----

----

| x      | Quarterly      Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of      1934  |
|--------|----------------------------------------------------------------------------------------------------|
|   | For      the quarter ended December 31, 2006; or                                                   |
|   |                                                                                               |
| o      | Transition      report pursuant to Section 13 or 15(d) of the Securities Exchange Act of      1934 |

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

----

|                                                                           |                                                                                                                                                                                  | Page No. |
|--------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
|                                                                           |                                                                                                                                                                             |     |
| Part      I                                                                    | Financial      Information:                                                                                                                                                      |     |
|                                                                           |                                                                                                                                                                             |     |
| Item      1.                                                                   | Financial      Statements                                                                                                                                                        | 1        |
|                                                                           |                                                                                                                                                                             |     |
|                                                                           | Balance      Sheet as      of December 31, 2006 (unaudited)                                                                                                                      | 1        |
|                                                                           |                                                                                                                                                                             |     |
|                                                                           | Statements      of Operations for      the Three and Six Months Ended December      31, 2006 and 2005 and Cumulative      From Entering Development Stage (October 1,      2006) | 2        |
|                                                                           | to      December 31, 2006 (unaudited)                                                                                                                                            |     |
|                                                                           |                                                                                                                                                                             |     |
|                                                                           | Statements      of Cash Flows for      the Six Months Ended December      31, 2006 and 2005 and Cumulative      From Entering Development Stage (October 1,      2006)           | 3        |
|                                                                           | to      December 31, 2006 (unaudited)                                                                                                                                            |     |
|                                                                           |                                                                                                                                                                             |     |
|                                                                           | Notes      to Financial Statements                                                                                                                                               | 4        |
|                                                                           |                                                                                                                                                                             |     |
| Item      2.                                                                   | Management’s      Discussion and Analysis or      Plan of Operations                                                                                                       | 7        |
|                                                                           |                                                                                                                                                                             |     |
| Item      3.                                                                   | Controls      and Procedures                                                                                                                                                     | 13       |
|                                                                           |                                                                                                                                                                             |     |
| Part      II                                                                   | Other      Information:                                                                                                                                                          |     |
|                                                                           |                                                                                                                                                                             |     |
| Item      1.                                                                   | Legal      Proceedings                                                                                                                                                           | 14       |
| Item      2.                                                                   | Unregistered      Sales of Equity Securities and Use of Proceeds                                                                                                                 | 14       |
| Item      3.                                                                   | Defaults      Upon Senior Securities                                                                                                                                             | 14       |
| Item      4.                                                                   | Submission      of Matters to a Vote of Security Holders                                                                                                                         | 14       |
| Item      5.                                                                   | Other      Information                                                                                                                                                           | 14       |
| Item      6.                                                                   | Exhibits      and Reports on Form 8-K                                                                                                                                            | 14       |
|                                                                           |                                                                                                                                                                             |     |
| SIGNATURES                                                                     | 15                                                                                                                                                                               |
|                                                                           |                                                                                                                                                                             |     |
| Certifications      of Chief Executive Officer and Principal Financial Officer | 16                                                                                                                                                                               |

----

| Item      1. | Financial      Statements |
|--------------|---------------------------|

|                                                                                                           |   | December      31, 2006 |     |
|----------------------------------------------------------------------------------------------------------------|--------|------------------------|----------|
| Assets                                                                                                         |   |                   |     |
| Current      assets:                                                                                           |   |                   |     |
| Cash      and cash equivalents                                                                                 |   | $                      | 6,908    |   |
|                                                                                                           |   |                   |     |   |
| Total      current assets                                                                                      |   |                   | 6,908    |   |
|                                                                                                           |   |                   |     |   |
| Total      assets                                                                                              |   | $                      | 6,908    |   |
|                                                                                                           |   |                   |     |   |
| Liabilities      and stockholder's equity                                                                      |   |                   |     |   |
| Current      liabilities:                                                                                      |   |                   |     |   |
| Accounts      payable and accrued expenses                                                                     |   | $                      | 9,709    |   |
| Total      current liabilities                                                                                 |   |                   | 9,709    |   |
|                                                                                                           |   |                   |     |   |
| Stockholder's      equity:                                                                                     |   |                   |     |   |
|                                                                                                           |   |                   |     |   |
| Common      stock, $0.01 par value; 20,000,000 shares authorized; 4,669,210 shares      issued and outstanding |   |                   | 46,692   |   |
| Additional      paid-in capital                                                                                |   |                   | 359,893  |   |
|                                                                                                           |   |                   |     |   |
| Retained      deficit (including $(2,775) loss accumulated from entering development      stage)               |   |                   | (409,386 | ) |
| Total      stockholders’ equity                                                                          |   |                   | (2,801   | ) |
|                                                                                                           |   |                   |     |   |
| Total      liabilities and stockholder's equity                                                                |   | $                      | 6,908    |   |

