OMB APPROVALSECURITIES AND EXCHANGE COMMISSIONOMB Number: 3235-0420Washington, D.C. 20549Expires:     March 31, 2007Form 10-KSBEstimated average burdenHours per response1646  (Mark One)  SANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  For the fiscal year ended December 31, 2006  £TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  For the transition period from ______________ to________________ Commission file number ___________________________________  PATRIOT INVESTMENT CORPORATION (Name of small business issuer in its charter)  Nevada87-0429748(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)  6269 Jamestown Court, Salt Lake City, Utah84121(Address of principal executive offices)(Zip Code)  Issuers telephone number (801)566-6627  Securities registered under Section 12(b) of the Exchange Act: None   Securities registered under Section 12(g) of the Exchange Act: Common Stock, $.001 par value   Check whether the issuer is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act.  £  Note Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections.  SEC 2337 (12-05) Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.   Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes  S   No £  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.    S  Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).                    Yes S  No £  State issuers revenues for its most recent fiscal year. $ -0-  State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was sold, or the average bid and asked price of such common equity, as of a specified date within the past 60 days. (See definition of affiliate in Rule 12b-2 of the Exchange Act.)  The issuers common stock is listed on the Over the Counter Bulletin Board under the symbol PTRT.  There was not an active market and no trading volume during fiscal 2006 and there has been no trading volume in 2006, therefore the aggregate market value of the issuers common stock held by non-affiliates at March 19, 2006 is deemed to be $-0-.  Note: If determining whether a person is an affiliate will involve an unreasonable effort and expense, the issuer may calculate the aggregate market value of the common equity held by non-affiliates on the basis of reasonable assumptions, if the assumptions are stated.  (ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)  Check whether the issuer has 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 £  (APPLICABLE ONLY TO CORPORATE REGISTRANTS)  State the number of shares outstanding of each of the issuers classes of common equity, as of the latest practicable date.  As of March 19, 2006, there were 47,000,000 shares of common stock issued and outstanding.  DOCUMENTS INCORPORATED BY REFERENCE  If the following documents are incorporated by reference, briefly describe them and identify the part of the Form 10-KSB (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) any annual report to security holders; (2) any proxy or information statement; and (3) any prospectus filed pursuant to Rule 424(b) or (c) of the Securities Act of 1933 (Securities Act). The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1990).  Transitional Small Business Disclosure Format (Check one): Yes £   No S  2   PART I  Forward-Looking Statement Notice  When used in this report, the words may, will, expect, anticipate, continue, estimate, project, intend, and similar expressions are intended to identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding events, conditions, and financial trends that may affect the Companys future plans of operations, business strategy, operating results, and financial position.  Persons reviewing this report are cautioned that any forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties and that actual results may differ materially from those included within the forward-looking statements as a result of various factors.  Item 1.  Description of Business.  Patriot Investment Corporation was originally incorporated in Nevada on January 13, 1986.  We have not had active business operations since inception and are considered a development stage company.  In 1993, we entered into an agreement with Bradley S. Shepherd in which Mr. Shepherd agreed to become an officer and director and use his best efforts to organize and update our books and records and to seek business opportunities for acquisition or participation.  Patriot intends to seek, investigate, and if warranted, acquire an interest in a business opportunity.  We are not restricting our search to any particular industry or geographical area.  We may therefore engage in essentially any business in any industry.  Our management has unrestricted discretion in seeking and participating in a business opportunity, subject to the availability of such opportunities, economic conditions and other factors.  The selection of a business opportunity in which to participate is complex and extremely risky and will be made by management in the exercise of its business judgment.  There is no assurance that we will be able to identify and acquire any business opportunity which will ultimately prove to be beneficial to our company and shareholders.  Because we have no specific business plan or expertise, our activities are subject to several significant risks.  