----

**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-Q**

**                                            (Mark      One)**

**ý**
**      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES      EXCHANGE ACT OF 1934**

**For      the quarterly period ended **
**January      31, 2006**

**OR**

** ̈**
**      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES      EXCHANGE ACT OF 1934**

**For      the transition period from to  **

**Commission      File Number **
**000-51132**

**Universal      Capital Management, Inc.**

**(Exact      name of registrant as specified in its charter)**

| **          Delaware        **(State                or other jurisdiction ofIncorporation                or Organization) **2601                Annand Drive****Suite                16****     Wilmington,                DE     **(Address                of principal executive offices) | **          20-1568059        **(I.R.S.                EmployerIdentification                No.)   **        19808        **(Zip                Code) |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                         |

**_**
**x**

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| **PART                I    ****FINANCIAL                INFORMATION**                    |   |      |   |      |      |
|--------------------------------------------------------------------------------------------------------------|--------|-----------|--------|-----------|-----------|
| **Item                1.    ****Financial                Statements**                    |   |      |   |      |      |
|                                                                                                         |   |      |   |      |      |   |   |   |   |
|   UNIVERSAL                CAPITAL MANAGEMENT, INC.(A                BUSINESS DEVELOPMENT COMPANY) |
|   STATEMENT                OF ASSETS AND LIABILITIES                                               |
|                                                                                                         |   |      |   |      |      |   |   |   |   |
|                                                                                                         |   |      |   |      |      | January                31, 2006 |   | April                30, 2005 |   |
|                                                                                                         |   |      |   |      |      | (Unaudited) |   | (Audited) |   |
| ASSETS                                                                                                       |   |      |   |      |      |   |   |   |   |
| Investment                in Securities, at fair value (cost: $2,539,600 and                $614,500)        |   |      | $      | 3,923,936 |      | $ | 2,782,976 |   |
| Cash                and Cash Equivalents                                                                     |   |      |   | 28,658    |      |   | 158,453 |   |
| Miscellaneous                Receivables                                                                     |   |      |   | 26,795    |      |   | 27,095 |   |
| Due                from Affiliates                                                                           |   |      |   | 25,395    |      |   | 19,820 |   |
| Prepaid                Expenses                                                                              |   |      |   | 5,287     |      |   | 9,371 |   |
| Property                and Equipment, net                                                                   |   |      |   | 10,063    |      |   | 12,077 |   |
| Rent                Deposit                                                                                  |   |      |   | 1,100     |      |   | 1,100 |   |
| TOTAL                ASSETS                                                                                  |   |      |   | $         | 4,021,824 |   | $ | 3,010,892 |   |
|                                                                                                         |   |      |   |      |      |   |   |   |   |   |   |   |   |
| LIABILITIES                                                                                                  |   |      |   |      |      |   |   |   |   |   |   |   |   |
| Accounts                Payable and Accrued Expenses                                                         |   |      |   | 75,726    |      |   | 61,854 |   |
| Note                Payable                                                                                  |   |      |   | 100,000   |      |   | - |   |
| Deferred                Revenue                                                                              |   |      |   | 1,252,284 |      |   | - |   |
| Deferred                Income Taxes                                                                         |   |      |   | 289,600   |      |   | 653,000 |   |
| TOTAL                LIABILITIES                                                                             | $      | 1,717,610 |   | $         | 714,854   |   |
|                                                                                                         |   |      |   |      |      |   |   |   |   |   |   |   |   |
| NET                ASSETS                                                                                    |   |      |   | $         | 2,304,214 |   | $ | 2,296,038 |   |
|                                                                                                         |   |      |   |      |      |   |   |   |   |   |   |   |   |
| ANALYSIS                OF NET ASSETS:                                                                       |   |      |   |      |      |   |
| Net                Capital Paid in on Shares of Capital Stock                                                |   |      |   | 1,865,290 |      |   | 1,305,375 |   |
| Distributable                Earnings                                                                        |   |      |   | 438,924   |      |   | 990,663 |   |
| Net                Assets                                                                                    |   |      |   |      |      |   |   | $ | 2,304,214 |   | $ | 2,296,038 |   |
|                                                                                                         |   |      |   |      |      |   |   |   |   |   |   |   |   |
| Equivalent                per share value based on 4,779,959 shares                                          |   |      |   |      |      |   |
| of                capital stock outstanding as of January 31, 2006                                           |   |      |   |      |      |   |   |   |
| and                4,808,200 shares of capital stock outstanding                                             |   |      |   |      |      |   |   |   |
| as                of April 30, 2005                                                                          |   |      | $      | 0.48      |      | $ | 0.48 |   |

