UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                            Washington, DC 20549

                                Form 10-QSB

[X]      ANNUAL REPORT UNDER OR OF THE SECURITIES EXCHANGE ACT OF 1934

                   For the quarterly period ended August 31, 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 000-50776
                       --------------------------------

                        AMERICAN CAPITAL HOLDINGS, INC.
       ---------------------------------------------------------------
      (Exact name of small business issuer as specified in its charter)

        Florida                                       65-0895564
--------------------------------              --------------------------------
 (State or other jurisdiction of                    (I.R.S. Employer
 incorporation or organization)                    Identification No.)

                       1016 CLEMMONS STREET, SUITE 302
                             JUPITER, FLORIDA  33477
------------------------------------------------------------------------------
                    (Address of principal executive offices)

                               (561) 745-6789
------------------------------------------------------------------------------
            (Issuer's telephone number, including area code)

Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the
past 90 days.  Yes [ X ]    No [   ]

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

As of August 31, 2007 the issuer had 21,110,680 shares of common stock,
$.0001 Par Value, outstanding.

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







AMERICAN CAPITAL HOLDINGS, Inc.            Form 10-QSB     AUGUST 31, 2007

                                       INDEX
                                                                    PAGE NO.

                    PART I    FINANCIAL INFORMATION

ITEM 1    FINANCIAL STATEMENTS

          Independent Accountants' Report . . . . . . . . . . . . . .  3

          Consolidated Balance Sheets:
           August 31, 2007 and May 31, 2007 (Unaudited) . . . . . . .  4

          Consolidated Statements of Operations:
           Three Months Ended August 31, 2007 and 2006  . . . . . . .  5

          Consolidated Statement of Changes in Shareholders' Equity:
           from May 31, 2005 Through August 31, 2007  . . . . . . . .  6

          Consolidated Statements of Cash Flows:
           for the Three Months Ended August 31, 2007 and 2006  . . .  7

          Notes to Consolidated Financial Statements  . . . . . . . .  9

ITEM 2 Management's Discussion and Analysis or Plan of Operation  . . 18

ITEM 3 Controls and Procedures  . . . . . . . . . . . . . . . . . . . 21

                  PART II       OTHER INFORMATION

ITEM 1 Legal Proceedings  . . . . . . . . . . . . . . . . . . . . . . 22

ITEM 2 Unregistered Sales Of Equity Securities and Use Of
       Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

ITEM 3 Defaults Upon Senior Securities  . . . . . . . . . . . . . . . 22

ITEM 4 Submission Of Matters to a Vote Of Security Holders. . . . . . 22

ITEM 5 Other Information  . . . . . . . . . . . . . . . . . . . . . . 22

ITEM 6 Exhibits . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

SIGNATURES AND CERTIFICATIONS . . . . . . . . . . . . . . . . . . . . 23

       Exhibit 31.1  Certification required under Section 302 of  . . 24
                     the Sarbanes-Oxley Act of 2002 by the CE0

       Exhibit 31.2  Certification required under Section 302 of  . . 25
                     the Sarbanes-Oxley Act of 2002 by the CFO

       Exhibit 32    Certification of CEO and CFO Pursuant to . . . . 26
                     Section 906 of the Sarbanes-Oxley Act


                                     2
                       Wieseneck, Andres & Company, P.A.
                         Certified Public Accountants
                        772 U. S. Highway 1, Suite 100
                       North Palm Beach, Florida  33408
                               (561) 626-0400

Thomas B. Andres, C.P.A.*, C.V.A.                     FAX (561) 626-3453
Paul M. Wieseneck, C.P.A.
*Regulated by the State of Florida


           Report of Independent Registered Public Accounting Firm


To the Board of Directors and Stockholders of
American Capital Holdings, Inc.
Jupiter, Florida

We have reviewed the accompanying consolidated balance sheet of American Capital
Holdings, Inc. as of August 31, 2007 and May 31, 2007 and the related
consolidated statements of operations for the three-month periods ended August
31, 2007 and 2006, the consolidated statement of cash flows for the three-month
period ending August 31, 2007 and the consolidated statement of changes in
shareholders' equity from May 31, 2005 through August 31, 2007.  These financial
statements are the responsibility of the company's management.

We conducted our review in accordance with the standards of the Public Company
Accounting Oversight Board (United States).  A review of interim financial
information consists principally of applying analytical procedures and making
inquiries of persons responsible for financial and accounting matters.  It is
substantially less in scope than an audit conducted in accordance with standards
of the U.S. generally accepted auditing standards of the Public Company
Accounting Oversight Board (United States), the objective of which is the
expression of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should
be made to the accompanying interim financial statements for them to be in
conformity with accounting principles generally accepted in the United States of
America.



   /s/Wieseneck, Andres & Company, P.A.


North Palm Beach, Florida
October 15, 2007








                                     3
AMERICAN CAPITAL HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
                                                  AUGUST 31, 2007  MAY 31, 2007
                                                   -------------   ------------
                                ASSETS

       Current Assets
            Cash and Cash Equivalents               $         224  $        283
            Notes Receivable                              157,797       155,785
            Loans Receivable Related Parties              411,931        82,989
            Prepaid Expenses                               43,581        48,979
                                                      ------------  ------------
                Total Current Assets                      613,533       288,036
                                                      ------------  ------------

       Property and Equipment, net                         22,979        25,580
                                                      ------------  ------------
       Other Assets
            Trading Securities                            915,224       802,029
            Intangible Assets, net                          8,938         8,938
            Insurance Licenses                             19,600        19,600
            Security Deposit                                    -             -
                                                      ------------  ------------
                Total Other Assets                        943,762       834,567
                                                      ------------  ------------
   TOTAL ASSETS                                     $   1,580,274  $  1,148,183
                                                      ============  ============
             LIABILITIES & STOCKHOLDERS' EQUITY

     Liabilities
            Current Liabilities
               Accounts Payable                     $     356,361  $    277,164
               Accrued Expenses                           353,844       320,526
               Loans Payable-Shareholders                 355,063       367,196
               Notes Payable                              325,450       325,450
                                                      ------------  ------------
              Total Current Liabilities                 1,390,718     1,290,336
                                                      ------------  ------------
        Total Liabilities                               1,390,718     1,290,336
                                                      ------------  ------------
        Stockholders' Equity
            Common Stock $.0001 par value, 100 millionn
             shares authorized, 21,110,680 with
             800,000 unissued and 21,110,680 with
             800,000 unissued                               2,191         2,191
            Paid-in-Capital                            17,546,163    17,546,163
            Retained Deficit                          (17,358,798)  (17,690,507)
                                                      ------------  ------------
              Total Stockholders' Equity                  189,556      (142,153)

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY              $ 1,580,274   $ 1,148,183
                                                       ===========   ===========

See accompanying summary of accounting policies, notes to financials to financia
statements and independent accountants' review report..

