SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-QSB

|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 2004

|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________

Commission File Number: 0-12162

MULTI SOLUTIONS, INC.
(Exact name of small business issuer as specified in its charter)

NEW JERSEY 22-2418056
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

65 East 55th Street, 2nd Floor, New York, NY 10022
(Address of principal executive offices)

Issuer's telephone number, including area code: (212) 451-2254

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

Yes |_| No |X|

Indicate the number of shares outstanding of each of the issuer's classes of
Common Stock, as of the latest practicable date.

Class Outstanding at October 31, 2004
----- -------------------------------
Common Stock, par value $.001 per share 21,096,969

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

Transitional Small Business Format (check one); Yes |_| No |X|

MULTI SOLUTIONS, INC.
FORM 10-QSB
NINE MONTHS ENDED OCTOBER 31, 2004

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

Item 1 Financial Statements (Unaudited):
Balance Sheets................................................ 1-2
Statements of Operations...................................... 3
Statements of Cash Flows...................................... 4
Notes to Financial Statements................................. 5-15
Item 2 Management's Discussion and Analysis of Financial Condition
and Results of Operations..................................... 16-17
Item 3. Controls and Procedures....................................... 18

PART II - OTHER INFORMATION

Item 1. Legal Proceedings............................................... 19
Item 2. Change in Securities............................................ 19
Signatures.............................................................. 20
Certifications.......................................................... 21
Exhibit 99.1............................................................ 22

The following unaudited condensed financial statements have been prepared
pursuant to the rules and regulations of the Securities and Exchange Commission.
Certain information and note disclosures normally included in annual financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted pursuant to those rules and regulations, although
the company believes that the disclosures made are adequate to make the
information not misleading.

It is suggested that these condensed financial statements be read in conjunction
with the financial statements and the notes thereto included in the company's
latest shareholders' annual report (Form 10-KSB).

MULTI SOLUTIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Oct, 31 2004 and January 31, 2004

Oct 31, January 31,
2004 2004
----------- -----------
ASSETS
CURRENT ASSETS
Cash $ 467 $ 4,090
Accounts Receivable 780 --
Prepaid expenses and other current assets 812 6,812
----------- -----------
2,059 10,902
----------- -----------
FURNITURE AND EQUIPMENT
Research and Development Equipment 4,659 4,659
Office furniture and other equipment 10,192 10,528
----------- -----------
14,851 15,187
Less: Accumulated Depreciation (6,790) (6,790)
----------- -----------
8,061 8,397
----------- -----------
OTHER ASSETS
Capitalized software development costs 1,702,582 1,702,582
Less accumulated amortization (1,471,828) (1,355,980)
Less valuation allowance (216,000) (234,000)
----------- -----------
14,754 112,602
----------- -----------
$ 24,874 $ 131,901
=========== ===========

Note: The balance sheet at January 31, 2004 has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by accounting principles generally accepted in the United
States for complete financial statements.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS

-1-

MULTI SOLUTIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Oct, 31 2004 and January 31, 2004

Oct 31, January 31,
2004 2004
------------ ------------

LIABILITIES AND STOCKHOLDERS'
DEFICIENCY
CURRENT LIABILITIES
Overdraft $ -- $ --
Litigation judgment payable - NetCast subsidiary 113,000 113,000
Accrued payroll 559 --
Payroll and other taxes payable 27,811 28,399
Accounts Payable, Accrued expenses and
other Current Liabilities 123,862 123,017
Accrued officer compensation 133,668 133,668
Due to officer 68,201 68,201
Deferred Revenues 8,276 44,463
------------ ------------
475,377 510,748
------------ ------------

Deferred compensation due officer /shareholders 586,605 586,605

Minority interest in subsidiaries 811,992 811,992

STOCKHOLDERS' DEFICIENCY
Common stock, authorized 40,000,000 shares
$.001 par value, issued and outstanding
21,096,969 and 21,096,969 respectively 21,098 21,098
Additional paid-in capital 9,232,227 9,232,227
Accumulated deficit (11,102,425) (11,030,769)
------------ ------------
(1,849,100) (1,777,444)
------------ ------------
$ 24,874 $ 131,901
============ ============

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS

-2-

MULTI SOLUTIONS, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

Nine Months Ended Three Months Ended
Oct 31, Oct 31,
------------------------- -------------------------
2004 2003 2004 2003
----------- ----------- ----------- -----------

