UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                                WASHINGTON, D.C.

                                  FORM 10-QSB/A
(Mark One)

X    Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange
     Act of 1934 For the quarter ended December 31, 2005; or

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

Commission file number  0-21555

                               AMASYS CORPORATION
                               ------------------
             (Exact Name of Registrant as Specified in Its Charter)

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

         625 N. Washington Street, Suite 301, Alexandria, Virginia 22314
         ---------------------------------------------------------------
                     (Address of principal executive office)

   ----------------------------------------
                                 Former address:
                          4900 Seminary Road, Suite 800
                           Alexandria, Virginia 22311

The Company knows of no trading in its Common Stock since its  inception.  As of
December 31, 2005, there were 1,775,880 shares of stock held by non-affiliates.

Transitional Small Business Disclosure Format (check one):
Yes    X      No  ___
     -----



<PAGE>



                               AMASYS CORPORATION.
                                TABLE OF CONTENTS


                                                                     Page No.
                                                                     --------

Part I   Financial Information:

Item 1.  Financial Statements                                           1

         Balance Sheet                                                  1
          as of December 31, 2005 (unaudited)

         Statements of Operations                                       2
          for the Three and Six Months Ended
          December 31, 2005 and 2004 (unaudited)

         Statements of Cash Flows                                       3
          for the Six Months Ended
          December 31, 2005 and 2004 (unaudited)

         Notes to Financial Statements                                  4


Item 2.  Management's Discussion and Analysis                           7
         or Plan of Operations

Item 3.  Controls and Procedures                                       12

Part II  Other Information:

Item 1.  Legal Proceedings                                             12
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds   12
Item 3.  Defaults Upon Senior Securities                               12
Item 4.  Submission of Matters to a Vote of Security Holders           13
Item 5.  Other Information                                             13
Item 6.  Exhibits and Reports on Form 8-K                              13


SIGNATURES                                                             14

Certifications of Chief Executive Officer and Chief Financial Officer  16


<PAGE>




                                     PART I

Item 1. Financial Statements
<TABLE>
<CAPTION>

                               AMASYS Corporation
                                  Balance Sheet
                                   (Unaudited)

<S>                                                         <C>

                                                                December 31, 2005
                                                             -------------------------
Assets
Current assets:
   Cash and cash equivalents                                 $                  402

   Interest receivable                                                        7,141
   Short-term investment                                                    140,375
                                                             -------------------------
Total current assets                                                        147,918
Note receivable-related party, net of discount of $216,557                  640,397

Investment in common stock - related party                                  108,590
Derivative asset                                                            162,370
                                                             -------------------------
                                                             -------------------------

Total assets                                                 $            1,059,275
                                                             =========================

Liabilities and stockholder's equity
Current liabilities:
   Accounts payable and accrued expenses                     $               16,171
                                                             -------------------------
Total current liabilities                                                    16,171

Stockholder's equity:
Preferred stock, $0.01 par value; 1,000,000 shares
   authorized; 196,000 shares issued and outstanding                          1,960
Common stock, $0.01 par value; 20,000,000 shares
   authorized; 2,207,350 shares issued and outstanding                       22,073
Additional paid-in capital                                                  869,325
Accumulated other comprehensive income                                       88,718
Retained earnings                                                            61,028
                                                             -------------------------
                                                             -------------------------
Total stockholders' equity                                                1,043,104
                                                             -------------------------
                                                             -------------------------

Total liabilities and stockholder's equity                   $            1,059,275
                                                             =========================

</TABLE>


See accompanying notes.
<PAGE>

<TABLE>
<CAPTION>

                               AMASYS Corporation
                            Statements of Operations
                                   (Unaudited)

<S>                                              <C>                <C>              <C>                <C>

                                                  Three Months Ended December 31,           Six Months Ended
                                                                                              December 31,
                                                 ----------------- ---------------- ---------------- -----------------
                                                       2005             2004             2005              2004
                                                 ----------------- ---------------- ---------------- -----------------

Operating costs and expenses:
   Professional services                         $       31,079    $       37,485   $       97,411   $       98,688
   General and administrative                            10,382            10,001           14,665           13,141
                                                 ----------------- ---------------- ---------------- -----------------
Total operating costs and expenses                       41,461            47,486          112,076          111,829

Other income (expense):
   Gain on sale of short-term investment                 30,075            35,245           44,040           35,245
   Interest income                                       44,489            44,489           88,978           88,978
   Equity in (losses) earnings of Comtex                (28,950)           26,207          (18,993)          47,370
   (Loss) gain on derivative asset                     (180,412)            7,561           57,631          (78,134)
                                                 ----------------- ---------------- ---------------- -----------------
Total other (expense) income                           (134,798)          113,502          171,656           93,459

(Loss) income before income taxes                      (176,259)           66,016           59,580          (18,370)

Provision for income taxes                                   --                 --               --                --
                                                 ----------------- ---------------- ---------------- -----------------

Net (loss) income                                $     (176,259)   $       66,016   $       59,580   $      (18,370)
                                                 ================= ================ ================ =================

(Loss) earnings per share:
   Basic                                         $        (0.09)   $         0.019  $         0.005  $        (0.03)
                                                 ================= ================ ================ =================
   Diluted                                       $        (0.09)   $         0.016  $         0.005  $        (0.03)
                                                 ================= ================ ================ =================
Weighted average number of shares:
   Basic                                              2,207,350         2,207,350        2,207,350        2,207,350
                                                 ================= ================ ================ =================
   Diluted                                            2,207,350         4,167,350        2,207,350        2,207,350
                                                 ================= ================ ================ =================
</TABLE>


See accompanying notes.

