SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549


                                    FORM 10-Q

(Mark One)
|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES  EXCHANGE
ACT OF 1934.
                  For the quarterly period ended March 31, 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 814-00689

                         IWORLD PROJECTS & SYSTEMS, INC.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


               NEVADA                                      76-0784328
 (STATE OR OTHER JURISDICTION OF         (I.R.S. EMPLOYER IDENTIFICATION NO.)
  INCORPORATION OR ORGANIZATION)

                 3834 SUNFLOWER COURT, MERRITT ISLAND, FL 32953
               (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

        REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (407)-810-6125



FORMER  NAME,  FORMER  ADDRESS AND FORMER  FISCAL  YEAR,  IF CHANGED  SINCE LAST
REPORT.

      Indicate by check mark whether the  registrant:  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  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 an  accelerated  filer
(as defined by Rule 12b-2 of the Act). Yes |_| No |X|

                         iWORLD PROJECTS & SYSTEMS, INC.

      THIS QUARTERLY  REPORT ON FORM 10-Q CONTAINS  HISTORICAL  INFORMATION  AND
FORWARD-LOOKING  STATEMENTS.  STATEMENTS LOOKING FORWARD IN TIME ARE INCLUDED IN
THIS  FORM  10-Q  PURSUANT  TO THE  "SAFE  HARBOR"  PROVISIONS  OF  THE  PRIVATE
SECURITIES  LITIGATION  REFORM ACT OF 1995. THEY INVOLVE KNOWN AND UNKNOWN RISKS
AND  UNCERTAINTIES  THAT MAY CAUSE IWORLD PROJECTS & SYSTEM'S (THE  "COMPANY'S")
ACTUAL RESULTS TO DIFFER FROM FUTURE PERFORMANCE SUGGESTED HEREIN.


<PAGE>



<TABLE>
<CAPTION>


              INDEX                                                                                         PAGE NO.

<S>                                                                                                         <C>
PART I.       FINANCIAL INFORMATION                                                                               3

   Item 1.    Financial Statements                                                                                3

              Consolidated Balance Sheets as of March 31, 2005 and December 31, 2004                              3

              Consolidated Statements of Operations for the three-month periods ended March 31, 2005
                and March 31, 2004                                                                               4

              Consolidated Statements of Stockholders' Equity for the three-month periods ended March
                31, 2005 and March 31, 2004                                                                      5

              Consolidated Statements of Cash Flows for the three-month periods ended March 31, 2005
                and March 31, 2004                                                                               6

              Notes to Financial Statements                                                                      7


   Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations              10

   Item 3.    Quantitative and Qualitative Disclosures about Market Risk                                         12

   Item 4.    Controls and Procedures                                                                            12

PART II.      OTHER INFORMATION                                                                                  12

   Item 1.    Legal Proceedings                                                                                  12

   Item 2.    Changes in Securities and Use of Proceeds                                                          12

   Item 3.    Defaults Upon Senior Securities                                                                    13

   Item 4.    Submission of Matters to a Vote of Security Holders                                                13

   Item 5.    Other Information                                                                                  13

   Item 6.    Exhibits and Reports on Form 8-K                                                                   13

              Signatures                                                                                         13
</TABLE>

                                       2


<PAGE>


PART I. FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS.

                         IWORLD PROJECTS & SYSTEMS, INC.
                                 BALANCE SHEETS
               AT MARCH 31, 2005 (UNAUDITED) AND DECEMBER 31, 2004

<TABLE>
<CAPTION>

                                                                                 March 31,            December 31,
                                                                                   2005                   2004
                                                                              ---------------      -----------------
                               Assets:

<S>                                                                           <C>                  <C>
                               Cash and cash equivalents                      $      234,254       $              -
                                                                              --------------       ----------------
                                    Total Current Assets                      $      234,254       $              -

                               Other Assets

                                    Loans to Portfolio Companies              $      235,000       $              -
                                                                              --------------       ----------------
                                    Total Other Assets                        $      235,000       $              -

                               Portfolio Investments                          $   10,000,000       $              -
                                                                              --------------       ----------------
                               Total Assets                                   $   10,469,254                      -
                                                                              ==============       ================

                               Liabilities
                                    Short term Liabilities:
                                  Accounts payable                            $            -       $          2,500
                                  Short-term notes payable                           352,501                      -
                                                                              --------------       ----------------
                                    Total Short term Liabilities                     352,501                  2,500

                                    Long term Liabilities:

