Edgar Filing: OSK CAPITAL III CORP

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UNITED STATES
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 JUNE 30, 2005; OR

|_| 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: 0-28793

OSK CAPITAL III CORP.

(Exact name of registrant as specified in its charter)

Nevada 84-1491673
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)

One Concourse Parkway, Suite 600, Atlanta, GA 30328
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: 770-673-6656
------------

Copies of all communications, including all communications sent to the
agent for service, should be sent to:

Joseph I. Emas, Attorney at Law

1224 Washington Avenue

Miami Beach, Florida 33139

Telephone: 305.531.1174
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Securities registered under Section 12(b) of the Exchange Act: None

Securities registered under Section 12(g) of the Exchange Act:

COMMON STOCK
(Title of Class)

Check whether the issuer (1) has 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 Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 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. |X| Yes |_| No

As of August 12, 2005, there were 23,700,000 shares of the registrant's common
stock outstanding.

OSK CAPITAL III CORP.

(A DEVELOPMENT STAGE COMPANY)

CONDENSED FINANCIAL STATEMENTS

June 30, 2005

TABLE OF CONTENTS

Page
----
Condensed Balance Sheets................................................ 2
Condensed Statements of Operations...................................... 3
Condensed Statements of Cash Flows...................................... 4
Notes to Condensed Financial Statements................................. 5

OSK CAPITAL III CORP.

(A DEVELOPMENT STAGE COMPANY)

CONDENSED BALANCE SHEET

June 30
2005
------------
(Unaudited)
ASSETS

Cash $ 395
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TOTAL ASSETS $ 395
============

LIABILITIES AND STOCKHOLDERS' DEFICIT

Accounts payable $ 2,538
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TOTAL LIABILITIES $ 2,538
============

STOCKHOLDERS' DEFICIT

Capital stock 3,326
Additionial paid-in capital 77,582
Accumulated deficit (83,051)
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TOTAL STOCKHOLDERS' DEFICIT (2,143)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 395
============

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

OSK CAPITAL III CORP.

(A DEVELOPMENT STAGE COMPANY)

CONDENSED STATEMENTS OF OPERATIONS

June 2, 2000
(Inception) to
Six months ended June 30 Three Months Ended June 30 June 30,
---------------------------- ---------------------------- ------------
2005 2004 2005 2004 2005
------------ ------------ ------------ ------------ ------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)

Revenues $ -- $ -- $ -- $ -- $ --

Operating expenses

General and administrative expenses 175 1,887 -- -- 175
Professional fees 1,000 -- -- -- 82,741
Other expenses -- -- -- -- 135
------------ ------------ ------------ ------------ ------------

NET LOSS $ (1,175) $ (1,887) $ -- $ -- $ (83,051)
============ ============ ============ ============ ============

Net loss per common share $ (0.000) $ (0.001) $ -- $ -- $ (0.006)
============ ============ ============ ============ ============

Weighted average number of common shares
used in calculation 13,513,000 3,316,000 20,000,000 3,316,000 13,513,000
============ ============ ============ ============ ============

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

OSK CAPITAL III CORP.

(A DEVELOPMENT STAGE COMPANY)

CONDENSED STATEMENTS OF CASH FLOWS

June 2, 2000
(Inception) to
Six Months Ended June 30 June 30,
----------------------------- ------------
2005 2004 2005
------------ ------------ ------------
(Unaudited) (Unaudited)

Cash Flows from Operating Activities
Net loss $ (1,175) $ (1,887) $ (83,051)
Issue of common stock for services 60,910
Change in accounts payable -- (38) 2,538
------------ ------------ ------------

Net cash flows used in operating activities (1,175) (1,925) (19,603)
------------ ------------ ------------

Cash Flows from Investing Activities
Net cash used by investing activities -- -- --
------------ ------------ ------------

Cash Flows from Financing Activities
Issue of common stock 6,770
Shareholder contributions -- 1,800 13,228
------------ ------------ ------------

Net cash used by financing activities -- 1,800 19,998
------------ ------------ ------------

Net increase (decrease) in cash (1,175) (125) 395
Cash - Beginning of period 1,570 1,739 --
------------ ------------ ------------

