----

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|  OMB                APPROVAL                                                                                                                                                                   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| OMB              Number: 3235-0070Expires:                January 31, 2008Estimated                average burden hours                per                response...    192.00 |

**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**_________________________**

**FORM      10-Q/A**

**AMENDMENT      NO. 1**

| **x** | **QUARTERLY                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934** |
|-------|------------------------------------------------------------------------------------------------------------------------------------------|

| **o**** ** | **TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934** |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------|

**_________________________**

**BLACKHAWK      CAPITAL GROUP BDC, INC.**

|  Delaware                                                                                |    20-1031329                                             |
|----------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|
|  (State                or other jurisdiction of                incorporation or organization) |  (I.R.S.                Employer Identification                No.) |

|   **14                  Wall Street, 11th                  Floor, New York,** |  **NY                  10005**           |   |
|-----------------------------------------------------------------------------------------|-----------------------------------------------|--------|
|   (Address                  of principal executive                  offices)  |    (Zip                  Code) |   |

**(212)      566-8300**

**_________________________**

----

| Class                                           |   | Outstanding                on October 31, 2005 |
|-------------------------------------------------|--------|------------------------------------------------|
| Common                Stock, $0.00001 par value |   | 23,626,781                                     |

**      Potential persons who are to respond to the collection of information contained      in this form are not required to respond unless the form displays a currently      valid OMB control number.**

----

**BLACKHAWK      CAPITAL GROUP BDC, INC.**

**INDEX**

|                              |   |                                                        |                                                                                                                                                                                                                                                                                               |                 **Page** |   |
|-----------------------------------|--------|-------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|--------|
| **PART                I. **  |   | **                   FINANCIAL INFORMATION** |                                                                                                                                                                                                                                                                                               |                               |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                               |                               |   |   |   |
|  Item                1.      |   |                                                        | Financial                Statements.                                                                                                                                                                                                                                                               |                               |   | 4 |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                               |                               |   |   |   |
|                              |        |                                                             | Report                of Independent Registered Public Accounting Firm                                                                                                                                                                                                                             |                               |   | 6 |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                               |                               |   |   |   |
|                              |   |                                                        | Statement                of Assets and Liabilities as of September 30, 2005 (unaudited) and                December 31, 2004                                                                                                                                                                       |                               |   | 7 |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                                    |                               |   |  |   |
|                              |   |                                                        | Statement                of Operations for the three months ended September 30, 2005 (unaudited)                and September 30, 2004, the nine months ended September 30, 2005                and from                inception (April 22, 2004) through September 30,                2004  |                               |   | 8 |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                                    |                               |   |  |   |
|                              |   |                                                        | Statement                of Changes in Net Assets for the nine months ended September 30,                2005                (unaudited) and from inception (April 22, 2004) through December                31,                2004                                                          |                               |   | 9 |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                                    |                               |   |  |   |
|                              |   |                                                        | Statement                of Stockholders' Equity from inception (April 22, 2004) to September                30,                2005 (unaudited)                                                                                                                                                   |                               |   | 10 |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                               |                               |   |   |   |
|                              |   |                                                        | Statement                of Cash Flows for the nine months ended September 30, 2005 (unaudited)                and                from inception (April 22, 2004) to September 30, 2004                                                                                                            |                               |   | 11 |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                                    |                               |   |  |   |
|                              |   |                                                        | Notes                to Financial Statements                                                                                                                                                                                                                                             |                               |   | 12 |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                                    |                               |   |  |   |
|  Item                2.      |   |                                                        | Management’s                Discussion and Analysis of Financial Condition and Results of Operations.                                                                                                                                                                                        |                               |   | 16 |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                                    |                               |   |  |   |
|  Item                3.      |   |                                                        | Quantitative                and Qualitative Disclosures about Market Risk.                                                                                                                                                                                                                         |                               |   | 19 |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                                    |                               |   |  |   |
|  Item                4.      |   |                                                        | Controls                and Procedures.                                                                                                                                                                                                                                                            |                               |   | 19 |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                                    |                               |   |  |   |
|                              |   |                                                             |                                                                                                                                                                                                                                                                                               |
| ** PART                II.** |   |                                                        | **OTHER                INFORMATION**                                                                                                                                                                                                                                                               |                               |   |  |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                               |                               |   |   |   |
|  Item                1.      |   |                                                        | Legal                Proceedings.                                                                                                                                                                                                                                                                  |                               |   | 19 |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                               |                               |   |   |   |
|  Item                2.      |   |                                                        | Unregistered                Sales of Equity Securities and Use of Proceeds.                                                                                                                                                                                                                        |                               |   | 19 |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                                    |                               |   |  |   |
| Item                3.       |   |                                                        | Defaults                upon Senior Securities.                                                                                                                                                                                                                                                    |                               |   | 20 |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                                    |                               |   |  |   |
|  Item                4.      |   |                                                        | Submission                of Matters to a Vote of Security Holders.                                                                                                                                                                                                                                |                               |   | 20 |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                                    |                               |   |  |   |
|  Item                5.      |   |                                                        | Other                Information.                                                                                                                                                                                                                                                                  |                               |   | 20 |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                                    |                               |   |  |   |
|  Item                6.      |   |                                                        | Exhibits.                                                                                                                                                                                                                                                                                          |                               |   | 20 |   |
|                              |   |                                                        |                                                                                                                                                                                                                                                                                                    |                               |   |  |   |

