U.S. SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549
                                   FORM 10-Q

(X)  QUARTERLY  REPORT UNDER SECTION 13 OR 5(d) OF THE  SECURITIES  ACT OF 1934:
     For the Quarterly Period ended December 31, 1999


( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE EXCHANGE
     ACT For
     the transition period from ______________________ to ______________________


                         Commission File number 0-26037


                             AMERICAN URANIUM, INC.
        (Exact Name of small business issuer as specified in its charter)



   State of Incorporation: New Jersey    IRS Employer Identification Number: N/A


                            133 Richmond Street, West
                                   Suite # 311
                                Toronto, Ontario
                                     Canada
                                     M5H-2L3
                    (Address of principal executive offices)

                                 (416) 203-0010
                           (Issuer's telephone number)



         Check  whether  the issuer:  (1) has filed all  reports  required to be
filed by Section 13 or 15(d) of the  Exchange Act during the past 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  ____

         State the number of shares  outstanding of each of the issuer's classes
of common equity, as of the latest practicable date:

                                                               Outstanding at
                   Class                                       March 31, 1999

        Common Stock, $.001 par value                             9,058,261


Transitional Small Business Development Format:   YES ____    NO    X





<PAGE>



                             American Uranium, Inc.


PART I. FINANCIAL INFORMATION                                          Page No.
                                                                      ---------
      Financial Statements:
         Balance Sheets as at March 31, 1998
               and March 31, 1999                                         3
         Statement of Operations for the Three
               Months at March 31, 1998 and March 31, 1999                4

         Statements of Cash Flow for the Three Months
               Ended March 31, 1999                                       5

         Notes to Financial Statements                                    6

         Management's Discussion and Analysis of Financial
              Condition and Results of Operations                         7


PART II. OTHER INFORMATION                                                9

         Item 6 - Exhibits and Reports on Form 8-K

                                       2
<PAGE>

<TABLE>
<CAPTION>

                             AMERICAN URANIUM, INC.
                                 BALANCE SHEETS
                           AS aT Mar 31 98 Mar 31 99
                                                                            Q1 1998                 Q1 1999
                                                                         ------------            ------------
ASSETS

Current Assets:
<S>                                                                           <C>                      <C>
             Cash and Cash equivalents                                        35,000                   2,442
             Prepaid Expenses                                                      0                   1,856
                                                                         ------------            ------------
                         Total Current Assets                                 35,000                   4,298
                                                                         ------------            ------------

             Mineral Resource Assets                                               0                  61,819
             Furniture and Fixture - net                                           0                     661

Total Assets                                                                  35,000                  66,778
                                                                         ============            ============


LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
             Accounts payable and accrued expenses                            75,000                   4,794
                                                                         ------------            ------------
                         Total Current Liabilities                            75,000                   4,794

Total Liabilities                                                             75,000                   4,794
                                                                         ------------            ------------

Stockholders Equity
             Common stock, $.001 par value, 100,000,000                        2,500                   9,040
             shares authorized, 9,040,261 and 9,022,261
             shares issued and outstanding at September
             30, 1999 and 1998
             Additional paid-in-capital                                        7,500                 188,960
             Accumulated deficit                                             (50,000)               (136,015)
                                                                         ------------            ------------
                         Total Stockholders Equity                           (40,000)                 61,985

Total Liabilities and Stockholders' Equity                                    35,000                  66,778
                                                                         ============            ============
</TABLE>



                                       3
<PAGE>

       AMERICAN URANIUM, INC.
      STATEMENT OF OPERATIONS

                                                         Three       Three
                                                         Months      Months
                                                         Mar 31      Mar 31
                                                          1998        1999

Revenues                                                   -           -

Cost of Revenues                                           -           -

Gross Profit                                               -           -
                                                      ------------------------

Other Costs
             General and administrative expenses       (40,000)       (34,695)
                         Total other costs

Other Income and Expenses
             Interest Income                               0                0
             FX Gain (Loss)                                0                0
                                                      ------------------------

Net Loss before Benefit from Income Taxes              (40,000)       (34,695)
                                                      ------------------------

Benefit from taxes

Net Loss                                               (40,000)       (34,695)
                                                      ========================

                                       4

<PAGE>

American Uranium, Inc.
 Statement of cash flow
                                                             Three
                                                            Months
                                                            Mar 31
                                                             1999

 Cash Flows from Operating Activities:
 Net loss                                                   (34,695)

 Adjustments to reconcile net loss to net
     used in operating activities:
        Depreciation and amortization
        Change in prepaid expenses                            3,352
        Change in accounts payable and
           accrued expenses                                  (8,000)
                                                        --------------
 Net Cash Used in Operating Activities                      (39,343)

 Cash Flows from Investing Activities:
 Purchases of fixed assets                                     (661)
 Increase in Mineral Resource Assets                              -
                                                        --------------
 Net cash used in investing activities                         (661)

