|   | Form 10-QSB/A |   |
|--------|---------------|--------|

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

|   | 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 March 31, 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) |   |
|--------|---------------------------------------------------------------|--------|----------------------------------------|--------|

|   | 8733 Siegen Lane, Suite 309, Baton Rouge, LA 70810 |   |
|--------|----------------------------------------------------|--------|

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

|   | (225) 341-4004 |   |
|--------|----------------|--------|

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

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

| Indicate by check mark whether Registrant (1) has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for suchshorter period that Registrant is required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days: Yes [ X ]   No [   ] |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of theExchange Act). Yes [  ] No [ X ] |
|-----------------------------------------------------------------------------------------------------------------------------------|

| 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 5-11-06 |   |
|--------|-------|--------|---------------------------|--------|

|   | Common Stock, $.001 par value |   | 239,213,351 |   |
|--------|-------------------------------|--------|-------------|--------|

|         |
|--------------|
| <PAGE> |
|         |

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

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

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

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

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

|   | Balance Sheet as of March 31, 2006 (unaudited), and December 31, 2005 | 3 |
|--------|-----------------------------------------------------------------------|---|

|   | Statement of Revenues and Expenses for the Three Months Ended March 31, 2006and 2005, and Period from June 17, 2003 (Inception), Through March 31, 2006(unaudited) | 4 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|---|

|   | Statement of Stockholders’ Equity for the Three Months Ended March 31, 2006(unaudited) | 5 |
|--------|----------------------------------------------------------------------------------------------|---|

|   | Statement of Cash Flows for the Three Months Ended March 31, 2006 and 2005,and Period from June 17, 2003 (Inception), Through March 31, 2006 (unaudited) | 7 |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|---|

|   | Notes to Consolidated Financial Statements | 9 |
|--------|--------------------------------------------|---|

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

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

|   | CONSOLIDATED BALANCE SHEETS |   |
|--------|-----------------------------|--------|

|   | March 31, 2006,and December 31, 2005 |   |
|--------|--------------------------------------|--------|

|   | 3/31/06(unaudited) |   | 12/31/05 |
|--------|--------------------|--------|----------|

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

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

|   | Cash | $32,115 |   | $         - |
|--------|------|---------|--------|-------------|

|   | Total current assets | 32,115 |   | - |
|--------|----------------------|--------|--------|---|

| Equipment, net of accumulated depreciation of $80,019and $75,439 | 22,097 |   | 26,677 |
|------------------------------------------------------------------|--------|--------|--------|

| Intangible asset - Pending patent | 485,133 |   | - |
|-----------------------------------|---------|--------|---|

|   | Total Assets | $539,345 |   | $26,677 |
|--------|--------------|----------|--------|---------|

| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |
|------------------------------------------------|

| Current liabilities: |   |   |
|----------------------|--------|--------|

|   | Accounts payable | $2,500 |   | $12,454 |
|--------|------------------|--------|--------|---------|

|   | Accrued expenses | 119,240 |   | 10,206 |
|--------|------------------|---------|--------|--------|

|   | Short-term note payable - related party | 41,240 |   | 35,500 |
|--------|-----------------------------------------|--------|--------|--------|

|   | Dividend payable on preferred stock | 60,000 |   | 52,500 |
|--------|-------------------------------------|--------|--------|--------|

|   | Total current liabilities | 222,980 |   | 110,660 |
|--------|---------------------------|---------|--------|---------|

| Stockholders’ equity (deficit): |   |   |
|---------------------------------------|--------|--------|

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

|   | Common stock, $.001 par value; 700,000,000 sharesauthorized, 239,548,272 and 225,720,488 sharesissued and outstanding | 239,549 |   | 225,721 |
|--------|-----------------------------------------------------------------------------------------------------------------------|---------|--------|---------|

|   | Subscription receivable | (59,000) |   | (24,400) |
|--------|-------------------------|----------|--------|----------|

|   | Additional paid-in capital | 27,964,307 |   | 27,078,468 |
|--------|----------------------------|------------|--------|------------|

|   | Deficit accumulated during the development stage | (27,828,991) |   | (27,364,272) |
|--------|--------------------------------------------------|--------------|--------|--------------|

|   | Total stockholders' equity (deficit) | 316,365 |   | (83,983) |
|--------|--------------------------------------|---------|--------|----------|

|   | Total liabilities and stockholders’ equity(deficit) | $539,345 |   | $26,677 |
|--------|-----------------------------------------------------------|----------|--------|---------|