                                  Note Payable                                $       10,000                      -
                                  Debentures Payable                                 500,000                      -
                                                                               --------------      ----------------
                                    Total Long Term Liabilities               $      510,000       $              -
                                                                               --------------      ----------------
                               Total Liabilities                              $      862,501       $              -
                                                                               --------------      ----------------

                               Stockholders' Equity:
                                 Common Stock, Par value $.00001
                                   Authorized 2,000,000,000 shares,
                     Issued 110,887,051 and 5,037,051 Shares
                                   at March 31, 2005 and December 31, 2004             1,109                     50
                                 Paid-In Capital                                  11,027,801                 28,860
                                    Subscriptions receivable                      (1,360,000)                     -
                                 Accumulated Deficit                                 (62,157)               (31,410)
                                                                                --------------       ---------------
                                    Total Stockholders' Equity                     9,606,753                 (2,500)
                                                                                --------------       ---------------

                                    Total Liabilities and
                                      Stockholders' Equity                    $    10,469,254      $             -
                                                                               ==============       ===============
</TABLE>







   The accompanying notes are an integral part of these financial statements.


                                       3
<PAGE>

                         IWORLD PROJECTS & SYSTEMS, INC.
                            STATEMENTS OF OPERATIONS


<TABLE>
<CAPTION>


                                                              For the three months ended
                                                            March 31,         March 31,         For the year ended
                                                         ----------------- ------------------      December 31
                                                               2005               2004                2004
                                                           (unaudited)        (unaudited)
                                                         ----------------- ------------------ ------------------
<S>                                                      <C>               <C>                <C>
                   Revenues:                             $               - $                - $                -

                   Expenses:

                      General and Administrative                    30,747                  -             16,000
                                                         ----------------- ------------------ ------------------

                        Net Loss                         $         (30,747)$                - $          (16,000)
                                                         ================= ================== ==================

                   Basic & Diluted loss per share        $          (0.003)$            (0.00)
                                                         ================= ==================
                   Weighted average shares outstanding           9,123,456          1,895,000
                                                         ================= ==================
</TABLE>



   The accompanying notes are an integral part of these financial statements.



                                       4
<PAGE>




                         IWORLD PROJECTS & SYSTEMS, INC.
                        STATEMENT OF STOCKHOLDERS' EQUITY
                SINCE JULY 16, 1997 (INCEPTION) TO MARCH 31, 2005
                                   (UNAUDITED)



<TABLE>
<CAPTION>
                                                                         Stock
                                      Common Stock   Paid-In  Retained Subscription Stockholders'
                                   Shares Par Value  Capital  Earnings Receivable Equity
                                 ---------------------------------------------------------------
<S>                                  <C>       <C>      <C>       <C>      <C>
Balance at July 16, 1999 (inception)    - $     -   $      - $     -   $      -  $      -

Common Stock Issued
  For Services                  1,542,051      15     15,395       -          -         -

Net Loss                                -       -          -   (15,410)       -         -
                                ----------------------------------------------------------------
Balance at December 31, 1999    1,542,051      15     15,395   (15,410)       -         -
                                ----------------------------------------------------------------

Balance at December 31, 2000    1,542,051      15     15,395   (15,410)       -         -
                                ----------------------------------------------------------------
Balance at December 31, 2001    1,542,051      15     15,395   (15,410)       -         -
                                ----------------------------------------------------------------
Balance at December 31, 2002    1,542,051      15     15,395   (15,410)       -         -
                                ----------------------------------------------------------------
Balance at December 31, 2003    1,542,051      15     15,395   (15,410)       -         -

Shares issued for services      1,600,000      16     15,984       -          -         -
Acquisition of Silesia
   Enterprises                  1,895,000      19     (2,519)      -          -      (2,519)
Net Loss                                -       -          -   (16,000)       -         -
                                ----------------------------------------------------------------
Balance at December 31, 2004    5,037,051      50     28,860   (31,410)       -      (2,519)

Shares issued for acquisition
  of iWorld Projects & Systems 95,850,000     959  9,999,041       -    1,360,000 10,000,000
Shares issued for Subscription 10,000,000     100    999,900       -          -    1,000,000
Net Loss                                -       -          -   (30,747)       -     (30,747)
                              ------------------------------------------------------------------
Balance at March 31, 2005     110,887,051 $ 1,109 11,027,801 $ (62,157)$1,360,000 $9,606,753
                              ==================================================================
</TABLE>


   The accompanying notes are an integral part of these financial statements.




                                       5
<PAGE>



                                              IWORLD PROJECTS & SYSTEMS, INC.

