<PAGE>

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                  FORM 10-QSB/A

                                (AMENDMENT NO. 1)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

     FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2003

                                       OR

[ ]  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 0-13615

                                 CELLCOM I CORP.
                 (Name of small business issuer in its charter)

<TABLE>
<S>                                                          <C>
           DELAWARE                                              06-1106964
(State or other jurisdiction of                                 (IRS Employer
incorporation or organization)                               Identification No.)
</TABLE>

                             520 SOUTH FOURTH STREET
                             LAS VEGAS, NEVADA 89101
               (Address of principal executive offices) (Zip Code)

                                 (702) 353-5168
         (Small business issuer's telephone number, including area code)

Check whether the small business issuer: (1) has 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 small business issuer was required to file
such reports) and (2) has been subject to such filing requirements for the past
90 days. Yes [ ] No [X]

As of January 20, 2006, the Issuer had 15,875,270 shares of common stock, $.001
par value, outstanding.

Transitional Small Business Disclosure Format (Check one): Yes [ ] No [X]

<PAGE>

                                EXPLANATORY NOTE

This Amendment No. 1 to the Registrant's Quarterly Report on Form 10-QSB for the
quarterly period ended March 31, 2003 is being filed to reflect the completion
of the quarterly review of the Registrant's interim financial statements
included herein by Piercy Bowler Taylor & Kern ("PBTK"), the Registrant's
independent registered public accountant. The interim financial statements
previously filed with the Quarterly Report on Form 10-QSB for the quarterly
period ended March 31, 2003 contained interim financial statements for which
review by PBTK had not been completed, notwithstanding the Registrant's mistaken
belief at the time of the filing that review of such interim financial
statements had been completed by PBTK.


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<PAGE>

                                 Cellcom I Corp.

                         Quarterly report on Form 10-QSB
                          Quarter ended March 31, 2003

Table of contents

<TABLE>
<S>                                                                          <C>
PART I  - FINANCIAL INFORMATION

Item 1.   Financial statements

          Balance sheets as of March 31, 2003 (unaudited) and
          September 30, 2002                                                  4

          Statements of operations for the three months ended March 31,
          2003 and March 31, 2002 (unaudited)                                 5

          Statements of operations for the six months ended March 31,
          2003 and March 31, 2002 (unaudited)                                 6

          Statements of stockholders' equity (deficiency) for the six
          months ended March 31, 2003 (unaudited)                             7

          Statements of cash flows for the six months ended March 31,
          2003 and March 31, 2002 (unaudited)                                 8

          Notes to financial statements  (unaudited)                          9

Item 2.   Management's Discussion and Analysis or Plan of Operation          10

Item 3.   Controls and procedures                                            10

PART II - OTHER INFORMATION

Item 6.   Exhibits and reports on Form 8-K                                     12

Signatures                                                                     13
</TABLE>


                                       3
<PAGE>

PART I - FINANCIAL INFORMATION

Item 1. Financial statements

                                 CELLCOM I CORP.
                                 BALANCE SHEETS
                MARCH 31, 2003 (UNAUDITED) AND SEPTEMBER 30, 2002


<TABLE>
<CAPTION>
                                                            March 31,    September 30,
                                                              2003            2002
                                                          ------------   -------------
<S>                                                       <C>            <C>
ASSETS
CURRENT ASSETS:
   Cash                                                   $        450   $        253
   Accounts receivable                                          80,717
   Prepaid expenses                                              1,322          1,260
   Loan receivable, officer                                     11,662         16,800
                                                          ------------   ------------
                                                          $     94,151   $     18,314
                                                          ============   ============
LIABILITY AND STOCKHOLDERS' EQUITY (DEFICIENCY)
CURRENT LIABILITY:
   Accounts payable                                       $     81,211   $     81,628
                                                          ------------   ------------
STOCKHOLDERS' EQUITY (DEFICIENCY)
   Common stock, $.001 par value;100,000,000
      shares authorized and 15,625,270 shares
      issued and outstanding                                    15,625         15,625
   Additional paid-in capital                               11,049,705     11,045,955
   Deficit                                                 (11,052,390)   (11,124,895)
                                                          ------------   ------------
                                                                12,940        (63,315)
                                                          ------------   ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)   $     94,151   $     18,314
                                                          ============   ============
</TABLE>

See notes to financial statements.