In particular, any business acquisition or participation we pursue will likely be based on the decision of management without the consent, vote, or approval of our shareholders.  Sources of Opportunities  We anticipate that business opportunities may arise from various sources, including officers and directors, professional advisers, securities broker-dealers, venture capitalists, members of the financial community, and others who may present unsolicited proposals.  We will seek potential business opportunities from all known sources, but will rely principally on the personal contacts of our officers and directors as well as indirect associations between them and other business and professional people.  Although we do not anticipate engaging professional firms specializing in business acquisitions or reorganizations, we may retain such firms if management deems it in our best interests.  In some instances, we may publish notices or advertisements seeking a potential business opportunity in financial or trade publications.   3   Criteria  We will not restrict our search to any particular business, industry or geographical location.  We may acquire a business opportunity in any stage of development.  This includes opportunities involving start up or new companies.  In seeking a business venture, management will base their decisions on the business objective of seeking long-term capital appreciation in the real value of our company.  We will not be controlled by an attempt to take advantage of an anticipated or perceived appeal of a specific industry, management group, or product.  In analyzing prospective business opportunities, management will consider the following factors:  · available technical, financial and managerial resources; · working capital and other financial requirements; · the history of operations, if any; · prospects for the future; · the nature of present and expected competition; · the quality and experience of management services which may be available and the depth of the management; · the potential for further research, development or exploration; · the potential for growth and expansion; · the potential for profit; · the perceived public recognition or acceptance of products, services, trade or service marks, name identification; and other relevant factors.  Generally, our management will analyze all available factors and make a determination based upon a composite of available facts, without relying on any single factor.  Methods of Participation of Acquisition  Management will review specific businesses and then select the most suitable opportunities based on legal structure or method of participation.  Such structures and methods may include, but are not limited to, leases, purchase and sale agreements, licenses, joint ventures, other contractual arrangements, and may involve a reorganization, merger or consolidation transaction.  Management may act directly or indirectly through an interest in a partnership, corporation, or other form of organization.  Procedures  As part of the our investigation of business opportunities, officers and directors may meet personally with management and key personnel of the firm sponsoring the business opportunity.  We may visit and inspect material facilities, obtain independent analysis or verification of certain information provided, check references of management and key personnel, and conduct other reasonable measures.   4   We will generally ask to be provided with written materials regarding the business opportunity.  These materials may include the following:  · descriptions of product, service and company history; · management resumes; · financial information; · available projections with related assumptions upon which they are based; · an explanation of proprietary products and services; · evidence of existing patents, trademarks or service marks or rights thereto; · present and proposed forms of compensation to management; · a description of transactions between the prospective entity and its affiliates; · relevant analysis of risks and competitive conditions; · a financial plan of operation

s

 and estimated capital requirements; · and other information deemed relevant.  Competition  We expect to encounter substantial competition in our efforts to acquire a business opportunity.  The primary competition is from other companies organized and funded for similar purposes, small venture capital partnerships and corporations, small business investment companies and wealthy individuals.  Employees  We do not currently have any employees but rely upon the efforts of our officers and directors to conduct our business.  We do not have any employment or compensation agreements in place with our officers and directors although they are reimbursed for expenditures advanced on our behalf.  Item 2.  Description of Property.  We do not currently own any property.  We utilize office space in the residence of Bradley S. Shepherd at no cost.  We will not seek independent office space until we pursue a viable business opportunity and recognize income.  Item 3.  Legal Proceedings.  No legal proceedings are threatened or pending against Patriot or any of our officers or directors.  Further, none of our officers, directors or affiliates are parties against Patriot or have any material interests in actions that are adverse to our own.  Item 4.  Submission of Matters to a Vote of Securities Holders.  