                                       2
<PAGE>

<TABLE>
<CAPTION>

                               AMASYS Corporation
                            Statements of Cash Flows
                                   (Unaudited)

<S>                                                         <C>                  <C>

                                                              Six Months Ended December 31,
                                                           -------------------------------------
                                                           ------------------ ------------------
                                                                 2005               2004
                                                           ------------------ ------------------
                                                           ------------------ ------------------

Operating activities:
Net income (loss)                                          $        59,580    $       (18,370)
Adjustments to reconcile net income (loss) to net cash
  used in operating activities:
   Amortization on note receivable discount                        (46,130)           (46,130)
   (Gain) loss on derivative asset                                 (57,631)            78,134
   (Gain) on sale of short-term investment                         (44,040)           (35,245)
   Equity in  losses (earnings)                                     18,993            (47,370)
Changes in operating assets and liabilities
   Interest receivable                                              (7,141)                 --
   Accounts payable and accrued expenses                            12,490             13,535
                                                           ------------------ ------------------
Net cash used in operating activities                              (63,879)           (55,446)

Investing activities:
   Proceeds from sale of short-term investment                      63,257             46,651
                                                           ------------------ ------------------
Net cash provided by investing activities                           63,257             46,651

Net decrease in cash                                                  (622)            (8,795)
Cash at beginning of period                                          1,024             10,007
                                                           ------------------ ------------------
Cash at end of period                                      $           402    $         1,212
                                                           ================== ==================
</TABLE>


See accompanying notes.
                                       3

<PAGE>



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  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.  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-KSB for the fiscal year ended
June 30, 2005 filed with the Securities and Exchange Commission on September 28,
2005.


2.   Stock Based Compensation

     The Company has a stock-based  compensation  plan.  Currently,  the Company
accounts  for this plan under the  recognition  and  measurement  principles  of
Accounting  Principles  Board  Opinion No. 25 ("APB 25"),  Accounting  for Stock
Issued to Employees, and related interpretations.

     SFAS  No.  123  ("SFAS  123"),  Accounting  for  Stock-Based  Compensation,
requires that  companies  either  recognize  compensation  expense for grants of
stock options and other equity  instruments  based on fair value, or provide pro
forma  disclosure  of net income  (loss) and net income  (loss) per share in the
notes to the financial  statements.  SFAS No. 148 ("SFAS 148"),  Accounting  for
Stock-Based  Compensation-Transition  and Disclosure,  amends SFAS 123. SFAS 148
provides  alternative  methods of transition for a voluntary  change to the fair
value-based  method of accounting  for  stock-based  employee  compensation  and
amends the disclosure  requirements  of SFAS 123 to require  disclosures in both
the annual and interim  financial  statements about the method of accounting for
stock-based employee  compensation and the effect of the method used on reported
results.

     No compensation  cost has been recognized  under SFAS 123 for the Company's
employee  stock option plan.  Due to the fact that options  granted in 1996 were
immediately exercisable, net income (loss) is the same under SFAS 123 and APB 25
for the three months ended December 31, 2005 and 2004.

     In December 2004, the FASB issued SFAS No. 123R,  (SFAS 123R),  Share-Based
Payment,  amending  SFAS 123 to require  companies to record as expense the fair
value of equity-based compensation, including stock options, over the applicable
vesting period.  SFAS 123R also requires more extensive  disclosures  concerning
stock options than required  under  current  standards.  The new rule applies to
option grants made after adoption as well as options that have not vested at the
date of adoption.  SFAS 123R becomes  effective no later than interim and annual
periods  beginning  after  December  15, 2005 for small  business  issuers.  The
Company does not believe that the adoption of SFAS 123R will have a  significant
effect on its financial statements as its stock options are fully vested.

