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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.

For the 3 month period ended March 31, 2005.

( ) TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.

For the transition period from to

Commission File No. 814-00678

BLACKHAWK CAPITAL GROUP BDC, INC.
(Name of Small Business Issuer in its Charter)

Delaware
20-1031329
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)

14 Wall Street, 11th Floor
New York, New York 10005
(Address of Principal Executive Offices)

Registrant's telephone number, including area code (212) 566-8300

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.

(1) Yes X  No   (2) Yes X  No   

State the number of shares outstanding of each of the Registrant's classes of common equity, as of the latest applicable date:

17,003,663 - - March 31, 2005


BLACKHAWK CAPITAL GROUP BDC, INC.
FORM 10-Q
March 31, 2005

INDEX

PART I - FINANCIAL INFORMATION
Page
     
 
Item 1 - Financial Statements
  
     
 
Balance Sheet -
  
 
March 31, 2005
  
     
 
Statements of Operations -
  
 
For the Three Months Ended March 31, 2005
 
     
 
Statement of Stockholders’ Equity -
  
 
For the Three Months Ended March 31, 2005
 
     
 
Statements of Cash Flows -
  
 
For the Three Months Ended March 31, 2005
 
     
 
Notes to Financial Statements -
  
 
For the Three Months Ended March 31, 2005
  
     
 
Item 2 - Plan of Operation
  
     
 
Item 3 - Quantitative and Qualitative Disclosures about Market Risk
  
     
 
Item 4 - Controls and Procedures
  
     
PART II - OTHER INFORMATION
  
     
 
Item 1 - Legal Proceedings
  
     
 
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
  
     
 
Item 3 - Default upon Senior Securities
  
     
 
Item 4 - Submission of Matters to a Vote of Security Holders
  
     
 
Item 5 - Other Information
  
     
 
Item 6 - Exhibits
  
     



PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Paritz & Company, P.A.





BLACKHAWK CAPITAL GROUP BDC INC.
(A Development Stage Company)

FINANCIAL STATEMENTS
WITH
INDEPENDENT AUDITORS' REPORT

THREE MONTHS ENDED MARCH 31, 2005






 
Paritz & Company, P.A.
 
 
15 Warren Street, Suite 25
Hackensack, New Jersey 07601
(201)342-7753
Fax: (201) 342-7598
E-Mail: paritz @paritz.com
 
 
Certified Public Accountants
 
  

 
INDEPENDENT AUDITORS' REPORT




Board of Directors
Blackhawk Capital Group BDC Inc.
(A Development Stage Company)
New York, New York

 

We have audited the accompanying balance sheet of Blackhawk Capital Group BDC Inc. (A Development Stage Company) as of March 31, 2005 and the accompanying statements of operations, stockholders' equity and cash flows for the three months then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statement referred to above presents fairly, in all material respects, the financial position of Blackhawk Capital Group BDC Inc. (A Development Stage Company) as of March 31, 2005 and the results of its operations and its cash flows for the three months then ended in conformity with accounting principles generally accepted in the United States of America.


Paritz & Company, P.A.




Hackensack, New Jersey
April 15, 2005


BLACKHAWK CAPITAL GROUP BDC INC.
(A Development Stage Company)

BALANCE SHEET

MARCH 31, 2005
 

 
 
ASSETS
 
   
 
CURRENT ASSETS:
 
  
   
 
Cash and cash equivalents
 
 
$ 42,815
 
   
 
TOTAL CURRENT ASSETS
 
 
42,815
 
   
 
OTHER ASSETS:
 
  
   
 
Deferred offering costs
 
 
79,645
 
   
 
TOTAL ASSETS
 
 
$122,460
 
   
   
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
   
 
CURRENT LIABILITIES:
 
  
   
 
Due to affiliated company
 
 
$ 98,908
 
   
Accrued expenses
1,500
   
 
TOTAL CURRENT LIABILITIES
 
100,408
   
 
STOCKHOLDERS’ EQUITY
 
 
22,052
 
   
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
$122,460
 
   
   
   
   
   

See notes to financial statements



 
BLACKHAWK CAPITAL GROUP BDC INC.
(A Development Stage Company)

STATEMENT OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2005
   
   
   
   
   
   
REVENUES:
  
Interest income
$ 37
TOTAL REVENUES
37
   
   
   
   
EXPENSES:
  
Professional fees
1,500
Consulting fees
11,485
State and local taxes
455
TOTAL EXPENSES
13,440
   
   
NET LOSS
$(13,403)
   
   
   
   
   
   
   
   
   
   
   
   

See notes to financial statements


BLACKHAWK CAPITAL GROUP BDC INC.
(A Development Stage Company)

STATEMENT OF STOCKHOLDERS= EQUITY

THREE MONTHS ENDED MARCH 31, 2005
               
 
 
 
 
 
TOTAL
 
 
 
-COMMON STOCK---
 
 
 
---PREFERRED STOCK---
 
 
ADDITIONAL
PAID-IN
CAPITAL
DEFICIT
ACCUMULATED
DURING
DEVELOPMENT
STAGE
   
SHARES
AMOUNT
SHARES
AMOUNT
    

Sale of formation stock
$ 195
  
11,000,000
  
$110
  
8,500,000
  
$ 85
  
$ -
 
$ -
                           
Sale of stock pursuant to offering plan
20,919
  
2,091,901
  
21
  
-
  
-
  
20,898
  
-
                           
Offering costs
(4,272)
  
-
  
-
  
-
  
-
  
(4,272)
  
-
                           
Net loss
(12,515)
  
-
  
-
  
-
  
-
  
-
  
(12,515)
                           
Balance - January 1, 2005
4,327
  
13,091,901
  
131
  
8,500,000
  
85
  
16,626
  
(12,515)
                           
Sale of stock pursuant to offering plan
39,118
  
3,911,762
  
39
  
-
  
-
  
39,079
  
-
                           
Offering costs
(7,990)
  
-
  
-
  
-
  
-
  
(7,990)
  
-
                           
Net loss
(13,403)
  
-
  
-
  
-
  
-
  
-
  
(13,403)
                           
Balance - March 31, 2005
$22,052
  
17,003,663
  
$170
  
8,500,000
  
$ 85
  
$47,715
  
$(25,918)
                           
                           
See notes to financial statements
 

BLACKHAWK CAPITAL GROUP BDC INC.
(A Development Stage Company)

STATEMENT OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2005
   
   
   
   
   
   
OPERATING ACTIVITIES:
  
 Net loss
$(13,403)
 Changes in operating assets and liabilities:
  
 Due to affiliated company
7,000
 Deferred offering costs
7,990
 Accrued expenses
(3,500)
   
NET CASH USED IN OPERATING ACTIVITIES
(1,913)
   
   
   
   
FINANCING ACTIVITIES:
  
 Net proceeds from the issuance of stock
31,128
   
NET CASH PROVIDED BY FINANCING ACTIVITIES
31,128
   
   
   
INCREASE IN CASH
29,215
   
CASH - BEGINNING OF PERIOD
13,600
   
   
CASH - END OF PERIOD
$ 42,815