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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB

|X|   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
      EXCHANGE ACT OF 1934


                FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2005

                                       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 0-51420

                          ----------------------------


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

               FLORIDA                                       20-3061892
  (State or other jurisdiction of                         (I.R.S. Employer
   incorporation or organization)                       Identification Number)

            854 NE 78TH STREET                                  33487
            BOCA RATON, FLORIDA                               (Zip Code)
  (Address of principal executive offices)

                                 (561) 512-0655
                (Issuer's telephone number, including area code)

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 |_|

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes |X| No |_|

Transitional Small Business Disclosure Format (check one):  Yes |_| No  |X|

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest practicable date.

                 Class                          Outstanding at October 31, 2005
--------------------------------------          -------------------------------
Common Stock, $.01 par value per share                   5,000,000 shares

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<PAGE>

                             QUETZAL CAPITAL I, INC.

                                TABLE OF CONTENTS

                                                                            PAGE
PART I FINANCIAL INFORMATION                                                  2

   Item 1. Financial Statements                                               2

      Balance Sheet                                                           2

      Statements of Operations                                                3

      Statements of Cash Flows                                                4

      Notes to Financial Statements                                           5

   Item 2. Management's Discussion and Analysis or Plan of Operation          8

   Item 3. Controls and Procedures                                            9

PART II OTHER INFORMATION                                                    10

   Item 6. Exhibits                                                          10

SIGNATURES                                                                   11

 Exhibit 31.1                                                                13
 Exhibit 32.1                                                                14


<PAGE>

                          PART I FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                             QUETZAL CAPITAL I, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                                  BALANCE SHEET
                               SEPTEMBER 30, 2005
                                   (UNAUDITED)

                                     ASSETS


CURRENT ASSETS:
     Cash & cash equivalents                                         $    5,000
                                                                     ----------
             Total assets                                            $    5,000
                                                                     ==========

               LIABILITIES AND SHAREHOLDERS' DEFICIENCY

CURRENT LIABILITIES:
     Accounts payable & accrued expenses                             $    7,656
                                                                     ----------

SHAREHOLDERS' DEFICIENCY
     Common stock, $.001 par value, 100,000,000 shares authorized;
        5,000,000 issued and outstanding                                  5,000
     Accumulated deficit                                                 (7,656)
                                                                     ----------
             Total shareholders' deficiency                              (2,656)
                                                                     ----------
             Total liabilities and shareholders' deficiency          $    5,000
                                                                     ==========


            See accompanying notes to unaudited financial statements


                                       2
<PAGE>

<TABLE>
<CAPTION>
                                              QUETZAL CAPITAL I, INC.
                                           (A DEVELOPMENT STAGE COMPANY)
                                             STATEMENTS OF OPERATIONS

                                                    (Unaudited)

                                                           FOR THE THREE MONTH PERIOD    JUNE 27, 2005 (INCEPTION)
                                                            ENDED SEPTEMBER 30, 2005       TO SEPTEMBER 30, 2005
                                                           --------------------------    ------------------------
<S>                                                        <C>                           <C>
REVENUE:                                                                 $         --                 $        --

EXPENSES:
      ORGANIZATION COSTS                                                           --                         156
      ACCOUNTING                                                                   --                       5,000
      LEGAL                                                                        --                       2,500
                                                                         ------------                 -----------
NET LOSS                                                                 $         --                 $    (7,656)
                                                                         ============                 ===========
BASIC AND DILUTED NET LOSS PER SHARE                                     $         --                 $    (0.002)

WEIGHTED AVERAGE NUMBER OF SHARES USED IN CALCULATING
    BASIC AND DILUTED NET LOSS PER SHARE                                    5,000,000                   5,000,000
                                                                         ============                 ===========


                             See accompanying notes to unaudited financial statements
</TABLE>


                                                         3
<PAGE>

<TABLE>
<CAPTION>
                                              QUETZAL CAPITAL I, INC.
                                           (A DEVELOPMENT STAGE COMPANY)
                                             STATEMENTS OF CASH FLOWS

                                                    (UNAUDITED)