REVENUES
License fees $ 540 $ 29,748 $ 3,670
Maintenance fees 85,523 68,041 18,867 21,983
Consulting and Other fees -- -- -- --
----------- ----------- ----------- -----------
Total revenues 86,063 97,789 18,867 25,653

EXPENSES
Software development and technical support 97,848 101,722 32,616 36,044
Provision to write-down previously capitalized
software costs -- -- -- --
Selling and administrative 59,871 96,814 18,244 30,907
----------- ----------- ----------- -----------
Total expenses 157,719 198,536 50,860 66,951
----------- ----------- ----------- -----------
(Loss) from operations (71,656) (100,747) (31,993) (41,298)

OTHER INCOME (EXPENSE)
Settlements of previously recorded accounts payable -- -- -- --
Discharge by officer of loans payable to him -- -- -- --
----------- ----------- ----------- -----------
Total other income -- -- -- --
----------- ----------- ----------- -----------
Net (loss) $ (71,656) $ (100,747) $ (31,993) $ (41,298)
=========== =========== =========== ===========
Weighted average shares outstanding 21,096,969 21,096,969 21,096,969 21,096,969
=========== =========== =========== ===========
Income (Loss) per share $ (0.00) $ (0.00) $ (0.00) $ (0.00)
=========== =========== =========== ===========

Some per share amounts may be less than $.01 and will appear as $0

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS

-3-

MULTI SOLUTIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended
Oct 31,
---------------------
2004 2003
--------- ---------

Cash flows from operating activities
Net (loss) $ (71,656) $(100,747)
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization 239 3,579
Changes in assets and liabilities
Loss on sale of marketable securities -- --
Accounts receivable (780) 3,440
Prepaid expenses and other current assets 6,000 6,548
Accrued payroll 559 --
Payroll and other taxes payable (588) 760
Accounts payable and accrued expenses 845 (1,120)
Accrued officer compensation -- --
Due to officer -- 14,175
Deferred revenues (36,187) (20,416)
--------- ---------
Net cash provided (used) by operating activities (101,568) (93,781)
--------- ---------
Cash flows from investing activities
Disposal and abandonment of property and fixtures 97 3,440
Capital expenditures -- --
Change in capitalized software development costs 97,848 97,848
Sales of marketable securities -- --
--------- ---------
Net cash used in investing activities 97,945 101,288
--------- ---------
Cash flows from financing activities --
Change in overdraft -- (7,507)
Minority interest and loss in excess of investments -- --
--------- ---------
Net cash provided (used) by financing activities -- (7,507)
--------- ---------
NET INCREASE (DECREASE) IN CASH (3,623) --
Cash at beginning of year 4,090 --
--------- ---------
Cash at end of period $ 467 $ --
========= =========

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS

-4-

NOTE A - ADJUSTMENTS

In the opinion of management, all adjustments, consisting only of normal
recurring adjustments necessary for a fair statement of (a) consolidated results
of operations for the nine month periods ended October 31, 2004 and 2003 (b) the
consolidated financial position at October 31, 2004 and (c) the consolidated
statements of cash flows for the nine month period ended October 31, 2004 and
2003 have been made. The results of operations for the nine months ended October
31, 2004 are not necessarily indicative of the results to be expected for the
full year.

We operated primarily through our subsidiaries:

Our Approximate
Name of Subsidiary Percentage Ownership
- ------------------------ --------------------
Multi Soft, Inc. 51.3%
FreeTrek, Inc. 45.8%
NetCast, Inc. 75%.

Our financial statements are consolidated with our subsidiaries. In January
2000, the operations of NetCast were discontinued. In January 2003, the
operations of FreeTrek were discontinued. In March 2005, the operations of Multi
Soft were discontinued and the Company ceased all operations except for
obtaining additional financing and continuing efforts to find an acquirer.

NOTE B - UNAUDITED INTERIM FINANCIAL INFORMATION

The accompanying unaudited consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information. Accordingly, they do not include all the information and
footnotes required by generally accepted accounting principles for financial
statements. For further information, refer to the audited consolidated financial
statements and notes thereto for the year ended January 31, 2004 included in the
Company's Form 10-KSB filed with the Securities and Exchange Commission.

