----

----

**U.S.      SECURITIES AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB**

| x  | QUARTERLY                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934 |
|---------|--------------------------------------------------------------------------------------------------------------------------------------|

| o  | TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934 |
|---------|---------------------------------------------------------------------------------------------------------------------------------------|

**DEWPOINT      ENVIRONMENTAL, INC.**

| Delaware                                                                                    | 20-5132901                                          |
|---------------------------------------------------------------------------------------------|-----------------------------------------------------|
| (State                or other jurisdiction of incorporationor                organization) | (I.R.S.                Employer Identification No.) |

----

**Dewpoint      Environmental, Inc.**

**(formerly      51148, Inc.)**

**(a      development stage company)**

**FINANCIAL      STATEMENTS**

**INDEX**

**Part      I-- FINANCIAL INFORMATION**

| Item                1. Financial Statements |
|---------------------------------------------|

| Item                2. Management’s Discussion and Analysis of Financial                Condition |
|---------------------------------------------------------------------------------------------------------|

| Item                3. Control and Procedures |
|-----------------------------------------------|

**Part      II-- OTHER INFORMATION**

| Item                1. Legal Proceedings |
|------------------------------------------|

| Item                2. Changes in Securities |
|----------------------------------------------|

| Item                3. Defaults Upon Senior Securities |
|--------------------------------------------------------|

| Item                4. Submission of Matters to a Vote of Security                Holders |
|-------------------------------------------------------------------------------------------|

| Item                5. Other Information |
|------------------------------------------|

| Item                6. Exhibits and Reports on Form 8-K |
|---------------------------------------------------------|

----

**Item      1. Financial Information**

----

| **Dewpoint                  Environmental, Inc.**               |   |
|-----------------------------------------------------------------|--------|
| **(formerly                  51148, Inc.)**                     |   |
| **(a                  development stage company)**              |   |
| **BALANCE                  SHEET**                              |   |
| **As                  of October 31, 2006**                     |   |
|                                                            |   |
| **ASSETS**                                                      |   |
|                                                            |   |   |   |   |   |
| **CURRENT                  ASSETS**                             |   | **10/31/2006** |   | **1/31/2006** |   |
|                                                            |   |   |   |   |   |
| Cash                                                            |   |   | - |   |   | - |   |
|                                                            |   |   |  |   |   |  |   |
| Total                  Current Assets                           |   |   | - |   |   | - |   |
|                                                            |   |   |  |   |   |  |   |
| **TOTAL                  ASSETS**                               |   | $ | - |   | $ | - |   |
|                                                            |   |   |  |   |   |  |   |
| **LIABILITIES                  AND STOCKHOLDERS’ EQUITY** |
|                                                            |   |   |  |   |   |  |   |
| **CURRENT                  LIABILITIES**                        |   |   |  |   |   |  |   |
|                                                            |   |   |  |   |   |  |   |
| Accrued                  Expenses                               |   | $ | 3,100 |   | $ | 2,125 |   |
|                                                            |   |   |  |   |   |  |   |
| Total                  Current Liabilities                      |   |   | 3,100 |   |   | 2,125 |   |
|                                                            |   |   |  |   |   |  |   |
| **TOTAL                  LIABILITIES**                          |   |   | 3,100 |   |   | 2,125 |   |
|                                                            |   |   |  |   |   |  |   |
| **STOCKHOLDERS’                  EQUITY**                 |   |   |  |   |   |  |   |
|                                                            |   |   |  |   |   |  |   |
| Common                  Stock - Par value $0.0001;              |   |   |  |   |   |  |   |
| Authorized:                  100,000,000                        |   |   |  |   |   |  |   |
| Issued                  and Outstanding: 100,000                |   |   | 100 |   |   | 100 |   |
| Additional                  Paid-In Capital                     |   |   | - |   |   | - |   |
| Accumulated                  Deficit                            |   |   | (3,200 | ) |   | (2,225 | ) |
|                                                            |   |   |  |   |   |  |   |
| Total                  Stockholders’ Equity               |   |   | (3,100 | ) |   | (2,125 | ) |
|                                                            |   |   |  |   |   |  |   |
| **TOTAL                  LIABILITIES AND EQUITY**               |   | $ | - |   | $ | - |   |
|                                                            |   |   |  |   |   |  |   |
|                                                            |   |   |  |   |   |  |   |
|                                                            |   |   |  |   |   |  |   |
|                                                            |   |   |  |   |   |  |   |
|                                                            |   |   |  |   |   |  |   |
|                                                            |   |   |  |   |   |  |   |
|                                                            |   |   |  |   |   |  |   |

