Meeting of Shareholders to be held January 19, 2008 are incorporated by
reference into Part III.

Transitional Small Business Disclosure Format:  (Check one): YES [ ]  NO [X]


                                 FORM 10-KSB
                                    PART I

ITEM 1. DESCRIPTION OF BUSINESS

a. BUSINESS DEVELOPMENT
Pismo Coast Village, Inc., the "Registrant" or the "Company," was incorporated
under the laws of the State of California on April 2, 1975. The Company's sole
business is owning and operating a recreational vehicle resort (hereinafter
the "Resort") in Pismo Beach, California. The Resort has continued to enhance
its business by upgrading facilities and services to better serve customers.

b. BUSINESS OF ISSUER
The Company is engaged in only one business, namely, the ownership and
operation of the Resort. The Company generates revenue from rental of camping
sites, recreational vehicle storage, recreational vehicle repair and retail
sales from a general store and recreational vehicle parts store. Accordingly,
all of the revenues, operating profit (loss) and identifiable assets of the
Company are attributable to a single industry segment.


<PAGE>


Pismo Coast Village, Inc. is a full-service 400 space recreational vehicle
resort. Its resort operations include site rentals, RV storage business, video
arcade, Laundromat, and other income sources related to the operation. The
retail operations include a general store, RV parts store, and RV repair shop.
In addition, the Company has a recreation department that provides a youth
program and recreational equipment rentals.

PUBLIC AND SHAREHOLDER USERS
The present policy of the Company is to offer each shareholder the opportunity
for 45 days of free use of sites at the Resort, 25 days may be used during
prime time and 20 days during non-prime time. The free use of sites by
shareholders is managed by designating the nights of the year as prime time
and non-prime time. A prime time night is one that is most in demand, for
example, Memorial Day Weekend and the period from mid-June until Labor Day.
Non-prime time is that time with the least demand. Each shareholder is
furnished annually a calendar that designates the prime and non-prime time
days; it also provides a schedule of when reservations can be made and the
procedure for making reservations. Shareholder's free use of sites average
approximately 21% to 24% annually (refer to Item 6. Result of Operations MD&A,
page 9).

SEASONAL ASPECTS OF BUSINESS
The business of the Company is seasonal and is concentrated during prime days
of the year which are defined as follows: President's Day Weekend, Easter
week, Memorial Day Weekend, summer vacation months, Labor Day, Thanksgiving
Weekend and Christmas vacation.

WORKING CAPITAL REQUIREMENTS
By accumulating reserves during the prime seasons, the Company is able
generally to meet its working capital needs during off-season. Industry
practice is to accumulate funds during the prime season, and use such funds,
as necessary, in the off-season. The Company has arranged, but not used, a
$500,000 line of credit to ensure funds are available, if necessary, in the
off-season.

COMPETITION
The Company is in competition with nine other RV parks located within a
five-mile radius. Since its property is the only property located adjacent to
the beach, it has a competitive edge. The Company is recognized as a
recreational vehicle resort rather than a park because of its upgraded
facilities and amenities which include 31 Channels of Satellite TV, high-speed
wireless Internet service throughout the property, a heated pool, a miniature
golf course and a recreational program. The Resort is noted for its ability to
provide full service which includes RV storage and RV repair and service. The
Resort is consistently given high ratings by industry travel guides based on
resort appearance, facilities offered, and recreational programs. In November
2007, Pismo Coast Village RV Resort was awarded the designation of 2007/2008
RV Park of the Year, Large Park Category, by the National Association of RV
Parks and Campgrounds (ARVC)which has a membership of more than 3,900
properties. Pismo Coast Village RV Resort also received national Park of the
Year honors in 1999, 1997, and 1995. In Fiscal Year 2004, Pismo Coast Village,
Inc., was awarded the designation of RV Park of the Year, Mega Park Category
2004, by the California Travel Parks Association (CTPA). These factors allow
the Resort to price its site rental fees above most of its competition based
on perceived value received.


<PAGE>


Competition for the tourist market is keen between the cities on the Central
Coast of California. Resort management and staff are involved with the City of
Pismo Beach, Chamber of Commerce, Conference and Visitors Bureau, and are
major sponsors in cooperative events and advertising. The Resort continues to
market off-season discounts and place advertisements in trade publications and
industry directories. In addition, the Company places its brochure with
companies selling or renting recreational vehicles and has found the Resort's
Internet web page to be very effective. The marketing program also targets
groups and clubs by offering group discounts, meeting facilities, and catering
services. The Company's marketing plan was funded by $52,879 for Fiscal Year
2007 which was developed out of operating revenues. The major source of the
Company's business is repeat business, which has been developed by attention
to good customer service and providing quality recreational facilities.

ENVIRONMENTAL REGULATION
The Company is affected by federal, state and local antipollution laws and
regulations. Due to the nature of its business operations (camping, RV storage
and small retail store sales) the discharge of materials into the environment
is not considered to be of a significant concern, and the EPA has not
designated the Company as a potentially responsible party for clean up of
hazardous waste.

The main property of the Resort is located within the boundaries of those
lands under the review and purview of the Coastal Commission of the State of
California and the City of Pismo Beach. The water and sewer systems are
serviced by the City of Pismo Beach. The Company was subject to state and
federal regulations regarding the Fiscal Year 1996 reconstruction of an
outflow structure that empties into Pismo Creek at the north boundary of the
Resort. Because the Resort is within the wetlands area, the California Coastal
Commission required permits for repair and construction to be reviewed by the
following agencies: City of Pismo Beach, State Lands Commission, Regional
Water Quality Board, State of California, California Department of Fish and
Game, State Department of Parks and Recreation and the Army Corps of
Engineers. The requirement for these permits involved the diversion of capital
from operations, but did not increase cost of debt financing.

EMPLOYEES
As of September 30, 2007, the Company employed approximately 57 people with 28
of these on a part-time basis and 29 on a full-time basis. Due to the seasonal
nature of the business, additional staff is needed during peak periods and
fewer during the off-season. Staffing levels during the fiscal year ranged
from approximately 50 employees to 64 employees. Management considers its
labor relations to be good.

ADDITIONAL INFORMATION
The Company has remained conservative when considering rates and rate
increases. As a result of experiencing increasing operational expenses and
conducting a local comparative rate study, the Board voted to increase RV
storage rates effective April 1, 2006. The new storage rate increased the
monthly base rate $6, or 15.7%, per unit. The Board also elected to increase
the summer prime time site rental rate from $47 to $49 per night effective
October 1, 2006. The 2007 08 Fiscal Plan does not include rate increases for
RV storage, however, there is a two dollar per night site rental rate increase
effective January 1, 2008. It is anticipated the proposed rates will continue
to market site usage at is highest value and not negatively impact the
Company's ability to capture an optimum market share.


<PAGE>


c. REPORTS TO SECURITY HOLDERS
Pismo Coast Village files quarterly reports, an annual report, and periodic
reports, providing the public with current information about the Company and
its operations with the Securities and Exchange Commission. The public may
read and copy any materials filed with the SEC at the SEC's Public Reference
Room at 450 Fifth Street, N. W., Washington, D.C. 20549. The public may also
obtain information on the operation of the Public Reference Room by calling
the SEC at 1-800-SEC-0330. The SEC maintains an Internet site
(http://www.sec.gov) that contains reports, proxy and information statements,
and other information regarding issuers that file electronically with the SEC.

Additionally, the Company makes available on its website,
www.pismocoastvillage.com, access to its annual report on Form 10-KSB,
quarterly reports on Form 10-QSB, current reports on Form 8-KSB, and all
amendments to those reports as soon as reasonably practicable after such
material is electronically filed with or furnished to the Securities and
Exchange Commission.

ITEM 2. DESCRIPTION OF PROPERTY

The Company's principal asset consists of the Resort which is located at 165
South Dolliver Street in Pismo Beach, California. The Resort is built on a
26-acre site and includes 400 campsites with full hookups and nearby restrooms
with showers and common facilities, such as a video arcade, recreation hall,
general store, swimming pool, Laundromat, and three playgrounds.

In 1980, the Company purchased a 2.1 acre parcel of real property located at
2250 22nd Street, Oceano, California, at a price of $66,564. The property is
being used by the Company as a storage facility for recreational vehicles. The
storage capacity of this lot is approximately 123 units.

In 1981, the Company exercised an option and purchased a 3.3 acre parcel
located at 300 South Dolliver Street, Pismo Beach, California, at a price of
$300,000. The property, which previously had been leased by the Company, is
used primarily as a recreational vehicle storage yard. The storage capacity of
this lot is approximately 220 units.

In 1988, the Company purchased approximately 0.6 acres of property at 180
South Dolliver Street, Pismo Beach, California, across the street from the
main property, consisting of a large building with a storefront and one large
maintenance bay in the rear. Also, on the property is a smaller garage-type
building with three parking stalls. The Company enlarged its recreational
vehicle repair operation, added RV storage for approximately eleven units and
developed the storefront into a RV parts store. The property was purchased for
$345,000, of which $300,000 was financed and paid in full during Fiscal Year
1997.

On December 31, 1998, the Company closed escrow on a parcel of property to be
developed as an additional RV storage facility. The 5.5 acre property is
located in Oceano adjacent to existing Company RV storage. On October 14,
1999, construction was completed and the Company received County approval to
occupy the premises. The property was purchased for $495,000, of which
$395,000 was financed and paid in full in July 2000. Development cost amounted
to $195,723 and was allocated from operational cash flow. Storage capacity for
this property is approximately 341 units and is currently full. The property
is in good condition and being held as collateral for the note on the
properties purchased in 2006.


<PAGE>


On February 28, 2003, the Company closed escrow on a parcel of property to be
developed as an additional RV storage facility. The 4.7 acre property is
located in Oceano and was purchased for $650,000, of which $500,000 was
financed. The note on this property was paid off in September 2005. The
construction permit granted by the County of San Luis Obispo was contingent
upon permit approval by the California Coastal Commission. In January 2006,
the Commission denied the permit based on wetland conditions. The property is
currently in the process of liquidation.

Due to the continued demand for RV storage and the denial of the
aforementioned permit, the Board of Directors elected to purchase additional
property. On January 11, 2006, the Company closed escrow on a six-acre
property already developed as an RV storage facility. The purchase price was
$2.1 million, and included approximately 80 existing storage customers. This
property had been permitted and developed the previous year, and is considered
in good condition with a capacity of approximately 378 units.

On April 6, 2006, the Company purchased the 2.2 acre property in Oceano it
previously rented from Union Pacific Railroad for RV storage. The purchase
price was $925,000 and the condition is considered good. The lot is operating
at full capacity with 190 units.

Funding for these acquisitions was obtained through a local lending
institution with a balance owed as of September 30, 2007, of $2,138,463.

There is no deferred maintenance on any of the Resort's facilities. The
Company's facilities are in good condition and adequate to meet the needs of
the shareholder users as well as the public users. The Company continues to
develop sufficient revenue from general public sites sales to support a
continued positive maintenance program and to meet the demands of shareholders
use of free sites.

Management considers the Company's insurance policies offer adequate coverage
for risk and liability exposure.

The Resort, RV Repair Shop and Parts Store, five storage facilities, and the
undeveloped property being liquidated, constitute substantially all the
Company's property, and are owned in fee. Three storage lots are leased by the
Company pursuant to the herein below described leases.

