UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


WASHINGTON,
D.C. 20549






FORM
10-Q




xQUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d)


OF
THE SECURITIES EXCHANGE ACT OF 1934




For
the Quarterly Period Ended March 31, 2009




 ̈TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d)


OF
THE SECURITIES EXCHANGE ACT OF 1934




For
the Transition Period From 
to








Commission
File Number 333-135661




CRAFT
COLLEGE INC.


(Exact
name of registrant as specified in its charter)




UTAH
            
            20-4475522(State
      or other jurisdiction ofincorporation
      or organization)
            
            (I.R.S.
      EmployerIdentification
      No.)




101
Bourn Avenue, Suite E,
Rockwall TX                                                            
75087


(Address
of principal executive
offices)                                                                  (Zip
Code)




Registrant’s
telephone number, including area code:    (866) 591-9672




Indicate
by check mark whether the registrant (1) has filed all reports required by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
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  ̈




Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
definitions of "large accelerated filer," "accelerated filer," and "smaller
reporting company" in Rule 12b-2 of the Exchange Act. (Check one):


Large
accelerated filer  ̈
            Accelerated
filer  ̈




Non-accelerated
filer  ̈
            Smaller
reporting company x




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




APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY


PROCEEDINGS
DURING THE PRECEDING FIVE YEARS:





Indicate
by check mark whether the registrant has filed all documents and reports
required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act
of 1934 subsequent to the distribution of securities under a plan confirmed by a
court. Yes  ̈
    No  ̈





APPLICABLE
ONLY TO CORPORATE ISSUERS





State the
number of shares outstanding of each of the Issuer's classes of common equity,
as of the latest practicable date: Common, $0.00001 par value per share:
6,757,200 outstanding as of  May 12, 2009.




















PART
I - FINANCIAL INFORMATION




Item
1. Financial Statements.




CRAFT COLLEGE, INC.(A
      Development Stage Company)BALANCE
      SHEETMarch
      31
                  December
      312009
                  2008(unaudited)
                  (audited)ASSETSCURRENT
      ASSETSCash
      and cash equivalents
                  $       292,175
                  $    308,290Accounts
      Receivable
                  947
                  -Inventory
      (Note 3)
                  445
                  290Total
      assets
                  $       293,567
                  $    308,580LIABILITIESCURRENT
      LIABILITIESAccounts
      payable
                  $          13,975
                  $        18,357Accrued
      liabilities
                  5,300
                  -Due
      to related party (Note 4)
                  57,500
                  50,000Total
      Liabilities
                  76,775
                  68,357STOCKHOLDERS’
      EQUITYCOMMON
      STOCK (Note 5)Authorized:50,000,000
      shares, $0.00001 par value;Issued
      and outstanding:6,757,200
                  68
                  68Additional
      Paid-in Capital
                  364,461
                  364,461Donated
      Capital
                  88,641
                  88,641Deficit
      Accumulated During the Development Stage
                  (236,378)
                  (212,947)Total
      Stockholders’ Equity
                  216,792
                  240,223Total
      Liabilities and Stockholders’ Equity
                  $       293,567
                  $     308,580Going
      Concern (Note1)




The
      accompanying notes are an integral part of these financial
      statements


F-1






-2-




CRAFT COLLEGE, INC.(A
      Development Stage Company)STATEMENT
      OF OPERATIONSAccumulated
      fromThree
      months
              
              Three
      months
              
              December
      6, 2004ended
              
              ended
              
              (Date
      of Inception)March
      31
              
              March
      31
              
              to
      March 312009
              
              2008
              
              2009REVENUE
              $              1,149
              
              $              1,211
              
              $             74,369COST
      OF GOODS SOLD
              (1,819)
              
              (1,799)
              
              (19,318)GROSS
      PROFIT
              (670)
              
              (588)
              
              55,051EXPENSESConsulting
              7,500
              
              7,500
              
              120,274Foreign
      Exchange
              5,097
              
              2,403
              
              53,199General
      and Administrative
              2,780
              
              3,034
              
              65,136Professional
      Fees
              7,384
              
              5,487
              
              52,820(22,761)
              
              (18,424)
              
              (291,429)Net
      income (loss) for the period
              $           (23,431)
              
              $           (19,012)
              
              $            (236,378)Basic
      and diluted net loss per share
              ($0.00)
              
              $0.00Weighted
      average shares outstanding
              6,757,200
              
              6,757,200







The
      accompanying notes are an integral part of these financial
      statements





F-2












-3-





CRAFT COLLEGE,
      INC.(A
      Development Stage Company)STATEMENTS
      OF CASH FLOWSAccumulated
      fromThree
      months
                
