|   | Form 10-QSB |   |
|--------|-------------|--------|

|   |
|--------|

|   | SECURITIES AND EXCHANGECOMMISSION Washington, D.C. |   |
|--------|----------------------------------------------------|--------|

|   |
|--------|

|   | [ X ]  Quarterly Report Pursuant to Section 13 or 15(d) of the SecuritiesExchange Act of 1934 For the quarterly period ended September 30, 2005 |   |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|

| OR |
|----|

|   | [   ]  Transition Report Pursuant to Section 13 or 15(d) of the SecuritiesExchange Act of 1934 For the transition period from _______ to _______. |   |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|

|   |
|--------|

|   | Commission File No. 33-19961 |   |
|--------|------------------------------|--------|

|   |
|--------|

|   | Diamond I, Inc.                                                  |   |
|--------|------------------------------------------------------------------|--------|
|   | (Exact Name of Small Business Issuer as Specified in itsCharter) |   |

|   | DELAWARE |   | 01-0623010 |   |
|--------|----------|--------|------------|--------|

|   | (State or Other Jurisdiction ofincorporation or organization) |   | (I.R.S. Employer IdentificationNumber) |   |
|--------|---------------------------------------------------------------|--------|----------------------------------------|--------|

|   | 5555 Hilton Avenue, Suite 207, Baton Rouge, Louisiana 70808 |   |
|--------|-------------------------------------------------------------|--------|

|   | (Address of Principal Executive Offices, including Zip Code) |   |
|--------|--------------------------------------------------------------|--------|

|   | (225) 923-1034 |   |
|--------|----------------|--------|

|   | (Issuer’s telephone number, including area code) |   |
|--------|--------------------------------------------------------|--------|

|   |
|--------|

| Indicate by check mark whether Registrant (1) has filed all reports required to be filed bySection 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months(or for such shorter period that Registrant as required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days: Yes [ X ]     No [   ] |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Indicate the number of shares outstanding of each of the issuer’s classes of common stock asof the latest practicable date: |
|-----------------------------------------------------------------------------------------------------------------------------------|

|   | Class |   | Outstanding as of 11-17-05 |   |
|--------|-------|--------|----------------------------|--------|

|   | Common Stock, $.001 par value |   | 222,068,308 |   |
|--------|-------------------------------|--------|-------------|--------|

|   |
|--------|

| PART I - FINANCIAL INFORMATION |
|--------------------------------|

|   |
|--------|

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

|   |
|--------|

| INDEX TO CONSOLIDATED FINANCIAL STATEMENTS |
|--------------------------------------------|
| Diamond I, Inc. and Subsidiaries           |

|   |   | Page |
|--------|--------|------|

|   | Consolidated Balance Sheet as of September 30, 2005 (unaudited) | 3 |
|--------|-----------------------------------------------------------------|---|

|   | Consolidated Statements of Operations for the Three Months and Nine MonthsEnded September 30, 2005 and 2004, and Period from June 17, 2003 (Inception),Through September 30, 2005 (unaudited) | 4 |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---|

|   | Consolidated Statements of Cash Flows for the Nine Months Ended September30, 2005 and 2004, and Period from June 17, 2003 (Inception), ThroughSeptember 30, 2005 (unaudited) | 6 |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---|

|   | Notes to Consolidated Financial Statements | 8 |
|--------|--------------------------------------------|---|

|   |
|--------|

|   | DIAMOND I, INC. AND SUBSIDIARIES |   |
|--------|----------------------------------|--------|

|   | (a development stage company) |   |
|--------|-------------------------------|--------|

|   | CONSOLIDATED BALANCE SHEET |   |
|--------|----------------------------|--------|

|   | September 30,2005 (unaudited) |   |
|--------|-------------------------------|--------|

| ASSETS |
|--------|

| Current assets: |   |   |
|-----------------|--------|--------|

|   | Option to acquire business | $10,500 |   |
|--------|----------------------------|---------|--------|

|   | Total Current Assets | 10,500 |   |
|--------|----------------------|--------|--------|

| Equipment, net of accumulated depreciation of $70,301 | 31,815 |   |
|-------------------------------------------------------|--------|--------|

|   | Total Assets | $42,315 |   |
|--------|--------------|---------|--------|

| LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|---------------------------------------------|

| Current Liabilities: |   |   |
|----------------------|--------|--------|

|   | Accounts payable | $6,743 |   |
|--------|------------------|--------|--------|

|   | Accrued liabilities | 17,019 |   |
|--------|---------------------|--------|--------|

|   | Loans due to shareholder | 26,500 |   |
|--------|--------------------------|--------|--------|

|   | Total current liabilities | 50,262 |   |
|--------|---------------------------|--------|--------|

|   | Commitments |   |   |
|--------|-------------|--------|--------|

| Stockholders’ Deficit: |   |   |
|------------------------------|--------|--------|

|   | Preferred stock, $.001 par value, 50,000,000 sharesauthorized, 500,000 Series A shares issued andoutstanding | 500 |   |
|--------|--------------------------------------------------------------------------------------------------------------|-----|--------|

