UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________ FORM 10-QSB ______________  [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2007 [  ] TRANSITION REPORT UNDER SECTION 13 OR 15(d)OF THE EXCHANGE ACT For the transition period from ____________ to____________ Commission File No. 000-52036 GULF & ORIENT STEAMSHIP COMPANY, LTD. (Exact name of small business issuer as specified in its charter)   Colorado84-1344320(State or Other Jurisdiction of(I.R.S. Employer Identification No.)incorporation or organization)  601 South State Street Salt Lake City, Utah 84101 (Address of Principal Executive Offices)  (801) 550-5800 (Issuers Telephone Number)  N/A (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 Issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]  Indicate by check mark whether the Issuer is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [X] No [  ]    APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS  Not applicable.  Check whether the Issuer filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court.  Yes [  ] No [  ]  Not applicable.  APPLICABLE ONLY TO CORPORATE ISSUERS  Indicate the number of shares outstanding of each of the Issuers classes of common equity, as of the latest practicable date: September 30, 2007 - 1,719,093 shares of common stock.  Transitional Small Business Disclosure Format (Check one): Yes [  ] No [X]    PART I - FINANCIAL INFORMATION  Item 1. Financial Statements.  2        GULF & ORIENT STEAMSHIP COMPANY, LTD.  FINANCIAL STATEMENTS  September 30, 2007 and 2006   3     GULF & ORIENT STEAMSHIP COMPANY, LTD. (A Development Stage Company)  BALANCE SHEET (Unaudited)  September 30,
2007ASSETS
CURRENT ASSETSCash$                          754TOTAL CURRENT ASSETS754$                          754LIABILITIES AND SHAREHOLDERS DEFICITCURRENT LIABILITIESAccounts payable$                     53,556Payable - related parties (Note 4)45,983TOTAL CURRENT LIABILITIES99,539TOTAL LIABILITIES99,539SHAREHOLDERS DEFICITPreferred stock no par value, non-voting, 5,000,000 shares authorized;
0 shares issued and outstanding0Common stock no par value, 50,000,000 shares authorized; 1,719,093 shares
issued and outstanding11,781Deficit accumulated during development stage(110,566)TOTAL SHAREHOLDERS DEFICIT(98,785)$                         754                         See Notes to Unaudited Financial Statements.   4    GULF AND ORIENT STEAMSHIP COMPANY, LTD. (A Development Stage Company)  STATEMENTS  OF OPERATIONS (Unaudited) Three Months Ended
September 30,Nine Months Ended
September 30,Period from 5/9/96 (Date of Inception) to September 30,20072006200720062007Income$0$0$0$0$0Expenses:General and Administrative expenses2,8968,50618,11827,46698,449Interest expense3223139129407,1473,2188,81919,03028,406105,596(LOSS) BEFORE TAXES(3,218)(8,819)(19,030)(28,406)(105,596)PROVISION FOR INCOME TAXES00000NET (LOSS)$(3,218)$(8,819)$(19,030)$(28,406)$(105,596)(LOSS) PER COMMON SHAREBasic and diluted net (loss) per weighted average common share outstanding$(.00)$(.01)$(.01)$(.02)Weighted average number of common shares outstanding1,719,0931,611,9501,692,5061,611,950                          See Notes to Unaudited Financial Statement   5    GULF & ORIENT STEAMSHIP COMPANY, INC. (A Development Stage Company)  STATEMENTS OF CASH FLOWS (Unaudited) Nine Months ended
September 30,Period from 5/9/96 (Date of inception) to200720069/30/2007OPERATING ACTIVITIESNet (loss)$        (19,030)$     (28,406)$           (105,596)Adjustments to reconcile net (loss) to net cash
provided (required) by operating activitiesStock issued for expenses00500Interest expense9129407,147Changes in assets and liabilitiesAccounts payable15,20023,10653,556Payable - related parties3,5014,53546,336NET CASH PROVIDED (REQUIRED) BY OPERATING
ACTIVITIES5831751,943FINANCING ACTIVITIESStock sold003,811Purchase treasury stock00(5,000)NET CASH PROVIDED (REQUIRED) BY FINANCING
ACTIVITIES00(1,189)NET INCREASE (DECREASE) IN CASH583175754CASH AT BEGINNING OF PERIOD171200CASH AT END OF PERIOD$                754$            195$                    754Cash paid forInterest$                    0$                0$                        0Income taxes000    During the nine months ended September 30, 2007 the Company issued 107,143 shares of common stock to retire debt of $7,500.                   See Notes to Unaudited Financial Statements.  6     GULF & ORIENT STEAMSHIP COMPANY, LTD. (A Development Stage Company)  NOTES TO UNAUDITED FINANCIAL STATEMENTS September 30, 2007 and 2006  NOTE 1: SUMMARY OF HISTORY AND SIGNIFICANT ACCOUNTING POLICIES  Nature of Operations The Company was incorporated in the State of Colorado on May 9, 1996.  The Company originally intended to engage in the business of marine transportation.  These plans did not materialize.  Development Stage Company The financial statements present the Company as a development stage company because of its short operating history.  The Company is looking for business opportunities.  