                                     4

AMERICAN CAPITAL HOLDINGS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED
AUGUST 31, 2007 AND 2006

                                             AUGUST 31, 2007   AUGUST 31, 2006

       Revenues
               Net Sales                       $          -      $          -
               Cost of Sales                         (2,600)           (2,600)
                                                ------------      ------------

                   Gross Profit                      (2,600)           (2,600)
                                                ------------      ------------
       Operating Expenses
               General and Administrative            85,667           158,785
                  reimbursed expenses              (428,966)         (132,643)
                                                ------------      ------------
             Total Operating Expenses              (343,299)           26,142

                                                ------------      ------------
             Income/(Loss) from Operations          340,699           (28,742)
                                                ------------      ------------
       Other Income (Expense)
               Interest Income                        2,012             3,655
               Interest Expense                     (11,002)          (21,905)
               Loss on Disposition
                  of Marketable Securities                -                 -
                                                ------------      ------------
                   Net Other Expenses                (8,980)          (18,250)
                                                ------------      ------------
     Net Income / (Loss)                       $    331,709      $    (46,992)
                                                ============      ============


Basic and Diluted
 Net Loss Per Common Share                     $       .016      $      (.002)
                                                ============      ============


Weighted Average Shares Outstanding              21,110,680        20,103,767
                                                ============      ============







See accompanying summary of accounting policies, notes to financial
statements and independent accountants' review report.




                                     5
AMERICAN CAPITAL HOLDINGS, INC.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FROM JUNE 1, 2005 THROUGH MAY 31, 2007


               Number of  At Par                        Accum. other    Total
                  Shares   Value  Add'l Paid  Retained  Comprehen-  Stockholder
                  Issued  $.0001  in Capital   Deficit   sive Inc.     Equity
                ---------- ------ ----------- ---------- ---------- -----------
Bal 5/31/05   17,398,903 $1,870 $16,581,195 $(15,378,157) $(152,718)$1,052,190

Sale of Common
 Stock           143,750     14     259,986           -          -     260,000

Conversion of debt
 and accrued interest
 to equity       590,027     59     632,468           -          -     632,527

Issuance of
 500,000 shares
 previously recorded
 as unissued     500,000      -           -           -          -           -

Sale of Common
 Stock            26,000      3      46,997           -          -      47,000

Warrants Issued
 and exercised,
 Payment for
 Accrued Interest
 Payable         250,000     25       2,475           -          -       2,500

Adjustment to Prior
 Years Unrealized
 Holding Loss          -      -           -           -     152,718    152,718

Dividends Paid         -      -           -     (621,327)         -   (621,327)

Net Loss               -      -           -   (1,764,119)         - (1,764,119)
             ----------- ------- ----------- ------------ ---------- ----------
Bal 05/31/06  18,908,680  1,971  17,523,121  (17,763,603)         0   (238,511)

Stock issued   2,202,000    220      23,042            0          0     23,262

Net Income             0      0           0       73,096          0     73,096
             ----------- ------- ----------- ------------ ---------- ----------
Bal. 5/31/07  21,110,680 $2,191 $17,546,163  (17,690,507) $       0 $ (142,153)

Net Income             0      0           0      331,709          0     73,096
             ----------- ------- ----------- ------------ ---------- ----------
Bal. 8/31/07  21,110,680 $2,191 $17,546,163  (17,358,798) $       0 $  189,556
             =========== ======= =========== ============ ========== ==========


Read the accompanying summary of accounting policies and notes to financial
statements.
                                    6
AMERICAN CAPITAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED AUGUST 31, 2007 AND 2006

                                             AUGUST 31, 2007   AUGUST 31, 2006
                                              _______________  _____________

Cash Flows From Operating Activities
    Cash refunded from suppliers               $      4,398    $         0
    Cash paid to suppliers of goods
        and services                                   (130)       (12,528)
    Interest Paid                                         0              0
    Interest Received                                     2             41
                                              _______________  _____________
        Net Cash Flows Used in
         Operating Activities                        (4,270)       (12,487)
                                              _______________  _____________
Cash Flows From Investing Activities
    Purchase of Equipment                                 0              0
    Return of Investment Deposit                          0              0
                                              ______________  _____________
        Net Cash Flows Provided By
         (Used In) Investing Activities                   0              0
                                              _______________  _____________
Cash Flows From Financing Activities
    Loans from Related Companies                          0         14,200
    Repayment of Loans from Related Companies        (4,329)       (28,875)
    Payment for Debtor in Possession financing            0              0
    Proceeds from Sale of Stock                           0         27,500
    Purchase of Notes Receivable                          0              0
    Payments on Notes Payable                             0              0
                                              _______________  _____________
        Net Cash Flows Provided By
         Financing Activities                        (4,329)        (12,825)
                                              _______________  _____________
Net Increase / (Decrease) in Cash                       (59)           338

Cash and Cash Equivalents at
 Beginning of Period, June 1, 2006 and 2005             283          5,287
                                              _______________  _____________
Cash and Cash Equivalents at
End of Period, August 31, 2007 and 2005        $        224          5,625
                                              ===============  =============








See accompanying summary of accounting policies, notes to financial
statements and independent accountants' review report.


