UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549  FORM 10-QSB  S QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2006  £ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from  to  Commission File number: 33-1773NY  HEAVENLY HOT DOGS, INC. (Exact name of registrant as specified in charter)  Nevada87-0674571State or other jurisdiction of incorporation or organization(I.R.S. Employer I.D. No.)  7069 S. Highland Dr., Suite 300, Salt Lake City, UT     84121(Address of principal executive offices)                       (Zip Code)  Issuer's telephone number, including area code:  801 274-1011    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 S   No £  Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes S   No £  APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:  Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court.   Yes £  No £  APPLICABLE ONLY TO CORPORATE REGISTRANTS  State the number of shares outstanding of each of the issuers classes of common equity, as of the last practicable date.  ClassOutstanding as of September 30, 2006Common Stock, $0.001749,350  Transitional Small Business Disclosure Format (Check one): Yes £  No S    1    FORWARD-LOOKING INFORMATION  THIS FORM 10QSB AND OTHER STATEMENTS ISSUED OR MADE FROM  TIME TO TIME BY THE COMPANY OR ITS REPRESENTATIVES CONTAIN  STATEMENTS WHICH MAY CONSTITUTE "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE SECURITIES ACT OF 1933 AND THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED BY THE PRIVATE SECURITIES LITIGATION REFORM  ACT OF 1995, 15 U.S.C.A. SECTIONS 77Z-2 AND 78U-5. THOSE STATEMENTS INCLUDE STATEMENTS REGARDING THE INTENT, BELIEF OR CURRENT EXPECTATIONS OF THE COMPANY AND MEMBERS OF ITS MANAGEMENT TEAM AS WELL AS THE ASSUMPTIONS ON WHICH SUCH STATEMENTS ARE BASED.  PROSPECTIVE INVESTORS ARE CAUTIONED THAT ANY SUCH FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND INVOLVE RISKS AND UNCERTAINTIES, AND THAT ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED BY SUCH FORWARD-LOOKING STATEMENTS. IMPORTANT FACTORS CURRENTLY KNOWN TO MANAGEMENT THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN FORWARD- LOOKING STATEMENTS ARE SET FORTH HEREIN.  THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS TO REFLECT CHANGED ASSUMPTIONS, THE OCCURRENCE OF UNANTICIPATED EVENTS OR CHANGES TO FUTURE OPERATING RESULTS OVER TIME.  PART I - FINANCIAL INFORMATION  ITEM 1.  FINANCIAL STATEMENTS  The accompanying balance sheets of Heavenly Hot Dogs, Inc. (a development stage company) at September 30, 2006 and December 31, 2005, and the statements of operations for the three and nine months ended September 30, 2006 and 2005 and the period from January 1, 1991 to September 30, 2006, and the cash flows for the nine months ended September 30, 2006 and 2005, and the period from January 1, 1991 to September 30, 2006, have been prepared by the Companys management and they include all information and notes to the financial statements necessary for a complete presentation of the financial position, results of operations, and cash flows in conformity with generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.  Operating results for the quarter ended September 30, 2006 are not necessarily indicative of the results that can be expected for the year ending December 31, 2006.     2         HEAVENLY HOT DOGS, INC. [A Development Stage Company]  UNAUDITED CONDENSED FINANCIAL STATEMENTS  SEPTEMBER 30, 2006       3    HEAVENLY HOT DOGS, INC. [A Development Stage Company]     CONTENTS  PAGE-Unaudited Condensed Balance Sheets,September 30, 2006 and December 31, 20055-Unaudited Condensed Statements of Operations,for the three and nine months ended September 30, 2006,and 2005, and for the period from the re-entering ofdevelopment stage on January 1, 1991 throughSeptember 30, 20066-Unaudited Condensed Statements of Cash Flows,for the nine months ended September 30, 2006, and2005, and for the period from the re-entering ofdevelopment stage on January 1, 1991 throughSeptember 30, 20067-Notes to Unaudited Condensed Financial Statements8  10       4     HEAVENLY HOT DOGS, INC. [A Development Stage Company]  UNAUDITED CONDENSED BALANCE SHEETS    ASSETSSeptember 30,December 31,20062005CURRENT ASSETS:Current Assets$-$-Total Current Assets--$-$-LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)CURRENT LIABILITIES:Accounts payable$3,878$2,150Advances payable34,11729,809Total Current Liabilities37,99531,959STOCKHOLDERS' EQUITY (DEFICIT):Common stock, 750,000,000 sharesauthorized, $.001 par value, 749,350shares issued and outstanding749749Capital in excess of par value2,207,4662,207,466Retained earnings (deficit)(2,166,215)(2,166,215)Deficit accumulated during development stage(79,995)(73,959)Total Stockholders' Equity (Deficit)(37,995)(31,959)$-$-           Note: The Balance Sheet at December 31, 2005, was taken from the audited financial statements at that date and condensed.  The accompanying notes are an integral part of these unaudited condensed financial statements.  5    HEAVENLY HOT DOGS, INC. [A Development Stage Company]  UNAUDITED CONDENSED STATEMENTS OF OPERATIONS     Cumulative fromthe Re-enteringofDevelopmentStageFor the ThreeFor the Nineon January 1,Months EndedMonths Ended1991 throughSeptember 30,September 30,September 30,20062005200620052006REVENUE:$-$-$-$-$-Total Revenue-----EXPENSES:General and administrative2,9346606,0362,62079,995Total Expenses2,9346606,0362,62079,995LOSS BEFORE INCOME TAXES$(2,934)$(660)$(6,036)$(2,620)$(79,995)CURRENT INCOME TAX EXPENSE-----DEFERRED INCOME TAX EXPENSE-----NET LOSS$(2,934)$(660)$(6,036)$(2,620)$(79,995)LOSS PER COMMON SHARE$(.00)$(.00)$(.00)$(.00)               The accompanying notes are an integral part of these unaudited condensed financial statements.   