                                                  STATEMENTS OF CASH FLOWS
                                                        (UNAUDITED)

<TABLE>
<CAPTION>



                                                                                                        For the      For the
                                                                                                     three months   three months
                                                                                                    ended March 31, ended March 31,
                                                                                                         2005            2004
                                                                                                   --------------- ---------------
                           CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                                                 <C>           <C>
                           Net Loss                                                                 $     (30,747)$             -
                           Adjustments to reconcile net income to net cash
                             provided by operating activities:
                           Stock issued for services                                                            -               -
                           Increase(decrease)in Accounts Payable and Accrued Liabilities                  (10,000)              -

                                                                                                    -------------   -------------
                             Net Cash Used in operating activities                                        (40,747)              -
                                                                                                    -------------   -------------

                           CASH FLOWS FROM INVESTING
                           ACTIVITIES:

                           Cash invested in Portfolio Companies                                     $     235,000               -
                                                                                                    --------------  -------------
                           Net cash provided by (used in) investing activities                           (235,000)              -
                                                                                                    -------------   -------------

                           CASH FLOWS FROM FINANCING
                           ACTIVITIES:
                           Proceeds from notes payable                                              $     510,000               -
                                                                                                    -------------   --------------
                           Net Cash Provided by
                             Financing Activities                                                   $     510,000               -
                           Net (Decrease) Increase in
                             Cash and Cash Equivalents                                              $     234,254               -
                           Cash and Cash Equivalents
                             at Beginning of Period                                                             -               -
                                                                                                     -------------   -------------
                           Cash and Cash Equivalents
                             at End of Period                                                        $    234,254   $           -
                                                                                                     =============   =============
                           SUUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
                           Cash paid during the year for:
                             Interest                                                                $          -   $           -
</TABLE>



SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
None

The accompanying notes are an integral part of these financial statements.



<PAGE>

                                       6
<PAGE>


                         IWORLD PROJECTS & SYSTEMS, INC.

                          NOTES TO FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2005, AND 2004
                                   (UNAUDITED)

               NOTE 1 - NATURE OF OPERATIONS AND GOING CONCERN

               On December 15, 2004 the Company filed a Form N-54A, Notification
               with the Securities and Exchange  Commission electing to become a
               Business  Development  Company pursuant to Sections 55 through 65
               of the Investment Company Act of 1940.

               iWorld was in the  developmental  stage since inception until the
               First Quarter of 2005 and its operations up to that date had been
               limited  to  issuing  shares  and other  organizational  matters.
               During the First Quarter of 2005, the Company acquired all of the
               outstanding  shares of a private  Florida  holding  company  then
               known as iWorld  Projects & Systems,  Inc.,  on a stock for stock
               exchange,  as  reported  on a Form  8-K  filed  with  the  SEC on
               February  25, 2005. A total of  95,850,000  common  shares of the
               Company were issued in the  acquisition  at a valuation of $0.104
               per share.

               During  the  First  Quarter,  the  Company  also  entered  into a
               convertible  debenture  agreement  with Longview  Equity Fund and
               Longview  International Fund for a total of $500,000 and executed
               a  convertible  note in the  amount of $10,000 in favor of Golden
               Gate Investors,  Inc. The Company also entered into  subscription
               agreements to raise  additional  funds from private sources under
               the 1-E exemption offering, in the total amount of $360,000.  The
               Company  subsequently  closed on the  acquisition of Prime Group,
               Inc.,  a  Texas  construction   project  management  company  and
               acquired Corinth Town Center, LLC. At March 31, 2005, the Company
               had  portfolio  investments  in iWorld  Systems & Services,  Inc.
               (formerly  iWorld Projects & Systems,  Inc.  (Florida)),  Process
               Integrity,  Inc., Prime Group, Inc., Applied Management Concepts,
               Inc. and PM Foum.org, Inc.

               During the First Quarter, the Company issued 10 million shares of
               its common stock in return for a  subscription  for $1 million in
               funding and an agreement to make the related  contributions  on a
               monthly basis over a two year period at the rate of approximately
               $50,000 per month.  As a result,  a total of  110,887,501  common
               shares of the Company were outstanding as of March 31, 2005.

               iWorld will attempt to locate and negotiate  with other  eligible
               portfolio  companies  for  iWorld to invest  in,  lend  funds to,
               acquire an interest in and/or possibly manage.  iWorld intends to
               offer managerial  assistance to eligible  portfolio  companies in
               which it invests.

               As a business development  company,  iWorld will be able to raise
               money to acquire interests in small private business,  as well as
               larger companies.

