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 March 31, 2006; 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)


Check whether the Registrant (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the  past
12  months  (or  for such shorter period that the Registrant  was
required to file such reports), and (2) has been subject to  such
filing requirements for the past 90 days.
Yes    X     No  _____

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).  Yes___  No  X

The Company knows of no trading in its Common Stock since its
inception.  As of March 31, 2006, there were 1,775,880 shares of
stock held by non-affiliates.

As of June 30, 2005, 2,207,350 shares of the Common Stock of the
Registrant were outstanding.

Transitional Small Business Disclosure Format (check one):
Yes          No  __X_

<PAGE>

                       AMASYS CORPORATION
                        TABLE OF CONTENTS


                                                         Page No.

Part I    Financial Information:

Item 1.   Financial Statements                                1

     Balance Sheet1
      as of March 31, 2006 (unaudited)                        1

     Statements of Operations                                 2
      for the Three and Nine Months Ended
      March 31, 2006 and 2005 (unaudited)

     Statements of Cash Flows                                 3
      for the Nine Months Ended
      March 31, 2006 and 2005 (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

                       AMASYS Corporation
                          Balance Sheet
                           (Unaudited)

<TABLE>
                                           March 31, 2006
                                           --------------
<S>                                        <C>
Assets
Current assets:
Cash and cash equivalents                  $     13,736

Short-term investment                           118,907
                                           --------------
Total current assets                            132,643
Note receivable-related party, net of
 discount of $193,492                           663,462
Investment in common stock - related party      139,055
Derivative asset                                 45,103
                                           --------------
Total assets                               $    980,263
                                           ==============
Liabilities and stockholder's equity
Current liabilities:
     Deferred interest revenue             $      7,141
Accounts payable and accrued expenses            52,115
                                           --------------
Total current liabilities                        59,256

Stockholder's equity:
Preferred stock, $0.01 par value; 1,000,000       1,960
shares authorized; 196,000 shares issued
and outstanding
Common stock, $0.01 par value; 20,000,000        22,073
shares authorized; 2,207,350 shares issued
and outstanding
Additional paid-in capital                      919,480
Accumulated other comprehensive income           71,634
Retained earnings (deficit)                     (94,140)
                                           --------------
Total stockholders' equity                      921,007
                                           --------------
Total liabilities and stockholder's equity $    980,263
                                           ==============
</TABLE>
See accompanying notes.
<PAGE>
                               AMASYS Corporation
                            Statements of Operations
                                   (Unaudited)

<TABLE>
                                        Three Months Ended      Nine Months Ended
                                             March 31,              March 31,
                                       --------------------------------------------
                                         2006        2005         2006       2005
                                       --------------------------------------------
<S>                                    <C>          <C>         <C>        <C>
Operating costs and expenses:
Professional services                  $  66,972    $29,056     $164,383   $127,744
General and administrative                 4,353      3,725       19,018     16,866
                                       --------------------------------------------
Total operating costs and expenses        71,325     32,781      183,401    144,610

Other income (expense):
Gain on sale of short-term investment      8,625     23,800       52,665     59,045
Interest income                           44,489     44,489      133,467    133,467
Equity in (losses) earnings of Comtex    (19,690)    17,401      (38,683)    64,771
(Loss) gain on derivative asset         (117,267)    10,082      (59,636)   (68,052)
                                       --------------------------------------------
Total other (expense) income             (83,843)    95,772       87,813    189,231

(Loss) income before income taxes       (155,168)    62,991      (95,588)    44,621

Provision for income taxes                   -         -          -         -
                                       --------------------------------------------
Net (loss) income                      $(155,168)   $62,991     $(95,588) $  44,621
                                       ============================================
(Loss) earnings per share:
Basic                                  $   (0.08)   $ 0.017     $  (0.08) $  (0.01)
                                       ============================================
Diluted                                $   (0.08)   $ 0.015     $  (0.08) $  (0.01)
                                       ============================================

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.

<PAGE>

                       AMASYS Corporation
                    Statements of Cash Flows
                           (Unaudited)

<TABLE>
                                                  Nine Months Ended
                                                      March 31,
                                                --------------------
                                                  2006        2005
                                                --------------------
<S>                                             <C>        <C>
Operating activities:
Net (loss) income                               $(95,588)  $ 44,621
Adjustments to reconcile net (loss) income to
Net cash used in operating activities:
Amortization on note receivable discount         (69,195)   (69,195)
   Loss on derivative asset                       59,636     68,052
(Gain) on sale of short-term investment          (52,666)   (59,045)
Equity in losses (earnings)                      38,683     (64,771)
Changes in operating assets and liabilities

Accounts payable and accrued expenses            55,575      (2,852)
                                                --------------------
Net cash used in operating activities           (63,555)    (83,190)

Investing activities:
Proceeds from sale of short-term investment      76,267      77,420
                                                --------------------
Net cash provided by investing activities        76,267      77,420

Net increase (decrease) in cash                  12,712      (5,770)
Cash at beginning of period                       1,024      10,007

Cash at end of period                           $13,736    $  4,237
                                                ====================
</TABLE>
See accompanying notes.