                                                           FOR THE THREE MONTH PERIOD    JUNE 27, 2005 (INCEPTION)
                                                            ENDED SEPTEMBER 30, 2005      TO SEPTEMBER 30, 2005
                                                           --------------------------    ------------------------
<S>                                                        <C>                           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net loss                                                             $         --                 $    (7,656)
    Increase in accounts payable                                                   --                       7,656
                                                                         ------------                 -----------
               Net cash used in operating activities                               --                          --

CASH FLOWS FROM FINANCING ACTIVITIES:
    Proceeds from issuance of common stock                                         --                       5,000
                                                                         ------------                 -----------
NET INCREASE IN CASH & CASH EQUIVALENTS                                            --                       5,000
                                                                         ------------                 -----------
CASH & CASH EQUIVALENTS, BEGINNING BALANCE                                      5,000                          --
                                                                         ------------                 -----------
CASH & CASH EQUIVALENTS, ENDING BALANCE                                  $      5,000                 $     5,000
                                                                         ============                 ===========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

NONCASH INVESTING AND FINANCING TRANSACTIONS
    Taxes paid                                                           $         --                 $        --
                                                                         ============                 ===========
    Interest paid                                                        $         --                 $        --
                                                                         ============                 ===========


                             See accompanying notes to unaudited financial statements
</TABLE>


                                                         4
<PAGE>

                             QUETZAL CAPITAL I, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                          NOTES TO FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2005


NOTE 1 - BASIS OF PRESENTATION

      The accompanying unaudited interim financial statements have been prepared
in accordance  with the rules and  regulations  of the  Securities  and Exchange
Commission for the  presentation of interim  financial  information,  but do not
include  all the  information  and  footnotes  required  by  generally  accepted
accounting principles for complete financial  statements.  The audited financial
statements for the period June 27, 2005  (Inception)  through June 30, 2005 were
filed on August  1,  2005  with the  Securities  and  Exchange  Commission  (the
"Commission")  and are hereby  referenced.  In the  opinion of  management,  all
adjustments  considered  necessary for a fair  presentation  have been included.
Operating  results for the three month period ended  September  30, 2005 and for
the  period  June  27,  2005  (Inception)  through  September  30,  2005 are not
necessarily  indicative  of the results  that may be expected for the year ended
December 31, 2005.

NOTE 2 - ACCOUNTING POLICIES AND OPERATIONS

ORGANIZATION

      Quetzal Capital I, Inc. (the "Company"),  a development stage company, was
incorporated  in Florida on June 27,  2005.  The  Company  intends to serve as a
vehicle to effect asset acquisition,  merger, exchange of capital stock or other
type of business  combination with a domestic or foreign business.  At September
30, 2005, the Company had not yet commenced any formal  business  operations and
all activity to date related to the Company  formation,  capital stock issuance,
professional   fees  with  regard  to  the  filings  with  the   Commission  and
identification of businesses. The Company's fiscal year ends on December 31st.

CASH AND CASH EQUIVALENTS

      The Company  considers  all highly liquid debt  instruments  with original
maturities of three months or less to be cash equivalents.

EARNINGS PER SHARE

      The Company  computes  earnings per share in accordance  with Statement of
Accounting  Standards No. 128,  "Earnings per Share" ("SFAS No. 128"). Under the
provisions of SFAS No. 128, basic earnings per share is computed by dividing the
net income (loss) for the period by the weighted average number of common shares
outstanding  during  the  period.  Diluted  earnings  per share is  computed  by
dividing the net income (loss) for the period by the weighted  average number of
common and  potentially  dilutive common shares  outstanding  during the period.
Potentially dilutive common shares consist of the common shares.

USE OF ESTIMATES

      The  preparation  of financial  statements in conformity  with  accounting
principles   generally  accepted  in  the  United  States  of  America  requires
management  to make  estimates  and  assumptions  that affect  certain  reported
amounts and  disclosures.  Accordingly,  actual  results could differ from those
estimates.

INCOME TAXES

      The Company  accounts for income  taxes in  accordance  with  Statement of
Financial Accounting Standards No. 109, "Accounting for Income Taxes." Under the
asset and liability method of Statement 109, deferred tax assets and liabilities
are  recognized  for the  estimated  future  tax  consequences  attributable  to
differences  between the financial statement carrying amounts of existing assets
and  liabilities  and their  respective  tax  bases.  Deferred  tax  assets  and
liabilities are measured using enacted tax rates in effect for the year in which
those temporary differences are expected to be recovered or settled.


