U.S. SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB


                Quarterly Report Under Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                  For the Quarterly Period Ended March 31, 2001

                          Commission File No: 000-26377


                             OXIR INVESTMENTS, INC.
   --------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

                                   California
   --------------------------------------------------------------------------
         (State or other jurisdiction of incorporation or organization)

                                   88-0397134
   --------------------------------------------------------------------------
                        (IRS Employer Identification No.)


                      3980 Howard Hughes Parkway, Suite 340
                             Las Vegas, Nevada 89109
 -------------------------------------------------------------------------------
                    (Address of principal executive offices)

                                 (702) 369-4260
                         -------------------------------
                            Issuer's telephone number


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 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 _____

The number of shares of the  registrant's  only class of common stock issued and
outstanding, as of May 14, 2001, was 23,394,000.


<PAGE>





                             OXIR INVESTMENTS, INC.
                                AND SUBSIDIARIES
                          (a development stage company)


                                      INDEX


Part I.  FINANCIAL INFORMATION

Item 1.  Financial Statements                                        Page Number

         Consolidated balance sheets as of March 31, 2001
         (unaudited) and June 30, 2000                                      2

         Consolidated statements of operations for the nine-month
         periods ended March 31, 2001 and 2000 and for the period
         from inception through March 31, 2001 (unaudited)                  3

         Consolidated statements of operations for the three-month
         periods ended March 31, 2001 and 2000 (unaudited)                  4

         Consolidated statements of stockholders' equity for the
         period May 19, 1998 (inception) through March 31, 2001
         (unaudited)                                                        5

         Consolidated statements of cash flows for the nine-month
         periods ended March 31, 2001 and 2000 and for the period
         from inception through March 31, 2001 (unaudited)                  6

         Notes to consolidated financial statements (unaudited)         7 - 9


Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations                                     10 - 11

Part II. OTHER INFORMATION

Item 1.  Legal Proceedings                                                  12

Item 2.  Changes in Securities                                              12

Item 3.  Defaults Upon Senior Securities                                    12

Item 4.  Submission of Matters to a Vote of Security Holders                12

Item 5.  Other Information                                                  12

Item 6.  Exhibits and Reports on Form 8-K                                   12

         Signatures                                                         13

<PAGE>

                                     PART I

ITEM 1.  FINANCIAL STATEMENTS

                             OXIR INVESTMENTS, INC.
                                AND SUBSIDIARIES
                          (a development stage company)

                           CONSOLIDATED BALANCE SHEETS

                                     ASSETS
                                                     March 31,        June 30,
                                                       2001             2000
                                                    ----------       ----------
                                                    (Unaudited)
Current assets:
   Cash and cash equivalents                        $   51,873       $   64,705
   Investment in trading securities                      4,207           56,928
   Prepaid expenses                                      4,724            4,724
                                                    ----------       ----------

        Total current assets                            60,804          126,357
                                                    ----------       ----------

Property and equipment                               3,344,520        5,251,382
                                                    ----------       ----------

Other assets:
   Income tax receivable                                75,000           75,000
   Note receivable related party                     1,517,236                -
   Related party receivable                                  -            4,026
   Deposits                                             15,000           15,000
                                                    ----------       ----------

        Total other assets                           1,607,236           94,026
                                                    ----------       ----------

        Total assets                                $5,012,560       $5,471,765
                                                    ==========       ==========

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
   Accounts payable                                 $  336,179       $   78,564
   Accrued expenses                                     37,867                -
   Margin account                                            -           56,558
   Client funds payable                                 11,034           11,034
   Current portion of mortgage payable                   1,435            1,432
                                                    ----------       ----------

        Total current liabilities                      386,515          147,588

Mortgage payable, net of current portion               204,011          204,741
                                                    ----------       ----------

        Total liabilities                              590,526          352,329
                                                    ----------       ----------

Stockholders' equity:
   Common stock, no par value
      50,000,000 shares authorized
      23,394,000 shares issued and
      outstanding at March 31, 2001
      21,189,000 shares issued and
      outstanding at June 30, 2000                   6,332,190        4,519,220
   Deferred stock-based consulting costs            (1,332,187)               -
   Retained earnings (accumulated deficit)            (577,969)         600,216
                                                    ----------       ----------

