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                                       June 30, 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 June 30, 1998
               and June 30, 1999                                          3

         Statement of Operations for the Three
         Months of June 30, 1998 and June 30, 1999                        4

         Cash Flow from Operating Activities for Six
         Months June 30, 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                                                       Jun 30 98               Jun 30 99
                                                             Q2 1998                 Q2 1999
                                                           ------------            ------------
ASSETS

<S>                                                            <C>                    <C>
Current Assets:
             Cash and Cash equivalents                          35,000                      76
             Prepaid Expenses                                        0                   1,856
                                                           ------------            ------------
                         Total Current Assets                   35,000                   1,932
                                                           ------------            ------------

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

Total Assets                                                    35,000                  64,412
                                                           ============            ============


LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
             Accounts payable and accrued expenses              75,000                   4,780
                                                           ------------            ------------
                         Total Current Liabilities              75,000                   4,780

Total Liabilities                                               75,000                   4,780
                                                           ------------            ------------

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)               (138,368)
                                                           ------------            ------------
                         Total Stockholders Equity             (40,000)                 59,632

Total Liabilities and Stockholders' Equity                      35,000                  64,412
                                                           ============            ============

</TABLE>

                                       3
<PAGE>


       AMERICAN URANIUM, INC.
      STATEMENT OF OPERATIONS

                                                         Three       Three
                                                         Months      Months
                                                         June 30,    June 30,
                                                          1998        1999

Revenues                                                   -           -

Cost of Revenues                                           -           -

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

Other Costs
             General and administrative expenses           -            2,353
                         Total other costs

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

Net Loss before Benefit from Income Taxes                  0           (2,353)
                                                      ------------------------

Benefit from taxes

Net Loss                                                   0           (2,353)
                                                      ========================


                                       4
<PAGE>


 American Uranium, Inc.
 Statement of cash flow



                                                                     Six
                                                                     Months
                                                                     ended Jun
                                                                     30, 1999

 Cash Flows from Operating Activities:
 Net loss                                                            (37,048)

 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                                           (8,013)
                                                                   ----------
 Net Cash Used in Operating Activities                               (41,709)

 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                           (24,370)
 Cash and Cash Equivalents, beginning of year                         24,446
                                                                   ==========
 Cash and Cash Equivalents, end of year                                   76
                                                                   ==========

                                       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 to be 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.

                                       6
<PAGE>

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.

AMERICAN URANIUM
NOTES TO FINANCIAL STATEMENTS
(Continued)

1. COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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 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.

                                      7
<PAGE>

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.
                                       8
<PAGE>

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.

         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.

Second Quarter 1999

         American Uranium did not conduct any business during the second 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 June 30, 1999 was $1,932.
The working capital requirements of American Uranium has been funded by the sale
of securities  and loans from  shareholders.  During the second quarter of 1999,
American Uranium sold no shares of common stock and did not borrow funds.

                                      9
<PAGE>

         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.

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.

                                       10
<PAGE>

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.

                                       11
<PAGE>
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

                                   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)


                                       12