Capital 10QSB 2008 Q2 Quarterly report (small business)

Part I		Page

Item 1.	Financial Statements	F-1 – F-7

Item 2.	Management Discussion & Analysis or Plan of Operation	1

Item 3.	Controls and Procedures	2

Part ll

Item 1.	Legal Proceedings	3

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	3

Item 3.	Defaults Upon Senior Securities	3

Item 4.	Submission of Matters to a Vote of Security Holders	3

Item 5.	Other Information	3

Item 6.	Exhibits	3

Signatures.		4

PART I FINANCIAL INFORMATION

Item 1. Financial Statements.

OASIS ONLINE TECHNOLOGIES, CORP.

(A Development Stage Company)

BALANCE SHEETS

ASSETS
	March 31, 2008			June 30, 2007
	(Unaudited)			(See Note 1)
Current Assets
Cash	$	8,293		$	-
Marketable equity securities		242,525
Stock subscriptions receivable		-			2,000

Total Current Assets		250,818			2,000

Fixed Assets
Furniture and equipment, net of depreciation		5,154			-
Leasehold improvements		1,318			-

Total Fixed Assets		6,472			-

Other Assets
Security deposits		775			-

Total Assets	$	258,065		$	2,000


LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Accounts payable	$	12,188		$	-
Checks written in excess of cash balance		-			5,293
Accounts payable-related party		-			873

Total Current Liabilities		12,188			6,166


Total Liabilities		12,188			6,166

Stockholders' Equity (Deficit):
Common Stock, $.01 par value,
100,000,000 shares authorized
13,470,854 and 12,429,808 shares
issued and outstanding respectively		134,708			124,298
Additional paid-in capital		4,223,489			3,434,990
Accumulated (deficit)		(3,539,288	)		(3,539,288	)
Accumulated (deficit) during
development stage		(406,807	)		(24,166	)
Accumulated other comprehensive (loss)		(166,225	)		-

Total Stockholders' Equity (Deficit)		245,877			(4,166	)

Total Liabilities and Stockholders' Equity
(Deficit)	$	258,065		$	2,000

The accompanying notes are an integral part of the financial statements.

F-1

OASIS ONLINE TECHNOLOGIES, CORP.

(A Development Stage Company)

STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended
	March 31,			March 31,
	2008			2007

Revenues	$	-		$	-

Expenses:
Accounting fees		1,000			1,700
Legal fees		10,000			560
Press release & edgar fees		458			290
Transfer agent fees		1,439			908
Travel fees		626			-
Consulting fees		5,300			-
Rent expense		2,452			-
Investor relation fees		1,080			-
Office supplies		2,975			-
Compensation fees		69,270			-
Other		2,139			9

Total Expenses		96,739			3,467

Net Ordinary (Loss)	$	(96,739	)		(3,467	)

Other Income
Gain/(Loss)
Realized loss - sale of
marketable securities		(131,011	)		-

Total Other Income		(131,011	)		-

Net (Loss)	$	(227,750	)	$	(3,467	)


Per Share	$	(0.02	)	$ Nil

Weighted Average Number
of Shares Outstanding		13,470,854			12,426,058

The accompanying notes are an integral part of the financial statements.

F-2

OASIS ONLINE TECHNOLOGIES, CORP.

(A Development Stage Company)

STATEMENTS OF OPERATIONS

(Unaudited)

	Nine Months Ended						For the Period from April 26, 2006 (date of Commencement of development stage) through
	March 31,			March 31,			March 31,
	2008			2007			2008

Revenues	$	-		$	-		$	-

Expenses:
Accounting fees		12,000			11,700			23,700
Legal fees		55,000			3,264			61,688
Press release & edgar fees		4,590			612			5,352
Transfer agent fees		8,043			2,753			11,569
Other professional fees		1,591			-			1,591
Compensation fees		69,269			-			69,269
Travel fees		9,735			-			9,735
Consulting fees		19,300			-			19,300
Rent expense		4,169			-			4,169
Other		7,332			2,025			8,821