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

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

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

|   | STATEMENTS OF REVENUES ANDEXPENSES |   |
|--------|------------------------------------|--------|

|   | For the Three Months Ended March 31, 2006 and 2005, andthe Period from June 17, 2003 (Inception), Through March 31, 2006(unaudited) |   |
|--------|-------------------------------------------------------------------------------------------------------------------------------------|--------|

|   | Three Months Ended March31, |   |   |
|--------|-----------------------------|--------|--------|

|   | 2006 |   | 2005 |   | Inceptionthrough3/31/2006 |
|--------|------|--------|------|--------|---------------------------|

| Revenues | $             - |   | $666 |   | $10,784 |
|----------|-----------------|--------|------|--------|---------|

| Internet access costs | (           -  ) |   | (6,182) |   | (32,850) |
|-----------------------|------------------|--------|---------|--------|----------|

| Gross profit (loss) | (           -  ) |   | (5,516) |   | (22,066) |
|---------------------|------------------|--------|---------|--------|----------|

| OPERATING EXPENSES |   |   |   |   |   |
|--------------------|--------|--------|--------|--------|--------|

|   | Professional and consulting fees | 165,632 |   | 270,288 |   | 3,451,100 |
|--------|----------------------------------|---------|--------|---------|--------|-----------|

|   | Compensation expense | 288,576 |   | 820,112 |   | 4,113,966 |
|--------|----------------------|---------|--------|---------|--------|-----------|

|   | Depreciation | 4,579 |   | 4,228 |   | 80,018 |
|--------|--------------|-------|--------|-------|--------|--------|

|   | Impairment loss | - |   | 16,306,527 |   | 16,808,527 |
|--------|-----------------|---|--------|------------|--------|------------|

|   | General and administrative (excludingprofessional and consulting fees,compensation expense, depreciationand impairment loss) | 4,189 |   | 825,064 |   | 3,348,135 |
|--------|------------------------------------------------------------------------------------------------------------------------------|-------|--------|---------|--------|-----------|

|   | Total Operating Expenses | 462,976 |   | 18,226,219 |   | 27,806,326 |
|--------|--------------------------|---------|--------|------------|--------|------------|

| LOSS FROM OPERATIONS | (462,976) |   | (18,231,735) |   | (27,828,392) |
|----------------------|-----------|--------|--------------|--------|--------------|

| OTHER INCOME (EXPENSE) | (1,743) |   | 45 |   | (599) |
|------------------------|---------|--------|----|--------|-------|

| NET LOSS | (464,719) |   | (18,231,690) |   | (27,828,991) |
|----------|-----------|--------|--------------|--------|--------------|

| Deemed Dividend on Preferred Stock | - |   | - |   | (165,442) |
|------------------------------------|---|--------|---|--------|-----------|

| Cumulative Preferred Dividends | (7,500) |   | - |   | (60,000) |
|--------------------------------|---------|--------|---|--------|----------|

| Net Loss Charged to CommonShareholders | (472,218) |   | (18,231,690) |   | (28,054,433) |
|----------------------------------------|-----------|--------|--------------|--------|--------------|

| Net loss applicable to commonshareholders |   |   |   |   |   |
|-------------------------------------------|--------|--------|--------|--------|--------|

|   | Basic and diluted | $(.002) |   | $(0.11) |   |   |
|--------|-------------------|---------|--------|---------|--------|--------|

| Weighted average number of sharesoutstanding |   |   |   |   |   |
|----------------------------------------------|--------|--------|--------|--------|--------|

|   | Basic and diluted | 232,617,472 |   | 163,039,464 |   |   |
|--------|-------------------|-------------|--------|-------------|--------|--------|

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

|   | CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT) |   |
|--------|----------------------------------------------------------------|--------|

|   |  For the Three Months Ended March 31, 2006(unaudited) |   |
|--------|------------------------------------------------------------|--------|

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

|   | Preferred Stock |   | Common Stock |   |
|--------|-----------------|--------|--------------|--------|

|   | Shares |   | Amount |   | Shares |   | Amount |   | AdditionalPaid-inCapital |   | SubscriptionReceivable |   | DeficitAccumulatedDuring theDevelopmentStage |   | Total |   |   |
|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------------------------|--------|------------------------|--------|----------------------------------------------|--------|-------|--------|--------|

| Balance,December 31,2005 | 500,000 |   | $500 |   | 225,720,488 |   | $225,721 |   | $27,078,468 |   | $(24,400) |   | $(27,364,272) |   | $(83,983) |   |   |
|--------------------------|---------|--------|------|--------|-------------|--------|----------|--------|-------------|--------|-----------|--------|---------------|--------|-----------|--------|--------|