----

| **Dewpoint                Environmental, Inc.**                                                                                  |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|
| **(formerly                51148, Inc.)**                                                                                        |   |
| **(a                development stage company)**                                                                                 |   |
| **STATEMENT                OF OPERATIONS**                                                                                       |   |
| **For                the nine months ending October 31, 2006 and February 2, 2005 through                October 31, 2005, and** |   |
| **from                inception (February 2, 2005) through October 31,                2006**                                     |   |
|                                                                                                                             |   |   |   |   |   |   |   |
|                                                                                                                             |   |   |   |   |   |   |   |
|                                                                                                                             |   | **9                MONTHS** |   | **Feb.                2, 2005** |   |   |   |
|                                                                                                                             |   | **ENDING** |   | **THROUGH** |   | **FROM** |   |
|                                                                                                                             |   | **10/31/2006** |   | **10/31/2005** |   | **INCEPTION** |   |
|                                                                                                                             |   |   |   |   |   |   |   |
| **REVENUE**                                                                                                                      |   | $ | - |   | $ | - |   | $ | - |   |
|                                                                                                                             |   |   |  |   |   |  |   |   |  |   |
| **COST                OF SERVICES**                                                                                              |   |   | - |   |   | - |   |   | - |   |
|                                                                                                                             |   |   |  |   |   |  |   |   |  |   |
| **GROSS                PROFIT OR (LOSS)**                                                                                        |   |   | - |   |   | - |   |   | - |   |
|                                                                                                                             |   |   |  |   |   |  |   |   |  |   |
| **GENERAL                AND ADMINISTRATIVE EXPENSES**                                                                           |   |   | 975 |   |   | 1,225 |   |   | 3,200 |   |
|                                                                                                                             |   |   |  |   |   |  |   |   |  |   |
| **NET                INCOME (LOSS)**                                                                                             |   |   | (975 | ) |   | (1,225 | ) |   | (3,200 | ) |
|                                                                                                                             |   |   |  |   |   |  |   |   |  |   |
| **ACCUMULATED                DEFICIT, BEGINNING BALANCE**                                                                        |   |   | (2,225 | ) |   | 0 |   |   | 0 |   |
| **ACCUMULATED                DEFICIT, ENDING BALANCE**                                                                           |   | $ | (3,200 | ) | $ | (1,225 | ) | $ | (3,200 | ) |
|                                                                                                                             |   |   |  |   |   |  |   |   |  |   |
| **Earnings                (loss) per share**                                                                                     |   | $ | 0.01 |   | $ | 0.01 |   |   |  |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                             |   |   |  |   |   |  |   |   |  |   |
| **Weighted                average number of common shares**                                                                      |   |   | 100,000 |   |   | 100,000 |   |   |  |   |
|                                                                                                                             |   |   |  |   |   |  |   |   |  |   |
|                                                                                                                             |   |   |  |   |   |  |   |   |  |   |
|                                                                                                                             |   |   |  |   |   |  |   |   |  |   |
|                                                                                                                             |   |   |  |   |   |  |   |   |  |   |
|                                                                                                                             |   |   |  |   |   |  |   |   |  |   |

----

| **Dewpoint                Environmental, Inc.**                                                     |   |
|-----------------------------------------------------------------------------------------------------|--------|
| **(formerly                51148, Inc.)**                                                           |   |
| **(a                development stage company)**                                                    |   |
| **STATEMENT                OF OPERATIONS**                                                          |   |
| **For                the three months ending October 31, 2006 and October 31,                2005** |   |
|                                                                                                |   |
|                                                                                                |   |   |   |   |   |
|                                                                                                |   |   |   |   |   |
|                                                                                                |   | **3                MONTHS** |   | **3                MONTHS** |   |
|                                                                                                |   | **ENDING** |   | **ENDING** |   |
|                                                                                                |   | **10/31/2006** |   | **10/31/2005** |   |
|                                                                                                |   |   |   |   |   |
| **REVENUE**                                                                                         |   | $ | - |   | $ | - |   |
|                                                                                                |   |   |  |   |   |  |   |
| **COST                OF SERVICES**                                                                 |   |   | - |   |   | - |   |
|                                                                                                |   |   |  |   |   |  |   |
| **GROSS                PROFIT OR (LOSS)**                                                           |   |   | - |   |   | - |   |
|                                                                                                |   |   |  |   |   |  |   |
| **GENERAL                AND ADMINISTRATIVE EXPENSES**                                              |   |   | 375 |   |   | 250 |   |
|                                                                                                |   |   |  |   |   |  |   |
| **NET                INCOME (LOSS)**                                                                |   | $ | (375 | ) | $ | (250 | ) |
|                                                                                                |   |   |  |   |   |  |   |
|                                                                                                |   |   |   |   |   |   |   |
|                                                                                                |   |   |   |   |   |   |   |
|                                                                                                |   |   |   |   |   |   |   |
|                                                                                                |   |   |   |   |   |   |   |
|                                                                                                |   |   |   |   |   |   |   |
|                                                                                                |   |   |   |   |   |   |   |
|                                                                                                |   |   |   |   |   |   |   |
|                                                                                                |   |   |   |   |   |   |   |
|                                                                                                |   |   |  |   |   |  |   |
|                                                                                                |   |   |  |   |   |  |   |
|                                                                                                |   |   |  |   |   |  |   |
|                                                                                                |   |   |  |   |   |  |   |