Total Expenses		191,029			20,354			215,194

Net Ordinary (Loss)	$	(191,029	)		(20,354	)		(215,194	)

Other Income
Gain/(Loss)
Realized loss – sale of
marketable securities		(191,613	)		-			(191,613	)

Total Other Income		(191,613	)		-			(191,613	)

Net (Loss)	$	(382,642	)	$	(20,354	)	$	(406,807	)


Per Share	$	(0.03	)	$	Nil		$	(0.04	)

Weighted Average Number
of Shares Outstanding		13,104,432			7,316,569			9,782,870

The accompanying notes are an integral part of the financial statements.

F-3

OASIS ONLINE TECHNOLOGIES, CORP.

(A Development Stage Company)

STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended						For the Period from April 26, 2006 (date of Commencement Of development Stage) through
	March 31,			March 31,			March 31,
	2008			2007			2008

Cash Flows from Operating Activities:
Net (loss)	$	(381,642	) $		(20,354	)	$	(406,807	)
Adjustments to reconcile net loss
to cash used in operating activities:
Depreciation		231			-			231
Increase in accounts payable		12,188			8,012			12,188
Decrease in Subscription Receivable		2,000			-			-
(Decrease) in checks written in
excess of cash balance		(5,293	)		-			-
(Decrease) in accounts payable
Related party		(873	)		-			-
Loss on sale of marketable securities		191,613			-			191,613

Net Cash (Used in) Operating
Activities		(182,776	)		(12,342	)		(202,775	)

Cash Flows from Investing Activities
Furniture and equipment		(5,385	)		-			(5,385	)
Leasehold improvement		(1,318	)		-			(1,318	)
Security Deposits		(775	)		-			(775	)
Cash received from sale of
Available for sale securities		142,137			-			142,137

Net Cash Provided by Investing
Activities		134,659			-			134,659

Cash Flows from Financing Activities
Issuance of Common Stock for Cash		51,045			20,000			71,045
Subscription receivable		-			(7,000	)		-
Additional paid in capital		5,363			-			4,166

Net Cash Provided by Financing
Activities		56,408			13,000			76,408

Increase (decrease) in Cash		8,293			658			8,293

Cash, Beginning of Period		-			-			-

Cash, End of Period	$	8,293		$	658		$	8,293

Interest Paid	$	-		$	-			-

Income Taxes Paid	$	-		$	-			-

The accompanying notes are an integral part of the financial statements.

F-4

OASIS ONLINE TECHNOLOGIES, CORP.

(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

March 31, 2008 (Unaudited)

(1) Unaudited Financial Statements

The balance sheet as of March 31, 2008, the statements of operations and the statements of cash flows for the three month periods ended March 31, 2008 and 2007, have been prepared by Oasis Online Technologies, Corp. (the “Company”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures, normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted as allowed by such rules and regulations, and the Company believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in financial position at March 31, 2008 and for all periods presented, have been made.

It is suggested that these statements be read in conjunction with the June 30, 2007 audited financial statements and the accompanying notes included in the Company’s Annual Report on Form 10-KSB, filed with the Securities and Exchange Commission.

(2) Basis of Presentation

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, which contemplates continuation of the Company as a going concern. However, the Company has limited working capital and no active business operations, which raises substantial doubt about its ability to continue as a going concern.

In view of these matters, realization of certain of the assets in the accompanying balance sheet is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its financial requirements and the success of its future operations. However, the Company has sustained losses from operations which raise substantial doubt about its ability to continue as a going concern.

Management has opted to resume the filing of Securities and Exchange Commission (“SEC”) reporting documentation and then to seek a business combination. Management believes that this plan provides an opportunity for the Company to continue as a going concern.

(3) Name Change and Reverse Stock Split

On September 19, 2007, the Company filed a certificate of amendment to the Company’s Articles of Incorporation with the Secretary of State of the State of Minnesota to (i) change its name from Implant Technologies, Inc. to Oasis Online Technologies Corp and (ii) give notice of an eight-for-one reverse stock split of the Company’s common shares.

