UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


WASHINGTON,
D.C. 20549




FORM
10-Q




(Mark
One)




/X/  QUARTERLY
REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT
OF 1934




FOR THE
QUARTERLY PERIOD ENDED MARCH 31, 2010.




OR




/
/  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACTOF
1934




FOR THE
TRANSITION FROM _______ TO ________.






COMMISSION
FILE NUMBER: 000-52848






PALMDALE
EXECUTIVE HOMES, CORP.


_________________________________________________________________


(Exact
Name of Small Business Issuer as Specified in its Charter)








NEVADA
            26-1125521_______________________________
            ___________________(State or other jurisdiction
      of
              incorporation or
      organization)
            (I.R.S.
      Employer
              Identification
      No.)6767 W. Tropicana Ave., Suite
      207
              Las Vegas,
      NV89103________________________________________
            __________(Address of principal executive
      offices)
            (Zip
      code)






Issuer's
telephone number: (406) 270-4158






N/A


______________________________________________


(Former
name, former address and former fiscal


year, if
changed since last report.)






Indicate
by check mark whether the registrant (1) has filed all reports requiredto be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe  preceding
12 months (or for such  shorter  period that
the  registrant  wasrequired  to
file  such  reports),  and  (2)
has  been  subject  to such  filingrequirements
for the past 90 days.  Yes [X]  No  [  ]






-1-















Indicate
by check mark whether the registrant has
submitted  electronically  and posted on its corporate Web
site, if any, every  Interactive  Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (SS 232.405 of this
chapter)  during the  preceding 12 months (or for such
shorter  period that the registrant was required to submit and post
such files). Yes [  ] No [  ]


Indicate
by check mark whether the registrant is a
large  accelerated  filer, anaccelerated
filer, a non-accelerated  filer or a smaller reporting
company.  Seedefinitions  of
"large  accelerated  filer,"  "accelerated  filer"
and  "smaller reporting
company" in Rule 12b-2 of the Exchange Act. (Check one):




Large
      accelerated
              Filer
            Accelerated
      filer
            Non-accelerated
      filer
              (Do
      not check if a smaller
              reporting
      company)
            Smaller
              reporting
              company[  
       ]
            [ 
        ]
            [
         ]
            [ X
      ]




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




State the
number of shares outstanding of each of the issuer's classes of commonequity,
as of the latest practicable date:




At
March 31, 2010, and as of the date hereof, there were outstanding 3,400,000 shares of
the Registrant's Common Stock, $.001 par value.




Transitional
Small Business Disclosure Format:  Yes [  ] No [X]






-2-















PART
I




FINANCIAL
INFORMATION






ITEM
1.                      Financial
Statements








PALMDALE
EXECUTIVE HOMES, CORP.


(A
Development Stage Enterprise)












MARCH
31, 2010


DECEMBER
31, 2009






























-3-













PALMDALE
EXECUTIVE HOMES, CORP.


(A
Development Stage Enterprise)




CONTENTS












FINANCIAL
      STATEMENTSBalance Sheets
            5Statements of Operations
            6Statements of Stockholders' Deficit
            7Statements of Cash Flows
            8Notes to Financial Statements
            9-14



























-4-















PALMDALE
EXECUTIVE HOMES, CORP.


(A
Development Stage Enterprise)


BALANCE
SHEETS








March
      31,2010
                  (Unaudited)
                
                December
      31, 2009
                  (Audited)







ASSETS


CURRENT
      ASSETS
            
            $
            0
            
            
            $
            0Total current
      assets
            
            $
            0
            
            
            $
            0Total
      assets
            
            $
            0
            
            
            $
            0




LIABILITIES
AND STOCKHOLDERS' DEFICIT


CURRENT
      LIABILITIESAccounts
      payable
            
            $
            0
            
            
            $
            0Officers
      advances
            
            
            24,326
            
            
            
            16,607Total current
      liabilities
            
            $
            24,326
            
            
            $
            16,607STOCKHOLDERS’
      DEFICITCommon stock: $.001 par
      value;authorized 25,000,000 shares;
      issuedand
      outstanding:  3,400,000 shares atMarch 31, 2010 and December 31,
      2009
            
            
            3,400
            
            
            
            3,400Additional paid-in
      capital
            
            
            30,600
            
            
            
            30,600Accumulated deficit during development
      stage
            
            
            (58,326
            )
            
            
            (50,607
            )Total stockholders’
      deficit
            
            $
            (24,326
            )
            
            $
            (16,607
            )Total liabilities
      andstockholders’
      deficit
            
            $
            0
            
            
            $
            0








See
Accompanying Notes to Financial Statements




-5-













PALMDALE
EXECUTIVE HOMES, CORP.
 (A
Development Stage Enterprise)
 STATEMENTS
OF OPERATIONS
 (UNAUDITED)
  
 ThreeMonthsEndedMarch
      31,
                2010
              
              
              March
      31
                2009
              
              
              Jan.
      14, 2000
                (inception)
      to
                March
      31,
                2010Revenues
              
              $
              0
              
              
              $
              0
              
              
              $
              0Cost
      of revenue
              
              
              0
              
              
              
              0
              
              
              
              0Gross profit
              
              $
              0
              
              
              $
              0
              
              
              $
              0General,
      selling andadministrative
      expenses
              
              
              7,719
              
              
              
              3,150
              
              
              
              58,326Operating
      loss
              
              $
              (7,719
              )
              
              $
              (3,150
              )
              
              $
              (58,326
              )Nonoperating
      income (expense)
              
              
              0
              
              
              
              0
              
              
              
              0Net
      loss
              
              $
              (7,719
              )
              
              $
              (3,150
              )
              
              $
              (58,326
              )Net
      loss per share, basicand
      diluted
              
              $
              (0.00
              )
              
              $
              (0.00
              )
              
              $
              (0.02
              )Average
      number of sharesof
      common stock outstanding
              
              
              3,400,000
              
              
              
              3,400,000
              
              
              
              3,400,000
  See
Accompanying Notes to Financial Statements
  -6-


PALMDALE
EXECUTIVE HOMES, CORP.


