U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

               [X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 1999

                 [ ] Transition report under section 13 or 15(d)
                              of the Exchange Act.

                         COMMISSION FILE NUMBER 0-27153

                      SQUARE SHOOTER INTERNATIONAL LIMITED
                     --------------------------------------
        (EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)

                    DELAWARE                             95-4695878
                    --------                             ----------
         (STATE OR OTHER JURISDICTION OF              (I.R.S. EMPLOYER
          INCORPORATION OR ORGANIZATION)             IDENTIFICATION NO.)

                     918 ENGLAND DRIVE, KNOXVILLE, TN 37920
        ----------------------------------------------------------------
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

                                 (877) 340-0837
                                 --------------
                           (ISSUER'S TELEPHONE NUMBER)

             1130 FIRETHORN WAY, KNOXVILLE, TN 37923 (423) 531-5620
         (Former address and phone number if changed since last report)

     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  X    NO
                             ---      ---

     As of December  31, 1999,  there were  16,315,406  shares of Common  Stock,
$0.001 par value, of the issuer outstanding.

            Transitional Small Business Disclosure Format (check one)

                         YES       NO  X
                             ---      ---

<PAGE>


                      SQUARE SHOOTER INTERNATIONAL, LIMITED
                         (A DEVELOPMENT STAGE COMPANY)

                            10-QSB Quarterly Report

                                      INDEX

     PART I. FINANCIAL INFORMATION                            Page Numbers

       Item 1. Financial Statements

           BALANCE SHEETS AT DECEMBER 31, 1999 (UNAUDITED) AND
           SEPTEMBER 30, 1999                                        2

           UNAUDITED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS
           ENDED DECEMBER 31, 1999 AND DECEMBER 31, 1998 AND FROM
           JUNE 1, 1998 (INCEPTION) TO DECEMBER 31, 1999
           (UNAUDITED)                                               3

           UNAUDITED STATEMENTS OF CASHFLOW FOR THE THREE MONTHS
           ENDED DECEMBER 31, 1999 AND DECEMBER 31, 1998 AND FROM
           JUNE 1, 1998 (INCEPTION) TO DECEMBER 31, 1999
           (UNAUDITED)                                               4

           NOTES TO FINANCIAL STATEMENTS                             5-6



       Item 2. Management's Discussion and Analysis of
                Financial Condition and Results of Operations        7

     PART II. OTHER INFORMATION


           Item 2. Changes in Securities and Use of Proceeds         8


           Item 6. Exhibits and Reports filed on Form 8-K            8

                    Signatures                                       9


                                       1
<PAGE>

PART I    FINANCIAL INFORMATION

     Item 1.   Financial Statements

                    SQUARE SHOOTER INTERNATIONAL, LIMITED
                        (A DEVELOPMENT STAGE COMPANY)
                                BALANCE SHEETS


                                              December 31,
                                                  1999           September 30,
                                              (Unaudited)            1999
                                            --------------     ---------------

                                     ASSETS
CURRENT ASSETS
  Cash                                    $       20,530     $         9,646
                                            --------------     ---------------
   Total Current Assets                           20,530               9,646
                                            --------------     ---------------

PROPERTY & EQUIPMENT - NET                        64,270              64,270
                                            --------------     ---------------
TOTAL ASSETS                              $       84,800     $        73,916
------------                                ==============     ===============


                LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)

CURRENT LIABILITIES
  Accounts payable                        $       24,644     $        85,672
                                            --------------     ---------------
   Total Current Liabilities                      24,644              85,672
                                            --------------     ---------------

TOTAL LIABILITIES                                 24,644              85,672
                                            --------------     ---------------

STOCKHOLDERS' EQUITY (DEFICIENCY)
  Common stock, $0.001 par value,
   100,000,000 shares authorized,
   16,315,406 and 14,500,000 shares
   issued and outstanding                         16,315              14,500
  Additional paid-in capital                   1,848,032             205,590
  Accumulated deficit during
   development stage                          (1,804,191)           (231,846)
                                            --------------     ---------------
   Total Stockholders' Equity
   (Deficiency)                                   60,156             (11,756)
                                            --------------     ---------------