----

|                                                                                                                                                               |   |     |                                                                               | Approx                % |   | %                of |   | Number                of |   |                      |   |                         |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------------------------------------------------------------------------------|-------------------------|--------|---------------------|--------|--------------------------|--------|---------------------------|--------|------------------------------|--------|
| Common                Stocks - United States - 100%                                                                                                                |   | Business |                                                                               | Owned                   |   | Portfolio           |   | Shares                   |   | Fair                Value |   | Share                Listing |   |
|                                                                                                                                                               |   |     |                                                                               |                    |   |                |   |                     |   |                      |   |                         |   |
| BF                Acquisition Group V, Inc.*                                                                                                                       |   |     | Inactive                company                                                    |                    |   | 9.9                 | %      |                     | 0.04   | %                         |   | 100,000                      |   | $ | 1,625 |   |   | Private |   |
|                                                                                                                                                               |   |     |                                                                               |                    |   |                |   |                     |   |                      |   |                         |   |   |   |   |   |   |   |
| AccelaPure                Corporation*                                                                                                                   |   |     | Pharmaceutical                  purificationservice                  company  |                    |   | 12.5                | %      |                     | 25.48  | %                         |   | 1,000,000                    |   |   | 1,000,000 |   |   | Private |   |
|                                                                                                                                                               |   |     |                                                                               |                    |   |                     |   |                     |        |                      |   |                         |   |   |  |   |   |   |   |
| Subtotal                affiliates                                                                                                                                 |   |     |                                                                               |                    |   |                |   |                     | 25.53  | %                         |   |                         |   |   | 1,001,625 |   |   |   |   |
|                                                                                                                                                               |   |     |                                                                               |                    |   |                |   |                     |   |                      |   |                         |   |   |   |   |   |   |   |
| IPI                Fundraising, Inc.                                                                                                                     |   |     | Sales                and distribution of fundraising                products       |                    |   | 1.1                 | %      |                     | 0.00   | %                         |   | 575,000                      |   |   | - |   |   | Private |   |
|                                                                                                                                                               |   |     |                                                                               |                    |   |                |   |                     |   |                      |   |                         |   |   |   |   |   |   |   |
| Gelstat                Corporation                                                                                                                            |   |     | Consumer                health care  Company                             |                    |   | 1.6                 | %      |                     | 1.69   | %                         |   | 221,429                      |   |   | 66,428 |   |   | OTCBB |   |
|                                                                                                                                                               |   |     |                                                                               |                    |   |                |   |                     |   |                      |   |                         |   |   |   |   |   |   |   |
| Neptune                Industries, Inc.                                                                                                                            |   |     | Seafood                production                                                  |                    |   | 0.3                 | %      |                     | 0.29   | %                         |   | 47,619                       |   |   | 11,439 |   |   | OTCBB |   |
|                                                                                                                                                               |   |     |                                                                               |                    |   |                |   |                     |   |                      |   |                         |   |   |   |   |   |   |   |
| PSI                - TEC Corporation                                                                                                                               |   |     | Plastics                engineering                                                |                    |   | 2.1                 | %      |                     | 28.57  | %                         |   | 787,500                      |   |   | 1,121,250 |   |   | Pink                Sheets |   |
|                                                                                                                                                               |   |     |                                                                               |                    |   |                |   |                     |   |                      |   |                         |   |   |   |   |   |   |   |
| Theatre                Xtreme Entertainment Group, Inc.                                                                                                       |   |     | Home                theater sales and Installation                            |                    |   | 3.2                 | %      |                     | 14.65  | %                         |   | 575,000                      |   |   | 575,000 |   |   | Private |   |
|                                                                                                                                                               |   |     |                                                                               |                    |   |                |   |                     |   |                      |   |                         |   |   |   |   |   |   |   |
| BroadRelay                Holdings, Inc.                                                                                                                      |   |     | High                speed internet media                                           |                    |   | 3.8                 | %      |                     | 29.26  | %                         |   | 964,401                      |   |   | 1,148,194 |   |   | Pink                Sheets |   |
| Subtotal                non-affiliates                                                                                                                             |   |     |                                                                               |                    |   |                |   |                     | 74.47  | %                         |   |                         |   |   | 2,922,311 |   |   |   |   |
|                                                                                                                                                               |   |     |                                                                               |                    |   |                |   |                     |   |                      |   |                         |   |   |   |   |   |   |   |
| Total                (aggregate cost $2,539,600)                                                                                                                   |   |     |                                                                               |                    |   |                |   |                     | 100.00 | %                         |   |                         |   | $ | 3,923,936 |   |   |   |   |
|                                                                                                                                                               |   |     |                                                                               |                    |   |                |   |                     |   |                      |   |                         |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |     |                                                                               |                    |   |                |   |                     |   |                      |   |                         |   |   |   |   |   |   |   |
| *Each                portfolio company in which the Company owns 5% or more of the outstanding                voting securities is deemed an "affiliated company." |   |     |                                                                               |                    |   |                |