(A
Development Stage Enterprise)
 STATEMENTS
OF STOCKHOLDERS’ DEFICIT
 (UNAUDITED)
  AccumulatedDeficitAdditional
              
              
              DuringCommon
      Stock
              
              
              Paid-In
              
              
              DevelopmentShares
              
              
              Amount
              
              
              Capital
              
              
              Stage
              
              
              TotalFebruary
      20, 2000, issue common stock
              
              
              2,000,000
              
              
              $
              2,000
              
              
              $
              3,000
              
              
              $
              0
              
              
              $
              5,000Net
      loss, December 31, 2000
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              (9,116
              )
              
              
              (9,116
              )Balance,
      December 31, 2000
              
              
              2,250,000
              
              
              $
              2,250
              
              
              $
              27,750
              
              
              $
              (9,116
              )
              
              $
              20,884Net
      loss, December 31, 2001
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              (31,732
              )
              
              
              (31,732
              )Balance,
      December 31, 2001
              
              
              2,250,000
              
              
              $
              2,250
              
              
              $
              27,750
              
              
              $
              (40,848
              )
              
              $
              (10,848
              )Net
      loss, December 31, 2002
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              (3,039
              )
              
              
              (3,039
              )Balance,
      December 31, 2002
              
              
              2,250,000
              
              
              $
              2,250
              
              
              $
              27,750
              
              
              $
              (43,887
              )
              
              $
              (13,887
              )Net
      Loss, December 31, 2003
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              (710
              )
              
              
              (710
              )Balance,
      December 31, 2003
              
              
              3,400,000
              
              
              $
              3,400
              
              
              $
              30,600
              
              
              $
              (36,310
              )
              
              $
              (2,310
              )Net
      Loss, December 31, 2004
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              (200
              )
              
              
              (200
              )Balance,
      December 31, 2004
              
              
              3,400,000
              
              
              $
              3,400
              
              
              $
              30,600
              
              
              $
              (36,510
              )
              
              $
              (2,510
              )Net
      Loss, December 31, 2005
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              (200
              )
              
              
              (200
              )Balance,
      December 31, 2005
              
              
              3,400,000
              
              
              $
              3,400
              
              
              $
              30,600
              
              
              $
              (36,710
              )
              
              $
              (2,710
              )Net
      Loss, December 31, 2006
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              (200
              )
              
              
              (200
              )Balance,
      December 31, 2006
              
              
              3,400,000
              
              
              $
              3,400
              
              
              $
              30,600
              
              
              $
              (36,910
              )
              
              $
              (2,910
              )Net
      Loss, December 31, 2007
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              (4,703
              )
              
              
              (4,703
              )Balance,
      December 31, 2007
              
              
              3,400,000
              
              
              $
              3,400
              
              
              $
              30,600
              
              
              $
              (41,613
              )
              
              $
              (7,613
              )Net
      Loss, December 31, 2008
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              (4,572
              )
              
              
              (4,572
              )Balance,
      December 31, 2008
              
              
              3,400,000
              
              
              $
              3,400
              
              
              $
              30,600
              
              
              $
              (46,185
              )
              
              $
              (12,185
              )Net
      Loss, December 31, 2009
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              (4,422
              )
              
              
              (4,422
              )Balance,
      December 31, 2009
              
              
              3,400,000
              
              
              $
              3,400
              
              
              $
              30,600
              
              
              $
              (50,607
              )
              
              $
              (16,607
              )Net Loss,
      March 31, 2010
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              (7,719
              )
              
              
              (7,719
              )Balance,
      March 31, 2010
              
              
              3,400,000
              
              
              $
              3,400
              
              
              $
              30,600
              
              
              $
              (58,326
              )
              
              $
              (24,326
              )
   See
Accompanying Notes to Financial Statements
   -7-
   
   PALMDALE
EXECUTIVE HOMES, CORP.
 (A
Development Stage Enterprise)
 STATEMENTS
OF CASH FLOWS
 (UNAUDITED)
  Three
      Months Ended
              
              
              Jan.
      14, 2000
                (inception)
      toMarch
      31,
                2010
              
              
              March
      31
                2009
              
              
              March
      31,
                2010Cash
      Flows FromOperating
      ActivitiesNet
    loss
              
              $
              (7,719
              )
              
              $
              (3,150
              )
              
              $
              (58,326
              )Adjustments to reconcile net
      loss
                to cash used in operating
      activities:Changes in assets and
      liabilities
                Increase (decrease) in accounts
      payable0
              
              
              
              0
              
              
              
              0Net cash used in operating
      activities$
              (7,719
              )
              
              $
              (3,150
              )
              
              $
              (58,326
              )Cash
      Flows From Investing Activities
              
              $
              0
              
              
              $
              0
              
              
              $
              0Cash
      Flows From Financing ActivitiesIssuance of common
      stock
              
              $
              0
              
              
              $
              0
              
              
              $
              34,000Increase in officer
      advances
              
              
              7,719
              
              
              
