UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549

                           FORM 10-KSB
(Mark One)
                    Annual Report Pursuant to Section 13 or 15(d) of The
          Securities Exchange Act of 1934

             For the Fiscal Year Ended June 30, 1999

                    Transition Report Pursuant to Section 13 or 15(d) of The
          Securities Exchange Act of 1934

                Commission File Number   000-26377

                      OXIR INVESTMENTS, INC.
          (Name of small business issuer in its charter)

          California                        88-0397134
(State or other jurisdiction of         (I.R.S. Employer
incorporation or organization)          Identification No.)

  3980 Howard Hughes Parkway, Suite 340, Las Vegas, Nevada 89109
      (Address of principal executive offices)   (Zip Code)

Issuer's telephone no.:  (702) 369-4260

Securities registered pursuant to Section 12(b) of the Exchange
Act:   None

Securities registered pursuant to Section 12(g) of the Exchange
Act:   Common

     Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 12
months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.  Yes   No

     Check if there is no disclosure of delinquent filers in
response to Item 405 of Regulation S-B contained in this form, and
no disclosure will be contained, to the best of the Registrant's
knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB.

     State the issuer's revenues for its most recent fiscal year.
$3,419,679

     State the aggregate market value of the voting stock held by
non-affiliates computed by reference  to the price at which the
stock was sold, or the average bid and ask prices of such stock as
of a specified date within 60 days.  $-0-  (no current market)

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

        Class                   Outstanding as of November 2, 1999

Common Stock, No Par Value                  21,182,200

               DOCUMENTS INCORPORATED BY REFERENCE
                               NONE

Transitional Small Business Disclosure Format.   Yes    No



                      OXIR INVESTMENTS, INC.

                        TABLE OF CONTENTS

                                                                          Page

                              PART I

Item 1.   Description of Business  . . . . . . . . . . . . . . .            1

Item 2.   Description of Property. . . . . . . . . . . . . . . .           15

Item 3.   Legal Proceedings. . . . . . . . . . . . . . . . . . .           15

Item 4.   Submission of Matter to a Vote of
          Security Holders . . . . . . . . . . . . . . . . . . .           15

                             PART II

Item 5.   Market for Common Equity and Related
          Stockholder Matters. . . . . . . . . . . . . . . . . .           15

Item 6.   Management's Discussion and Analysis or
          Plan of Operation. . . . . . . . . . . . . . . . . . .           18

Item 7.   Financial Statements . . . . . . . . . . . . . . . . .           24

Item 8.   Changes in and Disagreements with Accountants
          on Accounting and Financial Disclosure . . . . . . . .           42

                             PART III

Item 9.   Directors, Executive Officers, Promoters and
          Control persons; Compliance with Section 16(a)
          of the Exchange Act. . . . . . . . . . . . . . . . . .           42

Item 10.  Executive Compensation . . . . . . . . . . . . . . . .           45

Item 11.  Security Ownership of Certain Beneficial
          Owners and Management. . . . . . . . . . . . . . . . .           45

Item 12.  Certain Relationships and Related Transactions . . . .           46

                             PART IV

Item 13.  Exhibits and Reports on Form 8-K . . . . . . . . . . .           47

SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . .           48







                               -i-



                              PART I

Item 1.  Description of Business

Business Development

    Oxir Investments, Inc. (the "Company") was incorporated in the
State of California  on November 2, 1923 as Monte Regio Corporation
with the stated purpose to engage in the business of real estate
development.  The Company continued in that endeavor for several
years then discontinued operations.  On March 1, 1972 the Company
changed its name to Precision Resources, Inc.  The Company remained
dormant with no business activity until September 1998.  Upon
reinstating business operations, the  Company changed its name to
Oxenuk, Inc. on November 11, 1998, and again changed its name to
its current name on November 25, 1998.

    Earlier in 1998, the Company initiated negotiations to merge
with Oxir Investments, Inc., a private California company
incorporated on May 19, 1998 ("Oxir-Private").  The merger was
consummated on November 25, 1998, at which time Oxir-Private was
merged with and into the Company and the Company changed its
corporate name to Oxir Investments, Inc.  Under the terms of the
merger, Oxir-Private was dissolved.

    Oxir-Private was founded for the purpose of pursuing
investment opportunities in real estate, technology and industrial
businesses in the United States and internationally, particularly
in Russia.  The founders of Oxir-Private believe that there exists
a need for an economic bridge between the United States and Russia.

    Prior to its inception on May, 19, 1988, Oxir-Private operated
through Oxir Financial Services Ltd., a British Virgin Islands
corporation ("OFS"), and through Oxir Investments Ltd., a British
Virgin Islands corporation ("OIL").  From March 1995, Oxir-Private
was involved exclusively in trading activities in the equity
markets though OFS.  In 1997, Oxir-Private founded OIL to engage in
the business of direct investments such as real estate development
in Moscow, Russia.  On May 19, 1998 Oxir Investments Inc., the
private California corporation, was formed with the purpose of
introducing the East-European market investment opportunities to
the United States.

    Including the operations of Oxir-Private in 1995 and through
the merger in November 1998, the Company has been involved in
investment and financial services for clients, direct investments
into technological and industrial projects in Russia, real estate
developments in Russia, and Internet business development including
e-commerce, web site design and web hosting.



    On February 24, 1999, the Company entered into an agreement to
acquire, through a tax free exchange of shares, One Hundred Percent
(100%) of the issued and outstanding shares of OXIR Financial
Services, Ltd. ("OFS"), a British Virgin Islands corporation,
registered number # 146395, incorporated on the 30th day of March,
1995.  OFS is actively involved in trading activities in the equity
markets.  This agreement was finalized on June 29, 1999.

    On February 24, 1999, the Company entered into an agreement to
acquire, through a tax free exchange of shares, One Hundred Percent
(100%) of the issued and outstanding shares of OXIR Investment,
Ltd. ("OIL"), a British Virgin Islands corporation, registered #
229863, incorporated on the 5th day of May, 1997.  OIL is involved
in real estate development projects in Russia.  This transaction
was finalized on June 29, 1999. Both OFS and OIL  have  become
wholly owned subsidiaries of the Company.

    In 1999 the Company initiated the "Oxir Internet Solutions"
project aimed at exploring the e-commerce possibilities on the
Russian market.  On August 2, 1999 Oxir Internet Solutions, Inc.
became a distinct entity, wholly owned by the Company.

    Management of the Company is committed to pursue the original
goal of Oxir-Private; introducing global investment opportunities
with special emphasis on emerging markets.  The Company offers a
wide variety of financial services to its clients.  The Company's
emphasis is on asset management through direct and portfolio
investment ranging from high technologies and telecommunications to
construction and medical research.  The Company is an active
participant in a number of projects, supported by the Government of
the Russian Federation and City of Moscow, including the
construction of a high-rise elite apartment complex in Moscow.
Currently the Company is also working on implementing  its  first
Internet Shop and Web-Hosting Center in Russia.  In addition to
full-time financial management services, the Company helps to
define clients' financial goals, tolerance for market fluctuations
and investment objectives.

    Equity Market Investing and Asset Management

    The Company manages funds of private and corporate clients in
the stock and money markets of the United States.  The majority of
the Company's clients are concentrated in Russia, however, the
Company intends to ultimately expand its customer base.  The
Company is in the process of consolidating all of its resources,
financial and otherwise, to serve both its clients and its
shareholders.

    The Company offers a wide range of investment opportunities
from conservative to highly aggressive investments in real estate,
communications and high technologies.

    After  the acquisitions of Oxir Financial Services Ltd.
("OFS") and Oxir Investment Ltd. ("OIL"), the Company  is planning
to  expand its various trading activities in the American stock
market.  The Company is a client of a number of on-line brokers.
Direct satellite lines to information centers permit the Company's
fund managers to obtain stock market data online.

    The Company's investment goal is to achieve profits in a
long-term perspective rather than in higher risk short-term
speculations.  The Company's portfolio holdings are primarily in
stocks of American companies belonging to the high technology
sector  including the Internet, hardware and software products and
telecommunications.  The Company's traders practice the essential
methods of technical and fundamental analysis as well as personal,
original approaches to financial risk management.  The Company's
fund managers are very careful and  consider several criteria  in
choosing the companies in which to invest, traditionally preferring
those companies with a good trading history and reliable
reputation.  The Company usually avoids high-risk investments such
as companies going public for the first time.

    Russian Real Estate Development Project

    The Company's real estate investment activities are conducted
through Oxir Investment, Ltd. ("OIL"). Presently, the Company  is
a major investor in the construction of a luxury housing complex in
Moscow, Russia.  Leninski Prospect 116-1, the  first elite high-
rise building of the five-building complex, was recently completed
and sold.  Of the $2,030,023 invested in the project, the Company
paid $920,000, OIL paid $463,994 and OFS paid $646,029.  For  this
investment, the Company received unimproved space totaling 985
square meters (approximately 10,603 square feet) that is to be used
for the Company's future business activities.  Such activities will
include establishment of a fitness center, health bar and a beauty
salon.  Leninski Prospect 128, the second project, also located in
Moscow, is expected to be completed in the fourth quarter of 2000.
The Company anticipates that its total investment in this project
will be approximately $2,200,000.  As of the date hereof,
approximately twenty percent (20%) of the Leninski Prospect 128 has
been pre-sold.

    The Moscow government has authorized "Kvartal 32-33" (Decision
#393 from May 10, 1994; and #346 from April 16, 1996), a Russian
construction  company, to coordinate reconstruction of two housing
blocks in Moscow consisting of 46.98 acres.  The goal of this
project is to provide modern housing, comparable to European
standards, by  building  high-rise elite apartment complexes
located at Leninski Prospect 116-1, Leninski Prospect 128-1,
Udaltzova Street 5-1, and Udaltzova Street 27-1.



    The project is being financed by public investors instead of
commercial banks in order to keep development costs down.  The
investment agreements allow "Kvartal 32-33" access to funds for
construction regardless of future or prospective apartment sales.
Major investors and participants in the project include "Kvartal
32-33", a public company and the project initiator and executor;
the Company; Zarubezhtsvetmet, a Russian exporter of non-ferrous
metal; DTD Trading House, a Nizhnevartovsk (Russia) oil company;
and Kvazar, a publishing company.

    The first building of the apartment complex is located in the
West part of Moscow on Leninski Prospect 116-1.  The nearest metro
station, "Vernadski Prospect," is 10 minutes away and it takes only
15 minutes to get to the center of the city by car or by metro.
This part of Moscow has a well-developed infrastructure of stores,
schools, hospitals, supermarkets, movie theaters and other consumer
services essential for quality living.  Moscow State University and
the Institute of External Economic Affairs are located in this
area.

    Main communications are located only 50 to 60 meters away from
the buildings.  This factor allowed "Kvartal 32-33" to save
significantly on telecommunication tie-ins.  "Kvartal 32-33" enjoys
substantial benefits as an active participant of various social
programs which enables "Kvartal 32-33" to sell units at more
attractive prices.  The apartment complex is multi-storied
consisting of 28 floors and 125 apartments in each building.  The
goal of the developers is to provide comfort, safety and a high
level of services to tenants at a reasonable expense.

    Another advantage of this project is the fact that there are
no carrying walls inside the building.  This will allow floor plans
of any apartment in any stage of construction to be altered, thus
providing the flexibility necessary to cater to each tenant's
individual needs and desires.

    The Leninski 116-1 and 128-1 apartment complexes are designed
and built to appeal to the most demanding tastes.  The first floor
of the building will accommodate a fitness center, fitness bar,
sauna, liquor bar, restaurant, catering services, maid services,
and other tenants' services.  Concierge services will be available
to guests of the tenants.  The complex will be monitored 24 hours
a day by a security crew and entrance to the building will be
limited to those having a coded magnetic card.

