**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**WASHINGTON,
      DC 20549**





**FORM
      10-KSB**


(Mark
      One)




xANNUAL
      REPORT UNDER
      SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934




For
      the
      fiscal year ended March 31, 2007


or




oTRANSITION
      REPORT UNDER
      SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934




For
      the
      transition period from ______to______




Commission
      file number 000-18865





**American
      Resources** **&
      Development Company**


(Name
      of
      small business Issuer in Its Charter)





Utah
            
            87-0401400(State
                or Other Jurisdiction of
              Incorporation
                or Organization)
            
            (I.R.S.
                Employer
              Identification
                Number)5891
                Sagewood, Murray, Utah
            
            84107(Address
                of Principal Executive Offices)
            
            (Zip
                Code)(801)
                230 1030(Issuer’s
                Telephone Number)





Securities
      registered under Section 12(b) of the Exchange Act: None





Securities
      registered under Section 12(g) of the Exchange Act:





Common
      Stock, par value $0.001


(Title
      of Class)





Check
      whether issue is not required to file reports pursuant to Section 13 or 15(d)
      of
      the Exchange Act. o





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 o No
o





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.o





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





Issuer's
      revenues for its most recent fiscal year were: $499,313





As
      of
      March 31, 2007, the aggregate market value of the voting stock of the issuer
      held by non-affiliates computed by reference to the price at which the common
      equity was sold, or the average bid and asked prices of such common equity
      was
      $466,474.




As
      of
      March 31, 2007 there were 467,039,666 outstanding shares of common stock, par
      value $0.001.




Documents
      incorporated by reference: None.





Transitional
      Small Business Format: Yes oNo
o




1




**Cautionary
      Notice Regarding Forward Looking Statements**





“American
      Resources & Development Company,” the “company,” “we,” “us” or “our” refers
      to American Resources & Development Company, a Utah corporation, and its
      subsidiaries, except where otherwise indicated or required by context. This
      report contains a number of forward-looking statements that reflect management’s
      current views and expectations with respect to our business, strategies, future
      results and events and financial performance. All statements made in this Annual
      Report other than statements of historical fact, including statements that
      address operating performance, events or developments that management expects
      or
      anticipates will or may occur in the future, including statements related to
      revenues, cash flow, profitability, adequacy of funds from operations,
      statements expressing general optimism about future operating results and
      non-historical information, are forward looking statements. In particular,
      the
      words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “may,” and any
      variations of such words, and similar expressions identify forward-looking
      statements, but are not the exclusive means of identifying such statements
      and
      their absence does not mean that the statement is not forward-looking. These
      forward-looking statements are subject to certain risks and uncertainties,
      including those discussed below. Our actual results, performance or achievements
      could differ materially from historical results as well as those expressed
      in,
      anticipated or implied by these forward-looking statements. We do not undertake
      any obligation to revise these forward-looking statements to reflect any future
      events or circumstances.





Readers
      should not place undue reliance on these forward-looking statements, which
      are
      based on management’s current expectations and projections about future events,
      are not guarantees of future performance, are subject to risks, uncertainties
      and assumptions (including those described below) and apply only as of the
      date
      of this report. Our actual results, performance or achievements could differ
      materially from the results expressed in, or implied by, these forward-looking
      statements. Factors that could cause or contribute to such differences include,
      but are not limited to, those discussed below in “Risk Factors” as well as those
      discussed elsewhere in this report, and the risks discussed in our press
      releases and other communications to shareholders issued by us from time to
      time
      which attempt to advise interested parties of the risks and factors that may
      affect our business. We undertake no obligation to publicly update or
      revise.




2




**PART
      I**




**ITEM
        1. DESCRIPTION OF BUSINESS**


(a)
      Business Development





American
      Resources & Development Company ("ARDCO" or "the Company"), formerly known
      as Leasing Technology, Incorporated, was incorporated in Utah on March 21,
      1983.
      On February 20, 1997 its name was changed to American Resources and Development
      Company. When used throughout this document, unless the context suggests
      otherwise, the "Company" refers to ARDCO and/or its subsidiaries.





Leasing
      Technology Incorporated





As
      Leasing Technology Incorporated ("LTI”), the Company was engaged in the venture
      capital business offering consulting expertise to selected business
      opportunities and also was engaged in developing certain residential and
      recreational real estate projects. In 1990, the Company acquired the Palm Lakes
      real estate development near St. George, Utah. In 1991, the name of the
      development was changed to the Red Hawk(R) Country Club. Also in 1991, the
      Company purchased two residential developments in St. George consisting of
      condominiums, cottages, and single family dwelling lots known as Cotton Manor
      and Cotton Acres respectively.





In
      December 1992, the Company assigned all of its real estate holdings in Red
      Hawk(R) Country Club, Cotton Manor and Cotton Acres to Golf Ventures, Inc.
      (“GVI”), a publicly held Utah Corporation, in exchange for 3,273,728 shares of
      GVI common stock, which represented approximately 86% of GVI's total outstanding
      shares. GVI further agreed to assume all obligations related to the acquired
      real estate. In 1994, the name Red Hawk(R) Country Club was changed to Red
      Hawk(R) International Golf & Country Club





Until
      December, 1997, GVI's assets
      consisted of the Red Hawk International Golf & Country Club, Cotton Manor,
      and Cotton Acres, real estate developments located near St. George, Utah. In
      November 1997, GVI merged with Golf Communities of America “GCA.” Golf
      Communities of America was the controlling company in this merger and subsequent
      to the merger the combined company’s name changed to Golf Communities of America
      (“GCA”). This merger resulted in a less than 20% ownership in GVA by the
      Company. In 1999 GCA filed Chapter 11 bankruptcy which was subsequently
      converted to Chapter 7. Since that time the company’s investment in GCA has been
      valued at $-0-.





Amendment
      to Articles of Incorporation: ****





On
      May
      10, 2004, the company amended its articles of incorporation to increase to
      the
      authorized common stock of the Company to 500,000,000 shares, par value $0.001
      per share.





(b)
      Business of Issuer:





On
      June
      15 th ,
      2004,
      the company acquired Springfield Finance & Mortgage, LLC (“SFM”) from
      Springfield Investments, Inc., a shareholder of the Company, in exchange for
      12,500,000 shares of its common stock. SFM was in the business of providing
      financing for new home construction.





The
      Company, through its wholly owned subsidiary SFM, has provided financing for
      real estate development and new home construction, in Washington County, Utah
      by
      making loans secured by first trust deeds. The Company has loaned money to
      contractors who are building new homes and to developers who require financing
      to develop raw acreage into sub-divisions. In addition to being secured by
      first
      trust deeds, all loans have required that borrowers have full insurance coverage
      on every project being financed.





3





By
        March
        31, 2007, the real estate market in Washington County, Utah had slowed
        considerably so the Company terminated its business of providing financing
        for
        real estate development; and focused on investing in the ‘Futures
        Optio ns market’.
        On April 18, 2007 it opened account number 396-44607 with Infinity Brokerage
        Services, 111 W Jackson Blvd., Suite 2010, Chicago, IL 60604; and engaged
        the
        services of MSI Trading, 836 Wingate Pl, Rockton IL 61072; to assist in trading
        Option contracts in the S & P 500 Futures Options market. On
        May
        31, 2007, in
        order
        to receive better executions and commissions on tradesthe account at
        Infinity was transferred to Brewer Futures Group, LLC, 200 S. Michigan Avenue,
        21st Floor, Chicago, IL 60604.