                                     7

AMERICAN CAPITAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED AUGUST 31, 2007 AND 2005


Reconciliation of Net Loss to Net Cash Flows Used in Operating Activities

                                               AUGUST 31, 2007   AUGUST 31, 2006

    Net Income (Loss)                            $    331,709      $    (46,992)
    Add Non-Cash Items:
         Increase in Notes Receivable                  (2,012)           (2,011)
         Increase in Notes Receivable Related Co.    (332,745)                -
         Depreciation                                   2,600             2,600
    Cash was increased by:
         Increase in Accrued Expenses                  33,318            55,819
         Increase in Account Payable                   79,197            43,485
         Decrease in Prepaid Expenses                   5,398            17,308
    Cash was decreased by:
         Decrease in Accounts Payable                       -                 -
         Increase in Prepaid Expenses                       -                 -
         Trading Securities received for services    (113,195)          (82,696)

                                                _______________  _______________
        Net Cash Flows Used in
         Operating Activities                    $      4,270    $     (12,487)
                                                ===============  ===============

















See accompanying summary of accounting policies, notes to financial
statements and independent accountants' review report.









                                     8

AMERICAN CAPITAL HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE MONTHS ENDED AUGUST 31, 2007

NOTE A - DESCRIPTION OF BUSINESS

American Capital Holdings, Inc. (American Capital Holdings) is a Florida
Corporation whose primary business consists of insurance and proprietary
financial products designed to utilize tax incentives, and mitigate the impact
of balance sheet liabilities.  The Company's main office is located at 1016
Clemmons Street, Suite 302, Jupiter, Florida 33477, and the telephone number is
(561) 745-6789.

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation, Use of Estimates
The Company maintains its accounts on the accrual basis of accounting. The
preparation of financial statements in conformity with U.S. 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.

Revenue Recognition
Revenue and dividends from investments are recognized at the time the investment
dividends are declared payable by the underlying investment. Capital gains and
losses are recorded on the date of sale of the investment.

Cash
Cash consists of deposits in banks and other financial institutions having
original maturities of less than ninety days.

Allowance for Doubtful Accounts
It is the policy of management to review the outstanding accounts receivable at
year end, as well as the bad debt write-offs experienced in the past, and
establish an allowance for doubtful accounts for uncollectible amounts.

Depreciation
Property and equipment are recorded at cost and depreciated over the estimated
useful lives of the related assets. Depreciation is computed using the straight-
line method.

Amortization
The accounting for a recognized intangible asset acquired after June 30, 2001 is
based on its useful life to the Company.  If an intangible asset has a finite
life, but the precise length of that life is not known, that intangible asset
shall be amortized over management's best estimate of its useful life.  An
intangible asset with a indefinite useful life is not amortized.  The useful
life to an entity is the period over which the asset is expected to contribute
directly or indirectly to the future cash flows of that entity.

Investments
Investments are stated at the lower of cost or market value.


                                     9

AMERICAN CAPITAL HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE MONTHS ENDED AUGUST 31, 2007

NOTE C - BUSINESS COMBINATION

The company acquired the net assets of I.S. Direct New York, an unrelated
company, through a reverse merger with its wholly owned subsidiary of I.S.
Direct Agency, Inc. The acquisition was accounted for as a business combination
in accordance with SFAS 141, paragraphs nine through twelve. I.S. Direct, Inc.
issued its shares of American Capital common stock it received in the exchange
of its stock at its inception with American Capital for the net assets of I.S.
Direct New York. The assets acquired by I.S. Direct, Inc., a wholly owned
subsidiary, include life and health insurance licenses to operate in all fifty
states, $980,000 and website and software costs for $20,000. The two assets of
I.S. Direct are included in the Consolidated Balance Sheet of American Capital
Holdings, Inc.  All intercompany transactions have been eliminated at
consolidation.  The licenses and software costs have been written down to their
estimated fair value at May 31, 2006.

NOTE D -  NOTES RECEIVABLE

Notes Receivable at August 31, 2007 and May 31, 2006 consist of the following:

                                                          Aug. 31 07 May 31 07
                                                           --------- ---------
   8% non-collateralized notes due on demand.
   Interest is payable quarterly.  Included in the balance
   is $35,891 and 33,879 of accrued interest receivable.   $ 145,891 $ 143,879

   Nine 8% promissory notes purchased from holders of notes
   with Air Media Now, Inc.  By mutual agreement of both
   parties, these notes are not accruing interest.            11,906    11,906
                                                           --------- ---------
       Total Notes Receivable                              $ 157,797 $ 155,785
                                                           ========= =========

NOTE E - LOANS RECEIVABLE RELATED PARTIES

The loans receivable from related corporate entities are non-collateralized,
non-interest bearing and are due on demand.  As of August 31, 2007, eCom, a
related party, owed American Capital $363,762.  As of November 29, 2004, eCom
has been adjudicated as a Chapter 11 Debtor in the involuntary bankruptcy
proceedings of the United States Bankruptcy Court - Southern District of
Florida (In Re: Case No. 04-34535 BKC-SHF).  Pending bankruptcy court approval
of eCom's Reorganization Plan, which is expected in due course, there should
not be a material affect on the financial condition of American Capital.







                                      10


AMERICAN CAPITAL HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE MONTHS ENDED AUGUST 31, 2007

NOTE E - LOANS RECEIVABLE RELATED PARTIES - CONTINUED


The loans due American Capital as of August 31, 2007 and May 31, 2007 are as
follows:
                                  August 31, 2007    May 31, 2007
                                  ---------------    ------------
    eCom eCom.com Inc.                363,762                 0
    AmEnviro,Inc.                      43,098            43,098
    USA Performance Products            3,862             3,862
    A Super Deal.com                        0             5,960
    Swap and Shop.net                       0             2,920
    A Classified Ad                         0             5,390
    Diamond Energy                          0             6,280
    Green Energy Group                      0                 0
    CRT Holdings, Inc. (FL)                 0             5,160
    eSecureSoft Company                     0                 0
    American Environmental, Inc.            0             9,110
    Other                               1,209             1,209
                                    ---------          --------
         Total                      $ 411,931         $  82,989
                                    =========          ========

NOTE F - INVESTMENTS

Trading Securities:

eCom eCom.com, Inc. is a Florida Corporation and trades on the OTC/PINK:ECEC.
The Company, which was the former parent of USA SportsNet Company, now American
Capital Holdings, Inc., owns 1,437,100 common shares of eCom.  The Company's
investment amounts to 2.9% of the outstanding shares of eCom.