                                        4


<PAGE>

                                 CELLCOM I CORP.
                      STATEMENTS OF OPERATIONS (UNAUDITED)
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002


<TABLE>
<CAPTION>
                                          Three Months Ended
                                               March 31
                                      -------------------------
                                          2003          2002
                                      -----------   -----------
<S>                                   <C>           <C>
General and administrative expenses   $     4,432   $     9,328
Interest Income                               362           698
                                      -----------   -----------
NET LOSS                              $    (4,070)  $    (8,630)
                                      ===========   ===========
NET LOSS PER SHARE - (1)              $      (.00)  $      (.00)
                                      ===========   ===========
WEIGHTED AVERAGE NUMBER OF SHARES      15,625,270    15,625,270
                                      ===========   ===========
</TABLE>

(1) - Net loss per share is less than $.01 per share.

See notes to financial statements.


                                        5

<PAGE>

                                 CELLCOM I CORP.
                      STATEMENTS OF OPERATIONS (UNAUDITED)
                FOR THE SIX MONTHS ENDED MARCH 31, 2003 AND 2002


<TABLE>
<CAPTION>
                                           Six Months Ended
                                               March 31
                                      -------------------------
                                          2003          2002
                                      -----------   -----------
<S>                                   <C>           <C>
General and administrative expenses   $     8,974   $    18,375
Settlement gain                            80,717            --
Interest income                               762         1,516
                                      -----------   -----------
NET INCOME (LOSS)                     $    72,505   $   (16,859)
                                      ===========   ===========
NET INCOME (LOSS) PER SHARE - (1)     $       .00   $      (.00)
                                      ===========   ===========
WEIGHTED AVERAGE NUMBER OF SHARES      15,625,270    15,625,270
                                      ===========   ===========
</TABLE>

(1)  - Net income (loss) per share is less than $.01 per share.

See notes to financial statements.


                                        6

<PAGE>

                                 CELLCOM I CORP.
           STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY) (UNAUDITED)
                     FOR THE SIX MONTHS ENDED MARCH 31, 2003

<TABLE>
<CAPTION>
                                           Common Stock        Additional
                                       --------------------     paid-in
                                         Shares     Dollars     capital        Deficit       Total
                                       ----------   -------   -----------   ------------   --------
<S>                                    <C>          <C>       <C>           <C>            <C>
Balances October 1, 2002               15,625,270   $15,625   $11,045,945   $(11,124,895)  $(63,315)
Contributed capital
   in the form of officer's services           --        --         3,750             --      3,750
Net income                                     --        --            --         72,505     72,505
                                       ----------   -------   -----------   ------------   --------
Balances March 31, 2003                15,625,270   $15,625   $11,049,705   $(11,052,390)  $ 12,940
                                       ==========   =======   ===========   ============   ========
</TABLE>

See notes to financial statements.


                                        7

<PAGE>

                                 CELLCOM I CORP.
                      STATEMENTS OF CASH FLOWS (UNAUDITED)
                FOR THE SIX MONTHS ENDED MARCH 31, 2003 AND 2002