----

**EXPLANATORY      NOTE**

**PART      I. FINANCIAL INFORMATION**

**Item      1. Financial Statements.**

----

***Paritz      & Company, P.A.***

**BLACKHAWK      CAPITAL GROUP BDC INC.**

*WITH*

*REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM*

*NINE      MONTHS ENDED SEPTEMBER 30, 2005*

----

|  **Paritz                  & Company, P.A.** |   |  15                  Warren Street, Suite 25Hackensack,                  New Jersey 07601(201)342-7753Fax:                  (201) 342-7598E-Mail:                  paritz @paritz.com |
|-------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Certified                  Public Accountants   |   |                                                                                                                                                                                       |

**REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**Blackhawk      Capital Group BDC Inc.**

***Paritz      & Company, P.A.***

----

**BLACKHAWK      CAPITAL GROUP BDC INC.**

|                                                                         |   | SEPTEMBER                30, 2005 |       | DECEMBER                31, 2004 |   |
|------------------------------------------------------------------------------|--------|-----------------------------------|------------|----------------------------------|--------|
|                                                                         |   | (Unaudited)                       |       |                             |   |
|                                                                         |   |                              |       |                             |   |
| **ASSETS:**                                                                  |   |                              |       |                             |   |   |   |
| Cash                                                                         |   | $                                 | 83,304     |                             | $      | 13,600 |   |
| Prepaid                insurance                                             |   |                              | 2,775      |                             |   | — |   |
| Deferred                offering costs                                       |   |                              | —    |                             |   | 87,635 |   |
|                                                                         |   |                              |       |                             |   |   |   |
| **TOTAL                ASSETS**                                              |   | **$**                             | **86,079** |                             | **$**  | **101,235** |   |
|                                                                         |   |                              |       |                             |   |   |   |
|                                                                         |   |                              |       |                             |   |   |   |
| **LIABILITIES**                                                              |   |                              |       |                             |   |   |   |
| Due                to affiliated company                                     |   | $                                 | 40,475     |                             | $      | 91,908 |   |
| Accrued                expenses                                              |   |                              | 1,849      |                             |   | 5,000 |   |
| Due                to former stockholder in connection with stock rescission |   |                              | 45         |                             |   | 45 |   |
| **TOTAL                LIABILITIES**                                         |   |                              | **42,369** |                             |   | **96,953** |   |
|                                                                         |   |                              |       |                             |   |   |   |
|                                                                         |   |                              |       |                             |   |   |   |
| **NET                ASSETS**                                                |   |                              |       |                             |   |   |   |
| Preferred                stock, par value $.00001 per share                  |   |                              |       |                             |   |   |   |
| 15,000,000                shares authorized,                                 |   |                              |       |                             |   |   |   |
| 8,500,000                shares issued and outstanding in                    |   |                              |       |                             |   |   |   |
| 2005                and 2004, respectively                                   |   |                              | 85         |                             |   | 85 |   |
| Common                stock, par value $.00001 per share                     |   |                              |       |                             |   |   |   |
| 1,000,000,000                shares authorized,                              |   |                              |       |                             |   |   |   |
| 23,626,781                and 8,591,901 shares issued                        |   |                              |       |                             |   |   |   |
| and                outstanding in 2005 and 2004, respectively                |   |                              | 236        |                             |   | 86 |   |
| Additional                paid-in capital                                    |   |                              | 79,190     |                             |   | 16,626 |   |
| Accumulated                net investment loss                               |   |                              | (35,801    | )                                |   | (12,515 | ) |
| **TOTAL                NET ASSETS**                                          |   |                              | **43,710** |                             |   | **4,282** |   |
|                                                                         |   |                              |       |                             |   |   |   |
| **TOTAL                LIABILITIES AND NET ASSETS**                          |   | **$**                             | **86,079** |                             | **$**  | **101,235** |   |
|                                                                         |   |                              |       |                             |   |   |   |
| **NET                ASSET VALUE PER COMMON SHARE**                          |   | **$**                             | **.00185** |                             | **$**  | **.00050** |   |
|                                                                         |   |                              |       |                             |   |   |   |
|                                                                         |   |                              |       |                             |   |   |   |