----

|                                       |   | Three      Months EndedDecember      31, |      |   | Six      Months EndedDecember      31, |   |      | CumulativeFrom      EnteringDevelopmentStageOctober      31, 2006 |   |
|--------------------------------------------|--------|------------------------------------------|-----------|--------|----------------------------------------|--------|-----------|-------------------------------------------------------------------|--------|
|                                       |   | 2006                                     |      |   | 2005                                   |   |      | 2006                                                              |   |   | 2005 |   |   |   |
|                                       |   |                                     |      |   |                                   |   |      |                                                              |   |   |   |   |   |   |   |
| Operating      costs and expenses:         |   |                                     |      |   |                                   |   |      |                                                              |   |   |   |   |   |   |   |
| Professional      services                 |   | $                                        | 13,586    |   |                                   | $      | 31,079    |                                                              |   | $ | 63,722 |   |   | $ | 97,411 |   |   | $ | 13,586 |   |
| General      and administrative            |   |                                     | 1,923     |   |                                   |   | 10,382    |                                                              |   |   | 5,198 |   |   |   | 14,665 |   |   |   | 1,923 |   |
| Total      operating costs and expenses    |   |                                     | 15,509    |   |                                   |   | 41,461    |                                                              |   |   | 68,920 |   |   |   | 112,076 |   |   |   | 15,509 |   |
|                                       |   |                                     |      |   |                                   |   |      |                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Other      income (expense):               |   |                                     |      |   |                                   |   |      |                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Gain      on sale of short-term investment |   |                                     | 12,733    |   |                                   |   | 30,075    |                                                              |   |   | 26,905 |   |   |   | 44,040 |   |   |   | 12,733 |   |
| Interest      income                       |   |                                     | 1         |   |                                   |   | 44,489    |                                                              |   |   | 43,409 |   |   |   | 88,978 |   |   |   | 1 |   |
| Equity      in (losses) earnings of Comtex |   |                                     | -0-       |   |                                   |   | (28,950   | )                                                                 |   |   | 9,127 |   |   |   | (18,993 | ) |   |   | -0- |   |
| (Loss)      gain on derivative asset       |   |                                     | -0-       |   |                                   |   | (180,412  | )                                                                 |   |   | (419,907 | ) |   |   | 57,631 |   |   |   | -0- |   |
| Total      other income (expense)          |   |                                     | 12,734    |   |                                   |   | (134,798  | )                                                                 |   |   | (340,466 | ) |   |   | 171,656 |   |   |   | 12,734 |   |
|                                       |   |                                     |      |   |                                   |   |      |                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      (loss) before income taxes     |   |                                     | (2,775    | )      |                                   |   | (176,259  | )                                                                 |   |   | (409,386 | ) |   |   | 59,580 |   |   |   | (2,775 | ) |
|                                       |   |                                     |      |   |                                   |   |      |                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision      for income taxes            |   |                                     | —   |   |                                   |   | —   |                                                              |   |   | — |   |   |   | — |   |   |   | — |   |
|                                       |   |                                     |      |   |                                   |   |      |                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss)                     |   | $                                        | (2,775    | )      |                                   | $      | (176,259  | )                                                                 |   | $ | (409,386 | ) |   | $ | 59,580 |   |   | $ | (2,775 | ) |
|                                       |   |                                     |      |   |                                   |   |      |                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      (loss) per share:            |   |                                     |      |   |                                   |   |      |                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                      |   | $                                        | (0.00     | )      |                                   | $      | (0.09     | )                                                                 |   | $ | (0.12 | ) |   | $ | 0.00 |   |   |   |   |   |
| Diluted                                    |   | $                                        | (0.00     | )      |                                   | $      | (0.09     | )                                                                 |   | $ | (0.12 | ) |   | $ | 0.00 |   |   |   |   |   |
|                                       |   |                                     |      |   |                                   |   |      |                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average number of shares:    |   |                                     |      |   |                                   |   |      |                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                      |   |                                     | 4,494,211 |   |                                   |   | 2,207,350 |                                                              |   |   | 3,364,419 |   |   |   | 2,207,350 |   |   |   |   |   |
| Diluted                                    |   |                                     | 4,494,211 |   |                                   |   | 2,207,350 |                                                              |   |   | 3,364,419 |   |   |   | 2,207,350 |   |   |   |   |   |