 Cash Flows from Financing Activities:
 Proceeds from the issuance of common stock                  18,000
                                                        --------------
 Net Cash provided by financing activities                   18,000


 Net Increase in Cash and Cash Equivalents                  (22,004)
 Cash and Cash Equivalents, beginning of year                24,446
                                                        ==============
 Cash and Cash Equivalents, end of year                       2,442
                                                        ==============
                                       5
<PAGE>


AMERICAN URANIUM
                          NOTES TO FINANCIAL STATEMENTS

1.       COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company

         American Uranium,  Inc.  (formerly  Zencrest Holdings Corp., Inc.) (the
"Company")  was formed in 1991 as a subsidiary  of People  Ridesharing  Systems,
Inc.  ("PRS") a company that filed for  reorganization  under  Chapter 11 of the
Bankruptcy Act. As a result of an arrangement with the Bankruptcy Court and PRS,
ownership of the Company was provided to the creditors and  stockholders  of PRS
who  received ten percent and five  percent,  respectively,  of the  outstanding
stock of the  Company  upon the sale of the Company  and in  contemplation  of a
merger. In addition, the Company sold eighty-five percent of the Company's stock
to nonaffiliated parties.

         On August 26, 1998 the Company commenced operations by entering into an
agreement with  PlatoroWest,  LLC  ("Platoro")  concerning  mineral  exploration
activities. The Company's operations will be in the identification, acquisition,
exploration,  development  ands  extraction of minerals,  primarily  focusing on
uranium and vanadium claims located in the United States.

Inventory

         Inventory  will be  valued  at  cost as  computed  under  the  last-in,
first-out  (LIFO)  method which  normally is lower than market.  For the type of
inventory the Company intends to maintain,  no segregation  among raw materials,
work in process and finished goods will be practicable.

Mineral Resource Assets

         Mineral  resource assets include costs associated with mineral interest
in properties and related equipment and facilities and other facilities required
for purposes of extraction.

Property, Plant and Equipment

         Property,  plant and equipment will include support  equipment and will
be amortized over the estimated useful life of the assets.

Revenue Recognition

         Revenue will be recognized upon shipment of the mined mineral.

Use of Management's Estimates

         The  preparation of financial  statements in conformity  with generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions  that  affect the  reported  amounts of assets and  liabilities  and
disclosure of  contingent  assets and  liabilities  at the date of the financial
statements  and the  reported  amounts  of  revenues  and  expenses  during  the
reporting period. Actual results could differ from those estimates.

Income Taxes

         The Company  follows  Statement of Financial  Accounting  Standards No.
109,  "  Accounting  for  Income  Taxes"  (SFAS  109").  SFAS 109  requires  the
recognition of deferred tax  liabilities  and assets for the expected future tax
consequences of events that have been included in the financial statement or tax


                                       6
<PAGE>

AMERICAN URANIUM, INC.
NOTES TO FINANCIAL STATEMENTS (Continued)

returns.  Under this method,  deferred tax liabilities and assets are determined
based on the difference between the financial statement carrying amounts and tax
bases of assets and liabilities using enacted tax related in effect in the years
in which the  differences  are  expected to reverse.  Valuation  allowances  are
established  when necessary to reduce deferred tax assets to the amount expected
to be realized.

Impairment of Long-Lived Assets

         The Company adopted Statement of Financial Accounting Standards No. 121
(SFAS  121),  "Accounting  for  the  Impairment  of  Long-Lived  Assets  and for
Long-Lived  Assets  to be  Disposed  of".  SFAS 121  requires  that if facts and
circumstances  indicated  that the cost of fixed  assets or other  assets may be
impaired,  an evaluation of  recoverability  would be performed by comparing the
estimated  future  undiscounted  pre-tax cash flows associated with the asset to
the asset's  carrying  value to  determine  if a  write-down  to market value or
discounted pre-tax cash flow value would be required.

Comprehensive Income

         For the year ended December 31, 1998, the Company adopted SFAS No. 130,
Reporting  Comprehensive  Income ("SFAS 130"). This statement  establishes rules
for the reporting of comprehensive  income and its components which require that
certain items such as foreign currency translation adjustments, unrealized gains
and losses on certain investments in debt and equity securities, minimum pension
liability  adjustments  and  unearned  compensation  expense  related  to  stock
issuances to employees be  presented as separated  components  of  stockholders'
equity. The adoption of SFAS 130 had no impact on total stockholder's equity for
either of the years presented in these financial statements.



MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Forward Looking Statements

         When used in this Form 10 and in future  filings  by  American  Uranium
with the Securities and Exchange  Commission,  the words or phrases "will likely
result,"  "management  expects," or "American Uranium expects," "will continue,"
"is  anticipated,"  "estimated" or similar  expressions are intended to identify
"forward-looking  statements"  within  the  meaning  of the  Private  Securities
Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance
on any such forward-looking  statements, each of which speak only as of the date
made. These statements are subject to risks and uncertainties, some of which are
described below.  Actual results may differ materially from historical  earnings
and those presently anticipated or projected. American Uranium has no obligation
to  publicly  release  the  result  of any  revisions  which  may be made to any
forward-looking  statements  to  reflect  anticipated  events  or  circumstances
occurring after the date of such statements.

