United States
                       Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form 10-QSB

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

For the quarter ended: March 31, 2005

Commission file no.: 000-30807

                              CEO CHANNEL.COM, INC.
          ------------------------------------------------------------
                 (Name of Small Business Issuer in its Charter)

         Florida                                                 65-0904572
------------------------------------                     -----------------------
(State or other jurisdiction of                          (I.R.S.Employer
incorporation or organization)                               Identification No.)

11408 Orchard Park, Suite 311
          Glen Allen, VA                                           23059
---------------------------------------                  -----------------------
(Address of principal executive offices)                        (Zip Code)

Issuer's telephone number: (804) 273-6731


Securities registered under Section 12(b) of the Act:

     Title of each class                                Name of each exchange
                                                        on which registered

         None                                               None
-------------------------------                    -----------------------------

Securities registered under Section 12(g) of the Act:

                    Common Stock, $0.0001 par value per share
            --------------------------------------------------------
                                (Title of class)






<PAGE>



Indicate by Check whether the issuer (1) filed all reports  required to be filed
by  Section  13 or 15(d) of the  Exchange  Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports),  and
(2) has been subject to such filing  requirements  for the past 90 days.

 Yes [X] No [_]



As of April 1,  2005,  there  were  12,200,000  shares  of  voting  stock of the
registrant issued and outstanding.


























<PAGE>



                                     PART I


ITEM 1. FINANCIAL STATEMENTS


                          INDEX TO FINANCIAL STATEMENTS




Balance Sheets...............................................................F-2

Statements of Operations.....................................................F-3

Statements of Stockholders' Equity...........................................F-4

Statements of Cash Flows.....................................................F-5

Notes to Financial Statements................................................F-6





















                                       F-1

<PAGE>



<TABLE>
<CAPTION>
                              CEO-Channel.com, Inc.
                        (A Development Stage Enterprise)
                                 Balance Sheets


                                                                                      March 31,           December 31,
                                                                                        2005                  2004
                                                                                --------------------- --------------------
                                                                                     (unaudited)
<S>                                                                             <C>                   <C>
                                       ASSETS
CURRENT ASSETS
   Cash and equivalents                                                         $              15,000 $             15,000
                                                                                --------------------- --------------------

          Total current assets                                                                 15,000               15,000
                                                                                --------------------- --------------------

PROPERTY AND EQUIPMENT
   Equipment                                                                                        0                    0
   Less: Accumulated depreciation                                                                   0                    0
                                                                                --------------------- --------------------

          Net property and equipment                                                                0                    0
                                                                                --------------------- --------------------

OTHER ASSETS
   Deposits                                                                                         0                    0
                                                                                --------------------- --------------------

          Total other assets                                                                        0                    0
                                                                                --------------------- --------------------

Total Assets                                                                    $              15,000 $             15,000
                                                                                ===================== ====================

                        LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
   Accrued liabilities                                                          $               7,000 $                  0
   Demand convertible note payable                                                             18,500               18,200
                                                                                --------------------- --------------------

          Total current liabilities                                                            25,500               18,200
                                                                                --------------------- --------------------

STOCKHOLDERS' EQUITY
   Preferred stock, no par value, authorized 10,000,000
     shares, 0 issued and  outstanding                                                              0                    0
   Common stock, $0.0001 par value, authorized 50,000,000
     shares; issued and outstanding 12,200,000                                                  1,220                1,220
  Additional paid-in capital                                                                  233,760              233,760
  Deficit accumulated during the development stage                                           (245,480)            (238,180)
                                                                                --------------------- --------------------

          Total stockholders' equity                                                          (10,500)              (3,200)
                                                                                --------------------- --------------------

Total Liabilities and  Stockholders' Equity                                     $              15,000 $             15,000
                                                                                ===================== ====================
</TABLE>







     The accompanying notes are an integral part of the financial statements


                                       F-2

<PAGE>



<TABLE>
<CAPTION>
                              CEO-Channel.com, Inc.
                        (A Development Stage Enterprise)
                            Statements of Operations
                                   (unaudited)


                                                                                                       Period from
                                                                                                     February 3, 1999
                                                                 Three Months                          (Inception)
                                                                Ended March 31,                          through
                                                   -----------------------------------------

                                                         2005                 2004               March 31, 2005
                                                 --------------------- -------------------  ------------------------
<S>                                              <C>                   <C>                  <C>

REVENUES                                         $                   0 $                 0  $                 17,000
                                                 --------------------- -------------------  ------------------------

OPERATING EXPENSES
   Compensation:
      Officers                                                       0                   0                   115,538
      Others                                                         0                   0                    22,566
   General and administrative                                    7,000                   0                    84,205
   Depreciation                                                      0                   0                     8,901
                                                 --------------------- -------------------  ------------------------