Upon effectiveness of the eight-for-one reverse stock split, all issued and outstanding shares, as of the effective date, were reduced from 99,438,464 prior to the reverse split to 12,429,808 following the reverse stock split. No fractional shares were issued. In lieu of issuing fractional shares, the Company will issue to any stockholder who otherwise would have been entitled to receive a fractional share as a result of the reverse stock split an additional full share of its Common Stock. The number of authorized shares of common stock of the Company was reduced by the same eight for one ratio as the issued and outstanding shares of common stock. The name change became effective and the Company began using the new name on September 19th, 2007. The reverse split became effective on September 26, 2007. All references in the accompanying financial statements to the number of common shares and per share amounts have been retroactively adjusted to reflect the reverse stock split.

F-5

OASIS ONLINE TECHNOLOGIES, CORP.

(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

March 31, 2008 (Unaudited)

(4) Investments

Available for Sale Securities. When a decline in the value of a specific investment is considered to be “other than temporary,” a provision for impairment is charged to earnings (accounted for as a realized loss) and the cost basis of that investment is reduced. The determination of whether unrealized losses are “other than temporary” requires judgment based on subjective as well as objective factors. Factors considered and resources used by management include:

·	The extent to which fair value is less than cost basis,

·	Historical operating, balance sheet and cash flow data contained in issuer SEC filings and news releases,

·	Near-term prospects for improvement in the issuer and/or its industry,

·	Third party research and communications with industry specialists,

·	Financial models and forecasts,

·	Discussions with issuer management, and

·	Ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value.

Based on its analysis of the factors enumerated above, management believes (i) the Company will recover its cost basis in the securities with unrealized losses and (ii) that the Company has the ability and intent to hold the securities until they recover in value. Although the Company has the ability to continue holding its investments with unrealized losses, its intent to hold them may change due to decisions to lessen exposure to a particular issuer or industry, asset/liability management decisions, market movements, changes in views about appropriate asset allocation or the desire to offset taxable realized gains. Should the Company’s ability or intent change with regard to a particular security, a charge for impairment would likely be required. While it is not possible to accurately predict if or when a specific security will become impaired, charges for other than temporary impairment could be material to results of operations in a future period. Management believes it is not likely that future impairment charges will have a significant effect on the Company’s liquidity.

At March 31, 2008, the Company had available for sale security investments in the following companies:

Name				Exchange
Immunosyn (IMYN)				OTCBB
		Total		Total
Total		Market Value		Unrealized
Recorded Cost		March 31, 2008		Depreciation
$	408,750	$	242,525	$	166,225

The company received proceeds of $134,659 from the sale of marketable securities and recorded gross realized losses on those sales of $191,613 during the period ended March 31, 2008.

F-6

OASIS ONLINE TECHNOLOGIES, CORP.

(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

March 31, 2008 (Unaudited)

(5) Related Party Transactions

On August 9, 2007, the Company entered into a Capital Base Funding Agreement with its largest single shareholder, Big Eye Capital, Inc. ("Big Eye") whereby Big Eye will make available to the Company up to one hundred thousand dollars ($100,000) in working capital in exchange for newly issued common stock of the Company. The amount of common stock of the Company to be issued to Big Eye will be based on the greater of the previous day's closing market price or $1.00 per share. The Company will give Big Eye ten days advance notice prior to requesting funds (when possible) so that not all funds will be advanced at any one time. The funds are to be used for general working capital which will include, but not be limited to, the hiring and retention of auditors and attorneys to comply with all regulatory requirements as well as any due diligence expenses occurring in regards to any potential acquisitions, of which there is no guarantee any will materialize. The funds are not earmarked for salaries or other general expenses. The agreement expired on December 31, 2007.

In connection with the Capital Base Funding Agreement which ended on December 31, 2007, Big Eye Capital, Inc. provided a total of $51,046 of funding to the Company resulting in Big Eye Capital, Inc. being issued 51,046 shares of the Company’s common stock accordingly.