No matters were submitted during the fourth quarter of the fiscal year covered by this report to a vote of security holders.   5   PART II  Item 5. Market for Common Equity and Related Stockholder Matters.  Our common stock is listed on the Over the Counter Bulletin Board ("OTCBB"), under the symbol "PTRT".  As of March 19, 2006, we had approximately 117 shareholders holding 47,000,000 shares of common stock.  CLOSING BIDCLOSING ASK2006HighLowHighLowFirst Quarter.07.07.25.09Second Quarter.07.07.25.25Third Quarter.08.07.25.17Fourth Quarter.09.08.22.22CLOSING BIDCLOSING ASK2005HighLowHighLowFirst Quarter.09.09.20.18Second Quarter.09.07.18.09Third Quarter.07.07.09.09Fourth Quarter.07.07.09.09  The above quotations, as provided by Pink Sheets, LLC, represent prices between dealers and do not include retail markup, markdown or commission.  In addition, these quotations do not represent actual transactions.  We have not paid, nor declared, any dividends since our inception and do not intend to declare any such dividends in the foreseeable future. Our ability to pay dividends is subject to limitations imposed by Nevada law. Under Nevada law, dividends may be paid to the extent that a corporations assets exceed its liabilities and it is able to pay its debts as they become due in the usual course of business.  Item 6. Managements Discussion and Analysis or Plan of Operation

s

..  Years Ended December 31, 2006 and 2005  We have $121 available cash on hand and have experienced losses since inception.  We did not generate any revenues f

ro

m operations during the years ended December 31, 2006 and 2005.  Expenses during the year ended December 31, 2006 were $6,216 in general and administrative expenses and $1,437 in interest expense compared to  general and administrative expenses of $8,442 in 2005 with no interest expense.  The general and administrative expenses were primarily due to professional, legal and accounting fees relating to our reporting requirements.  As a result of the foregoing factors, we realized a net loss of $7,653 for the year ended December 31, 2006, compared to a net loss of $8,442 for the year ended December 31, 2005.   6   Liquidity and Capital Resources  At December 31, 2006, we had $121 in available cash on hand and $24,232 in liabilities including $1,720 in accounts payable, $1,437 in accrued interest and $21,075 in advances from Bradley S. Shepherd our officer and a director. This left us a working capital deficit of $24,111 at December 31, 2006.  We anticipate that our expenses for the next twelve months will be approximately $8,500.  In the past two years we have relied on advances from our president to cover our operating costs.   Management anticipates that we will receive sufficient advances from our president to meet our needs through the next 12 months.  However, there can be no assurances to that effect.  Our need for capital may change dramatically if we acquire an interest in a business opportunity during that period.  At present, we have no understandings, commitments or agreements with respect to the acquisition of any business venture, and there can be no assurance that we will identify a business venture suitable for acquisition in the future.  Further, we cannot assure that we will be successful in consummating any acquisition on favorable terms or that we will be able to profitably manage any business venture we acquire.  Should we require additional capital, we may seek additional advances from officers, sell common stock or find other forms of debt financing.  Our current operating plan is to continue searching for potential businesses, products, technologies and companies for acquisition and to handle the administrative and reporting requirements of a public company.  To demonstrate our commitment to maintaining ethical reporting and business practices, we adopted a Code of Ethics and Business Conduct and included it as an exhibit to our 2002

Form

10-KSB filed March 26, 2003.  Item 7.  Financial Statements.  Our financial statements appear at the end of this report beginning with the Index to Financial Statements on page F-1.  Item 8.  Changes In and Disagreements with Accountants on Accounting and Financial Disclosure.  (a) Previous independent accountants (i) On February 7, 2007, the Company terminated its engagement of Hansen, Barnett & Maxwell, P.C. as the Companys independent accountants. (ii) The audit reports of Hansen, Barnett & Maxwell, P.C. for the years ended December 31, 2004 and December 31, 2005 contained an opinion expressing substantial doubt as to ability to continue as a going concern. (iii) Those audit reports contained no other adverse opinion, disclaimer of opinion or modification of the opinion. (iv) Patriots Board of Directors participated in and approved the decision to change independent accountants.  