----

|                                                                                           |   | Six      Months Ended December 31, |     |   | CumulativeFrom      Entering DevelopmentStage |   |
|------------------------------------------------------------------------------------------------|--------|------------------------------------|----------|--------|-----------------------------------------------|--------|
|                                                                                           |   | 2006                               |     |   | 2005                                          |   |   | October      1, 2006 |   |
|                                                                                           |   |                               |     |   |                                          |   |   |   |   |
| Operating      activities:                                                                     |   |                               |     |   |                                          |   |   |   |   |
| Net      (loss) income                                                                         |   | $                                  | (409,386 | )      |                                          | $      | 59,580 |   |   | $ | (2,775 | ) |
| Adjustments      to reconcile net (loss) income to net cash used in operating      activities: |   |                               |     |   |                                          |   |   |   |   |   |   |   |
| Amortization      on note receivable discount                                                  |   |                               | (21,949  | )      |                                          |   | (46,130 | ) |   |   | — |   |
| Loss      (gain) on derivative asset                                                           |   |                               | 419,907  |   |                                          |   | (57,631 | ) |   |   | — |   |
| (Gain)      on sale of short-term investment                                                   |   |                               | (26,905  | )      |                                          |   | (44,040 | ) |   |   | (12,733 | ) |
| Equity      in (earnings) losses                                                               |   |                               | (9,127   | )      |                                          |   | 18,993 |   |   |   | — |   |
| Changes      in operating assets and liabilities                                               |   |                               |     |   |                                          |   |   |   |   |   |   |   |
| Interest      receivable                                                                       |   |                               | —  |   |                                          |   | (7,141 | ) |   |   | — |   |
| Accounts      payable and accrued expenses                                                     |   |                               | (24,284  | )      |                                          |   | 12,490 |   |   |   | (24,901 | ) |
| Net      cash used in operating activities                                                     |   |                               | (71,744  | )      |                                          |   | (63,879 | ) |   |   | (40,409 | ) |
|                                                                                           |   |                               |     |   |                                          |   |   |   |   |   |   |   |
| Investing      activities:                                                                     |   |                               |     |   |                                          |   |   |   |   |   |   |   |
| Proceeds      from sale of short-term investment                                               |   |                               | 63,532   |   |                                          |   | 63,257 |   |   |   | 40,568 |   |
| Net      cash provided by investing activities                                                 |   |                               | 63,532   |   |                                          |   | 63,257 |   |   |   | 40,568 |   |
|                                                                                           |   |                               |     |   |                                          |   |   |   |   |   |   |   |
| Financing      activities;                                                                     |   |                               |     |   |                                          |   |   |   |   |   |   |   |
| Proceeds      from sale of common stock                                                        |   |                               | 3,500    |   |                                          |   | — |   |   |   | 3,500 |   |
| Net      cash provided by financing activities                                                 |   |                               | 3,500    |   |                                          |   | — |   |   |   | 3,500 |   |
|                                                                                           |   |                               |     |   |                                          |   |   |   |   |   |   |   |
| Net      (decrease) increase in cash                                                           |   |                               | (4,712   | )      |                                          |   | (622 | ) |   |   | 3,659 |   |
| Cash      at beginning of period                                                               |   |                               | 11,620   |   |                                          |   | 1,024 |   |   |   | 3,249 |   |
| Cash      at end of period                                                                     |   | $                                  | 6,908    |   |                                          | $      | 402 |   |   | $ | 6,908 |   |