Income Taxes The Company utilizes the liability method of accounting for income taxes as set forth in Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes (SFAS 109).  Under the liability method, deferred taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse.  An allowance against deferred tax assets is recorded when it is more likely than not that such tax benefits will not be realized.  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 disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.  Cash and Cash Equivalents For purposes of reporting cash flows, the Company considers all highly-liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.  Revenue Recognition Revenue is recognized on the accrual method of accounting.  Income (Loss) Per Common Share Income (Loss) per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the periods presented.  Recently Issued Accounting Pronouncements In September, 2006, the FASB issued SFAS No. 157, FAIR VALUE MEASUREMENTS. The statement defines fair value, determines appropriate measurement methods, and expands disclosure requirements about those measurements. SFAS No. 157 is effective for our fiscal year beginning January 1, 2008.  In February 2007, the FASB issued SFAS No. 159, THE FAIR VALUE OPTION FOR FINANCIAL ASSETS AND FINANCIAL LIABILITIES, including an amendment of FASB Statement No. 115. This pronouncement permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. SFAS 159 is effective as of the beginning of our fiscal year which begins January 1, 2008.  None of the above new pronouncements has current application to the Company, but may be applicable to the Companys future financial reporting.   7    GULF & ORIENT STEAMSHIP COMPANY, LTD. (A Development Stage Company)  NOTES TO UNAUDITED FINANCIAL STATEMENTS (continued) September 30, 2007 and 2006   NOTE 2: INCOME TAXES  At December 31, 2006, the Company has a net operating loss carryover of $86,566 which expires as follows:  Year endedAmountFederal Expiration DateDecember 31, 1996$5,636December 31, 2011December 31, 19976,232December 31, 2012December 31, 19983,462December 31, 2018December 31, 19994,055December 31, 2019December 31, 2000147December 31, 2020December 31, 20012,896December 31, 2021December 31, 20022,861December 31, 2022December 31, 20038,449December 31, 2023December 31, 20049,385December 31, 2024December 31, 200512,417December 31, 2025December 31, 200631,026December 31, 2026$86,566  However, due to the fact that the Company will most likely enter a new line of business and has had a change in control, the loss will most likely never be utilized.  At September 30, 2007, the Company has a deferred tax asset in the amount of $36,487.  The amount has been reserved 100% due to the Companys uncertainty of whether or not the Company will be able to utilize that asset.  The increase in the valuation allowance was $6,661 and $9,942 for the nine months ended September 30, 2007 and 2006 respectively.  Components of income tax are as follows:  20072006CurrentFederal$-$-State----Deferred--$-$-  A reconciliation of the provision for income tax expense with the expected income tax computed by applying the federal statutory income tax to income before provision for income taxes is as follows:  20072006Income tax computed atFederal statutory tax rate$(6,661)$(9,942)Deferred taxes and other6,6619,942State taxes (net of federal benefit)--$-$-  NOTE 3: COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS  Management of the Company has conducted a diligent search and concluded that there were no commitments, contingencies or legal matters pending at the balance sheet date that have not been disclosed.     8


GULF & ORIENT STEAMSHIP COMPANY, LTD. (A Development Stage Company)  NOTES TO UNAUDITED FINANCIAL STATEMENTS (continued) September 30, 2007 and 2006  NOTE 4: ACCOUNTS PAYABLE - RELATED PARTIES  At September 30, 2007, the Company owed $45,983 to related parties for money advanced to the Company or expenses paid on behalf of the Company. $2,600 bears interest at 24% per year; $3,500 bears interest at 7%; and $1,000 bears interest at 18% per year.  Total accrued interest at September 30, 2007, was $7,147.  During the period the Company converted two notes into its common stock. One note for $5,000 was due on October 13, 2005, and accrued a total interest of $2,500 on that date.  This note was converted to common stock at $.07 per share for 71,429 shares.  The $2,500 interest on the note is also convertible to common stock at $.07 per share, which is not less than the fair market value of the common stock on the date the loan was made. The interest was not converted into common stock during the period.  A second note for $2,500 was converted to common stock during the period at $.07 per share for 35,714 shares. Accrued interest on the note was not converted during the period.  NOTE 5: STOCK TRANSACTIONS  The Company raised $811 from various individuals from the sale of its common stock.  Form D was filed with the Securities and Exchange Commission to report the sales.  $3,000 was also raised from the sale of preferred stock.  