|   | Common stock, $.001 par value; 700,000,000 sharesauthorized, 210,745,187 shares issued andoutstanding | 210,745 |   |
|--------|-------------------------------------------------------------------------------------------------------|---------|--------|

|   | Additional paid-in capital | 25,846,756 |   |
|--------|----------------------------|------------|--------|

|   | Subscription receivable | (25,000) |   |
|--------|-------------------------|----------|--------|

|   | Deficit accumulated during the development stage | (26,040,948) |   |
|--------|--------------------------------------------------|--------------|--------|

|   | Total Stockholders' Deficit | (7,947) |   |
|--------|-----------------------------|---------|--------|

|   | Total Liabilities and Stockholders’ Deficit | $42,315 |   |
|--------|---------------------------------------------------|---------|--------|

|   |
|--------|

|   | DIAMOND I, INC. AND SUBSIDIARIES |   |
|--------|----------------------------------|--------|

|   | (a development stage company) |   |
|--------|-------------------------------|--------|

|   | CONSOLIDATED STATEMENTS OF OPERATIONS |   |
|--------|---------------------------------------|--------|

|   | Three Months and Nine Months Ended September 30, 2005 and2004, and Period from June 17, 2003 (Inception), ThroughSeptember 30, 2005 (Unaudited) |   |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|

|   | Three Months Ended

September 30, |   | Nine Months Ended

September 30, |   | Inceptionthrough |
|--------|-----------------------------------|--------|----------------------------------|--------|------------------|

|   | 2005 |   | 2004 |   | 2005 |   | 2004 |   | 9/30/05 |
|--------|------|--------|------|--------|------|--------|------|--------|---------|

| Revenues | $569 |   | $4,371 |   | $2,690 |   | $5,996 |   | $10,784 |
|----------|------|--------|--------|--------|--------|--------|--------|--------|---------|

| Internet accesscosts | (61) |   | - |   | (6,786) |   | - |   | (32,850) |
|----------------------|------|--------|---|--------|---------|--------|---|--------|----------|

| Gross profit (loss) | 508 |   | 4,371 |   | (4,096) |   | 5,996 |   | (22,066) |
|---------------------|-----|--------|-------|--------|---------|--------|-------|--------|----------|

| OPERATINGEXPENSES |   |   |   |   |   |   |   |   |   |
|-------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|

|   | General andadministrative | 1,049,705 |   | 253,760 |   | 3,938,672 |   | 2,024,609 |   | 9,211,499 |
|--------|---------------------------|-----------|--------|---------|--------|-----------|--------|-----------|--------|-----------|

|   | Impairmentexpense | - |   | - |   | 16,306,527 |   | - |   | 16,808,527 |
|--------|-------------------|---|--------|---|--------|------------|--------|---|--------|------------|

|   | TotalOperatingExpenses | 1,049,705 |   | 253,760 |   | 20,245,199 |   | 2,024,609 |   | 26,020,026 |
|--------|------------------------|-----------|--------|---------|--------|------------|--------|-----------|--------|------------|

| LOSS FROMOPERATIONS | (1,049,197) |   | (249,389) |   | (20,249,295) |   | (2,018,613) |   | (26,042,092) |
|---------------------|-------------|--------|-----------|--------|--------------|--------|-------------|--------|--------------|

| OTHERINCOME(EXPENSE) | - |   | - |   | - |   | - |   | 1,144 |
|----------------------|---|--------|---|--------|---|--------|---|--------|-------|

| NET LOSS | (1,049,197) |   | (249,389) |   | (20,249,250) |   | (2,018,613) |   | (26,040,948) |
|----------|-------------|--------|-----------|--------|--------------|--------|-------------|--------|--------------|

| DeemedDividend onPreferred Stock | - |   | - |   | - |   | (165,442) |   | (165,442) |
|----------------------------------|---|--------|---|--------|---|--------|-----------|--------|-----------|

| Net LossAvailable toCommonShareholders | $(1,049,197) |   | $(249,389) |   | $(20,249,250) |   | $(2,184,055) |   | $(26,206,390) |
|----------------------------------------|--------------|--------|------------|--------|---------------|--------|--------------|--------|---------------|

| Net loss per share applicable to commonshareholders |   |   |   |   |   |
|-----------------------------------------------------|--------|--------|--------|--------|--------|

|   | Basic anddiluted | $(0.00) |   | $(0.00) |   | $(0.11) |   | $(0.02) |   |   |
|--------|------------------|---------|--------|---------|--------|---------|--------|---------|--------|--------|

| Weighted average number of shares outstanding |   |   |   |   |   |
|-----------------------------------------------|--------|--------|--------|--------|--------|

|   | Basic anddiluted | 206,060,778 |   | 84,791,253 |   | 186,751,944 |   | 84,506,517 |   |   |
|--------|------------------|-------------|--------|------------|--------|-------------|--------|------------|--------|--------|

|   |
|--------|

|   | DIAMOND I, INC. AND SUBSIDIARIES |   |
|--------|----------------------------------|--------|

|   | (a development stage company) |   |
|--------|-------------------------------|--------|