7   (v) In connection with its reviews of the interim periods until the date of dismissal, there have been no disagreements with Hansen, Barnett & Maxwell on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreement if not resolved to the satisfaction of Hansen, Barnett & Maxwell, P.C. would have caused them to make reference thereto in their report on the financial statements. During the Registrants two most recent fiscal years and through February 7, 2007, there were no disagreements with Hansen, Barnett & Maxwell, P.C. on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Hansen, Barnett & Maxwell, P.C., would have caused it to make reference to the subject matter of the disagreements in connection with its reports. None of the reportable events set forth in Item 304(a)(1)(iv)(B) of Regulation S-B occurred within the Registrants two most recent fiscal years nor through February 7, 2007. (vi) Patriot has requested that Hansen, Barnett & Maxwell, P.C. furnish it with a letter addressed to the SEC stating whether or not it agrees with the above statements.  A copy of such letter was filed as an exhibit to the form 8-K filed on February 9, 2007.  (b) New Independent Accountants  On February 7, 2006, the board of directors voted to engage Michael J. Larsen, P.C., to audit its financial statements for the year ended December 31, 2006. Patriot has not consulted Michael J. Larsen, P.C., during the two most recent fiscal years regarding the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that was rendered on the Patriot financial statements, and written reports and no oral advise was provided to Patriot by concluding there was an important factor to be considered by Patriot in reaching a decision as to an accounting, auditing or financial issue.  In the past two years Patriot has not consulted Michael J. Larsen, P.C., on any matter that was either the subject of a disagreement, as that term is defined in Item 304 (a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K, or a reportable event, as that term is defined in Item 304 (a)(1)(v) of Regulation S-K.  Item 8A. Controls and Procedures  (a) Evaluation of Disclosure Controls and Procedures.  The Company's management, with the participation of the chief executive officer and the chief financial officer, carried out an evaluation of the effectiveness of the Company's "disclosure, controls and procedures" (as defined in the Securities Exchange Act of 1934 (the "Exchange Act") Rules 13a-15(e) and 15-d-15(e) as of the end of the period covered by this annual report (the "Evaluation Date").  Based upon that evaluation, the chief executive officer and the chief financial officer concluded that, as of the Evaluation Date, the Company's disclosure, controls and procedures are not effective, and does not provide them with material information relating to the Company as required to be disclosed in the reports the Company files or submits under the Exchange Act on a timely basis.   8   Due to the lack of sufficient accounting personnel and managements lack of expertise in accounting, there was an ineffective segregation of duties and ineffective oversight in the preparation of the financial statements to prevent or detect errors. These significant deficiencies could result in material misstatements to annual or interim financial statements that would not be prevented or detected if left unremediated. Accordingly, management determined that these significant deficiencies constitute material weaknesses. Because of these material weaknesses, management believes that, as of December 31, 2006, we did not maintain effective internal control over financial reporting based on the criteria proposed by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Management believes that the deficiencies discussed above present only a small and manageable risk of errors and misstatements in the financial statements and that the cost of remediating these deficiencies exceeds the benefits that would be obtained by such remediation. Management has therefore elected not to hire the additional personnel that would be required to remediate the deficiencies.  (b) Changes in Internal Control over Financial Reporting.  There were no changes in the Company's internal controls over financial reporting, known to the chief executive officer or the chief financial officer, that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.  Item 8B. Other Information  There are no further disclosures. All information that was required to be disclosed in a Form 8-K during the fourth quarter, 2006 has been disclosed.  PART III  Item 9. Directors, Executive Officers, Promoters and Control Persons; Compliance With Section 16(a) of the Exchange Act.  The following table sets forth the name, age, position and office term of each executive officer and director of the Company.  NameAgePositionsSinceBradley S. Shepherd46Director, President, Secretary/TreasurerFebruary 1993Todd Gee47DirectorFebruary 1993  All directors serve until the next annual stockholders meeting or until their successors are duly elected and qualified.  All officers serve at the discretion of the Board of Directors.  The Company has no audit committee financial expert, as defined under Section 228.401, serving on its audit committee because it has no audit committee and is not required to have an audit committee because it is not a listed security as defined in Section 240.10A-3.  Set forth below is certain biographical information regarding each of the Company's executive officers and directors:  Bradley S. Shepherd, Director, President, Secretary/Treasurer. Mr. Shepherd is the owner and manager of Shepherds Allstar Lanes, Inc., a bowling center, restaurant, and lounge located in West Jordan, Utah.  