The preferred stock was later cancelled during an ownership change of the Company.  50,000 shares were issued in 2003 for services of $500.  In April, 2005, the Company purchased and retired 59,050 shares of its common stock.  The Company paid $5,000 for the shares.  The preferred stock has the following preferences: [a] the stock is non-voting; [b] holders of the stock have the right to receive a mandatory dividend of 10% of the Companys adjusted gross profit as reflected on the annual tax return, and the dividend is to be paid within ten days of the filing of the tax return (to date no dividends have been required to be paid); [c] upon dissolution or winding up of the Company, 10% of the Companys assets shall be distributed to the holders of the preferred stock prior to division and distribution of assets to the holders of the Companys common stock.  In March 2007, the Company converted two notes into its common stock. One note for $5,000 was due on October 13, 2005, and accrued a total interest of $2,500 on that date.  This note was converted to common stock at $.07 per share for 71,429 shares.  The $2,500 interest on the note is also convertible to common stock at $.07 per share which is not less than the fair market value of the common stock on the date the loan was made. The interest was not converted into common stock during the period.  In March 2007, a second note for $2,500 was converted to common stock during the period at $.07 per share for 35,714 shares. Accrued interest on the note was not converted during the period.  NOTE 6: GOING CONCERN  The Companys financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.  At September 30, 2007, the Company has an accumulated deficit of $110,566 and a working capital deficit of $98,785.  The Companys continued existence is dependent on its ability to generate sufficient cash flow to cover operating expenses and to invest in future operations.  Management has prepared the following plan to address the Companys ability to continue as a going concern:  The Company is looking for business opportunities.  If none are found, the Company will look to related parties to fund continuing operations.    9    Item 2. Managements Discussion and Analysis or Plan of Operation. Forward-looking Statements  Statements made in this Quarterly Report which are not purely historical are forward-looking statements with respect to the goals, plan objectives, intentions, expectations, financial condition, results of operations, future performance and business of the Company, including, without limitation, (i) the Companys ability to raise capital, and (ii) statements preceded by, followed by or that include the words may, would, could, should, expects, projects, anticipates, believes, estimates, plans, intends, targets or similar expressions.  Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond the Companys control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which the Company may conduct business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, the Companys ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting the Companys operations, products, services and prices.  Accordingly, results actually achieved may differ materially from expected results in these statements.  Forward-looking statements speak only as of the date they are made.  The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statement.  Plan of Operation  Our Companys plan of operation for the next 12 months is to: (i) consider guidelines of industries in which our Company may have an interest; (ii) adopt a business plan regarding engaging in business in any selected industry; and (iii) to commence such operations through funding and/or the acquisition of a going concern engaged in any industry selected.  Our Company is not currently engaged in any substantive business activity, and we have no plans to engage in any such activity in the foreseeable future. In our present form, we may be deemed to be a vehicle to acquire or merge with a business or company. Regardless, the commencement of any business opportunity will be preceded by the consideration and adoption of a business plan by our Board of Directors. We do not intend to restrict our search for business opportunities to any particular business or industry, and the areas in which we will seek out business opportunities or acquisitions, reorganizations or mergers may include, but will not be limited to, the fields of high technology, manufacturing, natural resources, service, research and development, communications, transportation, insurance, brokerage, finance and all medically related fields, among others. We recognize that the number of suitable potential business ventures that may be available to us may be extremely limited, and may be restricted to entities who desire to avoid what such entities may deem to be the adverse factors related to an initial public offering (IPO). The most prevalent of these factors include substantial time requirements, legal and accounting costs, the inability to obtain