|   | CONSOLIDATED STATEMENTS OF CASH FLOWS |   |
|--------|---------------------------------------|--------|

|   | Nine Months Ended September 30, 2005 and 2004, andPeriod from June 17, 2003 (Inception), Through September30, 2005 (Unaudited) |   |
|--------|--------------------------------------------------------------------------------------------------------------------------------|--------|

|   | Nine Months EndedSeptember 30, |   | Inceptionthrough |
|--------|--------------------------------|--------|------------------|

|   | 2005 |   | 2004 |   | September 30,2005 |
|--------|------|--------|------|--------|-------------------|

| CASH FLOWS FROM OPERATINGACTIVITIES |   |   |   |   |   |
|-------------------------------------|--------|--------|--------|--------|--------|

| Net loss | $(20,249,250) |   | $(2,184,055) |   | $(26,040,948) |
|----------|---------------|--------|--------------|--------|---------------|

|   | Adjustments to reconcile net loss tocash used in operating activities: |   |   |   |   |   |
|--------|------------------------------------------------------------------------|--------|--------|--------|--------|--------|

|   | Depreciation | 17,794 |   | 32,756 |   | 70,301 |
|--------|--------------|--------|--------|--------|--------|--------|

|   | Stock issued for services and salary | 1,954,429 |   | 1,547,059 |   | 6,110,803 |
|--------|--------------------------------------|-----------|--------|-----------|--------|-----------|

|   | Impairment expense and write-down of assets | 16,306,527 |   | - |   | 16,808,527 |
|--------|---------------------------------------------|------------|--------|---|--------|------------|

|   | Stock option expense | 1,555,654 |   | - |   | 1,555,654 |
|--------|----------------------|-----------|--------|---|--------|-----------|

|   | Changes in assets and liabilities: |   |   |   |   |   |
|--------|------------------------------------|--------|--------|--------|--------|--------|

|   | Accounts payable | (7,096) |   | 5,987 |   | 8,860 |
|--------|------------------|---------|--------|-------|--------|-------|

|   | Accrued expenses | (798) |   | - |   | 17,019 |
|--------|------------------|-------|--------|---|--------|--------|

| CASH FLOWS USED IN OPERATINGACTIVITIES | (422,740) |   | (598,253) |   | (1,469,784) |
|----------------------------------------|-----------|--------|-----------|--------|-------------|

| CASH FLOWS FROM INVESTINGACTIVITIES |   |   |   |   |   |
|-------------------------------------|--------|--------|--------|--------|--------|

|   | Purchase of equipment | (5,352) |   | (62,956) |   | (102,116) |
|--------|-----------------------|---------|--------|----------|--------|-----------|

| CASH FLOWS FROM FINANCINGACTIVITIES |   |   |   |   |   |
|-------------------------------------|--------|--------|--------|--------|--------|

|   | Proceeds from note payable | - |   | - |   | 55,000 |
|--------|----------------------------|---|--------|---|--------|--------|

|   | Payment on note payable | (55,000) |   | (512) |   | (55,000) |
|--------|-------------------------|----------|--------|-------|--------|----------|

|   | Loans due to shareholder | 26,500 |   | - |   | 26,500 |
|--------|--------------------------|--------|--------|---|--------|--------|

|   | Proceeds from sale of preferred shares forcash | - |   | 209,558 |   | 209,558 |
|--------|------------------------------------------------|---|--------|---------|--------|---------|

|   | Proceeds from exercise of warrants | - |   | 278,990 |   | 290,442 |
|--------|------------------------------------|---|--------|---------|--------|---------|

|   | Sale of common stock for cash, net | 445,400 |   | 90,000 |   | 1,045,400 |
|--------|------------------------------------|---------|--------|--------|--------|-----------|

| CASH FLOWS PROVIDED BYFINANCING ACTIVITIES | 416,900 |   | 578,036 |   | 1,571,900 |
|--------------------------------------------|---------|--------|---------|--------|-----------|

|   |
|--------|

| NET CHANGE IN CASH | (11,192) |   | (83,173) |   | - |
|--------------------|----------|--------|----------|--------|---|

| Cash, beginning of period | 11,192 |   | 98,709 |   | - |
|---------------------------|--------|--------|--------|--------|---|

| Cash, end of period | $- |   | $15,536 |   | $- |
|---------------------|----|--------|---------|--------|----|

| Supplemental information: |   |   |   |   |   |
|---------------------------|--------|--------|--------|--------|--------|

|   | Interest paid | $6,600 |   | $- |   | $6,600 |
|--------|---------------|--------|--------|----|--------|--------|

| Non-cash Financial Activities: |
|--------------------------------|

|   | Stock issued for option to acquirebusiness | $10,500 |   | $- |   |   |
|--------|--------------------------------------------|---------|--------|----|--------|--------|

|   |
|--------|

|   | Stock issued in acquisition | $- |   | $381,000 |   |   |
|--------|-----------------------------|----|--------|----------|--------|--------|

|   |
|--------|

|   | DIAMOND I, INC. |   |
|--------|-----------------|--------|

|   | (a development stage company) |   |
|--------|-------------------------------|--------|