        Total stockholders' equity                   4,422,034        5,119,436
                                                    ----------       ----------

        Total liabilities and stockholders' equity  $5,012,560       $5,471,765
                                                    ==========       ==========

                 See notes to consolidated financial statements

                                        2


<PAGE>




                             OXIR INVESTMENTS, INC.
                                AND SUBSIDIARIES
                          (a development stage company)

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

                                    Nine-month period ended   May 19, 1998
                                            March 31,          (inception)
                                    ------------------------     through
                                        2001        2000      March 31, 2001
                                    -----------  -----------  --------------

Revenues                            $   251,591  $         -  $      270,403

Cost of revenues                          9,234            -          28,741
                                    -----------  -----------  --------------

Gross margin                            242,357            -         241,662
                                    -----------  -----------  --------------

Costs and expenses:
   Depreciation                         116,458      274,335         360,800
   Rent                                 129,971       56,134         421,766
   General and administrative         1,169,561    4,267,072       4,130,219
                                    -----------  -----------  --------------

                                      1,415,990    4,597,541       4,912,785
                                    -----------  -----------  --------------

Operating loss                       (1,173,633)  (4,597,541)     (4,671,123)
                                    -----------  -----------  --------------

Other income (expense):
   Interest expense                     (14,123)    (104,673)       (194,786)
   Realized gain on sale of
     marketable securities                4,850    1,671,859       2,535,212
   Net unrealized gain on
     marketable securities                    -    2,192,063       1,754,278
   Other income                           4,721            -           4,849
                                    -----------  -----------  --------------

                                         (4,552)   3,759,249       4,099,553
                                    -----------  -----------  --------------

Loss before income taxes             (1,178,185)    (838,292)       (571,570)

Income (tax) benefit                          -      318,991          (6,399)
                                    -----------  -----------  --------------

Net loss                            $(1,178,185) $  (519,301) $     (577,969)
                                    ===========  ===========  ==============


Basic loss per share                $     (0.05) $     (0.02)
                                    ===========  ===========

Weighted average shares outstanding  21,999,529   21,153,484
                                    ===========  ===========



                 See notes to consolidated financial statements

                                        3


<PAGE>




                             OXIR INVESTMENTS, INC.
                                AND SUBSIDIARIES
                          (a development stage company)

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)


                                          Three-month periods ended
                                                  March 31,
                                            2001             2000
                                        ------------      -----------

Revenues                                $     21,912      $         -

Cost of revenues                                   -                -
                                        ------------      -----------

Gross margin                                  21,912                -
                                        ------------      -----------

Costs and expenses:
   Depreciation                               28,575          132,807
   Rent                                       14,109           28,067
   Selling and administrative                488,210        1,992,152
                                         -----------      -----------

                                             530,894        2,153,026

Operating loss                              (508,982)      (2,153,026)
                                         -----------      -----------

Other income (expense):
   Interest expense                          (26,878)         (39,337)
   Gain on sale of securities                      -          845,920
   Unrealized gain on securities                   -           27,740
   Other income (expense)                          -                -
                                         -----------      -----------

                                             (26,878)         834,323
                                         -----------      -----------

Loss before income taxes                    (535,860)      (1,318,703)

Income (tax) benefit                               -                -
                                         -----------      -----------

Net loss                                 $  (535,860)     $(1,318,703)
                                         ===========      ===========


Basic loss per share                     $     (0.02)     $     (0.06)
                                         ===========      ===========

Weighted average shares outstanding       23,236,500       21,186,684
                                         ===========      ===========



                 See notes to consolidated financial statements

                                        4

<PAGE>

<TABLE>


                             OXIR INVESTMENTS, INC.
                                AND SUBSIDIARIES
                          (a development stage company)

                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

         For the period May 19, 1998 (inception) through March 31, 2001

<CAPTION>
                                                                      Deferred
                                                                     stock-based
                                                       Common stock  consulting    Retained
                                              Shares      Amount        costs      earnings
                                            ----------  ----------   -----------  -----------