<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/A for the fiscal year ended June 30,
2005 filed with the Securities and Exchange Commission on
September 28, 2005 and amended on January 19, 2007.


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 March 31, 2006 and 2005.

     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.

3.   Earnings (Loss) Per Share

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

<TABLE>
                                            Three Months Ended     Nine Months Ended
                                                 March 31,             March 31,
                                           -------------------------------------------
                                              2006       2005       2006        2005
                                           -------------------------------------------
<S>                                        <C>         <C>        <C>          <C>
Numerator:
Net  (loss) income                         $(155,168)  $62,991    $(95,588)    $44,621
Preferred stock dividends                    (24,500)  (24,500)    (73,500)    (73,500)
                                           --------------------------------------------
Numerator for basic earnings per share      (179,668)   38,491    (169,088)    (28,879)
Effect of dilutive securities                   -       24,500        -           -
                                           --------------------------------------------
Numerator for dilutive earnings per share  $(179,668)  $62,991    $169,088)   $(28,879)
                                           ============================================

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) earnings per share           $  (0.08)   $ 0.017   $  (0.08)    $ (0.01)
                                           ============================================
Diluted (loss) earnings per share          $  (0.08)   $ 0.015   $  (0.08)    $ (0.01)
                                           ============================================
</TABLE>

     For the three months ended March 31, 2006 and the nine
months ended March 31, 2006 and 2005, 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 March 31, 2006, 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.

     The following information presents condensed balance sheet
information of Comtex as of March 31, 2006 and income statement
information of Comtex for the three months and nine months ended
March 31, 2006 and 2005:


<TABLE>
                          March 31,
                             2006
                         -----------
<S>                      <C>
Current assets            $2,840,450
Other assets                 256,195
Current liabilities        1,301,346
Long-term liabilities        868,809
</TABLE>

<TABLE>
                              Three Months Ended        Nine Months Ended
                                  March 31,                 March 31,
                          ---------------------------------------------------
                              2006          2005        2006         2005
                          ---------------------------------------------------
<S>                       <C>            <C>          <C>          <C>
Revenues                  $1,966,772     $1,927,293   $5,895,815   $6,000,220
Gross Profit              1,064,568       1,009,708    3,118,777    3,135,837
Net income (loss)         (125,268)          82,031     (246,562)     297,756
</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.  In accordance with paragraphs 18
through 20 of SFAS 130, 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 nine months ended March 31, 2006 and 2005,
the Company reclassified realized gains and recognized net
unrealized (losses) gains on its short-term investments as
follows:

<TABLE>
                                         Three Months Ended       Nine Months Ended
                                             March 31,                March 31,
                                      ------------------------------------------------
                                          2006         2005       2006        2005
                                      ------------------------------------------------
<S>                                   <C>           <C>          <C>          <C>
Net (loss) income                     $(155,168)    $ 62,991     $ (95,588)   $ 44,621
Other comprehensive income:
Unrealized (loss) gain on short term
  investment                             (8,459)     (77,185)      (54,174)      2,742

Less:  reclassification adjustment
  for gains included in net (loss)
  income                                 (8,625)     (23,801)      (52,665)    (59,045)
Net unrealized (loss) gain on short-
  term investment                       (17,084)    (100,986)     (106,839)    (56,303)
                                      -------------------------------------------------
Other comprehensive income              (17,084)    (100,986)     (106,839)    (56,303)
                                      -------------------------------------------------
Comprehensive (loss) income           $(172,253)    $(37,995)    $(202,427)   $(11,682)
                                      =================================================
</TABLE>

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 March 31, 2006 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 and was
amended on January 19, 2007.

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 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 a cap of $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>
                                    For the Quarter Ended March 31,
                                   --------------------------------
                                         2006             2005
                                   --------------------------------
<S>                                   <C>             <C>
Face value of Note                     $856,954         $856,954
Conversion price per share              $0.95            $0.85
Number of shares into which the
  Note is convertible                  902,057         1,008,181
Comtex share price                      $0.19            $0.18
</TABLE>

     The carrying value of the Note, net of a $193,492 discount
is $663,462 at March 31, 2006.

     The Company also owns 43,239 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 March 31, 2006, Analex had 16,680,150 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 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 43,239 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.

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.

     As discussed in Item 2 (Overview), the company has a note
receivable-related party from Comtex.  In August 2001, the Note
was amended to include a provision that allows the Company to
convert all or a portion of the outstanding principal amount,
plus accrued interest, into common stock of Comtex.  In
accordance with SFAS 133, the Company has accounted for this
conversion option as an embedded derivative.  As a result, the
conversion option is carried at fair value determined using a
Black-Scholes model with changes in the fair value being
recognized currently in earnings.