In the year ending May 31, 2006, by mutual agreement, the Company's entire
investment of marketable securities in eCom eCom.com, Inc was transferred to a
note holder reducing the note payable to zero.  The original cost basis for
these marketable securities was $254,869.  Through May 31, 2005, a net
unrealized holding loss in the amount of $152,718 had been recognized.  As a
result of the transfer, an unrealized holding gain of the amount of $152,718,
which eliminated the Accumulated Comprehensive Loss, and a loss on the
disposition of marketable securities in the amount of $20,339 was recognized in
the Consolidated Statement of Operations at May 31, 2006.  Also as a result of
the transfer, the following balance sheet account was adjusted; the company's
remaining investment in eCom eCom, $102,151 was written down to zero.

Shares issued to American Capital Holdings during the three months ended
August 31, 2007 for services rendered are as follows:



                                      11


AMERICAN CAPITAL HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE MONTHS ENDED AUGUST 31, 2007

NOTE F - INVESTMENTS - CONTINUED

                         Shares          Total Shares       Cost of
                         issued on          held on       Shares held
Company name             Aug. 31, 2007   Aug. 31, 2007   on Aug. 31, 07
----------------------   -------------   --------------  --------------
eSecureSoft Company        1,062,500        9,929,564      $  99,296
USAS Digital               1,578,500       12,693,497        126,935
Green Energy Group                 0        3,786,626         37,866
AAB National               1,690,500        9,586,590         95,866
A Classified Ad            1,601,500        9,695,554         96,956
Core Medical Group         1,354,500        9,443,692         94,437
A Super Deal               1,658,500       10,263,420        102,634
MyZipSoft                  1,973,500        8,312,558         83,126
eCom eCom.com                      0       23,795,237        178,109
----------------------   -------------   --------------  --------------
Marketable Securities     10,919,500       97,506,738      $ 915,224

As a part of an acquisition of ACHI on January 12, 2004, the Company acquired
approximately 53 million shares or 90% of the outstanding common shares of Air
Media Now!, Inc. (Air Media Now).  Air Media Now owned the rights to market
certain intellectual property that had never been fully developed by its
previous owners.  Air Media Now has no assets but is currently traded on the
pink sheets (AMNW:PK).  The stock was trading at $.01 at May 31, 2006.  Air
Media Now has not filed financial statements subsequent to December 31, 2002
with the Securities and Exchange Commission.  American Capital Holdings, Inc.
wrote off any and all of its recorded investment in Air Media Now as an
impairment expense in the year ended May 31, 2004.  Air Media Now is a
consolidated subsidiary of American Capital Holdings at August 31, 2007 and May
31, 2007.

NOTE G - PROPERTY AND EQUIPMENT

Equipment is stated at cost less depreciation.  As of August 31, 2007,
equipment consisted of computer hardware, software, and office furniture and
equipment.  Depreciation expense of $2,600 and $10,100 has been recorded for the
periods ending August 31, 2007 and May 31, 2006 respectively.

NOTE H - PREPAID EXPENSES

Prepaid expenses consist primarily of retainers paid for legal work for the
Company, along with prepaid registration fees submitted to the Securities and
Exchange Commission in anticipation of future security registrations.

NOTE I - INTANGIBLE ASSETS

Intangible assets consist of website software development costs, and fees
related to applications for patents and trademarks.  The intangible assets are
not in use and are currently not being amortized.



                                     12

AMERICAN CAPITAL HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE MONTHS ENDED AUGUST 31, 2007


NOTE J - LOAN PAYABLE RELATED PARTY

As of August 31, 2007 and May 31, 2007 loans payable to shareholders in the
amount of $355,063 and $367,196 are due on demand.


NOTE K - NOTES PAYABLE

Promissory Notes as of August 31, 2007 and May 31, 2007 consisted of:

                                                 August 31, 2007  May 31, 2007
                                                  -------------- -------------
Four interest bearing, non-collateralized loans.
The loans have various maturities throughout 2006.   $ 325,450     $ 325,450
                                                     ----------    ---------
     Total Notes Payable                               325,450       325,450
     Less Current Portion                             (325,450)     (325,450)
                                                     ----------    ---------
     Net Long-term Debt                              $       0     $       0
                                                     ==========    =========
The short-term notes payable mature as follows:
     August 31, 2007                                 $ 325,450     $ 325,450
                                                    ----------     ---------
                          Total Notes Payable       $  325,450    $  325,450
                                                    ==========     =========

The notes and loans can be converted to shares of the Company's $.0001 par
value common stock at the option of the holder.  The notes pay interest at 10%
per annum.  Interest is paid quarterly.  The loan can be converted at 80% of
the average closing price of Company's common stock for the preceding five (5)
consecutive trading days with a floor of $1.


NOTE L - WARRANTS

The Company has issued 1,005,000 detachable warrants for each dollar of debt as
described in Note L above.  Management has determined that the value of the
detachable warrants to be $.01 on the date of issuance and have charged paid in
capital $10,050 during the period.  Each warrant entitles the holder to
purchase one (1) share of common stock at $.01.  The Company also issued
400,000 warrants to one of the former owners of IS Direct Agency for providing
his insurance licensing in all fifty states.  The warrants can be exercised for
$.01 each.  An additional 216,209 warrants were issued in connection with the
Spaulding acquisition, one warrant for every ten shares owned.  Each unit of
Spaulding entitled the owner to one warrant with an exercise price of $6.00.
As of August 31, 2007 there remains no outstanding warrants which expired during
the year ending May 31, 2006.



                                     13
AMERICAN CAPITAL HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE MONTHS ENDED AUGUST 31, 2007


NOTE M - DIVIDENDS

The Company paid certain expenses on behalf of the various related companies
that were spun off from eCom eCom.com, Inc.  The payable on the books of the
spin off company, which is an account receivable on the books of American
Capital Holdings, was converted to common stock of that company.  It was not
the intention of American Capital to be a holding company so it, therefore,
distributed the newly acquired shares of common stock, pro-rata to the current
stockholders of American Capital on August 6, 2006.


NOTE N - COMMITMENTS AND CONTINGENCIES

The Company leased approximately 1,231 square feet office facilities in Palm
Beach Gardens, Florida under an operating lease of $2,331 per month which
expired on January 31, 2007.  ISDA leased approximately 200 square feet of
office facilities in Buffalo, NY under a month to month agreement of $425.00
per month.  The Company no longer maintains an office in Buffalo, NY.