                Three
      months
                
                December
      06, 2004ended
                
                ended
                
                (Date
      of Inception)March
      31
                
                March
      31
                
                to
      March 312009
                
                2008
                
                2009OPERATING
      ACTIVITIESGain
      (loss) from operations
                $     (23,431)
                
                $    (19,012)
                
                $         (236,378)Items
      not requiring cash outlayWebsite
      design and programming
                -
                
                -
                
                300Consulting
                -
                
                -
                
                62,775Amortization
      of deferred DVD production costs
                -
                
                -
                
                1,669Contributions
      by American Media Systems Co.
                -
                
                -
                
                33,494Impairment
      of deferred DVD production costs
                -
                
                -
                
                7,326Impairment
      of technology
                
                -
                
                -
                
                2Cash
      provided by (used in) changes in operating assets and
      liabilitiesAccounts
      payable
                (4,382)
                
                3,772
                
                13,976Accrued
      liabilities
                5,300
                
                5,300
                
                5,300Accounts
      receivable
                (947)
                
                (654)
                
                (947)Inventory
                (155)
                
                (60)
                
                (445)Cash
      Provided by Operating Activities
                (23,615)
                
                (10,654)
                
                (112,928)FINANCING
      ACTIVITIESIssuance
      of common stock for cash
                -
                
                -
                
                351,800Advances
      from related parties
                7,500
                
                7,500
                
                57,500Net
      Cash Provided By Financing Activities
                7,500
                
                7,500
                
                409,300INVESTING
      ACTIVITIESPayments
      for intellectual property
                -
                
                -
                
                (2)Production
      of DVDs
                -
                
                -
                
                (4,195)Net
      Cash Used In Investing Activities
                -
                
                -
                
                (4,197)INCREASE
      IN CASH AND CASH EQUIVALENTS
                (16,115)
                
                (3,154)
                
                292,175EFFECT
      OF FOREIGN CURRENCY TRANSLATION ON CASH AND CASH
    EQUIVALENTS
                -
                
                (9,077)
                
                -CASH
      AT BEGINNING OF PERIOD
                308,290
                
                382,849
                
                -CASH
      AT END OF PERIOD
                $     292,175
                
                $    370,618
                
                $       292,175SUPPLEMENTAL DISCLOSURE OF STATEMENT OF CASH FLOWS INFORMATIONInterest
      expense
                -
                
                -
                
                8Taxes
                
                -
                
                -
                
                -Foreign
      exchange (gain) loss
                $      5,097
                
                $   2,403
                
                $         53,199SUPPLEMENTAL
      DISCLOSURE OF NON-CASHINVESTING
      AND FINANCING ACTIVITIESDonated
      services
                $               -
                
                $               -
                
                $         88,641Purchase
      of assets in exchange for 750,000 of the Company'scommon
      stock at a price of $0.017 per common share
                $               -
                
                $              -
                
                $         12,728








The
      accompanying notes are an integral part of these financial
      statments





F-3


-4-







CRAFT
COLLEGE, INC.
 (A
Development Stage Company)
 NOTES
TO THE FINANCIAL STATEMENTS


MARCH
31, 2009


(unaudited)








NOTE
1 – INTERIM REPORTING





The
accompanying unaudited interim financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-Q of Regulation S-K. They do
not include all information and footnotes required by generally accepted
accounting principles for complete financial statements. However, except as
disclosed herein, there have been no material changes in the information
disclosed in the notes to the financial statements for the year ended December
31, 2008 included in the Company’s Annual Report on Form 10-K filed with the
Securities and Exchange Commission. The interim unaudited financial statements
should be read in conjunction with those financial statements included in the
Form 10-K. In the opinion of Management, all adjustments considered necessary
for a fair presentation, consisting solely of normal recurring adjustments, have
been made. Operating results for the three months ended March 31, 2009 are not
necessarily indicative of the results that may be expected for the year ending
December 31, 2009.





Going
concern





The
Company does not generate sufficient cash flow from operations to fund its
activities and has therefore relied principally upon contributions from its
predecessor and major shareholder for financing. Management intends to rely upon
the issuance of securities to finance its operations and development activities,
however there can be no assurance it will be successful in raising the funds
necessary to maintain operations, or that a self-supporting level of operations
will ever be achieved. The likely outcome of these future events is
indeterminable. These factors together raise substantial doubt about its ability
to continue as a going concern. The financial statements do not include any
adjustment to reflect the possible future effect on the recoverability and
classification of the assets or the amounts and classification of liabilities
that may result from the outcome of this uncertainty.








NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.





a)           Basis
of Presentation and Fiscal Year





These
financial statements and related noted are presented in accordance with
accounting principles accepted in the United States, and are expressed in US
dollars.  The Company’s fiscal year-end is December 31.





b)           Recent
Accounting Pronouncements





The
Company adopts new pronouncements relating to generally accepted accounting
principles applicable to the Company as they are issued, which may be in advance
of their effective date.  Management does not believe that any
recently issued, but not yet effective accounting standards, if currently
adopted, would have a material effect on the accompanying financial
statements.











F-4


-5-





CRAFT
COLLEGE, INC.
 (A
Development Stage Company)
 NOTES
TO THE FINANCIAL STATEMENTS
 MARCH
31, 2009
 (Unaudited)





NOTE
3 - INVENTORY





Finished
goods inventory as at March 31, 2009 consists of educational craft and hobby
DVDs and have been classified as finished goods.




NOTE
4 - RELATED PARTY TRANSACTIONS AND BALANCES




The
following represents related party transactions and balances not disclosed
elsewhere in the financial statements:




(i)
During the quarter ended March 31, 2009, the President charged the Company
$7,500 for consulting services (2008 $7,500 to the former
President).




(ii) As
of March 31, 2009, the Company owes $15,000 to the President of the Company for
consulting services and $42,500 to its former president who resigned as an
Officer and Director of the Company October 20, 2008. The debts are non-interest
bearing and have no stated repayment terms.




(iii). As
of March 31, 2009 the Company owes $2,126 to Aide-de-Camp Services, a company
wholly owned by the Secretary of the Company for accounting and secretarial
services.




The
transactions between the Company and the related parties were consummated at the
price agreed upon by the parties.




NOTE
5 - COMMON STOCK





During
the year ended December 31, 2007, the Company completed its initial public
offering by issuing 1,007,200 shares at a price of $0.25 per share for total
proceeds of $251,800.





During
the year ended December 31, 2006, the Company issued 5,750,000 common shares.
5,000,000 to the President of the Company for total consideration of $100,000
and 750,000 to American Media Systems Co, the predecessor company, in
consideration for DVD inventory, deferred DVD production costs, and intellectual
property with total values of $4,511, $8,215, and $2, respectively. The assets
are recorded at the parent company's carrying value, determined under generally
accepted accounting principles in the United States of America.





There are
no shares subject to warrants, options or other agreements as at March 31,
2009.

















F-5





-6-


Item
2. Management's Discussion and Analysis of Financial Condition and Results of
Operation.




Forward-Looking
Statements




This Form
10-Q includes certain statements that may be deemed to be "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. All statements
in this Form 10-Q, other than statements of historical facts, that address
activities, events or developments that we expect, believe or anticipate will or
may occur in the future, including operating costs, future capital expenditures
(including the amount and nature thereof), and other such matters are
forward-looking statements. Although we believe the expectations expressed in
such forward-looking statements are based on reasonable assumptions within the
bounds of our knowledge of our business, such statements are not guarantees of
future performance and actual results or developments may differ materially from
those in the forward-looking statements. Because our stock is a penny stock,
each time we refer to the Litigation Reform Act, the safe harbor does not
apply.




Factors
that could cause actual results to differ materially from those in
forward-looking statements include: the change of business focus; continued
availability of capital and financing; general economic, market or business
conditions; acquisition opportunities or lack of opportunities; changes in laws
or regulations; risk factors listed from time to time in our reports filed with
the Securities and Exchange Commission; and other factors.




Craft
College Inc. is a Utah company incorporated on February 23, 2006 as a wholly
owned subsidiary of American Media Systems Co. ("AMS"). AMS is our predecessor
and the historical financial information in this 10-Q includes AMS' DVD
business. On May 31, 2006 AMS sold all its shares of Craft College Inc,
representing all issued and outstanding shares in the company. As a consequence
of this sale we became an independent company. We are a development stage
company that writes, pre-produces, and markets instructional DVDs for the hobby
and craft market.




Our
registered office is located at 136 East South Temple, Suite 2100 Salt Lake
City, UT 84111 and we maintain a corporate office at 101 Bourn Avenue,
Suite E, Rockwall, Texas, 75087.  Our telephone number is
1-866-891-9672 and our websites are www.craftcollege.com and
www.go-flyfishing.com.




Employees
and Consultants




The
Registrant has no employees. The company's CEO, Dario Passadore is retained as a
consultant.




Results
of Operations.