              3,150
              
              
              
              24,326Net cash provided by financing
      activities$
              7,719
              
              
              $
              3,150
              
              
              $
              58,326Net increase (decrease) in
      cash$
              0
              
              
              $
              0
              
              
              $
              0Cash,
      beginning of period
              
              
              0
              
              
              
              0
              
              
              $
              0Cash,
      end of period
              
              $
              0
              
              
              $
              0
              
              
              $
              0Supplemental
      Information and Non-monetary Transactions:Interest
      paid
              
              $
              0
              
              
              $
              0
              
              
              $
              0Taxes
      paid
              
              $
              0
              
              
              $
              0
              
              
              $
              0






See
Accompanying Notes to Financial Statements
   -8-
 
 PALMDALE
EXECUTIVE HOMES, CORP.
 (A
Development Stage Enterprise)
 NOTES
TO FINANCIAL STATEMENTS
 (UNAUDITED)
     Note
1.Nature
of Business and Significant Accounting Policies
   Nature
of Business:
  Palmdale
Executive Homes, Corp. (“Company”) was organized January 14, 2000 under the laws
of the State of Nevada.  The Company currently has limited operations
and, in accordance with FASB ASC 915 DEVELOPMENT STAGE ENITITES” is considered a
Development Stage Enterprise. The Company has been in the development stage
since formation and has realized minimal revenues from its
operations.
  A
summary of the Company’s significant accounting policies is as
follows:
  Estimates
  The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting
period.  Actual results could differ from those
estimates.
  Cash
  For the
Statements of Cash Flows, all highly liquid investments with maturity of three
months or less are considered to be cash equivalents.  There were no
cash equivalents as of March 31, 2010 and December 31, 2009.
  Income
taxes
  The
Company accounts for income taxes under FASB ASC 740 “INCOME TAXES,”Under
the asset and liability method of FASB ASC 740, deferred tax assets and
liabilities are recognized for the future tax consequences attributable to
differences between the financial statements carrying amounts of existing assets
and liabilities and their respective tax bases. Deferred tax assets and
liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to be
recovered or settled. Under FASB ASC 740, the effect on deferred tax assets and
liabilities of a change in tax rates is recognized in income in the period the
enactment occurs. A valuation allowance is provided for certain deferred tax
assets if it is more likely than not that the Company will not realize tax
assets through future operations.
  Fair
Value of Financial Instruments
  The
Company's  financial instruments as defined by FASB ASC 825-10-50
include cash, trade accounts receivable, and accounts payable and accrued
expenses. All instruments are accounted for on a historical cost basis, which
due to the short maturity of these financial instruments, approximate fair value
at March 31, 2010.
 -9-
 
 PALMDALE
EXECUTIVE HOMES, CORP.
 (A
Development Stage Enterprise)
 NOTES
TO FINANCIAL STATEMENTS
 (UNAUDITED)
   Note
      1.
                Nature
      of Business and Significant Accounting Policies
  (continued)
  FASB
ASC 820 defines fair value, establishes a framework for measuring fair value in
accordance with generally accepted accounting principles, and expands disclosure
about fair value measurements. FASB ASC 820 establishes a three-tier fair value hierarchy
which prioritizes the inputs used in measuring fair value as
follows:
 Level 1.
Observable inputs such as quoted prices in active markets;
  Level 2.
Inputs, other than the quoted prices in active markets, that are observable
either directly or indirectly; and
 
 Level 3.
Unobservable inputs in which there is little or no market data, which requires
the reporting entity to develop
its own assumptions.
  The
Company does not have any assets or liabilities measured at fair market value on
a recurring basis at March 31, 2010 and December 31, 2009. The Company did not
have any fair value adjustments for assets and liabilities measured at fair
value on a nonrecurring basis during the periods ended March 31, 2010 and
December 31, 2009.
 Share
Based Expenses
  FASB ASC
718 “COMPENSATIN – STOCK COMPENSATIN” prescribes accounting and reporting
standards for all stock-based payments award to employees, including employee
stock option, restricted stock, employee stock purchase plans and stock
appreciation rights, may be classified as either equity or liabilities. The
Company determines if a present obligation to settle the share-based payment
transaction in cash or other assets exists. A present obligation to settle in
cash or other assets exists if: (A) the option to settle by issuing equity
instruments lacks commercial substance or (B) the present obligation is implied
because of an entity’s past practice or stated policies. If a present obligation
exists, the transaction should be recognized as a liability; otherwise, the
transaction should be recognized as equity.
 The
Company accounts for stock-based compensation issued to non-employees and
consultants in accordance with the provisions of FASB ASC 505-50 “EQUITY – BASED
PAYMENTS TO NON-EMPOLYEES.” Measurement of share-based payment transactions with
non-employees is based on the fair value of whichever is more reliably
measurable; (A) the goods or services received, or (B) the equity instruments
issued. The fair value of the share-based payment transaction is determined at
the earlier of performance commitment date or performance completion
date.
  Going
Concern
  The
Company's financial statements are prepared in accordance with generally
accepted accounting principles applicable to a going concern. This contemplates
the realization of assets and the liquidation of liabilities in the normal
course of business. Currently, the Company does not have cash, or material
assets, nor does it have operations or a source of revenue sufficient to cover
its operation costs and allow it to continue as a going concern. The Company
will be dependent upon the raising of additional capital through placement of
our common stock in order to implement its business plan, or merge with an
operating company. There can be no assurance that the Company will be successful
in either situation which raises substantial doubt about the Company's ability
to continue as a going concern. The officers and directors have committed to
advancing certain operating costs of the Company.
   -10-
   