Cash - Ending of period $ 395 $ 1,614 $ 395
============ ============ ============

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

OSK CAPITAL III CORP.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO CONDENSED FINANCIAL STATEMENTS

June 30, 2005

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

The Company was incorporated in the State of Nevada on March 26, 1999 to serve
as a vehicle to effect an asset acquisition, merger, and exchange of capital
stock or other business combination with a domestic or foreign business. As of
June 30, 2005, the Company's only activities have been organizational ones,
directed at developing its business plan and raising its initial capital.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Interim Financial Statements

The accompanying interim unaudited financial information has been prepared
pursuant to the rules and regulations of the Securities and Exchange Commission.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with accounting principles generally accepted
in the United States of America have been condensed or omitted pursuant to such
rules and regulations, although management believes that the disclosures are
adequate to make the information presented not misleading. In the opinion of
management, all adjustments, consisting only of normal recurring adjustments,
necessary to present fairly the financial position of the Company as of June 30,
2005 and the related operating results and cash flows for the interim period
presented have been made. The results of operations of such interim period are
not necessarily indicative of the results of the full year.

NOTE 3 - COMMITMENTS AND CONTINGENCIES

On March 14, 2005 the Company completed the acquisition of Ideal Medical Inc., a
Texas corporation, pursuant to an Agreement and Plan of Merger. At the effective
time of the merger Ideal Medical Inc. will be merged with and into our wholly
owned subsidiary, OSK Acquisition Corp., a Florida corporation, which will be
subsequently dissolved and merged into the company.

All of the outstanding shares of Ideal Medical Inc. common stock shall be
converted by virtue of the merger at the Closing Date into shares of our common
stock (the "Merger Securities"). On or before the Closing Date, March 30, 2005,
each Shareholder of Ideal Medical Inc. shall surrender their outstanding shares
of Ideal Medical Inc. common stock existing immediately prior to the Closing
Date. Until surrendered, any outstanding certificates or other documentation
which, prior to the Closing Date represented outstanding shares of Ideal Medical
Inc. common stock, shall be deemed for all corporate purposes to be surrendered.
Upon such surrender, shares of Ideal Medical Inc. common stock so surrendered
shall no longer be outstanding and shall automatically be canceled and retired
and shall cease to exist. Pursuant to the completion of the reverse merger
transaction on March 30, 2005, a change of control occurred.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The previous discussion and other sections of this Form 10-QSB contain
forward-looking statements that have been made pursuant to the provisions of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based on current expectations, estimates and projections about
our industry, management's beliefs and certain assumptions made by management.
Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks,"
"estimates," "may," and similar expressions are intended to identify
forward-looking statements. These statements are not guarantees of future
performance and actual actions or results may differ materially. These
statements are subject to certain risks, uncertainties and assumptions that are
difficult to predict. The Company undertakes no obligation to update publicly
any forward-looking statements as a result of new information, future events or
otherwise, unless required by law. Readers should, however, carefully review the
risk factors included in other reports or documents filed by the Company from
time to time with the Securities and Exchange Commission.

The Company was incorporated under the laws of the State of Nevada on March 2,
1999, and is in the early developmental and promotional stages. To date, the
Company's only activities have been organizational ones, directed at developing
its business plan and raising its initial capital. The Company has not commenced
any commercial operations. The Company has no full-time employees and owns no
real estate.

At of the end of its fiscal year ending December 31, 2003, the Company has not
identified any business opportunity that it plans to pursue, nor has the Company
reached any agreement or definitive understanding with any person concerning an
acquisition.

No assurance can be given that the Company will be successful in finding or
acquiring a desirable business opportunity, given the limited funds that are
expected to be available for acquisitions, or that any acquisition that occurs
will be on terms that are favorable to the Company or its stockholders.

The Company's search has been directed toward enterprises which have a desire to
be become a public corporation and which have a business plan designed to allow
them to take advantage of opportunities available to public entities. This
includes entities which have been recently organized, with no operating history,
or a history of losses attributable to under- capitalization or other factors,
entities in need of funds to develop a new product or service or to expand into
a new market, entities which desire to use their securities to make
acquisitions, and entities which have a combination of these characteristics.