               The accompanying  financial  statements have been prepared on the
               basis of accounting  principles  applicable to a "going concern",
               which assume that the Company will  continue in operation  for at
               least  one  year  and  will be able to  realize  its  assets  and
               discharge its liabilities in the normal course of operations.

               Certain   conditions  and  events  could  cast  doubt  about  the
               Company's  ability  to  continue  as a  "going  concern"  and the
               financial  statements  included in the Company's  10-K report for
               2004  contained a statement  regarding the ability of the Company
               to continue as a going  concern.  .The  Company has  incurred net
               losses of approximately  $30,747 for the three months ended March
               31, 2005 and $16,000 for the year ended  December 31,  2004,  and
               requires  additional  financing  in order to finance its business
               activities and proposed  acquisitions  on an ongoing  basis.  The
               Company,  however,  has raised more than  $510,000 in  additional
               funding in the First  Quarter,  has signed  subscriptions  for an
               additional   $1,360,000,   and  believes  that  its  current  and
               committed  capital will be sufficient to meet its obligations and
               plans  for the  next  twelve  months.  The  Company  is  actively
               pursuing  alternative  financing  and  has had  discussions  with
               various third  parties,  although no firm  commitments  have been
               obtained.  The Company's future capital  requirements will depend
               on numerous  factors  including,  but not  limited to,  continued
               progress in finding additional acquisition candidates, funding of
               its  existing  portfolio  companies  and the  pursuit of business
               opportunities.


                                       7
<PAGE>


                         IWORLD PROJECTS & SYSTEMS, INC.
                          NOTES TO FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2005, AND 2004
                                   (UNAUDITED)
                                   (Continued)

               NOTE 1 - NATURE OF OPERATIONS AND GOING CONCERN (CONTINUED)

               These financial  statements do not reflect adjustments that would
               be  necessary  if the Company were unable to continue as a "going
               concern".  While  management  believes  that the actions  already
               taken or planned, will mitigate the adverse conditions and events
               which  raise  doubt  about the  validity  of the "going  concern"
               assumption used in preparing these  financial  statements,  there
               can be no assurance that these actions will be successful. If the
               Company  were  unable  to  continue  as a "going  concern,"  then
               substantial adjustments would be necessary to the carrying values
               of assets, the reported amounts of its liabilities,  the reported
               revenues  and  expenses,  and the balance  sheet  classifications
               used.

               NATURE OF BUSINESS

               The  Company  has no  products  or  services as of March 31, 2005
               since it is a business  development company and is precluded from
               offering products or services directly. The Company was organized
               as a  vehicle  to seek  merger  or  acquisition  candidates.  The
               Company  intended  to  acquire   interests  in  various  business
               opportunities, which in the opinion of management would provide a
               profit to the Company.  On December 15, 2004 the Company  filed a
               notification  under Form N54a with the United  States  Securities
               and Exchange  Commission  ("SEC")  indicating  its election to be
               regulated as a business  development  company ("a BDC") under the
               Investment Company Act of 1940. In connection with this election,
               the  Company  has adopted  corporate  resolutions  and intends to
               operate as a closed-end management investment company.

               ORGANIZATION AND BASIS OF PRESENTATION

               The  Company  was  incorporated  under  the laws of the  State of
               Nevada as Silesia  Enterprises,  Inc. On December 27,  2004,  the
               Company  merged  with  Organic  Solutions,  Inc.,  also a  Nevada
               corporation,  and the  surviving  entity then changed its name to
               iWorld Projects & Systems,  Inc. The Company's  common shares are
               listed for trading on The Pink  Sheets  under the symbol IWPS and
               an  application  has been  filed to list the shares on the NASDAQ
               Over-the-Counter Bulletin Board (OTC BB).

               NOTE 2 - SUMMARY OF ACCOUNTING POLICIES

               This  summary  of  accounting  policies  for  iWorld  Projects  &
               Systems,  Inc.  is  presented  to  assist  in  understanding  the
               Company's financial  statements.  The accounting policies conform
               to  generally  accepted  accounting   principles  and  have  been
               consistently   applied  in  the   preparation  of  the  financial
               statements.

               CASH AND CASH EQUIVALENTS

               For  purposes  of  the  statement  of  cash  flows,  the  Company
               considers all highly  liquid debt  instruments  purchased  with a
               maturity of three  months or less to be cash  equivalents  to the
               extent the funds are not being held for investment purposes.

               PERVASIVENESS OF ESTIMATES

               The  preparation  of  financial  statements  in  conformity  with
               generally accepted  accounting  principles required management to
               make estimates and assumptions  that affect the reported  amounts
               of assets and liabilities and disclosure of contingent assets and
               liabilities  at the  date  of the  financial  statements  and the
               reported  amounts of revenues and expenses  during the  reporting
               period. Actual results could differ from those estimates.