----

|                                                                                          |   |                              |    |                              |   |                             |   |                                                              |     |
|-----------------------------------------------------------------------------------------------|--------|-----------------------------------|---------|-----------------------------------|--------|----------------------------------|--------|-------------------------------------------------------------------|----------|
|                                                                                          |   | Three                months ended |    | Three                months ended |   | Nine                months ended |   |  August                16, 2004(Inception)                to |     |
|                                                                                          |   | January                31, 2006   |    | January                31, 2005   |   | January                31, 2006  |   | January                31, 2005                                   |     |
| Income                                                                                        |   |                              |    |                              |   |                             |   |                                                              |     |
| Management                Services                                                            |   | $                                 | 329,517 |                              | $      | -                                |   | $                                                                 | 572,817  |   | $ | 10,000 |   |
|                                                                                          |   |                              |    |                              |   |                             |   |                                                              |     |   |   |   |   |
| Expenses                                                                                      |   |                              |    |                              |   |                             |   |                                                              |     |   |   |   |   |
| Bad                Debt                                                                       |   |                              | 19,350  |                              |   | -                                |   |                                                              | 19,350   |   |   | - |   |
| Depreciation                                                                                  |   |                              | 475     |                              |   | 393                              |   |                                                              | 1,425    |   |   | 743 |   |
| Dues                and Subscriptions                                                         |   |                              | -       |                              |   | 35                               |   |                                                              | 420      |   |   | 285 |   |
| Fees                and Commissions                                                           |   |                              | 2,563   |                              |   | 1,833                            |   |                                                              | 12,124   |   |   | 1,833 |   |
| Interest                Expense                                                               |   |                              | 168     |                              |   | -                                |   |                                                              | 1,097    |   |   | - |   |
| Insurance                                                                                     |   |                              | 15,673  |                              |   | 3,358                            |   |                                                              | 47,763   |   |   | 8,239 |   |
| Licenses                and permits                                                           |   |                              | 75      |                              |   | 221                              |   |                                                              | 75       |   |   | 240 |   |
| Marketing                                                                                     |   |                              | -       |                              |   | -                                |   |                                                              | 400      |   |   | - |   |
| Office                Expenses and Supplies                                                   |   |                              | 5,344   |                              |   | 1,315                            |   |                                                              | 6,983    |   |   | 5,013 |   |
| Payroll                                                                                       |   |                              | 109,153 |                              |   | 104,500                          |   |                                                              | 341,653  |   |   | 104,500 |   |
| Payroll                Taxes                                                                  |   |                              | 4,485   |                              |   | 8,333                            |   |                                                              | 17,411   |   |   | 8,333 |   |
| Postage,                Delivery and Shipping                                                 |   |                              | 940     |                              |   | 3,462                            |   |                                                              | 2,646    |   |   | 3,698 |   |
| Professional                Fees                                                              |   |                              | 33,962  |                              |   | 32,066                           |   |                                                              | 189,225  |   |   | 45,971 |   |
| Rent                                                                                          |   |                              | 4,200   |                              |   | 3,825                            |   |                                                              | 12,400   |   |   | 8,845 |   |
| Telephone                                                                                     |   |                              | 610     |                              |   | 490                              |   |                                                              | 2,484    |   |   | 1,647 |   |
| Travel                and Entertainment                                                       |   |                              | 22,956  |                              |   | 2,103                            |   |                                                              | 45,011   |   |   | 4,104 |   |
| Utilities                                                                                     |   |                              | 1,952   |                              |   | 357                              |   |                                                              | 3,349    |   |   | 979 |   |
|                                                                                          |   |                              | 221,906 |                              |   | 162,291                          |   |                                                              | 703,816  |   |   | 194,430 |   |
|                                                                                          |   |                              |    |                              |   |                             |   |                                                              |     |   |   |   |   |
| Income                (Loss) from Operations                                                  |   |                              | 107,611 |                              |   | (162,291                         | )      |                                                              | (130,999 | ) |   | (184,430 | ) |
|                                                                                          |   |                              |    |                              |   |                             |   |                                                              |     |   |   |   |   |
| Unrealized                Appreciation (Depreciation) on Investments                          |   |                              | (54,031 | )                                 |   | (379,042                         | )      |                                                              | (784,140 | ) |   | 825,154 |   |
|                                                                                          |   |                              |    |                              |   |                             |   |                                                              |     |   |   |   |   |
| Income                Tax Benefit (Provision)                                                 |   |                              | (20,100 | )                                 |   | 142,200                          |   |                                                              | 363,400  |   |   | (327,800 | ) |
|                                                                                          |   |                              |    |                              |   |                             |   |                                                              |     |   |   |   |   |
| Net                Increase (Decrease) in Net Assets Resulting from                Operations |   | $                                 | 33,480  |                              | $      | (399,133                         | )      | $                                                                 | (551,739 | ) | $ | 312,924 |   |