| Stock issuedas bonuses,January 2006 | - |   | - |   | 4,700,000 |   | 4,700 |   | 136,300 |   | - |   | - |   | 141,000 |   |   |
|-------------------------------------|---|--------|---|--------|-----------|--------|-------|--------|---------|--------|---|--------|---|--------|---------|--------|--------|

| Paymentsreceived onstock issuedin prior year | - |   | - |   | - |   | - |   | - |   | 65,400 |   | - |   | 65,400 |   |   |
|----------------------------------------------|---|--------|---|--------|---|--------|---|--------|---|--------|--------|--------|---|--------|--------|--------|--------|

| Stock issuedfor services: |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|---------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|

| January 2006 | - |   | - |   | 3,000,000 |   | 3,000 |   | 87,000 |   | - |   | - |   | 90,000 |   |   |
|--------------|---|--------|---|--------|-----------|--------|-------|--------|--------|--------|---|--------|---|--------|--------|--------|--------|

| February2006 | - |   | - |   | 1,107,142 |   | 1,107 |   | 26,712 |   | - |   | - |   | 27,819 |   |   |
|--------------|---|--------|---|--------|-----------|--------|-------|--------|--------|--------|---|--------|---|--------|--------|--------|--------|

| Stock issuedfor exercise ofwarrants | - |   | - |   | 4,620,642 |   | 4,621 |   | 95,379 |   | (100,000) |   | - |   | - |   |   |
|-------------------------------------|---|--------|---|--------|-----------|--------|-------|--------|--------|--------|-----------|--------|---|--------|---|--------|--------|

| Stock issuedfor salary,March 2006 | - |   | - |   | 400,000 |   | 400 |   | 9,240 |   | - |   | - |   | 9,640 |   |   |
|-----------------------------------|---|--------|---|--------|---------|--------|-----|--------|-------|--------|---|--------|---|--------|-------|--------|--------|

|   | Preferred Stock |   | Common Stock |   |
|--------|-----------------|--------|--------------|--------|

|   | Shares |   | Amount |   | Shares |   | Amount |   | AdditionalPaid-inCapital |   | SubscriptionReceivable |   | DeficitAccumulatedDuring theDevelopmentStage |   | Total |   |   |
|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------------------------|--------|------------------------|--------|----------------------------------------------|--------|-------|--------|--------|

| Issuance ofwarrants forpatents | - |   | - |   | - |   | - |   | 485,133 |   | - |   | - |   | 485,133 |   |   |
|--------------------------------|---|--------|---|--------|---|--------|---|--------|---------|--------|---|--------|---|--------|---------|--------|--------|

| Dividendpayable onpreferredstock | - |   | - |   | - |   | - |   | (7,500) |   | - |   | - |   | (7,500) |   |   |
|----------------------------------|---|--------|---|--------|---|--------|---|--------|---------|--------|---|--------|---|--------|---------|--------|--------|

| Warrantsissued forservices | - |   | - |   | - |   | - |   | 53,575 |   | - |   | - |   | 53,575 |   |   |
|----------------------------|---|--------|---|--------|---|--------|---|--------|--------|--------|---|--------|---|--------|--------|--------|--------|

| Net loss | - |   | - |   | - |   | - |   | - |   | - |   | (464,719) |   | (464,719) |   |   |
|----------|---|--------|---|--------|---|--------|---|--------|---|--------|---|--------|-----------|--------|-----------|--------|--------|

| Balance,March 31,2006 | 500,000 |   | 500 |   | 239,548,272 |   | $239,549 |   | $27,964,307 |   | $(59,000) |   | $(27,828,991) |   | $316,365 |   |   |
|-----------------------|---------|--------|-----|--------|-------------|--------|----------|--------|-------------|--------|-----------|--------|---------------|--------|----------|--------|--------|

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

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

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

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

|   | For the Three Months Ended March 31, 2006 and 2005,and the Period from June 17, 2003 (Inception), Through March 31, 2006(unaudited) |   |
|--------|-------------------------------------------------------------------------------------------------------------------------------------|--------|

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

|   | Three Months Ended March31, |   |   |
|--------|-----------------------------|--------|--------|

|   | 2006 |   | 2005 |   | Inceptionthrough3/31/2006 |
|--------|------|--------|------|--------|---------------------------|

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

| Net loss | $(464,719) |   | $(18,231,690) |   | $(27,828,991) |
|----------|------------|--------|---------------|--------|---------------|