                                       8
<PAGE>

                         IWORLD PROJECTS & SYSTEMS, INC

                          NOTES TO FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2005, AND 2004
                                   (UNAUDITED)
                                   (Continued)

               CONCENTRATION OF CREDIT RISK

               The Company  has no  off-balance-sheet  concentrations  of credit
               risk such as foreign  exchange  contracts,  options  contracts or
               other foreign hedging arrangements.

               NOTE 3 - INCOME TAXES

               As of March  31,  2005,  the  Company  had a net  operating  loss
               carryforward  for income tax reporting  purposes of approximately
               $62,157 that may be offset  against future taxable income through
               2025.  Current tax laws limit the amount of loss  available to be
               offset against future taxable income when a substantial change in
               ownership  occurs.  Therefore,  the  amount  available  to offset
               future  taxable  income may be  limited.  No tax benefit has been
               reported  in  the  financial  statements,   because  the  Company
               believes there is a 50% or greater chance the carryforwards  will
               expire  unused.  Accordingly,  the  potential tax benefits of the
               loss  carryforwards  are offset by a valuation  allowance  of the
               same amount.

               NOTE 4 - DEVELOPMENT STAGE COMPANY

               The Company had not begun  principal  operations  until the First
               Quarter  of  2005  and  as is  common  with a  development  stage
               company,   the  Company  has  had  recurring  losses  during  its
               development  stage.  The  Company's   financial   statements  are
               prepared   using   generally   accepted   accounting   principles
               applicable to a going concern which  contemplates the realization
               of assets and  liquidation of liabilities in the normal course of
               business.  However, the Company currently has significant cash or
               other material assets,  including portfolio investments,  and has
               an expected source of revenues  sufficient to cover its operating
               costs and to allow it to continue as a going concern.

               NOTE 5 - COMMITMENTS

               As of March 31, 2005  substantially all activities of the Company
               have been conducted by corporate officers from either their homes
               or business  offices.  Currently,  there are no outstanding debts
               owed by the company for the use of these facilities and there are
               no commitments for future use of the  facilities.  The Company is
               actively  searching  for suitable  office  space and  anticipates
               leasing office space during the Second Quarter of 2005.

               The Company currently does not have any employment  agreements in
               place with its principal  officers and has no approved policy for
               compensation  of  its  independent  directors.  The  Compensation
               Committee  of  the  Board  of  Directors,  made  up  entirely  of
               independent  directors,  is  expected to  recommend  compensation
               arrangements for the Company's officers and independent directors
               during  the  Second  Quarter  of 2005  for  approval  at the next
               meeting of the Board of Directors.

               NOTE 6 - COMMON STOCK

               On March 31, 2005 the Company issued  95,850,000 shares of common
               stock to the  shareholders  of iWorld  Projects &  Systems,  Inc.
               ("iWorld Florida") at a price of $0.104 per share in exchange for
               all of the outstanding  shares of iWorld Florida,  as a portfolio
               investment of the Company.

               On December 16, 2004, the Company (as Silesia Enterprises,  Inc.)
               filed an offering to sell common stock equal to $5,000,000  under
               Regulation  E  promulgated  under the  Securities  Act of 1933 at
               prices  between  $.05 and $5.00 per share.  The  offering  became
               effective on December 28, 2004.  As of March 31, 2005 the Company
               had issued 10,000,000 shares at $.10 per share.





                                       9
<PAGE>


ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF  OPERATIONS.  THREE-MONTH  PERIOD  ENDED  MARCH 31,  2005 AS  COMPARED TO THE
SIMILAR PERIOD IN 2004

LIQUIDITY AND CAPITAL RESOURCES

We have conducted  limited  operations  until the first quarter of 2005, when we
undertook the  acquisition of several  portfolio  investments and raised capital
for further  acquisitions and expanded  operations..  As a Business  Development
Company  under the  Investment  Company Act of 1940,  we have been  organized to
provide  investors with the opportunity to participate,  with a modest amount in
venture  capital,  in investments that are generally not available to the public
and that  typically  require  substantially  larger  financial  commitments.  In
addition, we will provide professional  management and administration that might
otherwise be unavailable to investors if they were to engage directly in venture
capital investing.