    The Company, OIL and OFS, have invested $2,030,023 into
development and construction of the Leninski 116-1 high-rise
apartment buildings.  From its return on investment, the Company
was able to purchase the Fitness and Entertainment Center in
Leninski 116-1 building.  The Company estimates that the total
investment in the center will be approximately $600,000.  The
Fitness and Entertainment Center will include a workout area,
fitness bar, sauna, Jacuzzi, massage parlor, tanning salon, beauty
salon, billiard room, restaurant and a liquor bar.  The floor space
is 7,432 square feet.  The center is designed to host up to 300
people.  Presently, the project is in the initial construction
stage with an anticipated completion date of December 1999.

    Moscow real estate is  relatively  expensive taking into
account that the average yearly income for a Moscow citizen is
approximately $4,000 per year.  A typical 465 square foot apartment
in a block building in the Moscow suburbs will sell for $35,000 to
$40,000.  This results from overall high costs of living and the
necessity to control the migration.  However, the current rates
still provides housing upgrade possibilities for Moscow residents
and people from other parts of Russia.

    Management of the Company is not targeting the regular housing
market in Moscow.  The Company is involved in the construction of
upscale property which management believes will be more lucrative
than regular apartment complexes.  This is primarily due to the
fact that the wealthiest segment of the Russian population is
concentrated in Moscow, and the number of deluxe properties
available on the market is still far from satisfying the demand.

    There are relatively few private houses within the Moscow city
limits.  Approximately 95% of Moscow's population lives in
apartments  with  summerhouses in the outskirts of Moscow.
However, the Company is not targeting the majority of the
population, rather it designs its projects to appeal to wealthier
people that normally might have preferred a house to an apartment.
Management believes that an upscale apartment may offer certain
benefits over an upscale house or estate in the heart of Moscow.
First, there are tremendous costs involved in the renovation of
older structures and installation of new communications.  Also,
there are serious security issues that may be averted by an
apartment with a modern security system.

    Most construction companies working in the Russian market of
elite housing were forced to reduce their prices in the fourth
quarter of 1998.  This was due to a general economic crisis and a
subsequent short period decrease in demand.  The drop in prices
varied from minor, 5% to 10%, to significant, 35% to 50%.
Presently, the demand for elite apartments has stabilized again.
Prices of elite housing are stable and continue to grow in some
cases.  Management anticipate that the average price per square
meter of the elite apartments similar to the ones built by "Kvartal
32-33" will stabilize in the range between $1,300 and $1,800.

Internet Solutions

    On August 2, 1999, the Company established Internet Solutions,
Inc. as a Nevada corporation.  Oxir Internet Solutions, Inc. is a
100% owned subsidiary of the Company.  The Company  through this
subsidiary, is operating  two separate Internet profit centers; on-
line sales and Internet services.  On-line sales will  ultimately
consist of audio and video products, books, periodicals, travel
services  and electronics.  Internet services  consist of research
and consulting, web design, set-up and support of on-line payment
systems, web-hosting, web-site advertising and promotion, and
Internet and data security including consulting, designing,
development, sales and installation of security software and
systems.

    Online Sales

    The online sales system designed by the Company presents a
universal structure, permitting the Company to sell literally any
type of product via the Internet.  The Company's site (Internet
address http://www.oxiris.com.) currently offers books, newspapers,
magazines, and audio-video products to the Russian speaking
consumer.  The audio-video product store was launched in August
1999 and is undergoing its final testing stage.  The Company
anticipates that in the future it will also offer sporting goods,
health care products and travel services.

    The Company is planning to support its product sales by
seeking agreements with leading publishing houses and commercial
postal agencies.  To date, the Company has agreements with "MK-
Periodika" (paper version periodical), "Russian Football
(publishing house)", "Novaja Gazeta" (publishing house),
Nezavisimaja Gazeta Editorial" (an independent newspaper),
Moskovskije Novostti" (Moscow News), "Varus-Video" and "Viking
Video".  When fully operational, the Company anticipates on-line
sales of travel services including train and airplane tickets,
electronics as well as other affordable goods, which can be
delivered by courier or by mail.  Management estimates that there
are approximately 1,300,000 Internet users in Russia, of which
approximately 700,000 are in the Moscow or Saint Petersburg area.

    The Russian-based market is not the Company's only target.
Management believes that it may receive a favorable response from
the Russian Diaspora residing in the United States, Israel, Canada,
and Australia.  These countries present great distribution
possibilities because they provide the combination of an advanced
credit card system and mass use of the Internet.

    Payment for goods and services  is  supported by an American
clearance system, CyberCash, allowing customers to make payments
with one of several major credit cards.  Credit confirmation or
declination of a transaction  is  received within 40 seconds, which
expedites  the delivery process.  The per transaction cost to the
Company  is  in the range of $0.50 to 2.5% per transaction.  The
first on-line store using this system opened May 18, 1999  and its
Internet address is  http://www.oxiris.com.

    Because not all Russian residents own credit cards, the
Company will also accept ruble payments.  In this case, the
customer will make a purchase, select the payment method, print out
a payment order, and make a deposit to the Company's account at
Sberbank, the Russian Savings Bank with branch offices throughout
Russia.  The order will be shipped as soon as the money is
transferred.

    Typically, the Company will buy products directly from the
supplier which eliminates the necessity for warehouse facilities
and other related expenses.  Suppliers regularly update the
database information for products offered on the Company's site.
This updated information is edited and verified by the Company and
then published on the site, together with additional comments in
the form of reviews and recommendations.  Orders are automatically
forwarded to the delivery department.  The Company courier service
delivers the merchandise from the suppliers' warehouses to the
interim warehouse, where the orders are packaged and distributed to
the customers, typically by courier.

    For delivery to Moscow and Saint Petersburg, a courier service
will be used.  Certified state mail and EMS (commercial postal
agency) will be used to make deliveries in other regions of Russia.
Shipments abroad will initially be handled by couriers such as DHL
and UPS.  At some point, to reduce shipment costs, the Company
intends to open local warehouses in the United States, Canada,
Israel, and Australia to facilitate direct shipments.

    For those Russian customers who do not have a credit card, but
are willing to obtain one, the Company will be offering a special
program called "Buying on the Internet."  Anyone interested in this
program will be able to fill out the necessary forms on the Web
Site and then stop at the Company's office to pick up the debit
card and make the initial payment.  The necessary agreements with
the Rietumu Bank (Riga, Latvia) have been signed.  This program
will be targeted at young middle class citizens of Moscow and Saint
Petersburg and will allow the Company to expand its customer base.

    The Internet "Press Shop" went into operation on May 18, 1999.
Subscriptions to any publication are available on-line presenting
an alternative to regular post office handled subscriptions.
Customers are able to subscribe to an electronic version of the
periodical (PDF) at a price compatible to the paper editions.
Publishing companies receive a percentage of these sales.  The
electronic edition is available on the web site 18 to 22 hours
prior to the availability of the printed paper version.  The
Company intends to use a wide information base with user-friendly
access to the texts of all editions to ease the process of press
monitoring.  To help customers make choices and save time, the web
site also contains daily reviews of interesting articles and
publications.  The on-line shop will primarily sell Russian CDs,
Audiocassettes, Videotapes and books.  Direct contact with major
Russian publishers and recording companies allows the Company to
offer a wide variety of products to the consumer.  Presently the
Company has agreements with "MK-Periodika" (paper version
periodical), "Russian Football (publishing house)", "Novaja Gazeta"
(publishing house), Nezavisimaja Gazeta Editorial" (an independent
newspaper), Moskovskije Novostti" (Moscow News).

    According to preliminary research and meetings with
manufacturers of audio and video merchandise, the Company expects
to offer up to 50,000 movie titles.  Approximately 20% to 30% will
be Russian productions and the remainder will be licensed movies
produced in the West.  Approximately 80 to 100 new titles will be
added monthly.  The average price per video will be 60 to 70 rubles
(approximately $2.40 to $2.80), depending on the film category.
Comparatively, the average retail price for similar kinds of
merchandise is 80-100 rubles (approximately $3.20 to 4.00).

    The Company intends to create an opportunity for a variety of
Russian businesses to sell their goods and services over the
Internet.  Those businesses will be welcome to use the Company's
payment system.  However, to reduce the risk of loss due to charge
backs and dishonest sellers, the Company would obtain advance
payments, corresponding to two to three weeks of expected revenues
to ensure that there are sufficient funds on hand to cover any
charge backs and defalcation.

    Web-Hosting

    The Company  has created infrastructure for a web-hosting
center that offers  several channels from different providers,
reliable  servers, and daily  back-ups  of the information.
Traditional Russian Web-Hosting  generally only provides  space on
the World Wide Web, e-mail routing, and the use of client CGL
(computer graphics laboratory) programs.  These services, like on-
line shops, are primarily set-up for creating mailing lists and are
made available at substantial costs to the retailer.  This
situation has created a need for more user-friendly and less costly
services, especially in light of the fact that the customer base
has expanded dramatically.  Therefore, the  Company's system is
designed  to allow the set-up and operation of web sites for
clients.  This "virtual machine" concept will enable clients to
administer their site by means of a simple browser.  Clients will
be able to add and delete users, determine access privileges,
create and delete e-mail addresses for their domain, form mailing
lists, organize and operate Web conferences, review the statistical
data on the site visitors in the form of easy reports. Clients will
have the option to place their sites at virtual, dedicated or co-
location servers.  The Company will provide round the clock
technical support, daily  back-up of  information reserve
duplication, special security features, and 100 Mega Bit bandwidth
to M9-IX, the main Russian Internet Traffic Exchange point.

    A minimal payment for the initial package is anticipated to be
comparable to the current average market price.  Presently, the
average per month charge is from $25 to $30 for Web-Hosting.  A
separate package will include installation of the on-line shopping
software with its subsequent link to the CyberCash payment system.
The Web-Hosting System  was launched in November 1999.

    The Company will be able to provide businesses interested in
working on the Internet with specialists trained in consulting,
marketing research, and computer design as well as support the
sites and organize advertising and promotion campaigns.

    The Company is currently finalizing development of its web-
hosting system that will enable the Company to maintain web-sites
through the Internet.  The Company has the capability to upgrade
the system as the need arises, be independent of terms and
conditions enforced by the licensed producers of the existing
software, and sell the final product as shrink-wrapped software.

Marketing

    Today Internet Web shopping is a rapidly developing and
growing media for product sales.  In recent market research,
International Data Corporation (IDC) reports that the amount of
commerce conducted over the World Wide Web will top $ 1 trillion by
2003.

    It is anticipated that the increase in the number of people
making purchases on the Web, the growth of the average transaction
size and the adoption of the Web as a viable vehicle for business
procurement, will contribute to this substantial growth.  According
to "CyberAtlas," 490 million people around the world will have
Internet access by the year 2002.  The top 15 countries will
account for nearly 82% of these worldwide Internet users, including
business, educational and home Internet users.  The United States
will have one-third of the total Internet users in 2002.

    According to "Emarketer," approximately one-third of all
United States Internet users have purchased items on the Web and
approximately two-thirds have shopped on the Web.  This view is
supported by the marketing research of Intermarket Group (IMG).

    Despite the fact that Russia was not included in the list of
the top 15 Nations in Internet Usage of 1999, it is estimated that
currently there are approximately 1.3 million Russians online,
which is a 238% growth compared to 384,000 users in 1996.  However,
Internet development in Russia faces certain challenges including
economic instability and the lack of developed financial
institutions, which results in an insufficient credit card payment
systems.  As a result of these factors, the Russian population is
yet to develop a strong purchasing power.  Thus, the Company is
oriented towards the Russian-speaking consumers residing in the
United States, Canada, Israel and Australia.

    The Company employs a marketing strategy that involves
extensive advertising in international and local publications such
as "Global Review", "Expert", "Banks and Technologies" and "Moscow
News."  In Russia, several television programs in the series
"Russian Businessmen" featured the activities of the Company and
its Chief Executive Officer, Vassili Oxenuk.  The Company has used,
and will continue to use, advertising in various media.

    The Company has created an interactive web-site containing
information about its major lines of business.  The main web-site
has links to the Company's current projects.  Furthermore, the
Company is an active participant in major Russian business forums
and trade shows.  Management believes that this exposure will
create a positive image for the Company in its various business
endeavors.