1. TRAILER STORAGE YARDS
In 1986 the Company leased a parcel of land 100 feet wide by 960 feet long
from the Union Pacific Railroad Corporation. The property is being used by the
Company as a storage facility for recreational vehicles. Capital improvements
in the amount of $40,000 were made to this property, which provides storage
for approximately 160 units. On July 29, 2005, Union Pacific Railroad
Corporation sold the property to the Weyrick Family Trust who, after entering
into a five-year lease, agreed to sell the property to the Company for
$925,000. This transaction was completed on April 6, 2006.

Associated with the previously mentioned property, and included within the
fenced storage perimeter, is the lease of a ten foot by 960 foot section
belonging to Union Pacific Railroad. This lease also allows for the Company's
fence to encroach upon the lessor's property. This annual lease is currently
$1,591, with a 3% automatic annual increase.


<PAGE>


In 1991, the Company developed a lease for a five-acre RV storage lot at the
Oceano Airport clear zone as storage for approximately 350 RVs. This lot was
developed to replace a 100-unit storage lot that was closed when the lease was
not renewed. Construction was completed in January 1992 and capital
improvements in the amount of $330,768 were made to this property of which
$300,000 was financed and paid in full during Fiscal 1997. The original lease
on the storage lot was for five years and the Company has executed a third
five-year option with the County of San Luis Obispo which expired December 31,
2006. In response to the Company's request for another five-year extension,
the County has answered that until the Oceano Airport Master Plan is updated
the lease will be a month-to month holdover.

Lease payments for the first year of control and occupancy area were $1,500
per month, $2,000 per month for the second year and continuing years are tied
to the "CPI" index. During Fiscal Year 2007, lease payments were made in the
amount of $34,357. Current rent payments are $2,933 and may be impacted in the
future by the recently approved flood district assessment.

In March of 2006, the Company entered into a seven-year lease with Sheridan
Properties LP, (formerly Vawter Investments, LP), owners of four acres the
Company will utilize for RV storage. The Company developed the property and
received concessions through limited free and discounted rent. The property
was occupied for storage in June 2006 and is expected to store approximately
240 units.

Lease payments are currently $4,612 per month and will escalate March 1st of
each year by the Consumer Price Index (CPI). During Fiscal Year 2007, lease
payments were made in the amount of $54,787.

The Resort leases out areas to other companies to insure that the best service
and equipment are available for guest use. These areas are leased from the
Company pursuant to the herein below described leases.

1. RECREATIONAL ARCADE AGREEMENT WITH COIN AMUSEMENTS, INC. This agreement is
dated November 1, 2007, and pursuant to this agreement, the Company granted
Coin Amusements, Inc. the concession to operate various coin-operated game
units at the Resort. The one year term expires on October 31, 2008, and
continued renewal is expected without significant impact.

2. WEB SERVICE COMPANY, GOLETA, CA
The five-year lease expired on July 22, 2002, and was reissued for a
seven-year period which will expire on October 31, 2009, and grants to Web
Service Company the right to place and service coin-operated laundry machines
at the Resort on a 50-50 basis for all revenues derived from their use. On
October 10, 2002, Web replaced all 18 washers and 18 dryers with new
equipment. Continued renewal is expected without significant impact.

3. PISMO COAST INVESTMENTS
The Company renewed a lease agreement with Ms. Jeanne Sousa, a California
Corporations Licensed Broker, for the lease of a 200-square foot building at
the Resort from which she conducts sales activities in the Company's stock.
The term of the lease is for four years commencing on January 1, 2004 and
ending on December 31, 2007. Continued renewal is expected without significant
impact. Termination or cancellation may be made by either Lessor or Lessee by
giving the other party sixty (60) days written notice.

ITEM 3. LEGAL PROCEEDINGS
No pending legal proceedings against the Company other than routine litigation
incidental to the business.


<PAGE>


ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Paragraph inapplicable.


                                   PART II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

a. MARKET INFORMATION
There is no market for the Company's common stock, and there are only limited
or sporadic transactions in its stock. Ms. Jeanne E. Sousa, a licensed
broker/dealer, handled sales of the Company shares as Pismo Coast Investments.
The last transaction the Company is aware of occurred on September 24, 2007 at
a price of $32,500 for one share conveyed. This price was used for computation
of aggregate market value of Company stock on page 2 of this Report.

The following table sets forth the high and low closing sales prices, without
commissions, as reported by Pismo Coast Investments for the period October 1,
2005 to September 30, 2007.

<TABLE>
<CAPTION>
Fiscal Year Ended September 30, 2006
------------------------------------
                                            High       Low
                                          -------    -------
<S>                                       <C>        <C>
First Quarter                             $27,000    $27,000
Second Quarter                            $28,500    $28,000
Third Quarter                             $30,000    $28,500
Fourth Quarter                            $32,000    $30,000

Fiscal Year Ended September 30, 2007
------------------------------------
                                            High       Low
                                          -------    -------
First Quarter                             $32,500    $32,000
Second Quarter                            $32,500    $32,500
Third Quarter                             $32,500    $32,500
Fourth Quarter                            $32,500    $32,500
</TABLE>

b. HOLDERS
The approximate number of holders of the Company's common stock on September
30, 2007 was 1,537.

c. DIVIDENDS
The Company has paid no dividends since it was organized in 1975, and although
there is no legal restriction impairing the right of the Company to pay
dividends, the Company does not intend to pay dividends in the foreseeable
future. The Company selects to invest its available working capital to enhance
the facilities at the Resort.

d. SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS
The Company does not currently have securities authorized for issuance under
equity compensation plans.

e. RECENT SALES OF UNREGISTERED SECURITIES: USE OF PROCEEDS FROM
   REGISTERED SECURITIES
The Company does not have sales of unregistered securities.

f. COMPANY PURCHASES OF EQUITY SECURITIES
No purchases have been made by or on behalf of the Company or any "affiliated
purchaser" of shares of any class of the Company's equity securities.


<PAGE>


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

Statements in this Annual Report on Form 10-KSB which express the "Belief,"
"Anticipation," "Intention" or "Expectation," as well as other statements
which are not historical fact, and statements as to business opportunities,
market conditions, and operating performance insofar as they may apply
prospectively, are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and involve risks and
uncertainties that could cause actual results to differ materially from those
projected.

Pismo Coast Village, Inc. operates as a 400 space recreational vehicle resort.
The Corporation includes additional business operations to provide its users
with a full range of services expected of a recreational resort. These
services include a store, video arcade, Laundromat, recreational vehicle
repair, RV parts shop and an RV storage operation.

The Corporation is authorized to issue 1,800 shares, of one class, all with
equal voting rights and all being without par value. Transfers of shares are
restricted by Company bylaws. One such restriction is that transferees must
acquire shares with intent to hold the same for the purpose of enjoying
camping rights and other benefits to which a shareholder is entitled. Each
share of stock is intended to provide the shareholder with the opportunity for
45 days of free site use per year. However, if the Corporation is unable to
generate sufficient funds from the public, the Company may be required to
charge shareholders for services.

Management is charged with the task of developing sufficient funds to operate
the Resort through site sales to general public guests by allocating a minimum
of 175 sites to general public use and allocating a maximum of 225 sites for
shareholder free use. The other service centers are expected to generate
sufficient revenue to support themselves and/or produce a profit.

Certain information included herein contains statements that may be considered
forward-looking statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, such as statements relating to anticipated expenses,
capital spending and financing sources. Such forward-looking information
involves important risks and uncertainties that could significantly affect
anticipated results in the future and, accordingly, such results may differ
from those expressed in any forward-looking statements made herein. These
risks and uncertainties include, but are not limited to, those relating to
competitive industry conditions, California tourism and weather conditions,
dependence on existing management, leverage and debt service, the regulation
of the recreational vehicle industry, domestic or global economic conditions
and changes in federal or state tax laws or the administration of such laws.

CURRENT OPERATING PLANS
The Board of Directors continues its previously established policy by adopting
a stringent conservative budget for Fiscal Year 2008, which projects a
positive cash flow of approximately $1,112,094 from operations. While the
Company projects a positive cash flow, this cannot be assured for Fiscal Year
2008.


<PAGE>


Capital expenditures planned for 2008 include the continued enhancement of RV
sites and services including upgrading 32 sites, upgrading the resort's main
electric switchgear, road paving, pool renovation, replacing the clubhouse
windows, and a tow truck to move stored RV units. These investments are
projected to be approximately $659,500, some of which can be deferred, if
necessary. These proposed capital improvements will be funded from cash from
operations, from existing working capital, and, if necessary, from financing
obtained by the Company. Thus, budgeted cash flow for the year is expected to
be within the Company's capabilities based on its present working capital
position. These capital expenditures are expected to increase the Resort's
value to its shareholders and the general public.

FINANCIAL CONDITION
The business of the Company is seasonal and is concentrated on prime days of
the year which are defined as follows: President's Day Weekend, Easter week,
Memorial Day Weekend, summer vacation months, Labor Day, Thanksgiving Weekend,
and Christmas vacation. There are no known trends which affect business or
affect revenue.

The Company develops its income from two sources: (a) Resort Operations,
consisting of revenues generated from RV site rentals, from RV storage space
operations, and from lease revenues from Laundromat and arcade operations by
third party lessees; and (b) Retail Operations, consisting of revenues from
general store operations and from RV parts and service operations.

With the purchase of a new storage property in February 2006 in Arroyo Grande,
the Company secured permanent financing. The loan was refinanced in April 2006
and consolidated with a note for the purchase of another storage lot in
Oceano. The Company continues its policy to adopt conservative budgets with
managed capital outlays.

The Company has arranged a $500,000 line of credit that is currently not drawn
on. Besides the financing referenced in the previous paragraph, the Company
has no other liabilities to creditors other than current accounts payable
arising from its normal day-to-day operations and advance Resort rental
reservation deposits, none of which are in arrears.

LIQUIDITY
The Company's policy is to use its ability to generate operating cash flow to
meet its expected future needs for internal growth. The Company has continued
to maintain sufficient cash so as to not require the use of a short-term line
of credit during the off-season period, and the Company expects to be able to
do so (although no assurance of continued cash flow can be given).

Net cash provided by operating activities totaled $1,020,650, in 2007, and is
consistent with the amount provided in the prior period ($1,036,757 in 2006).

During Fiscal Year 2007, cash investments of $574,516 included reconstruction
of thirty-four RV campsites, expansion of the General Store, renovation of the
pool restrooms, and the installation of a pedestrian gate on the north side of
the resort. During Fiscal Year 2006, cash investments of $3,428,375 included
complete renovation of thirty-nine RV sites, the purchase of two properties to
use for RV storage, and the improvement of a leased property to accommodate RV
storage. As of September 30, 2007, the Company carried a debt of $2,138,463 as
a result of acquiring the two properties.


<PAGE>


The Company has continued to maintain sufficient cash from operations to not
require the addition of long-term debt. However, with the purchase of the new
RV storage properties in 2006, long-term financing was acquired from a lending
institution. With the possibility of requiring additional funds for planned
capital improvements and the winter season, the Company maintains a $500,000
Line of Credit to insure funds will be available if required. In anticipation
of future large projects, the Board of Directors has instructed management to
build operational cash balances.

Fiscal Year 2007's current ratio (current assets to current liabilities) of
1.41 decreased from Fiscal Year 2006's current ratio of 1.48. The decrease in
current ratio is the result of increased income taxes payable, increased
current portion of long-term debt, and an increase in rental deposits.

Working Capital increased to $527,582 at the end of Fiscal Year 2007, compared
with $452,169 at year end Fiscal Year 2006. This increase is primarily a
result of increased operating income in the current year, as detailed below
under the heading "Results of Operations."