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

|   | Depreciation | 4,579 |   | 4,228 |   | 80,019 |
|--------|--------------|-------|--------|-------|--------|--------|

|   | Stock issued for services | 268,458 |   | 931,200 |   | 6,893,592 |
|--------|---------------------------|---------|--------|---------|--------|-----------|

|   | Impairment loss and write-down ofassets | - |   | 16,306,527 |   | 16,808,527 |
|--------|-----------------------------------------|---|--------|------------|--------|------------|

|   | Warrant expense | 53,575 |   | 767,607 |   | 2,126,178 |
|--------|-----------------|--------|--------|---------|--------|-----------|

|   | Donated capital, officers’ salaries | - |   | - |   | 279,808 |
|--------|-------------------------------------------|---|--------|---|--------|---------|

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

|   | Accrued expenses | 109,036 |   | (8,991) |   | 125,468 |
|--------|------------------|---------|--------|---------|--------|---------|

|   | Accounts payable | (9,954) |   | (5,820) |   | (1,610) |
|--------|------------------|---------|--------|---------|--------|---------|

| CASH FLOWS USED IN OPERATINGACTIVITIES | (39,025) |   | (236,939) |   | (1,517,009) |
|----------------------------------------|----------|--------|-----------|--------|-------------|

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

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

|   | Purchase of equipment | - |   | (4,054) |   | (102,116) |
|--------|-----------------------|---|--------|---------|--------|-----------|

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

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

|   | Payment of note | (4,000) |   | (55,000) |   | (59,000) |
|--------|-----------------|---------|--------|----------|--------|----------|

|   | Proceeds from issuance of notepayable | 9,740 |   | - |   | 100,240 |
|--------|---------------------------------------|-------|--------|---|--------|---------|

|   | Proceeds from issuance ofpreferred shares, net | - |   | - |   | 209,558 |
|--------|------------------------------------------------|---|--------|---|--------|---------|

|   | Proceeds from exercise of warrants | 100,000 |   | - |   | 859,442 |
|--------|------------------------------------|---------|--------|---|--------|---------|

|   | Subscription receivable | (34,600) |   | - |   | (59,000) |
|--------|-------------------------|----------|--------|---|--------|----------|

|   | Sale of common stock, net | - |   | 310,000 |   | 600,000 |
|--------|---------------------------|---|--------|---------|--------|---------|

| CASH FLOWS PROVIDED BYFINANCING ACTIVITIES | 71,140 |   | 255,000 |   | $1,651,240 |
|--------------------------------------------|--------|--------|---------|--------|------------|

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

| NET CHANGE IN CASH | 32,115 |   | 14,007 |   | 32,115 |
|--------------------|--------|--------|--------|--------|--------|

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

| Cash, end of period | $32,115 |   | $25,199 |   | $32,115 |
|---------------------|---------|--------|---------|--------|---------|

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

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

|   | Income taxes paid | $0 |   | $0 |   | $0 |
|--------|-------------------|----|--------|----|--------|----|

|   | Interest paid | $0 |   | $6,600 |   | $0 |
|--------|---------------|----|--------|--------|--------|----|

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

| Non-cash Investing and FinancingActivities: |   |   |   |   |   |
|---------------------------------------------|--------|--------|--------|--------|--------|

|   | Cumulative dividends on preferredstock | $7,500 |   | $0 |   | $60,000 |
|--------|----------------------------------------|--------|--------|----|--------|---------|

|   | Liabilities assumed in merger | $0 |   | $0 |   | $8,922 |
|--------|-------------------------------|----|--------|----|--------|--------|

|   | Stock issued in acquisition | $0 |   | $0 |   | $16,687,627 |
|--------|-----------------------------|----|--------|----|--------|-------------|

|   | Stock issued for wi-fi hotspots | $0 |   | $0 |   | $120,900 |
|--------|---------------------------------|----|--------|----|--------|----------|

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

|   | Warrants issued for patent | $485,133 |   | $0 |   | $485,133 |
|--------|----------------------------|----------|--------|----|--------|----------|

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

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

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

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

|   | March 31, 2005(unaudited) |   |
|--------|---------------------------|--------|