     For the past ten years, the Company has engaged the services
of a CPA firm to prepare the derivative valuation.  The
procedures utilized to compute the derivative asset evaluation
using the Black-Scholes model were originally established by a
major, international accounting firm.  These procedures have been
consistently followed since inception.

     The fair value of the derivative instrument is estimated at
the end of the period, using the following assumptions:

<TABLE>
                                           For the Quarter Ended
                                                 March 31,
                                         -----------------------
                                            2006        2005
                                         -----------------------
<S>                                       <C>         <C>
Risk-free rate of interest                   4%          4%
Expected dividend rate                       0%          0%
Expected life, in years                     2.25        3.25
Per share market price of Comtex stock      $0.19       $0.18
Conversion factor                           $0.95       $0.85
Number of shares under option              902,057    1,008,181
Black-Scholes option price per share        $0.05       $0.06

Derivative asset value                     $45,103     $60,491
</TABLE>

     As of March 31, 2006, the balance of the derivative asset
was $45,103 and for the quarters ended March 31, 2006 and 2005,
we recognized (loss) gain on the derivative asset of $(117,267)
and $10,082, 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 nine months ended March 31, 2006 and 2005, the
Company reclassified unrealized gains of $52,665 and $59,045 on
the available-for-sale security included as a separate component
of stockholders' equity to realized gains due to the sale of
securities.

Investment in Common Stock-Related Party

     At March 31, 2006 and 2005, 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 and 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 quarter
ended March 31, 2006 and 2005, we recognized (loss) income of
$(19,690) and $17,401 for our share of Comtex earnings,
respectively.

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 $663,462.  Since the fair value of the collateral
exceeds the carrying value of the Note, we did not record an
impairment charge at March 31, 2006.

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 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 March 31, 2006 to the three
months ended March 31, 2005

     The Company had a net loss of $(155,168) during the three
months ended March 31, 2006 compared to net income of $62,991
during the three months ended March 31, 2005. The decrease in the
net income is explained below.

     Operating costs and expenses.  Operating costs and expenses
increased $38,544 from $32,781 at March 31, 2005 to $71,325 at
March 31, 2006 due primarily to an increase in legal and audit
expenses related to the SEC review of previously filed reports, a
change in audit firms,  administrative costs associated with
exploring the potential acquisition of WMC and redemption of the
Series A shareholders.

     Other income (expense):  Other income decreased $(179,615)
from other income of $95,772 during the three months ended March
31, 2005 to other expense of $(83,843) during the three months
ended March 31, 2006.  The decrease in other income is comprised
of a decrease in the gain on note receivable conversion of
$127,349, which was due to a more than 50% decrease in the per
share price of Comtex common stock from December 31, 2005 to
March 31, 2006.  Additionally, Comtex experienced net income of
approximately $82,000 at March 31, 2005 compared to a net loss of
approximately $(125,000) at March 31, 2006 which contributed to a
decrease in the equity in earnings of Comtex of $37,091.  The
decrease in gains from sales of the short-term investment of
$15,175 is a result of the Company selling shares of Analex
common stock to finance operations during the third quarter 2006
than in the same quarter for 2005 coupled with a decrease in the
average price per share of Analex of about $1.25 per share during
the third quarter 2006 compared with third quarter 2005.

Comparison of the nine months ended March 31, 2006 to the nine
months ended March 31, 2005

     The Company had a net loss of $(95,588) during the nine
months ended March 31, 2006 compared to net income of $44,621
during the nine months ended March 31, 2005.  The decrease in net
income is explained below.

     Operating costs and expenses.  Operating costs and expenses
increased by $38,791 to $183,401 during the nine months ended
March 31, 2006 from $144,610 for the same period in 2005 due
primarily to increases in legal fees related to the SEC review of
previously filed reports, a change in audit firms, administrative
costs associated with exploring the potential acquisition of WMC
and redemption of the Series A shareholders, coupled with
increases in general office expenses to support those efforts.

Other income (expense):  Other income decreased $(101,418) to
$87,813 during the nine months ended March 31, 2006 from $189,231
for the same period in 2005 due primarily to decreases in the
equity share of Comtex earnings as Comtex began reporting net
losses during fiscal year 2006.

Liquidity and Capital Resources

     The Company had net working capital of $73,387 at March 31,
2006.  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 sale 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/A 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.

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.
<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:  February 28, 2007


AMASYS CORPORATION


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



                                                             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 ninety
(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.


February 28, 2007                  /s/   C.W. GILLULY
                                   ------------------
                                   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 ninety
(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.


February 28, 2007                  /s/   C.W. GILLULY
                                   --------------------
                                   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 March 31, 2006 and that to the best of his
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.



February 28, 2007                  /s/   C.W. GILLULY
                                   ------------------
                                   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 March 31, 2006 and that to the best of his
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.



February 28, 2007                  /s/   C.W. GILLULY
                                   ------------------
                                   C.W. Gilluly, Ed.D.
                                   Principal Finance Officer
                                   (Chief Financial Officer)

<PAGE>