**ACQUIRED      SALES CORP.**

| NEVADA                                                   |   | 87-0479286                                          |
|----------------------------------------------------------|--------|-----------------------------------------------------|
| (State                of jurisdiction of Incorporation)  |   | (I.R.S.                Employer Identification No.) |
|                                                     |   |                                                |
| 31                N. Suffolk Lane, Lake Forest, Illinois |   | 60045                                               |
| (Address                of principal executive offices)  |   | (Zip                Code)                           |

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| ·   | ***We                are a development stage company with no operating history and,                accordingly, you will have no basis upon which to evaluate our ability                to                achieve our business objectives.***We have entered into a new                development stage with no operating results during this development                stage                to date. Therefore, our ability to begin new operations is dependent                upon                raising money and acquiring an operating company. Because we do not                have                an operating history, you will have no basis upon which to evaluate                our                ability to achieve our business objectives, which are to raise money                and                acquire one or more domestic and/ or foreign operating businesses,                possibly in the technology sector. We will not generate any revenues                until, at the earliest, if at all, after the consummation of a business                combination. We cannot assure you that we can raise the money needed                to                consummate a business combination. We cannot assure you as to when,                or if,                a business combination will occur. If we are unable to successfully                achieve our business objectives, our company and our stock price                would be                negatively impacted. |
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| ·   | ***Achieving                our business objectives may present conflicts of interest for our                current                directors and officers.***If our current directors and                officers choose to remain with us after raising money and a business                combination, then they will be negotiating the terms of the money                raising                and the business combination, as well as the terms upon which they                will                continue to serve as our directors and officers. As such, our current                directors and officers may have a conflict of interest in negotiating                the                terms of any money raising and business combination and, at the same                time,                negotiating the terms upon which they will continue to serve as our                directors and officers. This could have a negative impact on our                company                and our stock price. |
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| ·   | ***Some                or all of our current directors and officers may resign in conjunction                with bringing in new management of our company, or upon raising money,                or                upon consummation of a business combination.***We cannot make                any assurances regarding the future roles of our current directors                and                officers. We have no employment agreements with any of our existing                management. Some or all of our current directors and officers may                resign                in conjunction with bringing in new management of our company, or                upon                raising money, or upon consummation of a business combination. This                could                have a negative impact on our company and our stock                price. |
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| ·   | ***Attracting                new directors and officers may be expensive, and may require that                we enter                into long term employment agreements, issue stock options, and otherwise                incentivize the new directors and officers.***We may need to                attract new directors and officers in order to achieve our business                objectives, which are to raise money and acquire one or more domestic                and/                or foreign operating businesses, possibly in the technology sector.                Attracting new directors and officers may be expensive, and may require                that we enter into long term employment agreements, issue stock options,                and otherwise incentivize the new directors and officers. This could                have                a negative impact on our company and our stock                price. |
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| ·   | ***We                will have only a limited ability to evaluate potential new directors                and                officers, and the management of target                businesses.***  We may make a determination that our                current directors and officers should not remain, or should reduce                their                roles, following money raising or a business combination, based on                an                assessment of the experience and skill sets of new directors and                officers                and the management of target businesses. We cannot assure you that                our                assessment of these individuals will prove to be correct. This could                have                a negative impact on our company and our stock                price. |
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| ·   | ***Our                chief executive officer has significant influence over                us*****.**The Roberti Jacobs Family Trust                irrevocably conveyed all of its voting power to Gerard M. Jacobs,                our                chief executive officer and chairman of our board of directors. In                addition, Mr. Jacobs entered into irrevocable proxy agreements with                stockholders owning  an aggregate of 2,900,000 shares of our                outstanding common stock. As a result of these agreements, Mr. Jacobs                has                voting control over 4,066,497 or 69.7% of our outstanding common                stock.                Consequently, Mr. Jacobs exerts significant influence over us through                his                ability to influence the election of directors and all other matters                that                require action by our stockholders. The voting power of Mr. Jacobs                could                have the effect of preventing or delaying a change in control of                our                company which he opposes even if our other stockholders believe it                is in                their best interests. In addition, Mr. Jacobs has the ability to                influence                our day-to-day operations. |
