UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                  SCHEDULE 13G
                                 
                   Under the Securities Exchange Act of 1934
                            (Amendment No. 1)(*)


                                   PRECIS, INC.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                                  COMMON STOCK
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    740184106
--------------------------------------------------------------------------------
                                 (CUSIP Number)

                                  June 28, 2005
--------------------------------------------------------------------------------
            (Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

          [_] Rule 13d-1(b)
          [x] Rule 13d-1(c)
          [_] Rule 13d-1(d)

(*)  The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).





CUSIP No. 740184106                  13G                       Page 2 of 5 Pages


--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
   I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     RENAISSANCE CAPITAL GROWTH & INCOME FUND III, INC.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                        (a)  [_]
                                                                        (b)  [_]

--------------------------------------------------------------------------------
3. SEC USE ONLY



--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION

      TEXAS

--------------------------------------------------------------------------------
  NUMBER OF    5.   SOLE VOTING POWER

   SHARES           672,683
               -----------------------------------------------------------------
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY          0
               -----------------------------------------------------------------
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         672,683
               -----------------------------------------------------------------
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            0
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON


      672,683
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [-]

--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9


      5.5%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*


      IV
--------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!




CUSIP No. 740184106                     13G                   Page 3 of 5 Pages



Item 1(a).  Name of Issuer:


            Precis, Inc. (the "Company")
            --------------------------------------------------------------------

Item 1(b).  Address of Issuer's Principal Executive Offices:


            2040 N. Highway 360, Grand Prairie, TX  75050
            --------------------------------------------------------------------

Item 2(a).  Name of Person Filing:


            Renaissance Capital Growth & Income Fund III, Inc. ("RENN 3")
            --------------------------------------------------------------------

Item 2(b).  Address of Principal Business Office, or if None, Residence:


            8080 N. Central Expressway, Suite 210, LB-59, Dallas, TX  75026
            --------------------------------------------------------------------

Item 2(c).  Citizenship:


            Texas
            --------------------------------------------------------------------

Item 2(d).  Title of Class of Securities:


            Common Stock
            --------------------------------------------------------------------

Item 2(e).  CUSIP Number:


            740184106
            --------------------------------------------------------------------

Item        3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
            or (c), Check Whether the Person Filing is a:

     (a)       [_] Broker or dealer registered under Section 15 of the Exchange
               Act.

     (b)       [_] Bank as defined in Section 3(a)(6) of the Exchange Act.

     (c)       [_] Insurance company as defined in Section 3(a)(19) of the
               Exchange Act.

     (d)       [_] Investment company registered under Section 8 of the
               Investment Company Act.

     (e)       [_] An investment adviser in accordance with Rule
               13d-1(b)(1)(ii)(E);

     (f)       [_] An employee benefit plan or endowment fund in accordance with
               Rule 13d-1(b)(1)(ii)(F);

     (g)       [_] A parent holding company or control person in accordance with
               Rule 13d-1(b)(1)(ii)(G);

     (h)       [_] A savings association as defined in Section 3(b) of the
               Federal Deposit Insurance Act;

     (i)       [_] A church plan that is excluded from the definition of an
               investment company under Section 3(c)(14) of the Investment
               Company Act;

     (j)       [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).





CUSIP No. 740184106                   13G                      Page 4 of 5 Pages


Item 4.  Ownership.

     Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.

     (a) Amount beneficially owned:

         672,683
         ----------------------------------------------------------------------

     (b) Percent of class:

         5.5%
         ----------------------------------------------------------------------

     (c) Number of shares as to which such person has:

          (i) Sole power to vote or to direct the vote: 672,683

          (ii)  Shared power to vote or to direct the vote: 0

          (iii) Sole power to dispose or to direct the disposition of: 672,683

          (iv)  Shared power to dispose or to direct the disposition of: 0


Item 5.  Ownership of Five Percent or Less of a Class.

     If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities check the following [ ].

         -----------------------------------------------------------------------

Item 6.  Ownership of More Than Five Percent on Behalf of Another Person.

         RENN 3 and RENN Capital Group, Inc., investment adviser to RENN 3, have
         the right to receive or the power to direct the receipt of dividends 
         from, or the proceeds from the sale of such securities. No other person
         is known to have such right or power with respect to more than five 
         percent of this class of securities.

         -----------------------------------------------------------------------

Item 7.  Identification and Classification of the Subsidiary Which Acquired
         the Security Being Reported on by the Parent Holding Company or Control
         Person.

         Not Applicable

         -----------------------------------------------------------------------


CUSIP No. 740184106                   13G                      Page 5 of 5 Pages


Item 8.  Identification  and  Classification  of Members of the Group.

         Not Applicable
         -----------------------------------------------------------------------

Item 9.  Notice of Dissolution of Group.

         Not Applicable
         ----------------------------------------------------------------------

Item 10. Certifications.

         By signing below I certify that, to the best of my knowledge and
         belief, the securities referred to above were acquired and are held in
         the ordinary course of business and were not acquired and not held for
         the purpose of or with the effect of changing or influencing the
         control of the issuer of the securities and were not acquired and are
         not held in connection with or as a participant in any transaction
         having such purpose or effect.




                                    SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.


Date: June 29, 2005

                                     Renaissance Capital Growth &
                                     Income Fund III, Inc.

                                By:  /S/  Russell Cleveland
                                     ------------------------------
                                     Russell Cleveland, President


Note. Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
for whom copies are to be sent.

Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).