There
      are
      no limitations on the percentage of the Company’s assets which the Company may
      invest in any one investment, or type of investment. Any Company policy
      regarding such investments may be changed without a vote of the Company’s
      shareholders. It is the Company’s policy to make investments primarily for
      income, though assets also may be acquired for possible capital
      gain.




Description
      of the Option Contracts the Company invests in:


Our
        goal
        is to take advantage of the markets trading RANGE rather than its DIRECTION.
        We
        sell Out-of-the-Money Call and Put Option contracts on the S&P 500 Futures
        (the underlying) market and receive a credit on each trade. We then take
        advantage of the time decay of these Out-Of-The-Money options as the market
        stays between our two selected Strike Price levels. This strategy is called
        a
        Short Strangle. Profits (and or losses) are earned from the credit (premium)
        received and the time decay of the option contracts. Positions are generally
        closed out and new positions entered after the third Friday of each month,
        thus
        there are approximately 12 trading periods each year. The 30 day liquidity
        period allows us to properly analyze and evaluate the recent trading range
        of
        the market; and, to keep pace with the ever changing value of the S&P 500
        Futures price. The re-positioning of trades for each succeeding month is
        a
        critical component in controlling risk. From a cash management perspective
        this
        concept provides excellent liquidity. Call Option Strike Prices are usually
        sold
        100 points. ABOVE the value of the underlying while Put Option Strike Prices
        are
        usually sold 125-200 points BELOW the underlying.




Business
      Strategy


The
        Company believes that one of the easiest ways to be consistently successful
        in
        the financial markets is to use a
‘Short
        Strangle Strategy’ to trade S & P 500 Futures Options. The
        Company believes this method of trading reduces stress and anxiety and insures
        the Company of the highest probability of success.
  The
          Short
          Strangle Strategy allows the opportunity to trade the RANGE of the S&P 500
          Futures Options market rather than the DIRECTION. If the market stays
          between the range of the market prices selected, the desired profit is
          earned.  The Company endeavors to sell high Strike Price Call Options, and
          at the same time sell low Strike Price Put Options. The time decay of the
          credit
          (premium) received from each trade is where the profit (or loss) comes
          from. We use S&P 500 Futures Options because there is more volume and
          liquidity in that market.
 To
          maintain liquidity for cash management requirements, new
          positions are generally sold just following the third Friday of each month
          (expiration date); and, at other times during the month if market conditions
          warrant. This allows us to analyze the S&P 500 Futures Options trading
          range from the previous period and helps us analyze and evaluate the
          anticipated trading range for the next period. We
          always keep pace with the market.


4





The
      Company sells S&P 500 Futures
      Options, out-of-the-money, (75 to 100 pts. from the underlying) using 30
      day or 60 day Call and Put options in combination, known as a “Combo” as a
      naked (uncovered) position. The Call Leg and the Put Leg have to be
      monitored daily due to the risk exposure. However, the risk can be
      minimized by rolling up or down using the same expiration date should the
      trade get in trouble (2 pt. Stop Loss to roll the position). The goal is to
      earn 4 pts. per month. Each point is worth $250. Each "Combination" of a
      Call and a Put being sold costs approximately $9,500 in margin for the retail
      customer at most brokerage firms.




This
      is a high maintenance strategy where the risk has to be monitored intraday.
      To
      offset any overnight catastrophe, a Long Put position may
      be established each day 125 pts. O-T-M. It is then sold the following
      morning at a breakeven goal. Due to the nature of S&P 500 Futures Options,
      where they are pit traded, it is somewhat easy to get "your price."




Our
      Strengths


We
          believe our competitive strengths will include: Utilizing MSI Trading’s market
          skills and trading experience whereby each trade is analyzed and evaluated
          before being placed; and is then monitored daily by the experienced personnel
          at
          MSI Trading who advise us and recommend, and place all trades. We pay MSI
          Trading a five (5%) percent fee on each month’s net profits. Their personnel
          have over 20 years experience in the financial investment field


(c) Reports
      to Security Holders:




Copies
      of the Company’s reports, as filed with the Securities and Exchange Commission,
      are available and may be viewed as filed at the SEC’s Public Reference Room at
      450 Fifth Street, N.W., Washington D.C. 20549 or by calling 1-800-SEC-0330.
      Additionally they can be accessed and downloaded via the internet at http://www.sec.gov/cgi-bin/srch-edgar by simply typing in “American Resources & Development Company”




**RISK
      FACTORS**





The
      following factors affect our
      business and the industry in which it operates. The risks and uncertainties
      described below are not the only ones we face. Additional risks and
      uncertainties not presently known or that the Company currently considers
      immaterial may also have an adverse effect our business. If any of the matters
      discussed in the following risk factors were to occur; our business, financial
      condition, results of operations, cash flows, or prospects could be materially
      adversely affected.





***Risks
      relating to the Futures and Options Markets***





Futures
      and options trading involve substantial risk and we are advised that they may
      not be suitable for every investor. The valuation of futures and options may
      fluctuate, and, as a result, the Company may lose more than its original
      investment. The impact of seasonal and geopolitical events is factored into
      market prices. Past results are no indication of future performance. Information
      from whatever source is in no way guaranteed. No guarantee of any kind is
      implied or possible where projections of future conditions are
      attempted.




1.
              Daily,
                  and intraday, monitoring of the S & P 500 market as well as all other
                  related markets that may have an impact on all trades. This is
                  done by
                  both Company employees as well the trading advisors from MSI Trading
                  and
                  the Brokers who execute our trades. We rely heavily on their experience
                  and expertise. In the event any trade may be in trouble of loosing
                  we
                  always either roll up or roll down the open positions
                  accordingly.


5




***There
      is currently no market for our securities, and there are substantial
      restrictions on the transferability of our
      securities.***





There
      is
      currently a limited market for our common stock. Accordingly, purchasers of
      the
      shares will be required to bear the economic consequences of holding such
      securities for an indefinite period of time. An active trading market for our
      common stock may not ever develop. Any trading market that does develop may
      be
      volatile and significant competition to sell our common stock in any such
      trading market may exist which could negatively affect the price of our common
      stock. As a result, the value of our common stock may decrease. Additionally,
      if
      a trading market does develop, such market may be highly illiquid, and our
      common stock may trade at a price that does not accurately reflect the
      underlying value of our net assets or business prospects. Investors are
      cautioned not to rely on the possibility that an active trading market may
      develop or in the prices at which our stack may trade in any market that does
      develop in making an investment decision.





***We
      presently do not intend to pay cash dividends on our
      stock.***




We
      currently anticipate that no cash dividends will be paid on any of our stock
      in
      the foreseeable future. While our dividend policy will be based on the operating
      results and capital needs of the business, it is anticipated that all earnings,
      if any, will be retained to finance future expansion of our business.




***Risk
      that the Company’s Common Stock may be deemed a “Penny
      Stock”***





The
      Company's common stock may be deemed to be a “penny stock” as that term is
      defined in Rule 3a51-1 of the Exchange Act of 1934. Penny stocks are stocks
      (i)
      with a price of less than five dollars per share; (ii) that are not traded
      on a
“recognized” national exchange; (iii) whose prices are not quoted on the NASDAQ
      automated quotation system (NASDAQ-listed stocks must still meet requirement
      (i)
      above); or (iv) of an issuer with net tangible assets of less than US$2,000,000
      (if the issuer has been in continuous operation for at least three years) or
      US$5,000,000 (if in continuous operation for less than three years), or with
      average annual revenues of less than US$6,000,000 for the last three
      years.