----

**BLACKHAWK      CAPITAL GROUP BDC INC.**

|                                         |   |  **THREE                MONTHS ENDED****SEPTEMBER                30,** |           |                **NINE                MONTHS****ENDED** |   |                **FROM                INCEPTION****(APRIL                22, 2004)****THROUGH** |   |
|----------------------------------------------|--------|-----------------------------------------------------------------------------|----------------|-------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------|--------|
|                                         |   | **2005**                                                                    |           | **2004**                                                    |   | **SEPTEMBER                30, 2005**                                                               |   | **SEPTEMBER                30, 2004** |   |
| **INVESTMENT                INCOME:**        |   |                                                                        |           |                                                        |   |                                                                                                |   |   |   |   |   |   |   |
| Interest                income               |   | $                                                                           | 391            |                                                        | $      | —                                                                                             |   | $ | 701 |   | $ | — |   |
| **TOTAL                INVESTMENT INCOME**   |   |                                                                        | **391**        |                                                        |   | —                                                                                             |   |   | **701** |   |   | — |   |
|                                         |   |                                                                        |           |                                                        |   |                                                                                                |   |   |   |   |   |   |   |
| **EXPENSES:**                                |   |                                                                        |           |                                                        |   |                                                                                                |   |   |   |   |   |   |   |
| Professional                fees             |   |                                                                        | 5,230          |                                                        |   | —                                                                                             |   |   | 6,730 |   |   | — |   |
| Consulting                fees               |   |                                                                        | —        |                                                        |   | —                                                                                             |   |   | 12,000 |   |   | — |   |
| Filing                fees                   |   |                                                                        | 350            |                                                        |   | 75                                                                                                  |   |   | 1,910 |   |   | 75 |   |
| Insurance                                    |   |                                                                        | 2,892          |                                                        |   | —                                                                                             |   |   | 2,892 |   |   | — |   |
| Other                                        |   |                                                                        | —        |                                                        |   | —                                                                                             |   |   | 455 |   |   | — |   |
| **TOTAL                EXPENSES**            |   |                                                                        | **8,472**      |                                                        |   | **75**                                                                                              |   |   | **23,987** |   |   | **75** |   |
|                                         |   |                                                                        |           |                                                        |   |                                                                                                |   |   |   |   |   |   |   |
|                                         |   |                                                                        |           |                                                        |   |                                                                                                |   |   |   |   |   |   |   |
| **NET                INVESTMENT (LOSS) AND** |   |                                                                        |           |                                                        |   |                                                                                                |   |   |   |   |   |   |   |
| **NET                DECREASE IN ASSETS**    |   |                                                                        |           |                                                        |   |                                                                                                |   |   |   |   |   |   |   |
| **RESULTING                FROM OPERATIONS** |   | **$**                                                                       | **(8,081**     | **)**                                                       | **$**  | **(75**                                                                                             | **)**  | **$** | **(23,286** | **)** | **$** | **(75** | **)** |
|                                         |   |                                                                        |           |                                                        |   |                                                                                                |   |   |   |   |   |   |   |
|                                         |   |                                                                        |           |                                                        |   |                                                                                                |   |   |   |   |   |   |   |
| **LOSS                PER COMMON SHARE,**    |   |                                                                        |           |                                                        |   |                                                                                                |   |   |   |   |   |   |   |
| **BASIC                AND DILUTED**         |   | **$**                                                                       | **(0.00034**   | **)**                                                       | **$**  | **(0.00001**                                                                                        | **)**  | **$** | **(0.00120** | **)** | **$** | **(0.00001** | **)** |
|                                         |   |                                                                        |           |                                                        |   |                                                                                                |   |   |   |   |   |   |   |
| **WEIGHTED                AVERAGE SHARES**   |   |                                                                        |           |                                                        |   |                                                                                                |   |   |   |   |   |   |   |
| **OUTSTANDING,                BASIC AND**    |   |                                                                        |           |                                                        |   |                                                                                                |   |   |   |   |   |   |   |
| **DILUTED**                                  |   |                                                                        | **23,626,781** |                                                        |   | **6,500,000**                                                                                       |   |   | **19,361,755** |   |   | **6,500,000** |   |