Future minimum lease payments including sales tax as of August 31, 2007 are:
Fiscal Years ending:

            August 31, 2007                          0
                                              --------
            Total Minimum Lease Payments      $      0

Rent expense for the three month period ending August 31, 2007 was $0.


NOTE O - INCOME TAXES

No provision for federal and state income taxes has been recorded because the
Company has incurred net operating losses since inception.  The Company's net
operating loss carry-forward as of August 31, 2007 totals approximately
$16,000,000.  These carry-forwards, which will be available to offset future
taxable income, and expire beginning in May 31, 2024.

The Company does not believe that the realization of the related net deferred
tax asset meets the criteria required by generally accepted accounting
principles and, accordingly, the deferred income tax asset arising from such
loss carry forward has been fully reserved.

The Company accounts for income taxes in accordance with FASB Statement No. 109,
Accounting for Income Taxes (FASB 109). Under FASB 109, income taxes are
provided for the tax effects of transactions reported in the financial
statements and consist of taxes currently due plus deferred taxes related to
certain income and expenses recognized in different periods for financial and
income tax reporting purposes. Deferred tax assets and liabilities represent the
future tax return consequences of those differences, which will either be
taxable or deductible when the assets and liabilities are recovered or settled.

                                     14
AMERICAN CAPITAL HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE O - INCOME TAXES - CONTINUED

Deferred taxes also are recognized for operating losses and tax credits
that are available to offset future taxable income and income taxes,
respectively.  A valuation allowance is provided if it is more likely than not
that some or all of the deferred tax assets will not be realized.  To facilitate
the purchase of the assets of ACHI, the Company recorded a one for twenty
reverse split on the Effective Date of the currently outstanding common stock,
while maintaining the conversion and exercise prices of the Senior Notes, the
Secured Notes, the Subordinated Notes and the related warrants.  All prior
period share and per-share amounts have been restated to account for the reverse
split.  Any fractional shares remaining after the reverse split will be paid out
in cash to the shareholder on the Effective Date.

Warrants were granted to Promissory Noteholders with detachable warrants.
Management has determined that the fair value of each warrant is $0.01.

The computation of diluted loss per share before extraordinary item for
the periods ending August 31, 2007 and 2006 do not include shares from
potentially dilutive securities as the assumption of conversion or exercise of
these would have an antidilutive effect on loss per share before extraordinary
items.  In accordance with generally accepted accounting principles, diluted
loss per share from extraordinary item is calculated using the same number of
potential common shares as used in the computation of loss per share before
extraordinary items.

NOTE P - DEFERRED TAX ASSET

Deferred income taxes are provided for temporary differences between the
financial reporting and income tax basis of the Company's assets and
liabilities.  Temporary differences, net operating loss carry forwards
and valuation allowances comprising the net deferred taxes on the balance
sheets is as follows:
                                             Aug. 31, 2007  May 31, 2007
                                             ------------- --------------
         Loss carry forward for tax purposes $ 16,000,000  $ 16,000,000
                                             ============= ==============
         Deferred tax asset (34%)               5,600,000     5,600,000

         Valuation allowance                   (5,600,000)   (5,600,000)
                                             ------------- --------------
         Net deferred tax asset              $          -  $          -
                                             ============= ==============
No provision for federal and state income taxes has been recorded because
the Company has incurred net operating losses since inception. The Company's
net operating loss carry-forward as of August 31, 2007 was approximately
$16,000,000.  These carry-forwards, which will be available to offset future
taxable income, will expire through the year 2024.

The Company does not believe that the realization of the related net
deferred tax asset meets the criteria required by generally accepted accounting
principles and, accordingly, the deferred income tax asset arising from
such loss carry forward has been fully reserved.
                                     15
AMERICAN CAPITAL HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE Q - SUBSEQUENT EVENTS

On or about October 10, 2006, a stockholder of the Company filed suit in the
California Superior Court but the lawsuit was removed to the United States
District Court for the Eastern District Court of California.  American Capital
Holdings, the defendant, move to have the case transferred to the United States
District Court for the Southern District of Florida based on the venue being
improper.  On February 28, 2007 the U.S. District Judge then presiding over the
case granted defendant's motion and ordered that the case be transferred.  The
case has not yet been transferred or re-filed.

NOTE R - RELATED PARTY TRANSACTIONS

The Company has receivables due from nine related entities. eCom eCom.com, Inc.
owes $196,450 for services paid to the Company's transfer agent and accountant,
including $100,000 of debtor-in-possession financing, as authorized by the
United States Bankruptcy Court, Case No. 04-35435-SHF.  Additional advances were
made after February 1, 2005, resulting in a balance due from MyZipSoft of
$108,262.  On August 31, 2005 10,826,190 of shares of MyZipSoft were issued to
American Capital Holdings.  These MyZipSoft shares where distributed to the
shareholders of record of American Capital Holdings on August 31, 2005.
Additional advances to support operations were made into each of the following
eight spin-offs of eCom; A Super Deal.com, Inc, Swap and Shop.net Corp, A
Classified Ad, Inc, AAB National Company, Pro Card Corporation, USAS Digital
Inc, USA Performance Products, and eSecureSoft Company.  These related party
transactions totaled $377,664, on August 31, 2005 and an additional $72,767
during the three months ending November 30, 2005.  The following shares where
issued to American Capital Holdings by the following companies as compensation
for these advances and services.

Shares issued to American Capital Holdings during the twelve months ended
May 31, 2006 and distributed to the shareholders of American Capital
Holdings, Inc. to shareholders of record of American Capital Holdings as of
August 31, 2005 and November 30, 2005 and February 28, 2006 are as follows:

                         Shares           Shares             Shares
                         Distributed on   Distributed on     Distributed on
Company name             August 31, 2005  November 30, 2005  February 28, 2006
----------------------   ---------------  -----------------  -----------------
eSecureSoft Company        6,560,606            743,531           702,425
USAS Digital               4,502,351          1,050,875         1,266,658
Pro Card Corporation       5,265,896          1,463,125           593,125
AAB National               7,099,350            952,500           836,453
A Classified Ad            3,694,725          1,722,500           728,750
Swap and Shop              3,886,226            747,475           869,375
A Super Deal               6,757,351            856,750           916,005
MyZipSoft                 10,826,190                  0           510,550

The Company has received loans from various Officers and Directors.  As of
August 31, 2007, the company owes $124,470 to Barney Richmond and $10,130 to
Richard Turner.

