U.S.
      SECURITIES AND EXCHANGE COMMISSION


Washington,
      D.C. 20549





FORM
      10-QSB


(Mark
      One)





x
            QUARTERLY
                REPORT UNDER SECTION 13 OR 15(d) OF THESECURITIES
                EXCHANGE ACT OF 1934





For
      the
      quarter ended September 30, 2006





o
            TRANSITION
                REPORT UNDER SECTION 13 OR 15(d) OF THESECURITIES
                EXCHANGE ACT OF 1934





For
      the
      transition period from _______to ________





Commission
      File Number: 333-135199





FRANKLIN
      TOWERS ENTERPRISES, INC.


(Exact
      name of small business issuer as specified in its charter)





Nevada
            
            20-4069588(State
                of incorporation)
            
            (IRS
                Employer ID Number)





5
      Ash
      Drive, Center Barnstead, New Hampshire 03225


(Address
      of principal executive offices)





(702)
      966-0436


(Issuer's
      telephone number)








(Former
      name, former address and former fiscal year, if changed since last
      report)





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





Number
      of
      shares of common stock outstanding as of November 13, 2006: 12,000,000 shares
      of
      common stock.





Transitional
      Small Business Format  Yes
o
      No x





Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act). YES x NO o





**TABLE
      OF CONTENTS**


PagePART
                  IItem
                  1. Financial Statements
              
              4Item
                  2. Management’s Discussion and Analysis or Plan of
                  Operation
              
              9Item
                  3 Controls and Procedures
              
              12PART
                  IIItem
                  1. Legal Proceedings
              
              13Item
                  2. Unregistered Sales of Equity Securities and Use of
                  Proceeds
              
              13Item
                  3. Defaults Upon Senior Securities
              
              13Item
                  4. Submission of Matters to a Vote of Security Holders
              
              13Item
                  5. Other Information
              
              13Item
                  6. Exhibits
              
              13




3


PART
      I -
      FINANCIAL INFORMATION





**Item
      1.**  **Financial
      Statements.**


FRANKLIN
        TOWERS ENTERPRISES, INC.
 (A
        DEVELOPMENT STAGE COMPANY)
 CONDENSED
        BALANCE SHEET
 SEPTEMBER
        30, 2006
 (Unaudited)


ASSETSCurrent
                    Assets:Cash
                
                $
                23,279Subscription
                    Receivable
                
                
                500Prepaid
                    Expenses
                
                
                10,000Total
                    Current Assets
                
                
                33,779Total
                    Assets
                
                $
                33,779LIABILITIES
                    AND STOCKHOLDERS’ DEFICIENCYCurrent
                    Liabilities:Accrued
                    Liabilities
                
                $
                5,044Loans
                    Payable - Related Party
                
                
                11,661Total
                    Current Liabilities
                
                
                16,705Long-Term
                    Debt
                
                
                20,000Total
                    Liabilities
                
                
                36,705Commitments
                    and ContingenciesStockholders’
                    Deficiency:Preferred
                    Stock, $.001 par value; 5,000,000 shares authorized,none
                    issued and outstanding
                
                
                -Common
                    Stock, $.001 par value; 500,000,000 shares authorized,12,000,000
                    shares issued and outstanding
                
                
                12,000Additional
                    Paid-In Capital
                
                
                80,000Deficit
                    Accumulated During the Development Stage
                
                
                (94,926
                )Total
                    Stockholders’ Deficiency
                
                
                (2,926
                )Total
                    Liabilities and Stockholders’ Deficiency
                
                $
                33,779




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




4


FRANKLIN
        TOWERS ENTERPRISES, INC.
 (A
        DEVELOPMENT STAGE COMPANY)
 CONDENSED
        STATEMENT OF OPERATIONS
 (Unaudited)




For
                    the Three Months Ended September 30, 2006
                
                For
                    the Period March 23, 2006 (Inception) To September 30,
                    2006Net
                    Revenues
                
                $
                -
                
                $
                -Costs
                    and Expenses:Start
                    Up Costs
                
                
                -
                
                
                8,735Professional
                    Fees
                
                
                13,639
                
                
                14,639Consulting
                    and Marketing Expenses
                
                
                47,000
                
                
                47,000Website
                    Development Costs
                
                
                13,000
                
                
                13,000Other
                    General and Administrative Expenses
                
                
                10,840
                
                
                10,840Total
                    Costs and Expenses
                
                
                84,479
                
                
                94,214Loss
                    from Operations before OtherIncome
                    (Expense)
                