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| ·   | ***Our                directors and officers allocate their time to other businesses, thereby                causing conflicts of interest in their determination as to how much                time                to devote to our affairs. This could have a negative impact on our                ability                to consummate money raising or a business combination.*** Our                directors and officers are not required to, and do not, commit their                full                time to our affairs, thereby causing conflicts of interest in allocating                their time between our operations and the operations of other businesses.                We do not intend to have any full-time employees prior to the consummation                of a money raising or a business combination. Each of our directors                and                officers is engaged in several other business endeavors and is not                obligated to contribute any specific number of hours per day or per                week                to our affairs. This situation limits our current directors’ and officers’                ability to devote time to our affairs and could have a negative impact                on                our ability to raise money or consummate a business combination.                This                could have a negative impact on our company and our stock                price. |
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| ***·  *** | ***We                may engage in a business combination with one or more target businesses                that have relationships with entities that may be affiliated with                our                officers and directors, which may raise potential conflicts of                interest.*** We may decide to acquire one or more businesses                affiliated with our officers and directors. Despite our agreement                to                obtain an opinion from an unaffiliated, independent investment banking                firm, which is a member of the NASD, regarding the fairness to our                stockholders from a financial point of view of a business combination                with                one or more businesses affiliated with our officers and directors                if our                board of directors is unable to independently determine that the                target                business or businesses have sufficient fair market value, potential                conflicts of interest may still exist and, as a result, the terms                of the                business combination may not be as advantageous to our public stockholders                as it might have been absent any conflicts of interest. This could                have a                negative impact on our company and our stock                price. |
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| ·   | ***We                may have insufficient resources to cover our operating expenses and                the                expenses of raising money and consummating a business                combination.*** We have limited cash to cover our operating                expenses for the next 24 months and to cover the expenses incurred                in                connection with money raising and a business combination. It is possible                that we could incur substantial costs in connection with money raising                or                a business combination. If we do not have sufficient proceeds available                to                cover our expenses, we may be forced to obtain additional financing,                either from our management or third parties. We may not be able to                obtain                additional financing on acceptable terms, if at all, and neither                our                management nor any third party is obligated to provide any financing.                This                could have a negative impact on our company and our stock                price. |
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| ·   | ***The                nature of our proposed operations is speculative and the success                of our                proposed plan of operation will depend to a great extent on the                operations, financial condition and management of the companies with                which                we may merge or which we acquire.***  While                management intends to seek a merger or acquisition of privately held                entities with established operating histories, there can be no assurance                that we will be successful in locating an acquisition candidate meeting                such criteria. In the event we complete a merger or acquisition                transaction, of which there can be no assurance, our success if any                will                be dependent upon the operations, financial condition and management                of                the acquired company, and upon numerous other factors beyond our                control.                If the operations, financial condition or management of the acquired                company were to be disrupted or otherwise negatively impacted following                an                acquisition, our company and our stock price would be negatively                impacted. |
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| ·   | ***We                cannot assess specific business risks because we have not identified                the                business opportunities in which we will attempt to obtain an interest.***Due to the fact that we have not identified a target                business for acquisition, we cannot describe the specific risks presented                by such business. Among other risks, such target business may involve                an                unproven product, technology or marketing strategy, the ultimate                success                of which cannot be assured. The target business may be in competition                with                larger, more established firms which may have many competitive advantages                over the target business. Our investment in a target business may                be                highly risky and illiquid, and could result in a total loss to us                if the                acquired business is unsuccessful. In that case, our company and                our stock                price would be negatively impacted. |
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| ·   | ***We                will be dependent on outside advisors to assist us.*** In order                to supplement the business experience of management, we may employ                accountants, technical experts, appraisers, attorneys or other consultants                or advisors. The selection of any such advisors will be made by management                and without any control from shareholders. Additionally, it is anticipated                that such persons may be engaged by us on an independent basis without                a                continuing fiduciary or other obligation to                us. |