          Total expenses                                         7,000                   0                   231,210
                                                 --------------------- -------------------  ------------------------

Loss from operations                                            (7,000)                  0                  (214,210)
                                                 --------------------- -------------------  ------------------------

OTHER INCOME (EXPENSE)
     Loss on abandonment                                             0                   0                   (29,184)
     Interest expense                                             (300)               (300)                   (3,500)
     Interest income                                                 0                   0                     1,414
                                                 --------------------- -------------------  ------------------------

          Total other income                                      (300)               (300)                  (31,270)
                                                 --------------------- -------------------  ------------------------

Net loss                                         $              (7,300)$              (300) $               (245,480)
                                                 ===================== ===================  ========================

Basic net loss per weighted average share        $               (0.01)$             (0.01)
                                                 ===================== ===================

Weighted average number of shares                           12,200,000          12,200,000
                                                 ===================== ===================
</TABLE>















     The accompanying notes are an integral part of the financial statements


                                       F-3

<PAGE>



<TABLE>
<CAPTION>
                              CEO-Channel.com, Inc.
                        (A Development Stage Enterprise)
                       Statements of Stockholders' Equity




                                                                                                  Deficit
                                                                                                Accumulated
                                                                                Additional       During the           Total
                                                  Number of       Common          Paid-in       Development       Stockholders'
                                                   Shares          Stock          Capital          Stage             Equity
                                                 ------------- -------------  --------------- -----------------  ---------------
<S>                                              <C>           <C>            <C>             <C>                <C>

BEGINNING BALANCE, February 3, 1999 (Inception)              0 $           0  $             0 $               0  $             0

Shares issued for cash                               2,200,000           220          224,760                 0          224,980

Net loss                                                     0             0                0          (103,861)        (103,861)
                                                 ------------- -------------  --------------- -----------------  ---------------

BALANCE, December 31, 1999                           2,200,000           220          224,760          (103,861)         121,119

Net loss                                                     0             0                0          (121,027)        (121,027)
                                                 ------------- -------------  --------------- -----------------  ---------------

BALANCE, December 31, 2000                           2,200,000             0                0          (224,888)              92
Net loss                                                     0             0                0               (92)             (92)
                                                 ------------- -------------  --------------- -----------------  ---------------

BALANCE, December 31, 2001                           2,200,000           220          224,760          (224,980)               0
Shares issued for services                          10,000,000         1,000            9,000                 0           10,000
Net loss                                                     0             0                0           (10,800)         (10,800)
                                                 ------------- -------------  --------------- -----------------  ---------------

BALANCE, December 31, 2002                          12,200,000         1,220          233,760          (235,780)            (800)
Net loss                                                     0             0                0            (1,200)          (1,200)
                                                 ------------- -------------  --------------- -----------------  ---------------

BALANCE, December 31, 2003                          12,200,000         1,220          233,760          (236,980)          (2,000)
Net loss                                                     0             0                0            (1,200)          (1,200)
                                                 ------------- -------------  --------------- -----------------  ---------------

BALANCE, December 31, 2004                          12,200,000         1,220          233,760          (238,180)          (3,200)
Net loss                                                     0             0                0            (7,300)          (7,300)
                                                 ------------- -------------  --------------- -----------------  ---------------

BALANCE, March 31, 2005 (unaudited)                 12,200,000 $       1,220  $       233,760 $        (245,480) $       (10,500)
                                                 ============= =============  =============== =================  ===============
</TABLE>














     The accompanying notes are an integral part of the financial statements


                                       F-4

<PAGE>



<TABLE>
<CAPTION>
                              CEO-Channel.com, Inc.
                        (A Development Stage Enterprise)
                            Statements of Cash Flows
                                   (unaudited)


                                                                                                      Period from
                                                                        Three Months                February 3, 1999
                                                                       Ended March 31,                 (Inception)
                                                            ------------------------------------         through
                                                                    2005              2004            March 31, 2005
                                                             ------------------ ----------------- -----------------------
<S>                                                          <C>                <C>               <C>

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss                                                     $           (7,300)$            (300)$              (244,280)
Adjustments to reconcile net loss to net cash used
 by operating activities:
   Depreciation                                                               0                 0                   8,901
   Loss on abandonment                                                        0                 0                  21,965
   Stock issued for services                                                  0                 0                  10,000
Changes in operating assets and liabilities:
   (Increase) decrease in deposits                                            0                 0                       0
   Increase (decrease) accrued interest expense                             300               300                   2,300
   Increase (decrease) accrued liabilities                                7,000                 0                   7,000
                                                             ------------------ ----------------- -----------------------