   PALMDALE
EXECUTIVE HOMES, CORP.
 (A
Development Stage Enterprise)
 NOTES
TO FINANCIAL STATEMENTS
 (UNAUDITED)
   Note
      1.
                  Nature
      of Business and Significant Accounting Policies
  (continued)
  Recent
Accounting Pronouncements
  Recently Implemented
Standards
  FASB ASC
105, “Generally Accepted Accounting Principles” (FASB ASC 105) (formerly
Statement of Accounting Standards No. 168, “The FASB Accounting Standards
Codification and the Hierarchy of Generally Accepted Accounting Principles a
replacement of FASB Statement No. 162)” reorganized by topic existing accounting
and reporting guidance issued by the Financial Accounting Standards Board
(“FASB”) into a single source or authoritative generally accepted accounting
principles (“GAAP”) to be applied by nongovernmental entities. All guidance
contained in the Accounting Standards Codification (“FASB ASC”) carries an equal
level of authority. Rules and interpretative releases of the Securities and
Exchange Commission (“SEC”) under authority of federal securities laws are also
sources of authoritative GAAP for SEC registrants. Accordingly, all other
accounting literature will be deemed” non-authoritative”. FASB ASC 105 is
effective on a prospective basis for financial statements issued for interim and
annual periods ending after September 15, 2009. The Company has implemented the
guidance included in FASB ASC 105 as of July 1, 2009. The implementation of this
guidance changed the Company’s reference to GAAP authoritative guidance but did
not impact the Company’s financial position or results of
operations.
  FASB ASC
855, “SUBSEQUENT EVENTS” (FASB ASC 855) (formerly Statement of Financial
Accounting Standards No. 165, SUBSEQUENT EVENTS) includes guidance that was
issued by the FASB in May 2009, and is consistent with current auditing
standards in defining a subsequent event. Additionally, the guidance provides
for disclosure regarding the existence and timing of a company’s evaluation of
its subsequent events. FASB ASC 855 defines two types of subsequent events,
“recognized” and “non-recognize.” Recognized subsequent events provide
additional evidence about conditions that existed at eh date of the balance
sheet and are required to be reflected in the financial statements.
Non-recognized subsequent events provide evidence about conditions that did not
exist at the date of the balance sheet but arose after that date and, therefore;
are not required to be reflected in the financial statements. However, certain
non-recognized subsequent events may require disclosure to prevent the financial
statements from being misleading. This guidance was effective prospectively for
interim or annual financial periods ending after June 15, 2009. The Company
implements the guidance included in FASB ASC 855 as of April 1, 2009. The effect
of implementing this guidance was not material to the Company’s financial
position or results of operations.
  The
Company refers to FASB ASC 605-25 “MULTIPLE ELEMENT ARRANGEMENTS” in recognizing
revenue from agreements with multiple deliverables. This statement provides
principles for allocation of consideration among its multiple-elements, allowing
more flexibility in identifying and accounting for separate deliverables under
an arrangement. The EITF introduces as estimated selling price method for
valuing the elements of a bundled arrangement if vendor-specific objective
evidence or third-party evidence of selling price is nor available, and
significantly expands related disclosure requirements. This standard is
effective on a prospective basis for revenue arrangements entered into or
materially modified in fiscal years beginning on or after June 15, 2010.
Alternatively, adaptation may be on a retrospective basis, and early application
is permitted. The Company does not expect the adoption of this statement to have
a material effect on its consolidated financial statements or
disclosures.
  -11-
   PALMDALE
EXECUTIVE HOMES, CORP.
 (A
Development Stage Enterprise)
 NOTES
TO FINANCIAL STATEMENTS
 (UNAUDITED)
   Note
      1.
                      Nature
      of Business and Significant Accounting Policies
  (continued)
  In August
2009, the FASB issued Accounting Standards Update No. 2009-05,”Measuring
Liabilities at Fair Value,” (“ASU 2009-05”). ASU 2009-05 provides guidance on
measuring the fair value of liabilities and effective for the first interim or
annual reporting period beginning after its issuance. The Company’s adoption of
ASU 2009-05 did not have an effect on its disclosure of the fair value of its
liabilities.
  Recently
Issued Standards
  In
September 2009, the FASB issued FASB ASC Update No. 2009-12, “FAIR VALUE
MEASUREMENTS AND DISCLOSURES (TOPIC 820); INVESTMENTS IN CERTAIN ENTITIES THAT
CALCULATE NET ASSET VALUE PER SHARE (OR ITS EQUIVALENT)” (FASB ASC Update No.
2009-12). This update sets forth guidance on using the net asset value per share
provided by an investee to estimate fair value of an alternative investment. The
amendments in this update are effective for interim and annual periods ending
after December 15, 2009 with early application permitted. The Company does not
expect that the implementation of FASB ASC Update 2009-12 will have a material
effect on its financial position or results of operations.
  FASB ASC
Topic 810, “CONSOLIDATION” was amended in June 2009, by Statement of Financial
Accounting Standards No. 167, AMENDMENTS TO FASB INTERPRETATION No. 46R
(“Statement No. 167”). Statement No. 167 amends FASB Interpretation No. 46R,
CONSOLIDATION OF VARIABLE INTEREST ENTITIES AN INTERPRETATION OF ARB NO. 51,
(“FIN 46R”) to require an analysis to determine whether a company has a
controlling financial interest in a variable interest entity. This analysis
identifies the primary beneficiary of a variable entity as the enterprise that
has a) the power to direct the activities of a variable interest entity that
most significantly impact the entity’s economic performance and b) the
obligation to absorb losses of the entity that could potentially be significant
to the variable entity or the right to receive benefits from the entity that
could potentially be significant to the variable interest entity. The statement
requires an ongoing assessment of whether a COPNAY IS THE PRIMARY BENEFICIARY OF
A VARIBLE INTERST ENTITY WHEN THE HOLDERS OF THE ENTITY, AS A GROUP, LOSE POWER,
THROUGH VOTING OR SIMILAR RIGHTS, TO DIRECT THE ACTIONS THAT MOST SIGIFICANTLY
AFFECT THE ENTITIY’S ECONOMIC PERFORMANCE. This statement also enhances
disclosures about a company’s involvement in variable interest entities.
Statement No. 167 is effective as of the beginning of the first annual reporting
period that begins after November 15, 2009. The Company does not expect the
adoption of Statement No. 167 to have a material impact on its financial
position or results of operations.
  In June
2009, the FASB issued Statement of Financial Accounting Standards No. 166,
ACCOUNTING FOR TRANSFERS OF FINANCIAL ASSETS AN AMENDMENT OF FASB STATEMENT NO.
140 (“Statement No. 166”). Statement No. 166 revises FASB Statement of Financial
Accounting Standards No. 140, ACCOUNTING FOR TRANSFERS AND EXTINGUISHMENT OF
LIABILITIES A REPLACEMENT OF FASB STATEMENT 125 (“Statement No. 140”) and
requires additional disclosure about transfers of financial assets, including
securitization transactions, and any continuing expose to the risks related to
transferred financial assets. It also eliminates the concept of a “qualifying
special purpose entity”, changes the requirements for derecognizing financial
assets, and enhances disclosure requirements. Statement No. 166 is effective
prospectively, for annual periods beginning after November 15, 2009, and interim
and annual periods thereafter.
   -12-
 PALMDALE
EXECUTIVE HOMES, CORP.
 (A
Development Stage Enterprise)
 NOTES
TO FINANCIAL STATEMENTS
 (UNAUDITED)
  Note
      1.
                Nature
      of Business and Significant Accounting Policies
  (continued)   Although
Statement No. 166 has not been incorporated in to the Codification, in
accordance with FASB ASC 105, the
standard shall remain authoritative until it is integrated. The Company does not
expect the adoption of Statement No. 166 will have a material impact on its
financial position or results or operations.
   Note
2.Stockholders’
Equity
 Common
Stock
  The
authorized common stock of the Company consists of 25,000,000 shares with par
value of $0.001.  On February 20, 2000 the Company authorized and
issued 3,400,000 shares of its $.001 par value common stock in consideration of
$34,000 in cash.
 The
Company has not authorized any preferred stock.
  Net
Loss Per Common Share
  Net loss
per share is calculated in accordance with FASB ASC 260, “Earnings
Per Share.   The weighted-average number of common shares
outstanding during each period is used to compute basic loss per
share.  Diluted loss per share is computed using the weighted averaged
number of shares and dilutive potential common shares
outstanding.  Dilutive potential common shares are additional common
shares assumed to be exercised.
  Basic net
loss per common share is based on the weighted average number of shares of
common stock outstanding of 3,400,000 during 2010, 2009, and since
inception.  As of March 31, 2010 and since inception, the Company
had no dilutive potential common shares.
   Note
      3.
                Income
      Taxes
   We did
not provide any current or deferred U.S. federal income tax provision or benefit
for any of the periods presented because we have experienced operating losses
since inception. When it is more likely that a tax asset cannot be realized
through future income the Company must allow for this future tax
benefit. We provided a full valuation allowance on the net deferred tax
asset, consisting of net operating loss carry-forwards, because management has
determined that it is more likely than not that we will not earn income
sufficient to realize the deferred tax assets during the carry-forward
period.
  The net
federal operating loss carry forward will expire between 2026 and
2029.  This carry forward may be limited upon the consummation of a
business combination under IRC Section 381.
  -13-
 