|   | NOTES TO CONSOLIDATED FINANCIALSTATEMENTS |   |
|--------|-------------------------------------------|--------|

|   | September 30,2005 (Unaudited) |   |
|--------|-------------------------------|--------|

|   |
|--------|

| NOTE 1 - BASIS OF PRESENTATION |   |
|--------------------------------|--------|

| The consolidated balance sheet as of September 30, 2005, the statements of operations for thethree months and nine months and the statements of cash flows for the nine months endedSeptember 30, 2005 and 2004, have been prepared by Diamond I, Inc. (together with itssubsidiaries, “Diamond I”) without audit.  In the opinion of management, all adjustmentsnecessary to present fairly the financial position, results of operations and cash flows ofDiamond I at September 30, 2005, and for all other periods presented, have been made.  Theresults of operations for interim periods are not necessarily indicative of the results to beexpected for the full year.  Certain information and disclosures normally included in financialstatements prepared in accordance with generally accepted accounting principles have beenomitted in accordance with the Securities and Exchange Commission’s rules for interimreporting.  Accordingly, these financial statements should be read in conjunction with thefinancial statements and accompanying notes thereto in Diamond I’s Annual Report on Form10-KSB for the fiscal year ended December 31, 2004. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| NOTE 2 - CRITICAL ACCOUNTING POLICIES |   |
|---------------------------------------|--------|

| Consolidation |   |
|---------------|--------|

| As of September 30, 2005, Diamond I had two wholly owned subsidiaries, Diamond ITechnologies, Inc. (formerly Air-Q Corp.) and AirRover Networks, Inc.  All materialinter-company balances and inter-company transactions have been eliminated for the purposeof presenting the accompanying consolidated financial statements. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Goodwill and Other Intangible Assets |   |
|--------------------------------------|--------|

| Goodwill and other intangible assets are stated on the basis of cost.  Intangible assets areamortized, principally on a straight-line basis, over the estimated future periods to bebenefitted (generally three years).  Goodwill and other intangible assets are periodicallyreviewed for impairment to ensure they are appropriately valued. Conditions which mayindicate an impairment issue exists include a negative economic downturn or a change in theassessment of future operations.  In the event that a condition is identified which may indicatean impairment issue exists, an assessment is performed using a variety of methodologies,including cash flow analysis, estimates of sales proceeds and independent appraisals. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| For the nine months ended September 30, 2005, the entire value of associated with theacquisition of Diamond I Technologies, Inc. was impaired in the amount of $16,306,527.  Seenote 3 for details. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| NOTE 3 - ACQUISITION |   |
|----------------------|--------|

| On January 18, 2005, pursuant to an agreement and plan of reorganization, Diamond Iacquired all of the outstanding capital stock of Diamond I Technologies, Inc., a Nevadacorporation (“DITech”), by issuing a total of 70,591,026 shares of its common stock valued at$16,306,527 to the shareholders of DITech.  The reorganization agreement provides for furtherissuances of shares of Diamond I’s common stock, upon DITech’s satisfying certainperformance standards, as follows:  (a) an additional 35,295,513 shares to the shareholders ofDITech, if, on or before the date which is two years from the consummation of thereorganization agreement, DITech shall have completed the design and installation of a hand-held Wi-Fi-based gaming system in a first-class hotel/casino with no fewer than 400 guestrooms located in the State of Nevada (the “Target System”), to the effect that the TargetSystem is 100% operational and ready for use by guests of the host hotel/casino, whichreadiness shall include the approval of the Nevada Gaming Commission; and (b) an additional35,295,513 shares to the shareholders of DITech, if, on or before the date which is five yearsfrom the consummation of the reorganization agreement, the Target System shall haveoperated at a profit, as determined by generally accepted accounting principles, for a period ofthree consecutive months. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| In determining the number of shares of our common stock to be issued to the shareholders ofDITech, Diamond I’s board of directors did not employ any standard valuation formula or anyother standard measure of value.  Rather, the number shares issued to the shareholders ofDiamond I was determined through arm’s-length negotiations. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| The following represents the allocation of the purchase price over the historical net bookvalues of Diamond I Technologies, Inc. on the date of the acquisition.  The allocation made isas follows: |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Tangible assets acquired at fair value | $0 |   |
|--------|----------------------------------------|----|--------|

|   | Cost in excess of net tangible assets | 16,306,527 |   |
|--------|---------------------------------------|------------|--------|

|   | Total purchase price | $16,306,527 |   |
|--------|----------------------|-------------|--------|

| For the nine months ended September 30, 2005, the entire value of associated with theacquisition of Diamond I Technologies, Inc. was written-down in the amount of $16,306,527. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| DITech has developed a hand-held Wi-Fi-based gaming system for on-premises use bycasinos/resorts.  DITech’s gaming system, based on a patent-pending security system, wouldpermit casino patrons to secure a PDA device from the casino that would enable the patrons toenjoy in-room and pool-side gaming action, as well as other casino services.  Diamond I haspreviewed the system for private audiences in client-and-regulatory-specific presentations(where necessary, DITech intends to seek regulatory approval of its gaming system). |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| DITech had no operations as of the date of acquisition. |
|---------------------------------------------------------|