Competition

    The Company is likely to encounter competitors and potential
competitors in developing its real estate properties and marketing
its Internet related products.  Many of the Company's competitors
are larger, established companies with greater assets and financial
reserves than the Company.  The Company's  future success will
partly depend on its ability to compete with these businesses.
Presently, there can be no assurance that the Company will be able
to compete with these businesses.

    Because the Company operates primarily in emerging markets,
particularly Russia, many of the local competitors do not
demonstrate stronger financial reserves, greater assets or higher
level of expertise.  The Company also has advantages as a foreign
resident entity including being subject to United States taxation
instead of Russian, a developed business network, and certain forms
of protection and guarantees from Russian and Moscow governments.
However, an unstable Russian economy makes it difficult to predict
the Company's success with complete certainty.

    Financial Services

    The principal competitors to the Company's financial services
to Russian clients are Interstock (http://www.interstock.ru/),
Global Market Online (http://www.activtrade.com),  Nat Invest
Securities (http://www.natinvest.com), Internet Trading Group
(http://www.internettrading.ru) and Infoline
(http://svn.edunet.ru/Stocks/).  Although the Company has a
relatively short operating history, it believes it can compete in
the financial services business because of experience and expertise
of its personnel in dealing in the Russian economy.  The Company
has established a smaller initial minimum investments requirement
and charges lower fees for its services.

    Real Estate

    The Company believes that the development of elite apartment
complexes will appeal to the upscale consumer that will be able to
afford higher priced dwellings.  Further, the ability of the
Company's projects to offer modernized facilities and
infrastructure will enhance the marketability of the projects.

    The elite real estate market in Moscow may be subdivided into
four basic categories.  Category 1 consists of remodeled apartments
in old "Stalin" municipal buildings that are typically three to
eight storied brick buildings. Cost per square meter varies from
$800 to $1,400.  Demand for this property type is declining due to
poor building structure and communications and from the lack of
basic maintenance.

    Another popular trend common for this category is to remodel
old (beginning of the century) buildings completely from the
inside, leaving the facade untouched. This presents a number of
difficulties for both, sellers and buyers. Current residents must
be relocated by the developer, who should provide them with
apartments in the suburbs of Moscow.  Superlative construction
know-how is required in order to keep the facade in its original
state and completely remodel the inside of the building.  Average
price per square meter is $2,500.  Because the developer is usually
limited in his means to ensure safety, to establish corresponding
infrastructure and to influence the overall appearance of the
neighborhood, the demand for this type of property is not high.

    Category 2 consists of elite housing construction which is
currently extensive in the center of Moscow.  Generally, the houses
are seven to eight stories high, including one to two service
floors, and provide underground parking garages.  The cost per
square meter varies from $1,800 to $4,000.  Additional costs of
parking space are $25,000 to $40,000.  Management believes that
this real estate sector has indicated much higher supply than
demand.

    Category 3 consists of properties located in the outskirts of
Moscow and are mostly represented by five to sixteen storied brick
and block buildings.  Most of these properties and related
structures were formerly built for the Russian government
bureaucracy. Prices are determined by a number of factors including
location, building technology, ambient factors and availability of
additional services.  Prices vary from $1,200 to $2,500 per square
meter.



    Developers of category 4 housing, and to an extent category 3,
present direct competition to "Kvartal 32-33."  These properties
offer brand new multi-storied buildings using monolith or mixed
construction technology.  Management believes that the Company can
compete with the developers of category 3 and 4 because of its
location, advanced building technology, competitive prices,
implementation of a mortgage system modified for Russian
conditions, and overall prestige of the project.  Management does
not believe categories 1 and 2 present significant competition to
the Company's real estate development.

    Those companies presenting direct competition for the
developer "Kvartal 32-33" include "New Olympic Village" residential
complex, "Donstroi Company" residential complex, Kuntsevo"
residential complex, "Sunshine Coast" residential complex, "Golden
Keys" residential complex and "Krylatskie Hills" residential
complex.  However, the Company believes that the "Kvartal 32-33"
housing has advantages over these competitors, namely a better
location, no charge for parking and superior amenities and personal
services.

    Internet

    Those entities in direct competition with the Company's e-
commerce business in Russia are Ozon (http://www.o3.ru/), Mistral
(http://www.russianstory.ru), Books of Russia
(http://www.books.ru), Books of Russia (http://www.books.ru) and Y
Sitina (http://www.kvest.com).  All of these companies offer
products similar to those offered by the Company and some have a
history of up to three years.  This is a disadvantage to the
Company because it has not had sufficient time to establish its
brand name.  However, by investigating the history of these
competitors, the Company has learned from their experiences and
been able to avoid some of the pitfalls typically experienced by
start-ups.

    The Company believes that it can compete with existing
entities in the field of "e-commerce" (Internet) primarily due to
the Company's use of its advanced payment system.  None of the
existing local competitors in Russia can establish a merchant
account, enabling the merchant to process the credit card payment
in real time.  The Company, being an American entity, was able to
establish such an account.  As a result, the authorization time
using the Company's system is 40 seconds versus the typical two
days necessary for competitors to process their credit card
information.

    The Company also plans to employ payment methods that are
traditional for Russia, from cash on delivery to wire transfers.
Most competitors target the exclusive affluent population segment
and therefore are not willing to use customary payment methods.
The Company believes that it can expand its market share by
attracting a more typical consumer.  The Company also intends to
introduce a special buyers' program, "Buying on the Internet."
This program will allow customers that do not have a regular credit
card to obtain a secured credit card from the Company and enjoy the
benefits of Internet shopping on the Company's site.

    The Company also believes it can compete successfully by
offering a wide variety of products and services.  Existing
competitors' sites are typically specialized, with a limited
selection of products and services.  The Company has entered into
agreements with  producers of audio-video-CD products and
publishing houses.  As the Company's business develops, it intends
to expand its range of goods and services by offering traveling
services, health and beauty care products and other consumer goods.

Patents, Trademarks and Licensing Agreements

    The Company has filed a trademark for its logo in the Russian
Federation.  Currently, the Company has no patent or licensing
agreements.

Research and Development

    Because of the nature of its business, the Company has not
allocated funds for conducting research and development activities
to develop new products or technology.  Currently, management does
not anticipate that funds will be allocated for research in the
immediate future.  If in the future the Company acquires or becomes
associated with a business or entity that requires research and
development of products, the Company will allocate such funds as
may be necessary for research activities.  As of the date hereof,
the Company does not contemplate such activities in the immediate
future.

Employees

    As of the date hereof, the Company has a total of  sixty eight
employees.  The Company's Las Vegas office employs  four  full-time
employees consisting of one executive officer and  three  office
staff personnel.  In addition to its full-time employees, the
Company may use the services of certain consultants on a contract
basis. In January 1999, the Company retained Howard Bronson and
Associates ("Bronson") in New York City, a public relations
consultant, at the rate of $5,000 per month.  This arrangement
expired in September 1999 and the Company is presently negotiating
with Bronson for a possible extension or new agreement.  On
September 15, 1999, the Company entered into an agreement with
First Liberty Investments, Inc. ("First Liberty") whereby First
Liberty is to provide consulting and investment banking services to
the Company.  This agreement, which will expire in December 1999,
is for three consecutive months at the rate of $2,000 per month and
a total of 60,000 shares of the Company's stock.

    The Company's Moscow, Russia representative office, which was
acquired from OFS and OIL, presently employs  sixty  full-time
employees, consisting of three executive officers, nine traders and
financial analysts,  thirty four  members of the computer
programming and technical support department, four accountants, one
office manager, four administrative assistants,  two drivers, one
cook and two housekeepers.

    The Company's Sochi, Russia representative office presently
employs four full-time employees, consisting of the head of the
representative office, one trader, one accountant, and one
administrative assistant.

    Because the Company acts as an investor rather than a
developer of it construction projects in Russia, it is not
necessary for the Company to maintain a staff for these projects.
All construction and affiliated jobs  are carried out by the
developer, "Kvartal 32-33."  The projects are overseen by
management.

    Management intends to hire additional qualified employees only
as business conditions warrant and as funds are available.  In such
cases, compensation to management will be consistent with
prevailing wages for the services rendered.  The Company does not
anticipate in the immediate future to offer any employee a bonus,
profit sharing or deferred compensation plan. The Company has
entered into two employment contracts, one with President and
C.E.O., Vassili Oxenuk, and the second with Secretary/Director,
Kirill Mendelson.

    Pursuant to the terms of Mr. Oxenuk's agreement, the Company
is to pay his monthly personal expenses, which are not to exceed
$180,000 per year.  Payment is made through Mr. Oxenuk's Citibank
Visa and Citibank MasterCard accounts.  At the end of each year,
the Company will issue to Mr. Oxenuk a Form 1099 reporting, for tax
purposes, the total amount paid to him during the year, with the
exception of reimbursable business expenses.  As part of Mr.
Oxenuk's compensation, the Company provides housing for Mr. Oxenuk
and his family and pays all expenses related to the property.  This
amounts to approximately $3,000 per month.

    Pursuant to the terms of Mr. Mendelson's agreement, he is to
receive an annual salary of $60,000.  In addition, Mr. Mendelson is
to receive a bonus in the amount of 270,000 shares of the Company's
common stock.

Facilities

    The Company's principal place of business and corporate
offices are located at 3980 Howard Hughes Parkway Suite 340 Las
Vegas, Nevada 89109.  The facilities consist of approximately 1500
square feet of office space and is leased for a term of five years
at the rate of $3,974 per month.  The Company believes that its
current principal offices are adequate for the immediate future.

    The Company uses as its Moscow representative office the
facilities acquired from OFS and OIL located at Nauchny Proezd 12
Office #28, Moscow, Russia 117802.  The facilities consist of
approximately 6,173 square feet and are leased for a term of one
year.  The lease includes an automatic renewal of the lease term
unless the Company otherwise notifies the lessor.  The facilities
are leased at the rate of $12,190.00 per month.

    The Company's Sochi representative office is located at
Gagarina Street 5 Sochi Russia 354065.  The facilities consist of
approximately 1,076 square feet and are leased for a term of one
year.  The lease includes an automatic renewal of the lease term
unless the Company otherwise notifies the lessor.  The facilities
are leased at the rate of $1,627.00 per month.

Item 2.  Description of Property

    The information required by this Item is contained in Item 1
above, under the heading "Facilities."

Item 3.  Legal Proceedings

    There are presently no material pending legal proceedings to
which the Company or any of its subsidiaries is a party or to which
any of its property is subject and, to the best of its knowledge,
no such actions against the Company are contemplated or threatened.

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

    No matters were submitted to a vote of the Company's
Securities Holders during the fourth quarter of the Company's
fiscal year ending June 30, 1999.

                             PART II

Item 5.  Market for Common Equity and Related Stockholder Matters

    Presently there is no public trading market for the Company
common stock.  The Company intends to make an application to the
NASD for the Company's shares to be quoted on the OTC Bulletin
Board.  The Company's application to the NASD will consist of
current corporate information, financial statements and other
documents as required by Rule 15c2-11 of the Securities Exchange
Act of 1934, as amended.  Inclusion on the OTC Bulletin Board
permits price quotations for the Company's shares to be published
by such service.  The Company is not aware of any established
trading market for its common stock nor is there any record of any
reported trades in the public market in recent years.  Although the
Company intends to submit its application to the OTC Bulletin
Board, the Company does not anticipate its shares to be traded in
the public market until its registration statement on Form 10-SB
becomes effective.  Except for the application to the OTC Bulletin
Board, there are no plans, proposals, arrangements or
understandings with any person concerning the development of a
trading market in any of the Company's securities.  Because to date
there has been no meaningful trading market for the Company's
Common Stock, historical price information is being omitted.