TOTAL LIABILITIES AND STOCKHOLDERS'
------------------------------------
  EQUITY (DEFICIENCY)                     $       84,800     $        73,916
  -------------------                       ==============     ==============


               See accompanying notes to financial statements.
                                      2
<PAGE>

                    SQUARE SHOOTER INTERNATIONAL, LIMITED
                        (A DEVELOPMENT STAGE COMPANY)
                           STATEMENTS OF OPERATIONS
                                 (UNAUDITED)

                                                                  For the Period
                                  For the Three  For the Three     From June 1,
                                  Months Ended    Months Ended  1998 (Inception)
                                  December 31,    December 31,    to December
                                      1999           1998           31, 1999
                                 -------------    -----------    --------------
SALES                          $        -              -              357,029

COST OF GOODS SOLD                      -              -              294,660
                                 -------------    -----------    --------------

GROSS PROFIT                            -              -               62,369
                                 -------------    -----------    --------------

OPERATING EXPENSES
  Contract services                1,550,190           -            1,619,988
  Royalty expense                       -              -               43,000
  Travel expense                       6,493           -               38,780
  Research and development              -              -              100,835
  Selling, general and
  administrative                      16,012           -               64,522
                                 -------------    -----------    --------------
   Total Operating Expenses        1,572,695           -            1,867,125
                                 -------------    -----------    --------------

LOSS FROM OPERATIONS              (1,572,695)          -           (1,804,756)
                                 -------------    -----------    --------------

OTHER INCOME                             350           -                  565
                                 -------------    -----------    --------------

LOSS BEFORE PROVISION FOR
  INCOME TAX                      (1,572,345)          -           (1,804,191)
                                 -------------    -----------    --------------

PROVISION FOR INCOME TAXES              -              -                 -
                                 -------------    -----------    --------------

NET LOSS                       $  (1,572,345)   $      -       $   (1,804,191)
--------                         =============    ===========    ==============

Net loss per share             $       (0.10)   $      -       $        (0.12)
                                 =============    ===========    ==============

Weighted average number of
  shares outstanding - basic
  and diluted                      15,597,529      14,500,000       14,670,992
                                 =============    ===========    =============

               See accompanying notes to financial statements.

                                       3
<PAGE>
<TABLE>
<CAPTION>
                    SQUARE SHOOTER INTERNATIONAL, LIMITED
                         (A DEVELOPMENT STAGE COMPANY)
                           STATEMENTS OF CASH FLOWS
                                 (UNAUDITED)

                                                                       For the period
                                  For the three       For the three     from June 1.
                                   month period       month period          1998
                                      ended              ended         (inception) to
                                   December 31,       December 31,       December 31,
                                       1999               1998              1999
                                  -------------       -------------    ---------------
<S>                               <C>                 <C>              <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
  Net Loss                        $  (1,572,345)      $         -      $   (1,804,191)
  Adjustments to reconcile net
   loss to net cash used in
   operating activities:
   Stock issued to consultants        1,500,000                 -           1,500,000
  Changes in assets and
  liabilities:
   Accounts payable                     (61,028)                -              24,644
                                  -------------       -------------    ---------------
     Net Cash Used In
      Operating Activities             (133,373)                -            (279,547)
                                  -------------       -------------    ---------------

 CASH FLOWS FROM INVESTING
   ACTIVITIES:
   Purchase of property and
   equipment                               -                    -             (64,270)
                                  -------------       -------------    ---------------
     Net cash used in
     investing activities                  -                    -             (64,270)
                                  -------------       -------------    ---------------