----

| 1. | Basis      of Presentation |
|----|----------------------------|

| 2. | Stock      Based Compensation |
|----|-------------------------------|

----

| 3. | Earnings      (Loss) Per Share |
|----|--------------------------------|

|                                                                  |   | Three      Months EndedDecember      31, |      |   | Six      Months EndedDecember      31, |   |
|-----------------------------------------------------------------------|--------|------------------------------------------|-----------|--------|----------------------------------------|--------|
|                                                                  |   | 2006                                     |      |   | 2005                                   |   |   | 2006 |   |   | 2005 |   |
| Numerator:                                                            |   |                                     |      |   |                                   |   |   |   |   |   |   |   |
| Net  income      (loss)                                     |   | $                                        | (2,775    | )      |                                   | $      | (176,259 | ) |   | $ | (409,386 | ) |   | $ | 59,580 |   |
| Preferred      stock dividends                                        |   |                                     |      |   |                                   |   | (24,500 | ) |   |   |   |   |   |   | (49,000 | ) |
| Numerator      for basic earnings per share                           |   |                                     | (2,775    | )      |                                   |   | (200,759 | ) |   |   | (409,386 | ) |   |   | 10,580 |   |
| Effect      of dilutive securities                                    |   |                                     | —   |   |                                   |   | — |   |   |   | — |   |   |   | — |   |
| Numerator      for dilutive earnings per share                        |   | $                                        | (2,775    | )      |                                   | $      | (200,759 | ) |   | $ | (409,386 | ) |   | $ | 10,580 |   |
|                                                                  |   |                                     |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Denominator:                                                          |   |                                     |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Denominator      for basic earnings per share-weighted average shares |   |                                     | 4,494,211 |   |                                   |   | 2,207,350 |   |   |   | 3,364,419 |   |   |   | 2,207,350 |   |
| Effect      of dilutive securities:                                   |   |                                     |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Convertible      preferred stock                                      |   |                                     | —   |   |                                   |   | — |   |   |   | — |   |   |   | — |   |
| Denominator      for diluted earnings per share                       |   |                                     | 4,494,211 |   |                                   |   | 2,207,350 |   |   |   | 3,364,419 |   |   |   | 2,207,350 |   |
|                                                                  |   |                                     |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      earnings (loss) per share                                  |   | $                                        | (0.00     | )      |                                   | $      | (0.09 | ) |   | $ | (0.12 | ) |   | $ | 0.00 |   |
| Diluted      earnings (loss) per share                                |   | $                                        | (0.00     | )      |                                   | $      | (0.09 | ) |   | $ | (0.12 | ) |   | $ | 0.00 |   |

| 4. | Investment      in Common Stock – Related Party |
|----|-------------------------------------------------------|

----

| 5. | Comprehensive      Income (Loss) |
|----|----------------------------------|

|                                                                                      |   | Three      Months EndedDecember      31, |    |   | Six      Months EndedDecember      31, |   |
|-------------------------------------------------------------------------------------------|--------|------------------------------------------|---------|--------|----------------------------------------|--------|
|                                                                                      |   | 2006                                     |    |   | 2005                                   |   |   | 2006 |   |   | 2005 |   |
| Net      income (loss)                                                                    |   | $                                        | (2,775  | )      |                                   | $      | (176,259 | ) |   | $ | (409,386 | ) |   | $ | 59,580 |   |
| Other      comprehensive income:                                                          |   |                                     |    |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Unrealized      (loss) gain on short-term investment                                      |   |                                     | (3,532  | )      |                                   |   | (8,051 | ) |   |   | (10,868 | ) |   |   | (45,716 | ) |
| Less:  reclassification      adjustment for gains included in net (loss) income |   |                                     | (12,733 | )      |                                   |   | (30,075 | ) |   |   | (26,905 | ) |   |   | (44,040 | ) |
| Net      unrealized (loss) gain on short-term investment                                  |   |                                     | (16,265 | )      |                                   |   | (38,126 | ) |   |   | (37,773 | ) |   |   | (89,756 | ) |
|                                                                                      |   |                                     |    |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Other      comprehensive (loss)                                                           |   |                                     | (16,265 | )      |                                   |   | (38,126 | ) |   |   | (37,773 | ) |   |   | (89,756 | ) |
| Comprehensive      (loss)                                                                 |   | $                                        | (19,040 | )      |                                   | $      | (214,385 | ) |   | $ | (447,159 | ) |   | $ | (30,176 | ) |

| 6. | Income      Taxes |
|----|-------------------|

| 7. | Subsequent      Events |
|----|------------------------|

----

| Item      2. | Management’s      Discussion and Analysis or Plan ofOperation |
|--------------|---------------------------------------------------------------------|