<S>                                         <C>         <C>          <C>          <C>
Balance at inception                                 -  $        -   $         -  $        -

Net income from inception on May 19, 1998
   through June 30, 1998                             -           -             -           -
                                            ----------  ----------   -----------  ----------

Balance, June 30, 1998                               -           -             -           -

Shares issued to founders at predecessor
   cost of $0.00 per share                  13,770,000           -             -           -

Shares issued for trading securities at
   $0.70 per share                           1,350,000     939,764             -           -

Common stock issued for cash at
   $1.00 per share                             600,000     600,000             -           -

Stock issuance costs                                 -    (250,000)            -           -

Common stock issued for cash at
   $5.00 per share                             100,600     503,000             -           -

Common stock issued for
   related party acquisitions,
   recorded at predecessor cost              5,270,000     706,005             -           -

Net income for the year ended June 30, 1999          -           -             -   1,836,979
                                            ----------  ----------   -----------  ----------

Balance at June 30, 1999                    21,090,600   2,498,769             -   1,836,979

Common stock issued for cash at
   $5.00 per share                              60,000     300,000             -           -

Common stock issued for cash at
   $5.00 per share                              31,600     158,000             -           -

Common stock retired at $5.00 per share         (1,200)     (6,000)            -           -

Common stock issued for cash at
   $5.00 per share                               8,000      40,000             -           -

Contributed capital by subsidiary                    -   1,528,451             -           -

Net loss for the year ended June 30, 2000            -           -             -  (1,236,763)
                                            ----------  ----------   -----------  ----------

Balance, June 30, 2000                      21,189,000   4,519,220             -     600,216

Common stock issued as consulting fee at
   $0.875 per share (unaudited)              2,030,000   1,776,250    (1,776,250)          -

Contributed capital (unaudited)                      -       1,720             -           -

Common stock issued as a private placement
   at $0.20 per share (unaudited)              175,000      35,000             -           -

Net loss for the nine-months ended
   March 31, 2001 (unaudited)                        -           -             -  (1,178,185)
                                            ----------  ----------   -----------  ----------

Balance, March 31, 2001 (unaudited)         23,394,000  $6,332,190   $(1,776,250) $ (577,969)
                                            ==========  ==========   ===========  ==========
</TABLE>

                 See notes to consolidated financial statements

                                        5


<PAGE>

<TABLE>

                             OXIR INVESTMENTS, INC.
                                AND SUBSIDIARIES
                          (a development stage company)

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<CAPTION>
                                                                 Nine-month period ended    May 19, 1998
                                                                         March 31,           (inception)
                                                                 ------------------------      through
                                                                    2001          2000      March 31, 2001
                                                                 -----------   ----------  ---------------
<S>                                                              <C>           <C>         <C>
Net loss                                                         $(1,178,185)  $ (519,301) $      (577,969)
   Adjustments to reconcile net loss to net cash
     provided by (used in) operating activities:
       Depreciation expense                                          116,458      274,335          360,800
       Stock-based compensation                                      444,063            -          444,063
       Common stock issued for services                                    -      300,000          300,000
       Changes in assets and liabilities:
         (Increase) decrease in prepaid expenses                           -            9           (4,724)
         (Increase) decrease in trading securities                    52,721            -           52,721
         (Increase) decrease in related party receivables              4,026            -                -
         (Increase) decrease in deposits                                   -            -          (15,000)
         Increase (decrease) in accounts payable                     257,615      (20,898)         369,502
         Increase (decrease) in accrued liabilities                  (16,971)     304,790          (16,971)
         Increase (decrease) in clients fund                               -            -          254,032
         Increase (decrease) in provision for income taxes                 -     (318,991)         (75,000)
                                                                 -----------   ----------  ---------------

            Net cash provided by (used in) operating activities     (320,273)      19,944        1,091,454
                                                                 -----------   ----------  ---------------