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

| Note 1 | Basis of Presentation |
|--------|-----------------------|

| The consolidated balance sheet as of March 31, 2006, the statement of revenues and expenses andthe statement of cash flows for the three months ended March 31, 2006 and 2005, and the periodfrom inception (June 17, 2003) through March 31, 2006, have been prepared by Diamond I, Inc.(together with its subsidiaries, “Diamond I”) without audit.  In the opinion of management, alladjustments necessary to present fairly the financial position, results of operations and cash flowsof Diamond I at March 31, 2006, and for all other periods presented, have been made.  The resultsof operations for interim periods are not necessarily indicative of the results to be expected for thefull year.  Certain information and disclosures normally included in financial statements preparedin accordance with generally accepted accounting principles have been omitted in accordance withthe Securities and Exchange Commission’s rules for interim reporting.  Accordingly, thesefinancial statements should be read in conjunction with the financial statements and accompanyingnotes thereto in Diamond I’s Annual Report on Form 10-KSB for the fiscal year ended December31, 2005. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Note 2 | Going Concern |
|--------|---------------|

| Diamond I has incurred losses totaling $27,828,991 through March 31, 2006, and had limitedworking capital at March 31, 2006.  Because of these conditions, Diamond I will requireadditional working capital to continue operations and develop the business.  Diamond I intendsto raise additional working capital either through private placements, public offerings and/or bankfinancing. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| There are no assurances that Diamond I will be able to achieve a level of revenues adequate togenerate sufficient cash flow from operations or obtain additional financing through privateplacements, public offerings and/or bank financing necessary to support Diamond I’s workingcapital requirements.  To the extent that funds generated from any private placements, publicofferings and/or bank financing are insufficient, Diamond I will have to raise additional workingcapital.  No assurance can be given that additional financing will be available, or if available, willbe on terms acceptable to Diamond I.  If adequate working capital is not available Diamond I maynot continue its operations or execute its business plan. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| These conditions raise substantial doubt about Diamond I's ability to continue as a going concern.The financial statements do not include any adjustments relating to the recoverability andclassification of asset carrying amounts or the amount and classification of liabilities that mightbe necessary should Diamond I be unable to continue as a going concern. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Note 3 | Intangible Assets |
|--------|-------------------|

| On March 29, 2006, Diamond I purchased pending patent rights from Larson Tech Ventures, LLCand Larry Shultz related to: |
|-------------------------------------------------------------------------------------------------------------------------|

| 1. | Methods and apparatus for pari-mutuel, sports book and electronic casino gaming usingspeech recognition and concomitant video. |
|----|--------------------------------------------------------------------------------------------------------------------------------|

| 2. | Biometrically-secured portable wireless entertainment, shopping and gaming system. |
|----|------------------------------------------------------------------------------------|

| As consideration, Diamond I issued 6,500,000 warrants to purchase common stock exercisableat $0.35 per share and expiring March 31, 2011.  The fair value of these warrants was calculatedusing the Black-Scholes Model and used as the value of the patent at $485,133.  The model wasbased on a term of five years, a volatility rate of 236.74% and a discount rate of 4.83%. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Note 4 | Capital Stock |
|--------|---------------|

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

| During the first three months of 2006, Diamond I issued a total of 4,107,142 shares of commonstock to third-party consultants for services, resulting in $117,819 in non-cash compensationexpense included in professional and legal expenses and consulting fees in the accompanyingstatement of revenues and expenses. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| During the first three months of 2006, Diamond I issued, as bonuses to certain of its officers anddirectors, a total of 5,100,000 shares of common stock, valued at $150,640 (unaudited). |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Diamond I measured the transactions at the respective dates of issuance at the then-quoted marketprice.  There are no performance commitments or penalties for non-performance, thereforeDiamond I recorded the expense at the date of issuance. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Note 5 | Warrants |
|--------|----------|

| During the quarter ended March 31, 2006, 4,620,642 warrants were exercised to purchase a likenumber of shares for $100,000 in cash. |
|-------------------------------------------------------------------------------------------------------------------------------------|

| Diamond I granted 6,500,000 warrants at an exercise price of $.035 in exchange for a patent.$485,133 is recorded for this intangible asset. |
|---------------------------------------------------------------------------------------------------------------------------------------------|

| Diamond I recognized $53,575 in warrant expense associated with warrants granted in 2005 inconnection with a one-year service agreement. |
|------------------------------------------------------------------------------------------------------------------------------------------|

| The following sets forth the warrants outstanding as of March 31, 2006. |
|-------------------------------------------------------------------------|

|   | ExercisePrice |   | Number ofShares |   | Remaining Life |   | ExercisableNumber ofShares |   |
|--------|---------------|--------|-----------------|--------|----------------|--------|----------------------------|--------|

|   | $.875 |   | 1,000,000 |   | March 2007 |   | 1,000,000 |   |
|--------|-------|--------|-----------|--------|------------|--------|-----------|--------|

|   | 1.125 |   | 1,000,000 |   | March 2007 |   | 1,000,000 |   |
|--------|-------|--------|-----------|--------|------------|--------|-----------|--------|

|   | .25 |   | 20,000,000 |   | April 2009 |   | 20,000,000 |   |
|--------|-----|--------|------------|--------|------------|--------|------------|--------|