----

| INCREASE                IN NET ASSETS FROM OPERATIONS                                       |   |   |      |
|---------------------------------------------------------------------------------------------|--------|--------|-----------|
|     Income                (Loss) from operations                        |   | $      | (130,999  | ) |
|     Unrealized                depreciation on investments, net of taxes |   | $      | (420,740  | ) |
|                                                                                        |   |   |      |   |
| NET                DECREASE IN NET ASSETS RESULTING FROM OPERATIONS                         |   |   | (551,739  | ) |
|                                                                                        |   |   |      |   |
| CAPITAL                SHARE TRANSACTIONS                                                   |   |   | 559,915   |   |
|                                                                                        |   |   |      |   |
| TOTAL                INCREASE                                                               |   |   | 8,176     |   |
|                                                                                        |   |   |      |   |
| NET                ASSETS, BEGINNING OF YEAR                                                |   |   | 2,296,038 |   |
|                                                                                        |   |   |      |   |
| NET                ASSETS, END OF PERIOD                                                    |   | $      | 2,304,214 |   |

----

|                                                                                          |   | Nine                months ended |     | (August                16, 2004 (Inception) |   |
|-----------------------------------------------------------------------------------------------|--------|----------------------------------|----------|---------------------------------------------|--------|
|                                                                                          |   | January                31, 2006  |     | to                January 31, 2005          |   |
|                                                                                          |   |                             |     |                                        |   |
| CASH                FLOWS FROM OPERATING ACTIVITIES                                           |   |                             |     |                                        |   |
| Net                increase (decrease) in net assets resulting from                operations |   | $                                | (551,739 | )                                           | $      | 312,924 |   |
| Write-off                of due from affiliate, deemed uncollectible                          |   |                             | 19,350   |                                        |   |   |   |
| Adjustments                to reconcile net decrease in net assets from                       |   |                             |     |                                        |   |   |   |
| operations                to net cash used in operating activities:                           |   |                             |     |                                        |   |   |   |
| Purchase                of investment securities                                              |   |                             | -        |                                        |   | (300,000 | ) |
| Investment                securities received in exchange for management services             |   |                             | (572,817 | )                                           |   | (10,000 | ) |
| Depreciation                expense                                                           |   |                             | 1,425    |                                        |   | 743 |   |
| Net                unrealized (appreciation) depreciation on investments                      |   |                             | 784,140  |                                        |   | (825,154 | ) |
| Deferred                Income Taxes                                                          |   |                             | (363,400 | )                                           |   | 327,800 |   |
| Net                changes in miscellaneous receivables                                       |   |                             | 300      |                                        |   | - |   |
| Net                changes in due from affiliates                                             |   |                             | (24,925  | )                                           |   | (58,129 | ) |
|                                                                                          |   |                             |     |                                        |   |   |   |
| Prepaid                expenses                                                               |   |                             | 4,084    |                                        |   | - |   |
| Net                changes in accounts payable and accrued expenses                           |   |                             | 13,872   |                                        |   | 35,860 |   |
| Net                cash used in operating activities                                          |   |                             | (689,710 | )                                           |   | (515,956 | ) |
|                                                                                          |   |                             |     |                                        |   |   |   |
| CASH                FLOWS FROM INVESTING ACTIVITIES                                           |   |                             |     |                                        |   |   |   |
| Purchase                of property and equipment                                             |   |                             |     |                                        |   | (11,000 | ) |
| Lease                deposit                                                                  |   |                             |     |                                        |   | (1,100 | ) |
| Net                cash used in investing activities                                          |   |                             | -        |                                        |   | (12,100 | ) |
|                                                                                          |   |                             |     |                                        |   |   |   |
| CASH                FLOWS FROM FINANCING ACTIVITIES                                           |   |                             |     |                                        |   |   |   |
| Proceeds                from issuance of common stock                                         |   |                             | 559,915  |                                        |   | 581,200 |   |
|                                                                                          |   |                             |     |                                        |   |   |   |
| NET                INCREASE (DECREASE) IN CASH                                                |   |                             | (129,795 | )                                           |   | 53,144 |   |
|                                                                                          |   |                             |     |                                        |   |   |   |
| CASH                AND CASH EQUIVALENTS, BEGINNING OF YEAR                                   |   |                             | 158,453  |                                        |   | - |   |
|                                                                                          |   |                             |     |                                        |   |   |   |
| CASH                AND CASH EQUIVALENTS, END OF PERIOD                                       |   | $                                | 28,658   |                                        | $      | 53,144 |   |