CAPITAL RESOURCES AND PLANNED EXPENDITURES
The Company plans capital expenditures up to $659,500 in Fiscal Year 2008 to
further enhance the Resort facilities and services. This would include
renovation of thirty-two campsites, electrical switchgear upgrade, road
paving, pool area renovation, clubhouse window replacement, and a new tow
vehicle. Funding for these projects is expected to be from normal operating
cash flows and, if necessary, supplemented with outside financing. These
capital expenditures are expected to increase the Resort's value to its
shareholders and the general public.

RESULTS OF OPERATIONS

YEAR TO YEAR COMPARISON

INCOME: Increased over the prior fiscal year ended September 30, 2007, by
$416,783, or 8.4%.

<TABLE>
                      INCOME BY SEGMENT
<CAPTION>
                               2007               2006
<S>                         <C>                <C>
OCCUPANCY
% of Shareholder Site Use        23.6%              22.5%
% of Paid Site Rental            52.5%              50.0%
% Total Site Occupancy           76.1%              72.8%
% of Storage Rental              86.0%              83.0%
  Average Paid Site             $40.33             $39.84

RESORT OPERATIONS
Site Rental                 $3,093,399         $2,929,200
Storage Operations           1,041,709            829,682
Support Operations             167,897            160,753
  Total                      4,303,005          3,919,635

RETAIL OPERATIONS
Store                          676,055            693,029
RV Repair/Parts store          408,646            358,646
  Total                      1,084,701          1,051,675

INTEREST INCOME                 15,184             14,797
OTHER INCOME                       -                  -
TOTAL INCOME                $5,402,890         $4,986,107
</TABLE>


<PAGE>


Occupancy rates on the previous table are calculated based on the quantity
occupied as compared to the total sites available for occupancy (i.e., total
occupied to number of total available). Average paid site is based on site
revenue and paid sites. Resort support operations include revenues received
from the arcade, Laundromat, recreational activities, and other less
significant sources.

2007 COMPARED WITH 2006
Resort operations income increased $383,370, or 9.8%, primarily due to a
$212,027, or 25.5%, increase in RV storage and spotting activity. This
increase is a reflection of additional storage units following the Company's
purchase of more storage property in 2006. Spotting revenue increased $63,579,
or 36%, due to the increased number of units, and, the fact some units are
moved a longer distance and charged accordingly. In addition, the Resort
realized a $164,224, or 5.6%, increase in site rental revenue. This increase
in site rental income is a reflection of a 4.3% increase in paid site
occupancy. Occupancy projections for site rental and RV storage continue to
look strong as the local region enjoys mild weather and an ongoing positive
trend of outdoor recreation and camping.

Retail operations income increased $33,026, or 3.1%, due to a $50,000, or
13.9%, increase in RV Service operation. This increase in RV Service is a
reflection on management's efforts to stock more appropriate items, more
effectively merchandise, and pay greater attention to customer service.
General Store revenue decreased $16,974, or 2.4%, due to the impact of the
store renovation which included a temporary inventory reduction and
relocation.

Interest Income increased 2.6% to $15,184 over the previous year as a result
of current financial institution trends of improved interest rates, and
increased cash and cash equivalents throughout most of the year. Reserves are
maintained in preparation for capital expenditure projects to improve the
Resort's facilities and services.

Operating Expenses increased $216,141, or 6.7%, as a result of property tax,
payroll, landscaping, accounting, legal, insurance, credit card processing,
electricity, property repairs and maintenance, vehicle operation and
maintenance, and computer expense. Maintaining the conservative approach, most
expense items were managed well below Plan and in many categories below the
previous year. The Board of Directors has directed management to continue
maintenance projects as needed to provide a first class resort for campers
using recreational vehicles.

Depreciation Expense decreased 16.2% due to certain assets reaching the end of
their depreciable life and the 2007 capital expenditure items will receive
depreciation benefit over a longer period.

Interest Expense increased from $114,648 in Fiscal Year 2006 to $188,703 in
2007. This increase was due to a full year of financing the new RV storage
properties through a local lending institution.

Casualty Income, as referenced on the Statement of Operations, reflects
insurance disbursements not yet expended following a fire damaging the
resort's maintenance building November 12, 2006.

Income before provision for income taxes of $979,933, a 19.9% increase above
last year, is reflective of the Company's current pricing policies and
continuing efforts to maximize Resort services and value. This figure also
represents management's effort to control expenses.


<PAGE>


Net income of $521,433 for Fiscal Year 2007, was an increase of $70,182, or
15.5%, over a net income of $451,251 the previous year. This increase in net
income is a reflection of positive business performance in 2007.

INFLATION has not had a significant impact on our profit position. The Company
has increased rates which have more than compensated for the rate of
inflation.

FUTURE OPERATING RESULTS could be unfavorably impacted to the extent that
changing prices result in lower discretionary income for customers and/or
increased transportation costs to the Resort. In addition, increasing prices
affects operations and liquidity by raising the replacement cost of property
and equipment.

FACTORS THAT MAY AFFECT FUTURE OPERATING RESULTS:
A number of factors, many of which are common to the lodging industry and
beyond our control, could affect our business, including the following:

* increased gas prices;

* increased competition from other resorts in our market;

* increases in operating costs due to inflation, labor costs, workers'
compensation and healthcare related costs, utility costs, insurance and
unanticipated costs such as acts of nature and their consequences and other
factors that may not be offset by increased rates;

* changes in interest rates and in the availability, cost and terms of debt
financing;

* changes in governmental laws and regulations, fiscal policies and zoning
ordinances and the related costs of compliance with laws and regulations,
fiscal policies and ordinances;

* adverse effects of market conditions, which may diminish the desire for
leisure travel; and

* adverse effects of a downturn in the leisure industry.

The leisure and travel business is seasonal and seasonal variations in revenue
at our resort can be expected to cause quarterly fluctuations in our revenue.

Our revenue is generally highest in the third and fourth quarters. Quarterly
revenue also may be harmed by events beyond our control, such as extreme
weather conditions, terrorist attacks or alerts, contagious diseases, economic
factors and other considerations affecting travel. To the extent that cash
flow from operations is insufficient during any quarter due to temporary or
seasonal fluctuations in revenue, we have to rely on our short-term line of
credit for operations.

In the recent past, events beyond our control, including an economic slowdown
and terrorism, harmed the operating performance of the leisure industry
generally, and if these or similar events occur again, our operating and
financial results may be harmed by declines in average daily rates or
occupancy.


<PAGE>


The performance of the resort industry has traditionally been closely linked
with the performance of the general economy and, specifically, growth in
United States gross domestic product. In periods of economic difficulties,
leisure travelers may seek to reduce travel costs by limiting travel or
seeking to reduce costs on their trips. In addition, the terrorist attacks of
September 11, 2001, had a dramatic adverse effect on leisure travel. Future
terrorist activities could have a similarly harmful effect on both the
industry and the Company.

As of December 31, 2005, we had approximately $2.2 million of outstanding
debt, and carrying such debt may harm our financial flexibility or harm our
business and financial results by imposing requirements on our business.

Carrying our outstanding debt may harm our business and financial results by:

* requiring us to use a substantial portion of our funds from operations to
make required payments on principal and interest, which will reduce the amount
of cash available to us for our operations and capital expenditures, future
business opportunities and other purposes;

* making us more vulnerable to economic and industry downturns and reducing
our flexibility in responding to changing business and economic conditions;

* limiting our ability to borrow more money for operations, capital
expenditures or to finance acquisitions in the future; and

* requiring us to sell one or more properties, possibly on disadvantageous
terms, in order to make required payments of interest and principal.

Our resort has a need for ongoing renovations and potentially significant
capital expenditures in connection with improvements, and the costs of such
renovations or improvements may exceed our expectations.

Occupancy and the rates we are able to charge are often affected by the
maintenance and capital improvements at a resort, especially in the event that
the maintenance of improvements are not completed on schedule, or if the
improvements result in the closure of the General Store or a significant
number of sites. The costs of capital expenditures we need to make could harm
our financial condition and reduce amounts available for operations. These
capital improvements may also give rise to additional risks including:

* construction cost overruns and delays;

* a possible shortage of available cash to fund capital improvements and the
related possibility that financing of these expenditures may not be available
to us on favorable terms;

* uncertainties as to market demand or a loss of market demand after capital
improvements have begun;

* disruption in service and site availability causing reduced demand,
occupancy, and rates; and

* possible environmental issues.

We rely on our executive officers, the loss of whom could significantly harm
our business.


<PAGE>


Our continued success will depend to a significant extent on the efforts and
abilities of our C.E.O. and General Manager, Jay Jamison. Mr. Jamison is
important to our business and strategy and to the extent that were he to
depart and is not replaced with an experienced substitute, Mr. Jamison's
departure could harm our operations, financial condition and operating
results.

Uninsured and underinsured losses could harm our financial condition, and
results of operations.

Various types of catastrophic issues, such as losses due to wars, terrorist
acts, earthquakes, floods, pollution or environmental matters, generally are
either uninsurable or not economically insurable, or may be subject to
insurance coverage limitations, such as large deductibles or co-payments. Our
resort is located on the coast of California, which has been historically at
greater risk to certain acts of nature (such as severe storms, fires and
earthquakes).

In the event of a catastrophic loss, our insurance coverage may not be
sufficient to cover the full current market value or replacement cost of our
lost properties. Should an uninsured loss or a loss in excess of insured
limits occur, we could lose all or a portion of the capital we have invested
in the resort, as well as the anticipated future revenue from the resort. In
that event, we might nevertheless remain obligated for any notes payable or
other financial obligations related to the property. Inflation, changes in
building codes and ordinances, environmental considerations and other factors
might also keep us from using insurance proceeds to replace or renovate the
resort after it has been damaged or destroyed. Under these circumstances, the
insurance proceeds we receive might be inadequate to restore our economic
position on the damaged or destroyed property.

ITEM. 7 FINANCIAL STATEMENTS


<PAGE>


                        REPORT OF INDEPENDENT REGISTERED
                        --------------------------------
                            PUBLIC ACCOUNTING FIRM
                            ----------------------

To the Board of Directors and
Stockholders of Pismo Coast Village, Inc.
Pismo Beach, California

We have audited the accompanying balance sheets of Pismo Coast Village, Inc.
(a California corporation) as of September 30, 2007 and 2006, and the related
statements of income and retained earnings and cash flows for the years then
ended. These financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.

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

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Pismo Coast Village, Inc. as
of September 30, 2007 and 2006, and the results of its operations and its cash
flows for the years then ended in conformity with accounting principles
generally accepted in the United States of America.

