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                            UNITED STATES OF AMERICA
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                         FORM 10-KSB/A (Amendment No. 1)

                 [X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                   For the fiscal year ended December 31, 2006

                                       or

               [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
            For the transition period from ___________ to ___________

                         Commission File Number 0-27035
                                                -------

                                MICROISLET, INC.
                 (Name of Small Business Issuer in its Charter)

            Nevada                                              88-0408274
            ------                                              ----------
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                            Identification Number)

6370 Nancy Ridge Drive, Suite 112, San Diego, California          92121
--------------------------------------------------------          -----
        (Address of principal executive offices)                (Zip Code)

                                 (858) 657-0287
                                 --------------
              (Registrant's telephone number, including area code)

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

                                                       Name of Each Exchange
          Title of Each Class                           on Which Registered
          -------------------                           -------------------
     COMMON STOCK, $.001 PAR VALUE                    AMERICAN STOCK EXCHANGE

        Securities registered pursuant to Section 12(g) of the Act: NONE

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

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

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

Yes [  ] No [X]

 The registrant's revenues for its most recent fiscal year were $631,000.

As of March 1, 2007, the aggregate market value of the voting stock of the
registrant held by non-affiliates of the registrant was $12,503,000.*

The number of shares of Common Stock, $.001 par value, outstanding on March 1,
2007, was 49,341,301.


* Excludes the Common Stock held by executive officers, directors and
stockholders whose ownership exceeds 5% of the Common Stock outstanding on March
1, 2007. The calculation does not reflect a determination that such persons are
affiliates for any other purposes.



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                           EXPLANATORY NOTE

This amendment is filed solely to include an amended Consent of Independent
Registered Accounting Firm which was filed as Exhibit 23.1 to the registrant's
Annual Report on Form 10-KSB for the year ended December 31, 2006.  That
exhibit, as originally filed, inadvertently omitted reference to the
Registration Statement on Form S-8 (No. 333-133555) and the Registration
Statement on Form S-3 (No. 333-137696).  No other changes are being made by
means of this filing. This Form 10-KSB/A does not reflect events occurring
after the filing of the original Form 10-KSB, or modify or update the
disclosures therein in any way other than as required to reflect the amendment
set forth herein.


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                                   SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934,
the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

MICROISLET, INC.

By:  /s/ James R Gavin III                               Date:    April 6, 2007
     ---------------------
James R. Gavin III, M.D., Ph.D.
President and Chief Executive Officer
(Principal Executive Officer)


In accordance with the Securities Exchange Act of 1934, this report has been
signed below by the following persons on behalf of registrant in the capacities
and on the dates indicated.

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<S>     <C>

Signature                                                   Title                             Date
---------                                                   -----                             ----

/s/ James R. Gavin III                   President and Chief Executive Officer             April 6, 2007
----------------------------------       and Director  (Principal Executive Officer)
James R. Gavin III, M.D., Ph.D.
                                         Interim Chief Financial Officer (Principal        April 6, 2007
/s/ Kevin A. Hainley                     Financial and Accounting Officer)
----------------------------------
Kevin A. Hainley                         Chairman and Director                             April 6, 2007

          *
----------------------------------       Director                                          April 6, 2007
John J. Hagenbuch

          *                              Director                                          April 6, 2007
----------------------------------
Myron A. Wick III
                                         Director                                          April 6, 2007
          *
----------------------------------
Robert W. Anderson, M.D.                 Director                                          April 6, 2007

          *
----------------------------------
Steven T. Frankel                        Director                                          April 6, 2007

          *
----------------------------------
Bertram E. Walls, M.D.                   Director                                          April 6, 2007

*/s/ Kevin A. Hainley
----------------------------------
* By Kevin A. Hainley, as attorney-in-fact.

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