After managing the business for three years, Mr. Shepherd purchased the business in June of 1993. Mr. Shepherd also manages and is trustee for the Roger L. Shepherd Family Trust, which owns and leases commercial office and warehouse buildings and residential properties in the Salt Lake City area.   9   Todd Gee, Director.  Mr. Gee is the owner and operator of the Hardwood Flooring Company, a Utah general partnership engaged in the installation of all types of hardwood flooring.  From 1982 to 1984, Mr. Gee attended the University of Utah.  Compliance with Section 16 Section 16(a) of the Securities Exchange Act of 1934 requires officers and directors of the Company and persons who own more than ten percent of a registered class of its equity securities to file reports of ownership and changes in their ownership on Forms 3, 4, and 5 with the Securities and Exchange Commission, and forward copies of such filings to the Company. Based on the copies of filings received by the Company during the most recent fiscal year the directors, officers, and beneficial owners of more than ten percent of the equity securities of the Company registered pursuant to Section 12 of the Exchange Act have filed on a timely basis all required Forms 3, 4, and 5 and any amendments thereto.  Item 10. Executive Compensation.  Our officers and directors do not receive any compensation for services rendered, have not received such compensation in the past, and are not accruing any compensation pursuant to any agreement with our company.  Our officers and directors are reimbursed for expenses incurred on our behalf.  Our officers and directors will not receive any finders fee as a result of their efforts to implement the business plan outlined herein.  However, our officers and directors anticipate receiving benefits as beneficial shareholders of our common stock. We have not adopted any retirement, pension, profit sharing, stock option or insurance programs or other similar programs for the benefit of our employees.  Employment Contracts and Termination of Employment and Change in Control Arrangement.  There are no compensatory plans or arrangements, including payments to be received from the Company, with respect to any person named in Executive Compensation set out above which would in any way result in payments to any such person because of his resignation, retirement, or other termination of such persons employment with the Company or its subsidiaries, or any change in control of the Company, or a change in the persons responsibilities following a change of control of the Company.  Item 11.  Security Ownership of Certain Beneficial Owners and Management.  The following table sets forth as of March 19, 2006, the number and percentage of the 47,000,000 shares of outstanding common stock which, according to the information supplied to the Company, were beneficially owned by (i) each person who is currently a director of the Company, (ii) each executive officer, (iii) all current directors and executive officers of the Company as a group and (iv) each person who, to the knowledge of the Company, is the beneficial owner of more than 5% of the outstanding common stock.  Except as otherwise indicated, the persons named in the table have sole voting and dispositive power with respect to all shares beneficially owned, subject to community property laws where applicable.  10    Name and AddressAmountPercentageBradley S. Shepherd (1)
6269 Jamestown Court
Salt Lake City, UT 8412144,930,00095.6%Todd Gee (1)
265 E. Hampton Avenue
Salt Lake City, UT 84111200,0000.43%Officers, Directors and
Nominees as a Group:
2 people45,130,00096.02%  (1) Officer and/or director.  Item 12.  Certain Relationships and Related Transactions.  We utilize office space at the residence of Bradley Shepherd to conduct our activities at no charge.  For the year ended December 31, 2006, the Companys president advanced $5,100 to the Company.  For the year ended December 31, 2005 and 2004, the Companys president advanced $9,600 and $6,375 to the Company, respectively. During the year ended December 31, 2004 the Companys president returned 3,000,000 shares of common stock for $3,000 which was included with advances made by the president.  Repayment of the 2006, 2005 and 2004 advances are due upon demand with interest at an annual rate of 8%.  Item 13.  Exhibits.  The Company has adopted a code of ethics that applies to the Companys principal executive officer, principal financial officer, principal accounting officer or controller which was attached as Exhibit 99.2 to its 2002 Form 10KSB.  The Company will provide, at no cost, a copy of the Code of Ethics to any shareholder of the Company upon receiving a written request sent to the Companys address shown on Page 1 of this report.  Exhibit 3(I) Articles of Incorporation* Exhibit 3(ii) Bylaws* Exhibit 14 Code of Ethics** Exhibit 31.1 Certification of the Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 Exhibit 32.1 Certification of the Principal Executive Officer and Principal Financial Officer pursuant to U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002***  * Incorporated by reference. Filed as exhibit to 10SB12G filed April 13, 1999  **Incorporated by reference. Filed as exhibit to 2002 10KSB filed March 26, 2003  ***The Exhibit attached to this Form 10-KSB shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to liability under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.   