UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549
                      ---------------------
                            Form 10-Q
                      ---------------------

/X/  Quarterly report pursuant to Section 13 or 15(d) of the
     Securities Exchange Act of 1934

     For the quarterly period ended March 31, 2003 or

/ /  Transition report pursuant to Section 13 or 15(d) of the
     Securities Exchange Act of 1934

     For the period from __________ to ___________

                 Commission file number 0-21555
                     ______________________

                       AMASYS CORPORATION
     (Exact name of registrant as specified in its charter)

     Delaware                         54-1812385
(State or other jurisdiction of      (I.R.S. Employer
   incorporation or organization)     Identification No.)

                       4900 Seminary Road
                            Suite 800
                   Alexandria, Virginia  22311
            (Address of principal executive offices)

        Registrant's Telephone number including area code
                         (703) 797-8111

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days:
                   Yes /X /        No / /

Indicate by check mark whether the registrant is an accelerated
filer (as defined in Rule 12b-2 of the Exchange Act).Yes / / No /X/

As of May 13, 2003, 2,207,350 shares of the Common Stock of the
registrant were outstanding.
<PAGE>
                       AMASYS CORPORATION
                        TABLE OF CONTENTS



Part I Financial Information:                          Page No.

     Item 1.  Financial Statements

               Balance Sheets                               3
                at March 31, 2003 (unaudited)
                and June 30, 2002

               Statements of Operations                     4
                for the Three and Nine Months Ended
                March 31, 2003 and 2002 (unaudited)

               Statements of Cash Flows                     5
                for the Nine Months Ended
                March 31, 2003 and 2002  (unaudited)

               Notes to Financial Statements                6


     Item 2.  Management's Discussion and Analysis          9
                of Financial Condition and Results
                of Operations

     Item 4.    Controls and Procedures                     11

Part II Other Information:

     Item 6.    Exhibits and Reports on Form 8-K            11


SIGNATURES                                                  12

CERTIFICATION                                               13
<PAGE>
                               AMASYS Corporation

                                 Balance Sheets

<TABLE>
                                                                 (unaudited)
                                                                   March 31       June 30
                                                                     2003           2002
                                                                ----------------------------
<S>                                                             <C>            <C>
Assets
Current assets:
 Cash and cash equivalents                                      $     41,368   $     13,071
Interest receivable                                                    7,216          -
                                                                ----------------------------
Total current assets                                                  48,584         13,071

Note receivable - related party                                      868,954        914,954
Investments in common stock                                          664,838        733,449
                                                                ----------------------------
Total assets                                                    $  1,582,376   $  1,661,474
                                                                ============================

Liabilities and stockholders' equity
Current liabilities:
 Accounts payable and accrued expenses                          $      1,152   $     23,962
                                                                ----------------------------
Total current liabilities                                              1,152         23,962

Stockholders' equity:
Preferred stock, $.01 par value; 1,000,000 shares authorized;
196,000 Series A shares issued and outstanding                         1,960          1,960

Common stock, $0.01 par value; 20,000,000 shares authorized;
2,207,350 shares issued and outstanding                               22,073         22,073
Accumulated other comprehensive income                               224,494        251,794
Retained earnings                                                  1,332,697      1,361,685
                                                                ----------------------------
Total stockholders' equity                                         1,581,224      1,637,512
                                                                ----------------------------
Total liabilities and stockholders' equity                      $  1,582,376    $ 1,661,474
                                                                ============================
</TABLE>
See accompanying notes.
<PAGE>

                               AMASYS Corporation

                            Statements of Operations
                                   (unaudited)
<TABLE>
                                        Three months ended           Nine months ended
                                             March 31                    March 31
                                        2003         2002            2003        2002
                                    -------------------------     -----------------------
                                                                  -
<S>                                 <C>          <C>              <C>         <C>
Other income:
 Gain on sales of investment        $  41,274    $  45,695        $   44,057   $   45,695
 Interest income                       21,768       23,248            66,831       70,421
                                    -------------------------     -----------------------
Total other income                     63,042       68,943           110,888      116,116
                                    -------------------------     -----------------------

Costs and expenses:
 Professional services                 24,632       86,026            91,194      215,705
 General and administrative             7,692        6,481            21,779       20,964
 Amortization                            -            -                -            8,338
                                    -------------------------     -----------------------
Total costs and expenses               32,324       92,507           112,973      245,007
                                    -------------------------     -----------------------