                                       4
<PAGE>

3.   Earnings (Loss) Per Share

     The  following  table  sets  forth the  computation  of basic  and  diluted
earnings (loss) per share:

<TABLE>
<CAPTION>
<S>                                            <C>                <C>             <C>                <C>

                                                Three Months Ended December 31,           Six Months Ended
                                                                                            December 31,
                                               ---------------------------------- ----------------------------------
                                                        2005             2004              2005             2004
                                               ----------------- ---------------- ----------------- ----------------
Numerator:
----------
   Net  (loss) income                          $     (176,259)   $       66,016   $       59,580    $      (18,370)
   Preferred stock dividends                          (24,500)          (24,500)         (49,000)          (49,000)
                                               ----------------- ---------------- ----------------- ----------------
   Numerator for basic earnings per share            (200,759)           41,516           10,580           (67,370)
   Effect of dilutive securities                           --            24,500               --                --
                                               ----------------- ---------------- ----------------- ----------------

   Numerator for dilutive earnings per share   $     (200,759)   $       66,016   $       10,580    $     ((67,370))
                                               ================= ================ ================= ================

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:
   Convertible preferred stock                                        1,960,000                                  --
                                               ----------------- ---------------- ----------------- ----------------
   Denominator for diluted earnings per share       2,207,350         4,167,350        2,207,350         2,207,350
                                               ================= ================ ================= ================

Basic  (loss)  earningsper share               $        (0.09)   $         0.019  $         0.005   $        (0.03)
                                               ================= ================ ================= ================
Diluted (loss)  earnings per share             $        (0.09)   $         0.016  $         0.005   $        (0.03)
                                               ================= ================ ================= ================
</TABLE>


     For the three  months  ended  December  31,  2005 and the six months  ended
December 31, 2005 and 2004, the 1,960,000 shares issuable upon the conversion of
the Series A Preferred Stock have been excluded from the computation since their
effect was not dilutive. For all periods presented,  the 900,000 shares issuable
upon the exercise of stock options have been excluded from the computation since
their effect was not dilutive.


4.   Investment in Common Stock - Related Party

     At December 31, 2005,  the Company had a 16% ownership  interest in Comtex.
Since the Company has the ability to  significantly  influence the operations of
Comtex,  the Company  accounts  for its  investment  in Comtex  under the equity
method of accounting.  The Company can significantly influence the operations of
Comtex since (i) if the Company  converted its note  receivable from Comtex into
shares of Comtex,  the Company  would have a 21%  ownership  interest in Comtex,
(ii) the Company as well as the Company's  Chairman and CEO are Comtex's largest
individual  shareholders,  (iii) the Company and the Company's  Chairman and CEO
have a combined  ownership  interest  in Comtex of 36%,  and (iv) the  Company's
Chairman is the Chairman and interim Chief Executive Officer of Comtex.

                                       5
<PAGE>


     The following  information  presents condensed balance sheet information of
Comtex as of December 31, 2005 and income  statement  information  of Comtex for
the three months and six months ended December 31, 2005 and 2004:

                                                  December 31,
                                                      2005
                                                 ----------------
Current assets                                   $    2,545,026
Other assets                                            315,144
Current liabilities                                   1,255,019
Long-term liabilities                                   872,483

<TABLE>
<CAPTION>
<S>                                              <C>               <C>               <C>               <C>
                                                         Three Months Ended                  Six Months Ended
                                                            December 31,                       December 31,
                                                 ----------------------------------- ----------------------------------
                                                       2005              2004             2005              2004
                                                 ----------------- ----------------- ---------------- -----------------
Revenues                                         $    1,932,612    $    2,085,578    $    3,929,043   $    4,072,927
Gross Profit                                            994,203         1,118,562         2,054,209        2,126,129
Net income (loss)                                      (184,177)          119,447          (121,295)         215,725
</TABLE>


5.   Comprehensive Income (Loss)

     Comprehensive  income  (loss)  is  defined  as the  change  in  equity of a
business  enterprise  during a  period  from  nonowner  sources.  The  Company's
comprehensive income (loss) includes unrealized gains (losses) on its short-term
investment,  as well as  reclassification  adjustments  resulting  from gains on
sales of short-term investments that were realized and included in net income in
the current  period.  These gains had also been included in other  comprehensive
income as  unrealized  holding  gains in the period in which they  arose.  These
gains  are,  therefore,  deducted  from  other  comprehensive  income  to  avoid
including  them twice.  During the three and six months ended  December 31, 2005
and 2004, the Company reclassified  realized gains and recognized net unrealized
(losses) gains on its short-term investments as follows:
<TABLE>
<CAPTION>
<S>                                              <C>                <C>             <C>                  <C>

                                                         Three Months Ended                  Six Months Ended
                                                            December 31,                       December 31,
                                                 ----------------------------------- ----------------------------------
                                                       2005              2004             2005              2004
                                                 ----------------- ----------------- ---------------- -----------------
Net (loss) income                                $     (176,259)   $       66,016    $       59,580   $      (18,370)
Other comprehensive income:
Unrealized (loss) gain on
short-term
investment                                               (8,051)          115,167           (45,716)         79,928
Less:  reclassification adjustment for gains
included in net (loss) income                           (30,075)          (35,245)          (44,040)        (35,245)
Net unrealized (loss) gain on short-term
  investment                                            (38,126)           79,922           (89,756)         44,683
                                                 ----------------- ----------------- ---------------- -----------------

Other comprehensive income                               (38,126)          79,922           (89,756)         44,683
                                                 ----------------- ----------------- ---------------- -----------------
Comprehensive (loss) income                      $      (214,385)  $      145,938    $      (30,176)  $      26,313
                                                 ================= ================= ================ =================
</TABLE>