----

**BLACKHAWK      CAPITAL GROUP BDC INC.**

|                                                      |   |  **NINE                MONTHS**** ENDED****SEPTEMBER                30, 2005** |        | **FROM                INCEPTION****(APRIL                22, 2004)**** TO****DECEMBER                31, 2004** |   |
|-----------------------------------------------------------|--------|------------------------------------------------------------------------------------------|-------------|----------------------------------------------------------------------------------------------------------------------|--------|
| **DECREASE                IN NET ASSETS FROM OPERATIONS** |   |                                                                                     |        |                                                                                                                 |   |   |   |
| Net                investment loss                        |   | $                                                                                        | (23,286     | )                                                                                                                    | $      | (12,515 | ) |
|                                                      |   |                                                                                     |        |                                                                                                                 |   |   |   |
| **NET                DECREASE IN NET ASSETS**             |   |                                                                                     |        |                                                                                                                 |   |   |   |
| **RESULTING                FROM OPERATIONS**              |   |                                                                                     | **(23,286** | **)**                                                                                                                |   | **(12,515** | **)** |
|                                                      |   |                                                                                     |        |                                                                                                                 |   |   |   |
|                                                      |   |                                                                                     |        |                                                                                                                 |   |   |   |
|                                                      |   |                                                                                     |        |                                                                                                                 |   |   |   |
|                                                      |   |                                                                                     |        |                                                                                                                 |   |   |   |
| **CAPITAL                STOCK TRANSACTIONS:**            |   |                                                                                     |        |                                                                                                                 |   |   |   |
| Proceeds                from common stock sold            |   |                                                                                     | 88,917      |                                                                                                                 |   | 21,069 |   |
| Conversion                of a portion of amounts owed    |   |                                                                                     |        |                                                                                                                 |   |   |   |
| to                affiliate into common stock             |   |                                                                                     | 61,432      |                                                                                                                 |   | — |   |
| Offering                costs                             |   |                                                                                     | (87,635     | )                                                                                                                    |   | (4,272 | ) |
|                                                      |   |                                                                                     |        |                                                                                                                 |   |   |   |
|  **NET                INCREASE IN NET ASSETS FROM**  |   |                                                                                     |        |                                                                                                                 |   |   |   |
| **CAPITAL                STOCK TRANSACTIONS**             |   |                                                                                     | **62,714**  |                                                                                                                 |   | **16,797** |   |
|                                                      |   |                                                                                     |        |                                                                                                                 |   |   |   |
| **TOTAL                INCREASE IN NET ASSETS**           |   |                                                                                     | **39,428**  |                                                                                                                 |   | **4,282** |   |
|                                                      |   |                                                                                     |        |                                                                                                                 |   |   |   |
| **NET                ASSETS - BEGINNING OF PERIOD**       |   |                                                                                     | **4,282**   |                                                                                                                 |   | — |   |
|                                                      |   |                                                                                     |        |                                                                                                                 |   |   |   |
| **NET                ASSETS - END OF PERIOD**             |   | **$**                                                                                    | **43,710**  |                                                                                                                 | **$**  | **4,282** |   |