| NOTE 4 - NOTE PAYABLE |   |
|-----------------------|--------|

| During the nine months ended September 30, 2005, Diamond I paid in full its note payable inthe principal amount of $55,000, plus all accrued and unpaid interest of approximately $6,600. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| As of September 30, 2005, one of Diamond I’s shareholders has loaned it a total of $26,500 onaccount.  Such amount is payable on demand.  However, this shareholder has advisedDiamond I that he does not intend to demand payment of any loaned amount, until such timeas repayment will not have an adverse affect on the financial condition of Diamond I. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| NOTE 5 - CAPITAL STOCK |   |
|------------------------|--------|

| On January 18, 2005, Diamond I amended its Amended and Restated Certificate ofIncorporation to increase the authorized number of shares of common stock to 700,000,000. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Stock for Services and Bonuses |   |
|--------------------------------|--------|

| During the first nine months of 2005, Diamond I issued a total of 26,451,910 shares ofcommon stock to consultants for services, resulting in $1,916,429 in non-cash compensationexpense included in professional and legal expenses and consulting fees in the accompanyingstatement of revenues and expenses.  Included in these amounts are 9,050,000 shares ofcommon stock issued as bonuses to officers and directors, which shares were valued, in theaggregate, at $643,450. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| During the first nine months of 2005, Diamond I issued, as an option to purchase an asset, atotal of 300,000 shares of common stock, valued at $10,500.  Subsequent to September 30,2005, Diamond I issued an additional 1,000,000 shares of common stock, pursuant to anamendment to this option to purchase an asset, which shares were valued at approximately$40,000. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| During the first nine months of 2005, Diamond I issued, in consideration of a contractualwaiver made by the former owners of DITech, a total of 1,000,000 shares of common stock,valued at $38,000. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| NOTE 6 - OPTIONS |   |
|------------------|--------|

| In January 2005, Diamond I entered into a consulting agreement with a third party.  Pursuantto this consulting agreement, the consultant has the right to purchase up to $150,000 worth ofDiamond I’s common stock each month, at a purchase price equal to 70% of the market pricefor Diamond I’s common stock, at the time of issue.  During the first nine months of 2005,Diamond I issued a total of 7,445,500 shares upon the exercise of these options, for cash in theamount of $420,400.  A stock option expense of $1,531,598 was recorded as of September 30,2005. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| In August 2005, Diamond I entered into a consulting agreement with a third party. Pursuant tothis consulting agreement, the consultant has the right to purchase up to $25,000 worth ofDiamond I's common stock each month, at a purchase price equal to 85% of the market pricefor Diamond I's common stock, at the time of issue. During the first nine months of 2005,Diamond I issued a total of 1,822,250 shares upon the exercise of these options, for cash in theamount of $25,000 and a receivable for $25,000.  A stock option expense of $24,056 wasrecorded as of September 30, 2005. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| NOTE 7 - SUBSEQUENT EVENTS |   |
|----------------------------|--------|

| In October 2005, Diamond I issued an additional 1,000,000 shares of common stock, pursuantto an amendment of an option to purchase an asset, which shares were valued at approximately$40,000. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| In November 2005, Diamond I retained Northeast Securities, Inc. as its investment banker.Northeast Securities’ engagement will begin on December 1, 2005.  Pursuant to the agreementwith Northeast Securities, Diamond I will pay a total cash fee of $10,000 and has issued awarrant to purchase up to 3,500,000 shares of common stock at an exercise price of $.04 pershare. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| FORWARD-LOOKING STATEMENTS |
|----------------------------|

| This report by Diamond I, Inc. contains forward-looking statements. These are statementsregarding financial and operating performance and results and other statements that are nothistorical facts. The words "expect", "project", "estimate", "believe", "anticipate", "intend","plan", "forecast" and similar expressions are intended to identify forward-looking statements.Certain important risks could cause results to differ materially from those anticipated by someof the forward-looking statements. Some, but not all, of the important risks that could causeactual results to differ materially from those suggested by the forward-looking statementsinclude, among other things: |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| - | Events that deprive us of the services of our president and largest shareholder, DavidLoflin; |
|---|-----------------------------------------------------------------------------------------------|

| - | Whether or not we can successfully establish a market for our wireless gamingproducts; |
|---|----------------------------------------------------------------------------------------|

| - | Whether we are able to obtain adequate capital with which to pursue our full businessplan; and |
|---|------------------------------------------------------------------------------------------------|

| - | Other uncertainties, all of which are difficult to predict and many of which are beyondour control. |
|---|-----------------------------------------------------------------------------------------------------|

| We do not intend to update forward-looking statements. |
|--------------------------------------------------------|

|   |
|--------|

| Item 2. Management’s Discussion and Analysis of Financial Condition and Results ofOperations. |   |
|-----------------------------------------------------------------------------------------------------|--------|

| Recent Acquisition; Change in Business Plan |   |
|---------------------------------------------|--------|