Net cash used by operating activities                                         0                 0                (194,114)
                                                             ------------------ ----------------- -----------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchase of property and equipment                                         0                 0                 (30,866)
                                                             ------------------ ----------------- -----------------------

Net cash used by investing activities                                         0                 0                 (30,866)
                                                             ------------------ ----------------- -----------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Proceeds from demand convertible note payable                              0                 0                  15,000
   Proceeds from issuance of common stock, net                                0                 0                 224,980
                                                             ------------------ ----------------- -----------------------

Net cash provided by financing activities                                     0                 0                 239,980
                                                             ------------------ ----------------- -----------------------

Net increase (decrease) in cash                                               0                 0                  15,000

CASH, beginning of period                                                15,000            15,000                       0
                                                             ------------------ ----------------- -----------------------

CASH, end of period                                          $           15,000 $          15,000 $                15,000
                                                             ================== ================= =======================
</TABLE>

















     The accompanying notes are an integral part of the financial statements


                                       F-5

<PAGE>



                              CEO-Channel.com, Inc.
                        (A Development Stage Enterprise)
                          Notes to Financial Statements
                                   (unaudited)



(1)  Summary of Significant Accounting Policies
     (a) The Company  CEO-Channel.com,  Inc. is a Florida chartered  development
     stage   corporation  which  conducts  business  from  its  headquarters  in
     Richmond, Virginia. The Company was incorporated on February 3, 1999.

     The Company began its business operations as a dot com at the height of the
     boom. In the fourth quarter of 2000, the Company realized that it would not
     be able to sustain  its  activities  nor raise  additional  capital,  so it
     ceased  operations.  In the second  quarter  2002,  control of the  Company
     changed.  At that time the Company  received a cash  investment in order to
     maintain  its  reporting  status  while  the  Company  began  to  seek  new
     opportunities.  In late 2004,  the Company began to actively seek potential
     merger candidates.

     The  following  summarize  the more  significant  accounting  and reporting
policies and practices of the Company:

     (b) Use of  estimates  The  financial  statements  have  been  prepared  in
     conformity with generally accepted accounting principles.  In preparing the
     financial  statements,   management  is  required  to  make  estimates  and
     assumptions  that affect the reported  amounts of assets and liabilities as
     of the date of the  statements  of  financial  condition  and  revenues and
     expenses for the year then ended.  Actual results may differ  significantly
     from those estimates.

     (c) Start-up  costs Costs of start-up  activities,  including  organization
     costs,  are expensed as incurred,  in accordance with Statement of Position
     (SOP) 98-5.

     d) Stock  compensation  for services  rendered The Company issues shares of
     common stock in exchange for services  rendered.  The costs of the services
     are valued according to generally accepted  accounting  principles and have
     been charged to operations.

     (e) Net  income  (loss)  per  share  Basic  loss per share is  computed  by
     dividing  the net income  (loss) by the weighted  average  number of common
     shares outstanding during the period.

     (f) Property and  equipment All property and equipment are recorded at cost
     and depreciated over their estimated useful lives,  using the straight-line
     method.  Upon  sale  or  retirement,   the  cost  and  related  accumulated
     depreciation  are  eliminated  from  their  respective  accounts,  and  the
     resulting  gain or loss is included in the results of  operations.  Repairs
     and  maintenance  charges,  which do not  increase  the useful lives of the
     assets, are charged to operations as incurred.






                                       F-6

<PAGE>


                              CEO-Channel.com, Inc.
                        (A Development Stage Enterprise)
                   Notes to Consolidated Financial Statements


(1)  Summary of Significant Accounting Policies (continued)
     (g) Interim  financial  information The financial  statements for the three
     months  ended  March  31,  2005 and  2004 are  unaudited  and  include  all
     adjustments  which in the  opinion of  management  are  necessary  for fair
     presentation,  and such  adjustments are of a normal and recurring  nature.
     The results for the three months are not indicative of a full year results.

(2)  Stockholders'  Equity  The  Company  has  authorized  50,000,000  shares of
     $0.0001  par  value  common  stock  and  10,000,000  shares of no par value
     preferred  stock.  Rights and  privileges of the preferred  stock are to be
     determined  by the Board of Directors  prior to  issuance.  The Company had
     12,200,000  and  0  shares  of  common  and  preferred   stock  issued  and
     outstanding,  respectively,  at March 31, 2005. In 1999, the Company issued
     2,200,000  shares of common stock under  Regulation D offerings in exchange
     for $224,980 in cash.  On April 23,  2002,  the Company  issued  10,000,000
     shares of  restricted  common stock to its new  management  in exchange for
     services valued at $0.001 per share, or $10,000 total.