On March 31, 2005, the Company entered into two  Convertible  Notes (the Notes),
one in the amount of $350,000 in favor of Longview Equity Fund, LP and the other
in the amount of $150,000 in favor of Longview  International  Equity Fund,  LP.
Each of the Notes has a maturity  of fifteen  months and bears  interest  at the
rate of four over prime,  but not less than eight percent.  Each of the Notes is
repayable in ten equal monthly installments of principal and interest commencing
July 1, 2005. Each monthly  installment payment of principal and interest may be
converted into common stock of the Company at a fixed  conversion price of $0.12
per  share  under  certain  circumstances,  provided  that  the  result  of  any
conversion  would not result in the holder of the Notes  holding  more than 4.99
percent of the common shares then outstanding.  The Company also pledged certain
assets as security for repayment of the Notes. There were no personal guarantees
or recourse  provisions  against  any third  person in the Notes.  In  addition,
Longview  Equity  Fund,  LP was  granted a five year  warrant to  purchase up to
2,916,667  shares of common  stock of the Company at an exercise  price of $0.18
per share,  and Longview  International  Equity Fund, LP was granted a five year
warrant to purchase up to 1,250,000 shares of common stock of the Company,  also
at an exercise price of $0.18 per share.

On March 15, 2005, the Company  entered into a deferred  subscription  agreement
for a total of $1  million in  funding,  payable  over two years,  and issued 10
million shares of its common stock for the deferred payments, which will be made
in installments of  approximately  $50,000 per month commencing in July 2005. In
addition,  the Company entered into a convertible  promissory note in the amount
of $10,000 with the same party,  payable in two years at 5 1/4 percent interest,
convertible  into stock of the  Company at a  conversion  price of the lesser of
$0.50 per share or 80 percent of the  average  price of the five  lowest  volume
weighted average trading days prior to the election to convert.

On March 31, 2005, the Company acquired all of the outstanding  shares of iWorld
Projects & Systems,  Inc., a Florida  corporation.  The  acquisition,  which was
first announced  publicly on January 3, 2005, was closed based on an Acquisition
Agreement  between the companies signed on December 30, 2004. The Company issued
95,850,000  Common shares at an agreed value of $0.104 per share, to acquire all
of the shares of IWSS, which has become a wholly-owned subsidiary of the Company
in a transaction  valued at $ 10 million,  based on the number of shares issued,
the market  price of the shares,  and the assets and  businesses  acquired.  The
Florida corporation  subsequently changed its corporate name to iWorld Systems &
Services,  Inc.  (IWSS).  The current officers and directors of the Company were
the officers and  directors of the Florida  corporation  and became the officers
and directors of the Company in the acquisition transaction.

IWSS was a holding  company with offices in Florida and Dallas,  Texas which was
formed for the purpose of locating  and  acquiring  operating  companies  in the
project  management  industry as well as supporting  companies and technologies.
IWSS  has a  management  team  of  experienced  executives  and  internationally
recognized experts in project  management.  IWSS had two wholly-owned  operating
subsidiaries,  Process Integrity,  Inc., based in Arlington,  Texas; and Applied
Management Concepts, Inc., based in Clearwater (Houston), Texas. The company had
also signed a letter of intent to acquire all of the outstanding shares of Prime
Group Associates, Inc., a construction industry project management company based
in Corinth,  Texas, which the Company assumed and closed on March 31, 2005. IWSS
had engaged in several rounds of private  financing  prior to its acquisition by
the Company.

At March 31,  2005,  the  Company  held  $11,829,254  in assets,  including  its
portfolio  investments  acquired  through the acquisition of iWorld Florida,  as
compared to $0 in assets at December 31, 2004.

Cash and cash  equivalents  from inception  through  December 31, 2004 have been
insufficient to provide the operating  capital necessary to operate the Company.
The  necessary  capital to operate  the Company  was  initially  provided by the
principals  and  founders  of the  Company in the form of both debt and  capital
stock issuances as set forth in the financial statements incorporated herein. In


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<PAGE>

order to raise capital, the Company, on December 16, 2004, filed a Form 1-E with
the SEC,  proposing  to sell up to  $5,000,000  of its  common  stock at  prices
between $0.05 and $5.00.  Pursuant to the 1-E  exemption,  the Company  accepted
subscriptions  for a total of 10,000,000  shares of common stock at the price of
$0.10 to a private purchaser.

The Company  believes that its  liquidity and capital  resources are adequate to
satisfy its current operational needs as well as its investment objectives.