Operating income (loss)                30,718      (23,564)           (2,085)    (128,891)
Equity in earnings (loss)             (27,357)     (79,895)          (26,903)     (64,945)
Interest expense                         -         (29,752)              -       (134,911)
                                    -------------------------     -----------------------
Net income (loss) before income
  taxes and extraordinary gain          3,361     (133,211)          (28,988)    (328,747)
Provision for income taxes                -            -                -           -
Extraordinary gain                        -      2,271,669              -       2,271,669
                                    -------------------------     -----------------------
Net income (loss)                   $   3,361   $2,138,458         $ (28,988)  $1,942,922
                                    =========================     =======================
Per share data:
Earnings per share - basic
Income (loss) per share before      $   0.002   $   (0.06)         $  (0.01)   $    (0.15)
  extraordinary item
 Extraordinary gain                        -         1.03              -             1.03
                                    -------------------------     -----------------------
  Basic net income per share        $   0.002   $    0.97          $   (0.01)  $     0.88
                                    =========================     =======================
Earnings per share - diluted
Income (loss) per share before      $   0.001   $   (0.06)         $   (0.01)  $    (0.15)
   extraordinary item
Extraordinary gain                       -           1.03                -           1.03
                                    -------------------------     -----------------------
                                    $   0.001   $    0.97          $    (0.01) $     0.88
Weighted average number of shares:  =========================     =======================
 Basic                              2,207,350    2,207,350          2,207,350   2,207,350
                                    =========================     =======================
 Diluted                            4,167,350    2,207,350          2,207,350   2,207,350
                                    =========================     =======================
</TABLE>
See accompanying notes.
<PAGE>
                               AMASYS Corporation

                            Statements of Cash Flows
                                   (unaudited)
<TABLE>
                                                            Nine months ended March 31
                                                                2003           2002
                                                           -----------------------------
<S>                                                        <C>             <C>
Operating activities
Net income (loss)                                          $   (28,988)     $  1,942,922
Adjustments to reconcile net income (loss) to net cash
used in operating activities:
 Extraordinary gain                                              -            (2,271,669)
 Equity in loss                                                 26,903            64,945
 Gain on sales of investment                                   (44,057)          (45,695)
 Accrued interest on note payable                                -               132,212
 Amortization                                                    -                 8,338
 Changes in operating assets and liabilities:
   Interest receivable                                          (7,216)
   Accounts payable and accrued expenses                       (22,810)            7,928
                                                           -----------------------------
Net cash used in operating activities                          (76,168)         (161,019)

Investing activities
Proceeds from note receivable                                   46,000            27,000
Proceeds from sale of stock                                     58,465            74,551
Proceeds from exercise of options to acquire Comtex
  shares                                                         -               254,050
                                                           -----------------------------
Net cash provided by investing activities                      104,465           355,601

Financing activities
Proceeds from issuance of stockholder notes payable              -               240,000
Payment of notes payable                                         -              (429,998)
                                                           -----------------------------
Net cash used in financing activities                            -              (189,998)
                                                           -----------------------------
Net (decrease) increase in cash and cash equivalents           28,297              4,584
Cash and cash equivalents at beginning of period               13,071              2,252
                                                           -----------------------------
Cash and cash equivalents at end of period                 $   41,368          $   6,836
                                                           =============================
</TABLE>
See accompanying notes.
<PAGE>


                       AMASYS CORPORATION
            NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
                         March 31, 2003


1.   Basis of Presentation

The accompanying interim financial statements of AMASYS
Corporation (the "Company" or "AMASYS") are unaudited, but in
the opinion of management reflect all adjustments (consisting
only of normal recurring accruals) necessary for a fair
presentation of the results for such periods.  The results of
operations for any interim period are not necessarily
indicative of results for the full year.  The balance sheet at
June 30, 2002 has been derived from the audited financial
statements at that date but does not include all of the
information and footnotes required by accounting principles
generally accepted in the United States for complete financial
statements. These financial statements should be read in
conjunction with the audited financial statements and notes
thereto included in the Company's Annual Report on Form 10-K
for the fiscal year ended June 30, 2002 ("2002 Form 10-K"),
filed with the Securities and Exchange Commission on September
30, 2002.

2.   Notes Payable

The Company entered into a Note Payable Agreement dated June
21, 1996 with the Pension Benefit Guaranty Corporation
("PBGC").  The note accrued interest at the rate of 9% per
annum compounded semi-annually.  The note was to be paid prior
to its maturity on December 31, 2006 from any proceeds received
by the Company from PBGC's pro-rata share of the proceeds of
any and all sales of the Company's stock positions in Comtex
News Network, Inc. ("Comtex") and Analex Corporation ("Analex")
and value received from the 10% Senior Subordinated Note issued
by Comtex to the Company on May 16, 1995.  If neither of the
above two events were to occur prior to December 31, 2006, the
note would be considered cancelled.