----

|                                                     |   | For      the Quarter Ended December 31, |   |
|----------------------------------------------------------|--------|-----------------------------------------|--------|
|                                                     |   | 2006                                    |   |   | 2005 |   |
| Face      value of Note                                  |   | $                                       | -0-    |   |   | $ | 856,954 |   |
| Conversion      price per share                          |   | $                                       | -0-    |   |   | $ | 0.95 |   |
| Number      of shares into which the Note is convertible |   |                                    | -0-    |   |   |   | 902,057 |   |
| Comtex      share price                                  |   | $                                       | 0.20   |   |   | $ | 0.41 |   |

----

----

|                                        | For      the Quarter Ended December 31, |   |
|---------------------------------------------|-----------------------------------------|--------|
|                                        | 2006                                    |   | 2005 |   |
| Risk-free      rate of interest             |                                    | 0      | % |   | 4 | % |
| Expected      dividend rate                 |                                    | 0      | % |   | 0 | % |
| Expected      life, in years                |                                    | 0.00   |   |   | 2.5 |   |
| Per      share market price of Comtex stock | $                                       | 0.20   |   | $ | 0.41 |   |
| Conversion      factor                      | $                                       | 0.00   |   | $ | 0.95 |   |
| Number      of shares under option          |                                    | 0.00   |   |   | 902,057 |   |
| Black-Scholes      option price per share   | $                                       | 0.00   |   | $ | 0.18 |   |
|                                        |                                    |   |   |   |   |   |
| Derivative      asset value                 | $                                       | 0.00   |   | $ | 162,370 |   |

----

|   | (1) | AMASYS      did not participate in the design or redesign ofComtex;                                                                                                                                                                    |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (2) | Comtex’s      activities neither involve nor are conducted on behalf of      AMASYS;                                                                                                                                             |
|   | (3) | AMASYS’s      equity & subordinated debt are less than half of the total of Comtex’s      equity, subordinated debt and other subordinated financial support, based      on the fair values of the interest in Comtex; |
|   | (4) | Comtex’s      activities are not primarily related to securitizations or other forms of      asset-backed financing or single-lessee leasing    arrangements.                                                                    |

----

----

| Item      3. | Controls      and Procedures |
|--------------|------------------------------|

----

| Item      1.                                                | Legal      Proceedings                                           |
|-------------------------------------------------------------|------------------------------------------------------------------|
|                                                        |                                                             |
| AMASYS      has no outstanding, material legal proceedings. |
|                                                        |                                                             |
| Item      2.                                                | Unregistered      Sales of Equity Securities and Use of Proceeds |
|                                                        |                                                             |
| None.                                                       |
|                                                        |                                                             |
| Item      3.                                                | Defaults      Upon Senior Securities                             |
|                                                        |                                                             |
| None.                                                       |
|                                                        |                                                             |
| Item      4.                                                | Submission      of Matters to a Vote of Security Holders         |
|                                                        |                                                             |
| None.                                                       |
|                                                        |                                                             |
| Item      5.                                                | Other      Information                                           |
|                                                        |                                                             |
| None.                                                       |
|                                                        |                                                             |
| Item      6.                                                | Exhibits      and Reports on Form 8-K                            |
|                                                        |                                                             |
| See below.                                             |

----

| By:    | /s/ C.W. Gilluly, Ed.D.                               |   |
|--------|-------------------------------------------------------|--------|
|   | C.W.      Gilluly, Ed.D.                              |   |
|   | President      and Chief Executive Officer            |
|   | (Principal      Executive Officer and                 |
|   |  Principal      Financial and AccountingOfficer) |