In searching for investment opportunities, the Company is not restricted to any
particular geographical area or industry. Therefore, subject to economic
conditions, limitations on its ability to locate available business
opportunities, and other factors, the Company has substantial discretion in
selecting an appropriate business opportunity.

In connection with any acquisition, it is highly likely that an amount of stock
constituting control of the Company would be issued by the Company or purchased
from the Company's current principal shareholders by the target entity or its
controlling shareholders.

On March 14, 2005, we completed our acquisition of Integrated Medical Solutions,
Inc. (d/b/a Medical Inc.), a Texas corporation, pursuant to an Agreement and
Plan of Merger. At the effective time of the merger, Integrated Medical
Solutions, Inc. was merged with and into our wholly owned subsidiary, OSK
Acquisition Corp., a Florida corporation, which was subsequently dissolved and
merged into our Company. The Closing Date was March 30, 2005.

All of the outstanding shares of Integrated Medical Solutions, Inc. common stock
shall be converted by virtue of the merger at the Closing Date into shares of
our common stock (the "Merger Securities"). On or before the Closing Date, March
30, 2005, each Shareholder of Integrated Medical Solutions, Inc. shall surrender
their outstanding shares of Integrated Medical Solutions, Inc. common stock
existing immediately prior to the Closing Date. Until so surrendered, any
outstanding certificates or other documentation which, prior to the Closing Date
represented outstanding shares of Integrated Medical Solutions, Inc. common
stock, shall be deemed for all corporate purposes to be surrendered. Upon such
surrender, shares of Integrated Medical Solutions, Inc. common stock so
surrendered shall no longer be outstanding and shall automatically be canceled
and retired and shall cease to exist.

Other Entities

The previous directors and principal shareholders of the Company are also
the officers, directors and principal shareholders of eight other corporations
which were formed at the same time as the Company. Each of these other
corporations has the same business plan as the Company. On March 16, 2005 Frank
Kramer and Deborah Salerno resigned as officers of OSK CAPITAL III CORP. and
resigned as members of the Board of Directors of the Company. Further to the
resignation of Ms. Salerno and Mr. Kramer, Francis Mailhot remains the sole
director and has been nominated as President and CEO of the Company.

On April 7, 2005, Mr. Francis Mailhot resigned as President and CEO of the
Company. Mr. Francis Mailhot will remain as a director of the Company.

On April 7, 2005, Mr. Roger Morlan, Ms. Myra Batista and Ms. Angela Buffa have
been appointed as directors of the Company.

Ms. Angela Buffa has been appointed as President and CEO of the Company.

The Company

Founded in 1989, Integrated Medical Solutions, Inc. (otherwise known as "IMS")
is a provider of technology-based solutions to the health care industry. IMS is
in the business of developing and implementing asset management systems that
enable healthcare companies and organizations to improve productivity, deliver
better customer service and provide more effective security. IMS designs,
develops and markets proprietary radio frequency (RFID) devices and software
solutions that make it possible to access, manage, and control any asset in a
medical operation. IMS has developed solutions to locate equipment and manage
assets, to minimize patient wait times, and to streamline the flow of patients
through a facility or clinic. The Company's solutions, which consist of
software, services and hardware, can integrate the supply chain constituents,
including manufacturers, distributors, medical facilities, transportation
providers, staff and patients.

As the core technology in its solutions, proprietary radio frequency (RF)
technology automatically identifies the precise real-time location of people and
equipment moving within a medical facility. IMS designs and supports a broad
range of tags, readers, scanners and software for radio frequency identification
(RFID) systems used in automatic identification, data collection and personal
identification applications. The RFID technology is used with products such as
networking routers, medical instruments, bar code scanners, security cameras,
card readers, time clocks, and virtually any product that has some form of
standard data control capability. Applications are most common in areas that
require high levels of data accuracy and where speed and reliability are
critical. Applications for IMS' technology include inventory control, equipment
management, JIT (Just-In-Time) ordering, employee time and attendance records,
people tracking, file management systems, hospital information systems, medical
specimen labeling, and access control systems. The data collected is fed
real-time into application software used by each department (finance, security,
operations, biomed, maintenance, purchasing) to improve their analysis and asset
utilizationn.