(6) Agreements

On October 2nd 2007 the Company entered into a non-binding Letter of Intent to acquire 100% of the outstanding shares of TranSend International, Inc. (“TranSend”) Under the terms of the Letter of Intent, Oasis will issue one share of its common stock for each of the approximately 15 million outstanding shares of TranSend’s common stock. Closing of this transaction is subject to customary conditions which will include, among other things, the completion of an audit of TranSend for at least the past two years as well as completion of definitive agreements between the parties. When and if this transaction closes, the transaction will be accounted for as a reverse acquisition, resulting in TranSend becoming a wholly owned subsidiary of the Company. At this time the due diligence and audit are ongoing.

On October 4th, 2007 the Company and Argyll Equities, LLC (Argyll) entered into and closed a stock purchase agreement (‘Purchase Agreement”). Pursuant to the terms of the Purchase Agreement, the Company acquired 99,000 freely trading registered shares of Immunosyn Corporation, a Delaware corporation, from Argyll in consideration for 990,000 newly issued shares of the Company’s common stock (the “Exchange Shares”).

On November 1st, 2007 the Company entered into a 3 year agreement with 32 Falcon, LLC (“Landlord”) to lease 620 square feet of office space located at 4710 E. Falcon Drive Suite 213 Mesa, Arizona 85215 (“the premises”), which is adjacent to TranSend International, Inc. Prior to the execution of the lease agreement the Landlord had allowed the Company access to the premises to begin tenant improvements. The Company moved into the premises following the completion of the tenant improvements. Rent for the first 12 months shall be $817 per month which includes city tax and a parking fee. The remaining 24 months rent shall be $881 per month including tax and parking. The Lease agreement includes a $775 security deposit.

(6) Subsequent events

On April 23, 2008, the Company entered into a Line of Credit Funding Agreement with TranSend International, Inc. (“TranSend”) whereby the Company will make available to TranSend up to one hundred thousand dollars ($100,000) in an available Line of Credit to be used for the working capital needs of TranSend. The Line of Credit is uncollateralized, and bears interest at an annual rate of ten percent on the outstanding monthly balance.

TranSend will give the Company ten days advance notice prior to requesting funds (when possible) so that not all funds will be advanced at any one time. The funds are to be used for general working capital which will include, but not be limited to, the hiring and retention of auditors and attorneys. The agreement expires and the outstanding balance and interest is due on December 31, 2008.

F-7

Item 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

This report includes certain forward-looking statements. Forward-looking statements are statements that predict the occurrence of future events and are not based on historical fact. Forward-looking statements may be identified by the use of forward-looking terminology, such as “may”, “shall”, “will”, “could”, “expect”, “estimate”, “anticipate”, “predict”, “probable”, “possible”, “should”, “continue”, or similar terms, variations of those terms or the negative of those terms. We have written the forward-looking statements specified in the following information on the basis of assumptions we consider to be reasonable. However, we cannot predict our future operating results. Any representation, guarantee, or warranty should not be inferred from those forward-looking statements.

The assumptions we used for purposes of the forward-looking statements specified in the following information represent estimates of future events and are subject to uncertainty in economic, legislative, industry, and other circumstances. As a result, judgment must be exercised in the identification and interpretation of data and other information and in their use in developing and selecting assumptions from and among reasonable alternatives. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results. Accordingly we express no opinion on the achievability of those forward-looking statements. We cannot guarantee that any of the assumptions relating to the forward-looking statements specified in the following information are accurate. We assume no obligation to update any such forward-looking statements.

Oasis Online Technologies Corp. (“Oasis” or the “Company”) was incorporated under the laws of the state of Minnesota in 1980 as Implant Technologies, Inc. To better reflect the Company’s current goals the Company’s name was changed to Oasis Online Technologies Corp on September 19th, 2007.