11   Item 14. Principal Accountant Fees and Services  Audit Fee  The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal account for the audit of Patriot Investments annual financial statement and review of financial statements included in Patriot Investments 10-QSB reports and services normally provided by the accountant in connection with statutory and regulatory filings or engagements were $2,750 for fiscal year ended 2006 and $3,000 for fiscal year ended 2005.  Audit-Related Fees  There were no fees for other audit related services for fiscal year ended 2006 and 2005.  Tax Fees  There were no fees for tax compliance, tax advice and tax planning for the fiscal years 2006 and 2005.  All Other Fees There were no other aggregate fees billed in either of the last two fiscal years for products and services provided by the principal accountant, other than the services reported above.  We do not have an audit committee currently serving and as a result our board of directors performs the duties of an audit committee.  Our board of directors will evaluate and approve in advance, the scope and cost of the engagement of an auditor before the auditor renders audit and non-audit services.  We do not rely on pre-approval policies and procedures.  SIGNATURES  In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.  Patriot Investment Corporation   Date: April 2, 2007 /s/ Bradley S. Shepherd Bradley S. Shepherd Chief Executive Officer and Chief Financial Officer   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.   Date: April 2, 2007 /s/Bradley S. Shepherd Bradley S. Shepherd Director  Date:  April 2, 2007 /s/ Todd Gee Todd Gee Director  12            PATRIOT INVESTMENT CORPORATION (A Development Stage Company)  FINANCIAL STATEMENTS  DECEMBER 31, 2006                           F-1     PATRIOT INVESTMENT CORPORATION (A Development Stage Company)   CONTENTS   PAGEReports of Independent Registered Public Accounting FirmsF-3Balance Sheet, December 31, 2006F-5Statements of Operations, for the yearsended December 31, 2006 and 2005and from inception on January 13, 1986through December 31, 2006F-6Statement of Stockholders' Deficit,from inception on January 13, 1986through December 31, 2006F-7Statements of Cash Flows, for the yearsended December 31, 2006 and 2005and from inception on January 13, 1986through December 31, 2006F-9Notes to Financial StatementsF-10   F-2            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM  To the Board of Directors and Stockholders of Patriot Investment Corporation  I have audited the accompanying balance sheet of Patriot Investment Corporation (a development stage company) as of December 31, 2006, and the related statements of operations, stockholders equity, and cash flows for the year ended December 31, 2006.  These financial statements are the responsibility of the companys management.  My responsibility is to express an opinion on these financial statements based on my audit.  I conducted my audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The Company is not required to have, nor was I engaged to perform, an audit of its internal control over financial reporting.  My audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the companys internal control over financial reporting.  Accordingly, I express no such opinion.  An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  I believe that my audit provides a reasonable basis for my opinion.  In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Patriot Investment Corporation as of December 31, 2006, and the results of its operations and its cash flows for the year ended December 31, 2006 in conformity with accounting principles generally accepted in the United States of America.  The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  As discussed in Note 2 to the financial statements, the Company has no revenue-generating activities, has a working capital deficit, and has incurred losses since inception, which raise substantial doubt about its ability to continue as a going concern.  Managements plans regarding those matters are also described in Note 2.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.   /s/ Michael J. Larsen, PC  Salt Lake City, Utah March 27, 2007   F-3     HANSEN, BARNETT& MAXWELL P.C. A Professional Corporation CERTIFIED PUBLIC ACCOUNTANTS 5 Triad Center, Suite 750 Salt Lake City, UT 84180-1128 Phone: (801) 532-2200 Fax: (801) 532-7944 www.hbmcpas.com    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM  To the Board of Directors Patriot Investment Corporation   We have audited the accompanying statements of operations, stockholders' deficit, and cash flows for the year ended December 31, 2005 and the cumulative period from January 13, 1986 through December 31, 2005 of Patriot Investment Corporation (a development stage company). These financial statements are the responsibility of the Company's management.  Our responsibility is to express an opinion on these financial statements based on our audits.  The financial statements of Patriot Investment Corporation for the period from inception on January 13, 1986 through December 31, 1993 were audited by other auditors whose report dated January 15, 1995, expressed an unqualified opinion with an explanatory paragraph describing conditions that raised substantial doubt about its ability to continue as a going concern on those statements.  