----

| UNIVERSAL                CAPITAL MANAGEMENT, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| NOTES                TO FINANCIAL STATEMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (Unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **NOTE                1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **Basis                of Presentation**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| The                accompanying interim period financial statements of Universal Capital                Management, Inc. (the “Company”) are unaudited pursuant to certain rules                and regulations of the Securities and Exchange Commission and include,                in                the opinion of management, all adjustments (consisting of only normal                recurring accruals) necessary for a fair statement of the results                for the                periods indicated. Such results, however, are not necessarily indicative                of results that may be expected for the full year. Certain information                and                footnote disclosures normally included in the financial statements                prepared in accordance with accounting principles generally accepted                in                the United States have been condensed or omitted pursuant to such                rules                and regulations. The financial statements should be read in conjunction                with the financial statements and notes thereto included in the Company’s                Annual Report on Form 10-K for the fiscal year ended April 30, 2005                as                filed with the Securities and Exchange Commission. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **Nature                of Business**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| The                Company is a newly organized (inception date of August 16, 2004),                closed-end, non-diversified management investment company that has                elected                to be treated as a business development company under the Investment                Company Act of 1940. The Company is primarily engaged in the business                of                furnishing capital and making available managerial assistance to                companies                that do not have ready access to capital through conventional channels.                The Company refers to companies in which it invests as “portfolio                companies.”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **Security                Valuations**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Investments                in securities traded on a national securities exchange (or reported                on the                Nasdaq National Market) are stated at the last reported sales price                on the                day of valuation; other securities traded in the over-the-counter                market                (such as OTC BB, Pink Sheets, etc.) and listed securities for which                no                sale was reported on that date are stated at the last quoted bid                price.                Restricted securities and other securities (small, privately held                companies) for which quotations are not readily available are valued                at                fair value as determined by the board of directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Investment                securities are exposed to various risks, such as overall market                volatility. Due to the level of risk associated with the securities                of                certain portfolio companies, it is likely that changes in their values                will occur in the near term and that such changes could materially                affect                the amounts reported in the statement of assets and liabilities at                future                dates.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **Use                of Estimates**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| The                preparation of financial statements in conformity with generally                accepted                accounting principles in the United States requires management to                make                estimates and assumptions that affect the reported amounts of assets                and                liabilities and disclosure on contingent assets and liabilities at                the                date of the financial statements and the reported amounts of revenues                and                expenses during the reported period. Actual results could differ                from                those estimates.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

|                                                                                                                                                                                                                                         |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Cash                and Equivalents**                                                                                                                                                                                                      |
| For                purposes of the Statement of Cash Flows, the Company considers all                investment instruments purchased with a maturity of three months                or less                to be cash and cash equivalents. |

----

| UNIVERSAL                CAPITAL MANAGEMENT, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| NOTES                TO FINANCIAL STATEMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (Unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
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| **Note                1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES,                CONTINUED**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
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| **Property                and Equipment**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Property                and equipment are stated at cost, net of accumulated depreciation.                For                financial accounting purposes, depreciation is generally computed                by the                straight-line method over the following useful lives:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
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| Furniture                and fixtures 5 to 7 years                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Computer                and office equipment 3 to 7 years                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
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| **Income                Taxes**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Deferred                tax assets and liabilities are computed annually for differences                between                the financial statement and tax bases of assets and liabilities that                will                result in taxable or deductible amounts in the future based on enacted                tax                laws and rates applicable to the periods in which the differences                are                expected to affect taxable income. Deferred income taxes arise principally                from the recognition of unrealized gains or losses from appreciation                in                investment value for financial statement purposes, while for income                tax                purposes, gains or losses are only recognized when realized (i.e.,                on                disposition). When unrealized gains and losses result in a net unrealized                loss, provision is made for a deferred tax asset. When unrealized                gains                and losses result in a net unrealized gain, provision is made for                a                deferred tax liability. Valuation allowances are established when                necessary to reduce deferred tax assets to the amount expected to                be                realized. Income tax expense is the tax payable or refundable for                the                period plus or minus the change during the period in deferred tax                assets                or liabilities. |
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| **Concentrations                of Credit Risk**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Financial                instruments which potentially subject the Company to concentrations                of                credit risk consist of cash and cash equivalents. At times, the Company’s                balances with financial institutions may exceed the insured amount                provided by the Federal Deposit Insurance Corporation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
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| **Recently                issued Accounting Pronouncements**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| In                December 2004, the FASB revised SFAS 123, “*Accounting                for Stock-Based Compensation*”                to require all companies to expense the fair value of employee stock                options. SFAS 123R is effective at the beginning of the next fiscal                year                that begins after December 15, 2005 for a small business                issuer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
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| UNIVERSAL                CAPITAL MANAGEMENT, INC. |
|---------------------------------------------------|
| NOTES                TO FINANCIAL STATEMENTS      |
| (Unaudited)                                       |
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| **NOTE                2 - INVESTMENTS**           |   |   |   |   |
|                                              |   |   |   |   |   |   |
|                                              | Portfolio                Companies consist of the following: |   |   |   |