                                       5
<PAGE>

FAIR VALUE OF FINANCIAL INSTRUMENTS

      Substantially  all of the Company's  assets and liabilities are carried at
fair value or contracted amounts that approximate fair value.  Estimates of fair
value are made at a specific point in time, based on relative market information
and information about the financial instrument,  specifically,  the value of the
underlying financial instrument.  Assets that are recorded at fair value consist
largely if the other  assets,  which are  carried  at  contracted  amounts  that
approximate  fair  value.  Similarly,   the  Company's  liabilities  consist  of
liabilities recorded at fair value.

RECENT ACCOUNTING PRONOUNCEMENTS

      In April 2002, the FASB issued SFAS 145, Rescission of FASB Statements No.
4,  44,  and  64,  Amendment  of  the  FASB  Statement  No.  13,  and  Technical
Corrections.  SFAS 145  rescinds  the  provisions  of SFAS  No. 4 that  requires
companies  to classify  certain  gains and losses from debt  extinguishments  as
extraordinary  items,  eliminates  the  provisions  of  SFAS  No.  44  regarding
transition  to the Motor  Carrier Act of 1980 and amends the  provisions of FASB
No. 13 to require that certain lease  modifications be treated as sale leaseback
transactions.  The  provisions  of FASB 145  related to  classification  of debt
extinguishments are effective for fiscal years beginning after May 15, 2002. The
provisions  of  SFAS  145  related  to  lease  modifications  is  effective  for
transactions occurring after May 15, 2002. Earlier application is encouraged.

      In July  2002,  the  FASB  issued  SFAS  No.  146,  Accounting  for  Costs
Associated with Exit or Disposal Activities.  The standard requires companies to
recognize  costs  associated  with  exit or  disposal  activities  when they are
incurred  rather than at the date of a commitment  to an exit or disposal  plan.
Examples of costs covered by the standard  include lease  termination  costs and
certain  employee  severance  costs that are  associated  with a  restructuring,
discontinued operation, plant closing, or other exit or disposal activity.

      In July  2002,  the FASB  issued  SFAS No.  147,  Acquisitions  of Certain
Financial   Institutions.   The  provisions  of  this  Statement  institute  the
application  of  the  purchase  method  of  accounting  to all  acquisitions  of
financial   institutions,   except  transactions  between  two  or  more  mutual
enterprises.  Further,  the  provisions  of the  Statement  that  relate  to the
application  of Statement 144 apply to certain  long-term  customer-relationship
intangible  assets  recognized  in an  acquisition  of a financial  institution,
including those acquired in transactions between mutual enterprises.

GOING CONCERN

      The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern,  which contemplates the realization of
assets and the satisfaction of liabilities in the normal course of business. The
amounts of assets and liabilities in the financial  statements do not purport to
represent realizable or settlement values.  However, the Company has incurred an
operating loss. Such loss may impair its ability to obtain additional financing.
This factor raises  substantial doubt about the Company's ability to continue as
a going concern.  The financial  statements do not include any adjustments  that
might  result  from the  outcome of this  uncertainty.  The  Company has met its
historical working capital  requirements from sale of capital shares.  Owners of
the shares,  in order not to burden the  Company,  have agreed to pay its annual
audit fees,  filing costs and legal fees as long as the board of directors deems
it necessary.  However,  there can be no assurance that such  financial  support
shall be ongoing or available on terms or conditions acceptable to the Company.

NOTE 3 - SHAREHOLDERS' EQUITY

      On June 27, 2005, the Company issued 5,000,000 shares of common stock, par
value $.001 per share,  to its  initial  shareholder  in exchange  for $5,000 in
cash.