We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit and the report of the other auditors provide a reasonable basis for our opinion.  In our opinion, the financial statements referred to above present fairly, in all material respects, the results of Patriot Investment Corporation operations and its cash flows for the year ended December 31, 2005, and for the period from January 13, 1986 through December 31, 2005, in conformity with accounting principles generally accepted in the United States of America.  The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has little cash and has experienced losses from inception that raise substantial doubt about its ability to continue as a going concern.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.   /s/ Hansen, Barnett & Maxwell, P.C. HANSEN, BARNETT & MAXWELL P.C. Salt Lake City, Utah March 11, 2006  F-4     PATRIOT INVESTMENT CORPORATION (A Development Stage Company) BALANCE SHEET  December 31,2006ASSETSCurrent Assets - Cash$121Total Current Assets121Total Assets$121LIABILITIES AND STOCKHOLDERS' DEFICITCurrent LiabilitiesAccounts payable$1,720Accrued interest - loans from officer/shareholder1,437Loans from officer/shareholder21,075Total Current Liabilities24,232Stockholders' DeficitPreferred stock, $0.001 par value; 10,000,000 sharesauthorized; no shares issued and outstanding-Common stock, $0.001 par value; 50,000,000 sharesauthorized; 47,000,000 shares issued and outstanding47,000Additional paid-in capital141,376Deficit accumulated during the development stage(212,487)Total Stockholders' Deficit(24,111)Total Liabilities and Stockholders' Deficit$121  The accompanying notes are an integral part of this financial statement.   F-5     PATRIOT INVESTMENT CORPORATION (A Development Stage Company)  STATEMENTS OF OPERATIONS  From January 13,1986 (date ofinception) throughFor the year ended December 31,December 31,200620052006Revenue$-$-$-General and Administrative Expenses6,2168,44267,574Loss from Operations(6,216)(8,442)(67,574)Other ExpensesRelated party interest expense(1,437)-(1,437)Loss from Continuing Operations before Provision for Income Tax(7,653)(8,442)(69,011)Provision for Income Tax---Loss from Continuing Operations(7,653)(8,442)(69,011)Loss from Discontinued Operations--(143,476)Net loss$(7,653)$(8,442)$(212,487)Basic and diluted loss per share$(0.00)$(0.00)Weighted average number of shares outstanding47,000,00047,000,000   The accompanying notes are an integral part of these financial statements.  F-6     PATRIOT INVESTMENT CORPORATION (A Development Stage Company) STATEMENT OF STOCKHOLDERS' DEFICIT FROM THE DATE OF INCEPTION ON JANUARY 13, 1986 THROUGH DECEMBER 31, 2006  Common StockAdditional Paid-In CapitalDeficit Accumulated During the Development StageTotalSharesAmountBalance at Inceptionon January 13, 1986-$-$-$-$-Issuance of 600,000 shares to theofficers and directors for cash,January, 1986, $0.025 per share600,00060014,400-15,000Issuance of 1,500,000 shares ofcommon stock to the public for cash,January, 1986, $0.10 per share1,500,0001,500148,500-150,000Less deferred stock offering costs--(21,524)-(21,524)Issuance of stock to officer for cash:December, 1993, $.001 per share5,000,0005,000--5,000July, 1995, $.001 per share1,000,0001,000--1,000November, 1995, $.001 per share100,000100--100December, 1995, $.001 per share1,250,0001,250--1,250December, 1995, $.001 per share1,750,0001,750--1,750December, 1995, $.001 per share1,500,0001,500--1,500December, 1996, $.001 per share2,300,0002,300--2,300December, 1997, $.001 per share5,000,0005,000--5,000December, 1999, $.001 per share5,000,0005,000--5,000September, 2001, $.001 per share7,000,0007,000--7,000December, 2002, $.001 per share9,500,0009,500--9,500Net loss from inception (January 13,1986) through December 31, 2003---(187,966)(187,966)Balance - December 31, 200341,500,00041,500141,376(187,966)(5,090)Issuance of stock to officer for cash:April, $.001 per share5,500,0005,500--5,500September, $.001 per share3,000,0003,000--3,000Cancellation of common shares issuedSeptember, $.001 per share(3,000,000)(3,000)--(3,000)Net loss---(8,426)(8,426)Balance - December 31, 200447,000,000$47,000$141,376$(196,392)$(8,016) The accompanying notes are an integral part of this financial statement.  F-7     PATRIOT INVESTMENT CORPORATION (A Development Stage Company)  STATEMENT OF STOCKHOLDERS' DEFICIT FROM THE DATE OF INCEPTION ON JANUARY 13, 1986 THROUGH DECEMBER 31, 2006 (Continued)  Common StockAdditional Paid-In CapitalDeficit Accumulated During the Development StageTotalSharesAmountBalance - December 31, 200447,000,000$47,000$141,376$(196,392)$(8,016)Net loss---(8,442)(8,442)Balance - December 31, 200547,000,00047,000141,376(204,834)(16,458)Net loss for the year ended December 31, 2006---(7,653)(7,653)Balance - December 31, 200647,000,000$47,000$141,376$(212,487)$(24,111)  The accompanying notes are an integral part of this financial statement.  