A
      principal exclusion from the definition of a penny stock is an equity security
      that has a price of five dollars ($5.00) or more, excluding any broker or dealer
      commissions, markups or markdowns. As of the date of this report the Company's
      common stock has
      a
      price less than $5.00 .





If
      the
      Company's Common Stock is at any time deemed a penny stock, section 15(g) and
      Rule 3a51-1 of the Exchange Act of 1934 would require broker-dealers dealing
      in
      the Company's Common Stock to provide potential investors with a document
      disclosing the risks of penny stocks and to obtain a manually signed and dated
      written receipt of the document before effecting any transaction in a penny
      stock for the investor's account. Potential investors in the Company's common
      stock are urged to obtain and read such disclosure carefully before purchasing
      any shares that are deemed to be “penny stock.”





Moreover,
      Rule 15g-9 of the Exchange Act of 1934 requires broker-dealers in penny stocks
      to approve the account of any investor for transactions in such stocks before
      selling any penny stock to that investor. This procedure requires the
      broker-dealer to (i) obtain from the investor information concerning his or
      her
      financial situation, investment experience and investment objectives; (ii)
      reasonably determine, based on that information, that transactions in penny
      stocks are suitable for the investor and that the investor has sufficient
      knowledge and experience as to be reasonably capable of evaluating the risks
      of
      penny stock transactions; (iii) provide the investor with a written statement
      setting forth the basis on which the broker-dealer made the determination in
      (ii) above; and (iv) receive a signed and dated copy of such statement from
      the
      investor, confirming that it accurately reflects the investor's financial
      situation, investment experience and investment objectives. Compliance with
      these requirements may make it more difficult for investors in the Company's
      common stock to resell their shares to third parties or to otherwise dispose
      of
      them.





6




***Dependence
      On Key Personnel*** ******




The
      future success of the Company will depend on the service of its key personnel
      and, additionally, its ability to identify, hire and retain additional qualified
      personnel. There is intense competition for qualified personnel in this industry
      and there can be no assurance that the Company will be able to attract and
      retain personnel necessary for the development of the business of the Company.
      Because of the intense competition, there can be no assurance that the Company
      will be successful in adding personnel if needed to satisfy its staffing
      requirements. Failure to attract and retain key personnel could have a material
      adverse effect on the Company.





The
      Company is dependent on the efforts and abilities of its management. The loss
      of
      various members from management could have a material adverse effect on the
      business and prospects of the Company. In particular, the Company will depend
      on
      the service of Thomas Stamos because he is instrumental in his expertise in
      legal negotiations and business maintenance. There can be no assurance that
      upon
      the departure of key personnel from the service of the Company suitable
      replacements will be available.




***Future
      Capital Needs And Uncertainty Of Additional Funding***




Although
      management believes that the Company's cash position should be sufficient to
      cover its financing for at least the current fiscal year, substantial funds
      will
      be required to effect the Company's development plans. The Company will require
      additional cash for: (i) payment of increased operating expenses; (ii) payment
      of development expenses; and (iii) further implementation of those business
      strategies. Such additional capital may be raised by additional public or
      private financing, as well as borrowings and other resources. To the extent
      that
      additional capital is received by the Company by the sale of equity or
      equity-related securities, the issuance of such securities will result in
      dilution to the Company's shareholders. There can be no assurance that
      additional funding will be available on favorable terms, if at all. the Company
      may also seek arrangements with collaborative partners in order to gain
      additional funding, marketing assistance or other contributions. However, such
      arrangements may require the Company to relinquish rights or reduce its
      interests in certain of its technologies or product candidates. The inability
      of
      the Company to access the capital markets or obtain acceptable financing could
      have a material adverse effect on the results of operations and financial
      condition of the Company. Moreover, if funds are not available from any sources,
      the Company may not be able to continue to operate.


Our
        officers and directors control 12.07% of
        our
        stock.




**ITEM
      2. DESCRIPTION OF PROPERTY.**




The
      Company’s principal offices are located at 5891 Sagewood, Murray, Utah 84107,
      which is the residence of Thomas Stamos, the company’s president. The Company’s
      president allows the Company to use space at that location for no charge. The
      space and use of the facilities located at that address are donated to the
      Company by its president.




**ITEM
      3** **.
      LEGAL PROCEEDINGS.**




The
      Company is not currently a party to any legal proceedings.




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




No
      matter
      was submitted to our security holders for approval during the period covered
      by
      this report.




7





**PART
      II**




**ITEM
      5. MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND SMALL BUSINESS
      ISSUER PURCHASES OF EQUITY SECURITIES** ****




(a)
      Market Information.




As
      of
      June 30, 2007, the Company’s common stock is traded on the Pink Sheets under the
      symbol “ADCO.PK.”




The
      following table sets forth, for the periods indicated, the high and low bids
      for
      our common stock; the bids reflect inter-dealer prices, without retail mark-up,
      mark-down or commission and may not represent actual transactions. The last
      reported bid for our common stock on March 31, 2007 was $0.001 per
      share.




**Fiscal
                Year Ended March 31, 2005**First
                Quarter
            $0.001
            $0.001Second
                Quarter
            $0.001
            $0.001Third
                Quarter
            $0.001
            $0.001Fourth
                Quarter
            $0.001
            $0.001**Fiscal
                Year Ended March 31, 2006**First
                Quarter
            $0.001
            $0.001Second
                Quarter
            $0.001
            $0.001Third
                Quarter
            $0.001
            $0.001Fourth
                Quarter
            $0.001
            $0.001


**Fiscal
                Year Ended March 31, 2007**First
                Quarter
            $0.001
            $0.001Second
                Quarter
            $0.001
            $0.001Third
                Quarter
            $0.001
            $0.001Fourth
                Quarter
            $0.001
            $0.001




There
      has
      been no active market for the Company's stock in the last two years; although
      it
      continues to be reported on the Pink Sheets. Accordingly, the Company has no
      change in its range of high and low bid prices for the Company's common stock
      to
      report.





(b)  Holders





There
      were approximately 1,339 shareholders of record of the Company's common stock
      as
      of March 31, 2007.





(c)  Dividends





The
      Company has never paid cash dividends on its stock and does not intend to do
      so
      in the foreseeable future. The Company currently intends to retain its earnings
      for the operation and expansion of its business. The Company's continued need
      to
      retain earnings for operations and expansion are likely to limit the Company's
      ability to pay dividends in the future.





8




(d)  Securities
      Authorized for Issuance Under Equity Compensation Plans.





None





**RECENT
      SALES OF UNREGISTERED SECURITIES; USE OF PROCEEDS FROM REGISTERED
      SECURITITES.**




None




**ITEM
      6. MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF
      OPERATION**





Statements
      contained herein that are not historical facts are forward-looking statements,
      as that term is defined by the Private Securities Litigation Reform Act of
      1995.
      Although the Company believes that expectation reflected in such forward-looking
      statements are reasonable, the forward-looking statements are subject to risks
      and uncertainties that could cause results to differ from those projected.
      The
      Company cautions investors that any forward-looking statements made by the
      Company are not guarantees of future performance and that actual results may
      differ materially from those in the forward-looking statements. Such risks
      and
      uncertainties include, with limitation: well established competitors who have
      substantially greater financial resources and longer operating histories,
      changes in the regulatory environment in which the Company competes, and access
      to sources of capital.