                                       6
<PAGE>

Item 2. Management's Discussion and Analysis or Plan of Operation

Company History
---------------

     AMASYS Corporation ("AMASYS" or the "Company") was incorporated in Delaware
in 1992,  and in 1996  received all  remaining  assets of  Infotechnology,  Inc.
("Infotech"), a Delaware company, following the completion of Infotech's Chapter
11 Bankruptcy  reorganization,  in accordance  with an Assignment and Assumption
Agreement,  dated  October 11, 1996,  and  effective  as of June 21, 1996.  As a
result of a series of transactions during the 1980's, Infotech, then principally
engaged  in  the  information  and  communications  business,   acquired  equity
interests  in Comtex  News  Network,  Inc.  ("Comtex")  and  Analex  Corporation
("Analex"),  formerly known as Hadron, Inc. As of December 31, 2005 AMASYS had a
16%  interest  in Comtex  and less  than a 1% equity  interest  in  Analex.  The
Company's  business  is the  maintenance  of its  equity  interest  in and  note
receivable from Comtex and equity interest in Analex.

     On July  2,  2001,  the  Company  filed  the  following  reports  with  the
Securities and Exchange  Commission (the "SEC"):  Annual Report on Form 10-K for
the year ended June 30, 2000; the Quarterly  Report on Form 10-Q for the quarter
ended  September  30, 2000;  the  Quarterly  Report on Form 10-Q for the quarter
ended December 31, 2000;  and the Quarterly  Report on Form 10-Q for the quarter
ended March 31, 2001. Prior to these filings,  the Company had not filed reports
with the SEC except for a Form 8-A, filed in October 1996, for  registration  of
its common and preferred shares of stock,  and a Form 12B-25,  filed in December
1996,  in which it  disclosed  that it was  unable to file its Form 10-Q for the
quarter ended  December 31, 1996 because of the difficulty  associated  with the
preparation  of the  Company's  initial  financial  statements  as  successor to
Infotech.  The Annual  Report on Form 10-K for the year ended June 30,  2002 was
timely  filed.  The Annual  Report on Form 10-K for the year ended June 30, 2003
was filed on  November  7, 2003.  The  Quarterly  Report on Form  10-QSB for the
quarter  ended  December 31, 2003 was filed on February  20, 2004  pursuant to a
Form 12b-25  filed on February  17,  2004.  Subsequent  Form 10-QSBs were timely
filed.  The Annual  Report on Form  10-KSB for the year ended June 30,  2004 was
filed on October 7, 2004  pursuant to a Form 12b-25 filed on September 27, 2004.
The Annual  Report on Form  10-KSB for the year ended June 30, 2005 was filed on
September 28, 2005.

Overview
--------

     AMASYS is the  successor to  Infotech,  pursuant to  Infotech's  bankruptcy
proceeding.  AMASYS'  primary  assets  are  its  equity  interest  in  and  note
receivable  from Comtex and equity  interest  in Analex.  AMASYS owns 16% of the
outstanding equity of Comtex, while the remainder is publicly owned. Comtex is a
leading  wholesaler of electronic  real-time news and content to major financial
and business information distributors.

     In addition to its 16% equity ownership of Comtex, the Company also holds a
note receivable in the amount of $856,954 from Comtex (the "Note").  On December
9, 2003,  the Company  executed  an  amendment  to the Note for the  purposes of
reducing the  conversion  price at which the Amended Note may be converted  into
                                       7
<PAGE>

common stock of Comtex. Pursuant to this Third Amendment,  the Company agreed to
subordinate  the  Amended  Note to both  Comtex's  note  payable  to its  former
landlord  and  to  a  bank  financing  agreement.  In  consideration  for  these
subordination   agreements,   Comtex  agreed  to  reduce  the  conversion  price
stipulated in the Amended Note from the  previously-stated  conversion  price of
$1.20 per share to $0.75 per share,  and to increase  this  conversion  price by
$0.05 every one hundred and eighty  (180) days  thereafter,  until June 9, 2008,
when the  conversion  price will reach  $1.20 per share.  This will be the final
increase before the Note matures on July 1, 2008.

     The Note is convertible as follows:
<TABLE>
<CAPTION>
<S>                                                       <C>                                 <C>

                                                                   For the Quarter Ended December 31,
                                                    ------------------------------------------------------------------
                                                                  2005                              2004
                                                    ---------------------------------- -------------------------------
Face value of Note                                              $856,954                          $856,954
Conversion price per share                                        $0.95                            $0.85
Number of shares into which the Note is                          902,057                         1,008,181
convertible
Comtex share price                                                $0.41                            $0.22
</TABLE>


     The value of the Note,  net of a $216,557  discount is $640,397 at December
31, 2005.

     The  Company  also owns  48,239  shares of  common  stock of  publicly-held
Analex, a defense contractor  specializing in systems engineering and developing
innovative  technical   intelligence  solutions  in  support  of  U.S.  national
security.  As of December 31, 2005, Analex had 16,340,445 shares of common stock
outstanding.