F-8      PATRIOT INVESTMENT CORPORATION (A Development Stage Company)  STATEMENTS OF CASH FLOWS From January 13,1986 (date ofinception) throughFor the year ended December 31,December 31,200620052006Cash Flows From Operating ActivitiesNet loss$(7,653)$(8,442)$(212,487)Adjustments to reconcile net loss to net cashused in operating activities:Increase (decrease) in accounts payable1,120(1,050)1,720Increase in accrued interest - loans from officer/shareholder1,437-1,437Net Cash Used in Operating Activities(5,096)(9,492)(209,330)Cash Flows From Investing Activities---Cash Flows From Financing ActivitiesProceeds from issuance of common stock--161,376Loans from officer/shareholder5,1009,60048,075Net Cash Provided by Financing Activities5,1009,600209,451Net Increase In Cash4108121Cash at Beginning of Period1179-Cash at End of Period$121$117$121  The Company paid no income taxes or interest for the years ended December 31, 2006 and 2005. The Company had no non-cash investing or financing activities during the year ended December 31, 2006 and 2005.  The accompanying notes are an integral part of these financial statements.   F-9     PATRIOT INVESTMENT CORPORATION (A Development Stage Company)  NOTES TO FINANCIAL STATEMENTS  NOTE 1--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  Organization  The financial statements presented are those of Patriot Investment Corporation, (the Company). The Company was incorporated under the laws of the State of Nevada on January 13, 1986. The Company was incorporated for the purpose of providing a vehicle, which could be used to raise capital and seek business opportunities, believed to hold a potential for profit. The Company has not presently identified a specific business area of direction that it will follow. The Company has not, thus far, commenced planned principal operations and is considered a development stage company as defined in SFAS No. 7.  Dividend Policy - The Company has not yet paid any dividends and has not adopted a policy regarding payment of dividends.  Use of Estimates  The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of 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.  Fair Value of Financial Instrument  The carrying amount reported on the balance sheet for loans from officers and accrued interest approximate fair value because the underlying instruments are at interest rates that approximate current market rates.  Cash and Cash Equivalents  Cash equivalents include highly liquid short-term investments with original maturities of three months or less, readily convertible to known amounts of cash.  NOTE 2  GOING CONCERN  The financial statements were prepared based on the Company being a going concern. However, as of December 31, 2006, the Company has no revenue-generating activities, has a working capital deficit, and has incurred losses since inception.  These factors raise substantial doubt about the Companys ability to continue as a going concern.  Management intends to seek additional funding through equity and/or debt financing to assist the Company until profitable operations can be achieved.  There can be no assurance that such funds will be available to the Company or available on terms acceptable to the Company.  The financial statements do not include any adjustments that might result from the outcome of these uncertainties.  NOTE 3 - RELATED PARTY TRANSACTIONS  Bradley S. Shepherd, the Companys president and a director owns 44,930,000 shares of common stock which represents 95.6% of the Companys total issued and outstanding common stock.  We utilize the office at the residence of Bradley Shepherd as a mailing address at no charge.  For the years ended December 31, 2006 and 2005, Bradley Shepherd loaned $5,100 and $9,600 to the Company, respectively. The loans are due upon demand with interest at 8%.  At December 31, 2006, the Company owed Mr. Shepherd $21,075 and accrued interest of $1,437. The Company incurred $1,437 and zero, respectively, of interest expense related to these loans during the years ended December 31, 2006 and 2005.  Our officers and directors do not receive any compensation for services rendered, have not received such compensation in the past, and are not accruing any compensation pursuant to any agreement with the Company.  F-10      NOTE 4  INCOME TAXES  The Company had no current or deferred taxes for the years ended December 31, 2006 and 2005.  Due to the uncertainties related to, among other things, the possible changes in the ownership of the Company, which could subject loss carryforwards to substantial annual limitations, and the extent and timing of its future taxable income, management does not consider the realization of the deferred tax assets to be more likely than not and, accordingly, the Company offset the deferred tax asset by an equivalent valuation allowance and classified all deferred tax assets as non-current.  The components of the net deferred tax assets as of December 31, 2006 and 2005 are as follows:  20062005Tax net operating loss carry forward$10,136$9,204Related party interest216-Valuation allowance(10,352)(9,204)Net Deferred Tax Asset$-$-  During the years ended December 31, 2006 and 2005, the valuation allowance increased $1,148 and $1,266, respectively.  As of December 31, 2006, the Company had net operating loss carry forwards for federal income tax reporting purposes of $67,573 that will expire from 2008 through 2026.  The following is a reconciliation of the income tax at the federal statutory tax rate with the provision of income taxes for the years ended December 31:  20062005Income tax benefit at statutory rate (15%)$(1,148)$(1,266)Change in valuation allowance1,1481,266Net Provision for Income Taxes$-$-   F-11