    In the event a public market for the Company's shares does
develop, the ability of an individual shareholder to trade their
shares in a particular state may be subject to various rules and
regulations of that state.  A number of states require that an
issuer's securities be registered in their state or appropriately
exempted from registration before the securities are permitted to
trade in that state.  Presently, the Company has no plans to
register its securities in any particular state.  Further, most
likely the Company's  shares will be subject to the provisions of
Section 15(g) and Rule 15g-9 of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), commonly referred to as the
"penny stock" rule.  Section 15(g) sets forth certain requirements
for transactions in penny stocks and Rule 15g-9(d)(1) incorporates
the definition of penny stock as that used in Rule 3a51-1 of the
Exchange Act.

    The Commission generally defines penny stock to be any equity
security that has a market price less than $5.00 per share, subject
to certain exceptions.  Rule 3a51-1 provides that any equity
security is considered to be a penny stock unless that security is:
registered and traded on a national securities exchange meeting
specified criteria set by the Commission; authorized for quotation
on The NASDAQ Stock Market; issued by a registered investment
company; excluded from the definition on the basis of price (at
least $5.00 per share) or the issuer's net tangible assets; or
exempted from the definition by the Commission.  If the Company's
shares are deemed to be a penny stock, trading in the shares will
be subject to additional sales practice requirements on broker-
dealers who sell penny stocks to persons other than established
customers and accredited investors, generally persons with assets
in excess of $1,000,000 or annual income exceeding $200,000, or
$300,000 together with their spouse.

    For transactions covered by these rules, broker-dealers must
make a special suitability determination for the purchase of such
securities and must have received the purchaser's written consent
to the transaction prior to the purchase.  Additionally, for any
transaction involving a penny stock, unless exempt, the rules
require the delivery, prior to the first transaction, of a risk
disclosure document relating to the penny stock market.  A broker-
dealer also must disclose the commissions payable to both the
broker-dealer and the registered representative, and current
quotations for the securities.  Finally, monthly statements must be
sent disclosing recent price information for the penny stocks held
in the account and information on the limited market in penny
stocks.  Consequently, these rules may restrict the ability of
broker-dealers to trade and/or maintain a market in the Company's
Common Stock and may affect the ability of shareholders to sell
their shares.




    As of  November 2, 1999, 1999 there were  185  holders of
record of the Company's Common Stock, which figure does not take
into account those shareholders whose certificates are held in the
name of broker-dealers or other nominees.

    As of  November 2, 1999, the Company has issued and
outstanding 21,182,200 shares of common stock.  Of this total,
19,758,919 shares were deemed "restricted securities" as defined by
the Act and certificates representing such shares bear an
appropriate restrictive legend.

    Of the Company's total outstanding shares, 1,350,681 shares
may be sold, transferred or otherwise traded in the public market
without restriction, unless held by an affiliate or controlling
shareholder of the Company.  None of these shares have been
identified as being held by affiliates.

    Of the total restricted shares outstanding, approximately
12,149,319 became  eligible to be sold pursuant to Rule 144 on
September 2, 1999, subject to the volume and other limitations set
forth under Rule 144.  The balance of the restricted shares become
eligible to be sold under Rule 144 at follows: 2,317,600 shares on
January 5, 2000; 2,000 shares on February 27, 1999;  1,000 shares
on April 29, 2000;  270,000 shares on March 1, 2000, and 5,600,000
on June 29, 2000.

    In general, under Rule 144 as currently in effect, a person
(or persons whose shares are aggregated) who has beneficially owned
restricted shares of the Company for at least one year, including
any person who may be deemed to be an "affiliate" of the Company
(as the term "affiliate" is defined under the Act), is entitled to
sell, within any three-month period, an amount of shares that does
not exceed the greater of (i) the average weekly trading volume in
the Company's Common Stock, as reported through the automated
quotation system of a registered securities association, during the
four calendar weeks preceding such sale or (ii) 1% of the shares
then outstanding.  A person who is not deemed to be an "affiliate"
of the Company and has not been an affiliate for the most recent
three months, and who has held restricted shares for at least two
years would be entitled to sell such shares without regard to the
resale limitations of Rule 144.

Dividend Policy

    The Company has not declared or paid cash dividends or made
distributions in the past, and the Company does not anticipate that
it will pay cash dividends or make distributions in the foreseeable
future.  The Company currently intends to retain and invest future
earnings to finance its operations.









Item 6.  Management's Discussion and Analysis or Plan of Operation

    The following information should be read in conjunction with
the consolidated financial statements and notes thereto appearing
elsewhere in this Form 10-KSB.

Overview

    Although the Company has been in existence since 1923, it was
inactive with no business operations for several years until
approximately November 1998.  Oxir-Private was created on May 19,
1998 and had only minimal operations prior to merging with and into
the Company.  Financial information presented herein is that for
Oxir-Private and the Company from May 19, 1998  through June 30,
1999.  The Company has elected a fiscal year ending June 30.

Results of Operations

    For the  fiscal year ended June 30, 1999 and the  period
commencing on May 19, 1998 and ended  June 30, 1999, the Company
had no revenue from sales.  During this period, the Company's
primary business activity has been managing funds for private and
corporate clients in stock and money markets and engaging in
various trading activities for Company accounts in the United
States markets.  For the period ended  June 30, 1999, trading
activities resulted in the Company realizing a $1,694,087 gain on
the sale of marketable securities and a net unrealized gain on
marketable securities of $1,725,464.  During this period, the
Company had general and administrative expenses of $474,583,
consisting primarily of $135,657 in operating expenses for the Las
Vegas facilities, $88,723 in professional services, $98,055 in
salaries, $37,503 in housing expenses, $35,266 in travel expenses,
$19,810 in utilities, $15,800 in public relations expenses and
$9,575 in Medical expenses.  Also, the Company had an interest
expense of $84,900.

    Income before taxes for the  fiscal year ended June 30 1999
was $2,785,873, primarily generated by the Company's trading
activities.  The Company's tax liability as of  June 30, 1999 was
$948,894, consisting of $398,760 in current income taxes due and
$550,134 in deferred income taxes.  Deferred income taxes are based
upon unrealized gains due to market appreciation of the Company's
marketable securities.  For the  fiscal year ended June 30, 1999,
net income was $1,836,979, or $.11 per share.

Liquidity and Capital Resources

    The Company has satisfied its initial working capital needs
from the sale for cash of its common stock and from income
generated by the Company's  trading activities.  Working capital at
June 30, 1999 was $505,938, consisting primarily of investments in
trading securities of $4,672,246.  This was  primarily  offset by
the debt on the Company's margin accounts of $1,981,464, provision
for taxes and deferred tax liability of $948,894, client funds
payable of $1,252,131, representing funds invested with the Company
in a trading account managed by the Company.  Net cash provided by
operating activities for the  fiscal year ended June 30, 1999 was
$2,838,112, primarily attributed to the $1,836,979 net income and
$948,894 increase in provision for income taxes.

    During the  fiscal year ended June 30, 1999, the Company's net
cash used by investing activities was $1,548,483, attributed to the
$1,977,764 increase in trading securities and $844,044 for the
design and construction of office facilities and the purchase of
office equipment, and partially offset by the $1,273,325 increase
in margin account balance.  During this same period, the Company's
net cash used by financing activities was $1,237,002, primarily
attributed the $2,337,867 advance to Oxir Investments Ltd., which
funds were used for investing in the condominium development in
Moscow, Russia.  Also, the Company expended $250,000 related to the
acquisition of the controlling block of the Company's shares by the
Company's President.  During this period, the Company realized
$1,103,000  from the issuance of common stock for cash.

    The Company anticipates meeting its working capital needs
during the next twelve months primarily with revenues from trading
activities in its marketable securities.  The Company believes that
it has adequate cash reserves to meet any routine contingency
during the next twelve months.  Management anticipates that the
Company will be able to fund internally any future project or
acquisition during the next twelve months.  The Company does not
foresee a need for additional financing unless internal funding is
not adequate for a particular project or acquisition.

    As of  June 30, 1999, the Company had total assets of
$8.765,153 and total stockholders' equity of  $4,335,748.
Further, the Company had $52,627 in cash and cash equivalents and
$4,672,246 in investments in trading securities.

    In the event outside funding is necessary, the Company will
investigate the possibility of interim financing, either debt or
equity, to provide capital.  Although management has not made any
arrangements or definitive agreements, the Company would consider
private funding or the private placement of its securities and/or
a public offering.  If the Company experiences a substantial delay
in developing its projects  and is unable to secure financing from
the sale of its securities or from private lenders, the
continuation of the Company as a going concern would be seriously
jeopardized.  Management believes that it will have, or will be
able to raise sufficient funding to complete each project it has
commenced.  However, additional funding may be required for growth
and the financing of future larger projects.

Plan of Operation

    During the next twelve months, the Company will continue to
seek new investment opportunities and continue to develop its
existing projects.  The real estate project at Leninski prospect
116 has been broken up into smaller sub-projects, including a
fitness center, restaurant/health bar and a beauty salon located in
the building. All of the sub-projects have equal priority and the
Company is fully responsible for all sub-projects.  All of the
projects are in effect, except for the beauty and fitness center,
which will remain under construction until approximately December
1999 and is expected to be fully operational by mid 2000.  The
approximate cost of the projects is $600,000 and management
anticipates a return of approximately 40% per year.  Construction
is expected to commence in July of this year, with an anticipated
completion date of December 1999.

    It is anticipated that the Leninski Prospect 128, the
Company's second real estate project, will be completed in the
fourth quarter of 2000.  The Company anticipates that its total
investment in this project will be approximately $2,200,000, which
the Company believes can be provided for internally.  As of the
date hereof, approximately twenty percent (20%) of the Leninski
Prospect 128 has been pre-sold.

    In June 1999, Oxir Internet Solutions finalized  its
programming and database preparation for the launching of books,
audio, video and CD's sales.  The virtual reality store should be
fully operational by January 2000.  By February 2000 the Company
intends to add  a health and drug store.  By June 2000 the Company
anticipates opening a sporting goods and team sports store.  In the
next 12 months the Company is also planning to put a server and all
necessary equipment in Las Vegas, Nevada to provide Web-hosting and
Web-design services to the general public. In addition, the Company
is planning to lease its web page both in Russia and the United
States for both American and Russian firms to sell and promote
their products.

    Management anticipates that due to the Company becoming a
publicly traded entity, its reputation will be enhanced in the
Eastern European market. Management believes that this public
exposure will increase the amount of funds that are transferred by
its clients to the Company's account for the purpose of asset
management.

    The Company does not anticipate making any significant capital
expenditure on its present office facilities or equipment.  There
are no current plans for the Company to become engaged in
manufacturing of any products.  Management does not anticipate
hiring additional employees until warranted by business conditions
and availability of funds.

    The Company anticipates meeting its working capital needs
during the next twelve months primarily with revenues from trading
activities in its marketable securities and possibly by interim
financing to provide working capital if necessary.  The Company is
also contemplating making a public offering of its securities to
fund future projects. Management has not entered into any new
arrangements or definitive agreements for a private placement of
securities and/or a public offering.  If the Company's operations
are not adequate to fund its operations and it is unable to secure
financing from the sale of its securities or from private lenders,
the Company could experience losses which could curtail the
Company's current operations and future projects.  The continuation
of the Company as a going concern is directly dependent upon the
success of its future operations and ability to obtain
additional financing.

Recent Accounting Pronouncements

    The Financial Accounting Standards Board has issued Statement
of Financial Accounting Standard ("SFAS") No. 128, "Earnings Per
Share" and Statement of Financial Accounting Standards No. 129
"Disclosures of Information About an Entity's Capital Structure."
SFAS No. 128 provides a different method of calculating earnings
per share than is currently used in accordance with Accounting
Principles Board Opinion No. 15, "Earnings Per Share." SFAS No. 128
provides for the calculation of "Basic" and "Dilutive" earnings per
share.  Basic earnings per share includes no dilution and is
computed by dividing income available to common shareholders by the
weighted average number of common shares outstanding for the
period.  Diluted earnings per share reflects the potential dilution
of securities that could share in the earnings of an entity,
similar to fully diluted earnings per share.  SFAS No. 129
establishes standards for disclosing information about an entity's
capital structure.  SFAS No. 128 and SFAS No. 129 are effective for
financial statements issued for periods ending after December 15,
1997.  Their implementation did not have a material effect on the
financial statements.