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| ·   | ***We                may be unable to protect or enforce the intellectual property rights                of                any target business that we acquire or the target business may become                subject to claims of intellectual property infringement***.                After completing a business combination, the procurement and protection                of                trademarks, copyrights, patents, domain names, and trade secrets                may be                critical to our success. We will likely rely on a combination of                copyright, trademark, trade secret laws and contractual restrictions                to                protect any proprietary technology and rights that we may acquire.                Despite                our efforts to protect those proprietary technology and rights, we                may not                be able to prevent misappropriation of those proprietary rights or                deter                independent development of technologies that compete with the business                we                acquire. Litigation may be necessary in the future to enforce our                intellectual property rights, to protect our trade secrets, or to                determine the validity and scope of the proprietary rights of others.                It                is also possible that third parties may claim we have infringed their                patent, trademark, copyright or other proprietary rights. Claims                or                litigation, with or without merit, could result in substantial costs                and                diversions of resources, either of which could have an adverse effect                on                our competitive position and business. Further, depending on the                target                business or businesses that we acquire, it is likely that we will                have to                protect trademarks, patents, and domain names in an increasing number                of                jurisdictions, a process that is expensive and may not be successful                in                every location. These factors could negatively impact our company                and our                stock price. |
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| ·   | ***Our                limited funds and the lack of full-time management will likely make                it                impracticable to conduct a complete and exhaustive investigation                and                analysis of a business opportunity***. Our management’s                decision to commit our capital or other resources to an acquisition                will                likely be made without detailed feasibility studies, independent                analysis,                market surveys, etc.  We will be particularly dependent in                making decisions upon information provided by the promoter, owner,                sponsor, or others associated with the business opportunity seeking                our                participation. There are numerous individuals, publicly held companies,                and privately held companies seeking merger and acquisition prospects.                There is significant competition among such groups for attractive                merger                and acquisition prospects. However, the number of suitable and attractive                prospects is limited and we may find a scarcity of suitable companies                with                audited financial statements seeking merger                partners. |
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| ·   | ***If                we are deemed to be an investment company, we may be required to                institute                burdensome compliance requirements and our activities may be restricted,                which may make it difficult for us to complete a business                combination.***    Although we will be                subject to regulation under the Securities Act and the Exchange Act,                management believes we will not be subject to regulation under the                Investment Company Act insofar as we will not be engaged in the business                of investing or trading in securities. In the event we engage in                business                combinations which result in us holding passive investment interests                in a                number of entities, we could be subject to regulation under the Investment                Company Act. In such event, we will be required to register as an                investment company and could be expected to incur significant registration                and compliance costs. We have obtained no formal determination from                the                SEC as to our status under the Investment Company Act, and consequently,                any violation of such Act will subject us to material adverse                consequences. |
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| ·   | ***There                is a lack of meaningful public market for our securities.***Although our common stock is available for trading                on the                Pink Sheets, at present no active market exists for our common stock                and                there is no assurance that a regular trading market will develop                and if                developed, that it will be sustained. A purchaser of stock may, therefore,                be unable to resell our common stock should he or she desire to do                so.                Furthermore, it is unlikely that a lending institution will accept                our                common stock as pledged collateral for                loans. |
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| ·   | ***Our                acquisitions of businesses may be extremely risky and we could lose                all or                part of our investments.*** We may invest in technology                businesses or other risky industries. An investment in these companies                may                be extremely risky because, among other things, the companies we                are                likely to focus on: |
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| ·   | typically                have limited operating histories, narrower product lines and smaller                market shares than larger businesses, which tend to render them more                vulnerable to competitors’ actions and market conditions, as well as                general economic downturns; |
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| ·   | tend                to be privately-owned and generally have little publicly available                information and, as a result, we may not learn all of the material                information we need to know regarding these                businesses; |