                
                (84,479
                )
                
                (94,214
                )Other
                    Income (Expense):Interest
                    Expense
                
                
                (504
                )
                
                (793
                )Interest
                    Income
                
                
                43
                
                
                81Total
                    Other Income (Expense)
                
                
                (461
                )
                
                712
                )Net
                    Loss
                
                $
                (84,940
                )
                $
                (94,926
                )Basic
                    and Diluted Loss Per Share
                
                $
                (.01
                )
                $
                (.01
                )Weighted
                    Average Basic and Diluted Shares Outstanding
                
                
                9,234,783
                
                
                8,591,667


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




5




FRANKLIN
        TOWERS ENTERPRISES, INC.
 (A
        DEVELOPMENT STAGE COMPANY)
 CONDENSED
        STATEMENT OF CASH FLOWS
 FOR
        THE PERIOD MARCH 23, 2006 (INCEPTION) TO SEPTEMBER 30, 2006
 (Unaudited)
 Cash
                    Flows from Operating Activities:Net
                    Loss
                
                $
                (94,926
                )Adjustments
                    to Reconcile Net Loss to Net Cash Usedin
                    Operating Activities:Common
                    Stock Issued for Services
                
                
                7,600Changes
                    in Assets and Liabilities:(Increase)
                    in Prepaid Expenses
                
                
                (10,000
                )Increase
                    in Accrued Liabilities
                
                
                5,044Net
                    Cash Used in Operating Activities
                
                
                (92,282
                )Cash
                    Flows from Investing Activities:
                
                
                -Cash
                    Flows from Financing Activities:Proceeds
                    of Borrowings
                
                
                20,000Proceeds
                    of Loans from Related Party
                
                
                11,661Proceeds
                    from Sale of Common Stock
                
                
                99,900Payments
                    of Deferred Offering Costs
                
                
                (16,000
                )Net
                    Cash Provided by Financing Activities
                
                
                115,661Increase
                    in Cash
                
                
                23,279Cash
                    - Beginning of Period
                
                
                -Cash
                    - End of Period
                
                $
                23,279Supplemental
                    Disclosures of Cash Flow Information:Interest
                    Paid
                
                $
                -Income
                    Taxes Paid
                
                $
                -Supplemental
                    Disclosure of Non-Cash Financing Activities:Transfer
                    of Deferred Offering Costs to Additional Paid-In Capital
                
                $
                16,000Subscription
                    Receivable on Sale of 20,000 Shares of Common Stock
                
                $
                500




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




6




FRANKLIN
          TOWERS ENTERPRISES, INC.
 (A
          DEVELOPMENT STAGE COMPANY)
 NOTES
          TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
 NOTE
        1 -
Basis of Presentation
  In
        the
        opinion of the Company’s management, the accompanying unaudited condensed
        financial statements contain all adjustments (consisting of only normal
        recurring adjustments) necessary to present fairly the information set forth
        therein. These financial statements are condensed and therefore do not include
        all of the information and footnotes required by accounting principles generally
        accepted in the United States of America for complete financial statements.
  Results
        of operations for interim periods are not necessarily indicative of the results
        of operations for a full year.
  The
        Company is a development stage company and has not commenced planned principal
        operations. The Company had no revenues and incurred a net loss of $94,926
        for
        the period March 23, 2006 (inception) to September 30, 2006. These factors
        raise
        substantial doubt about the Company’s ability to continue as a going concern.
  There
        can
        be no assurance that sufficient funds will be generated during the next year
        or
        thereafter from operations or that funds will be available from external
        sources
        such as debt or equity financings or other potential sources. The lack of
        additional capital could force the Company to curtail or cease operations
        and
        would, therefore, have a material adverse effect on its business. Furthermore,
        there can be no assurance that any such required funds, if available, will
        be
        available on attractive terms or that they will not have a significant dilutive
        effect on the Company's existing stockholders.
  The
        Company is attempting to address its lack of liquidity by raising additional
        funds, either in the form of debt or equity or some combination thereof.
        The
        Company has raised net proceeds of approximately $84,000 through an offering
        of
        its common stock during the quarter ended September 30, 2006. There can be
        no
        assurances that the Company will be able to raise the additional funds it
        requires.
  The
        accompanying condensed financial statements do not include any adjustments
        related to the recoverability or classification of asset-carrying amounts
        or the
        amounts and classifications of liabilities that may result should the Company
        be
        unable to continue as a going concern.
  NOTE
        2 -  Website
        Development Costs
  Website
        development costs have been incurred in the planning stage and pursuant to
        Emerging Issues Task Force Abstract Number 00-2, “Accounting for Website
        Development Costs”, have been expensed as incurred.
  NOTE
        3 -  Subscription
        Receivable
  Subscription
        receivable consists of $500 resulting from the sale of 20,000 shares of common
        stock. Since the Company received payment in full prior to the issuance of
        the
        accompanying condensed financial statements, the subscription receivable
        is
        classified as a current asset.