(3)  Income  Taxes  Deferred  income taxes  (benefits)  are provided for certain
     income and expenses which are  recognized in different  periods for tax and
     financial   reporting   purposes.   The  Company  had  net  operating  loss
     carry-forwards  for income tax purposes of approximately  $245,000 expiring
     $104,000,  $121,000,  $10,800,  $1,200,  $1,200 and $7,300 at December  31,
     2019, 2020, 2022, 2023, 2024 and 2025, respectively.

     The  amount  recorded  as  deferred  tax  assets  as of March  31,  2005 is
     approximately  $37,000,  which  represents the amount of tax benefit of the
     loss  carry-forward.  The Company  has  established  a valuation  allowance
     against  this  deferred  tax  asset,  as  the  Company  has no  history  of
     profitable operations.

(4)  Convertible  debt On May 2, 2002, the Company  received $15,000 in exchange
     for demand  convertible  debt,  which  carries an  interest  rate of 8% per
     annum.  This  debt is  convertible  into  up to  15,000,000  shares  of the
     Company's common stock at the discretion of the debt-holders.

(5)  Subsequent events
     a)  Change  of  control  On April 4,  2005,  the  Company  entered  into an
     agreement to sell the company to Pegasus Wireless Corp. by exchanging for 3
     million shares of Pegasus for 100% of the outstanding  convertible  debt of
     the Company and the stockholders of the Company  contributing  their shares
     back to the Company.


                                       F-7

<PAGE>



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

Results of Operations

     The Company had no revenues  for the three  months ended March 31, 2005 and
2004, respectively.

     The Company  expended  $7,000 and $0, for the three  months ended March 31,
2005 and 2004, respectively on general and administrative expenses.

     For the three  months  ended March 31, 2005 and 2004,  the Company  accrued
interest expense of $300 and $300, respectively.

     Future  expenditure  levels are expected to be nominal,  generally  for the
purpose of maintaining the Company's stockholder records and filing requirements
to  comply  with the  Securities  Exchange  Act of 1934 and for  initiating  the
Company's current business plan, as discussed previously.

     The Company  does not expect to generate  any  meaningful  revenue or incur
operating  expenses for purposes  other than  fulfilling  the  obligations  of a
reporting  company  under The  Securities  Exchange Act of 1934 unless and until
such time that the Company's operating subsidiary begins meaningful operations.

     Subsequent events - On April 4, 2005, the Company entered into an agreement
to sell the company to Pegasus Wireless Corp. by exchanging for 3 million shares
of Pegasus for 100% of the outstanding  convertible  debt of the Company and the
stockholders of the Company contributing their shares back to the Company.

Liquidity and Capital Resources

     At March 31, 2005 and 2004,  respectively,  the Company had working capital
of approximately $8,000 and $15,000.

     It is the intent of  management  and  significant  stockholders  to provide
sufficient  working  capital  necessary to support and preserve the integrity of
the  corporate  entity.  However,  there  is  no  legal  obligation  for  either
management or significant  stockholders  to provide  additional  future funding.
Should this pledge fail to provide financing, the Company has not identified any
alternative  sources.  Consequently,   there  is  substantial  doubt  about  the
Company's ability to continue as a going concern.

     The Company's need for capital may change  dramatically  as a result of the
implementation of its current business plan.

     Regardless of whether the  Company's  cash assets prove to be inadequate to
meet the  Company's  operational  needs,  the Company  might seek to  compensate
providers of services by issuances of stock in lieu of cash.

Net Operating Losses

     The Company has net operating  loss  carry-forwards  of $245,000,  expiring
beginning  December 31, 2009.  Until the Company's  current  operations begin to
produce   earnings,   it  is  unclear  whether  the  Company  can  utilize  such
carry-forwards.



                                       10
<PAGE>



Plan of Operation

     If the Company is unable to generate  sufficient revenue from operations to
implement  its  expansion  plans,  management  intends to explore all  available
alternatives  for debt and/or  equity  financing,  including  but not limited to
private and public securities offerings.

     Subsequent events - On April 4, 2005, the Company entered into an agreement
to sell the company to Pegasus Wireless Corp. by exchanging for 3 million shares
of Pegasus for 100% of the outstanding  convertible  debt of the Company and the
stockholders of the Company contributing their shares back to the Company.