The Company's consolidated financial statements have been presented on a going
concern basis, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business. The Company ceased operations
in March 2005, disposed of or abandoned assets but continues to owe significant
liabilities. There were significant losses from operations which occurred in
this period and continued until operations ceased. The Company incurred losses
of $71,656 for the nine months ended October 31, 2004 and no longer has cash
reserves. Stockholders' deficiency as of July 31, 2006 was approximately
$1,970,000 as compared to approximately $877,000 as of January 31, 2002, which
is mostly the result of losses from the period of February 1, 2002 through July
31, 2006 of approximately $1,100,000.

-5-

Current liabilities still exceed cash and receivables by approximately $252,000
as of July 31, 2006 indicating that the Company will not be able to meet its
financial obligations for the foreseeable future. These factors indicate that
the Company will not continue as a going concern unless it is acquired in a
reverse merger transaction.

As further discussed in Note F, current management is seeking acquisition of the
Company through a reverse merger transaction The Company believes that these
measures may provide sufficient liquidity for it to continue as a going concern.

NOTE C - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the
Company and its subsidiaries, Multi Soft, FreeTrek and NetCast. All significant
intercompany balances and transactions have been eliminated in consolidation.

2. Furniture and Equipment

Furniture and equipment are stated at cost. Depreciation is provided on the
straight-line method over the estimated useful lives of the assets, which range
from three to seven years.

3. Capitalization of Computer Software Development Costs

Capitalized software development costs relating to products for which
technological feasibility has been established qualify for capitalization under
Statement of Financial Accounting Standards No. 86, "Accounting for the Costs of
Computer Software to be Sold, Leased, or Otherwise Marketed."

Research and development costs associated with the creation of computer software
prior to reaching technological feasibility are expensed as incurred, except for
related computer equipment expenditures such as personal computers and other
hardware components, which are capitalized and depreciated over their useful
lives if the equipment is deemed to have alternative future use.

Capitalized software development costs are amortized to operations when the
product is available for general release to customers. Amortization is
calculated using (a) the ratio of current gross revenues for the product to the
total of current and anticipated gross revenues for that product or (b) the
straight-line method over the remaining useful life of the product, whichever is
greater.

Multi Soft is amortizing, over a sixty-month period, the capitalized software
costs for its Windows-based products. Multi Soft's Windows products are
compatible with Windows 98, 2000 and NT. The Company's software engineers are
continually modifying and enhancing the existing software products and
developing new versions. Unamortized costs relating to Windows products at
October 31, 2004 were $14,754 (net of valuation allowance of $216,000). During
the quarter ended April 31, 2002, the capitalized development costs were written
down to the net value expected to be realized through all future periods.

-6-

The capitalized development costs for FreeTrek were written off during the
quarter ended April 30, 2002 as we later determined that the costs would never
be realized.

4. Revenue Recognition

In accordance with Statement of Position 97-2, "Software Revenue Recognition"
(SOP 97-2), the Company's policy is to recognize license and maintenance fees
when earned and consulting fee income when services are rendered. License fees
are recognized upon shipment of the software while maintenance fees are recorded
over the period covered by the related contract. Consulting is performed on a
time and material basis.

5. Deferred Compensation

Deferred compensation arising from the issuance of stock grants is amortized
over the term of the related grant or employment agreements (one to five years).
The amount of compensation attributable to stock grants is determined by the
market price of the Company's stock on the date of the grant.

6. Income (Loss) Per Share

The Company complies with the requirements of the Financial Accounting Standards
Board issued Statement of Financial Accounting Standards No. 128, "Earnings per
Share" ("SFAS No. 128"). SFAS No. 128 specifies the compilation, presentation
and disclosure requirements for earnings per share for entities with publicly
held common stock or potential common stock. Net loss per common share - basic
and diluted is determined by dividing the net loss by the weighted average
number of common stock outstanding.

Net loss per common share - diluted does not include potential common shares
derived from stock options and warrants (see Note C) because they are
antidilutive.

7. Estimates

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

-7-

8. Income Taxes

The Financial Accounting Standards Board (FASB) issued Statement of Financial
Accounting Standards (SFAS) No. 109, "Accounting for Income Taxes," which
significantly changes the accounting for deferred income taxes. The standard
provides for a liability approach under which deferred income taxes are provided
for based upon enacted tax laws and rates applicable to the periods in which the
taxes become payable.