----

**BLACKHAWK      CAPITAL GROUP BDC INC.**

|                                                                                                                 |   |      |    | **COMMON                STOCK** |   | **PREFERRED                STOCK** |   | **ADDITIONAL****PAID                - IN** |    | **A                CCUMULATED****NET****INVESTMENT** |   |
|----------------------------------------------------------------------------------------------------------------------|--------|-----------|---------|---------------------------------|--------|------------------------------------|--------|--------------------------------------------|---------|------------------------------------------------------|--------|
|                                                                                                                 |   | **TOTAL** |    | **SHARES**                      |   | **AMOUNT**                         |   | **SHARES**                                 |    | **AMOUNT**                                           |   | **CAPITAL** |   | **LOSS** |   |
| Sale                of formation stock to founders                (at $.00001 per share)                             |   |      | 150     |                            |   | 6,500,000                          |   | $                                          | 65      |                                                 |   | 8,500,000 |   | $ | 85 |   | $ | — |   | $ | — |   |
| Sale                of stock pursuant to offering plan (at $.01 per share)                                           |   |      | 20,919  |                            |   | 2,091,901                          |   |                                       | 21      |                                                 |   | — |   |   | — |   |   | 20,898 |   |   | — |   |
| Offering                costs                                                                                        |   |      | (4,272  | )                               |   | —                            |   |                                       | — |                                                 |   | — |   |   | — |   |   | (4,272 | ) |   | — |   |
| Net                loss                                                                                              |   |      | (12,515 | )                               |   | —                            |   |                                       | — |                                                 |   | — |   |   | — |   |   | — |   |   | (12,515 | ) |
|                                                                                                                 |   |      |    |                            |   |                               |   |                                       |    |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                - December 31, 2004                                                                           |   |      | 4,282   |                            |   | 8,591,901                          |   |                                       | 86      |                                                 |   | 8,500,000 |   |   | 85 |   |   | 16,626 |   |   | (12,515 | ) |
| Sale                of stock pursuant to offering                plan (at $.01 per share)                            |   |      | 88,917  |                            |   | 8,891,680                          |   |                                       | 89      |                                                 |   | — |   |   | — |   |   | 88,828 |   |   | — |   |
| Conversion                of a portion of                amount owed to affiliate (at                $.01 per share) |   |      | 61,432  |                            |   | 6,143,200                          |   |                                       | 61      |                                                 |   | — |   |   | — |   |   | 61,371 |   |   | — |   |
| Offering                costs                                                                                        |   |      | (87,635 | )                               |   | —                            |   |                                       | — |                                                 |   | — |   |   | — |   |   | (87,635 | ) |   | — |   |
| Net                loss                                                                                              |   |      | (23,286 | )                               |   | —                            |   |                                       | — |                                                 |   | — |   |   | — |   |   | — |   |   | (23,286 | ) |
| Balance                - September 30, 2005                                                                          |   |      |    |                            |   |                               |   |                                       |    |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| (Unaudited)                                                                                                          |   | $         | 43,710  |                            |   | 23,626,781                         |   | $                                          | 236     |                                                 |   | 8,500,000 |   | $ | 85 |   | $ | 79,190 |   | $ | (35,801 | ) |