----

| **Dewpoint                Environmental, Inc.**                                              |   |
|----------------------------------------------------------------------------------------------|--------|
| **(formerly                51148, Inc.)**                                                    |   |
| **(a                development stage company)**                                             |   |
| **STATEMENT                OF STOCKHOLDERS’ EQUITY**                                   |   |
| **From                inception (February 2, 2005) through October 31,                2006** |   |
|                                                                                         |   |   |   |   |   |   |   |   |   |
|                                                                                         |   |   |   | **COMMON** |   | **ACCUM.** |   | **TOTAL** |   |
|                                                                                         |   | **SHARES** |   | **STOCK** |   | **DEFICIT** |   | **EQUITY** |   |
|                                                                                         |   |   |   |   |   |   |   |   |   |
|                                                                                         |   |   |   |   |   |   |   |   |   |
| Stock                Issued on acceptance                                                    |   |   |   |   |   |   |   |   |   |
| Of                incorporation expenses                                                     |   |   |   |   |   |   |   |   |   |
| February                2, 2005                                                              |   |   | 100,000 |   | $ | 100 |   | $ | - |   | $ | 100 |   |
|                                                                                         |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Net                Loss                                                                      |   |   | - |   |   | - |   |   | (2,225 | ) |   | (2,225 | ) |
|                                                                                         |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Total,                January 31, 2006                                                       |   |   | 100,000 |   |   | 100 |   |   | (2,225 | ) |   | (2,125 | ) |
|                                                                                         |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Net                Loss                                                                      |   |   | - |   |   | - |   |   | (975 | ) |   | (975 | ) |
|                                                                                         |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Total,                October 31, 2006                                                       |   |   | 100,000 |   | $ | 100 |   | $ | (3,200 | ) | $ | (3,100 | ) |
|                                                                                         |   |   |  |   |   |  |   |   |  |   |   |  |   |
|                                                                                         |   |   |  |   |   |  |   |   |  |   |   |  |   |
|                                                                                         |   |   |  |   |   |  |   |   |  |   |   |  |   |
|                                                                                         |   |   |  |   |   |  |   |   |  |   |   |  |   |
|                                                                                         |   |   |  |   |   |  |   |   |  |   |   |  |   |
|                                                                                         |   |   |  |   |   |  |   |   |  |   |   |  |   |
|                                                                                         |   |   |  |   |   |  |   |   |  |   |   |  |   |