                         BROWN ARMSTRONG PAULDEN
                         McCOWN STARBUCK THORNBURGH & KEETER
                         ACCOUNTANCY CORPORATION

Bakersfield, California
November 28, 2007


<PAGE>


<TABLE>
                           PISMO COAST VILLAGE, INC.
                                BALANCE SHEETS
                          SEPTEMBER 30, 2007 AND 2006
<CAPTION>
                                                       2007        2006
                                                   -----------   -----------
                                    ASSETS
<S>                                               <C>            <C>
Current Assets
Cash and cash equivalents                          $ 1,585,341   $ 1,067,100
Investment in certificate of deposit                     4,867       102,484
Accounts receivable                                     35,243         1,724
Inventory                                              109,286        97,205
Current deferred taxes                                  62,500        58,500
Prepaid expenses                                        24,405        70,805
                                                   -----------   -----------
 Total current assets                                1,821,642     1,397,818

Pismo Coast Village Recreational
 Vehicle Resort and Related Assets - Net            10,084,279     9,800,858

Other Assets                                            19,976        29,275
                                                   -----------   -----------
 Total Assets                                      $11,925,897   $11,227,951
                                                   ===========   ===========

                    LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
Accounts payable and accrued liabilities           $   122,010   $   105,253
Accrued salaries and vacation                          157,464       160,786
Rental deposits                                        763,143       613,955
Income taxes payable                                    79,100        37,500
Current portion of long-term debt                      172,343        28,155
                                                   -----------   -----------
 Total current liabilities                           1,294,060       945,649
                                                   -----------   -----------

Long-Term Liabilities
Long-term deferred taxes                               263,800       266,000
N/P Santa Lucia Bank                                 1,966,120     2,135,818
                                                   -----------   -----------
 Total Liabilities                                   3,523,980     3,347,467
                                                   -----------   -----------

Stockholders' Equity
Common stock - no par value, issued
 and outstanding, 1,800 shares                       5,647,708     5,647,708
Retained earnings                                    2,754,209     2,232,776
                                                   -----------   -----------
 Total stockholders' equity                          8,401,917     7,880,484
                                                   -----------   -----------
 Total Liabilities and
 Stockholders' Equity                              $11,925,897   $11,227,951
                                                   ===========   ===========

The accompanying notes are an integral part of these financial statements.
</TABLE>


<PAGE>


<TABLE>
                           PISMO COAST VILLAGE, INC.
                  STATEMENTS OF INCOME AND RETAINED EARNINGS
                    YEARS ENDED SEPTEMBER 30, 2007 AND 2006
<CAPTION>
                                                      2007        2006
                                                   ----------  ----------
<S>                                                <C>         <C>
Income
Resort operations                                  $4,303,005  $3,919,635
Retail operations                                   1,084,701   1,051,675
                                                   ----------  ----------
 Total income                                       5,387,706   4,971,310
                                                   ----------  ----------

Costs and Expenses
Operating expenses                                  3,416,484   3,200,343
Cost of goods sold                                    539,295     506,404
Depreciation                                          291,095     347,261
                                                   ----------  ----------
 Total costs and expenses                           4,246,874   4,054,008
                                                   ----------  ----------

Income from operations                              1,140,832     917,302

Other Income (Expense)
Interest/dividend income                               15,184      14,797
Interest expense                                     (188,703)   (114,648)
Casualty income                                        12,620
                                                   ----------  ----------
 Total other income (expense)                        (160,899)    (99,851)
                                                   ----------  ----------

Income Before Provision
 for Income Taxes                                     979,933     817,451

Income Tax Expense                                    458,500     366,200
                                                   ----------  ----------

Net Income                                            521,433     451,251

Retained Earnings -
 Beginning of Year                                  2,232,776   1,781,525
                                                   ----------  ----------

Retained Earnings -
 End of Year                                       $2,754,209  $2,232,776
                                                   ==========  ==========

Net Income Per Share                               $   289.69  $   250.70
                                                   ==========  ==========

The accompanying notes are an integral part of these financial statements.
</TABLE>


<PAGE>


<TABLE>
                           PISMO COAST VILLAGE, INC.
                           STATEMENTS OF CASH FLOWS
                   YEARS ENDED SEPTEMBER 30, 2007 AND 2006
<CAPTION>
                                                       2007        2006
                                                    ----------  ----------
<S>                                                 <C>         <C>
Cash Flows From Operating Activities
Net income                                          $  521,433  $  451,251
Adjustments to reconcile net income to
 net cash provided by operating activities:
Depreciation                                           291,095     347,261
Deferred income tax                                     (6,200)    (10,100)
(Increase) decrease in accounts receivable             (33,519)      8,598
(Increase) decrease in inventory                       (12,081)     20,350
Decrease(increase) in prepaid expenses                  46,400     (21,464)
Increase in prepaid income taxes                                    81,700
Decrease in other assets                                 9,299      17,345
Increase in accounts payable
 and accrued liabilities                                16,757         874
(Decrease) increase in accrued
 salaries and vacation                                  (3,322)     22,807
Increase in rental deposits                            149,188      80,635
Increase in income taxes payable                        41,600      37,500
                                                    ----------  ----------
 Total adjustments                                     499,217     585,506
                                                    ----------  ----------
Net cash provided by operating
 activities                                          1,020,650   1,036,757
                                                    ----------  ----------
Cash Flows From Investing Activities
Maturities of certificate of deposit                   102,484        -
Investment in certificate of deposit                    (4,867)     (1,451)
Capital expenditures                                  (574,516) (3,428,375)
                                                    ----------  ----------
 Net cash used in investing activities                (476,899) (3,429,826)
                                                    ----------  ----------

Cash Flows From Financing Activities
Proceeds from issuance of notes payable                          2,163,973
Principal repayments of note payable                   (25,510)
                                                    ----------  ----------
 Net cash provided by/(used in)
  financing activities                                 (25,510)  2,163,973
                                                    ----------  ----------
Net increase (decrease) in cash
 and cash equivalents                                  518,241    (229,096)

Cash and Cash Equivalents -
 Beginning of Year                                   1,067,100   1,296,196
                                                    ----------  ----------

Cash and Cash Equivalents -
 End of Year                                        $1,585,341  $1,067,100
                                                    ==========  ==========

Schedule of Payments of Interest and Taxes
Cash paid for income tax                            $  284,055  $  237,157
Cash paid for interest                              $  188,703  $  114,648

The accompanying notes are an integral part of these financial statements.
</TABLE>


<PAGE>


                            PISMO COAST VILLAGE, INC.
                          NOTES TO FINANCIAL STATEMENTS
                           SEPTEMBER 30, 2007 AND 2006
                          -----------------------------

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
---------------------------------------------------

A.  Nature of Business
    ------------------
Pismo Coast Village, Inc. (Company) is a recreational vehicle camping resort.
Its business is seasonal in nature and historically the fourth quarter, the
summer, is its busiest and most profitable.

B.  Inventory
    ---------
Inventory has been valued at the lower of cost or market on a first-in,
first-out basis. Inventory is comprised primarily of goods in the general
store and parts in the RV shop.

C.  Depreciation and Amortization
    -----------------------------
Depreciation of property and equipment is computed using straight line method
based on the cost of the assets, less allowance for salvage value, where
appropriate. Depreciation rates are based upon the following estimated useful
lives:

<TABLE>
<CAPTION>
          <S>                                     <C>
          Building and park improvements          5 to 40 years
          Furniture, fixtures, equipment and
           leasehold improvements                 3 to 31.5 years
          Transportation equipment                5 to 10 years
          Loan Fees                               5 years
</TABLE>

D.  Earnings Per Share
    ------------------
The earnings (losses) per share are based on the 1,800 shares issued and
outstanding.

E.  Cash and Cash Equivalents
    -------------------------
For purposes of the statements of cash flows, the Company considers all highly
liquid investments including certificates of deposit with maturities of three
months or less when purchased, to be cash equivalents.

F.  Concentration of Credit Risk
    ----------------------------
At September 30, 2007, the Company had cash deposits in excess of the $100,000
federally insured limit with Santa Lucia Bank of $1,367,756, however, the
Company has an Excess Deposit Insurance Bond which secures deposits up to
$1,500,000.


<PAGE>


PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2007 AND 2006
PAGE 2
-----------------------------

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
---------------------------------------------------------------

G.  Use of Estimates
    ----------------
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires the
Company to make estimates and assumptions that affect certain reported amounts
and disclosures. Accordingly, actual results could differ from those
estimates.

H.  Revenue and Cost Recognition
    ----------------------------
The Company's revenue is recognized on the accrual basis as earned based on
the date of stay. Expenditures are recorded on the accrual basis whereby
expenses are recorded when incurred, rather than when paid.

I.  Advertising
    -----------
The Company follows the policy of charging the costs of non-direct response
advertising to expense as incurred. Advertising expense was $52,879 and
$49,203 for the years ended September 30, 2007 and 2006, respectively.

J.  Income taxes
    -----------
Income taxes are provided based on the liability method of accounting. The
provision for income taxes is based on reported pre-tax financial statement
income. Deferred tax assets and liabilities are recognized for the future
expected tax consequences of temporary differences between income tax and
financial reporting, and principally relate to differences in the tax bases of
assets and liabilities and their reported amounts using enacted tax rates in
effect for the year in which differences are expected to reverse. If it is
more likely than not that some portion or all of a deferred tax asset will not
be realized, a valuation allowance is recognized.

K.  New Accounting Pronouncements
    -----------------------------
On July 13, 2006, the Financial Accounting Standards Board (FASB) issued FASB
Interpretation 48 (FIN 48), Accounting for Uncertainty in Income Taxes: an
interpretation of FASB Statement No. 109. FIN 48 clarifies SFAS NO. 109,
Accounting for Income Taxes, to indicate a criterion that an individual tax
position would have to meet for some or all of the income tax benefit to be
recognized in a taxable entity's financial statements. Under the guidelines of
the Interpretation, an entity should recognize the financial statement benefit
of a tax position if it determines that it is more likely than not that the
position will be sustained on examination. The term "more likely than not"
means "a likelihood of more than 50 percent." In assessing whether the more-
likely-than-not criterion is met, the entity should assume that the tax
position will be reviewed by the applicable taxing authority.


<PAGE>


PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2007 AND 2006
PAGE 3
-----------------------------

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
---------------------------------------------------------------
New Accounting Pronouncements (Continued)
----------------------------------------
FIN 48 is effective for fiscal years beginning after December 15, 2006. The
cumulative effect of applying FIN 48 should be reported as an adjustment to
retained earnings at the beginning of the period in which the Interpretation
is adopted. The Company plans to adopt the new interpretation for its fiscal
year beginning October 1, 2007. The Company has not yet determined what impact
FIN 48 will have on the Company's financial statements.

In September 2006, Statement of Financial Accounting Standards (SFAS) No. 157,
"Fair Value Measurements" was issued by the Financial Accounting Standards
Board (FASB). This statement defines fair value, established a framework for
measuring fair value and expands disclosure about fair value measurements.
SFAS No. 157 will become effective for the Company's fiscal year beginning
after November 15, 2007, and the Company is currently assessing the potential
impact of this Statement on its financial statements.

In February 2007, the FASB issued SFAS No. 159, "The Fair Value Option for
Financial Assets and Financial Liabilities," which permits an entity to
measure certain financial assets and financial liabilities at fair value. The
objective of SFAS No. 159 is to improve financial reporting by allowing
entities to mitigate volatility in reported earnings caused by the measurement
of related assets and liabilities using different attributes, without having
to apply complex hedge accounting provisions. Under SFAS No. 159, entities
that elect the fair value option (by instrument) will report unrealized gains
and losses in earnings at each subsequent reporting date. The fair value
option election is irrevocable, unless a new election date occurs. SFAS No.
159 establishes presentation and disclosure requirements to help financial
statement users understand the effect of the entity's election on its
earnings, but does not eliminate disclosure requirements of other accounting
standards. Assets and liabilities that are measured at fair value must be
displayed on the face of the balance sheet. This statement is effective
beginning January 1, 2008 and the Company is evaluating this pronouncement.