6    HEAVENLY HOT DOGS, INC. [A Development Stage Company]  UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS   Cumulative fromthe Re-entering ofDevelopment StageFor the Nineon January 1,Months Ended1991 throughSeptember 30,September 30,200620052006Cash Flows From Operating Activities:Net loss$(6,036)$(2,620)$(79,995)Adjustments to reconcile net loss tonet cash used by operating activities:Non-cash expense--42,000Changes in assets and liabilities:Increase (decrease) in accounts payable1,728(340)3,878Net Cash (Used) by Operating Activities(4,308)(2,960)(34,117)Cash Flows From Investing Activities:---Net Cash (Used) by Investing Activities---Cash Flows From Financing Activities:Advances4,3082,96034,117Net Cash Provided by Financing Activities4,3082,96034,117Net Increase in Cash---Cash at Beginning of the Period---Cash at End of the Period$-$-$-Supplemental Disclosures of Cash Flow Information:Cash paid during the period for:Interest$-$-$-Income taxes$-$-$-   Supplemental Schedule of Noncash Investing and Financing Activities:  For the nine months ended September 30, 2006: None  For the nine months ended September 30, 2005: None   The accompanying notes are an integral part of these unaudited condensed financial statements.  7    HEAVENLY HOT DOGS, INC. [A Development Stage Company]  NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS   NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  Organization  Heavenly Hot Dogs, Inc. (the Company) was organized under the laws of the State of Delaware on April 2, 1987.  In June 2000, the Company changed its domicile from Delaware to Nevada.  The Company attempted to sell franchises for the retail sale of its Chicago style hot dogs. The Company discontinued these operations during 1990 and had been inactive since that time until its acquisition of Trappers Pizza, Inc. on July 1, 2002. In March 2003, the Company rescinded the acquisition of Trappers Pizza, Inc. The Company currently has no ongoing operations and is considered to be a development stage company as defined by Statement of Financial Accounting Standards No 7.  Condensed Financial Statements The accompanying financial statements have been prepared by the Company without audit. In the opinion of  management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at September 30, 2006 and 2005 and for the periods then ended have been made.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Companys December 31, 2005 audited financial statements. The results of operations for the periods ended September 30, 2006 and 2005 are not necessarily indicative of the operating results for the full year.  Restatement / Rescinded Acquisition - On July 1, 2002, the Company entered into an acquisition agreement with Trappers Pizza, Inc. The Company issued 3,000,000 shares of common stock for all of the outstanding shares of Trappers Pizza, Inc. In March 2003, the Company and Trappers Pizza, Inc. agreed to rescind the acquisition agreement. The Company received and cancelled the previously issued 3,000,000 shares of common stock and has excluded all transactions involving Trappers Pizza, Inc. from these financial statements.  Cash and Cash Equivalents -The Company considers all highly liquid debt investments purchased with a maturity of three months or less to be cash equivalents.  Income Taxes The Company accounts for income taxes in accordance with Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes.  Loss Per Share - The computation of loss per share of common stock is based on the weighted average number of shares outstanding during the periods presented, in accordance with Statement of Financial Accounting Standards No. 128, Earnings Per Share [See Note 5].  Accounting Estimates - The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimated by management.  Recently Enacted Accounting Standards Statement of Financial Accounting Standards (SFAS) No. 151, Inventory Costs  an amendment of ARB No. 43, Chapter 4, SFAS No. 152, Accounting for Real Estate Time-Sharing Transactions  an amendment of FASB Statements No. 66 and 67, SFAS No. 153, Exchanges of Nonmonetary Assets  an amendment of APB Opinion No. 29, SFAS No. 123 (revised 2004), Share-Based Payment, SFAS No. 154, Accounting Changes and Error Corrections  a replacement of APB Opinion No. 20 and FASB Statement No. 3, SFAS No. 155, Accounting for Certain Hybrid Financial Instruments  an amendment of FASB Statements No. 133 and 140, SFAS No. 156, Accounting for  the Servicing of Financial Assets,  SFAS No. 157, Fair Value Measurements, and SFAS No. 158, Employers Accounting for Defined Benefit Pension and Other Postretirement Plans  an amendment of FASB Statements No. 87, 88, 106, and 132(R), were recently issued. SFAS No. 151, 152, 153, 123 (revised 2004), 154, 155, 156, 157 and 158 have no current applicability to the Company or their effect on the financial statements would not have been significant.   8    HEAVENLY HOT DOGS, INC. [A Development Stage Company]  NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS    NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  (Continued)  Reclassification The financial statements for periods prior to September 30, 2006 have been reclassified to conform to the headings and classifications used in the September 30, 2006 financial statements.  