    The Financial Accounting Standards Board has also issued SFAS
No. 130, "Reporting Comprehensive Income" and SFAS No. 131,
"Disclosures about Segments of an Enterprise and Related
Information." SFAS No. 130 establishes standards for reporting and
display of comprehensive income, its components and accumulated
balances.  Comprehensive income is defined to include all changes
in equity except those resulting from investments by owners and
distributors to owners.  Among other disclosures, SFAS No. 130
requires that all items that are required to be recognized under
current accounting standards as components of comprehensive income
be reported in a financial statement that displays with the same
prominence as other financial statements.  SFAS No. 131 supersedes
SFAS No. 14 "Financial Reporting for Segments of a Business
Enterprise."  SFAS No. 131 establishes standards on the way that
public companies report financial information about operating
segments in annual financial statements and requires reporting of
selected information about operating segments in interim financial
statements issued to the public.  It also establishes standards for
disclosure regarding products and services, geographic areas and
major customers.  SFAS No. 131 defines operating segments as
components of a company about which separate financial information
is available that is evaluated regularly by the chief operating
decision maker in deciding how to allocate resources and in
assessing performance.

    SFAS 130 and 131 are effective for financial statements for
periods beginning after December 15, 1997 and requires comparative
information for earlier years to be restated.  Adoption of these
statements had no material effect on the Company's financial
statements.

    The FASB has also issued SFAS No 132. "Employers' Disclosures
about Pensions and other Postretirement Benefits," which
standardizes the disclosure requirements for pensions and other
Postretirement benefits and requires additional information on
changes in the benefit obligations and fair values of plan assets
that will facilitate financial analysis. SFAS No. 132 is effective
for years beginning after December 15, 1997 and requires
comparative information for earlier years to be restated, unless
such information is not readily available.  Adoption of this
statement did not have a material impact on the Company's financial
statements.

    In June 1998, the FASB issued SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities" which requires
companies to record derivatives as assets or liabilities, measured
at fair market value.  Gains or losses resulting from changes in
the values of those derivatives would be accounted for depending on
the use of the derivative and whether it qualifies for hedge
accounting.  The key criterion for hedge accounting is that the
hedging relationship must be highly effective in achieving
offsetting changes in fair value or cash flows.  SFAS No. 133 is
effective for all fiscal quarters of fiscal years beginning after
June 15, 1999.  Management believes the adoption of this statement
will have no material impact on the Company's financial statements.

Inflation

    In the opinion of management, inflation has not had a material
effect on the operations of the Company.

Year 2000

    Year 2000 issues may arise if computer programs have been
written using two digits (rather than four) to define the
applicable year.  In such case, programs that have time-sensitive
logic may recognize a date using "00" as the year 1900 rather than
the year 2000, which could result in miscalculations or system
failures.

    The Company has completed its assessment of the Year 2000
issue, including both technology and non-technology systems, and
believes that any costs of addressing the issue will not have a
material adverse impact on its financial position.  The Company
believes that its existing computer systems and software will not
need to be upgraded to mitigate the Year 2000 issues. Prior to
purchasing its technology systems, the Company received
confirmation form its vendors that the systems are year 2000
compliant.   Currently, the Company's technology system is equipped
with an ASUS P2B-F motherboard and SuperMicro P6DGE motherboard
with the latest BIOS versions.  The Company's servers are
functioning under LinuxREdHat 5.2 operational system and its www
servers use the Apache / 1.3.6 Unix mod.  The Company's principal
officers use Windows 2000 and Windows NT4 SP5.  The Company does
not have any significant non-information technology or systems.

    The Company has not incurred any material costs associated
with its assessment of the Year 2000 problem.  In the event that
Year 2000 issues impact the Company's accounting operations and
other operations aided by its computer system, the Company
believes, as part of a contingency plan  to be developed, that it
has adequate personnel to perform those functions manually until
such time that any Year 2000 issues are resolved.  Although the
Company has not fully developed a contingency plan, it anticipates
having a full plan in place by January 2000.

    The Company believes that third parties with whom it has
material relationships will not materially be affected by the Year
2000 issues,  although the Company has not contacted these parties
directly.  These  third parties are relatively small entities which
do not rely heavily on information technology ("IT") systems and
non-IT systems for their operations.  However, if the Company and
third parties upon which it relies are unable to address any Year
2000 issues in a timely manner, it could result in a material
financial risk to the Company, including loss of revenue and
substantial unanticipated costs.  Accordingly, the Company plans to
devote all resources required to resolve any significant Year 2000
issues in a timely manner.

    The Company is cognizant that  Year 2000 compliance problems
could undermine the general infrastructure necessary to support its
operations.  The Company depends on third party Internet Service
Providers, or ISPs, or hosting centers to provide connections to
the Internet.  Any interruption of service from ISPs or hosting
centers to provide connections could result in a temporary
interruption of the operation of the Company's web site. Any
interruption in the security, access, monitoring or power systems
at the ISPs or hosting centers could result in an interruption of
services.  Moreover, it is difficult to predict what effect year
2000 compliance problems will have on the integrity and stability
of the Internet.

    Should the Company identify any problem with respect to its
year 2000 readiness, it will seek to develop a remedy, test the
proposed remedy and prepare a contingency plan, if necessary.  We
do not have any material contracts with external contractors to
assist us in completing our year 2000 compliance effort. In
addition, no employees have been hired or reassigned to complete
our year 2000 compliance.

Risk Factors and Cautionary Statements

    This Report contains certain  forward-looking statements.  The
Company wishes to advise readers that actual results may differ
substantially from such forward-looking statements.  Forward-
looking statements involve risks and uncertainties that could cause
actual results to differ materially from those expressed in or
implied by the statements, including, but not limited to, the
following: the possible success of the Company's varied projects,
the volatility of the financial markets in which the Company
invests, the ability of the Company to fund its current and future
projects and its ability to meet its cash and working capital
needs, and other risks detailed in the Company's periodic report
filings with the Securities and Exchange Commission.






Item 7.       Financial Statements

    The Company's financial statements as of and for the fiscal
years ended June 30, 1999 and 1998 have all been examined to the
extent indicated in their report by Jones, Jensen & Company,
independent certified public accountants, and have been prepared in
accordance with generally accepted accounting principles and
pursuant to Regulation S-B as promulgated by the Securities and
Exchange Commission.




                INDEPENDENT AUDITORS' REPORT


      To the Board of Directors
      OXIR Investments, Inc. and Subsidiaries
      (A Development Stage Company)
      Las Vegas, Nevada


      We have audited the accompanying consolidated balance sheet of
      OXIR Investments, Inc. and Subsidiaries (a development stage
      company) as of June 30, 1999 and the related  consolidated
      statements of income, stockholders' equity and cash flows for
      the year ended June 30, 1999 and from inception on May 19, 1998
      through June 30, 1999 and 1998.  These consolidated financial
      statements are the responsibility of the Company's management.
      Our responsibility is to express an opinion on these
      consolidated financial statements based on our audits.

      We conducted our audits in accordance with generally accepted
      auditing standards.  Those standards require that we plan and
      perform the audit to obtain reasonable assurance about whether
      the consolidated financial statements are free of material
      misstatement.  An audit includes examining, on a test basis,
      evidence supporting the amounts and disclosures in the
      consolidated financial statements.  An audit also includes
      assessing the accounting principles used and significant
      estimates made by management, as well as evaluating the overall
      consolidated financial statement presentation.  We believe that
      our audits provide a reasonable basis for our opinion.

      In our opinion, the consolidated financial statements referred
      to above present fairly, in all material respects the financial
      position of OXIR Investments, Inc. and Subsidiaries (a
      development stage company) as of June 30, 1999 and the  results
      of its operations and its cash flows for the year ended June
      30, 1999 and from inception on May 19, 1998 through June 30,
      1999 and 1998, in conformity with generally accepted accounting
      principles.




      Jones, Jensen & Company
      Salt Lake City, Utah
      September 29, 1999



            OXIR INVESTMENTS, INC. AND SUBSIDIARIES
                 (A Development Stage Company)
                   Consolidated Balance Sheet


                             ASSETS

                                                                June 30,
                                                                   1999

CURRENT ASSETS

 Cash and cash equivalents                           $             52,627
 Investment in trading securities (Note 3)                      4,672,246
 Prepaid expenses                                                   3,978

  Total Current Assets                                          4,728,851

PROPERTY AND EQUIPMENT (Note 4)                                 4,013,222

OTHER ASSETS

 Related party receivable                                           8,080
 Deposits                                                          15,000

  Total Other Assets                                               23,080

  TOTAL ASSETS                                       $          8,765,153



            OXIR INVESTMENTS, INC. AND SUBSIDIARIES
                 (A Development Stage Company)
                   Consolidated Balance Sheet


              LIABILITIES AND STOCKHOLDERS' EQUITY

                                                                 June 30,
                                                                   1999

CURRENT LIABILITIES

 Accounts payable                                    $             39,121
 Margin account (Note 6)                                        1,981,464
 Client funds payable (Note 9)                                  1,252,131
 Provision for income taxes (Note 7)                              398,760
 Deferred tax liability (Note 7)                                  550,134
 Current portion - mortgage payable (Note 8)                        1,303

  Total Current Liabilities                                     4,222,913

LONG-TERM LIABILITY

 Mortgage payable (Note 8)                                        206,492

  Total Long-Term Liability                                       206,492

  Total Liabilities                                             4,429,405

COMMITMENTS (Note 5)

STOCKHOLDERS' EQUITY

 Common stock: 50,000,000 shares authorized of no
  par value, 21,090,600 shares issued and outstanding           2,498,769
 Retained earnings                                              1,836,979

  Total Stockholders' Equity                                    4,335,748

  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY         $          8,765,153





            OXIR INVESTMENTS, INC. AND SUBSIDIARIES
                 (A Development Stage Company)
                 Consolidated Income Statements

                                                                 From
                                                             Inception on
                                  For the                     May 19, 1998
                                Year Ended                      Through
                                  June 30,                      June 30,
                                    1999                    1998        1999

SALES                         $       -                  $    -       $   -

COST OF GOODS SOLD                    -                       -           -

GROSS MARGIN                          -                       -           -

COSTS AND EXPENSES

 Depreciation expense               40,175                    -         40,175
 Rent expense                       34,148                    -         34,148
 General and administrative        474,583                    -        474,583

  Total Costs and Expenses         548,906                    -        548,906

  Net Loss From Operations        (548,906)                   -       (548,906)

OTHER INCOME (EXPENSE)

 Interest expense                  (84,900)                   -        (84,900)
 Realized gain on sale of
  marketable securities          1,694,087                    -      1,694,087
 Net unrealized gain on
  marketable securities          1,725,464                    -      1,725,464
 Dividends                             128                    -            128

  Total Other Income (Expense)   3,334,779                    -      3,334,779

INCOME BEFORE TAXES              2,785,873                    -      2,785,873

INCOME TAX (Note 7)                948,894                    -        948,894

NET INCOME                    $  1,836,979             $      -    $ 1,836,979

BASIC INCOME PER SHARE        $       0.11             $      -

FULLY DILUTED INCOME
 PER SHARE                    $       0.11             $      -

WEIGHTED AVERAGE NUMBER OF
 SHARES OUTSTANDING             16,648,300              13,500,000


            OXIR INVESTMENTS, INC. AND SUBSIDIARIES
                 (A Development Stage Company)
        Consolidated Statements of Stockholders' Equity


                                           Common Stock           Retained
                                       Shares        Amount       Earnings

Balance at inception                        -      $      -      $       -

Net income from inception on May 19,
 1998 through June 30, 1998                 -             -              -

Balance, June 30, 1998                      -             -              -

Shares issued to founders at
 predecessor cost of $0.00 per share  13,770,000          -              -

Shares issued for trading securities
 at $0.70 per share                    1,350,000       939,764           -

Common stock issued for cash at
 $1.00 per share                         600,000       600,000           -