an underwriter who is willing to publicly offer and sell shares, the lack of or the inability to obtain the required financial statements for such an undertaking, limitations on the amount of dilution to public investors in comparison to the stockholders of any such entities, along with other conditions or requirements imposed by various federal and state securities laws, rules and regulations and federal and state agencies that implement such laws, rules and regulations. Any of these types of transactions, regardless of the particular prospect, would require us to issue a substantial number of shares of our common stock, that could amount to as much as 95% of our outstanding securities following the completion of any such transaction; accordingly, investments in any such private enterprise, if available, would be much more favorable than any investment in our Company.  Management intends to consider a number of factors prior to making any decision as to whether to participate in any specific business endeavor, none of which may be determinative or provide any assurance of success. These may include, but will not be limited to, as applicable, an analysis of the quality of the particular entitys management personnel; the anticipated acceptability of any new products or marketing concepts that it may have; the merit of its technological changes; its present financial condition, projected growth potential and available technical, financial and managerial resources; its working capital, history of operations and future prospects; the nature of its present and expected competition; the quality and experience of its management services and the depth of its management; its potential for further research, development or exploration; risk factors specifically related to its business operations; its potential for growth, expansion and profit; the perceived public recognition or acceptance of its products, services, trademarks and name identification; and numerous other factors which are difficult, if not impossible, to properly or accurately analyze, let alone describe or identify, without referring to specific objective criteria.  10     Regardless, the results of operations of any specific entity may not necessarily be indicative of what may occur in the future, by reason of changing market strategies, plant or product expansion, changes in product emphasis, future management personnel and changes in innumerable other factors. Further, in the case of a new business venture or one that is in a research and development mode, the risks will be substantial, and there will be no objective criteria to examine the effectiveness or the abilities of its management or its business objectives. Also, a firm market for its products or services may yet need to be established, and with no past track record, the profitability of any such entity will be unproven and cannot be predicted with any certainty.  Management will attempt to meet personally with management and key personnel of the entity providing any potential business opportunity afforded to our Company, visit and inspect material facilities, obtain independent analysis or verification of information provided and gathered, check references of management and key personnel and conduct other reasonably prudent measures calculated to ensure a reasonably thorough review of any particular business opportunity; however, due to time constraints of management, these activities may be limited.  We are unable to predict the time as to when and if we may actually participate in any specific business endeavor. Our Company anticipates that proposed business ventures will be made available to us through personal contacts of directors, executive officers and principal stockholders, professional advisors, broker dealers in securities, venture capital personnel, members of the financial community and others who may present unsolicited proposals. In certain cases, we may agree to pay a finders fee or to otherwise compensate the persons who submit a potential business endeavor in which our Company eventually participates. Such persons may include our directors, executive officers and beneficial owners of our securities or their affiliates. In this event, such fees may become a factor in negotiations regarding any potential venture and, accordingly, may present a conflict of interest for such individuals. Management does not presently intend to acquire or merge with any business enterprise in which any member has a prior ownership interest.  Our Companys directors and executive officers have not used any particular consultants, advisors or finders on a regular basis.  Although we currently have no plans to do so, depending on the nature and extent of services rendered, we may compensate members of management in the future for services that they may perform for our Company. Because we currently have extremely limited resources, and we are unlikely to have any significant resources until we have determined a business or enterprise to engage in or have completed a merger or acquisition, management expects that any such compensation would take the form of an issuance of our Companys common stock to these persons; this would have the effect of further diluting the holdings of our other stockholders. There are presently no preliminary agreements or understandings between us and members of management respecting such compensation.  