IMS' target market segments include, but are not limited to, acute care
hospitals, hospices, medical centers, medical labs, nursing homes, retirement
communities & homes, cancer centers, emergency surgery and trauma centers,
women's health centers, inpatient units, bed towers, medical office buildings,
ambulatory care facilities, cardiac facilities, pediatric facilities, radiology
centers, research and teaching hospitals, medical universities, medical
colleges, medical technical schools, kidney dialysis facilities, mental health
inpatient facilities, transplant centers, reproductive medicine clinics,
prisons, jails, correctional facilities and other related healthcare facilities.
IMS is headquartered in Atlanta, Georgia and has offices in Houston, Texas;
Chicago, Illinois; and Cypress, California. It has partnerships with leading
healthcare construction companies Jacobs Engineering and Turner Construction and
supplier agreements with numerous healthcare Group Purchasing Organizations
(GPOs) such as Premier, Novation, Amerinet, MedAssets, and MHA. It has also
signed a purchasing agreement to purchase from 250 healthcare equipment and
supplies manufacturers encompassing over 30,000 products. It seeks to leverage
these relationship and 15 years of experience in the healthcare industry through
the implementation of its RFID-based products.

PRODUCTS AND SERVICES

IMS has proprietary products and consulting expertise that allow medical
facility operators to better manage major assets (equipment, staff, patients and
inventory). Given increased government regulations and medical insurance
requirements, these operators are under pressure to reduce costs and improve
productivity. IMS has a long history of marketing to these operators and
understands that the emerging RFID technology is the core technology for
improving the operation of medical facilities by providing real-time information
and by integrating the numerous systems and applications. The marketing of an
RFID system is easiest at the time of construction and through healthcare group
purchasing organizations (GPOs), which are increasingly dominating the
purchasing process for these operators. IMS has signed partnership agreements
with leading healthcare construction companies like Jacobs Engineering and
Turner Construction, along with leading GPOs such as Premier and Novation.

With an innovative product and partnerships with well-established companies
providing entry into the purchasing process, IMS believes it can secure a
significant share of the market for asset management technology and application
software. However, the IMS business model goes further and realizes that once it
implements a system in a facility and provides annual support, it has access to
the purchasing needs of that facility. As a result, the Company has signed
purchasing agreements to procure from over 250 manufacturers, totaling over
30,000 medical products. IMS believes it can become a major supplier of
equipment and accessories to the healthcare industry by having access to
inventory levels and asset history.

RFID VALUE PROPOSITION TO HEALTHCARE INDUSTRY

RFID has caught the world and investors attention because of its planned usage
by such big spenders as Wal-Mart, the world's biggest retailer, and the
Department of Defense, with an annual budget of $400 billion, and Delta Airlines
spending $25 million to reduce present costs of $100 million for tracking
luggage. According to Forrester Research, RFID is among the top trends to watch
in 2004 after interviewing more than 500 IT managers to compile its list of
prognostications for the upcoming year. Investors should expect the RFID
landscape to evolve rapidly and extensively as the technology becomes more
standardized and it becomes clearer how it can be best applied. The use of
radio-frequency identification in healthcare is a new use of an existing
technology.

The U.S. healthcare market is a $1.4 trillion industry that is projected to grow
to $2.6 trillion by 2010, according to the Centers for Medicare and Medicaid
Services. With this enormous growth comes the need for new technologies, for
enhanced information exchange that can streamline the way business is conducted,
save lives and improve the quality of life for patients. I.T. is the backbone
upon which healthcare's future will be built. Currently, healthcare information
technology represents a $33 billion a year market. Yet, healthcare continues to
lag behind other business sectors for I.T. spending. However, a long list of
factors, including strong pressure to prevent medical errors plus the need to
comply with regulations, including HIPAA, are combining to spur serious growth
in I.T. spending.