NOTE 2 - PISMO COAST VILLAGE RECREATIONAL VEHICLE RESORT AND RELATED ASSETS
---------------------------------------------------------------------------
At September 30, 2007 and 2006, property and equipment included the following:

<TABLE>
<CAPTION>
                                               2007          2006
                                           -----------   -----------
          <S>                              <C>           <C>
          Land                             $ 6,894,935   $ 6,894,935
          Building and park
           improvements                      8,628,387     8,092,571
          Furniture, fixtures, equipment
           and leasehold improvements          593,794       565,001
          Transportation equipment             425,936       420,453
          Construction in progress              75,680        75,445
                                           -----------   -----------
                                            16,618,732    16,048,405
          Less: accumulated depreciation    (6,534,453)   (6,247,547)
                                           -----------   -----------
                                           $10,084,279   $ 9,800,858
                                           ===========   ===========
</TABLE>


<PAGE>


PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2007 AND 2006
PAGE 4
-----------------------------

NOTE 3 - LINE OF CREDIT
-----------------------
The Company has a revolving line of credit for $500,000 with Santa Lucia Bank,
expiring March 2008. The interest rate is variable at one percent over West
Coast Prime with an initial rate of 6.5 percent and an interest rate of 8.75
percent at September 30, 2007. The purpose of the line of credit is to augment
operating cash needs in off-season months. There were no outstanding amounts
as of September 30, 2007 or 2006.

NOTE 4 - NOTE PAYABLE
---------------------
The Company secured permanent financing on the purchase of storage lot land in
Arroyo Grande with Santa Lucia Bank. The loan was refinanced on April 6, 2006
and consolidated with a note for the purchase of another storage lot in
Oceano, California. The total loan currently outstanding is $2,138,463 and was
financed over a period of ten years at a variable interest rate currently at
8.25%. The lot in Oceano was formerly leased for $4,800 per month and was
purchased for $925,000. The payments are currently $16,959 per month interest
and principle.

Principal payments of the note payable are as follows:

<TABLE>
<CAPTION>
                   <S>                          <C>
                      2008                      $  172,343
                      2009                         194,529
                      2010                         211,256
                      2011                         229,422
                      2012                         248,858
                   Thereafter                    1,082,055
                                                ----------
                                                $2,138,463
                                                ==========
</TABLE>

NOTE 5 - COMMON STOCK
---------------------
Each share of stock is intended to provide the shareholder with a maximum free
use of the park for 45 days per year. If the Company is unable to generate
sufficient funds from the public, the Company may be required to charge
shareholders for services.

A shareholder is entitled to a pro rata share of any dividends as well as a
pro rata share of the assets of the Company in the event of its liquidation or
sale. The shares are personal property and do not constitute an interest in
real property. The ownership of a share does not entitle the owner to any
interest in any particular site or camping period.


<PAGE>


PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2007 AND 2006
PAGE 5
-----------------------------


NOTE 6 - INCOME TAXES
---------------------
The provision for income taxes consists of the following components:

<TABLE>
<CAPTION>
                                      2007           2006
                                    --------       --------
           <S>                      <S>            <S>
            Current:
             Federal                $366,400       $294,300
             State                    98,300         82,000
                                    --------       --------
                                     464,700        376,300
            Deferred:
             Federal                  (7,600)       (11,400)
             State                     1,400          1,300
                                    --------       --------
                                    $458,500       $366,200
                                    ========       ========
</TABLE>

The deferred tax assets (liabilities) are comprised of the following:

<TABLE>
<CAPTION>
                                         2007                   2006
                                 --------------------   --------------------
                                  Current   Long-term    Current   Long-term
                                 ---------  ---------   ---------  ---------
   <S>                           <C>        <C>         <C>        <C>
   Deferred tax assets:
    Federal                      $  59,200  $           $  54,700  $
    State                            3,300                  3,800
   Deferred tax liabilities:
    Federal                                  (222,200)              (225,700)
    State                                     (41,600)               (40,300)
                                 ---------  ---------   ---------  ---------
                                 $  62,500  $(263,800)  $  58,500  $(266,000)
                                 =========  =========   =========  =========
</TABLE>

The deferred tax assets (liabilities) consist of the following temporary
differences:

<TABLE>
<CAPTION>
                                                2007       2006
                                             ---------   ---------
   <S>                                       <C>         <C>
   Depreciation                              $(263,800)  $(266,100)
                                             ---------   ---------
     Total gross deferred
      tax liabilities                         (263,800)   (266,100)
                                             ---------   ---------
   Vacation accrual                             16,100      18,300
   Federal benefit of state taxes               46,400      40,300
                                             ---------   ---------
      Total gross deferred tax assets           62,500      58,600
                                             ---------   ---------
                                             $(201,300)  $(207,500)
                                             =========   =========
</TABLE>


<PAGE>


PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2007 AND 2006
PAGE 6
-----------------------------


NOTE 6 - INCOME TAXES (Continued)
---------------------------------
The effective income tax rate varies from the statutory federal income tax
rate as follows:

<TABLE>
<CAPTION>
                                                        2007    2006
                                                        -----   -----
          <S>                                           <C>     <C>
          Statutory federal income tax rate             34.0%   34.0%
           Increase (decrease):
            State income taxes, net of
           federal benefit                               6.7     6.7
            Nondeductible variable costs
             of shareholder usage                        4.6     5.2
            Other miscellaneous adjustments              1.5    (1.1)
                                                        -----   -----
             Effective Income Tax Rate                  46.8%   44.8%
                                                        =====   =====
</TABLE>


<PAGE>


PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2007 AND 2006
PAGE 7
-----------------------------

NOTE 7 - OPERATING EXPENSES
---------------------------
Operating expenses for the years ended September 30, 2007 and 2006, consisted
of the following:

<TABLE>
<CAPTION>
                                              2007            2006
                                           ----------      ----------
          <S>                              <C>             <C>
          Administrative salaries          $  321,837      $  331,462
          Advertising and promotion            52,879          49,203
          Auto and truck expense               98,941          76,748
          Bad debts                               220              90
          Contract services                   115,119         117,746
          Corporation expense                  48,824          48,042
          Custodial supplies                   18,712          13,115
          Direct labor                      1,148,850       1,090,330
          Employee travel and training         22,786          23,461
          Equipment lease                       4,359           4,814
          Insurance                           329,188         339,248
          Miscellaneous                        44,516          33,088
          Office supplies and expense          63,426          49,574
          Payroll tax expense                 122,146         133,378
          Payroll service                       7,162           3,114
          Pension plan match                   38,972          35,336
          Professional services                88,641          67,775
          Property taxes                      145,975          62,109
          Recreational supplies                 6,749           7,756
          Rent - storage lots                  91,263          80,890
          Repairs and maintenance             123,263         108,629
          Retail operating supplies             7,131          10,618
          Security                              5,227           3,355
          Service charges                     101,450          96,394
          Taxes and licenses                    9,115          11,024
          Telephone                            31,388          32,717
          Uniforms                             14,934          18,805
          Utilities                           353,411         351,522
                                           ----------      ----------
           Total Operating Expenses        $3,416,484      $3,200,343
                                           ==========      ==========
</TABLE>


<PAGE>


PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2007 AND 2006
PAGE 8
-----------------------------

NOTE 8 - OPERATING LEASES
-------------------------
The Company leases two pieces of property to use as storage lots. One is
leased under a seven-year agreement beginning March 1, 2007 for $4,613 per
month to be increased annually beginning March 1, 2008 based on the Consumer
Price Index.

The second lot is located in Oceano, California and is leased at $2,840 per
month. The lease has converted to a month-to-month lease, however, the lessor
is considering a long-term renewal at this time.

The Company has a five-year lease obligation for a copier. Rental expense
under this operating lease is $414 per month.

Future minimum lease payments under the second property lease and the
obligation to lease equipment are as follows:

<TABLE>
<CAPTION>
            Year Ended September 30,
            ------------------------
            <S>                              <C>
                     2008                    $ 60,321
                     2009                      60,321
                     2010                      60,321
                     2011                      60,321
                     2012                      59,080
                  Thereafter                   78,421
                                             --------
                                             $378,785
                                             ========
</TABLE>

Rent expense under these agreements was $91,263 and $80,890 for the years
ended September 30, 2007 and 2006, respectively.

NOTE 9 - EMPLOYEE RETIREMENT PLANS
----------------------------------
The Company converted its 401(k) profit-sharing pension plan to a 401(k) safe
harbor plan effective October 1, 2005. Under this plan employees working more
than 1,000 hours annually are eligible for participation in the plan after one
year of service. The Company matches employee contributions up to 4% of
compensation. The profit sharing element of the plan is funded at the annual
discretion of the Board of Directors. Employees are fully vested when their
participation in the plan begins. The contribution to the pension plan, for
the years ended September 30, 2007 and 2006, is $38,972 and $35,336,
respectively.


<PAGE>


                        INDEPENDENT AUDITOR'S REPORT
                        ----------------------------
                         ON ADDITIONAL INFORMATION
                         -------------------------

To the Board of Directors and
Stockholders of Pismo Coast Village, Inc.
Pismo Beach, California

Our report on our audits of the basic financial statements of Pismo Coast
Village, Inc. as of September 30, 2007 and 2006 appears on page 3. Those
audits were made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The statements of income (unaudited) for the
three months ended September 30, 2007 and 2006 are presented for purposes of
additional analysis and are not a required part of the basic financial
statements. Such information has not been subjected to the auditing procedures
applied in the audits of the basic financial statements, and accordingly, we
express no opinion on it.

                         BROWN ARMSTRONG PAULDEN
                         McCOWN STARBUCK THORNBURGH & KEETER
                         ACCOUNTANCY CORPORATION

Bakersfield, California
November 28, 2007


<PAGE>


<TABLE>
                           PISMO COAST VILLAGE, INC.
                    STATEMENTS OF INCOME (UNAUDITED)
               THREE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006
               ----------------------------------------------
<CAPTION>
                                                 2007        2006
                                              ----------  ----------
<S>                                           <C>         <C>
Income
------
Resort operations                             $1,432,891  $1,325,466
Retail operations                                369,508     349,461
                                              ----------  ----------
 Total income                                  1,802,399   1,674,927

Costs and Expenses
------------------
Operating expenses                               999,952     922,754
Cost of goods sold                               159,823     167,281
Depreciation                                      71,701      87,077
                                              ----------  ----------
 Total costs and expenses                      1,231,476   1,177,112
                                              ----------  ----------

Income from operations                           570,923     497,815

Interest income                                    3,254       4,027
Interest expense                                 (47,647)    (51,200)
Loss on sale of fixed assets                      12,620         -
                                              ----------  ----------
 Total other income (expense)                    (31,773)    (47,173)
                                              ----------  ----------

Income Before Provision
 For Income Taxes                                539,150     450,642
-----------------------

Provision for Tax Expense                        254,800     202,200
-------------------------                     ----------  ----------

Net Income                                    $  248,350  $  248,442
----------                                    ==========  ==========

Earnings Per Share                            $   157.97  $   138.02
------------------                            ==========  ==========
</TABLE>


<PAGE>


ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURE
        None.

ITEM 8A. CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Within the 90 days prior to the date of this report, the Company carried out
an evaluation, under the supervision and with the participation of the
Company's management, including the Company's Chief Executive Officer/General
Manager and Chief Financial Officer, of the effectiveness of the design and
operation of the Company's disclosure controls and procedures pursuant to
Exchange Act rule 13a-14c. Based upon the evaluation, the Chief Executive
Officer/General Manager and Chief Financial Officer concluded that the
Company's disclosure controls and procedures are effective.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
There have been no significant changes in the Company's internal controls or
in other factors that could significantly affect internal controls subsequent
to the date of their evaluation.

ITEM 8B. OTHER INFORMATION
Inapplicable.