<TABLE>
<CAPTION>
                                                              2003       2002
                                                            --------   --------
<S>                                                         <C>        <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                                        $ 72,505   $(16,859)
   Adjustments to reconcile net income (loss) to net cash
      used in operating activities:
      Contributed capital in the form of
         officer's services                                    3,750
      Changes in operating assets and liabilities:
      Increase in settlement receivable                      (80,717)
      Increase in prepaid expenses                               (62)      (280)
      Increase (decrease) in accounts payable                   (417)     7,511
                                                            --------   --------
NET CASH USED IN OPERATING ACTIVITIES                         (4,941)    (9,628)
CASH FLOWS FROM INVESTING ACTIVITIES
   Loan repayments from officer                                5,138      9,784
                                                            --------   --------
NET CHANGE IN CASH                                               197        156
CASH AT BEGINNING OF THE PERIOD                                  253         58
                                                            --------   --------
CASH AT END OF PERIOD                                       $    450   $    214
                                                            ========   ========
</TABLE>

See notes to financial statements.


                                        8

<PAGE>

                                 CELLCOM I CORP.
                          NOTES TO FINANCIAL STATEMENTS

1.   BASIS OF PRESENTATION

     The interim financial information included herein is unaudited and has been
     prepared consistent with generally accepted accounting principals for
     interim financial information and with the instructions to Form 10-QSB and
     Item 310(b) of Regulation S-B. Accordingly, these financial statements do
     not include all information required by generally accepted accounting
     principals for annual financial statements. These statements should be read
     in conjunction with the audited financial statements and notes thereto
     included in the Company's annual report on Form 10-KSB for the year ended
     September 30, 2002, from which the balance sheet information as of that
     date is derived. These interim financial statements contain all adjustments
     necessary in the opinion of management for a fair statement of results for
     the interim periods presented.

     The results of operations for the three months and six months ended March
     31, 2003, are not necessarily indicative of the results to be expected for
     the full year.

2.   RELATED PARTY TRANSACTIONS

     Loan receivable - officer at March 31, 2003 consisted of a loan to the
     Company's president for $11,662. The loan bears interest at 10% per annum
     and the principal is due in full on June 30, 2003. The loan receivable was
     paid in full on April 18, 2003.

3.   SETTLEMENT ON PRIOR SALE

     In 1999, the Company sold its minority interest in a start-up cellular
     provider for $79,000. Following the sale, a claim was asserted in a class
     action initiated by another investor in the cellular provider in which it
     was alleged that the minority interest shareholders had been underpaid for
     their shares. In December 2004, the Company was notified by the attorneys
     for the minority shareholders that a settlement had been reached with the
     cellular provider. The Company received a settlement payment of $80,717 in
     December 2004.


                                       9

<PAGE>

Item 2. Management's Discussion and Analysis or Plan of Operation.

     Overview

     The Company was incorporated as Cellcom Corp. on October 26, 1983, under
     the laws of the State of Delaware. The business purpose of the Company was
     originally to engage in the purchase and resale of cellular service.
     However, in April 16, 1992, due to declining working capital, net operating
     losses and negative cashflow, the Company and its subsidiaries filed
     voluntary petitions for relief Chapter 11 of the United States Bankruptcy
     Code. The Company has had no operations since it came out of bankruptcy in
     October 1993.

     Plan of Operation

     The Company is not presently engaged in any business activities and has no
     operations, income producing assets or significant operating capital.
     Management has determined that, subject to stockholder approval, the best
     course of action for the Company is to complete a business combination with
     an existing business. Accordingly, any activities by the Company in the
     immediate future will be limited to investigating potential business
     combinations. Although the Company will consider any such opportunities
     that may present themselves, it is not yet actively engaged in seeking such
     opportunities.

     As of March 31, 2003, the Company did not have sufficient assets to pay its
     current and anticipated operating expenses for the current fiscal year
     ending September 30, 2003.

     If the Company embarks on a new business venture, no assurance can be given
     regarding the future success of such a business due to all the attendant
     costs and risks associated with starting or acquiring a new business.

     Critical Accounting Policies and Estimates

     Although the company has no current operations and will consider any
     business opportunities that may present themselves, since it is dormant,
     our financial statements are not presented as those of a development stage
     enterprise.