Cash flows from investing activities:
   Investment in bank                                                      -     (300,000)       2,637,554
   Decrease (increase) in trading securities                               -      844,621         (651,581)
   Increase (decrease) in margin account                                   -      175,903       (2,286,371)
   Purchase of property and equipment                                      -     (896,140)               -
                                                                 -----------   ----------  ---------------

            Net cash used in investing activities                          -     (175,616)        (300,398)
                                                                 -----------   ----------  ---------------

Cash flows from financing activities:
   Proceeds from notes payable                                            -             -          208,000
   Principal payments on notes payable                                 (727)       (2,795)          (2,554)
   Proceeds from note receivable                                    273,168             -          273,168
   Stock issuance costs                                                   -             -         (250,000)
   Common stock issued for cash                                      35,000       198,000        1,336,000
   Retirement of common stock                                             -        (6,000)          (6,000)
   Advances to related parties                                            -             -       (2,337,867)
   Cash from subsidiaries                                                 -             -           40,070
                                                                 ----------    ----------  ---------------

            Net cash provided by (used in) financing activities     307,441       189,205         (739,183)
                                                                 ----------    ----------  ---------------

            Net increase (decrease) in cash and cash equivalents    (12,832)       33,533           51,873

            Cash and cash equivalents at beginning of period         64,705        52,627                -
                                                                 ----------    ----------  ---------------

            Cash and cash equivalents at end of period           $   51,873    $   86,160  $        51,873
                                                                 ==========    ==========  ===============

</TABLE>

                 See notes to consolidated financial statements

                                        6


<PAGE>




                             OXIR INVESTMENTS, INC.
                                AND SUBSIDIARIES
                          (a development stage company)

                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

                                 March 31, 2001


1.   Unaudited consolidated financial statements

     The accompanying  consolidated  financial  statements have been prepared by
     the Company  without audit.  In the opinion of management,  all adjustments
     (which  include  only normal  recurring  adjustments)  necessary to present
     fairly the consolidated  financial position,  result of operations and cash
     flows at March 31,  2001 and 2000 and for all periods  presented  have been
     made.

     Certain   information  and  footnote   disclosures   normally  included  in
     consolidated  financial  statements  prepared in accordance  with generally
     accepted  accounting  principles  have been  condensed  or  omitted.  It is
     suggested  that  these  consolidated   financial   statements  be  read  in
     conjunction with the financial statements and notes thereto included in the
     Company's  June 30, 2000 audited  consolidated  financial  statements.  The
     results of operations for the periods ended March 31, 2001 and 2000 are not
     necessarily indicative of the operating results for the full years.

           Use of estimates

     The  preparation  of financial  statements  in  conformity  with  generally
     accepted  accounting  principles  requires management to make estimates and
     assumptions  that affect the reported amounts of assets and liabilities and
     disclosure  of  contingent  assets  and  liabilities  at  the  date  of the
     financial  statements  and the  reported  amounts of revenues  and expenses
     during the period. Actual results could differ from those estimates.

           History and business activity

     Oxir  Investments,  Inc., a California  corporation,  was  incorporated  on
     November  2, 1923 as Monte  Regio  Corporation  with the stated  purpose to
     engage in the business of real estate development. The Company continued in
     that endeavor for several years then discontinued  operations.  On March 1,
     1972, the Company changed its name to Precision Resources, Inc. The Company
     remained  dormant  with no business  activity  until  September  1998.  The
     Company  changed  its  name to  Oxenuk,  Inc.  after  reinstating  business
     operations  on  November  11,  1998,  and  again  changed  it  name to Oxir
     Investments, Inc. on November 25, 1998.




                                        7

<PAGE>




1.   Unaudited consolidated financial statements (continued)

           History and business activity (continued)

     In  1998,  Oxenuk,   Inc.   initiated   negotiations  to  merge  with  Oxir
     Investments,  Inc., a private  California  company  incorporated on May 19,
     1998  ("Oxir").  The merger was  consummated on November 25, 1998, at which
     time Oxenuk,  Inc.,  the  surviving  corporation,  adopted the name of Oxir
     Investments, Inc. Under the terms of the merger, Oxir was dissolved.