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| ·   | are                more likely to depend on the management talents and efforts of a                small                group of people; and, as a result, the death, disability, resignation                or                termination of one or more of these people could have an adverse                impact on                the operations of any business that we may                acquire; |
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| ·   | may                have less predicable operating                results; |
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| ·   | may                from time to time be parties to                litigation; |
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| ·   | may                be engaged in rapidly changing businesses with products subject to                a                substantial risk of obsolescence;                and |
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| ·   | may                require substantial additional capital to support their operations,                finance expansion or maintain their competitive                position. |
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| ·   | ***We                must pay expenses on behalf of our officers and directors and indemnify                them for wrongdoing.*** Our Bylaws specifically limit the                liability of our officers and directors to the fullest extent permitted                by                law. As a result, aggrieved parties may have a more limited right                to                action than they would have had if such provisions were not present.                The                Bylaws also provide for indemnification of our officers and directors                for                any losses or liabilities they may incur as a result of the manner                in                which they operated our business or conducted internal affairs, provided                that in connection with these activities they acted in good faith                and in a                manner which they reasonably believed to be in, or not opposed to,                our                best interest. Use of our capital or assets for such indemnification                would                reduce amounts available for the operations or for distribution to                our                investors, which would adversely affect our company and our stock                price. |
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| ·   | ***General                economic conditions may adversely affect our financial condition                and                results of operations*****.**Periods of economic                slowdown or recession in the United States and in other countries,                rising                interest rates or declining demand for technology products, or the                public                perception that any of these events may occur, could result in a                general                decline in technology products sales, which would adversely affect                our                financial position, results of operations, cash flow, and ability                to                satisfy our debt service obligations and to generate revenues. These                factors could negatively affect our company and our stock                price. |
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| ·   | ***A                relatively small number of  stockholders and managers have                significant influence over us*****.**A small                number of our stockholders and members of our board of directors                and                management acting together would be able to exert significant influence                over us through their ability to influence the election of directors                and                all other matters that require action by our stockholders. The voting                power of these individuals could have the effect of preventing or                delaying                a change in control of our company which they oppose even if our                other                stockholders believe it is in their best interests. In addition,                all of                our executive officers have the ability to influence our day-to-day                operations. These factors could negatively affect our company and                our                stock price. |
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| ·   | ***We                are dependent upon the efforts of unpaid directors and officers.***Our current directors and officers do not receive any                salaries or other monetary remuneration for their time and efforts                expended on our behalf. There is no assurance that such directors                and                officers will continue to serve without any monetary remuneration.                If our                current directors and officers were to resign, our company and the                price                of our stock would be negatively                impacted. |
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| ·   | ***There                is a significant likelihood of dilution of our existing                stockholders.***  It is likely that the anticipated value                of the business and/or assets that we acquire relative to the current                value of our securities will result in the issuance of a relatively                large                number of shares and, as a result, substantial additional dilution                to the                percentage ownership of our current stockholders. If such dilution                were to                occur, the price of our stock would be negatively                impacted. |
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| ·   | ***There                is a possibility of further dilution to our stockholders’ ownership as a                result of a reverse split of our common stock.***  Despite                the lack of present plans to do so, we may in the future effectuate                a                reverse split of our common stock. The reasons for a reverse stock                split                can include maintaining a minimum share price in connection with                attempted                qualification for a stock exchange. A negative result of such a measure                is                that the number of shares owned by the stockholders will decrease                and the                number of shares available for issuance from our authorized stock                pool                would increase. The result would be greater potential dilution of                stockholders ownership than would result from dilution in connection                with                issuance of stock that has not been reverse                split. |
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**PART      I**