 PALMDALE
EXECUTIVE HOMES, CORP.
 (A
Development Stage Enterprise)
 NOTES
TO FINANCIAL STATEMENTS
 (UNAUDITED)
   Note
      4.
                Related
      Party Transactions
  The
Company neither owns nor leases any real
or personal property.  An officer or resident agency of the
corporation provides office services without charge.  Such costs are
immaterial to the financial statements and accordingly, have not been reflected
therein.  The officers and directors for the Company are involved in
other business activities and may, in the future, become involved in other
business opportunities.  If a specific business opportunity becomes
available, such persons may face a conflict in selecting between the Company and
their other business interest.  The Company has not formulated a
policy for the resolution of such conflicts. As of March 31, 2010 and December
31, 2009, the company owed officers $24,326 and $16,607
respectively.
  Note
      5.
                Warrants
      and Options
  There are
no warrants or options outstanding to acquire any additional shares of common
stock of the Company.
                              -14-
 ITEM
2.                      
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
 The discussion contained herein contains "forward-looking  statements" that
involve risk and uncertainties. These statements may be identified by the use of
terminology  such as "believes,"  "expects,"  "may," "should" or
anticipates" or expressing this terminology  negatively or similar
expressions or by discussions of strategy.  The cautionary statements made
in this Form 10-Q should be read as being applicable to all related
forward-looking  statements wherever they appear in this Form 
10-Q.  Our  actual  results  could  differ 
materially  from those discussed in this
report.Generally.     The 
Company  intends  to seek to  acquire  assets  or 
shares of an entity actively  engaged in business  which 
generates  revenues  in  exchange  for its securities. 
The Company and our officers and directors  have not enter into any
negotiations  or  preliminary   discussions 
regarding  the  possibility  of  an acquisition  or
merger between the Company and such other company as of the date
hereof.General Business Plan     Our purpose
is to seek,  investigate and, if such  investigation  warrants,
acquire an  interest  in business  opportunities 
presented  to it by persons or firms who or which desire to seek the 
advantages  of a company who has complied with the 1934 Act. We will
not  restrict  its search to any  specific  business,
industry,  or geographical location and we may participate in a business
venture of virtually any kind or nature.  This  discussion  of
the proposed  business is purposefully  general  and is 
not  meant  to be  restrictive  of our  virtually
unlimited   discretion  to  search  for  and 
enter  into   potential   business opportunities.
Management anticipates that it may be able to participate in only one 
potential  business  venture  because we have  nominal 
assets and  limited financial  resources.  This  lack
of  diversification  should  be  considered  a
substantial  risk to our  shareholders  because  it will not
permit us to offset potential losses from one venture against gains from
another.     We may seek a  business 
opportunity  with  entities  which  have  recently
commenced  operations,  or which wish to utilize the public
marketplace in order to raise additional capital in order to expand into new
products or markets,  to develop a new product or service, or for other
corporate purposes.     We  anticipate 
that the  selection of a business  opportunity  in which to
participate  will be  complex  and  extremely 
risky.  Due to  general  economic conditions,  rapid 
technological  advances  being made in some  industries  and
shortages  of available  capital,  management 
believes  that there are numerous firms seeking the benefits of an issuer
who has complied with the 1934 Act. Such benefits may include 
facilitating  or improving  the terms on which  additional equity
financing may be sought,  providing liquidity for incentive stock options
or  similar  benefits  to  key  employees,  
providing   liquidity  (subject  to restrictions of
applicable statutes), for all shareholders.     We
have  made no  determination  as to  whether  we
will  continue  to file periodic reports since our obligation to file
such reports is not required under the 1934 Act. Tricia A. Nickson, our majority
shareholder, has agreed to provide the necessary funds,  without
interest,  for the Company to comply with the 1934 Act reporting
requirements,  provided that she is an officer and director of the Company
when the obligation is incurred. It is our present intent to continue to comply
with all of the reporting requirements under the 1934
Act.     It is anticipated that we will incur
nominal expenses in the implementation of our business plan described
herein.  Because we have no capital with which to pay these anticipated
expenses, present management of the Company will pay these charges with their
personal  funds,  as interest free loans to the Company or as capital
contributions.  However, if loans, the only opportunity which management
has to have these loans repaid will be from a prospective  merger or
acquisition candidate.
    -15-
    
