<PAGE>

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

                                   FORM 10-QSB

(MARK ONE)
[X]   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934 for the quarterly period ended March 31, 2003.

[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934   For the transition period from ____ to ____ .

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

                         Commission File Number 0-24633


                            RAKO CAPITAL CORPORATION
                 (Name of small business issuer in its charter)



                    NEVADA                                      91-0853320
(State or other jurisdiction of incorporation)               (I.R.S. Employer
                                                            Identification No.)

                            TWO NORTH COLLEGE AVENUE
                             FAYETTEVILLE, AR 72701
                    (Address of principal executive offices)


                                 (479) 684-2700
                         (Registrant's telephone number)

Check whether the Registrant (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or 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 [X] No [ ]

The number of shares of common stock, par value $.001 per share, of the
registrant as of April 30, 2003 was 23,824,209 shares.

Transitional small business disclosure format (check one) Yes [ ] No [X]

<PAGE>

                                TABLE OF CONTENTS

PART I:   FINANCIAL INFORMATION

Item 1.   Unaudited Consolidated Financial Statements

          Consolidated Balance Sheets
            as of March 31, 2003  and March 31, 2002 (unaudited)

          Consolidated Statements of Operations
            For the three months ended March 31, 2003 and 2002 (unaudited)

          Consolidated Statements of Cash Flows
            For the three months ended March 31, 2003 and 2002 (unaudited)

          Notes to Consolidated Financial Statements (unaudited)

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

Item 3.   Controls and Procedures

PART II: OTHER INFORMATION

Item 1.   Legal Proceedings

Item 2.   Changes in Securities

Item 3.   Defaults Upon Senior Securities

Item 4.   Submission of Matters to a Vote of the Shareholders

Item 5.   Other Information

Item 6.   Exhibits and Reports on Form 8-K Signatures


SIGNATURES

CERTIFICATES

Exhibit 99.1

Exhibit 99.2

<PAGE>

ITEM 1. FINANCIAL STATEMENTS.

                            RAKO CAPITAL CORPORATION
                           CONSOLIDATED BALANCE SHEETS
                             MARCH 31, 2003 AND 2002
                                   (Unaudited)
                                     ASSETS

<TABLE>
<CAPTION>
                                                                                2003            2002
                                                                            ------------    ------------
<S>                                                                         <C>             <C>
CURRENT ASSETS
     Cash and cash equivalents                                              $     62,831    $     66,529
     Marketable securities, at fair value                                          2,227           3,238
     Accounts receivable, less allowance for doubtful accounts
        of $622,799 and $358,655 in 2003 and 2002, respectively                1,599,667       1,034,384
     Due from shareholders                                                        80,684          14,792
     Due from employees                                                           23,410           7,738
     Advances to sub-contractors                                                  18,750          53,316
     Prepaid expenses                                                            234,945         224,253
     Income tax receivable                                                     1,049,794         333,632
                                                                            ------------    ------------

     TOTAL CURRENT ASSETS                                                      3,072,308       1,737,882
                                                                            ------------    ------------

FIXED ASSETS, net of accumulated depreciation of $3,110,113
     and $1,954,434 at March 31, 2003 and 2002, respectively                  10,190,107       9,781,727
                                                                            ------------    ------------

OTHER ASSETS
     Note receivable-building                                                    457,000            --
     Note receivable - Osprey                                                    300,000            --
     Deposits                                                                     50,000            --
     Goodwill and other intangible assets, net                                12,018,245            --
                                                                            ------------    ------------

     TOTAL OTHER ASSETS                                                       12,825,245            --
                                                                            ------------    ------------

TOTAL ASSETS                                                                $ 26,087,660    $ 11,519,609
                                                                            ============    ============

                       LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
     Bank overdraft                                                         $    404,441    $       --
     Accounts payable                                                          4,419,542       2,034,345
     Accrued liabilities                                                       1,829,080       1,116,921
     Lines of credit                                                             398,116         914,296
     Current portion of long-term debt                                         1,552,245       1,975,869
     Current portion of capital lease obligations                                142,879         271,750
     Security Deposit                                                              3,662          20,000
                                                                            ------------    ------------