                                       6
<PAGE>

NOTE 4 - INCOME TAXES

      The  components  of the  Company's  tax provision as of September 30, 2005
were as follows:

      Current income tax expense                           $           --
      Deferred income tax (benefit)                                    --
                                                           --------------
                                                           $           --
                                                           ==============

      Deferred  income  taxes  reflect  the net income  tax effect of  temporary
differences  between  the  carrying  amounts of the assets and  liabilities  for
financial  reporting  purposes and amounts used for income taxes.  The Company's
deferred income tax assets and liabilities consist of the following:

      Net operating loss carryforward                      $        2,948
                                                           --------------

      Deferred tax asset                                            2,948
      Valuation allowance                                          (2,948)
                                                           --------------
      Net Deferred tax asset                               $           --
                                                           ==============

      Net operating loss carryforwards totaled approximately $7,656 at September
30, 2005. The net operating loss  carryforwards will begin to expire in the year
2025 if not utilized. After consideration of all the evidence, both positive and
negative,  management  has recorded a valuation  allowance at September 30, 2005
due to uncertainty of realizing the deferred tax assets.

      The  reconciliation  of  the  income  tax  computed  at the  U.S.  Federal
statutory rate to income tax expense for the period September 30, 2005:

      Tax expense (benefit) at Federal rate (35%)          $       (2,680)

      State income tax, net of Federal benefit                       (268)

      Change in valuation allowance                                 2,948
                                                           --------------
      Net income tax (benefit) allowance                   $           --
                                                           ==============

      Utilization of the Company's net operating loss  carryforwards are limited
based on changes in ownership as defined in Internal Revenue Code Section 382.


                                       7
<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

OVERVIEW

      Quetzal Capital I, Inc., a Florida corporation (the "Company",  "us", "we"
and "our"),  is a development stage company  conducting no business  operations,
other than our efforts to effect a business  combination  with a target business
that  desires  to  utilize  our  status  as a  reporting  corporation  under the
Securities  Exchange Act of 1934,  as amended  (the  "Exchange  Act"),  which we
consider to have significant growth potential.  To date, we have neither engaged
in any operations nor generated any revenue.  We have generated no cash flow. We
cannot  predict to what  extent our  liquidity  and  capital  resources  will be
diminished  prior to the  consummation of a business  combination or whether our
capital will be further depleted by the operating  losses, if any, of the target
business with which we may effectuate a business  combination.  The continuation
of our  business  is  dependent  upon our ability to obtain  adequate  financing
arrangements, effectuate a business combination and ultimately, engage in future
profitable operations.

      Presently,  we are not in a position to meet our cash requirements for the
next 12  months.  We  neither  generate  any cash  revenue  nor cash  flow.  Our
operating  costs,  which  include  professional  fees and  costs  related  to an
anticipated  business  combination,  are likely to exceed  $5,000,  which is our
available  cash.  It is  possible  that a business  combination  might not occur
during the next 12 months,  if at all. In the event we cannot meet our operating
costs  prior  to the  effectuation  of a  business  combination,  we  may  cease
operations and a business combination may not occur.

      Prior to the occurrence of a business  combination,  we may be required to
raise capital through the sale or issuance of additional  securities in order to
ensure that we can pay our operating expenses.  As of September 30, 2005, we had
a total of $5,000 in cash. As of the date of this report,  no commitments of any
kind to  provide  additional  funds  have  been  made by  management,  our  sole
shareholder,  Talles Family  Holdings,  or any other third person.  There are no
agreements or understandings of any kind with respect to any loans to be made on
our behalf.  Accordingly,  there can be no assurance that any  additional  funds
will be available to allow us to cover our operating expenses.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

      A summary of significant  accounting policies is provided in Note 1 to our
financial  statements  included  in our 2005 Form  10-SB.  Our sole  officer and
director  believes that the application of these policies on a consistent  basis
enables the Company to provide useful and reliable  financial  information about
the Company's operating results and financial condition.

      The  preparation  of financial  statements  in conformity  with  generally
accepted  accounting  principles  requires our sole officer and director 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 will differ from those estimates.

PLAN OF OPERATION

      The Company was  incorporated  in Florida on June 27,  2005.  We intend to
serve as a vehicle to effect  asset  acquisition,  merger,  exchange  of capital
stock or other type of business combination with a domestic or foreign business.
At September 30, 2005 we had not yet commenced  any formal  business  operations
and all activity to date has related to the Company's  formation,  capital stock
issuance,  professional  fees with regard to the  subject  matter of the filings
with the  Commission  and  identification  of  businesses.  We did not incur any
expenses during the three-month period ended September 30, 2005.