**Plan
      of Operation**





The
      Company is no longer engaged in the business which generated revenues during
      the
      years prior to March 31, 2007. Accordingly, the Company’s plan of operation for
      its current year is to take advantage of
      trading contracts of the S & P 500 Futures Options
      market




The
          Company intends, through its wholly owned subsidiary, Springfield Finance
          and
          Mortgage Company, LLC (“SFMC”), to take advantage of the markets volatility by
          executing trades in the S & P 500 Futures Options market. To accomplish
          this, we have engaged the services of MSI Trading, to whom we pay a fee
          equal to
          five (5%) percent of each months net profits. All of the Company’s trading in
          the futures market is presently being conducted thru its account at Brewer
          with
          funds being held at Peregrine Financial Group, the holding Futures Commission
          Merchant (FCM), where the company is able to rely on the experience and
          expertise of several trading specialists as well as on the experience and
          expertise of the Investment Advisors at MSI Trading. The Brokers at Brewer
          and
          PFG (FCM) are all registered with the NFA and CFTC regulatory bodies of
          the
          Futures industry. The market we trade in is tradable 23.5 hours each day
          and has
          some of the best price liquidity for trade efficiency.


The
      Company will continue to finance its operations, from profits heretofore
      realized from its real estate financing; profits expected from its trading
      operations; and, loans from one third party. This third party is a shareholder
      of the Company.




While
      the
      company has found that loans from one third party are currently available,
      it is
      possible that such third party loans may not be available in the future. In
      that
      event, the Company’s ability to make
      large investments in the S & P 500 Futures Options marketscould
      be substantially impaired. Investors and shareholders should be aware of the
      significant risks the company undertakes in funding its operations by receiving
      and relying on third-party loans for investment; and, also that Futures and
      options trading involves substantial risk and may not be suitable for every
      investor and / or shareholder. The valuation of futures, and options may
      fluctuate, and, as a result, the Company may lose more than its original
      investment..





The
      Company’s actual operating costs for the next year should be minimal. The
      Company intends to use 2 part-time employees as part of its operations.
      Management anticipates that operating costs for the first twelve (12) months
      will total approximately $18,000.00. Such costs shall be paid for from profits
      it receives from it’s investments in the Futures option market.




9




AMERICAN
        RESOURCES AND DEVELOPMENT COMPANY
 AND
        SUBSIDIARIES
 
 
 CONSOLIDATED
        FINANCIAL STATEMENTS
 
 
 March
        31,
        2007 and 2006
 
  
 
  Independent
                    Auditors' Report
                3Consolidated
                    Balance Sheet
                4Consolidated
                    Statements of Operations
                5Consolidated
                    Statements of Stockholders' Equity (Deficit)
                6Consolidated
                    Statements of Cash Flows
                7Notes
                    to the Consolidated Financial Statements
                .8


F-2




**ITEM
      7. FINANCIAL STATEMENTS**


**AMERICAN
        RESOURCES AND DEVELOPMENT COMPANY AND SUBSIDIARIES**
 Consolidated
          Balance Sheet





ASSETSMarch
                31,2007CURRENT
                ASSETSCash
            
            $
            1,865,852Notes
                receivable
            
            
            1,025,591Notes
                receivable - related parties
            
            
            200,000Total
                Current Assets
            
            
            3,091,443FIXED
                ASSETSComputer
                equipment
            
            
            -Software
            
            
            -Land
            
            
            -Less:
                accumulated depreciation
            
            
            -Total
                Fixed Assets
            
            
            -NON-CURRENT
                ASSETSLong-term
                receivables - related parties
            
            
            -Total
                Non-Current Assets
            
            
            -TOTAL
                ASSETS
            
            $
            3,091,443LIABILITIES
                AND STOCKHOLDERS' EQUITY (DEFICIT**)**
            ****
            ****
            ****
            ********
            ****
            ****
            ****
            ****CURRENT
                LIABILITIESAccounts
                payable and accrued expenses
            
            $
            2,913Total
                Current Liabilities
            
            
            2,913LONG-TERM
                LIABILITIESNotes
                payable
            
            
            1,526,514Total
                Long Term Liabilities
            
            
            1,526,514TOTAL
                LIABILITIES
            
            
            1,529,427STOCKHOLDERS'
                EQUITY (DEFICIT)Common
                stock; $0.01 par value; 500,000,000 shares authorized;
                467,039,666 shares issued and outstanding
            
            
            467,040Additional
                paid-in capital
            
            
            11,553,822Accumulated
                deficit
            ****
            ****
            (10,458,846
            )****
            ****
            ****
            ****
            ****Total
                Stockholders' Equity (Deficit)
            
            
            1,562,016TOTAL
                LIABILITIES AND STOCKHOLDERS'EQUITY
                (DEFICIT)
            ****
            $
            3,091,443
            ********
            ****
            ****
            ****
            ****  The
          accompanying notes are an integral part of these financial
          statements.




F-3




**AMERICAN
        RESOURCES AND DEVELOPMENT COMPANY AND SUBSIDIARIES**
 Consolidated
            Statements of Operations


For
                  the Years EndedMarch
                  31,2007
              
              
              2006
              
              
              2005REVENUES
              
              $
              499,313
              
              $
              237,673
              
              $
              48,286COST
                  OF SALES
              
              
              -
              
              
              -
              
              
              -GROSS
                  PROFIT
              
              
              499,313
              
              
              237,673
              
              
              48,286EXPENSESGeneral
                  and administrative
              
              
              202,505
              
              
              260,547
              
              
              19,671Total
                  Expenses
              
              
              202,505
              
              
              260,547
              
              
              19,671OPERATING
                  LOSS
              
              
              296,808
              
              
              (22,874
              )
              
              28,615OTHER
                  INCOME (EXPENSES)Interest
                  expense
              
              
              (44,456
              )
              
              (254,426
              )
              
              (32,650
              )Interest
                  income
              
              
              74,751
              
              
              -
              
              
              -Loss
                  on disposal of fixed assets
              
              
              (27,563
              )Other
                  expenses
              
              
              -
              
              
              -
              
              
              -.Total
                  Other Income (Expense)
              
              
              2,732
              
              
              (254,426
              )
              
              (32,650
              )NET
                  INCOME (LOSS)
              
              $
              299,540
              
              $
              (277,300
              )
              $
              (4,035
              )BASIC
                  LOSS PER SHARE
              
              $
              0.00
              
              $
              (0.00
              )
              $
              (0.00
              )WEIGHTED
                  AVERAGENUMBER
                  OF SHARESOUTSTANDING
              
              
              466,770,406
              
              
              466,770,406
              
              
              464,166,239




The
        accompanying notes are an integral part of these financial
        statements.
  F-4




**AMERICAN
        RESOURCES AND DEVELOPMENT COMPANY AND SUBSIDIARIES**
 Consolidated
              Statements of Stockholders' Equity (Deficit)


AdditionalCommon
                  Stock
              
              
              Paid-In
              
              
              AccumulatedShares
              
              
              Amount
              
              
              Capital
              
              
              DeficitBalance,
                  March 31, 2004
              
              
              454,270,406
              
              $
              454,271
              
              $
              11,557,665
              
              $
              (10,477,051
              )Common
                  shares issued inacquisition
                  of Springfield Financeand
                  Mortgage, LLC
              