     The Company  believes  that,  by virtue of an exemption  to the  Investment
Company Act of 1940  ("1940  Act"),  the  Company  should not be deemed to be an
"investment  company"  and,  accordingly,  should not be required to register as
such. The rules and  interpretations  of the SEC and the courts  relating to the
1940 Act and to its  exemptions  are highly  complex and  uncertain  in numerous
aspects.  As a result,  no  assurance  can be given that the Company will not be
deemed an  "investment  company" for purposes of the 1940 Act and be required to
register as an investment company, in which case the Company could be subject to
legal  actions  by  regulatory  authorities  and  others  and could be forced to
suspend or terminate  operations.  The costs of defending  any such action could
constitute a material part of the Company's assets.

Comtex News Network, Inc.
-------------------------

     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. Comtex is a leading wholesaler of electronic real-time news and content to
major  financial  and business  information  distributors.  Comtex  enhances and
standardizes news and other content received from more than 65 newswire services
and publishers in order to provide editorially  superior and technically uniform
products to its customers. Its customers then package,  integrate and distribute
Comtex  products to their  end-users.  Comtex  processes more than 25,000 unique

                                       8
<PAGE>


real-time  news  stories  each day.  For each news story,  processing  includes,
adding stock ticker  symbols,  indexing by keyword and category,  and converting
the diverse  publisher  materials  and formats  received  into XML, the industry
standard delivery format.

     The demand for news and  content  distribution  paralleled  the  tremendous
growth  of the  Internet  during  the late  1990's.  Similarly,  the  subsequent
collapse of Internet-related  businesses has resulted in business  consolidation
and failures,  the decline of individual  investor web sites, and the erosion of
royalties  from corporate  solution  providers.  Given these market  conditions,
toward the end of fiscal year 2003,  Comtex  commenced a thorough  evaluation of
its market position,  product line, pricing and technology strategies as part of
an overall strategic revitalization plan.

     Comtex relies heavily on third-party information sources for the content of
its product  offerings.  Interruption  in, or the termination of, service from a
significant  number of its  information  sources would affect Comtex' ability to
offer  products  or  maintain  product  quality.  Accordingly,  the  failure  or
inability to restore or replace such  interrupted  or terminated  services could
have an adverse effect on Comtex's revenues.

     Comtex also relies heavily on third party providers for telecommunications,
electrical power, internet connectivity, and related or similar services as well
as system  redundancy for the development and delivery of its products.  Failure
of, interruption in, or the termination of, these services would also affect the
Comtex'  ability to create and  deliver  products.  Accordingly,  the failure or
inability to restore or replace such  interrupted  or terminated  services could
have an adverse effect on Comtex's revenues.

     Comtex is a  publicly-traded  company and more  information  concerning the
operations of Comtex can be found in its own filings with the SEC.

Analex Corporation
------------------

     The Company owns 48,239  shares of the common stock of Analex (SEC File No.
0-5404),  which  trades on the  American  Stock  Exchange  under the symbol NLX.
Analex specializes in systems engineering and developing  intelligence solutions
in support of national  security.  Analex  focuses on designing,  developing and
testing  aerospace  products  and  systems;   developing   innovative  technical
solutions for the intelligence  community;  and analyzing and supporting defense
systems.

     The  following  discussion  and  analysis of our  financial  condition  and
results  of  operations  should  be  read  in  conjunction  with  our  financial
statements and related notes appearing elsewhere in this report. This discussion
and  analysis   contains   forward-looking   statements   that  involve   risks,
uncertainties  and assumptions.  Actual results may differ materially from those
anticipated in these forward-looking  statements as a result of certain factors,
including but not limited to the risks discussed in this report.

                                       9
<PAGE>



Subsequent Events

     On  September  26, 2006,  AMASYS  signed an agreement to acquire all of the
shares of common stock of World Mineral Corporation,  a Nevada corporation (WMC)
from WMC  shareholders  in exchange for an aggregate of 14,775,000  newly issued
shares of AMASYS common stock. As part of the contemplated  transaction,  AMASYS
has signed  agreements  to redeem and  convert all of its  outstanding  Series A
Preferred Stock.

     Following the closing of the  contemplated  transaction,  WMC will become a
wholly-owned  subsidiary  of AMASYS and the newly issued shares held by WMC will
represent  approximately 74% percent of the total  outstanding  shares of common
stock of AMASYS.

     AMASYS also  executed  agreements  on September 25, 2006 to redeem from the
holders  of  its  Preferred  Stock,  pro  rata  to  their  respective  ownership
interests,  55,209 shares of AMASYS Series A Preferred Stock (the "Series A") in
consideration  for: (a) AMASYS' entire  interest in the  outstanding  promissory
note in favor of AMASYS  made by  Comtex  News  Network,  Inc.  (Comtex)  in the
principal  amount of $857,000;  and (b) 2,153,437 shares of Comtex common stock.
Pursuant to the agreement,  the holders of the Series A converted the balance of
the Series A shares,  together  with any and all  rights to  accrued  but unpaid
dividends  thereon,  into  2,111,860  shares of AMASYS Common Stock.  Therefore,
effective  September 25, 2006, AMASYS no longer owns the promissory note made by
Comtex and AMASYS no longer holds any shares of Comtex common stock.