| During the last half of 2004, our Wi-Fi (wireless fidelity) Internet access, or “hotspot”,business did not expand as we had expected.  This lack of growth was in line with the rest ofthe hotspot industry.  To date, Wi-Fi hotspot use by consumers has not met, by a wide margin,forecasts made during 2002 and 2003, with several well-known telecommunicationscompanies abandoning their efforts to develop a hotspot business. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| During the last quarter of 2004, our management determined to change the direction of ourcompany, to focus on the development of products that embody Wi-Fi technologies rather thanon the provision of hotspot Internet access.  In conjunction with this determination, we began asearch for Wi-Fi-related products that offered growth potential and were available foracquisition. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| As a result, on January 18, 2005, pursuant to an agreement and plan of reorganization, weacquired all of the outstanding capital stock of Diamond I Technologies, Inc., a Nevadacorporation (DITech). |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| DITech has developed a hand-held Wi-Fi-based gaming system for on-premises use bycasinos/resorts, known as “WiFiCasino GS”(TM). |
|---------------------------------------------------------------------------------------------------------------------------------------------|

| Our management has determined to focus all of our available resources, financial andotherwise, on the exploitation of this wireless gaming system and will not pursue additionalWi-Fi hotspot locations, unless that industry regains its pervious vitality. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Sales of Equity |   |
|-----------------|--------|

| During the first nine months of 2005, we obtained a total of $445,400 from the exercise ofcertain options, which funds were used to pay costs associated with our wireless gamingbusiness and for operating expenses.   Since September 30, 2005, we have obtained a total ofapproximately $44,000 from the exercise of certain options, which funds have been used topay costs associated with the development of our wireless gaming business and for operatingexpenses.  We are actively seeking capital for use in our business.  We can make no assurancethat we will obtain enough to continue our business operations. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Critical Accounting Policies |   |
|------------------------------|--------|

| There were no material changes to our critical accounting policies during the period endedSeptember 30, 2005. |
|---------------------------------------------------------------------------------------------------------------|

| Management's Discussion and Analysis discusses the results of operations and financialcondition as reflected in our financial statements, which have been prepared in accordancewith accounting principles generally accepted in the United States of America. The preparationof financial statements in conformity with accounting principles generally accepted in theUnited States of America requires management to make estimates and assumptions that affectthe reported amounts of assets and liabilities,  disclosure of contingent assets and liabilities atthe date of the financial statements and reported amounts of revenues and expenses during thereporting period. On an ongoing basis, management evaluates its estimates and judgments,including those related to accounts receivable, inventory valuation, amortization andrecoverability of long-lived assets,  including  goodwill,  litigation accruals and revenuerecognition. Management bases its estimates and judgments on our historical experience andother relevant factors, the results of which form the basis for making judgments about thecarrying values of assets and liabilities that are not readily apparent from other sources. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| While we believe that the historical experience and other factors considered provide ameaningful basis for the accounting  policies applied in the preparation of our consolidatedfinancial statements, we cannot guarantee that our estimates and assumptions will be accurate.If such estimates and assumptions prove to be inaccurate, we may be required to makeadjustments to these estimates in future periods. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| During the nine months ended September 30, 2005 and 2004, we generated $2,690 and$5,996, respectively, in revenues from our business operations.  It is likely that our revenuesfor the remainder of 2005 will be less than for 2004, due to our determination to develop ourwireless gaming products rather than to pursue further development of our hotspot business.We currently lack the capital necessary to pursue aggressively our business objectives, and wemay never possess enough capital with which to do so.  In this circumstance, it is likely thatwe would never earn a profit. |
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| For the nine months ended September 30, 2005, the entire value associated with theacquisition of Diamond I Technologies, Inc. was written-down in the amount of $16,306,527and is included in our operating expenses for the period then ended. |
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| As an additional non-cash expense during the first nine months of 2005, we recorded a stockoption expense of $1,555,654.  This option expense relates to two separate consultingagreements pursuant to which one of the consultants has the right to purchase up to $150,000worth of our common stock each month, at a purchase price equal to 70% of the market pricefor our common stock, at the time of exercise and the other consultant has the right to purchaseup to $25,000 worth of our common stock each month, at a purchase price equal to 85% of themarket price for our common stock, at the time of exercise.  During the first nine months of2005, we issued a total of 9,267,750 shares upon the exercise of these options, for cash in theamount of $445,400 and a subscription receivable in the amount of $25,000. |
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| Due to our severe lack of capital during both interim periods, we issued shares of our commonstock to consultants.  During the first nine months of 2005, we issued 26,451,910 shares ofcommon stock to consultants for services, resulting in $1,916,429 in non-cash compensationexpense included in general and administrative expense in the accompanying statement ofrevenues and expenses.  Issuing shares of our common stock was the only means by which wecould obtain the consultants' services.  The full value of the consulting services received by usunder each agreement has been expensed. |
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| It is possible that we will incur significant consulting expenses during the remainder 2005.Our management may, if necessary, hire consultants and pay them in cash, shares of ourcommon stock or a combination thereof. |
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| You should note that we measured the foregoing stock transactions at the respective dates ofissuance at the then-quoted market price.  There are no performance commitments or penaltiesfor non-performance, therefore, we recorded the expense at the date of issuance. |
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| Liquidity and Capital Resources |   |
|---------------------------------|--------|