During
the three months ending March 31, 2009 we realized sales of $1,149 (2008 - $
1,211) and gross margin of negative $670 (2008 – negative $588). Our revenues
are generated from the sale of instructional DVDs.




During the three months ending March 31, 2009, we
incurred a loss from operations of $23,431 (2008 - $19,012). The major
components to expenses faced by the company during the three months were
consulting fees of $7,500 (2008 - $7,500) and professional fees of $7,384 (2008
- $5,487). The balance of our expenses
during the three months have been general and administrative of $2,780 (2008 -
$3,034), and foreign exchange loss of $5,097 (2008 -
$2,403).




As of
March 31, 2009 the Company has current assets of $293,567 compared to $308,580 at December 31,
2008. The Company further has current liabilities of $76,775 compared to $68,357
at December 31, 2008. There is no long-term debt. The Company may in the future
invest in short-term investments from time to time but there can be no
assurance that these investments will result in profit or loss.




Our future growth
and success will be dependent on our ability to develop and produce
products that are entertaining and educational and that we are able to secure
distribution channels through various retail chains. If we cannot succeed in
developing distribution channels and generate sales then our prospects for
chains. If we cannot succeed in developing distribution channels and generate
sales then our prospects for growth are substantially undermined. Without
additional capitalization our capacity to survive as a going concern, much less
achieve growth, is doubtful.




We are
committed to pay Brand Specialists and Memories Complete performance fees of 5%
of our net merchandise sales generated by the agents' designated retailers. We
may terminate the contract giving 60 days notice. Brand and Memories are
entitled to continue receiving the 5% performance fee for one year after
termination of the contract and for all future sales of products in which Brand
or Memories actively participated in placing the merchandise with a
retailer.




We only have one business segment, the sale of
instructional DVDs, accordingly, no table showing percentage breakdown of
revenue by business segment or product line is included.






-7-




Off
balance-sheet arrangements




We do not
have any off balance-sheet arrangements that have or are reasonably likely to
have a current or future effect on our financial condition, changes in financial
condition, revenues or expenses, results of operations, liquidity, capital
expenditures or capital resources that is material to investors.




Plan
of Operations




We do not
expect to purchase or sell significant equipment nor do we expect significant
changes in the number of employees.




Our
specific goal is to expand the distribution of our product through retailers,
through our web sites and through other non-proprietary web
sites. With the funds we currently have our priority of expenditures is to pay
rent, legal, audit and transfer agent fees and those fees related to our
Exchange Act reporting obligations. Second to secure additional agency
agreements and distribution channels through retailers, third to market our
product over the Internet, and forth to participate in trade shows.




We are
marketing our products through a number of retailers and online
and utilize inbound links that connect directly to our website from external
sites. Potential customers can simply click on these links and connect to our
website from search engines such as Google and Overture and community and
affinity sites.




We will continue to build upon our existing Internet and retail
distribution channels over the next six (6) to twelve (12) months. This
will include the production of additional marketing materials, including
PowerPoint presentations, trade show exhibit material, and other similar media
materials. Additionally and as part of our distribution and marketing campaign,
we will market and sell our products online and through established
retailers.




Our
marketing plan calls for the utilization of agents to secure distribution
through multi-store
chains and mass merchandisers such as Wal-Mart and Michaels. We have agreements
with Brand Specialists and Memories Complete and are in discussions with
additional agents and retailers to secure distribution in the U.S., Canada, and
through select Asian markets.




For the
numerous small specialty stores in the United States and Canada we will seek to
penetrate this market through the use of business-to-business members only
warehouses such as Sams Club and Costco. Business-to-business stores are
retailers whose customers are primarily buying products for resale to other
consumers.




To
increase our exposure we will also participate in several trade shows such as
the Craft and Hobby Association trade show in January of 2009 and the Hong Kong
Gifts and Premium Fair in April 2009. Our President will participate in the
trade shows on our behalf.




In order
to penetrate the Asian markets we will translate the content of our
instructional DVD to Chinese and Japanese. The content of the DVDs are in the
process of being translated and re-recorded. We anticipate the have the current
titles completed and ready for shipping by the end of the first quarter of
2009.




We do not
expect to purchase or sell significant equipment nor do we expect significant
changes in the number of employees.




Recent
accounting pronouncements




The
Company adopts new pronouncements relating to generally accepted accounting
principles applicable to the Company as they are issued, which may be in advance
of their effective date.  Management does not believe that any
recently issued, but not yet effective accounting standards, if currently
adopted, would have a material effect on the accompanying financial
statements.






-8-




Item
3. Quantitative and Qualitative Disclosures About Market Risk.