Stock issuance costs                        -         (250,000)          -

Common stock issued for cash
 at $5.00 per share                      100,600       503,000           -

Common stock issued for related
 party acquisitions, recorded at
 predecessor cost                      5,270,000       706,005           -

Net income for the year ended
 June 30, 1999                              -             -         1,836,979

Balance, June 30, 1999                21,090,600   $ 2,498,769    $ 1,836,979





            OXIR INVESTMENTS, INC. AND SUBSIDIARIES
                 (A Development Stage Company)
             Consolidated Statements of Cash Flows

                                                                From
                                                            Inception on
                                          For the           May 19, 1998
                                         Year Ended            Through
                                          June 30,             June 30,
                                            1999           1998         1999

CASH FLOWS FROM OPERATING ACTIVITIES

 Net income                            $  1,836,979    $     -      $ 1,836,979
 Adjustments to reconcile net income
  to net cash provided by operating
  activities:
  Depreciation expense                       40,175          -           40,175
 Changes in assets and liabilities:
  (Increase) in prepaid expenses             (3,978)         -           (3,978)
  (Increase) in related party receivables    (8,080)         -           (8,080)
  (Increase) in deposits                    (15,000)         -          (15,000)
  Increase in accounts payable               32,382          -           32,382
  Increase in accrued liabilities             6,740          -            6,740
  Increase in provision for income taxes    948,894          -          948,894

   Net Cash Provided by Operating
    Activities                             2,838,112         -        2,838,112

CASH FLOWS FROM INVESTING ACTIVITIES

 (Increase) in trading securities         (1,977,764)        -       (1,977,764)
 Increase in margin account                1,273,325         -        1,273,325
 Purchase of property and equipment         (844,044)        -         (844,044)

   Net Cash Used by Investing Activities  (1,548,483)        -       (1,548,483)

CASH FLOWS FROM FINANCING ACTIVITIES

 Proceeds from notes payable                 208,000         -          208,000
 Payments on notes payable                      (205)        -             (205)
 Stock issuance costs                       (250,000)        -         (250,000)
 Common stock issued for cash              1,103,000         -        1,103,000
 Advances to related parties              (2,337,867)        -       (2,337,867)
 Cash from subsidiaries                       40,070         -           40,070

   Net Cash Used by Financing Activities  (1,237,002)        -       (1,237,002)

NET INCREASE IN CASH AND CASH
 EQUIVALENTS                                  52,627         -           52,627

CASH AND CASH EQUIVALENTS AT BEGINNING
 OF PERIOD                                      -            -             -

CASH AND CASH EQUIVALENTS AT END
 OF PERIOD                               $    52,627    $    -     $     52,627

<PAGE>
            OXIR INVESTMENTS, INC. AND SUBSIDIARIES
                 (A Development Stage Company)
       Consolidated Statements of Cash Flows (Continued)


                                                          From
                                                     Inception on
                                    For the          May 19, 1998
                                   Year Ended           Through
                                    June 30,            June 30,
                                      1999         1998         1999

SUPPLEMENTAL CASH FLOW INFORMATION

Cash paid for:

 Interest                        $   78,160     $    -       $  78,160
 Income taxes                    $     -        $    -       $    -



            OXIR INVESTMENTS, INC. AND SUBSIDIARIES
                 (A Development Stage Company)
         Notes to the Consolidated Financial Statements
                         June 30, 1999

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

       Oxir Investments, Inc. a California corporation, was
       incorporated on November 2, 1923 as Monte Regio Corporation
       with the stated purpose to engage in the business of real
       estate development.  The Company continued in that endeavor
       for several years then discontinued operations.  On March
       1, 1972, the Company changed its name to Precision
       Resources, Inc.  The Company remained dormant with no
       business activity until September 1998.  The Company
       changed its name to Oxenuk, Inc. after reinstating business
       operations on November 11, 1998, and again changed it name
       to OXIR Investments, Inc. on November 25, 1998.

       In 1998, Oxenuk, Inc. initiated negotiations to merge with
       Oxir Investments, Inc., a private California company
       incorporated on May 19, 1998 (Oxir).  The merger was
       consummated on November 25, 1998, at which time Oxenuk,
       Inc. the surviving corporation adopted the name of Oxir
       Investments, Inc.  Under the terms of the merger, Oxir was
       dissolved.

       Oxir was originally founded for the purpose of pursuing
       investment opportunities in real estate, technology and
       industrial businesses in the United States and
       internationally, particularly in Russia.

       On June 29, 1999, the Company executed an agreement to
       acquire, through a tax free exchange of shares, 100% of the
       issued and outstanding shares of OXIR Financial Services,
       Ltd. (OFS), a British Virgin Islands corporation,
       incorporated on March 30, 1995.  OFS is actively involved
       in trading activities in the equity markets.

       On June 29, 1999, the Company executed an agreement  to
       acquire, through a tax free exchange of shares, 100% of the
       issued and outstanding shares of OXIR Investment, Ltd.
       (OIL), a British Virgin Islands corporation, incorporated
       on May 5, 1997.  OIL is involved in direct investment
       activities, such as real estate development projects in
       Russia.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

       a.  Accounting Method

       The Company's financial statements are prepared using the
       accrual method of accounting.  The Company has elected a
       fiscal year ending June 30.

       b.  Basic Income Per Share

       The computation of basic income per share of common stock
       is based on the weighted average number of shares
       outstanding during the period of the financial statements.



            OXIR INVESTMENTS, INC. AND SUBSIDIARIES
                 (A Development Stage Company)
         Notes to the Consolidated Financial Statements
                         June 30, 1999

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

       c.  Financial Instruments

       The following methods and assumptions were used by the
       Company to estimate the fair values of financial
       instruments as disclosed herein:

       Cash and equivalents:  The Company considers all highly
       liquid investments with a maturity of three months or less
       when purchased to be cash equivalents.

       Investment securities:  For trading securities, the
       carrying amounts approximate fair value, which is based on
       quoted market prices.

       d.  Income Taxes

       Income taxes are provided for the tax effects of
       transactions reported in the financial statements and
       consist of taxes currently due plus deferred taxes related
       primarily to unrealized gains on trading securities for
       financial and income tax reporting.  The deferred tax
       liability represents the future tax return consequences of
       those differences, which will either be taxable or
       deductible when the securities are sold.

       e.  Estimates

       The preparation of financial statements in conformity with
       generally accepted accounting principles requires
       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.

       f.  Property and Equipment

       Property and equipment are recorded at cost.  Major
       additions and improvements are capitalized.  Minor
       replacements, maintenance and repairs that do not increase
       the useful life of the assets are expensed as incurred.
       Depreciation of property and equipment is determined using
       the straight-line method over the expected useful lives of
       the assets as follows:

                     Description                    Useful Lives

            Buildings                                29.5 years
            Leasehold improvements                     10 years
            Furniture, fixtures and equipment           7 years
            Automobiles                                 5 years
            Computer equipment                          5 years


            OXIR INVESTMENTS, INC. AND SUBSIDIARIES
                 (A Development Stage Company)
         Notes to the Consolidated Financial Statements
                         June 30, 1999

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

       g.  Deposits

       The Company has given a refundable deposit on its office
       lease.  This deposit is in the form of a 5-year certificate
       of deposit bearing interest at 5.4%.  The interest is for
       the benefit of the Company.

       h.  Advertising

       The Company follows the policy of charging the costs of
       advertising to expense as incurred.

       i.  Concentrations of Risk

       Trading Securities

       The Company purchases trading securities using a margin
       account.  The securities purchased are subject to market
       swings and valuations.

       Foreign Operations

       The Company intends to conduct activities in Russia, a
       country, with a developing economy.  Russia has experienced
       recently, or is experiencing currently, economic or
       political instability.  Hyperinflation, volatile exchange
       rates and rapid political and legal change, often
       accompanied by military insurrection, have been common in
       this and certain other emerging markets in which the
       Company may conduct operations.  The Company may be
       materially adversely affected by possible political or
       economic instability in Russia.  The risks include, but are
       not limited to terrorism, military repression,
       expropriation, changing fiscal regimes, extreme
       fluctuations in currency exchange rates, high rates of
       inflation and the absence of industrial and economic
       infrastructure.  Changes in investment policies or shifts
       in the prevailing political climate in which the Company
       conducts business activities could adversely affect the
       Company's business.  Operations may be affected in varying
       degrees by government regulations with respect to
       production restrictions, price controls, export controls,
       income and other taxes, expropriation of property,
       maintenance of claims, environmental legislation, labor,
       welfare benefit policies, land use, land claims of local
       residents, water use and mine safety.  The effect of these
       factors cannot be accurately predicted.

       Margin Account

       The Company maintains a margin account which balance of
       $1,981,464 is 42% of the trading securities balance of
       $4,672,246.  In the event of a market turndown, the value
       of the trading securities may not be sufficient to pay off
       the margin account.


            OXIR INVESTMENTS, INC. AND SUBSIDIARIES
                 (A Development Stage Company)
         Notes to the Consolidated Financial Statements
                         June 30, 1999

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

       j.  Change in Accounting Principle

       The Financial Accounting Standards Board has issued
       Statement of Financial Accounting Standards ("SFAS") No.
       128, "Earnings Per Share" and Statement of Financial
       Accounting Standards No. 129 "Disclosures of Information
       About an Entity's Capital Structure."  SFAS No. 128
       provides a different method of calculating earnings per
       share than was previously used in accordance with APB
       Opinion No. 15, "Earning Per Share."  SFAS No. 128 provides
       for the calculation of "Basic" and "Dilutive" earnings per
       share.  Basic earnings per share includes no dilution and
       is computed by dividing income available to common
       shareholders by the weighted average number of common
       shares outstanding for the period.  Diluted earnings per
       share reflects the potential dilution of securities that
       could share in the earnings of an entity, similar to fully
       diluted earnings per share.  SFAS No. 129 establishes
       standards for disclosing information about an entity's
       capital structure.  SFAS No. 128 and SFAS No. 129 are
       effective for financial statements issued for periods
       ending after December 15, 1997.  In fiscal 1998, the
       Company adopted SFAS No. 128, which did not have a material
       impact on the Company's financial statements.  The
       implementation of SFAS No. 129 did not have a material
       effect on the Company's financial statements.

       The Financial Accounting Standards Board has also issued
       SFAS No. 130, "Reporting Comprehensive Income" and SFAS No.
       131, "Disclosures about Segments of an Enterprise and
       Related Information."  SFAS No. 130 establishes standards
       for reporting and display of comprehensive income, its
       components and accumulated balances.  Comprehensive income
       is defined to include all changes in equity except those
       resulting from investments by owners and distributions to
       owners.  Among other disclosures, SFAS No. 130 requires
       that all items that are required to be recognized under
       current accounting standards as components of comprehensive
       income be reported in a financial statement that displays
       with the same prominence as other financial statements.
       SFAS No. 131 supersedes SFAS No. 14 "Financial Reporting
       for Segments of a Business Enterprise."  SFAS No. 131
       establishes standards on the way that public companies
       report financial information about operating segments in
       annual financial statements and requires reporting of
       selected information about operating segments in interim
       financial statements issued to the public.  It also
       establishes standards for disclosure regarding products and
       services, geographic areas and major customers.  SFAS No.
       131 defines operating segments as components of a company
       about which separate financial information is available
       that is evaluated regularly by the chief operating decision
       maker in deciding how to allocate resources and in
       assessing performance.

       SFAS No. 130 and 131 are effective for financial statements
       for periods beginning after December 15, 1997 and requires
       comparative information for earlier years to be restated.
       Implementation of SFAS No. 130 and 131 did not have a
       material effect on the Company's financial statements.




            OXIR INVESTMENTS, INC. AND SUBSIDIARIES
                 (A Development Stage Company)
         Notes to the Consolidated Financial Statements
                         June 30, 1999

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

       j.  Change in Accounting Principle (Continued)

       In February 1998, the Financial Accounting Standards Board
       ("FASB") issued Statement of Financial Accounting Standard
       ("SFAS") No 132. "Employers' Disclosures about Pensions and
       other Postretirement Benefits" which standardizes the
       disclosure requirements for pensions and other
       Postretirement benefits and requires additional information
       on changes in the benefit obligations and fair values of
       plan assets that will facilitate financial analysis.  SFAS
       No. 132 is effective for years beginning after December 15,
       1997 and requires comparative information for earlier years
       to be restated, unless such information is not readily
       available.  The adoption of this statement had no material
       impact on the Company's financial statement.