----

**BLACKHAWK      CAPITAL GROUP BDC INC.**

|                                                                                          |   | **NINE                MONTHS ENDED****SEPTEMBER                30. 2005** |        | **FROM                INCEPTION****(APRIL                22, 2004)****TO****SEPTEMBER                30, 2004** |   |
|-----------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|-------------|-----------------------------------------------------------------------------------------------------------------|--------|
| **CASH                FLOWS FROM OPERATING****AND                INVESTING ACTIVITIES:**      |   |                                                                      |        |                                                                                                            |   |   |   |
| ** **Net                investment loss and decrease in                                  |   |                                                                      |        |                                                                                                            |   |   |   |
| ** **                net assets resulting from operations                                |   | $                                                                         | (23,286     | )                                                                                                               | $      | (75 | ) |
| ** **Adjustments                to reconcile net decrease:                               |   |                                                                      |        |                                                                                                            |   |   |   |
| ** **Decrease                in accrued expenses                                         |   |                                                                      | (3,151      | )                                                                                                               |   | — |   |
| ** **Increase                in prepaid expenses                                         |   |                                                                      | (2,775      | )                                                                                                               |   | — |   |
| **NET                  CASH USED IN OPERATING **AND                  INVESTING ACTIVITIES**** |   |                                                                      | **(29,212** | **)**                                                                                                           |   | **(75** | **)** |
| **CASH                FLOWS FROM FINANCING ACTIVITIES:**                                      |   |                                                                      |        |                                                                                                            |   |   |   |
| ** **Net                proceeds from the issuance of stock                              |   |                                                                      | 88,917      |                                                                                                            |   | 150 |   |
|  Loan                from affiliated company                                             |   |                                                                      | 9,999       |                                                                                                            |   | 89,482 |   |
|  Deferred                offering costs                                                  |   |                                                                      | —     |                                                                                                            |   | (89,407 | ) |
|                                                                                          |   |                                                                      |        |                                                                                                            |   |   |   |
| **NET                CASH PROVIDED BY FINANCING ACTIVITIES**                                  |   |                                                                      | **98,916**  |                                                                                                            |   | **270** |   |
|                                                                                          |   |                                                                      |        |                                                                                                            |   |   |   |
| **NET                INCREASE IN CASH**                                                       |   |                                                                      | **69,704**  |                                                                                                            |   | **195** |   |
|                                                                                          |   |                                                                      |        |                                                                                                            |   |   |   |
| **CASH                - BEGINNING OF PERIOD**                                                 |   |                                                                      | **13,600**  |                                                                                                            |   | **—** |   |
|                                                                                          |   |                                                                      |        |                                                                                                            |   |   |   |
| **CASH                - END OF PERIOD**                                                       |   | **$**                                                                     | **83,304**  |                                                                                                            | **$**  | **195** |   |
|                                                                                          |   |                                                                      |        |                                                                                                            |   |   |   |
| **Non-cash                financing activities:**                                             |   |                                                                      |        |                                                                                                            |   |   |   |
| Conversion                of amount due affiliated company                                    |   |                                                                      |        |                                                                                                            |   |   |   |
| into                common stock                                                              |   | $                                                                         | 61,432      |                                                                                                            | $      | — |   |
|                                                                                          |   |                                                                      |        |                                                                                                            |   |   |   |
| Deferred                offering costs charged to                                             |   |                                                                      |        |                                                                                                            |   |   |   |
| additional                paid-in capital                                                     |   | $                                                                         | 87,635      |                                                                                                            | $      | — |   |

----

**BLACKHAWK      CAPITAL GROUP BDC INC.**

| **1** | **SIGNIFICANT                ACCOUNTING POLICIES** |
|-------|----------------------------------------------------|

***Business      description***

***Basis      of presentation***

***Restated      financial statements***

| **2              ** | **STOCKHOLDERS’                EQUITY** |
|-------------------------------------------------------------------------------------------|-----------------------------------------------|

----

| **3             ** | **INCOME                TAXES** |
|-------------------------------------------------------------------------------------|---------------------------------|

| **4             ** | **DUE                TO AFFILIATED COMPANY** |
|-------------------------------------------------------------------------------------|----------------------------------------------|

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| **5              ** | **RELATED                PARTY TRANSACTIONS** |
|-------------------------------------------------------------------------------------------|-----------------------------------------------|

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| **6              ** | **FINANCIAL                HIGHLIGHTS** |
|-------------------------------------------------------------------------------------------|-----------------------------------------|