                                   PART III

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

a. The Company's Directors were chosen at the Shareholder's Annual Meeting
held January 20, 2007. Director Charles Zahka retired from the Board on
September 30, 2007. At the Board of Directors' Meeting held November 10, 2007,
shareholder Rodney Enns was duly nominated and elected to fill the vacancy on
the board to serve until the next election at the Annual Shareholders' Meeting
set for January 19, 2008. The Directors serve for one year, or until their
successors are elected. The names, ages, background and other information
concerning the Directors, including other offices held by the Directors with
the Company, are set forth below.

The following is a list of the Company's Directors and Executive Officers
setting forth their functions and experience. There is no understanding or
agreement under which the Directors hold office.

LOUIS BENEDICT, Director                                                Age 80
Louis Benedict served in the U. S. Navy from 1944 to 1946, and again during
the Korean War, from 1952 to 1953. He attended the University of Southern
California, majoring in electrical engineering, and following that earned a
B. S. degree in electrical engineering at the University of Colorado. Mr.
Benedict was employed from 1957 to 1962 as a project engineering manager with
Lockheed Missiles and Space, from 1962 to 1964 as a vice president with
William A. Revelle Corporation, and from 1964 to 1966 as an engineering
section manager with Lockheed Missiles and Space. From 1966 to 1975 he was
employed as the director of subcontract administration with Litton Industries,
from 1975 to 1994 as vice president of contract administration for Datametrics
Corporation, and from 1994 until his retirement in 1998 as a consultant in the
field of U. S. defense contracts administration. Mr. Benedict has served on
the Board of Directors since November 2002.


<PAGE>


NANCY BRADY, Director                                                   Age 65
Nancy Brady was employed most recently as the operations manager for Walter
Mortensen Insurance from 1991 to 2002. Prior to that time, she and her husband
owned their own insurance agency. She holds the CPCU (Chartered Property and
Casualty Underwriter) designation along with the ARM (Associate in Risk
Management) degree. She is currently serving on the Board of Directors for
both the Stockdale Women's Organization and the Child Guidance Guild of
Bakersfield. Mrs. Brady has served on the Board of Directors since November
2003.

KURT BRITTAIN, Director and Vice President - Secretary                  Age 77
After his Marine Corps service, Mr. Brittain was employed for more than
thirty-three years by Orange County, California, prior to his retirement in
1986. His background includes public works, flood control and manager of the
county's harbors, beaches and parks system. He was in charge of three harbors,
seven beaches and more than twenty-six parks, three of which were camping
parks. He has completed extension courses in business administration,
management, recreation and real estate. Mr. Brittain has been a member of the
Board from March 1990 to July 1999 and from January 2002 to present, serving
one year as Vice President - Administration and five years as Executive Vice
President. He is currently serving a sixth year as Vice President - Secretary.

HARRY BUCHAKLIAN, Director                                              Age 75
Harry Buchaklian has a B.A. degree from C.S.U.F. in industrial arts, and a
secondary level teaching credential in laboratory electronics and small engine
repair. His career included employment as an assistant manager with Western
Auto Stores, electronics instructor at Fresno Technical College and technical
supervisor for Sears Roebuck. He retired from Sears Roebuck in 1994. He has
been a member of the Board from March 1981 to January 1992 and from September
1995 to present, serving one year as Executive Vice President, and as a
chairman of the Policy and Audit Committees.

RODNEY ENNS, Director                                                   Age 54
Rodney Enns has a B. S. in computer engineering from California State
University, Fresno, and a secondary math teaching credential from the state of
California. He was president, owned and operated, Ennsbrook Ent., an
incorporated poultry enterprise, from 1975 to 1995. Mr. Enns then worked as an
electrical engineer at Voltage Multiplers, Inc., and was promoted to senior
engineer before leaving in August 2005. He is currently teaching high school
math at Tulare Western High School in Tulare, California. He has been a member
of the Board of Directors since November 2007.

DOUGLAS EUDALY, Director                                                Age 76
Douglas Eudaly has an associate of arts degree from Fresno City College in
elementary education, and a bachelor's degree in elementary education from
Fresno State College. He has done doctoral studies at Nova University in Ft.
Lauderdale, Florida, and received a Ph.D. from Clayton Theological Institute
in Clayton, California. He holds life teaching credentials for elementary and
junior high schools, and administrative credentials for preschool through
adult school. In 1991 Dr. Eudaly retired from the Fresno Unified School
District with thirty-one years of service credit--the last five years as
program director for the Disability Awareness Program. He was president of the
Fresno Teachers' Association in 1970-1971, as well as chairman of the
district's negotiating council and served one term as chief negotiator. He
served three years as president of the board of directors for Friendship
Center for the Blind, and as chairman of several advisory committees for food
banks and other nonprofit organizations. He served more than three years as
the deacon chairman at the Evangelical Free Church of Fresno. Dr. Eudaly has
served on the Board since January 2002.


<PAGE>


ED FIGUEROA, Director                                                   Age 64
Mr. Figueroa majored in aeronautics at Reedley College and obtained his
airframe & power plant license in 1964. In 1970 he started working in the
heating and air-conditioning field as a service manager and service technician
with Jack's Refrigeration, Inc. Mr. Figueroa purchased the company in 1993,
and managed the business until his retirement in December 2004. Mr. Figueroa
continues to have a C-20 contractor's license, specializing in custom
residential and design-built commercial heating and air-conditioning systems.
His company also specialized in sheet metal fabricating and installation and
service repairs on commercial and residential systems. Mr. Figueroa has served
on the Board since November 2003.

WILLIAM FISCHER, Director                                               Age 74
William (Bill) Fischer has been married fifty years to his spouse Joy and
resides in Simi Valley. He served four years in the U. S. Air Force during the
Korean War. He is a graduate of California State University, Northridge, with
a B. S. degree in accounting. He worked in the aerospace, entertainment and
public utility industries until 1969 when he was hired by Getty Oil Company's
corporate office as an accounting supervisor. Texaco, Inc. acquired Getty Oil
in 1985, and he was promoted to Manager of Benefits Plan's Accounting. Mr.
Fischer was responsible for the Savings/Thrift, 401-K, and ESOP Plans
administration until 1989 when he elected early retirement. He was a financial
consultant to various companies until 2003. He is a member of the Veterans of
Foreign Wars, Elks, Moose, and Knights of Columbus organizations. He looks
forward to contributing his financial background to the Board. Mr. Fischer has
been on the Board since January 2002.

NORMAN GOULD, Director                                                  Age 88
Norman Gould has a B.A. in education and an M.A. in administration. His
occupation prior to retirement in 1987 was as the superintendent of schools
for Madera County. He was a member of the board of directors of Kingsview,
Inc. from 1968 to 1980 and held the positions of vice chairman and chairman of
the board, and serves on the board of directors of Valley Teen Ranch, Inc. Mr.
Gould is currently president of the California Retired Teachers Foundation, a
nonprofit corporation. He has been a member of the Board from March 1976 to
March 1991 and from March 1993 to present, serving nine years as President,
one year as Treasurer and two years as Secretary.

R. ELAINE HARRIS, Director                                              Age 69
R. Elaine Harris retired in 1990 from Pacific Telephone with thirty-one years
service, starting in the business office, then advancing to facility
administrator the last ten years of that time. She was active with the
Jaycettes Club and has worked on several political campaigns. She is now
enjoying retirement and feels very blessed serving on the Board since January
2000. She is looking forward to continuing serving the shareholders.

DENNIS HEARNE, Director                                                 Age 69
Dennis Hearne holds an A.A. degree in business administration from Hartnell
Junior College. He served two years in the Navy. Prior to retirement, he was
employed in a family agriculture business, L. A. Hearne Company, located in
the Salinas Valley for thirty-seven years, and presently serves as the
company's chairman of the board. Mr. Hearne has also served on the board of
directors of the California Feed and Grain Association in Sacramento and the
California Crop Improvement Association in Davis. He is a member of Knights of
Columbus, serving as treasurer and financial secretary for fifteen years. Mr.
Hearne is a volunteer fireman with thirty-one years service in King City, and
is the fire department's treasurer. He has been a member of the Board of
Directors since September 2006.


<PAGE>


GLENN HICKMAN, Director and Executive Vice President                    Age 74
Glenn Hickman has a B.A. in business and a secondary teaching credential from
Fresno State University. His occupation prior to retirement in 1995 was as a
financial analyst and office supervisor for Cal Resources, a subsidiary of
Shell Oil Company. Mr. Hickman has been a member of the Board since July 1999
and is currently serving a sixth year as Executive Vice President.

TERRIS HUGHES, Director                                                 Age 58
Terris (Terry) Hughes holds an A.A. degree from Bakersfield Junior College in
police science. He was employed by Cal Resources LLC for twenty-three years,
from 1973 to 1997, holding the position of senior training technician for the
last ten years of that time. He is currently employed as an internal
consultant for Aera Energy LLC, an oil industry company formed in 1997 between
the Shell Oil and Mobil Oil Corporations. His duties are to serve as a
behavior base safety advisor and provide safety training to Aera Energy LLC
employees. Mr. Hughes has been a member of the Board since January 1996 and
served one year as Vice President - Policy.

RONALD NUNLIST, Director and Vice President - Operations                Age 69
Ronald Nunlist was employed in the oil business for many years. From 1995 to
1997, he was employed as an operations foreman by Cal Resources LLC, an oil
industry company owned by Shell Oil Corporation. From 1997 until his
retirement in 1999, Mr. Nunlist was employed as a logistics specialist by Aera
Energy LLC, an oil industry company formed between the Shell Oil and Mobil Oil
Corporations. Mr. Nunlist presently serves as a planning commissioner for the
City of Shafter, California. He has been a member of the Board since January
1986, serving five years as President, and is currently serving a sixth year
as Vice President - Operations.

GEORGE PAPPI, JR., Director                                             Age 45
Mr. Pappi's current occupation is as a fire claims representative for State
Farm Insurance. Other positions held during his eighteen years of employment
with State Farm Insurance include office manager, property and bodily injury
adjustor, fire and casualty (with extensive construction background), risk
management and commercial insurance. He graduated from Cal Poly Pomona with a
B.S. in management and human resources. He resides in La Verne, California and
is actively involved in local community and church activities and the United
Way organization. Mr. Pappi has been a member of the Board of Directors since
January 2004.

JERALD PETTIBONE, Director and President                                Age 81
Jerry Pettibone sold and retired from his company, Pettibone Signs, in Santa
Cruz in 1988. He started the company which operated statewide in 1960. Active
in trade associations, he served on the board of directors of the National
Electric Sign Association, and on the board of directors of the World Sign
Association, serving as national president in 1985 and 1986. He served on the
board of directors of the California Electric Sign Association for twenty-two
years and was elected a director emeritus. He has been a member of the Board
since January 1993, including three years as Chief Financial Officer, and is
currently serving an eleventh year as President.

GARY WILLEMS, Director                                                  Age 53
Gary Willems holds a B.A. degree in music education and a California life
teaching credential from Fresno Pacific University. Since July 1, 2007, Mr.
Willems has been employed as the Visual and Performing Arts Coordinator at
Kings Canyon Unified School District. Prior to that, he was a Band Director
for thirty years in the Dinuba/Reedley area, and was also Head Marching Band
Director of the Reedley High School Band from 1985 to 2007. He is an active
member of the California Band Directors' Association and is the past president
of Fresno and Madera counties' Music Educators' Association. Mr. Willems has
served on the Board of Directors since January 2001.