| At September 30, 2005, we lacked adequate capital with which to accomplish our businessobjectives.  Currently, we are in a substantially illiquid position, with a working capital deficitof $39,762.  In general, we are able to pay our operating expenses as they are incurred.Following our acquisition of DITech, we have focused on the development of our wirelessgaming products and its related business. |
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| During 2004, we obtained $500,000 from the sale of preferred stock, the proceeds of whichequity sale were used to develop our hotspot business and for working capital.  We alsoobtained $150,000 from the exercise of certain options, which funds were used for operatingexpenses. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| During the first nine months of 2005, we obtained a total of $445,400 from the exercise ofcertain options, which funds were used to pay costs associated with our wireless gamingbusiness and for operating expenses.   Since September 30, 2005, we have obtained a total ofapproximately $44,000 from the exercise of certain options, which funds have been used topay costs associated with the development of our wireless gaming business and for operatingexpenses.  We are actively seeking capital for use in our business.  We can make no assurancethat we will obtain enough to continue our business operations. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Our management has made this determination because of its desire not to over-commit ourresources.  Our management’s philosophy is to make capital and related commitments only tothe extent our available capital permits.  Our management’s philosophy may, in the future,prove to have been flawed, to the extreme detriment to our business and, ultimately, ourshareholders. |
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| Our Capital Needs |   |
|-------------------|--------|

| Our current level of operations can be maintained for the next six months.  However, to beginthe aggressive pursuit of our wireless gaming business objectives, we will requireapproximately $2 million. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Currently, we do not possess enough capital to pursue aggressively our business objectives. |
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| Management's Plans Relating to Future Liquidity |   |
|-------------------------------------------------|--------|

| We will be able to sustain our current level of operations for the next six months, due toexpected exercise of certain options.  However, this level of funding will not be adequate forus to aggressively pursue the exploitation of our wireless gaming products.  We continue toseek capital for these purposes. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Capital Expenditures |   |
|----------------------|--------|

| For the nine months ended September 30, 2005, we made only small expenditures for neededequipment. We currently have limited capital with which to make any significant capitalexpenditures. Should we obtain significant funding, of which there is no assurance, we wouldbe able to make significant expenditures on equipment. The amount of these equipmentpurchases cannot be predicted due to the uncertainty of funding levels and timing. However,without additional capital, we will make no significant capital expenditures. |
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|   |
|--------|

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

| Our Chief Executive Officer and Acting Chief Financial Officer has reviewed and evaluatedthe effectiveness of our disclosure controls and procedures (as defined in the SecuritiesExchange Act of 1934 Rules 240.13a-14(c) and 15d-14(c)) as of the end of the period coveredby this report and has concluded that such disclosure controls and procedures are effective intimely alerting him and other members of management to material information about ourcompany required to be disclosed by us in our periodic reports that we file or submit under theSecurities Exchange Act of 1934. |
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| There have not been any significant changes in our internal controls over financial reporting(as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of1934) during the fiscal quarter to which this report relates that have materially affected, or arereasonably likely to materially affect, our internal control over financial reporting. |
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|   |
|--------|

| PART II - OTHER INFORMATION |
|-----------------------------|

| Item 1. Legal Proceedings. |   |
|----------------------------|--------|

| We are not currently involved in any legal proceeding. |
|--------------------------------------------------------|

|   |
|--------|

| Item 2. Changes in Securities. |   |
|--------------------------------|--------|

| During the three months ended September 30, 2005, we issued restricted securities as follows: |
|-----------------------------------------------------------------------------------------------|

| 1.     | (a) | Securities Sold. In July 2005, 5,000,000 shares of our common stock were issued.                                                                                                                                                                                                                                                                           |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (b) | Underwriter or Other Purchasers. Such shares of common stock were issued toDigital Wall Street Inc.                                                                                                                                                                                                                                                        |
|   | (c) | Consideration. Such shares of common stock were issued pursuant to a consultingagreement and were valued, in the aggregate, at $297,015.                                                                                                                                                                                                                   |
|   | (d) | Exemption from Registration Claimed. These securities are exempt fromregistration under the Securities Act of 1933, as amended, pursuant to theprovisions of Section 4(2) thereof and Rule 506 thereunder, as a transaction notinvolving a public offering. This purchaser was a sophisticated investor capable ofevaluating an investment in our company. |

| 2.     | (a) | Securities Sold. In July 2005, a total of 1,000,000 shares of our common stockwere issued.                                                                                                                                                                                                                                                                   |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (b) | Underwriter or Other Purchasers. Such shares of common stock were issued toJason P. Davis (250,000 shares), Mike Prasad (200,000 shares), Ryan Hayden(200,000 shares), Larry Shultz (200,000 shares) and Clayton D. Carter (150,000shares).                                                                                                                  |
|   | (c) | Consideration. Such shares of common stock were issued pursuant to anagreement and waiver and were valued, in the aggregate, at $38,000.                                                                                                                                                                                                                     |
|   | (d) | Exemption from Registration Claimed. These securities are exempt fromregistration under the Securities Act of 1933, as amended, pursuant to theprovisions of Section 4(2) thereof and Rule 506 thereunder, as a transaction notinvolving a public offering. These purchasers were sophisticated investors capableof evaluating an investment in our company. |