                                       8
<PAGE>

RECENT ACCOUNTING PRONOUNCEMENTS

      In April 2002, the Financial  Accounting  Standards  Board ("FASB") issued
SFAS 145, Rescission of FASB Statements No. 4, 44, and 64, Amendment of the FASB
Statement No. 13, and Technical Corrections. SFAS 145 rescinds the provisions of
SFAS No. 4 that  requires  companies to classify  certain  gains and losses from
debt extinguishments as extraordinary  items,  eliminates the provisions of SFAS
No. 44  regarding  transition  to the Motor  Carrier  Act of 1980 and amends the
provisions of FASB No. 13 to require that certain lease modifications be treated
as  sale  leaseback  transactions.   The  provisions  of  FASB  145  related  to
classification of debt  extinguishments are effective for fiscal years beginning
after May 15, 2002. The provisions of SFAS 145 related to lease modifications is
effective for transactions  occurring after May 15, 2002. Earlier application is
encouraged.

      In July  2002,  the  FASB  issued  SFAS  No.  146,  Accounting  for  Costs
Associated with Exit or Disposal Activities.  The standard requires companies to
recognize  costs  associated  with  exit or  disposal  activities  when they are
incurred  rather than at the date of a commitment  to an exit or disposal  plan.
Examples of costs covered by the standard  include lease  termination  costs and
certain  employee  severance  costs that are  associated  with a  restructuring,
discontinued operation, plant closing, or other exit or disposal activity.

      In July  2002,  the FASB  issued  SFAS No.  147,  Acquisitions  of Certain
Financial   Institutions.   The  provisions  of  this  Statement  institute  the
application  of  the  purchase  method  of  accounting  to all  acquisitions  of
financial   institutions,   except  transactions  between  two  or  more  mutual
enterprises.  Further,  the  provisions  of the  Statement  that  relate  to the
application  of Statement 144 apply to certain  long-term  customer-relationship
intangible  assets  recognized  in an  acquisition  of a financial  institution,
including those acquired in transactions between mutual enterprises.

ITEM 3.  CONTROLS AND PROCEDURES

      The Company's  disclosure  controls and  procedures are designed to ensure
that  information  required to be  disclosed in reports that it files or submits
under the Exchange Act is recorded,  processed,  summarized and reported  within
the time periods specified in the rules and forms of the Securities and Exchange
Commission  (the  "Commission").  Our sole officer and director has reviewed the
effectiveness  of the  Company's  disclosure  controls and  procedures  and have
concluded that the disclosure controls and procedures, as of September 30, 2005,
are  effective in timely  alerting her to material  information  relating to the
Company  that is  required  to be  included  in its  periodic  filings  with the
Commission.

      In  connection  with its  evaluation  during the  quarterly  period  ended
September  30, 2005,  the Company has made no change in the  Company's  internal
controls over financial  reporting that has materially affected or is reasonably
likely to materially  affect the  Company's  internal  controls  over  financial
reporting.  There also were no significant  deficiencies or material  weaknesses
identified for which corrective action needed to be taken.


                                       9
<PAGE>

                            PART II OTHER INFORMATION

ITEM 6.  EXHIBITS

(a)   Exhibits

        Exhibit 31.1  302 Certification - Ellen J. Talles
        Exhibit 32.1  906 Certification - Ellen J. Talles


                                       10
<PAGE>

                                   SIGNATURES

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

                                    QUETZAL CAPITAL I, INC.


DATE: November 14, 2005

                                    By: /s/ Ellen J. Talles
                                      ------------------------------------------
                                      Ellen J. Talles
                                      President, Secretary and Treasurer
                                     (Principal Financial Officer and Authorized
                                      Officer)


                                       11
<PAGE>

                             Quetzal Capital I, Inc.

                                Index to Exhibits


Exhibit Number                       Description

Exhibit 31.1             302 Certification - Ellen J. Talles
Exhibit 32.1             906 Certification - Ellen J. Talles


                                       12