     Based on the Company's operating history to date, management does not
     believe realization of its deferred tax assets, principally a net operating
     loss carryforward, can yet be considered more likely than not and,
     accordingly, has provided a 100% valuation allowance.

Item 3. Controls and procedures.

     The Company's Chief Executive Officer and our Chief Financial Officer have
     conducted an evaluation of the effectiveness of the Company's disclosure
     controls


                                       10

<PAGE>

     and procedures (as such term is defined in Rules 13a-15 and 15d-15 under
     the Securities Exchange Act of 1934, as amended (the "Exchange Act") as of
     the quarter ended March 31, 2003.

     In connection with an independent audit of the Company's financial
     statements for the years ended September 30, 2005, 2004 and 2003, and
     reviews of the Company's quarterly financial statements, included in its
     quarterly reports on Form 10-QSB for periods ended during those years,
     Piercy, Bowler, Taylor & Kern ("PBTK"), its independent registered public
     accounting firm, informed the Company's Board of Directors in a
     communication dated January 19, 2006, (the "Auditors' Communication") that
     it had identified certain material weaknesses in the Company's internal
     controls over financial reporting. The material weaknesses relate to (i)
     the monitoring and segregation of responsibilities in the area of
     processing and recording transactions, and (ii) the reconciliation of cash
     accounts that were being maintained solely by the Chief Financial Officer
     of the Company without adequate procedures to protect against inadvertent
     errors and omissions, (iii) the lack of financial oversight by either an
     audit committee or the Board of Directors performing a similar function to
     reasonably assure completion of the appropriate SEC filings in a timely
     manner, and (iv) controls were not in place to reasonably assure that
     proper authorization would be given by PBTK prior to filing reports with
     the SEC. Accordingly, the Company did not file its annual and periodic
     filings for during 2003, 2004 and 2005 to remain compliant with SEC
     reporting requirements.

     Based upon the evaluation of the Company's management, including
     consideration of the Auditor's Communication received from PBTK, our Chief
     Executive Officer and Chief Financial Officer concluded that the Company's
     disclosure controls and procedures were ineffective to provide reasonable
     assurance that information required to be disclosed by us in reports that
     we file or submit under the Exchange Act, is recorded, processed,
     summarized and reported within the time periods specified in the SEC's
     rules and forms and to ensure that information required to be disclosed by
     the Company in such reports that we file under the Exchange Act is
     accumulated and maintained as appropriate, to allow timely decisions
     regarding required disclosures.

     Management is taking the remedial steps necessary to eliminate the material
     weaknesses relating to financial reporting and its disclosure controls,
     including to assure itself that the Board of Directors, as a whole,
     functions effectively as an audit committee to meet its financial oversight
     responsibilities. Other than the planned changes referred to above, there
     have been no changes made in the Company's internal controls or in other
     factors that could materially affect its internal controls subsequent to
     the end of the period covered by this report based on such evaluation.


                                       11

<PAGE>

PART II - OTHER INFORMATION

Item 6. Exhibits and reports on Form 8-K.

     (a)  Exhibits

15.1 Report of Independent Registered Public Accounting Firm

31.1 Certification of Chief Executive Officer pursuant to Section 302 of the
     Sarbanes-Oxley Act of 2002.

31.2 Certification of Chief Financial Officer pursuant to Section 302 of the
     Sarbanes-Oxley Act of 2002.

32.1 Certification of Chief Executive Officer pursuant to Section 906 of the
     Sarbanes-Oxley Act of 2002.

32.2 Certification of Chief Financial Officer pursuant to Section 906 of the
     Sarbanes-Oxley Act of 2002.

     (b)  Reports on Form 8-K.

     None.


                                       12

<PAGE>

                                   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.

Dated: March 16, 2007                   CELLCOM I CORP.


                                        By: /s/ David A. Obal
                                            ------------------------------------
                                            David A. Obal
                                            Chief Financial Officer
                                            (Duly authorized officer and
                                            Principal Financial Officer)


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