Management’s plan of operations is to seek a business combination with an operating company or companies that create and/or market software and provide products and services that utilize portable and secure means of storing and accessing personal information. With the current growth of portable storage devices such as chip-enabled smart cards and USB devices for use in online banking and secure credit card transactions, management believes there is a strong need for value-added software applications to realize the full potential and consumer acceptance of these devices.

In connection with Management’s plan of operation on October 2, 2007 the Company entered into a non-binding letter of intent to acquire TranSend International, Inc. a company that fits with the Company’s objectives. Due diligence and audit of TranSend International, Inc. is currently ongoing. It is the Company’s intent to acquire TranSend International, Inc. and in anticipation of closing this transaction Oasis Online Technologies, Corp. has leased offices adjacent to and connected to TranSend International, Inc.

Oasis is providing TranSend with short-term capital to provide for operating expenses while due-diligence is being completed in anticipation of closing the acquisition. Oasis anticipates the capital provided to TranSend during the due diligence phase not to exceed one hundred thousand dollars ($100,000).

We will need to obtain additional capital in order to expand operations. In order to obtain capital, we may need to sell additional shares of our common stock or borrow funds from private lenders. There can be no assurance that we will be successful in obtaining additional funding. Financing transactions may include the issuance of equity or debt securities, obtaining credit facilities, or other financing mechanisms. However, the trading price of our common stock and a downturn in the U.S. stock and debt markets could make it more difficult to obtain financing through the issuance of equity or debt securities. Even if we are able to raise the funds required, it is possible that we could incur unexpected costs and expenses, fail to collect significant amounts owed to us, or experience unexpected cash requirements that would force us to seek alternative financing. Furthermore, if we issue additional equity or debt securities, stockholders may experience additional dilution or the new equity securities may have rights, preferences or privileges senior to those of existing holders of our common stock. If additional financing is not available or is not available on acceptable terms, we will have to curtail our operations.

There are no guarantees that TranSend will obtain audited financial statements or that this transaction will be completed. If the Company is unable to close the TranSend International, Inc. acquisition and no other suitable candidate can be found that meets the Company’s goals, management is not opposed to looking at other opportunities and or business combinations to provide value for the Company’s shareholders.

The Company generated no revenues during the quarter ended March 31, 2008, and management does not anticipate any revenues until following the conclusion of a merger or acquisition, if any, as contemplated by the Company's business plan. The Company anticipates operational costs will be limited until such time as significant evaluation work is undertaken regarding prospective mergers or acquisitions.

ITEM 3 CONTROLS AND PROCEDURES

(a) Evaluation of disclosure controls and procedures.

As of March 31, 2008, we carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective in ensuring that information required to be disclosed by us in our periodic reports is recorded, processed, summarized and reported, within the time periods specified for each report and that such information is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) Changes in internal controls.

There was no change in our internal controls over financial reporting that has materially affected, or is reasonable likely to materially affect, our internal control over financial reporting during the quarter covered by this Report.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

None.

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

None.

Item 3. Defaults upon Senior Securities

None.

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

None.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit 31.1		Certification by Chief Executive Officer, required by Rule 13a- 14(a) or Rule 15d-14(a) of the Exchange Act,promulgated under the Securities and Exchange Act of 1934, as amended.

Exhibit 31.2		Certification by Chief Financial Officer, required by Rule 13a- 14(a) or Rule 15d-14(a) of the Exchange Act,promulgated under the Securities and Exchange Act of 1934, as amended.

Exhibit 32.1		Certification by Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section906 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.2		Certification by Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

In accordance with requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

OASIS ONLINE TECHNOLOGIES CORP.

Date: May 13, 2008	By /s/ Erik Cooper .
	Erik Cooper
	Chief Executive Officer and President (Principal Executive Officer)

Date: May 13, 2008	By /s/ John Venette .
	John Venette
	Chief Financial Officer, Secretary and Treasurer (Principal Financial Officer and Principal Accounting Officer)

Capital Inactive 10QSB2008 Q2 Quarterly report (small business)