The healthcare industry is at a crossroads. Advances in new medical technology
are providing the United States with the best healthcare products and services
in the world. At the same time, healthcare organizations are under intense
pressure to cut costs from every corner. There are staggering reductions in
government-based reimbursement, managed care payment caps, staffing shortages,
increases in regulations including the implementation of HIPAA and the growth in
demand for added services fueled by the aging of the baby-boomer generation.
Patient care itself is at significant risk. There are several trends that will
drive the healthcare industry to adopt the RFID technology rapidly.

1. SHRINKING HEALTHCARE BUDGETS: Healthcare is more than ever a revenue-focused
environment. Hospitals must act like businesses and be run like businesses. RF
tracking solutions affect the bottom line in several ways:

o REDUCED THEFT. Placing RF tags on portable equipment helps prevent
theft. By alarming or notifying security of a potential problem,
fewer wheelchairs will end up in the trunks of patient cars, and
more money will remain in the hospital coffers for value-added
investment.

o DECREASED RENTALS. Because equipment will no longer be "hidden" by
frustrated clinicians or lost and underutilized, rental requirements
will drop and equipment utilization should rise with the use of
RFID.

2. DECREASED STAFFING LEVELS: The U.S. is facing a nursing-shortage crisis.
According to Hospital Today, it is projected that by 2020 there will be a 20%
shortage of nurses for a total deficit of 400,000 nurses nationwide. Clinicians
cannot afford to spend time looking for the equipment or people they need:

o STAFF EFFICIENCY. RF tracking solutions put access to equipment
location at a clinician's fingertips. This not only drives up
productivity and job satisfaction, but also reduces hoarding of
equipment by nurses who do not believe that there is any alternative
if they want to quickly access needed equipment. Clinicians can
locate patients and reduce wasted time calling around or searching
for where a patient has been transported.

3. INCREASED HOSPITAL ADMISSIONS: Hospital admissions are on the rise as
baby-boomers age. The number of "seniors" over 65 years of age will soon equal
nearly half of the total population in the United States. This aging population
is creating increased healthcare demands. Technology is expected to be critical
in helping hospitals process the increase in demand.

The challenges impacting healthcare are some of the most complex and troublesome
in history. As a result, hospitals and health facilities realize they must find
new ways to lower expenses in other areas. After years of neglect, more hospital
and Integrated Delivery Network (IDN) CEOs are paying attention to their
second-largest business operations expenses--supply chain management--as one
place where they actually can impact costs. It has been well documented for the
past several years that 30 percent of all dollars spent in healthcare supply and
equipment purchasing is wasted, because of inefficiencies, and that at least $11
billion of cost savings could be squeezed out.

The U.S. Department of Commerce estimates that roughly $300 billion worth of
medical supplies, services, and pharmaceuticals are bought globally each year
through the medical technology supply chain. The healthcare supply chain system
has tremendous potential to decrease overall healthcare costs. The most recent
survey estimates that hospitals could save $11 billion a year in supply costs,
but that likely is much higher today. Thus, the strategic value that supply
chain management can bring to healthcare organizations is critical.

Equipment management is a universal problem. It affects just about every facet
of the hospital, from the loading dock to the surgical suite. There literally
are thousands of pieces of mobile medical equipment that move around the
hospital each day with a specific business process and workflow attached to
them. IMS has solutions to improve medical asset utilization. Thus, the key
factors influencing demand for IMS' products are the increase in patients
needing care, the hospital's needs to save money without compromising patient
care and medical supply and equipment usage statistics. In all cases the trends
are upwards in favor of IMS' Asset Management Systems with the use of Radio
Frequency Identification (RFID) technology growing rapidly.

RESULTS OF OPERATIONS

Three and Six Months Ended June 30, 2005.

As of June 30, 2005, the Company remained in the development stage. As of June
30, 2005, the Company had assets consisting of cash only in the amount of $395.

As of June 30, 2005, the Company had additional paid in capital of $77,582. The
Company has expended a portion of its cash in furtherance of its business plan,
including primarily expenditure of funds to pay legal and accounting expenses,
and has recorded the full value of the stock issued for services as a general,
selling, and administrative expense. Consequently, the Company's balance sheet
for the quarter ended as of June 30, 2005 reflects a deficit accumulated during
the development stage of ($83,051) and a stockholders deficit of ($2,143), due
to cash advances from shareholders.