              
              12,500,000
              
              
              12,500
              
              
              (3,574
              )
              
              -Net
                  loss for the year endedMarch
                  31, 2005
              
              
              -
              
              
              -
              
              
              -
              
              
              (4,035
              )Balance,
                  March 31, 2005
              
              
              466,770,406
              
              
              466,771
              
              
              11,554,091
              
              
              (10,481,086
              )Net
                  loss for the year endedMarch
                  31, 2006
              
              
              -
              
              
              -
              
              
              -
              
              
              (277,300
              )Balance,
                  March 31, 2006
              
              
              466,770,406
              
              
              466,771
              
              
              11,554,091
              
              
              (10,758,386
              )Common
                  shares issued intoreserve
              
              
              269,260
              
              
              269
              
              
              (269
              )
              
              -Net
                  income for the year endedMarch
                  31, 2007
              
              
              -
              
              
              -
              
              
              -
              
              
              299,540Balance,
                  March 31, 2007
              
              
              467,039,666
              
              $
              467,040
              
              $
              11,553,822
              
              $
              (10,458,846
              )




The
      accompanying notes are an integral part of these
      financial statements.




F-5


**AMERICAN
        RESOURCES AND DEVELOPMENT COMPANY AND SUBSIDIARIES**
 Consolidated
                Statements of Cash Flows
  For
                            the Years EndedMarch
                            31,CASH
                            FLOWS FROM OPERATING ACTIVITIES
                        
                        2007
                        
                        2006
                        
                        2005Net
                            income (loss)
                        
                        $
                        299,540
                        
                        $
                        (277,300
                        )
                        $
                        (4,035
                        )Adjustments
                            to reconcile net loss to net cashprovided
                            (used) by operating activities:Depreciation
                        
                        
                        1,894
                        
                        
                        2,302
                        
                        
                        -Loss
                            on disposal of fixed assets
                        
                        
                        13,513Changes
                            in operating assets and liabilitiesIncrease
                            in accounts receivable
                        
                        
                        (20,407
                        )
                        
                        44,316
                        
                        
                        -Increase
                            in notes receivable
                        
                        
                        238,350
                        
                        
                        -
                        
                        
                        (128,105
                        )Increase
                            in notes receivable - related party
                        
                        
                        117,082
                        
                        
                        
                        
                        
                        (400,306
                        )Increase
                            in other assets
                        
                        
                        16,482
                        
                        
                        (21,229
                        )
                        
                        -Increase
                            (decrease) in accounts payableand
                            accrued expenses
                        
                        
                        (55,178
                        )
                        
                        314,446
                        
                        
                        29,018Net
                            Cash Used by Operating Activities
                        
                        
                        611,276
                        
                        
                        62,535
                        
                        
                        (503,428
                        )CASH
                            FLOWS FROM INVESTING ACTIVITIESCash
                            received in acquisition of subsidiary
                        
                        
                        -
                        
                        
                        -
                        
                        
                        5,899Decrease
                            in land
                        
                        
                        585,239
                        
                        
                        61,018
                        
                        
                        -Increase
                            in fixed assets
                        
                        
                        (8,658
                        )
                        
                        -
                        
                        
                        -Net
                            Cash Provided by Investing Activities
                        
                        
                        576,581
                        
                        
                        61,018
                        
                        
                        5,899CASH
                            FLOWS FROM FINANCING ACTIVITIESProceeds
                            from short-term debt
                        
                        
                        64,153
                        
                        
                        12,500
                        
                        
                        19,000Payments
                            on notes receivable
                        
                        
                        (1,210,571
                        )
                        
                        -
                        
                        
                        -Proceeds
                            from long-term debt - related party
                        
                        
                        1,216,544
                        
                        
                        (31,655
                        )
                        
                        675,000Net
                            Cash Provided byFinancing
                            Activities
                        
                        
                        70,126
                        
                        
                        (19,155
                        )
                        
                        694,000NET
                            DECREASE IN CASH
                        
                        
                        1,257,983
                        
                        
                        104,398
                        
                        
                        196,471CASH
                            AT BEGINNING OF PERIOD
                        
                        
                        607,869
                        
                        
                        503,471
                        
                        
                        307,000CASH
                            AT END OF PERIOD
                        
                        $
                        1,865,852
                        
                        $
                        607,869
                        
                        $
                        503,471CASH
                            PAID FOR:Interest
                        
                        $
                        -
                        
                        $
                        -
                        
                        $
                        -Income
                            Taxes
                        
                        $
                        -
                        
                        $
                        -
                        
                        $
                        -SUPPLIMENTAL
                            SCHEDULE OF NON-CASH ANDINVESTING
                            ACTIVITIESAcquisition
                            of notes receivable and assumptionof
                            long-term debt payable to related parties
                        
                        $
                        -
                        
                        $
                        -
                        
                        $
                        667,280Common
                            stock for non-cash assets
                        
                        $
                        -
                        
                        $
                        -
                        
                        $
                        3,027
    F-6
 **AMERICAN
                    RESOURCES AND DEVELOPMENT COMPANY AND SUBSIDIARIES**
 Notes
                    to
                    the Consolidated Financial Statements
 March
                    31,
                    2007 and 2006
 
 NOTE
                  1 - SIGNIFICANT
                  ACCOUNTING POLICIES
 
 a.
                            Organization
 
 The
                  accompanying consolidated financial statements include those of
                  American
                  Resources and Development Company (the Company) and its wholly-owned
                  subsidiary,
                  Springfield Finance and Mortgage Company, LLC (SFMC). In addition,
                  the
                  consolidated financial statements include those of Sprinfield Investment,
                  Inc.
                  (SFIC) and Springfield Construction, LLC (SFCC). Both SFIC and
                  SFCC, although
                  not majority owned by the Company, have been determined to be “Variable Interest
                  Entities” pursuant to FIN 46 and have therefore been consolidated in these
                  financial statements. All inter-company items and transactions
                  have been
                  eliminated in consolidation.
 
 The
                  Company was formed on March 21, 1983 and is now in the business
                  of providing
                  debt financing to other entities involved in the development of
                  residential real
                  estate through its SFMC subsidiary. The Company obtains the capital
                  for the
                  financing of real estate development from outside sources as well
                  as certain
                  majority shareholders. The Company acquired 100% of the members’ interest in
                  SFMC through the issuance of 12,500,000 shares of its restricted
                  common stock,
                  and was accounted for under FASB Statement # 141, “Business Combinations.”
 
 b.
                  Accounting Method
 
 The
                  Company’s consolidated financial statements are prepared using the accrual
                  method of accounting. The Company has elected a March 31 year-end.
 
 c.
                  Recognition of Revenues
 
 Revenues
                            (interest and fee income, and profit sharing) are recorded
                            using
                            agreed-upon market interest rates and accrued on a per-diem
                            basis from the
                            date of disbursement, regardless of when the interest
                            is paid. Origination
                            fees are included in interest income and accreted over
                            the life of the
                            related receivable. Profit sharing revenues are recorded
                            on the date
                            payment is received.
 