7




FRANKLIN
        TOWERS ENTERPRISES, INC.
 (A
        DEVELOPMENT STAGE COMPANY)
 NOTES
        TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
  NOTE
          4 -  Long-Term
          Debt
 Long-term
                        debt consists of the following:Note
                        payable to an individual, with a borrowing line of up to
                        $20,000,
                        bearinginterest
                        at 8% per annum and principal and interest payable April
                        24,
                        2008
                    
                    $
                    10,000Note
                        payable to an individual, with a borrowing line of up to
                        $20,000,
                        bearinginterest
                        at 8% per annum and principal and interest payable April
                        24,
                        2008
                    
                    
                    10,000$
                    20,000Maturities
                        of long-term debt are as follows:Twelve
                        Months Ending DuringSeptember
                        30, 2007
                    
                    $
                    -September
                        30, 2008
                    
                    
                    20,000$
                    20,000
  NOTE
          5 -  Common
          Stock
  In
          April
          2006 the Company issued 7,600,000 shares of common stock valued at $7,600
          to the
          Founder of the Company for services.
  In
          April
          2006 the Company sold 400,000 shares of common stock for $400 to a private
          investor.
  During
          the quarter ended September 30, 2006 the Company sold 4,000,000 shares
          of common
          stock pursuant to its public offering for gross proceeds of $100,000. The
          Company incurred offering costs of $16,000 and net proceeds amounted to
          $83,500.
          The Company received $99,500 during the quarter ended September 30, 2006
          and a
          subscription receivable for $500 was subsequently paid.


8




Item
      2.Management’s
      Discussion and Analysis or Plan of Operations.





As
      used
      in this Form 10-QSB, references to the "Company," "we," “our” or "us" refer to
      Franklin Towers Enterprises, Inc. unless the context otherwise
      indicates.





Forward-Looking
      Statements




The
      following discussion should be read in conjunction with our financial
      statements, which are included elsewhere in this Form 10-QSB. We and our
      representatives may, from time to time, make written or verbal forward-looking
      statements, including statements contained in our filings with the United States
      Securities and Exchange Commission and in our reports to shareholders.
      Generally, the inclusion of the words “believe”, “expect”, “intend”, “estimate”,
“anticipate”, “will”, and similar expressions or the converse thereof, identify
      statements that constitute “forward-looking statements”.





These
      forward-looking statements are subject to uncertainties and other factors that
      could cause actual results to differ materially from such statements as a result
      of a number of risks and uncertainties including: (a) those risks and
      uncertainties related to general economic conditions, (b) whether we are able
      to
      manage our planned growth efficiently and operate profitable operations, (c)
      whether we are able to generate sufficient revenues or obtain financing to
      sustain and grow our operations, (d) whether we are able to successfully fulfill
      our primary requirements for cash.





Overview




We
      were
      incorporated on March 23, 2006 in the State of Nevada. We are a development
      stage company, have not yet commenced operations, and have no
      revenues.





We
      intend
      to engage in the manufacture, processing, and distribution of frozen Pan Asian
      food. We will offer a diverse selection of Pan-Asian products, including snacks,
      vegetables, fish, meat and fruit. We will use no preservatives (such as MSG)
      and
      only the highest quality ingredients. We will enhance our products with
      environmentally safe modern packaging with attractive graphic designs that
      will
      command shelf attention and convey to our consumers the Pan Asian flavors we
      are
      offering.