| 3.     | (a) | Securities Sold. In July 2005, a total of 2,950,000 shares of our common stockwere issued.                                                                                                                                                                                                                                                                                                       |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (b) | Underwriter or Other Purchasers. Such shares of common stock were issued toDavid Loflin (2,000,000 shares), Waddell D. Loflin (750,000 shares), Gregory A.Bonner (50,000 shares) and Ira R. Witkin (50,000 shares).  (An additional 50,000shares were not issued but were accrued as to each of Messrs. Bonner and Witkin,which shares were accrued at a value of $3,700 at September 30, 2005). |
|   | (c) | Consideration. Such shares of common stock were issued as bonuses and werevalued, in the aggregate, at $105,450.                                                                                                                                                                                                                                                                                 |
|   | (d) | Exemption from Registration Claimed. These securities are exempt fromregistration under the Securities Act of 1933, as amended, pursuant to theprovisions of Section 4(2) thereof and Rule 506 thereunder, as a transaction notinvolving a public offering. These purchasers were sophisticated investors capableof evaluating an investment in our company.                                     |

| 4.     | (a) | Securities Sold. In July 2005, 2,000,000 shares of our common stock were issued.                                                                                                                                                                                                                                                                           |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (b) | Underwriter or Other Purchasers. Such shares of common stock were issued toNewlan & Newlan, Attorneys at Law.                                                                                                                                                                                                                                          |
|   | (c) | Consideration. Such shares of common stock were issued in payment of legalservices rendered and were valued, in the aggregate, at $181,450.                                                                                                                                                                                                                |
|   | (d) | Exemption from Registration Claimed. These securities are exempt fromregistration under the Securities Act of 1933, as amended, pursuant to theprovisions of Section 4(2) thereof and Rule 506 thereunder, as a transaction notinvolving a public offering. This purchaser was a sophisticated investor capable ofevaluating an investment in our company. |

| 5.     | (a) | Securities Sold. In August 2005, 300,000 shares of our common stock wereissued.                                                                                                                                                                                                                                                                              |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (b) | Underwriter or Other Purchasers. Such shares of common stock were issued toBrad Thomas and Becky Thomas.                                                                                                                                                                                                                                                     |
|   | (c) | Consideration. Such shares of common stock were issued in consideration of anoption to purchase an asset and were valued, in the aggregate, at $10,500.                                                                                                                                                                                                      |
|   | (d) | Exemption from Registration Claimed. These securities are exempt fromregistration under the Securities Act of 1933, as amended, pursuant to theprovisions of Section 4(2) thereof and Rule 506 thereunder, as a transaction notinvolving a public offering. These purchasers were sophisticated investors capableof evaluating an investment in our company. |

|   |
|--------|

| 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. |   |
|-------------------------------------------|--------|

| (a) Exhibits |   |
|--------------|--------|

| ExhibitNo. |   | Description |   |
|------------|--------|-------------|--------|

| 31.1 |   | Certification of Chief Executive Officer required by Rule 13a-14(a) orRule 15d-14(b) |   |
|------|--------|--------------------------------------------------------------------------------------|--------|

| 31.2 |   | Certification of Chief Accounting Officer required by Rule 13a-14(a) orRule 15d-14(b) |   |
|------|--------|---------------------------------------------------------------------------------------|--------|

| 32.1 |   | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section1350 |   |
|------|--------|----------------------------------------------------------------------------|--------|

| 32.2 |   | Certification of Chief Accounting Officer Pursuant to 18 U.S.C. Section1350 |   |
|------|--------|-----------------------------------------------------------------------------|--------|

| (b) Reports on Form 8-K |   |
|-------------------------|--------|

| During the three months ended September 30, 2005, we filed one Current Report on Form8-K, as follows: |
|-------------------------------------------------------------------------------------------------------|

| - | Date of Event: July 13, 2005, wherein we reported entering into a material contract;this Current Report on Form 8- K, as amended on June 7, 2005, is incorporated hereinby this reference. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| - | Date of Event: August 23, 2005, wherein we reported entering into a material contract;this Current Report on Form 8- K is incorporated herein by this reference. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Subsequent to September 30, 2005, we have filed one Current Report on Form 8-K, asfollows: |
|--------------------------------------------------------------------------------------------|

| - | Date of Event: November 11, 2005, wherein we reported our entry into a materialcontract and information pursuant to Regulation FD; this Current Report on Form 8- Kis incorporated herein by this reference. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |
|--------|

| SIGNATURES |
|------------|

| In accordance with the requirements of the Securities Exchange Act of 1934, Registrant hasduly caused this report to be signed on its behalf by the undersigned, thereunto dulyauthorized. |
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| Date: November 21, 2005. | DIAMOND I, INC. |
|--------------------------|-----------------|

|   |
|--------|

|   |   | By: | /s/ DAVID LOFLIN |   |
|--------|--------|-----|------------------|--------|

|   | David Loflin, President andActing Chief Financial Officer[Principal Accounting Officer] |   |
|--------|-----------------------------------------------------------------------------------------|--------|