                                     16

AMERICAN CAPITAL HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE S - RECENT ACCOUNTING PRONOUNCEMENTS

The FASB issued SFAS No. 143, Accounting for Asset Retirement Obligations
with an effective date for financial statements issued for fiscal years
beginning after June 15, 2002.  The statement addresses financial accounting
and reporting for obligations related with the retirement of tangible
long-lived assets and the costs associated with asset retirement.  The
statement requires The recognition of retirement obligations which will,
therefore, generally increase liabilities; retirement costs will be added to
the carrying value of long-lived assets, therefore, assets will be increased;
and depreciation and accretion expense will be higher in the later years of an
assets life than in earlier years.  The Company adopted SFAS No. 143 at January
1, 2002.  The adoption of SFAS No. 143 had no impact on the Company's operating
results or financial positions.

The FASB also issued SFAS No. 144, Accounting for the Impairment or
Disposal of Long-Lived Assets and is effective for financial statements issued
for fiscal years beginning January 1, 2002.  This statement addresses
financial accounting and reporting for the impairment or the disposal of long-
lived asset.  An impairment loss is recognized if the carrying amount of a
long-lived group exceeds the sum of the undiscounted cash flow expected to
result from the use and eventual disposition of the asset group.  Long-lived
assets should be tested at least annually or whenever changes in circumstances
indicate that its carrying amount may not be recoverable.  This statement
does not apply to goodwill and intangible assets that are not amortized.
The Company adapted SFAS No. 144 in the first quarter of 2002, and there was
no impact on the Company's operating results or financial position.

In April 2002, the FASB issued SFAS No. 145, "Rescission of the FASB Statements
No. 4, 44 and 64, Amendment of FASB Statement No. 13, and Technical Corrections
("SFAS No. 145"). SFAS No. 145 eliminates the requirement to classify gains
and losses from the extinguishment of indebtedness as extraordinary, requires
certain lease modifications to be treated the same as a sale-leaseback
transaction, and makes other non-substantive technical corrections to
existing pronouncements. SFAS No. 145 is effective for fiscal years beginning
after May 15, 2002. SFAS No. 145 was adopted on June 1, 2003 and did not have a
material effect on the Company's financial position or results of operations.

The FASB issued SFAS No. 150, "Accounting for Certain Financial Instruments
with Characteristics of both Liabilities and Equity" and is effective for
financial instruments entered into after May 31, 2003.  This Statement
establishes standards for how an issuer classifies and measures in its
statement of financial position certain financial instruments with
characteristics of both liabilities and equity.  It requires that an issuer
classify a financial instrument that is within its scope as a liability because
that financial instrument embodies an obligation of the issuer.  The Company
has adopted SFAS No. 150, and there has been no impact on the Company's
operating results or financial position.

Goodwill and intangible assets acquired prior to July 1, 2001 will continue
to be amortized and tested for impairment in accordance with pre- SFAS
No. 142 requirements until adoption of SFAS No. 142. Under the provision of
SFAS No.142, intangible assets with definite useful lives will be amortized to
                                     17
AMERICAN CAPITAL HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE S - RECENT ACCOUNTING PRONOUNCEMENTS - CONTINUED

their estimated residual values over those estimated useful lives in proportion
to the economic benefits consumed. Such intangible assets remain subject to the
impairment provisions of SFAS No. 121. Intangible assets with indefinite useful
lives will be tested for impairment annually in lieu of being amortized. The
impact of adopting SFAS Nos. 141 and 142 will not cause a material change in
the Company's consolidated financial statements as of the date of this report.


ITEM 2.  Management's Discussion and Analysis or Plan of Operation

American Capital Holdings, Inc., ("ACH") is a holding company which owns five
(5) proprietary financial products.  These products are known as Guaranteed
Principle Insured Convertible Securities ("GPICS (TM)"), Energy Tax Incentive
Preferred Securities ("ETIPS(TM)"), Equipment Tax Incentive Convertible
Securities ("ETICS(TM)"), Guaranteed Pension Accounting Contract Solutions
("GPACS(TM)") and Government Pension Accounting Contract Solutions
("GPACS(TM)").  The GPACS(TM) products are designed to provide solutions for
unfunded government and private sector pension plan liability.  The GPICS(TM),
ETIPS(TM) and ETICS(TM) products are investment structures designed to
facilitate the use of energy and depreciation tax incentives while insuring the
capital investment through guarantees of principal.  Our Chairman, Barney A.
Richmond, has applied for a patent for one of these products, known as
Government Pension Accounting Contract Solutions (GPACS(TM)).  If and when the
patent is granted, Mr. Richmond will assign the patent to ACH.

The GPACS(TM) and some of our other products use insurance as a part of their
structures.  The insurance contracts will be written through several licensed
insurance carriers.

IS Direct is a wholly-owned subsidiary of ACH, and is a licensed insurance
agency through which we will sell our products.  On May 1, 2006 Vince Cherrix
became President of IS Direct.  Mr. Cherrix is currently licensed for property
and casualty insurance, and life and health insurance and annuities in Florida,
South Carolina, Pennsylvania and Maryland.  With the hiring of Mr. Cherrix, the
business plan of IS Direct has changed.  IS Direct had expected to obtain the
necessary licenses for it to operate in all 50 states, it will now focus on
selling its GPAC's products through agents of licensed insurance carriers.  Due
to the fact that the company will no longer incur the cost of maintaining
licenses in all 50 states, the company wrote down the value of its goodwill
associated with the insurance licenses.  The company also wrote down the value
of the company's website during the current fiscal year.

On October 30, 2004, we entered into an agreement to purchase 80% of
Cosmopolitan Life Insurance Company.  On July 8, 2005 management withdrew its
application to acquire Cosmopolitan Life Insurance due to financial issues
uncovered during our due diligence investigation.  Management is currently
looking at recovering the surplus note which requires Arkansas Department of
Insurance approval.