|                                                                  |   | THREE                MONTHS ENDED SEPTEMBER                30. 2005 |       | NINE                MONTHSENDED SEPTEMBER                30. 2005 |   |
|-----------------------------------------------------------------------|--------|--------------------------------------------------------------------------|------------|------------------------------------------------------------------------|--------|
| **Per                Share Data:**                                    |   |                                                                     |       |                                                                   |   |   |   |
| Net                asset value - beginning of period                  |   | $                                                                        | 0.00460    |                                                                   | $      | 0.00050 |   |
|                                                                  |   |                                                                     |       |                                                                   |   |   |   |
| Net                investment loss *                                  |   |                                                                     | (0.00034   | )                                                                      |   | (0.00120 | ) |
| Issuance                of common stock                               |   |                                                                     | —    |                                                                   |   | 0.00796 |   |
| Dilutive                effect of share issuance/other                |   |                                                                     | (0.00241   | )                                                                      |   | (0.00541 | ) |
|                                                                  |   |                                                                     |       |                                                                   |   |   |   |
| Net                asset value - end of period                        |   |                                                                     | 0.00185    |                                                                   |   | 0.00185 |   |
|                                                                  |   |                                                                     |       |                                                                   |   |   |   |
| **Total                return based on net asset value ****           |   |                                                                     | (74        | %)                                                                     |   | (240 | %) |
|                                                                  |   |                                                                     |       |                                                                   |   |   |   |
| Common                shares outstanding - end of period***           |   |                                                                     | 23,626,781 |                                                                   |   | 23,626,781 |   |
|                                                                  |   |                                                                     |       |                                                                   |   |   |   |
| **Ratio/Supplemental                Data**:                           |   |                                                                     |       |                                                                   |   |   |   |
|                                                                  |   |                                                                     |       |                                                                   |   |   |   |
| Net                assets - end of period                             |   | $                                                                        | 43,710     |                                                                   | $      | 43,710 |   |
|                                                                  |   |                                                                     |       |                                                                   |   |   |   |
| Ratio                of net investment loss to average net assets**** |   |                                                                     | (42        | %)                                                                     |   | (69 | %) |
|                                                                  |   |                                                                     |       |                                                                   |   |   |   |
| Ratio                of operating expenses to average net assets****  |   |                                                                     | 44         | %                                                                      |   | 72 | % |
|                                                                  |   |                                                                     |       |                                                                   |   |   |   |
|                                                                  |   |                                                                     |       |                                                                   |   |   |   |

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| **7             ** | **SUBSEQUENT                EVENTS** |
|-------------------------------------------------------------------------------------|--------------------------------------|

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

*Overview*

*Accounting      Policies*

*Basis      of Presentation*

----

*Use      of Estimates in the Preparation of Financial Statements*

*Valuation      of Long-Lived and Intangible Assets*

*Income      Taxes*

*Portfolio      and Investment Activity*

*Investment      Strategy*

----

*Results      of Operations*

*Sales      Revenues*

*General      and Administrative Expenses*

*Other      Income (Expenses)*

*Liquidity      and Capital Resources*

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**Item      3. Quantitative and Qualitative Disclosures about Market      Risk.**

**Item      4. Controls and Procedures.**

**PART      II. OTHER INFORMATION**

**Item      1. Legal Proceedings. **

**Item      2. Unregistered Sales of Equity Securities and Use of      Proceeds.**

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**Item      3. Defaults upon Senior Securities.**

**Item      4. Submission of Matters to a Vote of Security Holders.**

**Item      5. Other Information.**

**Item      6. Exhibits.**

| Exhibit                No. |   | Description                                                                                                                                     |
|----------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|
|                       |   |                                                                                                                                            |
| 31.1                       |   | Certification                by Chief Executive Officer Pursuant to Section 302 of the Sarbanes                Oxley                Act of 2002 |
|                       |   |                                                                                                                                            |
| 31.2                       |   | Certification                by Chief Financial Officer Pursuant to Section 302 of the Sarbanes                Oxley                Act of 2002 |
|                       |   |                                                                                                                                            |
| 32.1                       |   | Certification                by Chief Executive Officer Pursuant to Section 906 of the Sarbanes                Oxley                Act of 2002 |
|                       |   |                                                                                                                                            |
| 32.2                       |   | Certification                by Chief Financial Officer Pursuant to Section 906 of the Sarbanes                Oxley                Act of 2002 |
|                       |   |                                                                                                                                            |
| C                          |   | Blackhawk                Capital Group BDC, Inc. Code of Conduct                *                                                               |

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|                                |                                                    |                                  |
|-------------------------------------|---------------------------------------------------------|---------------------------------------|
|                                | **BLACKHAWK CAPITAL GROUP BDC,              INC.**      |
|                           |                                               |                             |
| Date: May              8, 2006 | By:                                           | /s/ Craig              A. Zabala |
|                                | Craig                A. Zabala, Chief Executive Officer |
|                                |                                                    |

|                                |                                                           |                                               |
|-------------------------------------|----------------------------------------------------------------|----------------------------------------------------|
|                                |                                                           |
|                           |                                                      |                                          |
| Date: May              8, 2006 | By:                                                  | /s/ Craig              A.              Zabala |
|                                | Craig                A. Zabala, Acting Chief Financial Officer |
|                                |                                                           |

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