     Oxir  was  originally  founded  for  the  purpose  of  pursuing  investment
     opportunities in real estate,  technology and industrial  businesses in the
     United States and internationally, particularly in Russia, and to introduce
     eastern European opportunities to the United States.

     During  1999,  the  Company  filed a  registration  statement  with  the US
     Securities and Exchange  commission on Form 10-SB,  registering  its common
     stock under the  Securities  and Exchange Act of 1934,  as amended (the "34
     Act").  The Company's  intention at that time was to seek to acquire assets
     or  shares of an entity  actively  engaged  in  business,  which  generated
     revenues  or  provided  a  business   opportunity,   in  exchange  for  its
     securities.  In  effect,  this  filing  caused  the  Company  to be a  full
     "reporting company" under the 34 Act.

           Principles of consolidation

     The  consolidated   financial  statements  include  the  accounts  of  Oxir
     Investments,   Inc.  ("Oxir")  and  its  wholly-owned  subsidiaries,   Oxir
     Financial Services,  Ltd., Oxir Investment,  Ltd., Oxir Internet Solutions,
     Inc.,  Oxir  Consulting,   Inc.  and  Oxir  Insurance,   Inc.   Significant
     intercompany accounts and transactions have been eliminated.

           Development stage

     The Company has been a development stage company since its inception on May
     19, 1998.


2.   Going concern

     The Company's  financial  statements are prepared using generally  accepted
     accounting  principles applicable to a going concern which contemplates the
     realization  of assets and  liquidation of liabilities in the normal course
     of  business.  The Company  has not yet  established  an ongoing  source of
     revenues  sufficient to cover its operating  costs and allow it to continue
     as a going  concern.  The  ability of the  Company to  continue  as a going
     concern is  dependent  on the  Company's  ability to  establish  an ongoing
     source of  revenues or obtain  adequate  capital to fund  operating  losses
     until it  becomes  profitable.  If the  Company is unable to  establish  an
     ongoing source of revenues or obtain adequate  capital,  it could be forced
     to cease operations.




                                        8


<PAGE>





2.   Going concern (continued)

     In order to  continue  as a going  concern,  develop a  reliable  source of
     revenues,  and achieve a profitable  level of operations,  the Company will
     need, among other things, additional capital resources.  Management's plans
     to continue as a going concern include raising  additional  capital through
     sales of common  stock,  the proceeds of which would be used to continue to
     develop its existing  projects  which include a real estate,  financial and
     computer  systems  activities.  Other  plans may  include  the  raising  of
     additional capital and the continued development of its current and planned
     operations.  Private  placements  and other  sources are being  considered.
     However,  management cannot provide any assurances that the Company will be
     successful in accomplishing any of its plans.

     The ability of the Company to continue as a going concern is dependent upon
     its ability to successfully accomplish the plans described in the preceding
     paragraph  and  eventually  secure other  sources of  financing  and attain
     profitable operations. The accompanying financial statements do not include
     any  adjustments  that  might be  necessary  if the  Company  is  unable to
     continue as a going concern.

3.   Related party transaction

     During the nine-month  period ended March 31, 2001, Oxir sold a condominium
     it owned in Moscow,  Russia to the  Company's  President.  The  agreed-upon
     purchase  price was  $1,790,465.  Such purchase  price is equal to the cost
     basis of the condominium unit and tenant  improvements.  The purchase price
     is to be paid over a period,  not to exceed 15 years.  No regular  payments
     are  required.  The amount and timing of such  payments  may be made at the
     President's discretion,  without interest.  Payment may be made in the form
     of cash or shares of the Company's common stock. Payments made in stock are
     to be valued at the closing  price of the  Company's  common  shares on the
     date of the payment.  Since the condominium was sold at cost,  there was no
     gain or loss on the  transaction.  The President  made payments on the note
     totaling $273,228 during the nine-month period ended March 31, 2001.