 d.
                  Use of
                  Estimates
  The
                            preparation of financial statements in conformity with
                            generally accepted
                            accounting principles requires management to make estimates
                            and
                            assumptions that affect the reported amounts of assets
                            and liabilities and
                            disclosure of contingent assets and liabilities at the
                            date of the
                            financial statements and the reported amounts of revenues
                            and expenses
                            during the reporting period. Actual results could differ
                            from those
                            estimates.
  F-7
  **AMERICAN
                    RESOURCES AND DEVELOPMENT COMPANY AND SUBSIDIARIES**
 Notes
                    to
                    the Consolidated Financial Statements
 March
                    31,
                    2007 and 2006
  SIGNIFICANT
                  ACCOUNTING POLICIES (Continued)
 e.
                  Concentration of
                  Credit Risk
 
 The
                  Company maintains its cash in bank deposit accounts at high credit
                  quality
                  financial institutions. The balances, at times, may exceed federally
                  insured
                  limits. In addition, the Company occasionally maintains cash investments
                  with
                  institutions that are not federally insured.
  f.
                            Cash and Cash Equivalents
 
 The
                            Company considers all highly-liquid investments with
                            a maturity of three
                            months or less when purchased to be cash
                            equivalents.
 
 g. Advertising
 
 The
                  Company follows the policy of charging the costs of advertising
                  to expense as
                  incurred. There were no advertising charges during the periods
                  presented in
                  these financial statements.
 
 h. Property
                  and Equipment
 
 Property,
                  equipment, and capital leases are recorded at cost and are depreciated
                  over the
                  estimated useful life of the related assets, generally three to
                  seven years.
                  When assets are retired or otherwise disposed of, the cost and
                  related
                  accumulated depreciation are removed from the accounts, and any
                  resulting gain
                  or loss is reflected in income for the period.
 
 i.
                  Basic
                  Income (Loss) per Share
 
 Basic
                  income (loss) per share is computed based on the weighted average
                  number of
                  common shares outstanding during the period. As of September 30,
                  2006, there
                  were no common stock equivalents outstanding. Therefore, the basic
                  and fully
                  diluted income (loss) per share is the same for the periods presented
                  herein.
 
 NOTE
                            2 -
                        COMMON
                            STOCK
 
 During
                            fiscal 2005 the Company issued 12,500,000 shares of its
                            restricted common
                            stock in exchange for the purchase of 100% of the members’ units and net
                            assets of SFMC. The value of the exchange ($8,923) was
                            deemed by
                            management to be equal to the net book value of the assets
                            and liabilities
                            of SFMC since the only assets acquired were cash and
                            notes receivable with
                            values substantially equal to their face values, and
                            the only liabilities
                            were notes payable and accrued interest bearing terms
                            deemed equal to
                            traditional terms used in arms-length transactions. As
                            of March 31, 2007,
                            the Company had 467,039,666 shares of common stock issued
                            and
                            outstanding.
  F-8
  **AMERICAN
                    RESOURCES AND DEVELOPMENT COMPANY AND SUBSIDIARIES**
 Notes
                    to
                    the Consolidated Financial Statements
 March
                    31,
                    2007 and 2006
 NOTE
                            2 -
                        COMMON
                            STOCK (Continued)
 
 During
                            the year ended March 31, 2007 the Company issued 269,260
                            shares of common
                            stock into a reserve account. These shares will be delivered
                            to the
                            Company’s former preferred stockholders when they are located
                            by the
                            Company.
 
 NOTE
                            3 -
                        INCOME
                            TAXES
 
 Deferred
                  taxes are provided on a liability method whereby deferred tax assets
                  are
                  recognized for deductible temporary differences and operating loss
                  and tax
                  credit carryforwards and deferred tax liabilities are recognized
                  for taxable
                  temporary differences. Temporary differences are the differences
                  between the
                  reported amounts of assets and liabilities and their tax bases.
                  Deferred tax
                  assets are reduced by a valuation allowance when, in the opinion
                  of management,
                  it is more likely than not that some portion or all of the deferred
                  tax assets
                  will not be realized. Deferred tax assets and liabilities are adjusted
                  for the
                  effects of changes in tax laws and rates on the date of enactment.
 
  
 Net
                  deferred tax assets consist of the following components as of March
                  31, 2007 and
                  2006:
  March
                              31,
                          
                          
                          March
                              31,2007
                          
                          
                          2006Deferred
                              tax assets:NOL
                              Carryover
                          
                          $
                          1,991,490
                          
                          $
                          1,899,600Deferred
                              Tax Liabilities:
                          
                          
                          -
                          
                          
                          -Valuation
                              allowance
                          
                          
                          (1,991,490
                          )
                          
                          (1,899,600
                          )Net
                              deferred tax asst
                          
                          $
                          -
                          
                          $
                          -
 
 The
                  income tax provision differs from the amount of income tax determined
                  by
                  applying the U.S. federal and state income tax rates of 39% to
                  pretax income
                  from continuing operations for the periods ended March 31, 2007
                  and 2006 due to
                  the following:
  March
                              31,
                          
                          
                          March
                              31,2007
                          
                          
                          2006Book
                              income (loss)
                          
                          $
                          (91,890
                          )
                          $
                          (61,864
                          )Valuation
                              allowance
                          
                          
                          91,890
                          
                          
                          61,864$
                          -
                          
                          $
                          -
  At
                  March 31, 2007, the Company had net operating loss carryforwards
                  of
                  approximately $9,500,000 that may be offset against future taxable
                  income from
                  the year 2007 through 2027. No tax benefit has been reported in
                  the accompanying
                  financial statements since the potential tax benefit is offset
                  by a valuation
                  allowance of the same amount.
 
 F-9
  **AMERICAN
                    RESOURCES AND DEVELOPMENT COMPANY AND SUBSIDIARIES**
 Notes
                    to
                    the Consolidated Financial Statements
 March
                    31,
                    2007 and 2006
 
 NOTE
                            3 -
                        INCOME
                            TAXES (Continued)
 
 Due
                  to the change in ownership provisions of the Tax Reform Act of
                  1986, net
                  operating loss carryforwards for Federal income tax reporting purposes
                  are
                  subject to annual limitations. Should a change in ownership occur,
                  net operating
                  loss carryforwards may be limited as to use in future years.
  NOTE
                  4
                  -  NOTES
                  PAYABLE
 
 At
                            March 31, 2007 the Company had a note payable in the
                            amount of $1,526,514,
                            due to an unrelated third party entity. This note accrues
                            interest in the
                            amount of 7.50% per annum, and is due on demand.
 
 NOTE
                  5 -  NOTES
                  RECEIVABLE - RELATED PARTIES
 
 During
                            the year ended March 31, 2007 the Company loaned a total
                            of $200,000 to
                            related parties. These loans accrue interest at a rate
                            of 8.50% per annum,
                            and are due 365 days from
                            consummation.
 
 NOTE
                  6 -  NOTES
                  RECEIVABLE
 
 During
                            the year ended March 31, 2007, the Company invested a
                            note receivable in
                            the amount of $500,000 with Cheney Financial, an independent
                            third party,
                            at a rate of 8.25% per annum. On January 11, 2007, the
                            Company rolled-over
                            this note, with a new principal balance of $508,258.
                            The new note is due
                            on July 15, 2007, and continues to accrue interest at
                            8.25 % per annum. On
                            February 7, 2007, a second note was invested with Cheney
                            in the amount of
                            $502,313. This note is due on September 15, 2007, and
                            also accrues
                            interest at 8.25% per annum. The total notes receivable
                            from Cheney at
                            March 31, 2007, including accrued interest, was
                            $1,025,591.
 