|   |                                             |                                                      | Number                  of      |                     |                          |                           |
|--------|--------------------------------------------------|-----------------------------------------------------------|---------------------------------|--------------------------|-------------------------------|--------------------------------|
|   |                                             |                                                      | Shares                  held at |                     | Value                  at     | Unrealized                     |
|   |                                             |                                                      | Jan                  31, 2006   | Cost                     | Jan                  31, 2006 | Gain                  / (Loss) |
|   |                                             |                                                      |                            |                     |                          |                           |
|   | Affiliated                  Securities*          |                                                      |                            |                     |                          |
|   |                                             | BF                  Acquisition Group V, Inc.             | 100,000                         | $                  1,625 | $                  1,625      | $                  -           |
|   |                                             | AccelaPure                  Corporation                   | 1,000,000                       | 1,000,000                | 1,000,000                     | -                              |
|   |                                             |                                                      |                            |                     |                          |                           |
|   | Total                  Affiliated Securities     |                                                      | $1,001,625                      | $1,001,625               | -                             |
|   |                                             |                                                      |                            |                     |                          |                           |
|   |                                             |                                                      |                            |                     |                          |                           |
|   | Non-affiliated                  Securities       |                                                      |                            |                     |                          |
|   |                                             | IPI                  Fundraising, Inc.***                 | 575,000                         | 6,625                    | -                             | (6,625)                        |
|   |                                             | Gelstat                  Corporation                      | 221,429                         | 350,000                  | 66,428                        | (283,572)                      |
|   |                                             | Neptune                  Industries, Inc.**               | 47,619                          | 20,000                   | 11,439                        | (8,561)                        |
|   |                                             | PSI                  - TEC Corporation                    | 787,500                         | 619,000                  | 1,121,250                     | 502,250                        |
|   |                                             | Theater                  Xtreme Entertainment Group, Inc. | 575,000                         | 201250                   | 575,000                       | 373,750                        |
|   |                                             | BroadRelay                  Holdings, Inc.                | 964,401                         | 341,100                  | 1,148,194                     | 807,094                        |
|   |                                             |                                                      |                            |                     |                          |                           |
|   | Total                  Non-Affiliated Securities |                                                      | 1,437,975                       | 2,922,311                | 1,384,336                     |
|   |                                             |                                                      |                            |                     |                          |                           |
|   |                                             |                                                      |                            |                     |                          |                           |
|   |                                             |                                                      |                            |                     |                          |                           |
|   | Total                  Securities                |                                                      | $2,539,600                      | $3,923,936               | $1,384,336                    |
|   |                                             |                                                      |                            |                     |                          |                           |

|                                                                                                                                                                              |   |   |   |   |   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| *Each                portfolio company in which the Company owns 5% or more of the outstanding                voting securities is                deemed an "affiliated company." |
|                                                                                                                                                                              |
| **On                June 9, 2005, there was a six for one reverse split on Neptune Industries,                Inc. shares.                                                        |
| ***BF                Acquisition Group III, Inc. and FundraisingDirect.com, Inc. merged                into                IPI Fundraising Inc.                                   |

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| UNIVERSAL                CAPITAL MANAGEMENT, INC.                                                                                                                                                                                                                                                                                                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| NOTES                TO FINANCIAL STATEMENTS                                                                                                                                                                                                                                                                                                                                                          |
| (Unaudited)                                                                                                                                                                                                                                                                                                                                                                                           |
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| **NOTE                3 - INCOME TAXES**                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| As                an investment company organized as a corporation, the Company is                taxable                as a corporation. As discussed in                Note 1, the Company utilizes the assets and liability method of accounting                for income taxes in accordance with                Statement of Financial Accounting Standards No. 109 (SFAS                109). |
|                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                  | The                deferred income tax benefit consists of the following: |   |   |   |   |   |   |