 Acquisition of
Opportunities     In implementing a structure for a
particular business  acquisition,  we may become a party to a
merger,  consolidation,  reorganization,  joint venture,  or
licensing  agreement  with another  corporation  or
entity.  We may also acquire stock or assets of an existing 
business.  On the consummation of a transaction, it is probable that the
present  management and shareholders of the Company will no longer be in
control of the Company. In addition,  our directors may, as part of the
terms of the  acquisition  transaction,  resign  and
be  replaced  by new directors  without  a vote of our 
shareholders  or may  sell  her  stock in the
Company.     It is  anticipated  that any
securities  issued in any such  reorganization would be issued in
reliance upon exemption from  registration  under  applicable
federal and state  securities  laws.  It is 
anticipated  that it will also be a method  of taking a 
private  company  public  known as a "back  door"  1934
Act registration  procedure.  While the actual terms of a 
transaction  to which the Company may be a party cannot be predicted, 
it may be expected that the parties to the  business 
transaction  will find it desirable to avoid the creation of a taxable
event and thereby  structure the  acquisition in a so-called 
"tax-free" reorganization under Sections 368(a)(1) or 351 of the Internal
Revenue Code.     We will  participate in a
business  opportunity  only after the negotiation and  execution
of  appropriate  written  agreements.  Although the terms of
such agreements  cannot be predicted,  generally  such 
agreements  will require some specific  representations 
and  warranties by all of the parties  thereto,  will
specify  certain  events of  default,  will  detail the
terms of closing and the conditions  which must be  satisfied  by
each of the parties  prior to and after such  closing, 
will  outline  the  manner of  bearing  costs, 
including  costs associated with the Company's attorneys and accountants,
will set forth remedies on default and will include miscellaneous other
terms.     Our  present  intent is that we
will not  acquire  or merge with any entity which cannot provide 
independent  audited  financial  statements at the time of
closing  of the  proposed  transaction  and 
supply  other  information  that is normally  disclosed in
filings with the Securities and Exchange  Commission.  We are subject
to all of the reporting requirements included in the 1934 Act. These rules
are  intended  to protect  investors  by 
detering  fraud and abuse in the securities  markets 
through  the use of  shell  companies.  Included 
in  these requirements is the affirmative duty of the Company to file
independent  audited financial statements as part of its Form 8-K to be
filed with the Securities and Exchange Commission upon consummation of a merger
or acquisition, as well as the Company's  audited  financial 
statements  included in its annual report on Form 10-K. In addition, in the
filing of the Form 8-K that we file to report an event that causes us to cease
being a shell  company,  we are required to include that information
that is normally reported by a company in its original Form
10.Accounting for a Business Combination    
In July 2001, the Financial  Accounting Standards Board issued Statement of
Financial Accounting Standards "SFAS" No. 141, "Business  Combinations" and
SFAS No. 142, "Goodwill and Other Intangible  Assets." SFAS No. 141
requires business combinations  initiated  after  June 30, 
2001 to be  accounted  for  using  the purchase 
method  of  accounting,   and  broadens  the 
criteria  for  recording intangible assets separate from goodwill.
Recorded goodwill and intangibles will be evaluated  against  these
new criteria and may result in certain  intangibles being subsumed into
goodwill,  or alternatively,  amounts initially  recorded as
goodwill may be separately  identified an recognized  apart from
goodwill.  SFAS No. 142 requires the use of a non-amortization approach to
account for purchased goodwill and certain intangibles.  Under a
non-amortization  approach,  goodwill and certain  intangibles is
more than its fair value.  Goodwill is the excess of the 
acquisition  costs  of the  acquired  entity 
over  the  fair  value of the identifiable net assets 
acquired.  The Company is required to test goodwill and intangible assets
that are determined to have an indefinite life for impairments at least 
annually.  The provisions of SFAS No. 142 require the completion of an
annual impairment test with any impairment  recognized in current
earnings.  The provisions  of SFAS No. 141 and SFAS No. 142 may
be  applicable  to any business combination that we may enter into in
the future.
   -16-
    We  have  also  been  informed  that  most 
business  combinations  will be accounted for as a reverse 
acquisition with us being the surviving  registrant. As a result of any
business  combination,  if the acquired entity's shareholders will
exercise  control over us, the  transaction  will be deemed to be
a capital transaction  where we are  treated  as a 
non-business  entity.  Therefore,  the accounting  for the
business  combination  is identical to that resulting from a reverse
merger,  except no goodwill or other intangible assets will be recorded.
For accounting  purposes,  the acquired entity will be treated as the
accounting acquirer and, accordingly, will be presented as the continuing
entity.Shell Issues.     The Securities and
Exchange  Commission has adopted a rule (Rule 419) which defines a
blank-check  company as (i) a development stage company,  that is (ii)
offering penny stock, as defined by Rule 3a51-1,  and (iii) that has no
specific business plan or purpose or has indicated  that its business plan
is engage in a merger or acquisition  with an unidentified  company or
companies.  We have been informed  that the  Securities 
and  Exchange  Commission  position  is that the
securities  issued by all blank check  companies that are issued in
unregistered offerings must be registered with the Commission before resale. At
the time that our shareholders acquired our stock in 1992, we had a specific
business plan and purpose. In addition, Rule 419 is applicable only if a
registration statement is filed covering an offering of a penny stock by a blank
check company.     On June 29, 2005,  the 
Securities  and Exchange  Commission  adopted final rules 
amending the Form S-8 and the Form 8-K for shell  companies  like us.
The amendments expand the definition of a shell company to be broader than a
company with no or  nominal  operations/assets  or 
assets  consisting  of cash and cash equivalents,  the 
amendments  prohibit  the use of a From S-8 (a form used by a
corporation to register  securities  issued to an employee, 
director,  officer, consultant or advisor, under certain
circumstances),  and revise the Form 8-K to require a shell 
company  to  include  current  Form 10 
information,  including audited financial  statements,  in the
filing on Form 8-K that the shell company files to report  the 
acquisition  of the  business  opportunity.  The rules are
designed to assure that investors in shell companies that acquire 
operations or assets  have  access  on a timely  basis to
the same kind of  information  as is available to investors in public
companies with continuing operations.     On
February 15, 2008, the Securities and Exchange  Commission adopted final
rules  amending  Rule 144  (and  Rule  145) for 
shell  companies  like us.  The amendments  currently in
full force and effect provide that the current  revised holding periods
applicable to affiliates and non-affiliates is not now available for
securities  currently  issued by either a reporting or 
non-reporting  shell company,  unless certain  conditions are
met. An investor will be able to resell securities  issued by a shell 
company  subject  to Rule 144  conditions  if the reporting
or non-reporting  issuer (i) had ceased to be a shell, (ii) is subject to
the Exchange Act reporting obligations, (iii) has filed all required Exchange
Act reports during the proceeding  twelve months,  and (iv) at least
90 days has elapsed from the time the issuer has filed the "Form 10
Information"  reflecting the fact that it had ceased to be a shell 
company  before any  securities  were sold Rule 144. The
amendment to Rule  144(i)(1)(i) was not intended to capture a
"startup  company," or a company with a limited  operating history or
the shares originally  issued by us in 2000.Financial
Condition.
 Our  auditor's  going  concern  opinion  for the
prior  year  ended and the notation in the financial 
statements  indicate that we do not have  significant cash 
or  other  material  assets  and  that we are 
relying  on  advances  from stockholders,  officers and
directors to meet limited operating expenses.  We do not have 
sufficient  cash or other  material  assets  or do we
have  sufficient operations or an established  source of revenue to
cover our  operational  costs that would allow us to continue as a
going concern.  We are insolvent in that we are unable to pay our debts in
the  ordinary  course of  business as they become
due.
  -17-
     