 CASH FLOWS FROM FINANCING
   ACTIVITIES:
   Proceeds from private
   placement, net of offering
   cost                                 144,257                 -             364,347
                                  -------------       -------------    ---------------
     Net cash provided by
      financing activities              144,257                 -             364,347
                                  -------------       -------------    ---------------
INCREASE IN CASH AND CASH
  EQUIVALENTS                            10,884                 -              20,530

CASH AND CASH EQUIVALENTS -
  BEGINNING OF PERIOD                     9,646                 -                -
                                  -------------       -------------    ---------------
CASH AND CASH EQUIVALENTS
-------------------------
  - END OF PERIOD                 $      20,530       $         -      $       20,530
  ---------------                 =============       =============    ===============
</TABLE>

               See accompanying notes to financial statements.
                                       4
<PAGE>


                    SQUARE SHOOTER INTERNATIONAL, LIMITED
                        (A DEVELOPMENT STAGE COMPANY)
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           AS OF DECEMBER 31, 1999

NOTE 1      BASIS OF PRESENTATION

            The accompanying unaudited interim consolidated financial statements
            have been prepared in accordance with generally accepted  accounting
            principles  and the  rules and  regulations  of the  Securities  and
            Exchange Commission for interim financial information.  Accordingly,
            they do not include all the information and footnotes  necessary for
            a comprehensive  presentation  of financial  position and results of
            operations.

            It  is   management's   opinion,   however,   that  all  adjustments
            (consisting of normal  recurring  adjustments)  have been made which
            are  necessary for a fair  financial  statements  presentation.  The
            results for the interim period are not necessarily indicative of the
            results to be expected for the year.

            For  further  information,  refer to the  financial  statements  and
            footnotes  included in the Company's Form 8-K/A filed on November 8,
            1999.

NOTE 2      STOCKHOLDERS' EQUITY

            (A) Issuance of Common Stock for Cash

            During the three months ended  December 31, 1999, the Company issued
            115,406 shares of common stock for proceeds of $144,257.

            (B) Issuance of Common Stock for Services

            During the three months ended  December 31, 1999,  1,200,000  common
            shares were issued for  services  to a  consultant.  The shares were
            valued at $1,500,000,  based upon recent  issuance of Square Shooter
            International   Limited   common  stock  sold  pursuant  to  private
            placements.

            (C) Recapitalization

            Pursuant to the merger  discussed  in Note 3, the 500,000  shares of
            United Raceway common stock that were outstanding at the merger date
            were recorded on the Company's books at par value with an offsetting
            charge to paid-in capital of $500. The accumulated  deficit,  in the
            amount of $61,946, of United Raceways at the time of merger was also
            charged to paid-in capital.

                                       5
<PAGE>


                    SQUARE SHOOTER INTERNATIONAL, LIMITED
                        (A DEVELOPMENT STAGE COMPANY)
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           AS OF DECEMBER 31, 1999


NOTE 3      MERGER

            On November 5, 1999, Square Shooter  International,  LLC consummated
            an  Agreement  and Plan of Merger with  United  Raceways,  Inc.  The
            agreement  called for the members of Square  Shooter  International,
            LLC  to  convert  their  units  into  14,500,000  shares  of  United
            Raceways,  Inc. common stock. Upon completion of the merger,  Square
            Shooter International,  LLC was dissolved and United Raceways,  Inc.
            was the surviving  entity.  United Raceways then changed its name to
            Square Shooter International  Limited. This business combination was
            treated as a recapitalization of Square Shooter International, LLC.





                                       6
<PAGE>


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

The  following  discussion  relates  to the  results of our  operations  for the
period, and our financial condition:

General
-------
Square Shooter's business is the development,  manufacture and marketing through
wholesale and retail outlets,  of a line of water and  organic-based  fertilizer
delivery  systems  for the lawn  and  garden  markets.  The  Company  has been a
development-stage  company with its activities consisting primarily of continued
research and development, test marketing of products and raising of funds.