----

| **Dewpoint                Environmental, Inc.**                                                         |   |
|---------------------------------------------------------------------------------------------------------|--------|
| **(formerly                51148, Inc.)**                                                               |   |
| **(a                development stage company)**                                                        |   |
| **STATEMENTS                OF CASH FLOWS**                                                             |   |
| **For                the nine months ending October 31, 2006 and October 31, 2005,                and** |   |
| **from                inception (February 2, 2005) through October 31,                2006**            |   |
|                                                                                                    |   |   |   |   |   |   |   |
|                                                                                                    |   |   |   |   |   |   |   |
|                                                                                                    |   | **9                MONTHS** |   | **Feb.                2, 2005** |   |   |   |
|                                                                                                    |   | **ENDING** |   | **THROUGH** |   | **FROM** |   |
| **CASH                FLOWS FROM OPERATING ACTIVITIES**                                                 |   | **10/31/2006** |   | **10/31/2005** |   | **INCEPTION** |   |
|                                                                                                    |   |   |   |   |   |   |   |
| Net                income (loss)                                                                        |   | $ | (975 | ) | $ | (1,225 | ) | $ | (3,200 | ) |
|                                                                                                    |   |   |  |   |   |  |   |   |  |   |
| Stock                issued as compensation                                                             |   |   | - |   |   | 100 |   |   | 100 |   |
|                                                                                                    |   |   |  |   |   |  |   |   |  |   |
| Increase                (Decrease) in Accrued Expenses                                                  |   |   | 975 |   |   | 1,125 |   |   | 3,100 |   |
|                                                                                                    |   |   |  |   |   |  |   |   |  |   |
| Total                adjustments to net income                                                          |   |   | 975 |   |   | 1,225 |   |   | 3,200 |   |
|                                                                                                    |   |   |  |   |   |  |   |   |  |   |
| Net                cash provided by (used in) operating activities                                      |   |   | - |   |   | - |   |   | - |   |
|                                                                                                    |   |   |  |   |   |  |   |   |  |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                                                 |   |   |  |   |   |  |   |   |  |   |
|                                                                                                    |   |   |  |   |   |  |   |   |  |   |
| None                                                                                                    |   |   | - |   |   | - |   |   | - |   |
|                                                                                                    |   |   |  |   |   |  |   |   |  |   |
| Net                cash flows provided by (used in) investing activities                                |   |   | - |   |   | - |   |   | - |   |
|                                                                                                    |   |   |  |   |   |  |   |   |  |   |
|                                                                                                    |   |   |  |   |   |  |   |   |  |   |
| **CASH                FLOWS FROM FINANCING ACTIVITIES**                                                 |   |   |  |   |   |  |   |   |  |   |
|                                                                                                    |   |   |  |   |   |  |   |   |  |   |
| Proceeds                from capital contributions                                                      |   |   | - |   |   | - |   |   | - |   |
| Proceeds                from stock issuance                                                             |   |   | - |   |   | - |   |   | - |   |
|                                                                                                    |   |   |  |   |   |  |   |   |  |   |
| **CASH                RECONCILIATION**                                                                  |   |   |  |   |   |  |   |   |  |   |
|                                                                                                    |   |   |  |   |   |  |   |   |  |   |
| Net                increase (decrease) in cash                                                          |   |   | - |   |   | - |   |   | - |   |
| Cash                - beginning balance                                                                 |   |   | - |   |   | - |   |   | - |   |
|                                                                                                    |   |   |  |   |   |  |   |   |  |   |
| **CASH                BALANCE - END OF PERIOD**                                                         |   | $ | - |   | $ | - |   | $ | - |   |
|                                                                                                    |   |   |  |   |   |  |   |   |  |   |
|                                                                                                    |   |   |  |   |   |  |   |   |  |   |
|                                                                                                    |   |   |  |   |   |  |   |   |  |   |

----

**DEWPOINT      ENVIRONMENTAL, INC.**

**(formerly      51148, Inc.)**

**(a      development stage company)**

**NOTES      TO FINANCIAL STATEMENTS**

**1.      Summary of significant accounting policies:**

----

**DEWPOINT      ENVIRONMENTAL, INC.**

**(formerly      51148, Inc.)**

**(a      development stage company)**

**NOTES      TO FINANCIAL STATEMENTS**

**2.      Related Party Transactions and Going Concern**

**3.      Accounts Receivable and Customer Deposits:**

----

**DEWPOINT      ENVIRONMENTAL, INC.**

**(formerly      51148, Inc.)**

**(a      development stage company)**

**NOTES      TO FINANCIAL STATEMENTS**

**4.      Use of Estimates:**

**5.      Revenue and Cost Recognition:**

**6.      Accrued Expenses:**

**7.      Operating Lease Agreements:**

**8.      Stockholder’s Equity**

**9.      Required Cash Flow Disclosure for Interest and Taxes      Paid:**

**10.      Earnings Per Share:**

----

**Item      2.**
**Management’s      Discussion and Analysis of Financial Conditions and Results of      Operations**

----

**Item      3. Controls and Procedures**

*(a)*
*Evaluation      of disclosure controls and procedures.*

*(b)*
*Changes      in internal controls.*

**PART      II - OTHER INFORMATION**

**SIGNATURES**

|                                   | **Dewpoint                Environmental, Inc.** |
|----------------------------------------|-------------------------------------------------|
|                                   | Registrant                                      |
|                                   |                                            |
| Date:                December 14, 2006 | By:                                             | */s/                Jon R. Hall* |
|                                   | Jon                R. Hall                      |
|                                   | President                                       |   |