The Note was issued pursuant to the Third Joint Plan of
Reorganization of Infotechnology, Inc. and Questech Capital
Corporation dated January 26, 1994, which was confirmed by
order of the United States Bankruptcy Court dated June 24,
1994.

On February 15, 2002, the Company paid $189,998 to PBGC in full
satisfaction for the note payable, pursuant to an agreement
reached on February 1, 2002.  The difference between the
carrying amount of the debt at the date of payment and the
amount paid was recorded as an extraordinary gain on the income
statement during the third quarter of fiscal year 2002.
<PAGE>

3.   Net income (loss) per share

The following table sets forth the computation of
basic and diluted earnings per share:
<TABLE>
                                     Three months ended            Nine months ended
                                          March 31,                   December 31,
                                       2003        2002            2003         2002
                                 --------------------------------------------------------
<S>                              <C>           <C>           <C>           <C>
Numerator:
  Net income (loss)               $    3,361     $ 2,138,458   $  (28,988)    $ 1,942,922
                                 ========================================================
Denominator:
  Denominator for basic earnings
  per share - weighted
  average shares                   2,207,350       2,207,350     2,207,350      2,207,350

Effect of dilutive securities:
  Stock options                        -              -             -             -
  Convertible preferred stock      1,960,000          -             -             -

                                 --------------------------------------------------------
Denominator for diluted
earnings per share                 4,167,350       2,207,350     2,207,350      2,207,350
                                 ========================================================

Basic earnings per share         $     0.002     $    .97      $   (0.01)      $   0.88

Diluted earnings per share       $     0.001     $    .97      $   (0.01)      $   0.88
</TABLE>

Shares issuable upon the exercise of stock options have been
excluded from the computation to the extent that their
inclusion would be anti-dilutive.
<PAGE>

4.   Investment in Common Stock

The  following  information presents  condensed  balance  sheet
information  as  of  March  31, 2003  and  June  30,  2002  and
condensed  income statement information for each of  the  three
months  ended  March  31,  2003  and  2002  for  the  Company's
investment  in Comtex, which is accounted for using the  equity
method:
<TABLE>
                          March 31     June 30
                            2003         2002
                        -------------------------
                             (in thousands)
<S>                     <C>          <C>
Current assets             $ 1,613    $   2,074
Other assets                 2,907        3,526
Current liabilities          1,591        2,551
Long-term liabilities          973          948
</TABLE>
4.   Investment in Common Stock (continued)

<TABLE>
                        Three months ended March 31
                            2003         2002
                        ---------------------------
                             (in thousands)
<S>                     <C>          <C>
Revenues                 $   2,287    $   2,902
Gross profit                 1,425        1,901
Net (loss)                   (168)        (484)
</TABLE>

5.   Comprehensive Income (Loss)

Comprehensive income (loss) is comprised of the following:
<TABLE>
                               Three months ended March 31
                                    2003         2002
                                -------------------------
<S>                             <C>          <C>
Net income                      $    3,361   $ 2,138,458
Unrealized gain (loss on            30,404       (23,802)
  investment
                                -------------------------
                                 $  33,765    $ 2,114,656
                                =========================
</TABLE>

<PAGE>
<TABLE>
                                Nine months ended March 31
                                     2003         2002
                                -------------------------
<S>                             <C>          <C>
Net income (loss)               $ (28,988)    $ 1,942,922
Unrealized (loss)gain on
   investment                     (27,300)        58,561
                                -------------------------
                                $ (56,288)    $ 2,001,483
                                =========================
</TABLE>

Item 2.
             MANAGEMENT'S DISCUSSION AND ANALYSIS OF
          FINANCIAL CONDITION AND RESULTS OF OPERATIONS


OVERVIEW

The Company's principal business is the maintenance of its
equity interests in Comtex News Network, Inc. ("Comtex") and
Analex Corporation ("Analex") and the Company's income is
derived from equity and interest income related to these
investments.  The Company owns 2,153,437 shares of common stock
of Comtex (SEC File No. 0-10541).  Comtex trades on the OTC
Electronic Bulletin Board under the symbol CMTX.  More
information concerning the operations of Comtex can be found in
its own filings with the Securities and Exchange Commission.
The Company owns 122,239 shares of the common stock of Analex
Corporation (SEC File No. 0-5404), which trades on the American
Stock Exchange under the symbol NLX.  More information
concerning the operations of Analex can be found in its own
filings with the Securities and Exchange Commission.