**ITEM      1.                      BUSINESS**

**Business      Acquisition**

**Offices**

**Employees**

**Reports      to Security Holders.**

**ITEM      2.  DESCRIPTION OF PROPERTY**

**ITEM      3.  LEGAL PROCEEDINGS**

**ITEM      4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY      HOLDERS**

**PART      II**

**ITEM      5.    MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER      MATTERS**

| ·   | The                issuer of the securities that was formerly a reporting or non-reporting                shell company has ceased to be a shell                company; |
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| ·   | The                issuer of the securities is subject to the reporting requirements                of                Section 13 or 15(d) of the Exchange                Act; |
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| ·   | The                issuer of the securities has filed all reports and material required                to be                filed under Section 13 or 15(d) of the Exchange Act, as applicable                during                the preceding 12 months; |
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| ·   | At                least one year has elapsed from the time that the issuer filed current                Form 10 information with the Commission reflecting its status as                an entity                that is not a shell company. |
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**ITEM      6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF      OPERATION**

**For      the Year Ended September 30, 2007 compared with Period Ended September 30,      2006**

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**ITEM      7.       FINANCIAL      STATEMENTS**

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**  HANSEN,      BARNETT& MAXWELL,      P.C.                                                                                                      Registered      with the Public      Company**

**                            **
**Accounting      Oversight      Board**

**REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**HANSEN,      BARNETT & MAXWELL,      P.C.**

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| **ACQUIRED                  SALES CORP.**                                                       |
|-----------------------------------------------------------------------------------------------------------|
| (a                  development stage enterprise)                                               |
| Balance                  Sheet                                                                  |
| September                  30, 2007                                                             |
|                                                                                                      |   |   |
| **ASSETS**                                                                                                |   |   |
| **Current                  Assets:**                                                                      |   |   |
|                      Cash                                                                  |   |  $                 23,933 |
|                      Prepaid expense                                                       |   |                     14,374 |
| **TOTAL                  ASSETS**                                                                         |   |  $                 38,307 |
|                                                                                                      |   |   |
| **LIABILITIES                  AND STOCKHOLDERS' EQUITY**                                                 |   |   |
| **Current                  Liabilities:**                                                                 |   |   |
|                      Accounts payable                                                      |   |  $                   3,681 |
| **Total                  Current Liabilities**                                                            |   |                       3,681 |
|                                                                                                      |   |   |
| **Stockholders'                  Equity:**                                                                |   |   |
|                      Preferred stock, $0.001 par value, 10,000,000 shares                  |   |   |
|                         authorized, no shares issued and outstanding        |   |                               - |
|                      Common stock, $0.001 par value, 50,000,000 shares                     |   |   |
|                         authorized, 5,832,482 shares issued and outstanding |   |                       5,833 |
|                      Additional paid-in capital                                            |   |                   145,967 |
|                      Deficit accumulated prior to the development stage                    |   |                    (69,151) |
|                      Deficit accumulated during the development stage                      |   |                    (48,023) |
| **Total                  Stockholders' Equity**                                                           |   |                     34,626 |
| **TOTAL                  LIABILITIES AND STOCKHOLDERS' EQUITY**                                           |   |  $                 38,307 |
|                                                                                                      |   |   |
|                                                                                                      |   |   |
| See                  accompanying notes to the financial statements.                            |

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| **ACQUIRED                  SALES CORP.**                                |
|--------------------------------------------------------------------------------------------------------|
| (a                  development stage enterprise)                        |
| Statements                  of Operations                                |
|                                                                                                   |   |   |   |   |   |   |
|                                                                                                   |   |   |   |   |   | For                  the period |
|                                                                                                   |   |   |   |   |   | May                  27, 2004 |
|                                                                                                   |   |   |   |   |   | (Date                  of Inception |
|                                                                                                   |   | For                  the Years Ended  |   | of                  the Development |
|                                                                                                   |   | September                  30,   |   | Stage)                  through |
|                                                                                                   |   | 2007 |   | 2006 |   | September                  30, 2007 |
|                                                                                                   |   |   |   |   |   |   |
| **EXPENSES:**                                                                                          |   |   |   |   |   |   |
|                      General and administrative                                         |   |  $             (60,581) |   |  $             (16,870) |   |  $                  (102,336) |
|                                                                                                   |   |   |   |   |   |   |
| **OTHER                  INCOME AND EXPENSE:**                                                         |   |   |   |   |   |   |
|                      Waiver of tax liability penalty                                    |   |                   60,364 |   |                             - |   |                          60,364 |
|                      Interest expense                                                   |   |                             - |   |                   (3,033) |   |                          (6,051) |
| **TOTAL                  OTHER INCOME (EXPENSE)**                                                      |   |                   60,364 |   |                   (3,033) |   |                          54,313 |
|                                                                                                   |   |   |   |   |   |   |
| **NET                  LOSS**                                                                          |   |  $                  (217) |   |  $             (19,903) |   |  $                    (48,023) |
|                                                                                                   |   |   |   |   |   |   |
| **Basic                  and Diluted Loss per Share**                                                  |   |  $                 (0.00) |   |  $                 (0.00) |   |   |
|                                                                                                   |   |   |   |   |   |   |
| **Basic                  and Diluted Weighted-average**                                                |   |   |   |   |   |   |
| **Common                  Shares Outstanding**                                                         |   | 4,883,305 |   | 4,665,985 |   |   |
|                                                                                                   |   |   |   |   |   |   |
|                                                                                                   |   |   |   |   |   |   |
| See                  accompanying notes to the condensed financial statements.     |