|   | .05 |   | 4,000,000 |   | September2008 |   | 4,000,000 |   |
|--------|-----|--------|-----------|--------|---------------|--------|-----------|--------|

|   | .075 |   | 4,000,000 |   | September2008 |   | 4,000,000 |   |
|--------|------|--------|-----------|--------|---------------|--------|-----------|--------|

|   | .10 |   | 4,000,000 |   | September2008 |   | 4,000,000 |   |
|--------|-----|--------|-----------|--------|---------------|--------|-----------|--------|

|   | 1.25 |   | 4,000,000 |   | September2008 |   | 4,000,000 |   |
|--------|------|--------|-----------|--------|---------------|--------|-----------|--------|

|   | .022 |   | 8,823,529 |   | August 2006 |   | 5,163,045 |   |
|--------|------|--------|-----------|--------|-------------|--------|-----------|--------|

|   | .04 |   | 3,500,000 |   | November 2010 |   | 3,500,000 |   |
|--------|-----|--------|-----------|--------|---------------|--------|-----------|--------|

|   | .035 |   | 6,500,000 |   | March 2011 |   | 6,500,000 |   |
|--------|------|--------|-----------|--------|------------|--------|-----------|--------|

|   | At 3/31/06 |   | 56,823,529 |   |   |   | 48,542,403 |   |
|--------|------------|--------|------------|--------|--------|--------|------------|--------|

| Note 6 | Short-term Note Payable to Related Party |
|--------|------------------------------------------|

| During the quarter ended March 31, 2006, Diamond I was loaned $9,740 from a related partyunder a verbal agreement with no stated interest rate and is due on demand.  In addition, DiamondI repaid $4,000 of related party loans.  Accrued interest on related party loans was $1,743 as ofMarch 31, 2006. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Note 7 | Subsequent Event |
|--------|------------------|

| In May 2006, Diamond I executed an agreement to acquire the outstanding capital stock ofTouchdev Limited, the developer of an array of internally-derived and copyrighted gamingsoftware products, with wireless PDA and cellular-phone-based capabilities.  The acquisition isexpected to close before the end of May 2006 and will be made with 8,000,000 shares of DiamondI common stock. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 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. Certainimportant risks could cause results to differ materially from those anticipated by some of theforward-looking statements. Some, but not all, of the important risks that could cause actualresults to differ materially from those suggested by the forward-looking statements include, amongother 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 gaming products; |
|---|-----------------------------------------------------------------------------------------|

| - | 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 beyond ourcontrol. |
|---|-----------------------------------------------------------------------------------------------------|

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

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

| Item 2. | Plan of Operations. |
|---------|---------------------|

| Business Development |
|----------------------|

| Since our acquisition of Diamond I Technologies, Inc. (“DITech”), we have focused on thedevelopment of DITech’s hand-held wireless gaming system for on-premises use by casinos,resorts and restaurants, known as “WiFiCasino GS”(TM).  To date, we have not generated anyrevenues from this line of business. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| The development of our business has been significantly impaired by our lack of adequate capital. |
|--------------------------------------------------------------------------------------------------|

| However, our business prospects in the State of Nevada were greatly enhanced in March 2006,with the adoption of final regulations implementing Nevada Law AB471, which authorizes theuse of mobile communication devices, such as our WifiCasino GS wireless gaming system, forgaming in public areas in Nevada casinos. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| In furtherance of our plan to develop the business potential of our WifiCasino GS products, wehave, to the extent permitted by our capital position, taken the following actions: |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| - | completed final design and three-dimensional model of the first generation of our WifiCasinoGS that embodies our finger-print security technology; |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------|

| - | begun preparation of the application for a license from the Nevada Gaming Commission withrespect our WifiCasino GS; |
|---|---------------------------------------------------------------------------------------------------------------------|

| - | signed a letter of intent with The Palms Resort and Casino, a premier Las Vegas property,wherein The Palms has agreed to continue to develop our working relationship relating to ourWifiCasino GS wireless gaming system; |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| - | entered into a strategic alliance with Viking Productions, a marketing and promotions firmwith a presence in Jamaica, to bring our WifiCasino GS to venues within the extensiveJamaican hotel and tourism industries; |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| - | pursued numerous potential opportunities to install and operate one of our WifiCasino GSsystems on a cruise ship - these activities are ongoing; |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------|