|                                                                                                                                                             |   |    |   |    |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|--------------|--------|
|  Deferred:                                                                                                                                                  |   |         |   |    |   |
|  Federal                                                                                                                                                    |   |         |   |         | $      | 283,700 |   |
|  State                                                                                                                                                      |   |         |   |         |   | 79,700 |   |
|                                                                                                                                                             |   |         |   |         |   |   |   |
|  Total                Deferred                                                                                                                              |   |         |   |         | $      | 363,400 |   |
|                                                                                                                                                             |   |         |   |         |   |   |   |
| The                effective tax rate differs from the U.S. statutory federal income                tax rate                of 34% as described below:           |
|                                                                                                                                                             |   |         |   |         |   |   |   |
|                                                                                                                                                             |   |         |   |         |   |   |   |
|                                                                                                                                                             |   |         |   |         |   |   |   |
|  Income                tax at statutory rate                                                                                                                |   |         |   |         | $      | 311,100 |   |
|  State                income taxes, net of federal taxes                                                                                                    |   |         |   |         |   | 52,300 |   |
|                                                                                                                                                             |   |         |   |         |   |   |   |
|                                                                                                                                                             |   |         |   |         | $      | 363,400 |   |
|                                                                                                                                                             |   |         |   |         |   |   |   |
|                                                                                                                                                             |   |         |   |         |   |   |   |
| Deferred                income taxes reflect the net effect of unrealized gains on investments                and                an operating loss carryforward. |
| There                are no other significant temporary differences between the carrying                amount                of assets and liabilities for      |
| financial                reporting purposes and the amount used for income tax                purposes.                                                          |   |         |   |
|                                                                                                                                                             |   |         |   |         |   |   |   |
| The                components of the deferred assets (liabilities) are as                follows:                                                                |   |         |   |
|                                                                                                                                                             |   |         |   |         |   |   |   |
|  Unrealized                gains                                                                                                                            |   |         |   |         | $      | (550,300 | ) |
|  Net                operating loss                                                                                                                          |   |         |   |         |   | 260,700 |   |
|                                                                                                                                                             |   |         |   |         |   |   |   |
|  Total                                                                                                                                                      |   |         |   |         | $      | (289,600 | ) |
|                                                                                                                                                             |   |         |   |         |   |   |   |

| At                  January 31, 2006, the Company had a net operating loss carryforward                  of                  approximately $656,060 which, if not used,                  will expire in 2025. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  UNIVERSAL                CAPITAL MANAGEMENT, INC.      |   |
|--------------------------------------------------------------|--------|
| NOTES                TO FINANCIAL STATEMENTS                 |   |
| (Unaudited)                                                  |   |
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| **NOTE                4 - DUE FROM AFFILIATES**              |   |   |   |
|                                                         |   |    |   |   |   |
| Due                from affiliates consist of the following: |   |   |   |   |   |
|                                                         |   |    |   |   |   |
|                                                         |   |    |   |   |   |
|  Due                from BF Acquisition Group V, Inc    |   |   |   |   | $ | 25,395 |   |
|                                                         |   |   |   |   |   |   |   |
|  Total                                                  |   |   |   |   | $ | 25,395 |   |
|                                                         |   |   |   |   |   |   |   |

**NOTE 5      - SUBSCRIPTION AGREEMENT**

**NOTE        6 - CAPITAL SHARE TRANSACTIONS**

**NOTE        7 - BAD DEBT**

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| UNIVERSAL                CAPITAL MANAGEMENT, INC. |   |
|---------------------------------------------------|--------|
| NOTES                TO FINANCIAL STATEMENTS      |   |
| (Unaudited)                                       |   |
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|                                                                     |   |    |   |    |   |
|--------------------------------------------------------------------------|--------|--------------|--------|--------------|--------|
|                                                                     |   |    |   |    |   |
|                                                                     |   |    |   |    |   |
| **NOTE                8 - FINANCIAL HIGHLIGHTS**                         |   |    |   |
|                                                                     |   |    |   |    |   |
|                                                                     |   |    |   |    |   |
|  Per              Share Operating Performance                       |   |         |   |    |   |
|  Net                asset value, beginning of period                |   |         |   | $            | 0.48   |   |
|                                                                     |   |         |   |         |   |   |
|  Income                from operations, net of tax benefit          |   |         |   |         | (0.02  | ) |
|  Unrealized                depreciation on investment, net of taxes |   |         |   |         | (0.10  | ) |
|                                                                     |   |         |   |         | (0.12  | ) |
|  Add                capital share transactions                      |   |         |   |         | 0.12   |   |
|                                                                     |   |         |   |         |   |   |
|  Net                asset value, end of period                      |   |         |   | $            | 0.48   |   |
|                                                                     |   |         |   |         |   |   |
|                                                                     |   |         |   |         |   |   |
|                                                                     |   |         |   |         |   |   |
|  Total                Return                                        |   |         |   |         | -5.7   | % |
|                                                                     |   |         |   |         |   |   |
|  Average                Net Assets as a percentage of :             |   |         |   |         |   |   |
|  Expenses                (annualized)                               |   |         |   |         | 40.7   | % |
|  Management                income (annualized)                      |   |         |   |         | 33.2   | % |

