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

                                 FORM 10-QSB/A-1

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

                For the quarterly period ended September 30, 1999

                                       OR

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

                  For the period from _________ to ____________

                        Commission File Number 000-22681

                             FINANTRA CAPITAL, INC.
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        (Exact name of small business issuer as specified in its charter)


          Delaware                                      13-3571419
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(State or other jurisdiction of                      I.R.S. Employer
incorporation or organization)                    Identification Number

        150 South Pine Island Road, Suite 500, Plantation, Florida 33324
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                    (Address of Principal Executive Offices)

                                 (954) 577-9225
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                           (Issuer's Telephone 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  X      No
                                   ----       ----
         State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date:

                                              Number of Shares Outstanding
                  Class                          on November 12, 1999
                  -----                       ----------------------------
  Common Stock, par value $.01 per share             9,275,224 shares
                                                     ---------

  Transitional Small Business Disclosure Format   Yes      No   X
                                                     -----    ------

         This Amendment No. 1 to Form 10-QSB for Finantra Capital, Inc., a
Delaware corporation (the "Company"), for the quarterly period ended September
30, 1999 (the "September 1999 Form 10-QSB"), is being filed solely to correct
typographical errors appearing in the Stockholders' equity section of the
Company's Condensed Consolidated Balance Sheet at September 30, 1999.
Specifically, the Company has authorized 50,000,000 shares of Common Stock, $.01
par value per share, and 10,000,000 shares of Preferred Stock, $.01 par value
per share, and not 10,000,000 shares of Common Stock and 5,000,000 shares of
Preferred Stock as initially reported in the Company's September 1999 Form
10-QSB. Only the revised Liabilities and Stockholders' Equity section of the
Company's Condensed Consolidated Balance Sheet at September 30, 1999 is being
filed herewith.


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                             FINANTRA CAPITAL, INC.
                                AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEET
                               SEPTEMBER 30, 1999
                                   (UNAUDITED)

                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------

<TABLE>
<CAPTION>
                                                                                              1999
                                                                                              ----
<S>                                                                                       <C>
Current liabilities:
   Accounts payable                                                                          $ 1,582,768
   Accrued expenses                                                                              429,068
   Client payouts                                                                              1,253,926
   Client reserves                                                                             4,192,645
   Line-of-credit                                                                             27,319,082
   Notes payable                                                                                 500,000
   Current portion of long-term debt                                                             803,091
   Obligation under capital lease                                                                  3,791
   Notes payable - related parties                                                               130,000
   Due to factoring clients                                                                    1,281,651
   Dividends payable - preferred stock                                                            91,281
                                                                                        -----------------
              Total current liabilities                                                       37,563,014


Other liabilities:
   Deferred lease interest                                                                       161,991
   Notes payable, net of current portion                                                       8,545,823
                                                                                        -----------------
              Total long-term debt                                                             8,707,814


                                                                                        -----------------
              Total liabilities                                                               46,270,828
                                                                                        -----------------


Minority interest                                                                                 24,289


Stockholders' equity:
Preferred stock, 10,000,000 shares authorized, 3,458,817 issued:
Series A 10% redeemable convertible preferred stock,  $.01 par
   value, 2,958,817 shares issued and outstanding ( liquidation value
   of $2,958,817 plus accumulated dividends)                                                      29,587
Series B convertible preferred stock, $.01 par value, 500,000 shares
   authorized, 500,000 shares issued and outstanding                                               5,000
Series C 6% convertible preferred stock,  $.01 par value, 3780 shares
   authorized, 3780 shares issued and outstanding                                                     38
Common Stock, $.01 par value, 50,000,000 shares authorized,
   6,389,927 shares issued  and outstanding                                                       85,093
Treasury stock, 14,600 shares at cost                                                            (34,644)
Additional paid-in-capital                                                                    23,258,389
Accumulated deficit                                                                           (5,057,039)
                                                                                        -----------------
              Total stockholders' equity                                                      18,286,424
                                                                                        -----------------


Total liabilities and stockholders' equity                                                  $ 64,605,830
                                                                                        =================
</TABLE>


     See accompanying notes to condensed consolidated financial statements.

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                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant caused
this Amendment No. 1 to Form 10-QSB to be signed on its behalf of the
undersigned, thereunto duly authorized.


                                   FINANTRA CAPITAL, INC.


Dated:  December 1, 1999           By: /s/ Robert D. Press
                                       -------------------
                                       ROBERT D. PRESS, Chairman of the Board,
                                          Chief Executive Officer and
                                          Chief Financial Officer
                                          (Principal Executive and Financial
                                          Officer)


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