| - | pursued numerous potential opportunities with the owners of certain horse racing facilities,with respect to our installing and operating one of our WifiCasino GS systems on such afacility - these activities are ongoing; and |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| - | recently executed an agreement to acquire Touchdev Limited, a developer of an array ofinternally-derived and copyrighted gaming software products, with wireless PDA and cellular-phone-based capabilities.  Touchdev has created 12 different games, including Texas Hold’emPoker. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| We believe our most promising activities for the development of revenues in the short-term arerelated to our recently started Jamaican venture.  will, over the next two years, generate significantrevenues.  It is the stated objective of our Jamaican partner to place our wireless gaming systemin as many hotels and restaurants as is possible, as quickly as possible. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| We recently acquired the rights to pending patents relating to voice-recognition, or “voice-print”security technology.  Our board of directors, with the recommendation of management,determined to acquire these patent rights, due to its belief that the security provided by our “voice-print” technology, when coupled with our patent-pending finger-print security technology, wouldbe a significant point in our favor, as we solicit venues.  We will be able to assure venues (and thelocal government) that those who cannot game legally will not be able to do so. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Also, we expect that our pending acquisition of Touchdev and its proprietary software products,once finalized, will allow us to further enhance our WifiCasino GS products.  We believe thatthese features will provide a competitive advantage, when we begin our full-scale WifiCasino GSas we implement our marketing strategy. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Our marketing plan in Nevada revolves around establishing a greater physical presence of ourpersonnel, who are to conduct our marketing activities on a face-to-face basis with the owners oftarget venues, i.e., casinos.  The success of our WifiCasino GS marketing efforts in Nevada will,like other gaming sales efforts, be largely dependent on our ability to establish positive personalrelationships with appropriate decision-makers.  Our management believes that it has alreadyestablished a positive relationship with a number of such persons. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Our marketing in Jamaica is to be headed by our Jamaican partner, who has already targeted asubstantial number of venues that it believes will be amenable to having a WifiCasino GS systeminstalled and operated on their respective properties. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| To accomplish any of our business plan, we must obtain substantial capital.  Without capital, wewill not be successful in doing so. |
|-------------------------------------------------------------------------------------------------------------------------------------|

| Also, we cannot assure you that we will be able to achieve a level of revenues adequate togenerate sufficient cash flow from operations or obtain additional financing through privateplacements, public offerings and/or bank financing necessary to support our working capitalrequirements. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| We have recently undertaken discussions with a potential underwriter with which we wouldconduct a public offering of our common stock.  However, this particular potential source offunding may never materialize.  To the extent that funds generated from any private placements,public offerings and/or bank financing are insufficient, we will have to raise additional workingcapital.  No assurance can be given that additional financing will be available, or if available, willbe on terms acceptable to us.  If adequate working capital is not available we would be unable torealize the business potential of our WifiCasino GS products and may not be able to continue ouroperations or execute our business plan. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| There were no material changes to our critical accounting policies during the period endedMarch 31, 2006. |
|-----------------------------------------------------------------------------------------------------------|

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

| Since our inception, we have lacked adequate capital with which to accomplish our businessobjectives.  Currently, we have a working capital deficit of $190,865. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| We are actively seeking additional funds with which to execute our business plan.  We willrequire additional working capital to continue operations and develop our business.  We intendto obtain additional capital either through private placements, public offerings and/or financings. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| There are no assurances that we will be able to achieve a level of revenues adequate to generatesufficient cash flow from operations or obtain additional financing to sustain our business.Further, we cannot assure you that additional financing will be available or, if available, that anysuch financing will be on terms acceptable to us.  If we do not obtain adequate financing, we maynot be able to continue our operations or execute our business plan. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| During the first three months of 2006 and 2005, we obtained a total of $65,400 and $310,000,respectively, from the exercise of certain options, which funds have been used to pay costsassociated with our wireless gaming business and for operating expenses.  We are actively seekingcapital for use in our business.  We can make no assurance that we will obtain enough to continueour 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 to theextent our available capital permits.  Our management’s philosophy may, in the future, prove tohave been flawed, to the extreme detriment to our business and, ultimately, our shareholders. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Our Capital Needs.  Our current level of operations can be maintained for the next six months.However, to begin the aggressive pursuit of our wireless gaming business objectives, we willrequire approximately $2 million. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Management's Plans Relating to Future Liquidity |
|-------------------------------------------------|