9. Valuation of long-lived assets

The Company reviews long-lived assets held and used for possible impairment
whenever events or changes in circumstances indicate that the carrying amount of
an asset may not be recoverable. The Company has recorded provision for the
impairment of long-lived assets at October 31, 2004 as follows: capitalized
software development costs - $216,000 and; amounts due from affiliates -
$200,000.

10. Risks, uncertainties and certain concentrations of credit risk and
economic dependency

The Company's future results of operations involve a number of significant risks
and uncertainties. Factors that could affect the Company's future operating
results and cause actual results to vary materially from expectations include,
but are not limited to, dependence on key personnel, dependence on a limited
number of customers, ability to design new products and product obsolescence,
ability to generate consistent sales, ability to finance research and
development, government regulation, technological innovations and acceptance,
competition, reliance on certain vendors, credit and other risks.

Financial instruments, which potentially subject the Company to concentrations
of credit risk, consist principally of cash and accounts receivable.

The Company maintains cash and cash equivalents in bank deposit and money market
accounts in one bank, which, at times, may exceed federally insured limits or
not be insured. The Company has not experienced any losses in such accounts and
does not believe it is exposed to any significant credit risk on cash and cash
equivalents.

11. Impact of Recent Accounting Pronouncements

In May 2005, the Financial Accounting Standards Board ("FASB") issued Statement
No. 154, "Accounting Changes and Corrections - A Replacement of APB No. 29 and
FASB No. 3." The statement changes the requirements for the accounting for and
reporting of a change in accounting principles. This Statement applies to all
voluntary changes in accounting principles. It also applies to changes required
by an accounting pronouncement in the unusual instance that the pronouncement
does not include specific transition provisions. When a pronouncement includes
specific transition provisions those provisions should be followed.

-8-

Opinion 20 previously required that most voluntary changes in accounting
principle be recognized by including in net income of the period of the change
the cumulative effect of changing to the new accounting principle. This
Statement requires retrospective application to prior periods' financial
statements of changes in accounting principle, unless it is impracticable to
determine either the period-specific effects or the cumulative effect of the
change. When it is impracticable to determine the period-specific effects of an
accounting change on one or more individual prior periods presented, this
Statement requires that the new accounting principle be applied to the balances
of assets and liabilities as of the beginning of the earliest period for which
retrospective application is practicable and that a corresponding adjustment be
made to the opening balance of retained earnings (or other appropriate
components of equity or net assets in the statement of financial position) for
that period rather than being reported in an income statement. When it is
impracticable to determine the cumulative effect of applying a change in
accounting principle to all prior periods, this Statement requires that the new
accounting principle be applied as if it were adopted prospectively from the
earliest date practicable.

The Statement is effective for accounting changes and corrections of errors made
in fiscal years beginning after December 15, 2005. Early adoption is permitted
for accounting changes and corrections of errors made in fiscal years beginning
after the date this Statement is issued.

In December 2004, the FASB issued a revision of FASB Statement No. 123,
"Accounting for Stock-Based Compensation". This Statement supersedes APB Opinion
No. 25, Accounting for Stock Issued to Employees", and its related
implementation guidance. This statement establishes standards for the accounting
for transactions in which an entity exchanges its equity instruments for goods
and services. It also addresses transactions in which an entity incurs
liabilities in exchange for goods and services that are based on the fair value
of the entity's equity investments or that may be settled by the issuance of
those equity instruments. This statement focuses primarily on accounting
transactions in which an entity obtains employee services in share-based payment
transactions. This statement requires all share based payments to employees
including grants of employee stock options, to be recognized in the financial
statements. The proforma disclosures previously permitted will no longer be an
alternative to financial statement recognition. For public entities that file as
small business issuers, this statement is effective as of the beginning of the
first interim period or annual reporting period that begins after December 31,
2005. We will adopt this new standard effective for the first quarter of 2006.
Future compensation expense may be impacted by various factors including the
number of options granted and their related fair value at the date of grant.