 NOTE
                  7 -  SUBSEQUENT
                  EVENTS
 
 Subsequent
                            to March 31, 2007, the Company loaned $350,000 to related
                            parties. These
                            notes accrue interest at a rate of 8.50% per annum, and
                            are due 365 days
                            from consummation.


F-10




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





There
      have been no disagreements with the Company’s independent accountants over any
      item involving the Company’s financial statements. The Company’s independent
      accountants are Moore & Associates, Chartered, 2675 S. Jones Blvd. Suite
      109, Las Vegas, NV 89146 (702) 253 7499 Fax (702) 253 7501





**ITEM
      8A. CONTROLS AND PROCEDURES**





(a)  Evaluation
      of disclosure controls and procedures .  Our
      principal executive officer and principal financial officer have evaluated
      the
      effectiveness of our disclosure controls and procedures (as defined in Rules
      13a-14(c) and 15d-14(c) under the Exchange Act), as of a date within 90 days
      of
      the filing date of this Annual Report on Form 10-KSB. Based on such evaluation,
      they have concluded that as of such date, our disclosure controls and procedures
      are effective and designed to ensure that information required to be disclosed
      by us in reports that we file or submit under the Securities Exchange Act of
      1934 is recorded, processed, summarized and reported within the time periods
      specified in applicable SEC rules and forms and that such information is
      accumulated and communicated to our management, including CEO, President and
      CFO, to allow timely decisions regarding required disclosure.





(b)  Changes
      in internal controls .  There
      were no significant changes in our internal controls or in other factors that
      could significantly affect these controls subsequent to the date of evaluation
      by our principal executive officer and principal financial officer.





**ITEM
      8B. OTHER INFORMATION**





None





**PART
      III**





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





(a)  Directors
      and Executive Officers





As
      of
      March 31, 2007, the directors and executive officers of the Company, their
      ages,
      positions in the Company, the dates of their initial election or appointment
      as
      director or executive officer, and the expiration of the terms as directors
      are
      as follows:





**Name**
            **Age**
            **Position**
            **Time
                Period Served**Thomas
                E. Stamos
            50
            President
                & Director*
            7/25/2003
                - PresentR.
                Brooke Williamsen
            46
            Vice-President
                & Director*
            7/25/2003
                - Present





*The
      Company’s directors are elected at the annual meeting of stockholders and hold
      office until their successors are elected and qualified. The Company’s officers
      are appointed annually by the Board of Directors and serve at the pleasure
      of
      the Board.





The
      business and working experience of the Directors and key executive officers
      of
      the Company as of March 31, 2007, are set out below:





**Thomas
      E. Stamos,** age 50,
      is the President and a Director. Mr. Stamos is a practicing attorney at law
      in
      Salt Lake City, Utah. He received a Bachelor of Science Degree in History and
      Political Science from the University of Utah in Salt Lake City, Utah; a Masters
      in Business Administration from Nova University Graduate School of Business
      in
      Fort Lauderdale, Florida; and a Juris Doctorate from Brigham Young University
      J.
      Reuben Clark Law School in Provo, Utah.





Mr.
      Stamos was a financial analyst/accountant for American Express Co. from 1982
      to
      1986. From 1986 to 1997 he was a business analyst and manager for Fidelity
      Investments Co. From 1997 to the present he has practiced general law with
      an
      emphasis on corporate affairs, business litigation, and bankruptcy. He has
      participated in numerous trials, negotiated and prepared business contracts
      and
      agreements, and has prepared numerous appellate briefs. Mr. Stamos was also
      a
      law clerk for the Tax and Business Regulation Department of the State of Utah
      in
      1988. Mr. Stamos is a member of the Utah Bar Association, Salt Lake County
      Bar
      Association, and Bankruptcy Section.




**R.
      Brooke Williamsen,** age 46,
      is the Vice President and a Director of the Company. He received a B.A. degree
      in Arts, English Literature, with a Minor in Mandarin Chinese from the
      University of Utah in Salt Lake City, Utah. He attended the East China Institute
      of Politics and Law in Shanghai, China in June and July of 1988. Mr. Williamsen
      received a Juris Doctorate from the J. Ruben Clark Law School at Brigham Young
      University in Provo, Utah.





From
      1988
      to the present Mr. Williamsen has served as general counsel and super fund
      project manager for Southwest Investment Company. From 1997 to present, Mr.
      Williamsen has been the attorney for and part owner of Advantage Title Company
      in Salt Lake City, Utah. From 1991 to the present, Mr. Williamsen has practiced
      law in Salt Lake City, Utah as a sole practitioner. His practice has included
      full case responsibility including preparation of pleadings and discovery.
      His
      primary experience has been in real estate development/transactions, corporate
      construction, bankruptcy and collections.




None
      of
      the officers or directors of the Company are directors of any other reporting
      company.





(b)  Significant
      Employees:




9





The
      officers and directors who are identified above are the significant employees
      of
      the Company.





Mr.
      Douglas has over
      20 years in the financial investment field. He has built a strong foundation
      which we believe can truly assist the company. Mike has extensive experience
      in
      the financial markets, specializing in financial derivatives, as well as
      financial planning. These are all skills that he applies to educating and
      consulting his clients. MSI, will provide the Company with unparalleled
      investment opportunities. Mike brings his philosophy that personal service
      is a
      top priority. He believes in working very closely with clients to ensure they
      get the best returns to meet their short term and long term financial
      objectives. Mike has educated hundreds of satisfied clients over the years.




(c)  Family
      Relationships:





There
      are
      no family relationships between the directors, executive officers or any other
      person serving as a director or executive officer of the Company.




(d)  Involvement
      in Certain Legal Proceedings:





Except
      as
      noted below, none of the officers, directors, promoters or control persons
      of
      the Company have been involved in the past five (5) years in any of the
      following:





(1)  Any
      bankruptcy petition filed by or against any business of which such person was
      a
      general partner or executive officer either at the time of the bankruptcy or
      within two years prior to that time;







(2)  Any
      conviction in a criminal proceedings or being subject to a pending criminal
      proceeding (excluding traffic violations and other minor offenses);







(3)  Being
      subject to any order, judgment or decree, not subsequently reversed, suspended
      or vacated, or any Court of competent jurisdiction, permanently or temporarily
      enjoining, barring, suspending or otherwise limiting his involvement in any
      type
      of business, securities or banking activities; or,







(4) Being
      found by a court of competent jurisdiction (in a civil action), the Commission
      or the Commodity Futures Trading Commission to have violated a federal or state
      securities laws or commodities law, and the judgment has not been reversed,
      suspended, or vacated.




Section
      16 (a) Beneficial Ownership Compliance





Section
      16(a) of the Securities Exchange Act of 1934 requires the Company's executive
      officers, directors and persons who own more than ten percent of the Company's
      Common Stock, to file initial reports of beneficial ownership on Form 3, changes
      in beneficial ownership on Form 4 and an annual statement of beneficial
      ownership on Form 5, with the SEC. Such executive officers, directors and
      greater than ten percent shareholders are required by SEC rules to furnish
      the
      Company with copies of all such forms that they have filed.





Based
      solely upon a review of copies of the reports filed, the Company believes that
      during the year ended March 31, 2007, all executive
      officers, directors and persons who own more than ten percent of the Company's
      Common Stock are in compliance with such regulations.




