SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

AMENDMENT NO. 1

FORM 10-Q

(Mark One)

| | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JULY 31, 2005; OR                                            
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____________________________ TO
___________________________



|0-17430                                                                            |  |                                     
|---------------------------------------------------------------------------------- |  | ------------------------------------
|                                                                                   |  |                                     
|Commission File Number                                                             |  |                                     
|Obsidian Enterprises, Inc.                                                        
|                                                                                  
|(Exact name of registrant as specified in its charter)                            
|Delaware                                                                           |  | 35-2154335                          
|                                                                                   |  |                                     
|(State or other jurisdiction of
incorporation or organization)                     |  | (I.R.S. Employer Identification No.)
|111 Monument Circle, Suite 4800
Indianapolis, Indiana                              |  | 46204                               
|                                                                                   |  |                                     
|(Address of principal executive offices)                                           |  | (Zip code)                          
|(317) 237-4122                                                                    
|                                                                                  
|(Registrants telephone number, including area code)                              
|                                                                                  
|                                                                                  
|(Former name, former address and former fiscal year, if changed since last report)



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



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



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



APPLICABLE ONLY TO CORPORATE ISSUERS:



Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date.

| | Common Stock     | Outstanding at     | 
| | ---------------- | ------------------ | 
| | $.0001 par value | September 16, 2005
| | 3,109,333 shares |                   
| |                  |                    | 







Explanatory Note

The Company is filing this Amendment No. 1 to Quarterly Report on Form 10-Q/A for the fiscal quarter ended July 31, 2005 ("Amendment No. 1"), solely to include certain exhibits which were inadvertently omitted from the Quarterly Report on Form 10-Q/A for the fiscal quarter ended July 31, 2004, which was filed on September 19, 2004 ("Original 10-Q"). This Amendment No. 1 consists only of the Index to Exhibits and the omitted exhibits.



Signatures

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

|September 20, 2005
Date

September 20, 2005
Date | Obsidian Enterprises, Inc.

By:  /s/ Timothy S. Durham
      Timothy S. Durham, Chairman and Chief Executive Officer


By:  /s/ Rick D. Snow
      Rick D. Snow, Executive Vice President/Chief Financial Officer
|------------------------------------------------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Exhibit Index



|Exhibit No. | Description                                                                                                                                                                                                                                       |                                                                                                                                 
|----------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------
|3.1         | Articles of Incorporation                                                                                                                                                                                                                         | Incorporated by reference to Exhibit 3.3 to Amendment No. 1 to the Registration Statement on Form S-4 filed on December 17, 2003
|3.2         | By-laws                                                                                                                                                                                                                                           | Incorporated by reference to Exhibit 3.1 to the Registrants Annual Report on Form 10K for the Year Ended October 31, 2002      
|10.1        | Loan and Security Agreement by and between United Expressline, Inc. and LaSalle Business Credit, LLC dated July 19, 2005                                                                                                                          | Attached*                                                                                                                       
|10.2        | Revolving Note by and between United Expressline, Inc. and LaSalle Business Credit, LLC dated July 19, 2005                                                                                                                                       | Attached*                                                                                                                       
|10.3        | Term Note by and between United Expressline, Inc. and LaSalle Business Credit, LLC dated July 19, 2005                                                                                                                                            | Attached*                                                                                                                       
|10.4        | Continuing Unconditional Guarantee by and between United Expressline, Inc. and LaSalle Business Credit, LLC dated July 19, 2005                                                                                                                   | Attached*                                                                                                                       
|10.5        | Subordination Agreement by and between The Huntington Capital Investment Company, United ExpressLine, Inc. and LaSalle Business Credit, LLC dated July 19, 2005                                                                                   | Attached*                                                                                                                       
|10.6        | Subordination Agreement by and between Fair Holdings, Inc., United ExpressLine, Inc. and LaSalle Business Credit, LLC dated July 19, 2005                                                                                                         | Attached*                                                                                                                       
|10.7        | Subordination Agreement by and between UX, Inc., United ExpressLine, Inc. and LaSalle Business Credit, LLC dated July 19, 2005                                                                                                                    | Attached*                                                                                                                       
|10.8        | Second Amendment to Forbearance Agreement by and between Old National Bank, Obsidian Leasing Company, Inc., Obsidian Enterprises, Inc., Pyramid Coach, Inc., Timothy S. Durham, Terry Whitesell and Julia Whitesell effective as of July 22, 2005 | Attached*                                                                                                                       
|10.9        | Third Amended Promissory Note (Line of Credit) by and between DW Leasing Company, LLC and Fair Holdings, Inc. dated June 15, 2005                                                                                                                 | Attached+                                                                                                                       
|10.10       | Second Amended Promissory Note (Line of Credit) by and between DC Investments Leasing, LLC and Fair Holdings, Inc. dated June 15, 2005                                                                                                            | Attached+                                                                                                                       
|10.11       | Amendment No. 3 to Note Purchase Agreement and Limited Waiver by and between United Expressline, Inc. and The Huntington Capital Investment Company dated July 19, 2005                                                                           | Attached+                                                                                                                       
|31.1        | Sarbanes-Oxley Act Section 302 Certification                                                                                                                                                                                                      | Attached#                                                                                                                       
|31.2        | Sarbanes-Oxley Act Section 302 Certification                                                                                                                                                                                                      | Attached#                                                                                                                       











|32 | Sarbanes-Oxley Act Section 906 Certification | Attached#
|-- | -------------------------------------------- | ---------

*  This exhibit was filed with the Original 10-Q.

+  This exhibit is filed with this Amendment No. 1.

#  This exhibit was filed both with the Original 10-Q and with Amendment No. 1.