Selected Financial Data

         Because  American  Uranium is a  development  stage  company,  selected
financial  date  would not be  meaningful.  Reference  is made to the  financial
statements of American Uranium included elsewhere in the document.

Fiscal Year 1998

         American Uranium did not conduct any business during 1998 that resulted
in revenues.  All of its activities  during 1998 were devoted to  establishing a
business plan and  conducting  limited  financing  activities to obtain  initial
working capital.



                                       7
<PAGE>

         During  1998,  American  Uranium  incurred  general and  administrative
expenses of $91,937.  These expenses were principally the costs associated with,
consulting fees, lease expenses,  professional  fees and salary of the president
of the company.  The largest  single amount was the cost of locating and staking
the  Graysill  Property and expenses  associated  with its mineral  assets which
aggregated $53,039. The total expenses, offset by $616 of interest,  resulted in
a loss for the fiscal year ended December 31, 1998 of $91,321.  Funding of these
expenses was from working capital.

First Quarter 1999

         American  Uranium did not conduct any business during the first quarter
of 1999 that resulted in any revenues.  All activities in the first quarter were
devoted to conducting limited financing activities to obtain working capital and
obtaining a quotation for the stock on the Nasdaq Bulletin Board.

Liquidity and Capital Requirements

         The working  capital of American  Uranium at March 31, 1999 was $4,298.
The working capital requirements of American Uranium has been funded by
the sale of securities.  In January 1999, American Uranium sold an 18,000 shares
of common stock for an aggregate of $18,000.

         American  Uranium  will  require  additional  financing  to continue to
develop its business plan and to begin its  implementation.  Management believes
this amount will be substantial.  American  Uranium  currently has no sources of
financing, including bank or private lending sources, or equity capital sources.
No assurance can be given that American  Uranium will be able to develop sources
of financing in the future.

         To  implement  the  staking,  evaluation,  development  and  extraction
aspects of its business plan, American Uranium will need substantial  additional
funding.  Because these requirements are in the more distant future,  management
has not yet begun to develop  methods of financing.  Management  expects that it
will use equity,  debt and other arrangements,  such as joint ventures,  to fund
these stages of its business plan.

Year 2000

Overview

         American  Uranium has evaluated  the potential  impact of the situation
commonly  referred to as the "Year 2000 Issue".  Y2K  concerns the  inability of
information systems, primarily computer software programs, to properly recognize
and process  date  sensitive  information  relating to the year 2000 and beyond.
Many of the  world's  computer  systems  currently  record  years in a two-digit
format. These computer systems will be unable to property interpret dates beyond
the year  1999,  which  could  lead to  business  disruptions  in the  U.S.  and
internationally.  The potential costs and uncertainties associated with Y2K will
depend on a number of factors,  including  software,  hardware and the nature of
the industry in which a company operates.

Accounting Systems and Production Equipment

         Because American Uranium has begun operations  during the later part of
1998,  management  believes  that the  computer  programs it  purchases  are Y2K
compliant.  At this time,  management  believes that it does not have any assets
with embedded computer chips or programs.  Mining data that American Uranium has
acquired or may purchase in the future is not subject to Y2K failure  because it
is  generally  pure data without  reference  to aging or time change.  Therefore
management does not expect to experience any Y2K failures.



                                       8
<PAGE>

Other Entity Compliance

         American  Uranium does not engage in electronic data  interchange  with
any  other  entity.  Therefore,  management  believes  it does  not have any Y2K
exposure  directly from other  entities and their  failure to be Y2K  compliant.
Tangently,  however, the failure of other entities to be Y2K compliant may cause
American Uranium issues, none of which are yet apparent to management.

Contingency Planning

         Management  does not have a contingency  plan for its computer  systems
because  it  believes  they are Y2K  compliant  or there  is no  material  risk.
Management  does not have a  contingency  plan in the event a critical  service,
supplier or customer will not be Y2K compliant.  Management does not expect that
their failure will have a material  impact  because  American  Uranium is in the
development stage and uses few services, has few suppliers and has no customers.
If critical services such as utilities,  communications or banking are affected,
operations of American Uranium will be disrupted.

Cost of Year 2000 Compliance

         American  Uranium has not spent any amount on Y2K  compliance.  It does
not expect to have to spend any material amount on Y2K compliance in the future.






PART II.          OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

Reports on Form 8-K: None

Exhibits

Exhibit No.                Exhibit

(27.1)                     Financial Date Schedule


                                      9
<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.


                                    AMERICAN URANIUM, INC.



Date: November 12, 1999             By:   /s/ Glen Akselrod
                                       ----------------------
                                          Glen Akselrod
                                          President and
                                          Chief Financial Officer (Principal
                                          Financial and Accounting Officer)


                                       10