 
 Liquidity and Operational
Results.     The Company has no current operating
history and does not have any revenues or earnings from operations.  The
Company has no assets or financial  resources. We will, in all
likelihood,  sustain  operating  expenses without 
corresponding revenues,  at least until the consummation of a
business  combination.  This may result  in the 
Company  incurring  a net  operating  loss  that 
will  increase continuously  until the Company can 
consummate  a business  combination  with a profitable 
business  opportunity.  There is no  assurance  that the
Company can identify such a business opportunity and consummate such a business
combination.     We are  dependent  upon
our officers to meet any de minimis  costs that may occur. Tricia A.
Nickson, an officer and director of the Company,  has agreed to provide the
necessary funds,  without  interest,  for the Company to comply
with the 1934 Act;  provided  that she is an officer and director of
the Company when the obligation is incurred. All advances are
interest-free.Liquidity.     As of March
31,  2010,  we had total  liabilities  of $24,326  and
we had a negative net worth of $24,326. As of December 31, 2009, we had total
liabilities of $16,607 and a negative net worth of
$16,607.     We have had no revenues from inception
through December 31, 2009 and we had no revenues for the period ended March 31,
2010.  We have a loss from  inception through December 31, 2009 of
$50,607 and a loss from inception through March 31, 2010 of
$58,326.     We have officer's advances of $24,326
from inception to March 31, 2010. The officer's advances as of December 31, 2009
were $16,607.
  -18-
   