Our
      products are segmented into three main categories. These would include
      convenience meals, snack foods (hors devours) and food products. Convenience
      meals would be available in single serve entrees, entrees for two, and family
      meals. Snack foods would include egg rolls, dumplings and an assortment of
      other
      appetizers. Our food products would consist of fried rice, assorted noodles,
      marinated meats and a variety of Asian sauces.





9




We
      intend
      for our products to be produced and distributed to the three broad market
      segments listed below. Product mix and packaging will be created and directed
      to
      each of those segments.





(1)  Foodservice.
      The foodservice market segment entails the distribution of bulk institutional
      products to wholesale distributors, academic and governmental institutions
      and
      restaurants. Products in this category may also be redistributed by wholesale
      distributors to their own retail accounts.




(2)  Retail.
      The retail market segment entails the distribution of both bulk institutional
      products and individually packaged products to grocery store chains for sale
      to
      consumers. These products are generally sold in the delicatessen or frozen
      food
      sections of the grocery store. We may call directly on the grocery store chain
      or utilize a food broker.





(3)  Warehouse
      Clubs. The warehouse clubs market segment entails the distribution of bulk
      retail products to warehouse clubs for sale to consumers and small businesses.
      These products are generally in larger servings and are sold in the delicatessen
      or frozen food sections of the store.





We
      intend
      to ship directly to our customers or to their distribution facilities. Some
      retail accounts employ a distributor because they do not own an in-house
      distribution warehouse. We will ship to their chosen distributor in this case.
      On the foodservice side of our business, we ship to various distributors who
      stock our products and re-sell them to end-users such as small restaurant
      operators, casinos, vending machine operators, etc.





Plan
      of Operation




For
      our
      goals to be realized, dozens of food products would have to be created, an
      adequately equipped USDA approved food plant would need to be procured and
      a
      substantial marketing plan would have to be developed. As this would require
      considerable time and financial resources, we intend to approach our goals
      in an
      incremental fashion.





·
            **Phase
                I**-
                Over the course of a twelve month period we would seek to develop
                a
                sampling of products for the convenience meal market. Initially we
                would
                offer two or three frozen dinners consisting of a meat entree (chicken,
                beef or pork) and two side dishes including an Asian style rice (cooked
                or
                steamed) and an Asian vegetable(s) (cooked or pickled). When creating
                our
                initial products we will seek out qualified culinary experts including
                chefs, food purveyors and packaging
                experts.




10




·
            **Phase
                II -**Upon
                completion of the creation of our initial products, we intend to
                use any
                earned revenue we may receive to continue creating new convenience
                meal
                dishes as well as products in the areas of snacks and other foods.
                By
                incrementally adding each product when appropriate, we hope to attract
                and
                retain a broad customer base to our product brand. As an on-going
                concern
                in a competitive market, we expect that new product development will
                always be an important task for our
                company.





·
            **Phase
                III -**Ultimately,
                it is our goal to be able to lease or buy industrial space and equip
                a
                food processing facility that is approved by the USDA. It is our
                intention
                that this facility will be used to prepare, freeze, package, store
                and
                ship our products, and house our administrative offices.





We
      intend
      to retain a marketing consulting firm to assist us in creating and executing
      an
      effective marketing plan. Currently, we are focusing our efforts on developing
      a
      request for proposal for prospective marketing firms. At first we will look
      to
      primarily advertise in trade journals such as Frozen Food Age and Refrigerated
      & Frozen Food Retailer. These advertisements will focus on creating
      awareness of our products to the buyers and category managers at retail
      supermarkets. We hope to market our products to various channels such as retail
      supermarkets (frozen food section, meat department, and deli grab & go
      section), dollar stores, convenience stores, membership warehouse clubs, and
      foodservice operators.





The
      incremental approach described above, will allow us to begin product development
      on a limited financial budget. As revenues increase, additional programs can
      be
      developed. Ultimately, we would like to have our product lines prepared frozen
      packaged and shipped from a central location that is completely under our own
      auspices.





As
      of
      September 30, 2006, we had $23,279 in cash. We incurred a net loss of $94,926
      for the period March 23, 2006 (inception) to September 30, 2006. During the
      quarter ended September 30, 2006, we sold 4,000,000 shares of common stock
      pursuant to a public offering for gross proceeds of $100,000. We incurred
      offering costs of $16,000 and net proceeds amounted to $83,500.