       In June 1998, the FASB issued SFAS No. 133, "Accounting for
       Derivative Instruments and Hedging Activities" which
       requires companies to record derivatives as assets or
       liabilities, measured at fair market value.  Gains or
       losses resulting from changes in the values of those
       derivatives would be accounted for depending on the use of
       the derivative and whether it qualifies for hedge
       accounting.  The key criterion for hedge accounting is that
       the hedging relationship must be highly effective in
       achieving offsetting changes in fair value or cash flows.
       SFAS No. 133 is effective for all fiscal quarters of fiscal
       years beginning after June 15, 1999.  Management believes
       the adoption of this statement will have no material impact
       on the Company's financial statements.

       k.  Principles of Consolidation

       The consolidated financial statements include the accounts
       of OXIR Financial Services, Ltd., OXIR Investment, Ltd. and
       OXIR Investments, Inc.  All significant intercompany
       accounts and transactions have been eliminated.

NOTE 3 - INVESTMENT IN TRADING SECURITIES

       The Company has a diverse portfolio of investments in
       marketable equity securities.  Management determines the
       appropriate classification of the securities at the time
       they are acquired and evaluates the appropriateness of such
       classifications at each balance sheet date.  All securities
       owned are held for resale in anticipation of short-term
       fluctuations in market prices, and are therefore classified
       as trading securities.  Trading securities, consisting
       primarily of actively traded equity securities, are stated
       at fair value.  Realized and unrealized gains and losses
       are included in income.



            OXIR INVESTMENTS, INC. AND SUBSIDIARIES
                 (A Development Stage Company)
         Notes to the Consolidated Financial Statements
                         June 30, 1999

NOTE 3 - INVESTMENT IN TRADING SECURITIES (Continued)

       A summary of investment earnings recognized as other income
       during the period from July 1, 1998 through June 30, 1999
       is as follows:

       Trading Securities

            Realized gains (losses), net             $          1,694,087
            Unrealized gains (losses), net                      1,725,464

                                                     $          3,419,551

NOTE 4 - PROPERTY AND EQUIPMENT

       Property and equipment at June 30, 1999 consisted of the following:

       Construction in progress                      $          3,261,706
       Leasehold improvements                                      94,216
       Furniture and fixtures                                     230,680
       Automobiles                                                 35,240
       Equipment                                                  171,956
       House                                                      320,000

               Total                                            4,113,798

       Less accumulated depreciation                             (100,576)

       Property and Equipment - Net                  $          4,013,222

       Depreciation expense for the year ended June 30, 1999 was $40,175.

NOTE 5 - COMMITMENTS

       a.  Employment Agreement

       The Company has entered into an Employment Agreement with
       an officer which requires payment of an annual salary of
       $60,000 per year.  The Company has also agreed to pay a
       death benefit to the officer's estate in the amount of
       $60,000 in the event of his death.  If the contract is
       terminated, the Company has agreed to pay the officer
       $20,000.

       b.  Lease Agreement

       The Company has leased an office space under a 60-month
       operating lease.  The Company has placed a $10,000 deposit
       in a Citibank CD which becomes refundable at the end of the
       lease term of 60 months.  Accrued interest on the CD is for
       the benefit of the Company.  The rents to be paid under the
       terms of the lease described above is summarized as
       follows:


            OXIR INVESTMENTS, INC. AND SUBSIDIARIES
                 (A Development Stage Company)
         Notes to the Consolidated Financial Statements
                         June 30, 1999

NOTE 5 - COMMITMENTS (Continued)

         During the Year
            Ended
           June 30,                                Amount

            2000                                $      45,589
            2001                                       45,589
            2002                                       45,589
            2003                                       45,589
            2004                                       20,892

                       Total due                 $    203,248

NOTE 6 - MARGIN ACCOUNT

       The Company buys and sells equity securities using a margin
       account.  In the course of buying and selling the
       securities, the Company has incurred a liability to the
       brokerage firm.  The balance of $1,981,464 carries an
       interest rate of 6.75% and is collateralized by the
       securities held in the account.

NOTE 7 - INCOME TAX MATTERS

       The net deferred tax liability consisted of the following
       components as of June 30, 1999:

                                                                  1999

       Deferred tax assets                                 $        -

       Deferred tax liabilities relating to:
          Net unrealized gains on trading securities             (550,134)

       Net deferred tax liability                          $     (550,134)

              The components giving rise to the net deferred tax
       liability described above have been included in the
       accompanying balance sheet as of June 30, 1999 as follows:

                                                                  1999

       Current assets                                      $         -
       Current liabilities                                       (550,134)

                                                           $     (550,134)

       Realization of deferred tax assets is dependent upon
       sufficient future taxable income during the period that
       deductible temporary differences are expected to be
       available to reduce taxable income.


            OXIR INVESTMENTS, INC. AND SUBSIDIARIES
                 (A Development Stage Company)
         Notes to the Consolidated Financial Statements
                         June 30, 1999

NOTE 7 - INCOME TAX MATTERS (Continued)

       The provision for income taxes from inception on May 19,
       1998 through June 30, 1999 consisted of the following:
                                                              1999

       Current income taxes                          $       398,760
       Deferred income taxes                                 550,134

       Income tax expense                            $       948,894

NOTE 8 - MORTGAGE PAYABLE

        The Company had the following long-term debt at June 30, 1999:

        Mortgage payable to Greenpoint Mortgage, bearing interest
         at 9.50%, requiring monthly payments of $1,749, due
         April 2029, secured by a house.             $       207,795

        Less current portion                                  (1,303)

                 Long-Term Debt                      $       206,492

        Future maturities of long-term debt are as follows:

                    2000                             $         1,303
                    2001                                       1,432
                    2002                                       1,575
                    2003                                       1,731
                    2004                                       1,903
                    Thereafter                               199,851

                                                     $       207,795

NOTE 9 - CLIENT FUNDS PAYABLE

        Certain parties related to shareholders of the Company have
        invested funds with the Company in a trading account.  The
        value of the funds due back these parties is $1,252,131.
        Funds are invested per agreement whereby the investor
        agrees to pay a commission to the Company according to the
        performance level of the investments.  Invested funds are
        held for an indefinite period according to the terms of the
        individual contracts.  These funds are unsecured and hold
        no guarantee either expressed or implied by the Company.




            OXIR INVESTMENTS, INC. AND SUBSIDIARIES
                 (A Development Stage Company)
             Consolidated Proforma Income Statement
                         June 30, 1999
                          (Unaudited)

NOTE 10 - CONSOLIDATED PROFORMA INCOME STATEMENT

   On June 29, 1999, the Company closed on an acquisition
   agreement which provided for the acquisition of 100% of
   the outstanding capital stock of OXIR Investments Limited
   (OIL) and OXIR Financial Services Limited (OFS), both
   British Virgin Islands companies and related to the
   Company through common ownership.  Pursuant to this
   agreement, the Company issued 5,000,000 shares of its
   authorized but previously unissued common stock to the
   related party.  All said shares issued are deemed
   "restricted securities" as defined by Rule 144 of the
   Securities Act of 1933 as amended and are exempt from
   registration.  The following is an unaudited proforma
   consolidated income statement, an audited consolidated
   balance sheet has been included in the main body of the
   financial statements.

                                                          Proforma
                             OXIR        OXIR      OXIR  Adjustments
                         Investments Investments Financial Increase   Proforma
                             Inc.         Ltd   Services, (Decrease)Consolidated
                                                   Ltd
SALES                      $    -     $   -      $    -     $   -     $    -

COSTS OF GOODS SOLD             -         -           -         -          -

GROSS MARGIN                    -         -           -         -          -

COSTS AND EXPENSES

  Depreciation expense        40,175    23,782      27,695      -        91,652
  Rent expense                34,148    12,000      12,000      -        58,148
  General and administrative 474,583    24,837     115,056      -       614,476

    Total Costs and Expenses 548,906    60,619     154,751      -       764,276

    Net Loss From Operations(548,906)  (60,619)   (154,751)     -      (764,276)

OTHER INCOME (EXPENSE)

  Interest expense           (84,900)  (45,212)       -         -      (130,112)
  Commissions                   -       41,638      41,638      -        83,276
  Realized gain on sale of
   marketable securities   1,694,087   259,173        -         -     1,953,260
  Net unrealized gain on
   marketable securities   1,725,464   428,416        -         -     2,153,880
  Dividends                      128     2,132        -         -         2,260

    Total Other Income
     (Expense)             3,334,779   686,147      41,638      -     4,062,564

INCOME (LOSS) BEFORE TAXES 2,785,873   625,528    (113,113)     -     3,298,288

INCOME TAX                   948,894      -           -         -       948,894

NET INCOME (LOSS)         $1,836,979  $625,528   $(113,113) $   -   $ 2,349,394



<PAGE>
            OXIR INVESTMENTS, INC. AND SUBSIDIARIES
                 (A Development Stage Company)
         Notes to the Consolidated Financial Statements
                         June 30, 1999

NOTE 11 - SUBSEQUENT EVENTS

        Purchase of Shares in Russian Bank

        On August 11, 1999, the Company purchased 5% of the shares
        of stock of EURPZAPSIBBANK, Ltd., a commerce bank in the
        Russian Federation for $300,000.  The investment will be
        accounted for at the lower of cost or market.

        Formation of OIS

        On August 2, 1999, the Company incorporated OXIR Internet
        Solutions, Inc. (OIS) which was previously an internal
        project of the Company.  OIS was formed primarily for the
        purpose of engaging in the marketing and sale of products
        and services over the internet or some other medium.  Upon
        incorporation, the Company owned 100% of the issued and
        outstanding shares of OIS.




Item 8.  Changes in and Disagreements with Accountants on
         Accounting and Financial Disclosure

    This Item is not Applicable.

                             PART III

Item 9.  Directors, Executive Officers, Promoters and Control
         Persons; Compliance with Section 16(a) of the
         Exchange Act

    The following table sets forth the names, ages, and offices
held with the Company by it's directors and executive officers:


           Name                    Age         Position
    Vassili I Oxenuk               35   President, CEO, Chairman
                                          and Director
    Michael Smirnov                32   Vice President, CFO and
                                          Director
    Alexander Sarkisian, Ph.D.     51   Vice President
    Kirill M. Mendelson            28   Secretary, Treasurer and
                                          Director
    Inna Batrakova                 24   Vice President of
                                          Communications and Director

     All directors hold office until the next annual meeting of
stockholders and until their successors have been duly elected and
qualified.  Directors will be elected at the annual meetings to
serve for one year terms.  There are no agreements with respect to
the election of directors.  The Company has not compensated its
directors for service on the Board of Directors or any committee
thereof.  Any non-employee director of the Company shall be
reimbursed for expenses incurred for attendance at meetings of the
Board of Directors and any committee of the Board of Directors. The
Executive Committee of the Board of Directors, to the extent
permitted under California law, exercises all of the power and
authority of the Board of Directors in the management of the
business and affairs of the Company between meetings of the Board
of Directors.  Each executive officer is appointed by and serves at
the discretion of the Board of Directors.

     None of the officers and/or directors of the Company are
officers or directors of any other publicly traded corporation, nor
have any of the directors and/or officers, nor have any of the
affiliates or promoters of the Company filed any bankruptcy
petition, been convicted in or been the subject of any pending
criminal proceedings, or the subject or any order, judgment, or
decree involving the violation of any state or federal securities
laws within the past five years.