The Company accounts for its investment in Comtex using the
equity method, whereby the Company records its share of income
or loss reported by Comtex based on its ownership interest.
The Company also has a note receivable from Comtex, which bears
interest at 10%.  The Company's investment in Analex was
accounted for using the equity method through March 2000.  Due
to a change in control at Analex in March 2000, in which a
group of investors assumed control of Analex, the investment
has since been accounted for pursuant to SFAS 115, "Accounting
for Certain Investments in Debt and Equity Securities".  The
Analex investment balance at each reporting period is reported
based on the stock's trading value with any increases or
decreases being presented as unrealized gains or losses in the
statement of stockholders' equity.  No investments have been
made since the initial acquisition of interests of Comtex and
Analex in 1996, nor has there been any interests nor dividends
received.  During February 2002, the Company's CEO exercised
his options to acquire 2,540,503 shares of Comtex stock owned
by the Company, which resulted in proceeds of $254,000.
Portions of the Analex investment have been sold during
favorable market conditions since February 2002.
<PAGE>
RESULTS OF OPERATIONS

Comparison of the three months ended March 31, 2003 to the
three months ended March 31, 2002

The Company had net income of $3,400 during the three months
ended March 31, 2003 compared to net income of $2.1 million
during the three months ended March 31, 2002. The decrease in
net income is due to an extraordinary gain of $2.3 million
during the third quarter of fiscal year 2002, partially offset
by a decrease in equity in loss of $52,500, a decrease in
operating costs and expenses of $62,000 and a decrease in
interest expense of $30,000.

Other income.  Other income decreased slightly due to
moderately lower gains on the sale of Analex common stock and
marginally lower interest income.

Operating costs and expenses.  Operating costs and expenses
decreased $60,000 (65%) to $32,300 during the three months
ended March 31, 2003 due to a decrease in professional
services.

Equity in earnings (loss).  Equity in earnings (loss) decreased
$52,500 due to the decrease in Comtex's loss, which reported a
net loss of $168,000 for three months ended March 31, 2003
compared to a net loss of $484,000 for the same quarter of
2002.

Interest expense.  Interest expense decreased by $30,000 due to
the retirement of the notes payable during the third quarter of
fiscal year 2002.

Comparison of the nine months ended March 31, 2003 to the nine
months ended March 31, 2002

The Company had a net loss of $29,000 during the nine months
ended March 31, 2003 compared to net income of $1.9 million
during the nine months ended March 31, 2002. The decrease in
net income is due to an extraordinary gain of $2.3 million
during the third quarter of fiscal year 2002, partially offset
by a decrease in equity in loss of $38,000, a decrease in
operating costs and expenses of $132,000 and a decrease in
interest expense of $135,000.

Operating costs and expenses.  Operating costs and expenses
decreased $132,000 (54%) to $113,000 during the nine months
ended March 31, 2003 mainly due to a decrease in professional
service fees.

Equity in earnings (loss).  Equity in earnings (loss) decreased
$38,000 due to the decrease Comtex's loss, which reported a net
loss of $163,500 for the nine months ended March 31, 2003
compared to a net loss of $411,300 for the same period of
fiscal 2002.

Interest expense.  Interest expense decreased $135,000 due to
the retirement of the note payable during the third quarter of
fiscal year 2002.
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES

The Company had working capital of $47,000 at March 31, 2003.
The Company has had minimal operating activity since commencing
operations in 1996 and has not had any other uses of funds.
Accordingly, the Company has not required any funding sources.
The Company expects to meet its short-term obligation through
payments of principal and interest from the note receivable
from Comtex and from the sales of interests in Analex.


CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS

Except for the historical information contained herein, the
matters discussed in this Form 10-Q include forward-looking
statements within the meaning of Section 21E of the Securities
and Exchange Act of 1934.  These forward-looking statements may
be identified by reference to a future period or by use of
forward-looking terminology such as "anticipate", "expect",
"could", "may" or other words of a similar nature.  Forward-
looking statements, which the Company believes to be reasonable
and are made in good faith, are subject to certain risks and
uncertainties that could cause actual results to differ
materially from those expressed in any forward-looking
statement made by, or on behalf of, the Company.

Item 4.