Results of Operations

During the period from March 2, 1999 (inception) through June 30, 2005, the
Company has accumulated a deficit of $83,051. During this period, the Company
has engaged in no significant operations other than organizational activities,
acquisition of capital, preparation and filing of the registration of its
securities under the Securities Exchange Act of 1934, as amended, compliance
with its periodical reporting requirements, and efforts to locate a suitable
merger or acquisition candidate. No revenues were received by the Company during
this period.

Plan of Operations and Need for Additional Financing

The Company's plan of operations for most of 2003 and 2004 was to remain dormant
in order to avoid incurring legal and accounting fees related to compliance with
its reporting obligations. However, in the first quarter of 2004, the Company
elected to begin taking the steps necessary to file all delinquent reports and
to once again become current in compliance with its reporting obligations under
the Securities Exchange Act of 1934. As of June 3, 2005, the Company was current
in compliance with its reporting obligations under the Securities Exchange Act
of 1934 once this report is filed.

On March 17, 2005, the Company executed a letter of intent whereby the Company
proposed to exchange shares of the Company for one hundred percent (100%) of the
outstanding shares of Ideal Medical, Inc. d/b/a Integrated Medical Solutions
("IMS"), a Texas corporation.

All of the outstanding shares of Ideal Medical Inc. common stock shall be
converted by virtue of the merger at the Closing Date into shares of our common
stock (the "Merger Securities"). On or before the Closing Date, March 30, 2005,
each Shareholder of Ideal Medical Inc. shall surrender their outstanding shares
of Ideal Medical Inc. common stock existing immediately prior to the Closing
Date. Until surrendered, any outstanding certificates or other documentation
which, prior to the Closing Date represented outstanding shares of Ideal Medical
Inc. common stock, shall be deemed for all corporate purposes to be surrendered.
Upon such surrender, shares of Ideal Medical Inc. common stock so surrendered
shall no longer be outstanding and shall automatically be canceled and retired
and shall cease to exist. Following the completion of the reverse merger
transaction on March 30, 2005, a change of control will occur.

ITEM 3. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We carried out an evaluation, under the supervision and with the participation
of our management, including our Chief Executive Officer and Principal Financial
Officer, of the effectiveness of our disclosure controls and procedures, as
defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934
as of the end of the period covered by this report. Based on that evaluation,
our Chief Executive Officer and Principal Financial Officer have concluded that
our disclosure controls and procedures as of June 30, 2005 were effective to
ensure that information required to be disclosed by us in reports that we file
or submit under the Securities Exchange Act of 1934 is recorded, processed,
summarized and reported within the time periods specified in the Securities and
Exchange Commission's rules and forms.

Changes in Internal Controls

There have been no material changes in our internal controls over financial
reporting or in other factors that could materially affect, or are reasonably
likely to affect, our internal controls over financial reporting during the
quarter ended June 30, 2005.

PART II OTHER INFORMATION

Item 1. Legal Proceedings

Not applicable

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

Pursuant to the terms and conditions of the reverse merger transaction with
Integrated Medical Solutions, Inc., we issued 20,700,000 shares of common stock.
In addition, certain shareholders retired 314,000 shares of common stock.

Item 3. Defaults Upon Senior Securities

Not applicable

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

None.

Item 5. Other Information

Not applicable

Item 6. Exhibits

A. Exhibits:

31.1 Certification of Chief Executive Officer Pursuant to Section 302 of
the Sarbanes-Oxley Act.

31.2 Certification of Principal Financial and Accounting Officer Pursuant
to Section 302 of the Sarbanes-Oxley Act.

32.1 Certification of Chief Executive Officer Pursuant to Section 906 of
the Sarbanes-Oxley Act.

32.2 Certification of Principal Financial and Accounting Officer Pursuant
to Section 906 of the Sarbanes-Oxley Act.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934 the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

OSK CAPITAL III CORP.

By /s/ Angela Buffa
-----------------------------------------
Chief Executive Officer

Date: August 12, 2005

By /s/ Angela Buffa
-----------------------------------------
Chief Accounting Officer

Date: August 12, 2005