In December, 2004, the FASB issued Statement No. 153 "Exchange of Nonmonetary
Assets - an amendment to APB Opinion No. 29". The guidance in APB No. 29,
Accounting for Nonmonetary Transactions, is based on the principle that
exchanges of nonmonetary assets should be measured on the fair value of the
assets exchanged. The guidance in that Opinion, however, included certain
exceptions to that principle. This statement amends Opinion 29 to eliminate the
exception for the nonmonetary exchanges of similar productive assets and
replaces it with a general exception for exchanges of nonmonetary assets that do
not have commercial substance. A nonmonetary exchange has commercial substance
if the future cash flows of the entity are expected to change significantly as a
result of the exchange. The provisions of this statement are effective for
nonmonetary exchanges occurring in fiscal periods beginning after June 15, 2005.
Management does not believe the adoption of this statement will have any
material effect on the Company.

-9-

In November, 2004, the FASB issued Statement No. 151, "Inventory Costs - an
amendment of ARB No. 43, Chapter 4". This statement amends the guidance in ARB
No. 43, Chapter 4, "Inventory Pricing", to clarify the accounting for abnormal
amounts of idle facility expense, freight, handling costs, and wasted material
(spoilage). Paragraph 5 of ARB 43, Chapter 4, previously stated that "under some
circumstances, items such as idle facility expense, excessive spoilage, double
freight, and rehandling costs may be so abnormal as to require treatment as
current period charges." This statement requires that those items be recognized
as current-period charges regardless of whether they meet the criterion of "so
abnormal." In addition, this statement requires that allocation of fixed
production overheads to the costs of conversion be based on the normal capacity
of the production facilities. This statement is effective for inventory costs
incurred during fiscal years beginning after June 15, 2005. Management does not
believe the adoption of this statement will have any material effect on the
Company.

NOTE D - LITIGATION

From time to time, the Company is party to what it believes are routine
litigation and proceedings that may be considered as part of the ordinary course
of its business. Except for the proceedings noted below, the Company is not
aware of any pending litigation or proceedings that could have a material effect
on the Company's results of operations or financial condition.

As of October 17, 2006, there is one outstanding judgment against the Company:

o New York State Department of Taxation and Finance for $1,275
filed on May 24, 2004.

As of October 17, 2006, there are four outstanding judgments against Multi Soft,
Inc.:

o New York State Department of Taxation and Finance for $13,889
filed on March 26, 2002.

o New York State Department of Taxation and Finance for $6,691
filed on April 22, 1994.

o State of New Jersey for $5,183.78 filed August 24, 1994.

o A commercial service provider for $15,972 filed on March 14,
2003.

All of the above mentioned judgments are reflected in the balance sheets under
various captions in current liabilities.

-10-

In May 1997, a lawsuit was commenced against NetCast by former consultants for
approximately $113,000. The Company vigorously defended the lawsuit. During the
fiscal year ended January 31, 2000 this lawsuit was found in favor of the
plaintiff. Although NetCast is liable for the damages from this lawsuit, it has
no assets and has discontinued operations. Consequently, no future income will
be earned and NetCast will never have any assets. The Company is not liable for
the debts of NetCast. The liability for this award has been included in the
consolidated financial statements under the caption "Litigation judgment payable
- - NetCast subsidiary".

NOTE E - STOCKHOLDERS' DEFICIENCY

Stock and Option Compensation Plan

In June 1993, the Company adopted an Employee, Consultant and Advisory Stock and
Option Compensation Plan (the "Plan"). Pursuant to the terms of the Plan, an
aggregate of up to 2,500,000 shares of common stock, $0.001 par value per share
(the common stock), and/or options to purchase common stock may be granted to
persons who are, at the time of issuance or grant, employees or officers of, or
consultants or advisors to, the Company. To date, an aggregate of 1,477,380
shares has been issued pursuant to the Plan.

Prior Period Adjustment

Effective for the quarter ended April 30, 2002, the Company determined that the
liability of $113,000 for the NetCast litigation judgment awarded during the
fiscal year ended January 31, 2000, should have been recorded and reflected on
the consolidated balance sheets. Accordingly, the opening accumulated deficit
was adjusted by the previously omitted liability of $113,000.

NOTE F - COMMITMENTS AND OTHER COMMENTS

Operating Leases:

In February 2002, Multi Soft entered into an office lease for a two-year term
through February 14, 2004. The lease requires monthly payments of $2,000 through
January 2003 and $2,125 from February 2003 through January 2004. The Company has
deposited $6,000 as security with the landlord.