Merger
------
On November 5, 1999, Square Shooter International,  LLC consummated an Agreement
and Plan of Merger with  United  Raceways,  Inc.  The  agreement  called for the
members  of Square  Shooter  International,  LLC to  convert  their  units  into
14,500,000 shares of United Raceways,  Inc. common stock. Upon completion of the
merger,  Square Shooter  International,  LLC was dissolved and United  Raceways,
Inc. was the surviving  entity.  United Raceways then changed its name to Square
Shooter  International  Limited.  This  business  combination  was  treated as a
recapitalization of Square Shooter International, LLC.

RESULTS OF OPERATIONS - THREE MONTHS ENDED DECEMBER 31, 1999
------------------------------------------------------------
The following  discussion and analysis below should be read in conjunction  with
the financial  statements,  including the notes thereto,  appearing elsewhere in
this report.

For the period since inception (June 1, 1998) through December 31, 1999,  during
the Company's development stage, the Company has a $20,500 cash balance, and has
generated a net loss of  ($1,804,191).  While  there were no revenues  generated
during  the  current  period,  the  Company  had  total  operating  expenses  of
$1,572,695,  consisting of $1,550,190  for consulting  services  provided to the
Company during its development  stage, (of which $1,500,000 was for stock issued
to consultants),  $16,012 for general and administrative expenses and $6,492 for
travel expense. There were no operations for the comparable period a year ago.

In this  period,  the Company  completed a test  marketing  program for its lawn
sprinkling  products at a major home  improvement  retail chain. The Company was
also  successful in qualifying for purchase of its lawn  sprinkling  products at
the largest retail chain in the United States.

FINANCIAL CONDITION AND LIQUIDITY
---------------------------------
The Company has an ongoing need to finance its activities.  To date, the Company
has funded  these cash  requirements  by offering  and selling its Common  Stock
through  private  placements  of its  securities.  For the current  period,  the
Company  received  $144,257 in cash  proceeds from the sale of its common stock.
The Company  intends to seek financing in the current year from continued  sales
of its securities through private placements,  issuance of debt securities, bank
borrowings and may offer its securities in a public offering.

                                       7
<PAGE>

PART II   OTHER INFORMATION

Item 2. Changes in Securities and Use of Proceeds

     Recent Sales of Unregistered Securities

     During the three  months  ended  December  31,  1999 the  Company  made the
following  issuances  and sales of  securities  in reliance  upon the  exemption
provided by Section 4(2) of the Securities Act of 1933.

     On November 5, 1999,  the merger date  between  United  Raceways and Square
Shooter LLC,  pursuant to the merger  agreement,  14,500,000  common shares were
issued by the Company in  exchange  for  membership  units,  4,862,000  of which
shares  were   issued  to   non-affiliate   employees   and   consultants.   The
employee/consultant  shares were  registered  under  Securities Act of 1933 Form
S-8, as amended.

     During the three months ended  December 31, 1999,  the Company sold 115,406
shares of common stock to accredited investors for cash proceeds of $144,257.

     During the three months ended  December  31,  1999,  the Company  issued an
aggregate  1,200,000  common  shares for  consulting  services.  The Company has
valued these shares at $1,500,000.


Item 6. Exhibits and Reports filed on Form 8-K

       (a)      Exhibits

       Exhibit No.     Description
       ----------      -----------
           27          Financial Data Schedule


       (b)      Reports on Form 8-K

                    None.




                                        8

<PAGE>


                                   SIGNATURES
                                   ----------

     In accordance with the requirements of the Securities Exchange Act of 1934,
the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                                        SQUARE SHOOTER INTERNATIONAL LIMITED
                                        ------------------------------------
                                        Registrant


 June 15, 2000                      By:      /s/ Edgar O. Harman
 ------------                           --------------------------------
                                            Edgar O. Harman
                                            Chief Financial Officer
                                           (Principal Financial Officer)





                                        9
<PAGE>


                                  EXHIBIT INDEX


Exhibit No.                Description
----------                 -----------
    27                     Financial Data Schedule





                                       10