As
      of March 31, 2007 the Company has not formulated
      or adopted a formal code of ethics.





10




Corporate
      Governance




There
      have been no material exceptions to the procedures by which security holders
      may
      recommend nominees to the Board of Directors.




The
      Company does not have an audit committee as of March 31, 2007.




**ITEM
      10. EXECUTIVE COMPENSATION**





The
      following table sets forth information about compensation paid or accrued by
      the
      Company during the years ended March 31, 2004 to the Company’s officers and
      directors. None of the Executive Officers of the Company earned more than
      $100,000 during the years ended March 31, 2005, 2006, and 2007.





**Summary
      of Compensation Table**





Name
                & Principal Position
            Year
            Salary
            Bonus
            Annual
                Compensation
            Other
                Restricted Stock Awards
            Under-Lying
                Options/SARs
            Securities
            LTIP
                Payouts
            Other
                CompensationThomas
                E. Stamos
              President
                & Director
            2007
            $31,440
            $0.00
            $0.00
            $0.00
            $0.00
            $0.00
            $0.00
            $0.002006
            $97,0170.00
            $0.000.00
            $0.000.00
            $0.00
            $0.00
            $0.00
            $0.00
            $0.002005
            $97,9210.00
            $0.000.00
            $0.000.00
            $0.00
            $0.00
            $0.00
            $0.00
            $0.00R.
                Brooke Williamsen
              Vice
                President & Director
            2007
            $0.00
            $0.00
            $0.00
            $0.00
            $0.00
            $0.00
            $0.00
            $0.002006
            $0.000.00
            $0.000.00
            $0.000.00
            $0.00
            $0.00
            $0.00
            $0.00
            $0.002005
            $0.000.00
            $0.000.00
            $0.000.00
            $0.00
            $0.00
            $0.00
            $0.00
            $0.00Randy
                S. Jorgensen
              Secretary/Treasurer
                & Director
            2007
            $0.00
            $0.00
            $0.00
            $0.00
            $0.00
            $0.00
            $0.00
            $0.002006
            $113,0130.00
            $0.000.00
            $0.000.00
            $0.00
            $0.00
            $0.00
            $0.00
            $0.002005
            $81,8750.00
            $0.000.00
            $0.000.00
            $0.00
            $0.00
            $0.00
            $0.00
            $0.00




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





**1.
      O** **ptions
      and Warrants**





There
      are
      no outstanding options or warrants to purchase additional shares of the
      Company’s common stock.





**Security
      Ownership of Certain Beneficial Owners:**





11





The
      following
      information sets forth certain information as of March 31, 2007; and reflects
      the stock ownership of each person who is known to the Company to be the
      beneficial owner of more than five percent (5%) of the Company’s Common
      Stock **:**





**Title
                of Class**
            **Name
                and Address of Beneficial Owner**
            **Amount
                and Nature of Beneficial Ownership**
            **Percent
                of Class**Common
            Camille
                Froidevaux, Trustee
              Budinet
                & Associates
              20
                Rue Senebier, P.B. 166
              1211
                Geneva, SWITZ
            245,554,917
            52.56%Common
            SB
                Trust C/O
              David
                G. Badger, Trustee
              5367
                  Murray Links Drive
                Murray,
                  UT 84107
            144,450,073
            30.93%Common
            Thomas
                E. Stamos
              5891
                Sagewood
              Salt
                Lake City, UT 84107
            55,382,244
            11.86%**Total
                of Shares**
            **445,387,234**
            **95.36%**




**Security
      Ownership of Management:**





The
      following information sets forth certain information as of March 31, 2007;
      and
      reflects the stock ownership of each person who is a Director or executive
      Officer of the Company **:**





**Title
                of Class**
            **Name
                and Address of Beneficial Owner**
            **Amount
                and Nature of Beneficial Ownership**
            **Percent
                of Class**Common
            Thomas
                Stamos
              5891
                Sagewood
              Murray,
                UT 84107
            55,382,244
            11.86%Common
            R.
                Brooke Williamsen
              5383
                S 900 E
              Salt
                Lake City, UT 84117
            1,000,000
            0.21%**Total
                of Shares**
            **56,382,244**
            **12.07%**





12





**Changes
      in Control:**





There
      are
      no arrangements which may result in a change in control.




**ITEM
      12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
      INDEPENDENCE.**





On
      March
      12, 2003, the Company, pursuant to a Court approved Settlement agreement
      authorized the issuance of a total of what was then 402,350,914 shares of its
      common stock to certain individuals and/or companies; and effective March 31,
      2003, the company authorized the issuance of 43,707,687 shares to National
      Resources Group, Inc. The shares received were as follows:




**Name**
            **Original
                Amount**Camille
                Froidevaux, Trustee
              Budinet
                & Associates
              20
                Rue Senebier, P.B. 166
              1211
                Geneva, SWITZ
            245,554,917SB
                Trust C/O
              Dale
                E. Anderson, Trustee
              919
                Hilltop Road
              Salt
                Lake City, UT 84103
            144,450,073Small
                Business Development, LLC1
              5891
                Sagewood
              Salt
                Lake City, UT 84107
            56,053,611National
                Resources Group
              1122
                West South Jordan Parkway
              South
                Jordan, UT 84095
            43,707,687





These
      shares were issued in consideration for cash and reorganization services
      rendered by the above individuals in connection with the Company’s move into the
      real estate finance, mortgage and development fields. Said shares were issued
      pursuant to the exemption from registration contained in Section 4(2) of the
      Securities Act of 1933, as amended. The Company presently has 467,039,666 common
      shares issued and outstanding.


________________


1  Small
      Business Development, LLC is a Utah limited liability company. Thomas Stamos,
      the Company’s president, is the manager of Small Business Development,
      LLC.





13





**ITEM
      13. EXHIBITS**





The
      following exhibits are filed with this Form 10-KSB:




Assigned Number
            Description(3)(i)
            Articles of Incorporation: Incorporated
              by
              this reference from the Company(3)(ii)
            By-laws of the Company: Incorporated
              by this
              reference from the Company(10)
            Material Contracts: Acquisitions Agreement
              regarding Springfield Finance & Mortgage, LLC(13)
            Code
                of Ethics: To be adopted(21)
            Subsidiaries of the registrant: Springfield
              Finance & Mortgage, LLC(31)
            Rule 13a-14(a)/15d-14(a) Certifications
              -
              filed herewith(32)
            Section 1350 Certifications - filed
              herewith




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





The
      aggregate fees billed to the Company by the Company's principal accountant,
      Moore & Associates, Chartered, for the audit of the Company's annual
      financial statements totaled $10,250 for the audit of the financial statement
      for the fiscal year end March 31, 05, 06 and 07. Audit fees consist of fees
      for
      the audit and review of the Company's financial statements, statutory audits,
      consents and assistance with and review of documents filed with the SEC. No
      other fees were billed to the Company by Moore & Associates, Chartered in
      connection with such financials other than as described above.










**SIGNATURES**





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





AMERICAN
      RESOURCES & DEVELOPMENT COMPANY




Dated:
              Decembe 27,
              2007By:
            /s/ Thomas Stamos
              Thomas
                Stamos, President




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




/s/
              Thomas
              Stamos,President, DirectorDecembe 27, 2007
              Thomas Stamos


/s/
              R. Brooke
              Williamsen,
              Vice President, DirectorDecember 27,
                2007
              R.
                Brooke Williamsen




14