4.   Stockholders' equity

     During  December  2000,  the  Company  entered  into  agreements  with  two
     entities,  which will provide consulting and financial advisory services to
     Oxir.  Both  agreements are for a one-year  period.  Consideration  for the
     agreements  consisted of a total of 2,030,000 shares,  which were issued in
     March 2001. The  transaction  was recorded based on the market value of the
     Company's stock on the date of the agreements,  which was $0.875 per share.
     The cost of  $1,776,250 is being  recognized  over the one-year term of the
     agreements  commencing January 1, 2001. During the three-month period ended
     March 31, 2001, the Company recognized $444,063 of stock-based compensation
     costs related to these agreements.






                                        9


<PAGE>




ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

The  following  discussion  should  be read in  conjunction  with the  Company's
unaudited financial  statements and notes thereto included herein. In connection
with, and because it desires to take advantage of, the "safe harbor"  provisions
of the Private  Securities  Litigation  Reform Act of 1995, the Company cautions
readers regarding certain forward looking statements in the following discussion
and  elsewhere  in this  report  and in any other  statement  made by, or on the
behalf of the Company,  whether or not in future filings with the Securities and
Exchange  Commission.  Forward  looking  statements  are statements not based on
historical  information  and  which  relate to  future  operations,  strategies,
financial  results  or  other  developments.   Forward  looking  statements  are
necessarily based upon estimates and assumptions that are inherently  subject to
significant business,  economic and competitive uncertainties and contingencies,
many of which are beyond the Company's  control and many of which,  with respect
to future business  decisions,  are subject to change.  These  uncertainties and
contingencies can affect actual results and could cause actual results to differ
materially from those expressed in any forward looking statements made by, or on
behalf of, the Company.  The Company  disclaims any obligation to update forward
looking statements.

As used in this Form  10-QSB,  "we",  "us" and "our" refer to Oxir  Investments,
Inc. and its consolidated subsidiaries, depending on the context.

We are continuing to pursue strategic  alternatives to maximize the value of our
portfolio of businesses.  Some of these  alternatives  have  included,  and will
continue  to include  selective  acquisitions,  establishing  new  projects  and
launching new subsidiaries.

Results of Operations

For the nine months  ended  March 31,  2001,  compared to the nine months  ended
March 31, 2000.

We recognized  $251,591 in revenues during the nine-month period ended March 31,
2001,  compared to no revenues during the comparable period in 2000. We realized
gains on  marketable  securities  of $4,850  during the nine months  ended March
2001,  compared  to  realized  and  unrealized  gains of  $3,863,922  during the
comparable period in 2000.

During the nine months ended March 31, 2001, we had interest expense of $14,123,
compared to  $104,673  for the  comparable  2000  period,  a decrease of $90,550
(86%),  which reflects  interest paid on our margin accounts through March 2000.
Costs of revenues for the nine-month  period ended March 31, 2001 was $9,234. We
did not incur any cost of revenues for the  comparable  period in 2000.  General
and  administrative  expenses  decreased to $1,169,561 for the nine months ended
March  2001,  from  $4,267,072  for the same  period  in  2000,  a  decrease  of
$3,095,511  (73%).  The drastic  decrease in G&A expenses is attributed to large
costs incurred during the nine-month period ended March 31, 2000 in launching of
our new operations and new  subsidiaries  in Russia.  Rent expense  increased to
$129,971  from $56,134 for the same  period.  Our  depreciation  expense for the
nine-month period ended March 31, 2001 was $116,458 compared to $274,335 for the
comparable period in 2000.



                                       10


<PAGE>



We realized an income tax benefit of $318,991 during the nine-month period ended
March 31, 2000. There was no such benefit realized during the nine-month  period
ended March 31, 2001.

As a  result,  we  incurred  a net loss  applicable  to common  stockholders  of
$(1,178,185) or $0.06 per share, for the nine-month period ended March 31, 2001,
compared  to net loss of  $519,301,  or $(0.02)  per share,  for the  nine-month
period  ended  March  31,  2000,  a change of  $658,884  (227%).  The  change is
principally  due to recognition of investment  gains and tax benefits during the
nine-month period ended March 31, 2000, offset by the generation of revenues and
decreases in general and  administrative  expenses during the nine-month  period
ended March 31, 2001. Liquidity and Capital Resources

Total  cash and cash  equivalents  at March 31,  2001 was  $51,873  compared  to
$64,705 at June 30, 2000.  Also at March 31, 2001, we had $4,207 in  investments
in trading securities compared to $56,928 at June 30, 2000.