Restatement In March 2001, the Company effected a 1 for 10,000 reverse stock split. The financial statements have been restated, for all the periods presented, to reflect the stock split [See Note 4]   NOTE 2 - RELATED PARTY TRANSACTIONS  Management Compensation The Company did not pay any compensation to its officers and directors during the periods ended September 30, 2006 and 2005.  Office Space - The Company has not had to rent office space.  Our transfer agent, Action Stock Transfer, is allowing the Company to use its address as the Companys mailing address, as needed, at no cost to the Company.  Advances Payable The Company received advances of $4,308 and $2,960 for the periods ended September 30, 2006 and 2005, respectively.  A total of $34,117 was owed at September 30, 2006 by the Company for advances.  These funds are due and payable upon demand and have no stated interest rate.   NOTE 3  GOING CONCERN  The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern.  However, the Company has no on-going operations and has incurred losses since re-entering into a new development stage on January 1, 1991.  Further, the Company has no working capital to pay its expenses and has current liabilities in excess of current assets.  These factors raise substantial doubt about the ability of the Company to continue as a going concern.  In this regard, management is proposing to raise any necessary additional funds not provided by operations through loans or through sales of its common stock or through a possible business combination with another company.  There is no assurance that the Company will be successful in raising this additional capital or achieving profitable operations. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.   9    HEAVENLY HOT DOGS, INC. [A Development Stage Company]  NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS  NOTE 4  CAPITAL STOCK  Common stock The Company has authorized 750,000,000 shares of common stock, $.001 par value. At September 30, 2006, the Company had 749,350 shares issued and outstanding.  In August 2001, the Company cancelled 1,575 shares of common stock which had been previously repurchased for $27,563, or $17.50 per share.  During March 2001, the Company issued 500,000 shares of its previously authorized but unissued common stock for services rendered, valued at $5,000, or $.01 per share.  In March 2001, the Company effected a 10,000 for 1 reverse stock split. Any shareholder with less than 100 shares of pre-split common stock was not affected. For shareholders with less than 100 post-split shares, the Company issued 175,992 shares of its previously authorized but unissued common stock bringing them to a minimum of 100 shares.  The financial statements for all periods presented have been restated to reflect the stock split.  In June 2000, the Company issued 7,000 shares of its previously authorized but unissued common stock to an officer for services rendered, valued at $7,000, or $1.00 per share.  During April 2000, the Company issued 30,000 shares of its previously authorized but unissued common stock for services rendered, valued at $30,000, or $1.00 per share.   NOTE 5  LOSS PER SHARE  The following data show the amounts used in computing loss per share and the effect on income and the weighted average number of shares of dilutive potential common stock for the periods ended September 30, 2006 and 2005:  For the Three Months
Ended September 30,For the Nine Months
Ended September 30,2006200520062005Loss from continuing operations available
to common stockholders (numerator)$(2,934)$(660)$(6,036)$(2,620)Weighted average number of common
shares outstanding  used in loss per share
during the period (denominator)749,350749,350749,350749,350  Dilutive loss per share was not presented, as the Company had no common equivalent shares for all periods presented that would affect the computation of diluted loss per share.   NOTE 6  COMMITMENTS AND CONTINGENCIES  Management believes that the Company is not liable for any liabilities related to its former operations.  Management further believes that with the passage of time the likelihood of any such claims is remote. The Company is not currently named in nor is it aware of any such claims or suits against the Company. No amounts have been accrued in these financial statements.   10    ITEM 2.  PLAN OF OPERATIONS  MANAGEMENT=S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR PLAN OF OPERATION  PLAN OF OPERATION  The Company is seeking to acquire assets or shares of an entity actively engaged in business which generates revenues. The Company has no particular acquisitions in mind and has not entered into any negotiations regarding such an acquisition. None of the Company's officers, directors, promoters or affiliates have engaged in any substantive contact or discussions with any representative of any other company regarding the possibility of an acquisition or merger between the Company and such other company as of the date of this quarterly report.  The Board of Directors intends to obtain certain assurances of value of the target entity's assets prior to consummating such a transaction.  Any business combination or transaction will likely result in a significant issuance of shares and substantial dilution to present stockholders of the Company.  The Company has, and will continue to have, no capital with which to provide the owners of business opportunities with any significant cash or other assets. However, management believes the Company will be able to offer owners of acquisition candidates the opportunity to acquire a controlling ownership interest in a publicly registered company without incurring the cost and time required to conduct an initial public offering. The owners of the acquisition candidate will, however, incur significant legal and accounting costs in connection with the acquisition of a business opportunity, including the costs of preparing Form 8-K's, 10-KSB's, 10-QSBs, agreements and related reports and documents.  