N/A




Item
4. Controls and Procedures.




(a) Evaluation of
Disclosure Controls and Procedures:




Disclosure
controls and procedures are designed to ensure that information required to be
disclosed in the reports filed or submitted under the Exchange Act is recorded,
processed, summarized and reported, within the time period specified in the
SEC's rules and forms. Disclosure controls and procedures include, without
limitation, controls and procedures designed to ensure that information required
to be disclosed in the reports filed under the Exchange Act is accumulated and
communicated to management, including the Chief Executive Officer, as
appropriate, to allow timely decisions regarding required disclosure. As of the end of the period covered by this report,
the Company carried out an evaluation, under the supervision and with the
participation of the Company's management, including the Company's Chief
Executive Officer, of the effectiveness of the design and operation of the
Company's disclosure controls and procedures. Based upon and as of the date of
that evaluation, the Chief Executive Officer concluded that the Company's
disclosure controls and procedures are effective to ensure that information
required to be disclosed in the reports the Company files and submits under the
Exchange Act is recorded, processed, summarized and reported as and when
required.




(b) Changes in
Internal Control over Financial Reporting:




There
were no changes in our internal control over financial reporting during the
quarter ended March 31, 2009 that have materially affected, or are reasonably
likely to materially affect, our internal control over financial
reporting.





There
were no significant changes in the Company's internal controls or in other
factors that could significantly affect these controls subsequent to the date of
their evaluation, including any significant deficiencies or material weaknesses
of internal controls that would require corrective action.




Item
4T. Controls and Procedures




N/A




PART
II -OTHER
INFORMATION


Item
1. Legal Proceedings




None.




Item
1A. Risk Factors




N/A




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




On June
25th, 2006 we completed an offering for of 5,000,000 shares of our common stock
at a price of $0.02 per share to our former president. We completed the
offerings pursuant to Regulation S of the Securities Act. She represented to us
that she was a non-US person as defined in Regulation S. We did not engage in a
distribution of this offering in the United States. She represented her
intention to acquire the securities for investment only and not with a view
toward distribution. We requested our stock transfer agent to affix appropriate
legends to the stock certificate issued in accordance with Regulation S and the
transfer agent affixed the appropriate legends. The executive officer had
adequate access to sufficient information about us to make an informed
investment decision. None of the securities were sold through an underwriter and
accordingly, there were no underwriting discounts or commissions involved. No
registration rights were granted.






-9-




The
Company's SB-2 registration statement, file number 333-135661 was declared
effective by the Securities and Exchange Commission on November 2, 2006. The
offering has commenced, and closed on April 25, 2007. A total of $251,800 was
raised. The following schedule details the use of proceeds since the closing of
the financing.




Audit
                              $10,871Advertising
                              507Web site
                              1,200Travel/trade shows
                              9,354Working capital
                              27,021





Item
3. Defaults Upon Senior Securities





None





Item
4. Submissions of Matters to a Vote of Security Holders





None





Item
5. Other Information





None





Item
6. Exhibits and Reports on Form 8-K





(a)
Exhibits





Exhibit No.
                  Exhibit Description3.1
                  Articles
      of Incorporation (1)3.2
                  By-Laws
      (1)4.1
                  Specimen
      Stock Certificate (1)10.1
                  Agency
      agreement with Brand Specialists LLC (1)10.2
                  Agency
      agreement with Memories Complete (1)14.1
                  Code
      of ethics (2)31.1
                  Certification
      of Principal Executive Officer and Principal Financial Officer pursuant to
      Rule 13a-14 and Rule 15d-14(a), promulgated under the Securities and
      Exchange Act of 1934, as amended.32.1
                  Certification
      pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
      the Sarbanes-Oxley Act of 2002 (Chief Executive Officer and Chief
      Financial
Officer).





(1)
            Incorporated
      herein by reference from our Form SB-2 registration statement and all
      amendments thereto filed with the Securities and Exchange Commission, and
      amendments thereto, SEC file No.
333-135661.





(2) 
Incorporated herein by reference from our Form 10-KSB for the year ending
December 31, 2006.





(b)
Reports on Form 8-K filed during the quarter.





On
January 29, 2009, the Company filed an 8-K under item 5.02 announcing the
appointment of Heather Grant as corporate secretary.




SIGNATURES





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





Craft College Inc.
                      (Registrant)Dated: May  13,
      2009
                    BY:
                    DARIO
      PASSADORE
                      Dario
      Passadore
                      Director
      and Chief Executive Officer, Chief Financial Officer and
      principal accounting
officer.





-10-