Forward-Looking Statements

     This Form 10-QSB includes  "forward-looking  statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities  Exchange  Act of  1934,  as  amended.  All  statements,  other  than
statements of historical  facts,  included or  incorporated by reference in this
Form 10-QSB which address  activities,  events or developments which the Company
expects or anticipates will or may occur in the future, including such things as
future capital expenditures  (including the amount and nature thereof),  finding
suitable merger or acquisition candidates, expansion and growth of the Company's
business and operations, and other such matters are forward-looking  statements.
These  statements  are based on certain  assumptions  and  analyses  made by the
Company in light of its  experience  and its  perception of  historical  trends,
current conditions and expected future  developments as well as other factors it
believes are appropriate in the circumstances.  However,  whether actual results
or developments will conform with the Company's  expectations and predictions is
subject  to a number of risks and  uncertainties,  general  economic  market and
business  conditions;  the business  opportunities (or lack thereof) that may be
presented  to and pursued by the  Company;  changes in laws or  regulation;  and
other   factors,   most  of  which  are  beyond  the  control  of  the  Company.
Consequently, all of the forward-looking statements made in this Form 10-QSB are
qualified by these cautionary  statements and there can be no assurance that the
actual results or  developments  anticipated by the Company will be realized or,
even if substantially  realized, that they will have the expected consequence to
or effects on the Company or its business or operations.  The Company assumes no
obligations to update any such forward-looking statements.


ITEM 3. CONTROLS AND PROCEDURES

     As required by Rule 13a-15 under the Exchange Act, within the 90 days prior
to the filing date of this report,  the Company carried out an evaluation of the
effectiveness of the design and operation of the Company's  disclosure  controls
and  procedures.  This evaluation was carried out under the supervision and with
the  participation  of  the  Company's   management,   including  the  Company's
President,  Chief Executive Officer and Chief Financial Officer. Based upon that
evaluation, the Company's President, Chief Executive Officer and Chief Financial
Officer  concluded  that the Company's  disclosure  controls and  procedures are



                                       11
<PAGE>



effective.  There have been no  significant  changes in the  Company's  internal
controls or in other factors, which could significantly affect internal controls
subsequent to the date the Company carried out its evaluation.

     Disclosure  controls and procedures are controls and other  procedures that
are  designed to ensure that  information  required to be  disclosed  in Company
reports  filed or  submitted  under the  Exchange  Act is  recorded,  processed,
summarized and reported, within the time periods specified in the Securities and
Exchange  Commission's  rules and  forms.  Disclosure  controls  and  procedures
include,  without  limitation,  controls and procedures  designed to ensure that
information required to be disclosed in Company reports filed under the Exchange
Act is accumulated and communicated to management, including the Company's Chief
Executive  Officer and Chief Financial  Officer as appropriate,  to allow timely
decisions regarding required disclosure.



                                     PART II


ITEM 1. LEGAL PROCEEDINGS.

     The  Company  knows  of no legal  proceedings  to which it is a party or to
which any of its  property  is the  subject  which are  pending,  threatened  or
contemplated or any unsatisfied judgments against the Company.


ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

     Subsequent events - On April 4, 2005, the Company entered into an agreement
to sell the company to Pegasus Wireless Corp. by exchanging for 3 million shares
of Pegasus for 100% of the outstanding  convertible  debt of the Company and the
stockholders of the Company contributing their shares back to the Company.


ITEM 3. DEFAULTS IN SENIOR SECURITIES

           None


ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

     No matter was submitted  during the quarter ending March 31, 2005,  covered
by this report to a vote of the Company's shareholders, through the solicitation
of proxies or otherwise.


ITEM 5. OTHER INFORMATION

           None





                                       12
<PAGE>



ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a) The exhibits  required to be filed  herewith by Item 601 of  Regulation
S-B, as described in the following index of exhibits, are incorporated herein by
reference, as follows:

Exhibit No.             Description
----------------------------------------------------------------------

31.1    *   Certification pursuant to Section 302 of Sarbanes-Oxley Act of 2002.

32.1    *   Certification pursuant to Section 906 of Sarbanes-Oxley Act of 2002.

* Filed herewith

     (b) A  report  on Form  8-K was  filed  on  April  5,  2005  reporting  the
acquistion of CEO Channel.com, Inc., (CEOC) by Pegasus Wireless, Corp.


























                                       13
<PAGE>




                                   SIGNATURES


     In  accord  with  Section  13 or 15(d) of the  Securities  Act of 1933,  as
amended,  the  Company  caused  this  report to be  signed on its  behalf by the
undersigned, thereto duly authorized.




                              CEO Channel.com, Inc.


Dated: April 5, 2005

                              By: /s/ Larry Creeger
                                 ---------------------------
                                 Larry Creeger
                                 Chief Executive Officer,
                                 Chief Financial Officer














                                       14