CONTROLS AND PROCEDURES

The Company's Chief Executive and Financial Officer has
concluded, based on his evaluation within 90 days prior to the
filing date of this report, that the Company's disclosure
controls and procedures (as defined in Securities Exchange Act
Rules 13a-14(c) and 15d-14(c)) are effective to ensure that
information required to be disclosed in the reports that the
Company files or submits under the Securities Exchange Act of
1934 is recorded, processed, summarized and reported, within
the time periods specified in the Securities and Exchange
Commission's rules and forms.  There have been no significant
changes in the Company's internal controls or in other factors
that could significantly affect these controls subsequent to
the date of the foregoing evaluation.

     Part II.  Other Information

     Items 1 - 5.   None.


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


     (a)  Exhibits

            None.

     (b)  Reports on Form 8-K

            None.
<PAGE>

                           SIGNATURES

     Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned there unto duly
authorized.

                                   AMASYS CORPORATION
                                        (Registrant)


     Dated:  May 15, 2003               By:  /S/ C.W. GILLULY

                                        C.W. Gilluly, Ed.D.
                                        President and Chief Executive Officer
                                        (Principal Executive Officer
                                        and Principal Financial and
                                        Accounting Officer)
<PAGE>

CERTIFICATIONS

I, C.W. Gilluly, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of
     AMASYS Corporation;

2.   Based on my knowledge, this quarterly report does not
     contain any untrue statement of a material fact or omit to
     state a material fact necessary to make the statements made,
     in light of the circumstances under which such statements
     were made, not misleading with respect to the period covered
     by this quarterly report;

3.   Based on my knowledge, the consolidated financial
     statements, and other financial information included in this
     quarterly report, fairly present in all material respects
     the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods
     presented in this quarterly report;

4.   The registrant's other certifying officers and I are
     responsible for establishing and maintaining disclosure
     controls and procedures (as defined in Exchange Act Rules
     13a-14 and 15d-14) for the registrant and have:

     a)designed such disclosure controls and procedures to
       ensure that material information relating to the registrant,
       including its consolidated subsidiaries, is made known to us
       by others within those entities, particularly during the
       period in which this quarterly report is being prepared;

     b)evaluated the effectiveness of the registrant's
       disclosure controls and procedures as of a date within 90
       days prior to the filing date of this quarterly report (the
       "Evaluation Date"); and

     c)presented in this quarterly report our conclusions
       about the effectiveness of the disclosure controls and
       procedures based on our evaluation as of the Evaluation
       Date;

5.   The registrant's other certifying officers and I have
     disclosed, based on our most recent evaluation, to the
     registrant's auditors and the audit committee of
     registrant's board of directors (or persons performing the
     equivalent functions):

     a)all significant deficiencies in the design or operation
       of internal controls which could adversely affect the
       registrant's ability to record, process, summarize and
       report financial data and have identified for the
       registrant's auditors any material weaknesses in internal
       controls; and

     b)any fraud, whether or not material, that involves
       management or other employees who have a significant role in
       the registrant's internal controls; and

6.   The registrant's other certifying officers and I have
     indicated in this quarterly report whether there were
     significant changes in internal controls or in other factors
     that could significantly affect internal controls subsequent
     to the date of our most recent evaluation, including any
     corrective actions with regard to significant deficiencies
     and material weaknesses.


Date: May 15, 2003                     /S/ C.W. GILLULY
                                        C.W. Gilluly
                                        President and Chief
                                        Executive Officer
<PAGE>


            CERTIFICATION OF CHIEF EXECUTIVE OFFICER

    PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO
          SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, C.W. Gilluly, the President and Chief Executive Officer
of AMASYS Corporation (the "Company"), has executed this certification
in connection with the filing with the Securities and Exchange
Commission of the Company's Quarterly Report on Form 10-Q for the period
ending March 31, 2003 (the "Report").  The undersigned hereby certifies
that:
(1)  the Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and
(2)  the information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of
the Company.

Date: May 15, 2003                  /S/ C.W. GILLULY
                                        C.W. Gilluly
                                        President and Chief Executive Officer



            CERTIFICATION OF CHIEF FINANCIAL OFFICER

    PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO
          SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, C. W. Gilluly, the Principal Finance Officer of AMASYS
Corporation (the "Company"), has executed this certification in
connection with the filing with the Securities and Exchange Commission
of the Company's Quarterly Report on Form 10-Q for the period ending
March 31, 2003 (the "Report").  The undersigned hereby certifies that:
(1)  the Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and
(2)  the information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of
the Company.


Date: May 15, 2003                 /S/ C.W. GILLULY
                                       C.W. Gilluly
                                       Principal Finance Officer

<PAGE>