     The business experience of each of the persons listed above
during the past five years is as follows:



Vassili I. Oxenuk, President, CEO, Chairman

     Mr. Oxenuk is a graduate of the Moscow State University
Mathematics Boarding School for Gifted Children and the Mojaysky
Military Academy, from which he graduated with a Masters Degree in
informational systems and mathematical support. His career
experiences include Analytical Researcher for the Russian Central
Military Intelligence Agency.  Mr. Oxenuk started his
entrepreneurial activities in 1990 by establishing a lumber export
company, "UNYS".  In 1991 he broadened his export-import activity
to  include  audio-video products by establishing OxMoSe Company in
Leipzig, Germany.  The company created a joint venture in Russia
for retail sales of consumer electronics, operations of nightclubs,
restaurants, discos as well as production lines for milk and soft
drink bottling.    In  1995, the company decided to sell its
businesses and used the proceeds of the sale to start a financial
services company.  This company was registered as OXIR Financial
Services Ltd. in British Virgin Islands,  and made investments in
the equities markets.  In May of 1998 Mr. Oxenuk incorporated a new
company, OXIR Investments Inc., in the state of California that was
later merged with the Company.  Mr. Oxenuk is currently  pursuing
his Doctoral Degree in Business Administration at Kennedy-Western
University, a non accredited institution.

Michael Smirnov, Vice President, CFO, Director

     Mr. Smirnov  graduated from  Mojaysky Military Academy  in
1989 with a Masters Degree in information systems mathematical
support  and was the 1986  winner of the Student Olympiad.  His
experience includes Analytical Researcher for Russian Central
Military Intelligence  from 1989 to 1995 as well as  investment and
trading experience in world equity markets.  In 1995 he accepted a
position as Financial Analyst Manager for OxMoSe. At the end of
1995, OxMoSe was dissolved and Mr. Smirnov transferred to an
identical position with OXIR Financial Services Ltd. Since the
inception of OXIR Investments  Inc. he has been a Director, CFO,
Vice President, and a leading trader for OXIR Investments, Inc.
Mr. Smirnov has significant work experience in world stock
exchanges and is certified as a trader  of the highest category by
the Russian Stock exchange.  Presently, Mr. Smirnov is pursuing his
Doctoral Degree in Business Administration at Kennedy-Western
University, a non accredited institution.

Alexander Sarkisian, Ph.D., Vice President.

     Dr. Sarkisian, has a Ph.D. in economics  and graduated from
Moscow State Aviation Institute (Technical University), at which he
is presently a professor of international business. From 1986
through 1991, Dr. Sarkisian was Vice President  of economic affairs
at the state scientific production amalgamation Phazotron.  Dr.
Sarkisian was Vice President of the International Association
"International Dialog from 1992 to 1994 and served as Chairman of
the Board of the Regionsotsbank, engaged in the collecting and
processing communal fees in Moscow, Russia from 1995 to 1998.  In
addition to the above Dr. Sarkisian presently serves as the
Chairman of the Board of the following companies: Stenholm Invest
ApS, Denmark, a Danish investment company (Chairman since 1997);
Imkor (Chairman since 1994); ASPEKT Ltd (Chairman since 1991).
Furthermore, Dr. Sarkisian conducts lectures at the Moscow State
Aviation Institute (Technical University), Military Production
Academy, and at the Courses of Crisis Management on the subject of
International Investment, Decision Making Theory and Management.

Kirill Mendelson, Secretary, Treasurer, Director

     Mr. Mendelson attended the Moscow Medical Academy in Russia
from 1988 to 1991 and was a Member of the  Honor Student Roll in
1989 and 1990. He received his BS with a minor in business from the
University of Las Vegas, NV in 1995 where he was on the Dean's
Honor List.  From June 1991 to March 1998, he was Vice President of
Marketing for Europe and Russia and Executive Director for US
Direct Inc., a Las Vegas, Nevada company engaged in pursuing
business opportunities in emerging markets. His responsibilities
included consulting for  and negotiating contracts, joint ventures,
and  export and import trade in Russia, Ukraine and Baltic
Republics.  While with US Direct, he consummated  a number of
sales of casino gaming equipment to casinos in two districts of
Russia.  He arranged for the placement of a DMSO topical gel called
Dabso, used for the treatment of arthritis, in the over-the-counter
market of Moscow and Rostov-on-Don.  In July 1986, Mr. Mendelson
started working as a trainee for the Computer Store Inc.  In
January 1991 at the age of 20, he became a partner, co-owner and
manager of the store.  Mr. Mendelson trained and supervised 12
employees in sales and repairs of office equipment until May 1991.

Inna Batrakova, Vice President of Communications, Director

     Ms. Batrakova graduated from the Pyatigorsk State Linguistic
University with major in English and Psychology. Upon graduation
Ms. Batrakova was awarded honors bachelor degree in Linguistics and
Practical Psychology. Ms. Batrakova also acquired a certified
diploma of the Interpreter's faculty at the same University.
Currently Ms. Batrakova is  pursuing her Masters Degree in Business
Administration at Kennedy-Western University, a non accredited
institution.  Ms. Batrakova started her career with Oxir
Investments, Inc. in February of 1997 and accepted the position of
a an administrative assistant at its representative office in
Moscow.  In November of 1997 Ms. Batrakova was promoted to the
position of the executive administrative assistant  and, in
December 1998, she became Vice President of Communications.
Presently her responsibilities include coordinating corporate
communications with the Company's clients, the media and other
business entities, as well as setting up a liaison structure for
the implementation of new marketing programs.  She also directs and
coordinates all public communications for the Company, including
soliciting media coverage and media relationships, development of
corporate brochures, newsletters and press releases.



Item 10.  Executive Compensation

     The Company does not have a bonus, profit sharing, or deferred
compensation plan for the benefit of its employees, officers or
directors.  As of February 28, 1999, no employee of the Company has
earned in excess of $100,000 per annum.

     The Company has entered into two employment contracts, one
with President and C.E.O., Vassili I. Oxenuk, and the second with
Secretary/Director, Kirill Mendelson. Mr. Oxenuk's agreement
provides that the Company will pay his monthly personal expenses,
which are not to exceed $180,000 per year.  Payment is made through
Mr. Oxenuk's Citibank Visa and Citibank MasterCard accounts.  At
the end of each year, the Company will issue to Mr. Oxenuk a Form
1099 reporting, for tax purposes, the total amount paid to him
during the year, with the exception of reimbursable business
expenses.  Additionally, the Company is to provide housing for
Mr. Oxenuk and his family and to pay all expenses related to the
property.  On April 1, 1999, the Company purchased a single-family
house for the price of $362,000 for Mr. Oxenuk to occupy.  The
Company paid $164,514 as a down payment with the balance mortgaged
with GreenPoint Mortgage Company.  For the fiscal year ended June
30, 1999, the Company paid a total of $9,864 for Mr. Oxenuk's
housing costs and related expenses.

     Mr. Mendelson's agreement provides that the Company will pay
an annual salary of $60,000.  In addition, the Company issued to
Mr. Mendelson 270,000 shares of the Company's common stock.

     The following table sets forth all cash compensation paid by
the Company for services rendered to the Company for the  fiscal
year ended June 30, 1999, to the Company's Chief Executive Officer.
No executive officer of the Company has earned a salary greater
than $100,000 annually for the period depicted.

                    Summary Compensation Table

                                                  Other     All
                                                  Annual   Other
Name and                                          Compen-  Compen-
Principal Position      Year    Salary    Bonus   sation   sation

Vassili I. Oxenuk,      1999   $52,187    $ -0-   $ -0-    $9,864
President, C.E.O.
_______________

Item 11.  Security Ownership of Certain Beneficial Owners and
          Management

     The following table sets forth information, to the best of the
Company's knowledge, as of  November 2, 1999, with respect to each
person known by the Company to own beneficially more than 5% of the
outstanding Common Stock, each director and all directors and
officers as a group.



 Name and Address        Amount and Nature of         Percent
of Beneficial Owner      Beneficial Ownership         of Class(1)
Vassili I. Oxenuk*              12,449,319               58.8%
  3980 Howard Hughes Pkwy.
  Suite 340
  Las Vegas, NV 89109
Michael Y. Smirnov*              1,350,000                6.4%
  3980 Howard Hughes Pkwy.
  Suite 340
  Las Vegas, NV 89109
Kirill M. Mendelson*               270,000                1.3%
  3980 Howard Hughes Pkwy.
  Suite 340
  Las Vegas, NV 89109
Alexander Sarkissian*              270,000                1.3%
  3980 Howard Hughes Pkwy.
  Suite 340
  Las Vegas, NV 89109
Inna Batrakova*                    300,000                1.4%
  3980 Howard Hughes Pkwy.
  Suite 340
  Las Vegas, NV 89109
All directors and officers      14,639,319               69.2%
  a group ( 5 persons)

      *   Director and/or executive officer
Note:     Unless otherwise indicated in the footnotes below, the
          Company has been advised that each person above has sole
          voting power over the shares indicated above.

     (1)  Based upon 21,182,200 shares of Common Stock outstanding
          on  November 2, 1999.

Item 12.  Certain Relationships and Related Transactions

     During the Company's inception, there have been no
transactions between the Company and any officer, director, nominee
for election as director, or any shareholder owning greater than
five percent (5%) of the Company's outstanding shares, nor any
member of the above referenced individuals' immediate family,
except as set forth below.

     In  June 1999, the Company  finalized  two separate agreements
to acquire, through tax free exchange of shares, 100% of the issued
and outstanding shares of OXIR Financial Services, Ltd. ("OFS"), a
British Virgin Islands corporation, and 100% of the issued and
outstanding shares of OXIR Investment, Ltd. ("OIL"), a British
Virgin Islands corporation.  Vassili I Oxenuk, the Company's
President and C.E.O., was the sole shareholder of both OFS and OIL.
Under the terms of the agreements, Mr. Oxenuk  received an
aggregate of 5,000,000 shares of the Company's common stock. Mr.
Oxenuk did not participate in the Company's Board of Directors
decision to make the acquisitions and  the transactions were
negotiated on an arms length basis.  The Company did not receive an
independent valuation of either OFS or OIL.

     The Company's officers and directors are subject to the
doctrine of corporate opportunities only insofar as it applies to
business opportunities in which the Company has indicated an
interest, either through its proposed business plan or by way of an
express statement of interest contained in the Company's minutes.
If directors are presented with business opportunities that may
conflict with business interests identified by the Company, such
opportunities must be promptly disclosed to the Board of Directors
and made available to the Company.  In the event the Board shall
reject an opportunity so presented and only in that event, any of
the Company's officers and directors may avail themselves of such
an opportunity.  Every effort will be made to resolve any conflicts
that may arise in favor of the Company.  There can be no assurance,
however, that these efforts will be successful.

                              PART V

Item 13.       Exhibits and Reports on Form 8-K

     (a)  Exhibits

Exhibit No.                Exhibit Name

    *3.1  Articles of Incorporation and all amendments thereto
    *3.2  By-Laws
    *4.1  See Exhibit No. 3.1, Articles of Incorporation and
            amendments thereto
   *10.1  Agreement of Merger
   *10.2    Employment Agreement for Kirill Mendelson
   *21.1  Subsidiaries
    27    Financial Data Schedules

 *   Previously filed as Exhibit to Form 10-SB.

    (b)      The Company did not file any reports on Form 8-K for the
         three month period ended June 30, 1999.




                            SIGNATURES

       In accordance with Section 13 or 15(d) of the Exchange Act,
the Registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                 Oxir Investments, Inc.



                               BY: /S/ Vassili I. Oxenuk
                                   Vassili I. Oxenuk,
                                   President and C.E.O.

Dated:   November 23, 1999


       In accordance with the Exchange Act, this report has been
signed below by the following persons on behalf of the Registrant
and in the capacities and on the dates indicated.

            Signature           Title                         Date

                               President, C.E.O. and
                               Director                 November 23, 1999
/S/ Vassili I. Oxenuk
    Vassili I. Oxenuk

                               Vice President and
                               Director                 November 23, 1999
/S/ Michael Smirnov            Chief Financial Officer
    Michael Smirnov            Principal Accounting Officer


                                                        November 23, 1999
/S/ Kirill M. Mendelson            Director
    Kirill M. Mendelson