A special meeting of the shareholders of the Company was held on December 7,
2005. A motion was passed to remove Barry M. Goldwater, Jr., Norman E. Taplin
                                    18
AMERICAN CAPITAL HOLDINGS, INC.

and Michael Pickens from the Board of Directors of the Company.  The Company
also accepted the resignations of Michael Camilleri and Matthew Salmon.

On January 6, 2006, the Company accepted the resignation of Douglas Sizemore
from the Board of Directors of the Company.

ACH's principal executive offices are currently located at 1016 Clemmons St.,
Suite 302, Jupiter, FL 33477, and our telephone number is (561) 745-6789.  The
Company's fiscal year ends May 31, 2007.


Business Strategy

We intend to use the financial products of our subsidiaries as solutions,
addressing the needs of governmental and private sector businesses regarding
unfunded pension liabilities and other post-employment benefit ("OPEB")
liabilities.  We also plan to sell annuities and other insurance products,
through our subsidiaries, to both the public and private sectors.  We also
intend to invest and/or sell our proprietary ETIPS(TM) and ETICS(TM) products
in the public marketplace.

Our GPACS(TM) products, which refers to both the Guaranteed Pension Accounting
Contract Solutions product and the Government Pension Accounting Contract
Solutions product, relate to a business method of adjusting the balance sheet
of a business or governmental organization, and particularly to a system for
organizing the unfunded obligations of the organization so that the liability
on the balance sheet becomes offset by an asset.  The product also provides a
systematic investing capability to enhance the profitability of the
organization and the improved treatment of tax obligations.

GPACS was created in response to the General Accounting Standards Board
("GASB") Statement 45, which generally requires state and local governmental
employers to account for and report the annual cost of OPEB and the outstanding
obligations and commitments related to OPEB in essentially the same manner as
currently required pension obligations. Annual OPEB costs for most employers
will be based on actuarially determined amounts that, if paid on an ongoing
basis, generally would provide sufficient resources to pay benefits as they
come due. The provisions of Statement 45 do not require governments to fund
their OPEB plans.

An employer may establish its OPEB liability at zero as of the beginning of the
initial year of implementation. However, the unfunded actuarial liability is
required to be amortized over future periods. Statement 45 is effective for
periods beginning after December 15, 2006, 2007, or 2008, depending on the size
of the government entity based on annual revenues used for GASB 34
implementation requirements.

In May of 2004, the GASB issued a corresponding "plan" statement, Statement 43
- Financial Reporting for Postemployement Benefit Plans Other than Pension
Plans.  Statement 43 is effective one year prior to Statement 45. This
statement requires a statement of plan net assets, statement of changes in plan
net assets, schedule of funding progress, and schedule of employer
contributions in the stand-alone financial reports of OPEB plans, as well as in
the financial statements of governments having OPEB trust funds.
                                    19
AMERICAN CAPITAL HOLDINGS, INC.

Actuarial services will be required one year earlier if the "plan" Statement 43
is applicable, unless an alternative measurement method is utilized. However,
the alternative measurement method is only an option for plans with a total
membership of fewer than one hundred. Many OPEB plans are currently paying
benefits on a pay-as-you-go basis. If a government does not have an acceptable
trust or equivalent arrangement established, actuarial valuations will not be
necessary until Statement 45 is effective. Establishing a trust may be an
option for funding OPEB benefits; employers should consider the impact of
required actuarial services.

Our GPICS(TM), ETIPS(TM) and ETICS(TM) products are each investment structures
designed to maximize the benefit of energy and equipment tax incentives, in
order to facilitate investment in energy related and other business
enterprises.  An essential feature of these products is a guarantee of the
principal invested,  as a result of the structuring of the investment.

Our plan of operation includes the underwriting of the insurance aspects of our
products through our subsidiaries.  Pending approvals of our recent
acquisitions of Universe and Cosmopolitan, we will use third party insurance
carriers.  However, upon receiving the approvals, which are expected in due
course, we will retain as much premium and commission money as possible within
our subsidiaries.

IS Direct currently sells primarily term and whole life insurance products.
However, upon the completion of our pending proposed acquisition of Universe,
the scope of products available for sale by IS Direct is expected to broaden.
Universe is a life insurance company which we expect to use to underwrite the
insurance policies required by our GPACS products.

Results of Operations

Comparison of the three months ended August 31, 2007 with the three months
ended August 31, 2006.

Revenue for the three month period ended August 31, 2007 was $0 compared to
$0 recorded during the same period of the prior year.

Gross profit reflects a loss of $2,600 in the current year versus a loss of
$2,6000 for the prior years three month period.  Depreciation expense
contributed $2,600 to the current years deficit in gross profit and $2,600 to
the prior years three month period deficit.

General and administrative costs of $85,667 for the current three month period
reflect costs of staffing our administrative and sales.  This represents
a $73,118 decrease from the administrative costs incurred for the three months
ending August 31, 2006.  During the current quarter the Company charged eCom a
restructuring charge of $428,966 to reimburse the Company for its legal and
administrative fees to carry out the reorganization of eCom.

Our operations for the three months ended August 31, 2007 resulted in a net
income of $340,699 versus a net loss of 28,742 for the three months ended August
31, 2006.

                                     20

AMERICAN CAPITAL HOLDINGS, INC.

Liquidity and Capital Resources:
As of August 31, 2007 current assets totaled $613,533 compared to $288,036
at May 31, 2007.  The $325,497 increase was due to the increase in the
receivable from eCom eCom.   The other related company reduced their amount due
the Company by issuing stock valued at $109,195 during the period ending August
31, 2007.

Accounts Payable increased from $277,164 to $356,3661 during the current three
months.  Current Liabilities increased from $1,290,336 at the end of the prior
fiscal year to $1,390,718 at the end of the current quarter, an increase of
$100,382 due to the increase in accounts payable and accrued expenses during the
quarter ending August 31, 2007.

To the extent that additional funds are required to support operations or to
expand our business, we may sell additional equity, issue debt or obtain other
credit facilities through financial institutions.  Any sale of additional equity
securities will result in dilution to our shareholders.


ITEM 3. CONTROLS AND PROCEDURES

Evaluation of the Company's Disclosure Controls and Internal Controls:
Within the 90 days prior to the date of this Quarterly Report on Form 10-QSB,
the Company evaluated the effectiveness of the design and operation of its
'disclosure controls and procedures'("Disclosure Controls").  This 'evaluation'
("Controls Evaluation") was done under the supervision and with the
participation of management, including the Chief Executive Officer/Chairman
("CEO")and Chief Financial Officer ("CFO").  As a result of this review, the
Company adopted guidelines concerning disclosure controls and the establishment
of a disclosure control committee made up of senior management.