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| **ACQUIRED                  SALES CORP.**                                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a                  development stage enterprise)                                                          |
| Statements                  of Stockholders' Equity                                                        |
| for                  the Period from May 27, 2004 (Date of Inception of the Development                  Stage)                          |
| through                  September 30, 2005, and for the Years Ended September 30, 2006                  and                  2007       |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                   |   |   |   |   |   |   |   | **Deficit** |   | **Deficit** |   |   |
|                                                                                                                                                                   |   |   |   |   |   |   |   | **Accumulated** |   | **Accumulated** |   | **Total** |
|                                                                                                                                                                   |   |   |   |   |   | **Additional** |   | **Prior                  to the** |   | **During                  the** |   | **Stockholders'** |
|                                                                                                                                                                   |   | **     Common                  Stock**  |   | **Paid-in** |   | **Development** |   | **Development** |   | **Equity** |
|                                                                                                                                                                   |   | **Shares** |   | **Amount** |   | **Capital** |   | **Stage** |   | **Stage** |   | **(Deficit)** |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Balance,                  May 27, 2004 (Date of**                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| **                     Inception of the Development**                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| **                     Stage)**                                                                                                                         |   |          684,990 |   |  $             685 |   |  $           (685) |   |  $         (69,151) |   |  $                      - |   |  $          (69,151) |
|                      Common stock issued for cash,                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|                         May 2004, $0.001 per share                                                                                       |   |       4,000,000 |   |              4,000 |   |            36,000 |   |                        - |   |                          - |   |                40,000 |
|                      Common stock redeemed for                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
|                         cash, May 2004, $0.001                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
|                         per share                                                                                                        |   |          (19,005) |   |                 (19) |   |               (171) |   |                        - |   |                          - |   |                   (190) |
|                      Capital contributed by officer,                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                         September 30, 2004                                                                                               |   |                      - |   |                      - |   |                   20 |   |                        - |   |                          - |   |                       20 |
|                      Net loss                                                                                                                           |   |                      - |   |                      - |   |                      - |   |                        - |   |              (27,903) |   |              (27,903) |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Balance,                  September 30, 2005**                                                                                                                       |   |       4,665,985 |   |              4,666 |   |            35,164 |   |             (69,151) |   |              (27,903) |   |              (57,224) |
|                      Net loss                                                                                                                           |   |                      - |   |                      - |   |                      - |   |                        - |   |              (19,903) |   |              (19,903) |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Balance,                  September 30, 2006**                                                                                                                       |   |       4,665,985 |   |              4,666 |   |            35,164 |   |             (69,151) |   |              (47,806) |   |              (77,127) |
|                      Conversion of note payable to                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|                         related party into common stock                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                         July 2007, $0.086 per share                                                                                      |   |       1,166,497 |   |              1,167 |   |            98,833 |   |                        - |   |                          - |   |              100,000 |
|                       Issuance of 175,000 warrants                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                         for services, August 2007                                                                                        |   |                      - |   |                      - |   |            11,970 |   |                        - |   |                          - |   |                11,970 |
|                      Net loss                                                                                                                           |   |                      - |   |                      - |   |                      - |   |                        - |   |                   (217) |   |                   (217) |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Balance,                  September 30, 2007**                                                                                                                       |   |       5,832,482 |   |  $          5,833 |   |  $      145,967 |   |  $         (69,151) |   |  $          (48,023) |   |  $            34,626 |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| See                  accompanying notes to the financial statements.                                                      |