In
      order
      to implement our business plans, we may need to raise additional funds. We
      have
      no specific plans, understandings or agreements with respect to the raising
      of
      such funds, and we may seek to raise the required capital by the issuance of
      equity or debt securities or by other means. Since we have no such arrangements
      or plans currently in effect, our inability to raise funds for a marketing
      program will have a severe negative impact on our ability to remain a viable
      company.





11




Going
      Concern Consideration





The
      condensed financial statements contained in this Report have been prepared
      on a
‘going concern’ basis, which contemplates the realization of assets and the
      satisfaction of liabilities in the normal course of business. For the reasons
      discussed in this Report, there is a significant risk that we will be unable
      to
      continue as a going concern, in which case, you would suffer a total loss on
      your investment in our company.





Off-Balance
      Sheet Arrangements




None.





**Item
      3.**  **Controls
      and Procedures.**





Evaluation
      of Disclosure Controls and Procedures




Our
      disclosure controls and procedures are designed to ensure that information
      required to be disclosed 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 the rules and forms of the United States Securities
      and Exchange Commission. Our Chief Executive Officer and Chief Financial Officer
      have reviewed the effectiveness of our "disclosure controls and procedures"
      (as
      defined in the Securities Exchange Act of 1934 Rules 13a-14(c) and 15d-14(c))
      within the end of the period covered by this Quarterly Report on Form 10-QSB
      and
      have concluded that the disclosure controls and procedures are effective to
      ensure that material information relating to the Company is recorded, processed,
      summarized, and reported in a timely manner. There were no significant changes
      in our internal controls or in other factors that could significantly affect
      these controls subsequent to the last day they were evaluated by our Chief
      Executive Officer and Chief Financial Officer.





Changes
      in Internal Controls over Financial Reporting




There
      have been no changes in the Company's internal control over financial reporting
      during the last quarterly period covered by this report that have materially
      affected, or are reasonably likely to materially affect, the Company's internal
      control over financial reporting.





12




**PART
      II. OTHER INFORMATION**





**Item
      1.**  **Legal
      Proceedings.**





There
      are
      no pending legal proceedings to which the Company is a party or in which any
      director, officer or affiliate of the Company, any owner of record or
      beneficially of more than 5% of any class of voting securities of the Company,
      or security holder is a party adverse to the Company or has a material interest
      adverse to the Company. The Company’s property is not the subject of any pending
      legal proceedings.




**Item
      2. Unregistered Sales of Equity Securities and Use of
      Proceeds.**





None.





Purchases
      of equity securities by the issuer and affiliated purchasers




None.




**Item
      3.**  **Defaults
      Upon Senior Securities.**





None.





**Item
      4.**  **Submission
      of Matters to a Vote of Security Holders.**





There
      was
      no matter submitted to a vote of security holders during the fiscal quarter
      ended September 30, 2006.





**Item
      5.**  **Other
      Information.**





None.





**Item
      6.**  **Exhibits**





Exhibit
                No.
            
            Description
            
            Where
                Found31.1
            
            Rule
                13a-14(a)/15d14(a) Certifications of Kelly Fan, the President, Chief
                Executive Officer, Treasurer, and Director
            
            Attached
                Hereto31.2
            
            Rule
                13a-14(a)/15d14(a) Certifications of Patricia E. Dowell, the
                Secretary
            
            Attached
                Hereto32.1
            
            Section
                1350 Certifications of Kelly Fan, the President, Chief Executive
                Officer,
                Treasurer, and Director
            
            Attached
                Hereto32.2
            
            Section
                1350 Certifications of Patricia E. Dowell, the Secretary
            
            Attached
                Hereto




13


SIGNATURES





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




Dated:
      November 13, 2006




FRANKLIN
              TOWERS
              ENTERPRISES, INC.By:
            /s/ Kelly
              FanName:
            Kelly
              FanTitle:
            President,
                Chief Executive Officer,
              Treasurer,
                and Director
              (Principal
                Executive, Financial, and
              Accounting
                Officer)




By:
            /s/ Patricia
              E. DowellName:
            Patricia
              E. DowellTitle:
            Secretary




14