<PAGE>


JACK WILLIAMS, Director, Chief Financial Officer and
Vice President - Finance                                                Age 57
Mr. Williams graduated from San Diego State University in 1974 with a B.S. in
accounting. Following that, he has been employed in the field of accounting in
a variety of industries, including agriculture, construction, heavy equipment
sales, and manufacturing. He was employed as a financial analyst by Texaco Oil
Corporation in the Bakersfield area from 1997 until 1999, and as Chief
Financial Officer for Goodwill Industries of South-Central California from
March 2000 to November 2004. Mr. Williams was an interim-controller for
Diversified Utilities Services, a position he held from April 2005 to December
2005. He established his own C.P.A. practice in 1983, which he continues to
own and operate. Mr. Williams has been a member of the Board since January
1995, and is currently serving an eleventh year as Chief Financial Officer and
Vice President - Finance.

CHARLES ZAHKA, Director                                                 Age 80
Charles Zahka retired as vice president of the Broadway Department Stores in
1990 after twenty years. Following that, he served as a private management
consultant until he opted for full retirement in 2005. Mr. Zahka is president
of the Stroke Association of Southern California and vice chairman of the
Better Business Bureau of the Southland. He has been a member of the Board
since March 1988, and has served one year as Secretary and one year as
President. Mr. Zahka retired from the Board September 30, 2007.

b. OTHER OFFICERS AND SIGNIFICANT EMPLOYEES
JAY JAMISON, Chief Executive Officer/General Manager and
Assistant Corporate Secretary                                           Age 54
Jay Jamison has been employed by the Company since June 1997 as General
Manager and serves as Assistant Corporate Secretary. In March 2007, the Board
changed his title to Chief Executive Officer/General Manager. He has a B. S.
degree in Agricultural Management from Cal Poly San Luis Obispo, graduating in
1976. Mr. Jamison was raised on his family's guest ranch, Rancho Oso, in Santa
Barbara County, which included a recreational vehicle park, resident summer
camp, equestrian facilities and numerous resort amenities. He worked on the
ranch throughout his childhood and after college. The family business was sold
in 1983, at which time Mr. Jamison was hired by Thousand Trails, Inc., a
private membership resort, as a Resort Operations Manager. His last ten years
at Thousand Trails were spent managing a 200-acre, 518-site, full-service
resort near Hollister, California. He also managed Thousand Trails resorts in
Acton and Idyllwild in Southern California. Prior to his employment with the
Company, Mr. Jamison was a General Manager with Skycrest Enterprises in
Redding and managed Sugarloaf Marina and Resort on Lake Shasta in Northern
California between January 1995 and June 1997. He is a member of the Resort
and Commercial Recreation Association and is also a member of the American
Quarter Horse Association. Mr. Jamison was appointed to and has served as a
commissioner on the Pismo Beach Conference and Visitors Bureau since February
1998, and since August 1999 has served as Chair. At the National Association
of RV Parks and Campground's Annual Convention in November 1999, Mr. Jamison
was appointed to the ARVC Board of Directors representing the ten western
states. At the 2001 Annual Convention, he was elected Treasurer of the
National Association, a position he held until he termed out December 2005. In
June of 2002, Mr. Jamison was installed as a Director on the Board for the San
Luis Obispo County Chapter of the American Red Cross, and since June 2006 has
served as Board Chairman. In February 2006 Mr. Jamison was elected to serve as
a commissioner on the California Travel and Tourism Commission, which markets
California to potential domestic and international visitors, a position he
still holds.

c. FAMILY RELATIONSHIPS
There are no familial relationships between the Directors nor between the
Directors and the Officers.

<PAGE>
d. INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS
To the knowledge of the Company, none of the officers or directors have been
personally involved in any bankruptcy or insolvency proceedings. To the
knowledge of the Company, none of the directors or officers have been
convicted in any criminal proceedings (excluding traffic violations and other
minor offenses) or are the subject of a criminal proceeding which is presently
pending, nor have such persons been the subject of any order, judgment, or
decree of any court of competent jurisdiction, permanently or temporarily
enjoining them from acting as an investment advisor, underwriter, broker or
dealer in securities, or as an affiliated person, director or insurance
company, or from engaging in or continuing in any conduct or practice in
connection with any such activity or in connection with the purchase or sale
of any security, nor were any of such persons the subject of a federal or
state authority barring or suspending, for more than 60 days, the right of
such person to be engaged in any such activity, which order has not been
reversed or suspended.

e. AUDIT COMMITTEE FINANCIAL EXPERT
The Company's Board of Directors has not yet designated an Audit Committee
expert.

f. CODE OF ETHICS
On November 8, 2003, our board of directors adopted our code of ethical
conduct that applies to all the Company's employees and directors, including
our principal executive officer, principal financial officer, principal
accounting officer or controller, and persons performing similar functions.

We believe the adoption of our Code of Ethical Conduct is consistent with the
requirements of the Sarbanes-Oxley Act of 2002.

The Company's Code of Ethical Conduct is designed to deter wrongdoing and to
promote:

* Honest and ethical conduct, including the ethical handling of actual or
apparent conflicts of interest between personal and professional
relationships;

* Full, fair, accurate, timely and understandable disclosure in reports and
documents that we file or submit to the Securities and Exchange Commission and
in other public communications made by us;

* Compliance with applicable governmental laws, rules and regulations;

* The prompt internal reporting to an appropriate person or persons identified
in the code of violations of our Code of Ethical Conduct; and

* Accountability for adherence to the Code.

g. SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Section 16(a) of the Securities Exchange Act of 1934, as amended, requires our
officers, directors and persons who own more than ten percent of a registered
class of our equity securities within specified time periods to file certain
reports of ownership and changes in ownership with the SEC. The Company is not
aware of any failure to file reports or report transactions in a timely manner
during the fiscal year ended September 30, 2007, by any director or officer.

ITEM 10. EXECUTIVE COMPENSATION
The following table sets forth information regarding compensation awarded,
paid to, or earned by the chief executive officer of Pismo Coast Village, Inc.
for the two years ended June 30, 2006 and 2007. No other person who is
currently an executive officer or employee of Pismo Coast Village, Inc. earned
salary and bonus compensation exceeding $100,000 during any of those years.


<PAGE>


<TABLE>
                                 SUMMARY COMPENSATION TABLE
<CAPTION>
(a)            (b)   (c)      (d)     (e)     (f)    (g)           (h)         (i)          (j)
                                                                      Non-
                                                      Non-Equity    Qualified
                                                      Incentive     Deferred       All
Name and                               Stock  Option     Plan         Plan        Other
Principal      Fiscal Salary  Bonus   Awards  Awards Compensation Compensation Compensation   Total
Position        Year    $       $        $      $          $            $           $           $
-------------- ----- -------- ------- ------- ------ ------------ ------------ ------------ --------
<S>            <C>   <C>      <C>     <C>     <C>    <C>          <C>          <C>          <C>
Jay N. Jamison  2007 $116,000 $25,600 $  -    $  -   $  -         $  -         $5,791       $147,391
CEO/General     2006 $110,000 $24,200 $  -    $  -   $  -         $  -         $5,106       $139,306
Manager &
Assistant
Corporate
Secretary
</TABLE>

COMPENSATION DISCUSSION AND ANALYSIS
The following Compensation Discussion and Analysis describes the material
elements of compensation for the executive officer identified in the Summary
Compensation Table contained above.

As more fully described below, the Personnel Compensation Committee, made up
of members of the Board of Directors, reviews the total direct compensation
programs for the CEO.

Notably the salary and other benefits payable to the named executive officer
are set forth in an employment agreement which is discussed below.

The CEO reviews the base salary, annual bonus and long-term compensation
levels for other employees of the Company. The Personnel and Compensation
Committee reviews and approves the compensation received by the CEO's direct
reports. The entire Board of Directors remains responsible for significant
changes to or adoption of new employee benefit plans.

a. CASH COMPENSATION PAYABLE TO OUR NAMED EXECUTIVE OFFICER
The named executive officer receives a base salary payable in accordance with
the company's normal payroll practices and pursuant to a contract between this
officer and Pismo Coast Village, Inc. (which contract is described in more
detail below). Based on knowledge of the industry and Pismo Coast Village,
Inc. performance (including its earnings and stock price performance, and
successful resort operations), the Board believes that the CEO's base salary
is less than those that are received by comparable officers with comparable
responsibilities in similar companies.

In the future, when reconsidering salaries for executives, the Board will do
so by evaluating their responsibilities, experience and the competitive
marketplace. More specifically, the Board expects to consider the following
factors in determining the executive officers' base salaries:

* The executive's leadership and operational performance and potential to
enhance long-term value to the Company's shareholders;

* Performance compared to the financial, operational and strategic goals
established for the Company;

* The nature, scope and level of the executive's responsibilities;

* Competitive market compensation paid by other companies for similar
positions, experience and performance levels; and

* The executive's current salary, the appropriate balance between incentives
for long-term and short-term performance.



<PAGE>


b. STOCK OPTION PLAN BENEFITS
Not applicable.

c. ELEMENTS OF "ALL OTHER COMPENSATION"
The amounts reflected in the column labeled "other compensation" in the above
Summary Compensation Table consist of compensation paid to the named executive
officer from benefits received from our 401(k) plan.

The Company provides a 401(k) Safe Harbor Plan which was adopted effective
October 1, 2005. All employees are eligible to participate in this Plan after
one year of employment and work at least 1,000 hours per year and attained age
21. Employees are fully vested when their participation begins. The Company
matches employee contributions up to 4% of compensation.

d. EMPLOYMENT AGREEMENT WITH OUR NAMED EXECUTIVE OFFICER
The Company has entered into an employment agreement with the named executive
officer. The material terms of this agreement is summarized as follows:

Mr. Jamison is the Chief Executive Officer/General Manager, Assistant
Corporate Secretary. On October 1, 2003, the Company entered into an
employment contract with Mr. Jamison. The Board of Directors extended this
contract through September 30, 2008 and provided Mr. Jamison with a salary
increase effective October 1, 2007. This currently provides for a salary of
$121,800, plus health insurance, cost reimbursement, and certain other
benefits.

Pismo Coast Village may also terminate the contract for cause, upon Mr.
Jamison's death or disability, or without cause. If Pismo Coast Village
terminates the contract for cause, it only must compensate Mr. Jamison through
the date of termination. If Pismo Coast Village terminates the contract
without cause, Pismo Coast Village must pay Mr. Jamison nine months salary.

STOCK OPTIONS AND STOCK APPRECIATION RIGHTS GRANTED DURING THE LAST FISCAL
YEAR
Not applicable.

LONG TERM INCENTIVE PLANS
Except as described in our 401(k) plan, the Company did not have a long-term
incentive plan during the fiscal years ended September 30, 2007 or 2006.

REPORT ON RE-PRICING OF OPTIONS/SARS
Not applicable.

COMPENSATION OF DIRECTORS
During fiscal year 2007 none of the Company's directors received cash
remuneration for their service. However, the directors are entitled to
reimbursement for out-of-pocket costs and expenses incurred on behalf of the
Company, and mileage reimbursement for travel to and from meetings upon
request. Since this reimbursement is on a fully accountable basis, there is no
portion treated as compensation. In addition, they are entitled to use of the
Resort for attending meetings and are provided with food and refreshments in
connection with Board Meetings. The aggregate value of the foregoing during
the fiscal year ended September 30, 2007, was estimated at $25,203.

OPTIONS, WARRANTS OR RIGHTS
The Company has no outstanding options, warrants or rights to purchase any of
its securities.

INDEBTEDNESS OF MANAGEMENT
No member of management was indebted to the Company during it's last fiscal
year.