Limitations on the Effectiveness of Controls:
The Company's management, including the CEO/CHAIRMAN and CFO, does not expect
that its Disclosure Controls or its 'internal controls and procedures for
financial reporting' ("Internal Controls")will prevent all error and all fraud.
control system, no matter how well conceived and managed, can provide only
reasonable assurance that the objectives of the control system are met.  The
design of a control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered relative to their
costs.  Because of the inherent limitations in all control systems, no
evaluation of controls can provide absolute assurance that all control issues
and instances of fraud, if any, within the Company have been detected. These
inherent limitations include the realities that judgments in decision-making can
be faulty, and that breakdowns can occur because of simple error or mistake.
Additionally, controls can be circumvented by the individual acts of some
persons, by collusion of two or more people, or by management override of the
control.  The design of any system of controls also is based in part upon
certain assumptions about the likelihood of future events, and there can be no
assurance that any design will succeed in achieving its stated goals under all
potential future conditions; over time, control may become inadequate because of
changes in conditions, or the degree of compliance with the policies or
procedures may deteriorate.  Because of the inherent limitations in a cost-
effective control system, misstatements due to error or fraud may occur and not
be detected.
                                     21
AMERICAN CAPITAL HOLDINGS, INC.

Conclusions:
Based upon the Controls Evaluation, the CEO/CHAIRMAN and CFO have concluded
that, subject to the limitations noted above, the Disclosure Controls are
effective to timely alert management to material information relating to the
Company during the period when its periodic reports are being prepared.

In accordance with SEC requirements, the CEO/CHAIRMAN and CFO note that, since
the date of the Controls Evaluation to the date of this Quarterly Report, there
have been no significant changes in Internal Controls or in other factors that
could significantly affect Internal Controls, including any corrective actions
with regard to significant deficiencies and material weaknesses.


                       PART II. OTHER INFORMATION

ITEM 1. Legal Proceedings.

On or about October 10, 2006, a stockholder of the Company filed suit in the
California Superior Court but the lawsuit was removed to the United States
District Court for the Eastern District Court of California.  American Capital
Holdings, the defendant, move to have the case transferred to the United States
District Court for the Southern District of Florida based on the venue being
improper.  On February 28, 2007 the U.S. District Judge then presiding over the
case granted defendant's motion and ordered that the case be transferred.  The
case has not yet been transferred or re-filed.

ITEM 2. Unregistered sales of equity securities and use of proceeds.

        None

ITEM 3. Defaults Upon Senior Securities.

        None

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

        None

ITEM 5. Other Information.

        None

ITEM 6. Exhibits and Reports on Form 8-K.
(a) Exhibits:
     Exhibit 31.1  Certification required under Section 302 of
                   the Sarbanes-Oxley Act of 2002 by the CE0 on page    24

     Exhibit 31.2  Certification required under Section 302 of
                   the Sarbanes-Oxley Act of 2002 by the CFO on page    25

     Exhibit 32    Section 1350 Certification on page                   26


                                     22

AMERICAN CAPITAL HOLDINGS, INC.

(b) Reports on Form 8-K:
     None


                                SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunder duly authorized.

October 15, 2007                   By:  /s/  Barney A. Richmond
                                             Barney A. Richmond,
                                             Chief Executive Officer

October 15, 2007                   By:  /s/  Richard C. Turner
                                             Richard C. Turner,
                                             Chief Financial Officer




































                                     23

SIGNATURES AND CERTIFICATIONS
EXHIBIT 31.1
CERTIFICATION REQUIRED UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Barney A. Richmond, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of American Capital
Holdings, Inc.;

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

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

4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

 a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is prepared;
 b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this  report
(the "Evaluation Date"); and
 c) presented in this report our conclusions about the effectiveness  of the
disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

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

 a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
 b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls.

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

Dated: October 15, 2007

/s/ Barney A. Richmond
--------------------------
Barney A. Richmond
Principal Executive Officer
EXHIBIT 31.2
CERTIFICATION REQUIRED UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Richard C. Turner, certify that:
1. I have reviewed this quarterly report on Form 10-QSB of American Capital
Holdings, Inc.;

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

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

4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

 a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is prepared;
 b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this report
(the "Evaluation Date"); and
 c) presented in this quarterly report our conclusions about the effectiveness
 of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

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

 a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
 b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls.

6. The registrant's other certifying officer and I have indicated in this
report whether or not there were significant changes in internal controls or in
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.
             Dated: October 15, 2007

             /s/ Richard C. Turner
             ---------------------------
             Richard C. Turner
             Chief Financial Officer
                                    25
EXHIBIT 32

CERTIFICATIONS OF CEO AND CFO PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report of American Capital Holdings
Inc., a Florida corporation (the "Company"), on Form 10-QSB for the period
ending August 31, 2007 as filed with the Securities and Exchange Commission
(the "Report"), Barney A. Richmond, President of the Company and Richard C.
Turner, Chief Financial Officer of the Company, respectively, do each hereby
certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C.
1350), that to his knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material
respects, the financial condition and result of operations of the Company.

      /s/    Barney A. Richmond
      ---------------------------
      Barney A. Richmond
      Principal Executive Officer
      Date: October 15, 2007


      /s/     Richard C. Turner
      --------------------------
      Richard C. Turner
      Chief Financial Officer
      Date: October 15, 2007

[A signed original of this written statement required by Section 906 has been
provided to American Capital Holdings, Inc. and will be retained by American
Capital Holdings, Inc. and furnished to the Securities and Exchange Commission
or its staff upon request.]

Exhibits to Form 10-QSB will be provided to shareholders of the Registrant upon
written request addressed to American Capital Holdings, Inc., 1016 Clemmons St.,
Suite 302, Jupiter, Florida 33477. Any exhibits furnished are subject to a
reasonable photocopying charge.

The Securities and Exchange Commission has not approved or disapproved of this
Form 10-QSB nor has it passed upon its accuracy or adequacy.








                                    26