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| **ACQUIRED                  SALES CORP.**                                                 |
|-------------------------------------------------------------------------------------------------------------------------|
| (a                  development stage enterprise)                                         |
| Statements                  of Cash Flows                                                 |
|                                                                                                                    |   |   |   |   |   |   |
|                                                                                                                    |   |   |   |   |   | For                  the period |
|                                                                                                                    |   |   |   |   |   | May                  27, 2004 |
|                                                                                                                    |   |   |   |   |   | (Date                  of Inception |
|                                                                                                                    |   | For                  the Years Ended |   | of                  the Development |
|                                                                                                                    |   | September                  30,   |   | Stage)                  through |
|                                                                                                                    |   | 2007 |   | 2006 |   | September                  30, 2007 |
|                                                                                                                    |   |   |   |   |   |   |
| **Cash                  Flows from Operating Activities:**                                                              |   |   |   |   |   |   |
|                      Net loss                                                                            |   |  $           (217) |   |  $      (19,903) |   |  $                   (48,023) |
|                      Adjustments to reconcile net loss to net cash                                       |   |   |   |   |   |   |
|                         used in operating activities:                                     |   |   |   |   |   |   |
|                            Expenses paid by capital contributed by officer |   |                      - |   |                      - |   |                                20 |
|                            Waiver of tax liability penalty                 |   |          (60,364) |   |   |   |                       (60,364) |
|                            Issuance of warrants                            |   |            11,970 |   |                      - |   |                         11,970 |
|                      Changes in assets and liabilities:                                                  |   |   |   |   |   |   |
|                         Prepaid expense                                                   |   |          (14,374) |   |                      - |   |                       (14,374) |
|                         Accounts payable                                                  |   |            (4,736) |   |              8,377 |   |                           3,681 |
|                         Payroll tax penalties and accrued interest                        |   |          (14,838) |   |              3,033 |   |                         (8,787) |
| **Net                  Cash Used by Operating Activities**                                                              |   |          (82,559) |   |            (8,493) |   |                     (115,877) |
|                                                                                                                    |   |   |   |   |   |   |
| **Cash                  Flows from Financing Activities:**                                                              |   |   |   |   |   |   |
|                      Proceeds from issuance of note payable to                                           |   |   |   |   |   |   |
|                         related party                                                     |   |          195,000 |   |                      - |   |                       195,000 |
|                      Payment of principal on note payable to                                             |   |   |   |   |   |   |
|                         related party                                                     |   |          (95,000) |   |                      - |   |                       (95,000) |
|                      Proceeds from issuance of common stock                                              |   |                      - |   |                      - |   |                         40,000 |
|                         Redemption of common stock                                        |   |                      - |   |                      - |   |                            (190) |
| **Net                  Cash Provided by Financing Activities:**                                                         |   |          100,000 |   |                      - |   |                       139,810 |
|                                                                                                                    |   |   |   |   |   |   |
| **Net                  Increase (Decrease) in Cash**                                                                    |   |            17,441 |   |            (8,493) |   |                         23,933 |
| Cash                  at beginning of Period                                                                            |   |              6,492 |   |            14,985 |   |                                   - |
|                                                                                                                    |   |   |   |   |   |   |
| **Cash                  at End of Period**                                                                              |   |  $        23,933 |   |  $          6,492 |   |  $                     23,933 |
|                                                                                                                    |   |   |   |   |   |   |
| **Supplemental                  Schedule of Noncash Investing**                                                         |   |   |   |   |   |   |
| **and                  Financing Transactions**                                                                         |   |   |   |   |   |   |
| Conversion                  of $100,000 note payable to related                                                         |   |   |   |   |   |   |
|                      party into 1,166,497 shares of common stock                                         |   |  $      100,000 |   |  $                  - |   |  $                   100,000 |
|                                                                                                                    |   |   |   |   |   |   |
|                                                                                                                    |   |   |   |   |   |   |
| See                  accompanying notes to the financial statements.                      |
|                                                                                      |

----

**Acquired        Sales Corp.**

**Notes        to Financial Statements**

**Note        1: Organization and Summary of Significant Accounting        Policies**

**Note          2 – Related Party Transactions**

----

**Note        3 – Waiver of tax liability penalty**

**Note        4 – Letter agreement and warrants**

**Note        5 – Income Taxes**

| *** For                    the Year Ended September 30,***                    |   | **2007** |    |   | **2006** |   |
|------------------------------------------------------------------------------------|--------|----------|---------|--------|----------|--------|
|  Current                    tax before benefit of operating loss carryforward |   | $        | 2,351   |   |     | $      | - |   |
|  Benefit                    of operating loss carryforward                    |   |     | (2,351) |   |     |   | - |   |
|                                                                               |   |     |    |   |     |   |   |   |
|  Provision                  for Income Taxes                                  |   | $        | -       |   |     | $      | - |   |

|                  |   | **2007** |     |   | **2006** |   |
|--------------------------------------------------------------------------------------------------|--------|----------|----------|--------|----------|--------|
|  Warrants                    outstanding                           |   | $        | 4,465    |   |     | $      | - |   |
|  Operating                  loss carryforwards                                              |   |     | 13,448   |   |     |   | 17,832 |   |
|  Total                  Deferred Tax Assets                                                 |   |     | 17,913   |   |     |   | 17,832 |   |
|  Less:                   Valuation allowance                                           |   |     | (17,913) |   |     |   | (17,832) |   |
|                                                                                             |   |     |     |   |     |   |   |   |
|  Net                  Deferred Tax Asset                                                    |   | $        | -        |   |     | $      | - |   |