<PAGE>


ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
         MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS
Not applicable.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

a. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
No person owns beneficially of record more than 5% of the Company's
securities.

b. SECURITY OWNERSHIP OF MANAGEMENT.
The following sets forth the securities beneficially owned, directly, by all
directors and officers as a group as of September 30, 2007:

<TABLE>
<CAPTION>
                                            *Amount of  Percent
Board Member                 Title of Class  Ownership  of Class
------------                 --------------  ---------  --------
<S>                          <C>             <C>        <C>
Louis Benedict                Common Stock    1 Share   0.056%
20955 De Mina Street
Woodland Hills CA 91364

Nancy Brady                   Common Stock    1 Share   0.056%
8808 O'Meara Court
Bakersfield CA 93311

Kurt Brittain                 Common Stock    2 Shares  0.111%
12105 Center Avenue
San Martin CA 95046

Harry Buchaklian              Common Stock    1 Share   0.056%
1361 East Ticonderoga Drive
Fresno CA 93720

Rodney Enns                   Common Stock    1 Share   0.056%
2577 Sandell Avenue
Kingsburg CA 93631

Douglas Eudaly                Common Stock    6 Shares  0.333%
3918 North Carruth Avenue
Fresno CA 93705

Ed Figueroa                   Common Stock    1 Share   0.056%
23157 East South Avenue
Reedley CA 93654

William Fischer               Common Stock    1 Share   0.056%
1947 Sienna Lane
Simi Valley CA 93065

Norman Gould                  Common Stock    1 Share   0.056%
10597 Road 30
Madera CA 93637

R. Elaine Harris              Common Stock    4 Shares  0.222%
3418 El Potrero Lane
Bakersfield CA 93304

Dennis Hearne                 Common Stock    2 Shares  0.111%
45075 Merritt Street
King City CA 93930


<PAGE>


                                            *Amount of  Percent
Board Member                 Title of Class  Ownership  of Class
------------                 --------------  ---------  --------
Glenn Hickman                 Common Stock    1 Share   0.056%
3584 West Wathen Avenue
Fresno CA 93711

Terris Hughes                 Common Stock    1 Share   0.056%
2426 Sunset Street
Wasco CA 93280

Ronald Nunlist                Common Stock    4 Shares  0.222%
1105 Minter Avenue
Shafter CA 93263

George Pappi, Jr              Common Stock    1 Share   0.056%
5728 Via De Mansion
La Verne CA 91750

Jerald Pettibone              Common Stock    2 Shares  0.056%
4179 Court Drive
Santa Cruz CA 95062

Gary Willems                  Common Stock    2 Shares  0.111%
479 South Oak Drive
Reedley CA 93654

Jack Williams                 Common Stock    1 Share   0.056%
7801 Revelstoke Way
Bakersfield CA 93309

All Officers and
Directors as a Group          Common Stock   33 Shares  1.833%
</TABLE>

*Amount of Ownership: All such shares are owned beneficially and of record,
and there are no additional shares known to the Company for which the listed
beneficial owner has the right to acquire beneficial ownership as specified in
Rule 13D-3(d)(1) of the Exchange Act.

c. CHANGES IN CONTROL
   Not applicable.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR
INDEPENDENCE
There have been no transactions during the past two years, or proposed
transactions, to which the Company was or is to be a party, in which any of
the officers, directors, nominees, named shareholders, or family members of
any such persons, had or is to have a direct or indirect material interest,
other than transactions where competitive bids determine the rates or charges
involved, or where the amount involved does not exceed $60,000, or where the
interest of the party arises solely from the ownership of securities of the
Company and the party received no extra or special benefit that was not shared
by all shareholders.

EMPLOYMENT AGREEMENTS
See Item 10, Executive Compensation--Employment contracts and termination of
employment and change in control arrangements, for a discussion of the current
employment contracts between Pismo Coast Village and Mr. Jamison.


<PAGE>


OTHER ARRANGEMENTS
During the fiscal years 2007 and 2006, Pismo Coast Village paid for various
hospitality functions and for travel, lodging and hospitality expenses for
spouses who occasionally accompanied directors when they were traveling on
company business. Management believes that the expenditures were to Pismo
Coast Village's benefit.

CERTAIN BUSINESS RELATIONSHIPS
None.

(1)-(5) INDEBTEDNESS OF MANAGEMENT
None.

TRANSACTIONS WITH PROMOTERS
Not applicable.

DIRECTOR INDEPENDENCE
Our board of directors consists of shareholders of the Resort and therefore
are not considered to be "independent" as defined by Section 121A of the
American Stock Exchange Listing Standards. The board considers all relevant
facts and circumstances in its determination of independence of all members of
the board (including any relationships set forth in this Form 10-KSB under the
heading "Certain Related Person Transactions"). As disclosed above, the Audit
Committee, the Nominating Committee and the Personnel & Compensation Committee
members are not considered to be independent.

ITEM 13. EXHIBITS

EXHIBITS AND INDEX OF EXHIBITS

1. Financial Statements included in this Form 10-KSB Report:

                      Description                          Page
---------------------------------------------------------------
Accountant's Report for 2007.................................16

Balance Sheets as of September 30, 2007 and 2006.............17

Statements of Operations and Retained Earnings
 for the years ended September 30, 2007 and 2006.............18

Statements of Cash Flows
 for the years ended September 30, 2007 and 2006.............19

Notes to Financial Statements
 For the years ended September 30, 2007 and 2006.............20

Accountant's Report on Additional Information................28

Statements of Operations (Unaudited)
 for the three months ended September 30, 2007 and 2006......29

2. Exhibits included in this Form 10-KSB Report:

 Description                                                Page
---------------                                             ----
Code of Ethics...............................................36


<PAGE>


3. Exhibits filed with this Form 10-KSB Report:

   Exhibit No.               Description of Exhibit
   -----------  --------------------------------------------------
       31       Certification of the President and Chief Financial
                Officer of the Company pursuant to Section 302 of
                the Sarbanes-Oxley Act of 2002

       32       Certification of the President and Chief Financial
                Officer of the Company pursuant to Section 906 of
                the Sarbanes Oxley Act of 2002

REPORTS ON FORM 8-K
None

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
As reported by the Company on Form 8-K dated July 5, 2005, the Audit Committee
of the Board of Directors selected the firm of Brown Armstrong Paulden McCown
Starbuck Thornburgh & Keeter Accountancy ("Brown Armstrong") Corporation to
replace the firm of Glenn, Burdette, Phillips, and Bryson ("GBPB"). The firm
of Brown Armstrong served as independent certified public accountants for the
Company for its fiscal year ended September 30, 2007, and this firm has been
selected to serve as the Company's accountants for Fiscal Year 2008.

Audit services performed by Brown Armstrong for the year ended September 30,
2007, consisted of examination of the financial statements of the Company,
certain services related to filings with the Securities and Exchange
Commission, and consultation on matters related to accounting and financial
reporting. All such services were approved by the Board of Directors, which
has determined the firm of Brown Armstrong to be fully independent of the
operations of the Company.

(1) AUDIT FEES
The Company's auditor (Brown Armstrong), for the fiscal year ended September
30, 2007, billed the Company an aggregate of $22,959 for professional services
rendered in connection with their audit of the Company's financial statements.
The Company also paid Brown Armstrong $10,500 for their review of the
quarterly report for the periods ending 12/31/06, 3/31/07, and 6/30/07. In
addition, GBPB billed the Company an aggregate of $22,193 for their
compilation of the Company's quarterly financial statements ending 12/31/06,
3/31/07, and 6/30/07, during Fiscal Year 2007.

The Company's auditor (Brown Armstrong), for the fiscal year ended September
30, 2006, billed the Company an aggregate of $27,735 for professional services
rendered in connection with their audit of the Company's financial statements.
The Company also paid Brown Armstrong $9,000 for their review of the quarterly
report for the periods ending 12/31/05. 3/31/06 and 6/30/06. In addition, GBPB
billed the Company an aggregate of $14,260 for their compilation of the
Company's quarterly financial statements ending 12/31/05 and 3/31/06, and
6/30/06 during Fiscal Year 2006.

(2) AUDIT-RELATED FEES
The Company paid no audit-related fees for services reasonably related to
performance of the audit or review of the Company's financial statements for
the fiscal years ending September 30, 2007 and September 30, 2006.

(3) TAX FEES
For the fiscal year ended September 30, 2007, the Company paid GBPB $5,115 for
tax fees consisting of tax planning, consulting, and tax return review.


<PAGE>


(4) ALL OTHER FEES
GBPB billed the Company an additional $950 for professional services rendered
during Fiscal Year 2007 for services not otherwise described above. Brown
Armstrong billed the Company an additional $2,200 for professional services
rendered during Fiscal 2007 for services not otherwise described above. All
other fees related to services traditionally provided by auditors,
including work performed in connection with income tax services, were
compatible with GBPB's and Brown Armstrong's independence.

(5) AUDIT COMMITTEE'S PREAPPROVAL POLICIES AND PROCEDURES
For the fiscal years ending September 30, 2007 and September 30, 2006, all
audit related services, tax services and other services were pre-approved by
the Audit Committee, which concluded that the provision of such services by
Brown Armstrong and GBPB were compatible with the maintenance of that firm's
independence in the conduct of its auditing function.


<PAGE>


                                    SIGNATURES
                                    ----------

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.

PISMO COAST VILLAGE, INC.

By: JERALD PETTIBONE                              Date: November 10, 2007
    Jerald Pettibone, President
    and Chairman of the Board

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

By: JAY JAMISON                                   Date: November 10, 2007
    Jay Jamison, Chief Executive Officer,
    General Manager and Assistant Corporate Secretary

By: JERALD PETTIBONE                              Date: November 10, 2007
    Jerald Pettibone, President
    and Chairman of the Board and Director

By: GLENN HICKMAN                                 Date: November 10, 2007
    Glenn Hickman, Executive Vice President
    and Director

By: KURT BRITTAIN                                 Date: November 10, 2007
    Kurt Brittain, Vice President - Secretary
    and Director

By: JACK WILLIAMS                                 Date: November 10, 2007
    Jack Williams, Chief Financial Officer,
    Vice President - Finance and Director

By: RONALD NUNLIST                                Date: November 10, 2007
    Ronald Nunlist, Vice President - Operations
    and Director

By: LOUIS BENEDICT                                Date: November 10, 2007
    Louis Benedict, Director

By: NANCY BRADY                                   Date: November 26, 2007
    Nancy Brady, Director

By: HARRY BUCHAKLIAN                              Date: November 10, 2007
    Harry Buchaklian, Director

By: RODNEY ENNS                                   Date: November 10, 2007
    Rodney Enns, Director

By: DOUGLAS EUDALY                                Date: November 10, 2007
    Douglas Eudaly, Director

By: ED FIGUEROA                                   Date: November 10, 2007
    Ed Figueroa, Director

By: WILLIAM FISCHER                               Date: November 10, 2007
    William Fischer, Director


<PAGE>


By: NORMAN GOULD                                  Date: November 10, 2007
    Norman Gould, Director

By: R. ELAINE HARRIS                              Date: November 10, 2007
    R. Elaine Harris, Director

By: DENNIS HEARNE                                 Date: November 10, 2007
    Dennis Hearne, Director

By: TERRIS HUGHES                                 Date: November 10, 2007
    Terris Hughes, Director

By: GEORGE PAPPI, JR.                             Date: November 10, 2007
    George Pappi, Jr., Director

By: GARY WILLEMS                                  Date: November 10, 2007
    Gary Willems, Director


<PAGE>