Critical Accounting Policies

     Our  interim   financial   statements  were  prepared  in  conformity  with
accounting  principles  generally  accepted  in  the  United  States.  As  such,
management is required to make certain estimates, judgments and assumptions that
they  believe  are  reasonable  based  upon  the  information  available.  These
estimates and assumptions  affect the reported amounts of assets and liabilities
at the date of the financial  statements and the reported  amounts of income and
expense during the periods presented.  The significant accounting policies which
management  believes  are the most  critical to aid in fully  understanding  and
evaluating our reported financial results include the following:

Derivatives
-----------

     SFAS 133  establishes  accounting  and reporting  standards for  derivative
instruments  and requires that all  derivatives be recorded on the balance sheet
at fair value. Additionally, the accounting for changes in fair value depends on
whether the  derivative  instrument  is  designated  and  qualifies as part of a
hedging relationship and, if so, the nature of the hedging activity.  Changes in
the fair  value of  derivatives  that do not  qualify  for hedge  treatment  are
recognized currently in earnings.

                                       10
<PAGE>

     We have a Note from Comtex. In August 2001, the Note was amended to include
a  provision  that  allows us to  convert  all or a portion  of the  outstanding
principal  amount,  plus  accrued  interest,  into  common  stock of Comtex.  In
accordance  with SFAS 133, we have  accounted for this  conversion  option as an
embedded derivative. As a result, the conversion option is being carried at fair
value  determined  using a  Black-Scholes  model with  changes in the fair value
being recognized currently in earnings.

     The  Company  has  engaged  the  services  of a CPA  firm  to  prepare  the
derivative valuation.  This firm does not have experts in the area of derivative
instruments.  The firm  worked  with one of the Big 5  firms,  plus a  follow-on
regional  firm  who,  during  the  course of the  annual  audits,  reviewed  the
computations when the derivative was originally  recorded and for all subsequent
periodic reporting periods.  The firm has utilized the same Black-Scholes  model
since inception.

     The fair value of the derivative  instrument is estimated at the end of the
period, using the following assumptions:
<TABLE>
<CAPTION>
<S>                                                        <C>                      <C>

--------------------------------------------------------- ---------------------------------------------
                                                               For the Quarter Ended December 31,
--------------------------------------------------------- ---------------------------------------------
                                                                   2005                   2004
--------------------------------------------------------- ----------------------- ---------------------
Risk-free rate of interest                                          4%                     4%
--------------------------------------------------------- ----------------------- ---------------------
Expected dividend rate                                              0%                     0%
--------------------------------------------------------- ----------------------- ---------------------
Expected life, in years                                            2.5                    3.5
--------------------------------------------------------- ----------------------- ---------------------
Per share market price of Comtex stock                            $0.41                  $0.22
-------------------------------------------------------- ------------------------ ---------------------
Conversion factor                                                 $0.95                  $0.85
-------------------------------------------------------- ------------------------ ---------------------
Number of shares under option                                    902,057               1,008,181
-------------------------------------------------------- ------------------------ ---------------------
Black-Scholes option price per share                              $0.18                  $0.05
-------------------------------------------------------- ------------------------ ---------------------

-------------------------------------------------------- ------------------------ ---------------------
Derivative asset value                                          $162,370                $50,409
-------------------------------------------------------- ------------------------ ---------------------
</TABLE>


     As of December 31, 2005, the balance of the  derivative  asset was $162,370
and for the quarters  ended  December  31, 2005 and 2004,  we  recognized  other
(loss) income of $(180,412) and $7,561, respectively,  for (losses) gains in the
fair value of the conversion feature.

Short-Term Investment
---------------------

     Under Statement of Financial  Accounting  Standards No. 115, Accounting for
Certain  Investments in Debt and Equity  Securities,  the Company has classified
its investment in Analex as an  "available-for-sale"  security. As a result, the
investment is carried at fair value,  with unrealized  gains and losses,  net of
tax, reported as a separate  component of stockholders'  equity.  Realized gains
and losses on sales of  securities  are included in earnings  using the specific
identification method.

     During  the six  months  ended  December  31,  2005 and 2004,  the  Company
reclassified  unrealized gains of $44,040 and $35,245 on the  available-for-sale
security  included as a separate  component of stockholders'  equity to realized
gains due to the sale of securities.

                                       11
<PAGE>

Investment in Common Stock-Related Party
----------------------------------------

     At December 31, 2005 and 2004, we had a 16%  ownership  interest in Comtex.
The Company evaluated the applicability of the provisions of FASB Interpretation
No. 46,  Consolidation of Variable Interest Entities,  ("FIN 46"), to its equity
investment in Comtex.  Specifically,  the Company has determined  that Comtex is
not a variable interest entity because the requirements of paragraphs 4(h) and 5
are not met:

     (1)  AMASYS did not participate in the design or redesign of Comtex;

     (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.