Net cash used in  operating  activities  for the period ended March 31, 2001 was
$320,273,  compared to $19,944  provided  by  operating  activities  in the same
period in 2000.  The change was due to the larger  operating  loss  sustained in
2001, as compared to 2000.

Net cash used in investing  activities  for 2001 was $0 compared to $175,616 for
the  comparable  2000 period.  This is  attributed  primarily to net  investment
activity and to expenditures for property and equipment during 2000.

Net cash  provided by financing  activities  was  $307,441 for 2001  compared to
$189,205  provided in 2000. In 2001,  the cash provided by financing  activities
was  attributable  to proceeds from a note  receivable.  In 2000,  the principal
proceeds were from the sale of our common stock.

At March 31, 2001, we had total assets of $5,012,560 and stockholders' equity of
$4,422,034.  In comparison,  at June 30, 2000, we had total assets of $5,471,765
and total  stockholders'  equity of  $5,119,436.  Working  capital  deficit  was
$325,711 at March 31, 2001, compared to a negative $21,231 at June 30, 2000.

We  anticipate  meeting our working  capital needs during the next twelve months
primarily with revenues from our operating  activities or, if necessary from the
sale of our securities. If the Company's operations are not adequate to fund its
operations and it is unable to secure  financing from the sale of its securities
or from private  lenders,  the Company  could  experience a cash flow  shortage,
which could curtail the Company's operations.

Our  management  has  recognized  that,  in order to  allow  us to  continue  to
implement our business strategy discussed in our Form 10-SB, as well as our Form
10-KSB for our fiscal year ended June 30, 2000,  as filed with the US Securities
and Exchange Commission,  it will be necessary for us to raise additional equity
capital.  Relevant thereto, in February 2001, we commenced a  self-underwritten,
"best efforts" private offering of up to 3,333,334 shares of our common stock at
an offering  price of $.60 per share,  for total  gross  proceeds of $2 million.
During the  three-month  period ended March 31, 2001, we sold 175,000  shares of
our common stock for $35,000.  However,  there can be no assurances that we will
receive any additional subscriptions from this offering.

In the opinion of  management,  inflation  has not had a material  effect on the
operations of the Company.

                                       11



<PAGE>

                           PART II. OTHER INFORMATION


ITEM 1.   LEGAL PROCEEDINGS

          There are presently no material pending legal proceedings to which the
          Company or any of its  subsidiaries  is a party or to which any of its
          property is subject and, to the best of its knowledge, no such actions
          against the Company are contemplated or threatened.

ITEM 2.   CHANGES IN SECURITIES

          In December  2000, we issued  1,030,000  shares of our common stock to
          Global Capital Securities Corp. as part of our obligation  pursuant to
          an investment banking agreement.

          In December  2000, we issued  1,000,000  shares of our common stock to
          Vertex Capital Corp as part of our obligation pursuant to a consulting
          agreement.

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES - NONE

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS- NONE

ITEM 5.   OTHER INFORMATION -

          Effective  December 22, 2000, we accepted the  resignation  of Michael
          Smirnov  as an  officer  and  director  of our  company.  Mr.  Smirnov
          continues  to serve our  company as an  employee  responsible  for our
          Russian operations.  In addition,  on December 18, 2000, we terminated
          Kirill  Mendelson as an employee and  accepted his  resignation  as an
          officer and director of our company.

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K -

          Reports on Form 8-K - NONE
















                                       12


<PAGE>




                                   SIGNATURES

Pursuant to the requirements of Section 12 of the Securities and Exchange Act of
1934,  the  Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.



                                       OXIR INVESTMENTS, INC.
                                       (Registrant)

                                       Dated:  May 21, 2001


                                       By:  s/Inna Batrakova
                                          --------------------------------------
                                          Inna Batrakova, Secretary

































                                       13