Employment Agreements:

Multi Soft has employment agreements with two officers which provide aggregate
minimum annual compensation of $200,000 through July 1999, and which are
automatically renewed annually.

These officers, Charles Lombardo and Miriam Jarney, have each relinquished
unpaid salaries.

-11-

In addition, the employment agreements entitle the two employees to 2% and 1.5%
respectively, of each fiscal year's after tax profits of Multi Soft. Mr.
Lombardo and Ms. Jarney have agreed to forego this additional compensation since
fiscal 1997.

NetCast Subsidiary:

NetCast, Inc. is a subsidiary company and was incorporated in April of 1996. It
is in the business of developing new Internet technologies to create a series of
products and businesses that will extend the power of advertising on the
Internet. The Company currently owns 75% of NetCast. The Board of Directors
consists of two officers, Charles Lombardo and Miriam Jarney. NetCast developed
certain software products and attempted to raise private funding for its
operations.

In January 2000 the Board of Directors decided to discontinue any further
operations of NetCast, Inc. with the result that a loss from discontinued
operations in the amount of $87,462 was reflected in the statement of operations
for the fiscal year ended January 31, 2000.

NOTE G - SUPPLEMENTAL INFORMATION

Supplemental disclosures of cash flow information for periods ended October 31,
2004 and 2003 are as follows:

2004 2003
---- ----
Cash paid during the year for interest $NIL $NIL
Cash paid during the year for income taxes $NIL $NIL

NOTE H - INCOME TAXES

The Company and its subsidiaries are delinquent in filing Federal and state
income tax returns. The last tax returns filed were for the year ended January
31, 2002.

As a result of losses incurred in recent years, the Company and its subsidiaries
separately have net operating loss carry-forwards available to offset future
federal taxable income of approximately $8.1 million as of January 31, 2002
(estimated at approximately $9 million at January 31, 2006, after the filing of
tax returns which has not as yet been done). These losses expire at various
dates through 2022. Because of the uncertainty in the Company's ability to
utilize the net operating loss carryforwards, a full valuation allowance of
approximately $2,754,000 has been provided on the deferred tax asset.

Internal Revenue Code Section 382 places a limitation on the utilization of
Federal net operating loss and other credit carryforwards when an ownership
change, as defined by the tax law, occurs. Generally, this occurs when a greater
than 50 percentage point change in ownership occurs. Accordingly, the actual
utilization of the net operating loss carryforwards and other deferred tax
assets for tax purposes may be limited annually under Code Section 382 to a
percentage (about 5%) of the fair market value of the Company at the time of any
such ownership change. Once the ownership changes referred to in Subsequent
Events herein are effectuated, the Company may no longer be able to utilize the
net operating loss carryovers.

-12-

The Company adopted, effective February 1, 1993, SFAS No. 109, "Accounting for
Income Taxes." Under the liability method specified by SFAS No. 109, "Accounting
for Income Taxes" deferred tax assets and liabilities are determined based on
the difference between the financial statement and tax basis of assets and
liabilities are determined based on the difference between the financial
statement and tax basis of assets and liabilities as measured by the enacted tax
rates which will be in effect when these differences reverse. Deferred tax
expense is the result of changes in deferred tax assets and liabilities. The
principal types of differences between assets and liabilities for financial
statement and tax return purposes are capitalized software development costs,
deferred compensation, deferred revenues and allowance for uncollectible
accounts. Due to the aforementioned net operating loss carryovers, there is no
deferred or current tax expense, nor any tax assets or tax liabilities.

NOTE I - RELATED PARTY TRANSACTIONS

Multi Soft, from time to time, paid incidental expenses of Multi Solutions and
allocates its share of certain overhead items. These items are charged to an
intercompany receivable. Multi Soft has not been receiving payments of these
balances. The balance due from Multi Solutions was $421,569 as of October 31,
2004.

Multi Soft provided certain services and office space to NetCast, Inc., a
subsidiary of Multi Solutions. NetCast discontinued its operations so no
reimbursement of these amounts is expected.

Multi Soft provided office space, consulting and administrative services to
FreeTrek. Inc. Multi Soft billed FreeTrek for these services and expense
allocations, but was never collected and was written off. All of these
transactions were eliminated in consolidation.