     Since we have the ability to  significantly  influence  the  operations  of
Comtex,  we account  for our  investment  in Comtex  under the equity  method of
accounting. We can significantly influence the operations of Comtex since (i) if
we  converted  our Note into  shares of Comtex,  we would  have a 21%  ownership
interest  in  Comtex,  (ii)  the  Company  as well as our  Chairman  and CEO are
Comtex's largest individual shareholders, (iii) the Company and our Chairman and
CEO have a combined  ownership  interest in Comtex of 37%,  (iv) our Chairman is
the Chairman and interim Chief Executive Officer of Comtex.  During the quarters
ended  December 31, 2005 and 2004, we recognized  (loss) income of $(28,950) and
$26,207 for our share of Comtex earnings.

Note Receivable-Related Party
-----------------------------

     Statement  of  Financial   Accounting  Standards  No.  114,  Accounting  by
Creditors  for  Impairment  of a Loan ("SFAS  114"),  suggests that when certain
indicators  are present,  a loan should be evaluated for  collectibility.  Since
Comtex  has  been  experiencing  financial  difficulties  in the past  year,  we
evaluated the Note for collectibility.  As a result, we evaluated whether or not
there is an  impairment  loss by comparing  the fair value of the  collateral (a
continuing  interest in all receivables,  purchase  orders,  and all patents and
technology now or hereafter held or received by Comtex.  ) to the carrying value
of the Note of  $640,397.  Since the fair value of the  collateral  exceeds  the
carrying  value of the Note, we did not record an impairment  charge at December
31, 2005.

Valuation of Deferred Tax Assets
--------------------------------

     We recognize  deferred tax assets and  liabilities  based on the difference
between the  financial  statement  and tax bases of assets and  liabilities.  We
regularly  review our deferred  tax assets for  recoverability  and  establish a
valuation allowance based on historical taxable income, projected future taxable
income  and  the  expected  timing  of  the  reversals  of  existing   temporary

                                       12
<PAGE>

differences.  Based upon the level of historical  taxable income and projections
for future  taxable  income  over the  periods in which the net  operating  loss
carryforwards are available to reduce income taxes payable,  we have established
a full valuation allowance against the deferred tax assets.

Results of Operations
---------------------

Comparison of the three months ended December 31, 2005 to the three months ended
December 31, 2004
--------------------------------------------------------------------------------

     The  Company had a net loss of  $(176,259)  during the three  months  ended
December  31,  2005  compared to net income of $66,016  during the three  months
ended December 31, 2004. The decrease in the net income is explained below.

     Operating costs and expenses. Operating costs and expenses decreased $6,045
to $41,461  during the three months ended December 31, 2005 from $47,486 for the
prior fiscal year quarter due primarily to a decrease in  professional  services
expenses.

     Other income (expense): Other income decreased $(248,300) from other income
of $113,502  during the three months ended December 31, 2004 to other expense of
$(134,798)  during the three  months ended  December  31, 2005.  The decrease in
other  income  is  comprised  of a  decrease  in the  gain  on  note  receivable
conversion  of  $187,973,  a  decrease  in the equity in  earnings  of Comtex of
$55,157  and a  decrease  in gains from sales of the  short-term  investment  of
$5,170.

Comparison  of the six months  ended  December  31, 2005 to the six months ended
December 31, 2004
--------------------------------------------------------------------------------

     The Company had net income of $59,580  during the six months ended December
31,  2005  compared  to a net loss of  $(18,370)  during  the six  months  ended
December 31, 2004. The increase in the net income is explained below.

     Operating  costs  and  expenses.  Operating  costs and  expenses  increased
marginally by $247to $112,076 during the six months ended December 31, 2005 from
$111,829 for the prior fiscal year due to increases in general  office  expenses
offset by decreases in professional expenses.

     Other income  (expense):  Other income increased $78,197 to $171,656 during
the six months  ended  December  31, 2005 from  $93,459 for the six months ended
December  31, 2004.  The  increase in other income is comprised  primarily of an
increase  of  $135,765  in the  gain on  derivative  asset  offset  in part by a
decrease of $66,363 in the equity in earnings of Comtex .

                                       13
<PAGE>

Liquidity and Capital Resources
-------------------------------

     The Company had net working  capital of $131,747 at December 31, 2005.  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
obligations  through  payments of  interest  from the Note and from the sales of
equity interests in Analex.