   ITEM
3.                      QUANITATIVE
AND QUALILATIVE DISCLOSURES ABOUT MARKET RISK.
 
 Not applicable to smaller
reporting companies.
 
  ITEM
4.T.                  
CONTROLS AND PROCEDURES.
  Based
on an evaluation of our  disclosure  controls and procedures as of the
end of the period covered by this Form 10Q (and the financial 
statements  contained in the report),  our president and
treasurer  have  determined  that our current disclosure controls
and procedures are
effective.             There
have not been any changes in our internal control over financial reporting (as
such term is defined in Rule 13a-15(f)  under the Exchange Act) or any
other factors  during  the  quarter  covered  by
this  report,  that  have  materially affected,  or are
reasonably  likely to materially  affect our internal  control
over financial reporting.
 Internal  control over
financial  reporting  refers to the process designedby, or
under the supervision of, our Chief Executive Officer (President) and Chief
FinancialOfficer/Treasurer,
and effected by our Board of Directors, management and other personnel,to
provide reasonable assurance regarding the reliability of financial reportingand the
preparation of financial  statements for external purposes in
accordancewith
generally accepted accounting  principles,  and includes
those policies andprocedures
that:
  ·
                  Pertain  to
      the  maintenance  of  records  that
      in  reasonable  detail accurately and fairly reflect
      the transactions and dispositions of our
assets;
  ·
                  Provide  reasonable   assurance  that  transactions  are  recorded  as
      necessary to permit preparation of financial  statements in
      accordance with generally accepted
      accounting  principles,  and that our receipts and
      expenditures are being made only in accordance
      with  authorization of our management and directors;
      and
  ·
                  Provide
      reasonable  assurance regarding prevention or timely detection
      of  unauthorized  acquisitions,  use or
      disposition of our assets that could have a material effect on the
      financial statements.
  Internal control over financial reporting cannot provide absolute assurance of
achieving financial reporting objectives because of its inherent
limitations.  It is a process that
involves  human  diligence and compliance and is subject to
lapses in judgment and breakdowns resulting from human failures.  It
also can be circumvented by collusion or improper management
override.
  Because
of such  limitations,  there is a risk that
material  misstatementsmay not
be  prevented  or detected on a timely  basis by
internal  control  overfinancial
reporting.  However,  these inherent limitations are known
features ofthe
financial  reporting process.  Therefore,  it is
possible to design into theprocess  certain  safeguards  to  reduce,  thought  not  eliminate,  this  risk.Management
is responsible for  establishing  and
intaining  adequate  internalcontrol  over  our  financial  reporting.  To
avoid  segregation  of duty due tomanagement  accounting
size,  management had engaged an outside CPA to assist inthe
financial reporting.
  Management
has used the framework set forth in the report entitled InternalControl  -  Integrated  Framework  published  by  the  Committee  of  SponsoringOrganizations  of
the  Treadway  Commission,  known
as  COSO,  to  evaluate  theeffectiveness
of our internal control over financial reporting.
  Management
has concluded that our internal control over financial  reporting waseffective
as of the quarter endedMarch31,
2010.
 -19-
   
 PART
II
  OTHER INFORMATION
   ITEM
1.    LEGAL PROCEEDINGS
  NoneITEM
1A.  RISK
FACTORS.          
       There has been no material change in the
risk factors previously disclosed.ITEM
2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS
  NoneITEM
3.    DEFAULTS BY THE COMPANY ON ITS SENIOR
SECURITIES
  NoneITEM
4.    SUBMISSION OF MATTER TO VOTE OF SECURITY
HOLDERS
  NoneITEM
5.    OTHER INFORMATION
  None ITEM
6.    EXHIBITS AND REPORTS ON FORM
8-K                
 There were no reports on Form 8-K filed  during the  quarter for
which this report is filed. The following exhibits are filed with this
report:                
 31.1 Rule 13a-14(a)/15d-14(a) - Certification of Chief Executive
Officer.     
            31.2 Rule
13a-14(a)/15d-14(a) - Certification of Chief
Financial Officer.     
            32.1 Section
1350 Certification - Chief Executive
Officer.                 
32.1 Section 1350 Certification - Chief Financial Officer.
   -20-
    SIGNATURES
   Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
    Dated:
May 17, 2010
 PALMDALE
EXECUTIVE HOMES, CORP.
   By: /s/ SUZETTE M.
MAJOR
 ____________________________________________
 Suzette M.
Major
 Presidentand
Director
    By: /s/ TRICIA A.
NICKSON
 ____________________________________________
 Tricia A.
Nickson
 Secretary/Treasurer and
Director
                 -21-