NOTE J - SUBSEQUENT EVENTS

SECURITY PURCHASE AGREEMENT

On April 25, 2005, the Company entered into a Security Purchase Agreement among
Robert L. Frome, Bridge Ventures, Inc. (the "Purchasers"), Multi Soft, and two
principal shareholders of the Company and Multi Soft, Charles J. Lombardo,
former chairman, president, and CEO of the Company ("Lombardo"), and Miriam G.
Jarney, executive vice president and director of the Company ("Jarney") (the
"Agreement"). Pursuant to the Agreement, Multi Solutions issued $70,000
principal amount of its 6% Convertible Debentures due May 1, 2006 ("Multi
Debentures") to the Purchasers, and Multi Soft issued $24,000 principal amount
of its 6% Convertible Debentures due May 1, 2006 ("Multi Soft Debentures") to
the Purchasers. The Agreement provided for, among things, (a) repayment of
certain liabilities totaling $94,000 of both the Company and Multi Soft, (b) the
resignation of Lombardo and Jarney as principal executive officers and
directors, and (c) certain preemption rights between the Purchasers and
shareholders of the Company and Multi Soft.

-13-

The Multi Debentures are convertible into 49,226,262 shares of the Company's
common stock, $.001 par value. The Multi Soft Debentures are convertible into
31,988,980 shares of Multi Soft common stock, $.001 par value. As of the date of
this Report, the Company has 40,000,000 shares of authorized common stock, with
21,096,969 shares outstanding. Multi Soft has 30,000,000 shares of authorized
common stock, with 13,709,477 shares outstanding.

Pursuant to the Agreement, the Company and Multi Soft appointed Jerome Goubeaux
as President and director, and Ken Roberts as Secretary and director: the sole
officers and directors for each company.

On May 27, 2005, the Company and Multi Soft entered into a Debenture Purchase
Agreement with Michael Potter ("Potter") - whereby the Company issued to Potter
$35,000 principal amount of its Multi Debentures, and Multi Soft issued $12,000
principal amount of its Multi Soft Debentures.

Although insufficient amounts of common stock are authorized to allow full
conversion of the Multi and Multi Soft Debentures, the Agreement provided for
voting proxies from Lombardo and Jarney to the Purchasers to facilitate amending
the companies' articles of incorporation. Subsequent to amending the Company's
and Multi Soft's articles of incorporation to increase the authorized shares,
and assuming the full conversion of Multi and Multi Soft Debentures, the
Purchasers will own approximately 52% of the Company and Multi Soft outstanding
common stock, and Potter will own approximately 26% of the Company and Multi
Soft outstanding common stock.

REGULATORY COMMUNICATIONS

On July 27, 2005, the Company received a letter from the Securities and Exchange
Commission, notifying the Company that it was subject to deregistration pursuant
to Section 12 of the Exchange Act for failure to comply with SEC reporting
requirements. The Company responded and provided the SEC with a timetable for
filing all delinquent reports and to comply with the Exchange Act by October 31,
2006. The Company believes it will be able to comply with the Exchange Act by
October 31, 2006, but there can be no assurance that it will comply, or that its
compliance will be sufficient to forestall deregistration.

SHARE BASED COMPENSATION

On September 15, 2006, the Board of Directors resolved to compensate the
company's internal accountant for services rendered as follows: issue 1,050,000
shares of the Company's common stock and cashless warrants for the purchase of
3,930,000 shares of the Company's common stock exercisable at $.001 per share.

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Also on the date, the Board of Directors of Multi Soft, Inc. resolved to
compensate the company's internal accountant for services rendered as follows:
issue 675,000 shares of Multi Soft, Inc. common stock and cashless warrants for
the purchase of 2,565,000 shares of Multi Soft, Inc. common stock exercisable at
$.001 per share.

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PART I - FINANCIAL INFORMATION

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

Cautionary Statement

This quarterly report on form 10-QSB contains certain forward-looking statements
regarding, among other things, our anticipated financial and operating results
and those of our subsidiaries. For this purpose, forward-looking statements are
any statements contained in this report that are not statements of historical
fact and include, but are not limited to, those preceded by or that include the
words, "believes," "expects," or similar expressions. In connection with the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995,
we are including this cautionary statement identifying important factors that
could cause our or our subsidiaries' actual results to differ materially from
those projected in forward looking statements made by, or on behalf of, us.