Substantial fees are often paid in connection with the completion of all types of acquisitions, reorganizations or mergers, ranging from a small amount to as much as $600,000 or more. These fees are usually divided among promoters or founders, after deduction of legal, accounting and other related expenses, and it is not unusual for a portion of these fees to be paid to members of management or to principal stockholders as consideration for their agreement to retire a portion of the shares of common stock owned by them. Management may actively negotiate or otherwise consent to the purchase of all or any portion of their common stock as a condition to, or in connection with, a proposed reorganization, merger or acquisition. It is not anticipated that any such opportunity will be afforded to other stockholders or that such other stockholders will be afforded the opportunity to approve or consent to any particular stock buy-out transaction. In the event that any such fees are paid, they may become a factor in negotiations regarding any potential acquisition or merger by our Company and, accordingly, may also present a conflict of interest for such individuals. We have no present arrangements or understandings respecting any of these types of fees or opportunities.  None of our directors, executive officers, founders or their affiliates or associates has had any negotiations with any representatives of the owners of any business or company regarding the possibility of an acquisition, reorganization, merger or other business opportunity for our Company; nor are there any similar arrangements with us.  11     Off-Balance Sheet Arrangements  We had no off-balance sheet arrangements for the quarter ended September 30, 2007.   Item 3(a)T. Controls and Procedures.  Managements Annual Report on Internal Control over Financial Reporting  As of the end of the period covered by this Quarterly Report, we carried out an evaluation, under the supervision and with the participation of our President and Secretary, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our President and Secretary concluded that information required to be disclosed is recorded, processed, summarized and reported within the specified periods and is accumulated and communicated to management, including our President and Secretary, to allow for timely decisions regarding required disclosure of material information required to be included in our periodic Securities and Exchange Commission reports. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives and our President and Secretary have concluded that our disclosure controls and procedures are effective to a reasonable assurance level of achieving such objectives. However, it should be noted that the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote. In addition, we reviewed our internal controls over financial reporting, and there have been no changes in our internal controls or in other factors in the last fiscal quarter that has materially affected our internal controls over financial reporting.  Changes in Internal Control over Financial Reporting  There have been no changes in internal control over financial reporting during the period covered by this Quarterly Report.   PART II - OTHER INFORMATION   Item 1. Legal Proceedings.  None; not applicable.   Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from the sale of Registered Securities.  Recent Sales of Unregistered Securities  None; not applicable.   12     Use of Proceeds of Registered Securities  We have sold no registered securities during the period covered by this Quarterly Report.  Purchases of Equity Securities by Us and Affiliated Purchasers  None; not applicable.   Item 3. Defaults Upon Senior Securities.  None; not applicable.   Item 4. Submission of Matters to a Vote of Security Holders.  None; not applicable.   Item 5. Other Information.  (a) None; not applicable.   (b) Nominating Committee  During the quarterly period ended September 30, 2007, there were no changes in the procedures by which security holders may recommend nominees to the Companys Board of Directors.  Item 6. Exhibits  (a) Exhibits and index of Exhibits.  31.1 302 Certification of Michael Vardakis  31.2 302 Certification of Melissa Ladakis  32 Section 906 Certification.    SIGNATURES  In accordance with the requirements of the Exchange Act, the Registrant has caused this Quarterly Report to be signed on its behalf by the undersigned, thereunto duly authorized.  GULF & ORIENT STEAMSHIP COMPANY, LTD.  Date:11/7/07By:/s/Michael VardakisMichael VardakisPresident and DirectorDate:11/14/07By:/s/Melissa LadakisMelissa LadakisSecretary, Treasurer and Director    13