Cautionary Statements Concerning Forward-Looking Statements
-----------------------------------------------------------

     Except  for  the  historical  information  contained  herein,  the  matters
discussed  in this Form 10-QSB  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 3. Controls and Procedures

     Under the  supervision  and with the  participation  of our Chief Executive
Officer/Chief  Financial  Officer,  we evaluated the effectiveness of the design
and  operation of our  disclosure  controls and  procedures  (as defined in Rule
13a-15 (e) and  15d-15(e)  under the  Exchange  Act) as of the end of the period
covered  by this  report.  Based  upon  that  evaluation,  the  Chief  Executive
Officer/Chief  Financial  Officer  concluded  that, our disclosure  controls and
procedures were effective to ensure that information required to be disclosed in
the  reports  that the  Company  files or  submits  under  the  Exchange  Act is
recorded,  processed,  summarized and reported within the time periods specified
in the Securities and Exchange Commission's rules and forms.

                                     PART II
                                OTHER INFORMATION

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.

                                       14
<PAGE>

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

          (b). Reports on Form 8-K

     The  Company  filed no reports  on Form 8-K during the last  quarter of the
period covered by this Report.

                                       15
<PAGE>


                                   SIGNATURES
                                   ----------


     Pursuant  to the  requirements  of  Section  13 or 15(d) 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.

Date:  January 19, 2007


AMASYS CORPORATION


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


                                       16



<PAGE>


                                                                  Exhibit 31.1

                    Certification of Chief Executive Officer
            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, C.W. Gilluly, President and Chief Executive Officer, certify that:

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

2. Based on my knowledge, this 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 report;

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

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

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

(b)  Evaluated  the  effectiveness  of the small  business  issuer's  disclosure
controls and  procedures as of a date within 90 days prior to the filing of this
report (the "Evaluation Date"); and

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

5. The small business  issuer's other  certifying  officer and I have disclosed,
based on our most recent evaluation, to the small business issuer's auditors and
the audit  committee  of the small  business  issuer'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 small  business  issuer'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 small business  issuer's  internal
controls.

6. The  registrant's  other  certifying  officers  and I have  indicated in this
report whether or not there were significant  changes in internal controls or in
any 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.



January 19, 2007                    /s/ C.W. Gilluly, Ed.D.
                                    -----------------------------------
                                    C.W. Gilluly, Ed.D.
                                    President and Chief Executive Officer


<PAGE>


                                                                  Exhibit 31.2

                    Certification of Chief Financial Officer
            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, C.W. Gilluly, Chief Financial Officer, certify that:

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

2. Based on my knowledge, this 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 report;

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

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

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

(b)  Evaluated  the  effectiveness  of the small  business  issuer's  disclosure
controls and  procedures as of a date within 90 days prior to the filing of this
report (the "Evaluation Date"); and

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

5. The small business  issuer's other  certifying  officer and I have disclosed,
based on our most recent evaluation, to the small business issuer's auditors and
the audit  committee  of the small  business  issuer'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 small  business  issuer'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 small business  issuer's  internal
controls.

6. The  registrant's  other  certifying  officers  and I have  indicated in this
report whether or not there were significant  changes in internal controls or in
any 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.



January 19, 2007                  /s/ C.W. Gilluly, Ed.D.
                                  -----------------------------------
                                  C.W. Gilluly, Ed.D.
                                  Chief Financial Officer

<PAGE>




                                                                  Exhibit 32.1

                    Certification of Chief Executive Officer
            Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

C.W.  Gilluly,  Chief Executive  Officer of AMASYS  Corporation  (the "Company")
certifies  in his capacity as an officer of the Company that he has reviewed the
Report of the Company on Form 10-QSB/A for the quarter  ended  December 31, 2005
and that to the best of his or her knowledge:

     1.   the report fully complies with the  requirements of Sections 13(a) and
          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.

The purpose of this  statement  is solely to comply  with Title 18,  Chapter 63,
Section  1350 of the United  States  code,  as  amended  by  Section  906 of the
Sarbanes-Oxley Act of 2002.

A signed  original of this  written  statement  required by Section 906 has been
provided to the Company and will be retained by the Company and furnished to the
Securities and Exchange Commission or it staff upon request.



January 19, 2007                  /s/ C.W. Gilluly, Ed.D
                                  --------------------------------------------
                                  C.W. Gilluly, Ed.D.
                                  Chief Executive Officer



<PAGE>


                                                                  Exhibit 32.2


                    Certification of Chief Financial Officer
            Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

C.W.  Gilluly,  Chief Financial  Officer of AMASYS  Corporation  (the "Company")
certifies  in his capacity as an officer of the Company that he has reviewed the
Report of the Company on Form 10-QSB/A for quarter  ended  December 31, 2005 and
that to the best of his or her knowledge:

          1.   the report fully complies with the requirements of Sections 13(a)
               and 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.

The purpose of this  statement  is solely to comply  with Title 18,  Chapter 63,
Section  1350 of the United  States  code,  as  amended  by  Section  906 of the
Sarbanes-Oxley Act of 2002.

A signed  original of this  written  statement  required by Section 906 has been
provided to the Company and will be retained by the Company and furnished to the
Securities and Exchange Commission or it staff upon request.



January 19, 2007                  /s/ C.W. Gilluly, Ed.D.
                                  -----------------------------------
                                  C.W. Gilluly, Ed.D.
                                  Principal Finance Officer
                                  (Chief Financial Officer)