Results of Operations

Nine months ended October 31, 2004 compared to nine months ended October 31,
2003

We generated revenues during the nine months ended October 31, 2004, of $86,063
compared to revenues of $97,789 during the nine months ended October 31, 2003.
The revenues during all these periods were generated by our subsidiary, Multi
Soft. The decrease in revenues of $11,726 or approximately 12% was due primarily
to a decrease in Multi Soft's primary sources of revenues - license, and
maintenance fees.

Our operating expenses were $157,719 for the nine months ended October 31, 2004
compared to $198,536 for the comparable nine month period in the prior year, a
decrease of $40,817 or approximately 20.6% resulting from cost cutting measures.

We had other income of $NIL during the nine months ended October 31, 2004
compared to $NIL of other income during the nine months ended October 31, 2003.

As a result of all of the foregoing, we incurred a net loss for the nine months
ended October 31, 2004 of $71,656 compared to a net loss of $100,747 for the
nine months ended October 31, 2003, a decrease of $29,091 or approximately 29%.

Major Customers

No individual customer accounted for a significant portion of revenues.

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Liquidity and Capital Resources

At October 31, 2004, we had a negative working capital position of ($473,318),
compared to negative working capital of ($499,846) at January 31, 2004 and we
continue to experience cash flow difficulties.

Working Capital and Current Ratios were:

October 31, 2004 January 31, 2004
---------------- ----------------
Working capital ($473,318) ($499,846)
Current ratios 0.004:1 0.021:1

Cash decreased $3,623 for the nine months ended October 31, 2004 compared to a
decrease of $NIL for the comparable period of the prior year. During the nine
months ended October 31, 2004 we used $101,568 of cash for operating activities
compared to $93,781 of cash used for operating activities in the nine months
ended October 31, 2003. The reason for the decline in cash flow from operations
was due primarily a decrease in collections of customer receivables.

Dividend Policy

We have not declared or paid any dividends on our common stock since
inception and we do not anticipate that we will be declaring or paying cash
dividends in the foreseeable future. We intend to retain earnings, if any, to
finance the development and expansion of our business. Future dividend policy
will be subject to the discretion of our board of directors and will be
contingent upon future earnings, if any, our financial condition, capital
requirements, general business conditions and other factors. Therefore, we
cannot assure that dividends of any kind will ever be paid.

Effect of Inflation

We believe that inflation has not had a material effect on our
operations for the periods presented.

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Item 3. CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures:

1. Management is responsible for establishing and maintaining adequate
disclosure controls and procedures.

2. MULTI SOLUTIONS, INC. was unable to carry out an evaluation of the
effectiveness of the design and operation of the Company's
disclosure controls and procedures pursuant to Exchange Act Rule
13a-14. Accordingly, the Chief Executive and Principal Accounting
Officer could not conclude that the Company's disclosure controls
and procedures were effective both as of the period of this report
and the date of this filing, in timely alerting him to material
information required to be included in the Company's periodic SEC
filings relating to the Company. However, we were able to determine
the following:

3. Our controls relating to disclosure and related assertions in the
financial statements, particularly in the area of non-routine and
non-systematic transactions were not adequate because recordkeeping
was not kept up to date since January 31, 2002. However, through the
use of an outside accounting consultant, we were able to correct
errors and make the proper disclosures.

We do not have any internal accounting staff and we will need to engage
the assistance of a third party financial accounting consulting firm to
prepare our accounting records and financial statements.

(b) Changes in Internal Controls Over Financial Reporting:

1. We have engaged the services of a financial accounting consultant to
continue to monitor and prepare accounting records and financial
statements as necessary.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Note D to the Company's financial statements set forth in Part I.

ITEM 2. CHANGE IN SECURITIES

Pursuant to the Agreement, the Company and Multi Soft appointed Jerome Goubeaux
as President and director, and Ken Roberts as Secretary and director: the sole
officers and directors for each company.

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SIGNATURES

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

MULTI SOLUTIONS, INC.

Dated: October 30, 2006 By: /s/ Jerome Goubeaux
------------------------------------
Name: Jerome Goubeaux
Title: President and Director

Dated: October 30, 2006 By: /s/ Ken Roberts
------------------------------------
Name: Ken Roberts
Title: Secretary and Director

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