----

**ITEM      8.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING      AND FINANCIAL DISCLOSURE**

**ITEM      8A.  CONTROLS AND PROCEDURES**

**ITEM      8B.  OTHER INFORMATION**

**PART      III**

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

| **Name**                             |   | **Age** |   | **Position**                                                                                     |
|--------------------------------------|--------|---------|--------|--------------------------------------------------------------------------------------------------|
|                                 |   |    |   |                                                                                             |
| Gerard                M. Jacobs      |   | 52      |   | Chairman,                chief executive officer, president, secretary,                treasurer |
|                                 |   |    |   |                                                                                             |
| Joshua                A. Bloom, M.D. |   | 51      |   | Director                                                                                         |
|                                 |   |    |   |                                                                                             |
| Roger                S. Greene       |   | 52      |   | Director                                                                                         |
|                                 |   |    |   |                                                                                             |
| James                S. Jacobs, MD   |   | 54      |   | Director                                                                                         |
|                                 |   |    |   |                                                                                             |
| Michael                D. McCaffrey  |   | 61      |   | Director                                                                                         |
|                                 |   |    |   |                                                                                             |
| Richard                E. Morrissy   |   | 53      |   | Director                                                                                         |
|                                 |   |    |   |                                                                                             |
|                                 |   |    |   |                                                                                             |

**Gerard      M. Jacobs, chairman of the board of directors, chief executive officer,      president, secretary, treasurer,**

**Joshua      A. Bloom, M.D., member of the board of directors,**

**Roger      S. Greene, member of the board of directors**

**James      S. Jacobs, MD, member of the board of directors,**

**Michael      D. McCaffrey, member of the board of directors**

**Richard      E. Morrissy, member of the board of directors,**

**ITEM      10.  EXECUTIVE COMPENSATION**

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**ITEM      11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND      MANAGEMENT**

|    **Name                and Address of Beneficial Owner**                                                                                                                | **Number                of Common stock****Beneficially                Owned** |   | **Percentage                of Class** |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|--------|----------------------------------------|
|  Leonard                D. Hall  1029                E. 380 North Cir  American                Fork, Utah, 84003                                           |  600,000                                                                  |   |  10.2%                            |
| Roberti                Jacobs Family Trust u/a/d 11-11-99 (1)    31                N. Suffolk Lane    Lake                Forest, Illinois 60045 | 1,166,497                                                                      |   | 20.0%                                  |

| (1)   | The                Roberti Jacobs Family Trust shares trust                irrevocably conveyed all of its voting power to Gerard M. Jacobs,                our                chairman, chief executive officer, president, secretary, and                treasurer. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ITEM      12.  CERTAIN RELATIONSHIPS AND RELATED      TRANSACTIONS**

**ITEM        13.  EXHIBITS AND REPORTS ON FORM 8-K.**

|   | **Exhibits                and Reports on Form 8-K.** |
|--------|------------------------------------------------------|

|   | (a) | Exhibits                (filed with this report unless indicated                below) |
|--------|-----|----------------------------------------------------------------------------------------|

| Exhibit                31.1    | Certification                of principal executive officer pursuant to Rule 13a-14(a) of the                Securities Exchange Act of 1934, as amended, as adopted pursuant                to                Section 302 of the Sarbanes-Oxley Act of                2002 |
|-----------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Exhibit                31.2    | Certification                of principal financial officer pursuant to Rule 13a-14(a) of the                Securities Exchange Act of 1934, as amended, as adopted pursuant                to                Section 302 of the Sarbanes-Oxley Act of                2002 |
|-----------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Exhibit                32.1    | Certification                of principal executive officer pursuant to 18 U.S.C. Section 1350,                as                adopted pursuant to Section 906 of the Sarbanes-Oxley Act of                2002 |
|-----------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                   Exhibit 32.2    | Certification                of principal financial officer pursuant to 18 U.S.C. Section 1350,                as                adopted pursuant to Section 906 of the Sarbanes-Oxley Act of                2002 |
|------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ITEM      14. PRINCIPAL ACCOUNTING FEES AND SERVICES**

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**SIGNATURES**

**ACQUIRED      SALES CORP.**