RESULTS OF OPERATIONS

INVESTMENT INCOME AND EXPENSES

For the three months ended March 31, 2005, the Company had no investment income,
and operating expenses of $30,747, resulting in a net loss of ($30,747). For the
three months ended March 31, 2004, the Company (as Silesia  Enterprises)  had no
investment income, and no operating expenses,  resulting in no net gain or loss.
The increase in expenses for the three months ended March 31, 2005 over the same
period in 2004 resulted from the Company commencing its primary operations.  The
expenses consist of general and administrative  expense of $30,747.  The general
and  administrative  expense consisted  primarily of legal fees and expenses and
due  diligence  expenses  associated  with the  debenture  funding,  and general
business expenses.

NET ASSETS

The  Company's  net assets were  $10,996,753,  or a net asset value per share of
$0.989 at March 31,  2005.  This  represents  a change from net assets of $0, at
December 31, 2004. This increase in net asset value per share resulted primarily
from the acquisition of portfolio  companies,  through the acquisition of iWorld
Florida, for stock of the Company.

APPLICATION OF CRITICAL ACCOUNTING POLICIES

The  Company's  Investment  and  Audit  Committees,  consisting  of  independent
Directors of the Company,  will make certain critical accounting  estimates with
respect to the valuation of private portfolio investments.

PORTFOLIO INVESTMENTS

As a  result  of  the  acquisition  of  IWSS,  the  Company  acquired  portfolio
investments in Process Integrity, Inc. and Applied Management Concepts, Inc. The
Company also has acquired  portfolio  investments in Prime Group,  Inc., Corinth
Town Center LLC and PM Forum.org, Inc.

Process  Integrity,   Inc.  is  a  Texas-based  software  and  services  company
specializing in process improvement  technologies and solutions.  Formed in 1986
by one of Americas top experts in quality and process improvement methodologies,
the company has developed a robust  software  solution for ensuring zero defects
in manufacturing  and other processes.  The company's  flagship product has been
proven  100%   effective  in  eliminating   FDA   compliance   problems  in  the
manufacturing  of  pharmaceutical  products,  medical devices and other products
subject to federal  standards  and  regulation.  The company has  attracted  the
attention  of several  large  pharmaceutical  companies  that have  committed to
enterprise-wide implementations of the company software.

Applied Management Concepts, Inc. is a Houston-based company formed in 1993 that
sells project management related software,  training and consulting  services to
large   industrial   companies   in  the   aerospace,   construction,   defense,
petrochemical and power industries.  AMCi currently has business  relations with
aerospace  companies  working at NASA Johnson  Space Center and some of Americas
largest  petrochemical  companies with plants along the Houston Ship Canal. AMCi
provides the Company with marketing  resources and entree into major  industries
for other  iWorld  products  and  services.  One  division of AMCi will  provide
project  planning,  scheduling  and  management  services  to  customers  in the
engineering,  construction,  petrochemical  and oil & gas industries,  including
plant  turnaround  services.  Another  division  will  provide PM  products  and
services for the  aerospace and defense  industries,  and will have an office on
NASA Road 1 in Clearlake,  Texas, providing Registrant with a base of operations
near NASA.  A second AMCi office will be opened near Cape  Canaveral  on Merritt
Island in Florida,  where IWSS  already  maintains a  corporate  office.  Future
business  opportunities  include the opening of branches in major cities  around
the  USA.  The  president  of  AMCi  is  also  currently  the  president  of the
Clearlake/Galveston  chapter of the Project Management  Institute,  which serves
industries  and  organizations  in south  Houston,  including  NASA and  various
aerospace, construction, engineering, oil& gas, and petrochemical companies.

Prime Group, Inc. is a construction project management services company based in
the Dallas  area that  provides  turnkey  project and  design/build  services to


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<PAGE>

commercial property developers and investors.  The company currently has several
projects  under  contract,  including a town home  development,  small  shopping
centers and medical offices,  with combined  projected revenues of $14.8 million
over  the  next  15  months.   Another  5-10  project  opportunities  have  been
identified,  with potential revenues of $20+ million.  All of these projects can
be  completed  during the next two  years.  The  company  also will serve as the
project manager to develop a 17-acre  master-planned town center for a community
north of Dallas,  being developed by Corinth Town Center, LLC, which the Company
also has acquired,  and which will generate  additional  projects,  revenues and
profits for the Company.