| We will be able to sustain our current level of operations for the next six months, provided wereceive funds from the expected exercise of certain options.  However, this level of funding willnot be adequate for us to aggressively pursue the exploitation of our wireless gaming products.We continue to seek capital for these purposes. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| We purchased $458,133 and $4,060 in patents and equipment during the quarters ended March31, 2006 and 2005, respectively.  We currently have limited capital with which to make anysignificant capital expenditures.  Should we obtain significant funding, of which there is noassurance, we would be able to make significant expenditures for equipment.  The amounts ofthese patent and equipment purchases cannot be predicted due to the uncertainty of funding levelsand timing.  However, without additional capital, we intend to make no capital expenditures. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| Our Chief Executive Officer and Acting Chief Financial Officer has reviewed and evaluated theeffectiveness of our disclosure controls and procedures (as defined in the Securities Exchange Actof 1934 Rules 240.13a-14(c) and 15d-14(c)) as of the end of the period covered by this report andhas concluded that such disclosure controls and procedures are not effective in timely alerting himand other members of management to material information about our company required to bedisclosed by us in our periodic reports that we file or submit under the Securities Exchange Actof 1934.  The deficiencies in our disclosure controls and procedures are a result of our lack ofaccounting personnel, due to our limited financial resources.  We are seeking additional financingthat would allow us to obtain the necessary resources to execute our business plan, includingpersonnel and other resources to improve our disclosure controls and procedures. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| There have not been any significant changes in our internal controls over financial reporting (assuch term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934)during the fiscal quarter to which this report relates that have materially affected, or are reasonablylikely to materially affect, our internal control over financial reporting. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

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

| Item 2. | Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. |
|---------|----------------------------------------------------------------------|

| During the three months ended March 31, 2006, we issued restricted securities as follows: |
|-------------------------------------------------------------------------------------------|

| 1.     | (a) | Securities Sold. In January 2006, a total of 4,700,000 shares of our common stockwere issued.                                                                                                                                                                                                                                                                |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (b) | Underwriter or Other Purchasers. Such shares of common stock were issued to DavidLoflin (3,000,000 shares), Waddell D. Loflin (1,500,000 shares), Gregory A. Bonner(100,000 shares) and Ira R. Witkin (100,000 shares).                                                                                                                                      |
|   | (c) | Consideration. Such shares of common stock were issued as bonuses and werevalued, in the aggregate, at $111,000.                                                                                                                                                                                                                                             |
|   | (d) | Exemption from Registration Claimed. These securities are exempt from registrationunder the Securities Act of 1933, as amended, pursuant to the provisions of Section4(2) thereof and Rule 506 thereunder, as a transaction not involving a public offering.These purchasers were sophisticated investors capable of evaluating an investmentin our company. |

| 2.     | (a) | Securities Sold. In January 2006, 3,000,000 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 legal servicesand were valued at $90,000.                                                                                                                                                                                                                                             |
|   | (d) | Exemption from Registration Claimed. These securities are exempt from registrationunder the Securities Act of 1933, as amended, pursuant to the provisions of Section4(2) thereof and Rule 506 thereunder, as a transaction not involving a public offering.This purchaser was a sophisticated investor capable of evaluating an investment inour company. |

| 3.     | (a) | Securities Sold. In February 2006, 350,000 shares of our common stock were issued.                                                                                                                                                                                                                                                                         |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (b) | Underwriter or Other Purchasers. Such shares of common stock were issued to GlobalConsulting Group, Inc.                                                                                                                                                                                                                                                   |
|   | (c) | Consideration. Such shares of common stock were issued pursuant to a consultingagreement and were valued at $8,700.                                                                                                                                                                                                                                        |
|   | (d) | Exemption from Registration Claimed. These securities are exempt from registrationunder the Securities Act of 1933, as amended, pursuant to the provisions of Section4(2) thereof and Rule 506 thereunder, as a transaction not involving a public offering.This purchaser was a sophisticated investor capable of evaluating an investment inour 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) or Rule15d-14(b) |
|------|--------|--------------------------------------------------------------------------------------|

| 31.2 |   | Certification of Chief Accounting Officer required by Rule 13a-14(a) or Rule15d-14(b) |
|------|--------|---------------------------------------------------------------------------------------|

| 32.1 |   | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 |
|------|--------|-----------------------------------------------------------------------------|

| 32.2 |   | Certification of Chief Accounting Officer Pursuant to 18 U.S.C. Section 1350 |
|------|--------|------------------------------------------------------------------------------|

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

| During the three months ended March 31, 2006, we filed one Current Report on Form 8-K, asfollows: |
|---------------------------------------------------------------------------------------------------|

| - | Date of event: January 20, 2006, as amended, wherein we reported information pursuantto Item 4.02, Non-Reliance on Previously Issued Financial Statements or a Related AuditReport or Completed Interim Review. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Since March 31, 2006, we have not filed a Current Report on Form 8-K. |
|-----------------------------------------------------------------------|

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

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

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

| Date: May 30, 2006 | DIAMOND I, INC. |
|--------------------|-----------------|

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

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

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