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

**Business      Overview**

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**Financial      Condition**

| ·   | The                decrease in unrealized appreciation on investments of approximately                $784,000 mainly due to a decrease in value of shares of PSI-TEC Holdings,                Inc., Gelstat Corporation, and Neptune Industries, Inc. offset in                part by                an increase in the value of the shares of Theater Xtreme Entertainment                Group, Inc and BroadRelay Holdings, Inc. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The                increase of 200,000 shares in the Company’s investment in PSI-TEC                Holdings, Inc. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------|

| ·   | The                Company’s investment in 964,401 shares of BroadRelay Holdings,                Inc. |
|--------------------|-------------------------------------------------------------------------------------------------------------|

| ·   | The                Company’s investment in 1,000,000 shares of AccelaPure Corporation. |
|--------------------|----------------------------------------------------------------------------------------------|

| ·   | The                increase in deferred revenue of                $1,252,284. |
|--------------------|-------------------------------------------------------------------------------|

| ·   | The                decrease in deferred taxes of                $363,400. |
|--------------------|---------------------------------------------------------------------------|

| ·   | The                sale of 321,759 of the Company’s common shares for proceeds of                $559,915. |
|--------------------|------------------------------------------------------------------------------------------------------------------|

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**Results      of Operations**

**Three      months ended January 31, 2006 compared to the three months ended January 31,      2005.**

**Nine      months ended January 31, 2006 compared to the nine months ended January 31,      2005.**

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**Liquidity      and Capital Resources **

|                              | February                  28, 2006 | January                  31, 2006                                                                                          | April                  30, 2005                                                                                      |
|-----------------------------------|------------------------------------|----------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|
| Number                  of shares | 631,434                            |                     577,759                                                                                      |  339,500                                                                                                        |
| Proceeds                  of sale | $1,066,068                         |                                   $958,718 |                                  $482,200 |

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**Critical      Accounting Estimates**

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

**Item      4. **
**      Controls and Procedures**

**PART        II.    Other Information**

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

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| **DATE                OF SALE**          |   | **NUMBER                OF SHARES**  |        | **SALES                PROCEEDS**  |   |
|-----------------------------------------------|--------|-------------------------------------------|-------------|-----------------------------------------|--------|
| 03/01/2005                to 03/31/2005  |   |                                      | 196,800     |                                    | $      | 196,800 |   |
| 04/01/2005                to 04/30/2005  |   |                                      | 142,700     |                                    | $      | 285,400 |   |
| 05/01/2005                to 05/31/2005  |   |                                      | 7,950       |                                    | $      | 15,900 |   |
| 06/01/2005                to 06/30/2005  |   |                                      | 40,700      |                                    | $      | 81,400 |   |
| 07/01/2005                to 07/31/2005  |   |                                      | -0-         |                                    | $      | 0.00 |   |
| 08/01/2005                to 08/31/2005  |   |                                      | 112,800     |                                    | $      | 225,600 |   |
| 09/01/2005                to 09/30/2005  |   |                                      | 12,700      |                                    | $      | 25,400 |   |
| 10/01/2005                to 10/31/2005  |   |                                      | 10,000      |                                    | $      | 20,000 |   |
| 11/01/2005                to 11/30/2005  |   |                                      | 18,660      |                                    | $      | 37,320 |   |
| 12/01/2005                to 12/31/2005  |   |                                      | 22,649      |                                    | $      | 45,298 |   |
| 01/01/2006                to 01/31/2006  |   |                                      | 12,800      |                                    | $      | 25,600 |   |
| **TOTALS**                                    |   |                                      | **577,759** |                                    | **$**  | **958,718** |   |

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

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**Item      6.**
**Exhibits.**

**The      following exhibits are included herein:**

| 31.1  | Certification                pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934,                as                amended, executed by the Principal Executive Officer of the                Company.                             |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.2  | Certification                pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934,                as                amended, executed by the Principal Financial Officer of the                Company.                             |
| 32.1  | Certification                pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section                906 of                the Sarbanes-Oxley Act of 2002, executed by the Principal Executive                Officer of the Company.  |
| 32.2  | Certification                pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section                906 of                the Sarbanes-Oxley Act of 2002, executed by the Principal Financial                Officer of the Company.  |

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**SIGNATURES**

|                                              | Universal                  Capital Management, Inc. |
|---------------------------------------------------|-----------------------------------------------------|
|                                              |                                                |
| Date:                    March 16, 2006 | By:                   /s/ Michael D. Queen     |
|                                              | Michael                  D. Queen, President        |
|                                              |                                                |
|                                              |                                                |
| Date:                    March 16, 2006 | By:                   /s/ Joseph T. Drennan    |
|                                              | Joseph                  T. Drennan, Treasurer       |
|                                              |                                                |
|                                              |                                                |

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