LIQUIDITY AND CAPITAL RESOURCES  The Company remains in the development stage and has experienced no significant change in liquidity or capital resources or stockholders equity since re-entering of Development Stage. The Company's balance sheet as of September 30, 2006, reflects a total asset value of $0.00. The Company has no cash or line of credit, other than that which present management may agree to extend to or invest in the Company, nor does it expect to have one before a merger is effected.  The Company will carry out its plan of business as discussed above. The Company cannot predict to what extent its liquidity and capital resources will be diminished prior to the consummation of a business combination or whether its capital will be further depleted by the operating losses (if any) of the business entity which the Company  may eventually acquire.  RESULTS OF OPERATIONS  During the period from January 1, 2006 through September 30, 2006, the Company has engaged in no significant operations other than maintaining its reporting status with the SEC and seeking a business combination.  No revenues were received by the Company during this period.  For the current fiscal year, the Company anticipates incurring a loss as a result of legal and accounting expenses, and expenses associated with locating and evaluating acquisition candidates. The Company anticipates that until a business combination is completed with an acquisition candidate, it will not generate revenues, and may continue to operate at a loss after completing a business combination, depending upon the performance of the acquired business.  NEED FOR ADDITIONAL FINANCING  Based upon current management=s willingness to extend credit to the Company and/or invest in the Company until a business combination is completed, the Company believes that its existing capital will be sufficient to meet the Company's cash needs required for the costs of compliance with the continuing reporting requirements of the Securities Exchange Act of 1934, as amended, and for the costs of accomplishing its goal of completing a business combination, for an indefinite period of time. Accordingly, in the event the Company is able to complete a business combination during this period, it anticipates that its existing capital will be sufficient to allow it to accomplish the goal of completing a business combination. There is no assurance, however, that the available funds will ultimately prove to be adequate to allow it to complete a business combination, and once a business combination is completed, the Company's needs for additional financing are likely to increase substantially.  In addition, as current management is under no obligation to continue to extend credit to the Company and/or invest in the Company, there is no assurance that such credit or investment will continue or that it will continue to be sufficient for future periods.  11    ITEM 3. CONTROLS AND PROCEDURES  (a)  Evaluation of Disclosure Controls and Procedures.  The Company's management, with the participation of the chief executive officer/chief financial officer, carried out an evaluation of the effectiveness of the Company's "disclosure, controls and procedures" (as defined in the Securities Exchange Act of 1934 (the "Exchange Act") Rules 13a-15(e) and 15-d-15(e) as of the end of the period covered by this quarterly report (the "Evaluation Date").  Based upon that evaluation, the chief executive officer/chief financial officer concluded that, as of the Evaluation Date, the Company's disclosure, controls and procedures are effective, providing them with material information relating to the Company as required to be disclosed in the reports the Company files or submits under the Exchange Act on a timely basis.  (b)  Changes in Internal Control over Financial Reporting.  There were no changes in the Company's internal controls over financial reporting, known to the chief executive officer/chief financial officer, that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.  PART II - OTHER INFORMATION  ITEM 1.   LEGAL PROCEEDINGS  None; not applicable  ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.  None; not applicable  ITEM 3.   DEFAULTS UPON SENIOR SECURITIES.  None; not applicable.  ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  None; not applicable  ITEM 5.   OTHER INFORMATION.  None; not applicable.  ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K.  (a)  Exhibits  Copies of the following documents are included as exhibits to this report pursuant to Item 601 of Regulation S-B.  Exhibit No.Title of DocumentLocation31.1Certification of the Principal Executive Officer/ Principal Financial
Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002Attached32.1Certification of the Principal Executive Officer/ Principal Financial
Officer pursuant to U.S.C. Section 1350 as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002*Attached   12    (b)  Reports on Form 8-K  None  * The Exhibit attached to this Form 10-QSB shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to liability under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.  SIGNATURES  Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.  HEAVENLY HOT DOGS, INC.   Date: November 8, 2006 By: /s/ Elwood Shepard Elwood Shepard, President  13