The Company's  general plan of operation is to maintain  IWSS as a  wholly-owned
operating subsidiary to provide management and financing assistance to portfolio
investments  in the software,  development  and support  areas,  and to form two
additional wholly-owned operating subsidiaries,  one to manage and assist in the
financing of project management  portfolio investment companies and the other to
manage and assist in funding of other portfolio investments. It is expected that
each of these  subsidiaries  will have a Board of Directors made up of directors
of the Company, as appropriate, as well as the chief executive of each portfolio
company in that group.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

EQUITY PRICE RISK

The Company anticipates that a majority of its investment portfolio will consist
of securities in private companies and private  investment funds,  which are not
publicly traded. These investments would be recorded at fair value as determined
by the Investment  Advisers retained by the Company in accordance with valuation
guidelines adopted by the Board of Directors.  This method of valuation does not
result in  increases  or  decreases  in the fair  value of these  securities  in
response  to changes  in market  prices.  Thus,  these  securities  would not be
subject to equity price risk normally  associated  with public  equity  markets,
except  that to the extent  that the private  investment  funds hold  underlying
public  securities,  the  Company is  indirectly  exposed  to equity  price risk
associated with the public markets.  Thus,  there is no exposure to equity price
risk,  estimated as the potential loss in fair value due to a  hypothetical  10%
decrease  in quoted  market  prices.  At March 31,  2005,  the  Company  held no
publicly  traded  equity  securities,  although  IWSS held 2  million  shares of
FineLine Holdings,  Inc., a Pink Sheet traded company (FNLH),  valued at $20,000
and received during 2004 as payment for consulting services rendered to FineLine
Holdings.

ITEM 4. CONTROLS AND PROCEDURES.
      (a) Evaluation of Disclosure Controls and Procedures. As of March 31, 2005
(the  end of the  period  covered  by  this  report),  the  Company's  principal
executive  officers and principal  financial officer evaluated the effectiveness
of the Company's  disclosure controls and procedures (as defined in Exchange Act
Rules  13a-15(e)  and  15d-15(e))  and  have  concluded  that,   based  on  such
evaluation,  the Company's  disclosure controls and procedures were adequate and
effective to ensure that material  information  relating to the Company was made
known to them by others within those entities.

      (b) Changes in Internal  Controls.  There were no changes in the Company's
internal  controls over financial  reporting  identified in connection  with the
evaluation of such internal  controls  that occurred  during the Company's  last
fiscal  quarter,  that have  materially  affected,  or are reasonably  likely to
materially affect, the Company's internal controls over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.
      None.

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.
                                 USE OF PROCEEDS

      During the three  months  ended  March 31,  2005,  we  received a total of
$510,000 in proceeds from the loan and debenture  transactions.  We used the net


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<PAGE>

proceeds from this funding as follows:




      Retirement of debt                                               $  10,000
      Loans to portfolio companies                                       235,000
      Operating and administrative expenses                               30,747
      Working capital (cash)                                             234,254
                                                                        --------
                                                                       $510,000

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
      None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
      None.

ITEM 5. OTHER INFORMATION.
      None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. (A) EXHIBITS.


31.1     Certification of Chief Executive Officer Pursuant to 18 U.S.C.  Section
         1350, as Adopted Pursuant to Section 302 of the  Sarbanes-Oxley  Act of
         2002.

31.2     Certification  of  Treasurer  Pursuant to 18 U.S.C.  Section  1350,  as
         Adopted Pursuant to Section
        302 of the Sarbanes-Oxley Act of 2002.

32.1     Certification  Pursuant to 18 U.S.C.  Section 1350, as Adopted Pursuant
         to Section 906 of the Sarbanes-Oxley Act of 2002.


(B) REPORTS ON FORM 8-K.

(1)    On January 3, 2005,  the  Company  filed a Current  Report on Form 8-K to
       report under Item 5.03 the merger of Silesia Enterprises, Inc and Organic
       Solutions,  Inc.,  and the  corporate  name  change to iWorld  Projects &
       Systems, Inc., effective December 30, 2004.

(2)    On February 25, 2005,  the Company filed a Current  Report on Form 8-K to
       report  under Item 5.01 a change in control  of the  Company,  under Item
       5.02  appointment  of new Directors  and Officers,  and under Item 8, the
       acquisition of the private  Florida  company,  iWorld Projects & Systems,
       Inc..

(3)      On March 4, 2005,  the  Company  filed a Current  Report on Form 8-K to
         report  under  Item  5.02 the  appointment  of  additional  independent
         directors of the Company.

                                   SIGNATURES

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


                           iWORLD PROJECTS & SYSTEMS, INC.


Date: May 13, 2005         BY:    /s/ Robert Hipple
                               -------------------------------------------------

                                Robert Hipple

                                 hief Executive Officer/principal executive
                                C  officer


Date: May 13, 2005         BY:    /s/ Robert Hipple
                               -------------------------------------------------

                                Robert Hipple

                                Treasurer/principal financial officer





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