     TOTAL CURRENT LIABILITIES                                                 8,749,965       6,333,181
                                                                            ------------    ------------

LONG-TERM LIABILITIES
     Long-term debt, net of current portion                                    2,686,657       3,315,405
     Capital lease obligations, net of current portion                            28,564         113,560
     Deferred tax liability                                                    1,563,119         823,016
     Commitments and contingencies
                                                                            ------------    ------------

     TOTAL LONG-TERM LIABILITIES                                               4,278,340       4,251,981
                                                                            ------------    ------------

TOTAL LIABILITIES                                                             13,028,305      10,585,162
                                                                            ------------    ------------

SHAREHOLDERS' EQUITY
     Common stock; $0.001 par value; 50,000,000 shares authorized;
     23,376,350 and 17,299,584 shares issued and outstanding at March 31,
     2003 and 2002, respectively                                                  23,376          17,300
     Additional paid-in-capital                                               14,372,700            --
     Retained earnings                                                        (1,336,721)        917,147
                                                                            ------------    ------------

     TOTAL SHAREHOLDERS' EQUITY                                               13,059,355         934,447
                                                                            ------------    ------------

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY                                    $ 26,087,660    $ 11,519,609
                                                                            ============    ============
</TABLE>

                             See accompanying notes.

                                       2
<PAGE>

                            RAKO CAPITAL CORPORATION
                      CONSOLIDATED STATEMENTS OF OPERATIONS
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                             2003             2002
                                                         ------------    ------------
<S>                                                      <C>             <C>
Revenue                                                  $  4,390,940    $  4,833,847
                                                         ------------    ------------

Costs and Expenses:
     Cost of revenue                                        3,742,360       4,200,288
     General and administration                             2,061,652       1,638,355
     Depreciation and amortization                            465,018          15,707
     Interest                                                  94,076         122,732
                                                         ------------    ------------

Total Costs and Expenses                                    6,363,106       5,977,082
                                                         ------------    ------------

Operating (Loss) Income                                    (1,972,166)     (1,143,235)
                                                         ------------    ------------

Other Income (Expense):
     Interest and dividends                                     3,892            --
     (Loss) gain on the sale of property and equipment           (790)         22,209
     (Loss) on the sale of investments                           --              (320)
     Rental income                                             10,500            --
     Change in unrealized (loss) gain on investments               97            --
                                                         ------------    ------------
         Total other income (expense)                          13,699          21,889
                                                         ------------    ------------

Net (Loss)                                               $ (1,958,467)   $ (1,121,346)
                                                         ============    ============


Basic (Loss) Per Common Share                            $      (0.10)   $      (0.06)
                                                         ============    ============

Weighted Average Number Of Common Shares Outstanding       20,328,240      17,299,584
                                                         ============    ============
</TABLE>

                             See accompanying notes.

                                       3
<PAGE>

                           RAKO CAPITAL CORPORATION
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                   2003               2002
                                                               -----------        -----------
<S>                                                            <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss)                                                     $(1,958,467)       $(1,121,346)
    Adjustments to reconcile net (loss) to net cash
      provided by operating activities:
      Provision for allowance for doubtful accounts                 63,911               --
      Depreciation and amortization                                788,424            273,380
      Change in unrealized (gains) on investments                      (97)              --
      (Loss) gain on the sale of property and equipment               (790)            22,209
    Changes in operating assets and liabilities:
      Accounts receivable                                          413,814            756,984
      Prepaid expenses                                               9,959             (9,500)
      Income tax receivable                                           --              (26,564)
      Bank overdraft                                               192,987               --
      Accounts payable                                             449,088            803,221
      Accrued liabilities                                          336,364           (126,840)
      Deferred revenue                                            (396,000)              --
      Security deposit                                                --               20,000
                                                               -----------        -----------

    NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES              (100,807)           591,544
                                                               -----------        -----------

CASH FLOWS FROM INVESTING ACTIVITIES
    Purchase of property and equipment                            (200,988)          (383,276)
    Proceeds from sale of property and equipment                      --               35,604
    (Advances to) Repayment from shareholders, net                  (1,077)            82,171
    (Repayment) from employees                                      47,556              1,036
    (Advances to) from subcontractors                               (9,858)           (40,937)
                                                               -----------        -----------

    NET CASH (USED) IN INVESTING ACTIVITIES                       (164,367)          (305,402)
                                                               -----------        -----------

CASH FLOWS FROM FINANCING ACTIVITIES
    (Repayments) Advances from lines of credit                    (151,582)            65,040
    (Repayments) of long-term debt                                (202,869)          (499,634)
    Repayments of capital lease obligations                       (179,145)          (303,270)
    Cash acquired in acquisition                                    16,987               --
    Proceeds from issuance of common stock                         830,600               --
                                                               -----------        -----------

    NET CASH (USED) PROVIDED BY IN FINANCING ACTIVITIES            313,991           (737,864)
                                                               -----------        -----------

Net increase (decrease) in cash and cash equivalents                48,817           (451,722)

Cash and cash equivalents at beginning of period                    14,014            518,251
                                                               -----------        -----------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                     $    62,831        $    66,529
                                                               ===========        ===========
</TABLE>

                             See accompanying notes.

                                       4
<PAGE>

                            RAKO CAPITAL CORPORATION
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                               2003             2002
                                                            -----------      -----------
<S>                                                         <C>              <C>
SUPPLEMENTAL DISCLOSURES OF
     CASH FLOW INFORMATION
Cash paid during the three months for:
     Interest                                               $    89,695      $   122,558


     Incomes taxes                                          $      --        $      --

Non-cash investing and financing activities:

     Equipment acquired under non-cash transactions         $   995,073      $   560,493


     Notes receivable on sale of building                   $      --        $      --
</TABLE>


                             See accompanying notes.

                                       5
<PAGE>

                            RAKO CAPITAL CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.   The Company And Summary of Significant Accounting Policies
     ----------------------------------------------------------

     The Company
     -----------

     Effective January 29, 2003, the Company entered into a share exchange
     agreement with RAKO Capital Corporation (RAKO). As a result of the
     RAKO/Centra Exchange, Centra became RAKO's subsidiary.

     In the RAKO/Centra Exchange, the Company's shareholders own approximately
     86% of RAKO's common stock and the continuing business of RAKO will be that
     of the Company. As a result, the accounting for this combination has
     recognized the combination as a "reverse takeover" and follows by combing
     the net assets ($0) of RAKO with the net assets of the Company from the
     effective date of the transaction forward. The financial statements have
     been adjusted to reflect the change in the par value of the common stock
     from Centra Industries Inc. (0.00001) to that of RAKO (0.001). The increase
     in par value has been adjusted to additional paid-in-capital and retained
     earnings.

     The Company, through its subsidiaries, is engaged in the single-line
     business of infrastructure construction. The Company provides specialized
     contracting services to the telecommunications and cable television
     industries.

     Basis of Presentation
     ---------------------

     The consolidated financial statements and notes thereto of Rako Capital
     Corporaton are unaudited and include all adjustments, which in the opinion
     of management, are necessary to present fairly the financial condition and
     results of operations as of and for the periods set forth in the
     consolidated Balance Sheets, Consolidated Statements of Operations and
     Consolidated Statements of Cash Flows. All such accounting adjustements are
     of a normal, recurring nature. The consolidated financial statements do not
     include all of the information and footnote disclosures normally included
     in financial statements prepared in accordance with generally accepted
     accounting principles and should be read in conjunction with the
     consolidated financial statements and notes thereto included in the
     Company's Annual Report on Form 10-k filed with the Securities and Exchange
     Commission, which includes financial statements as of and for the year
     ended December 31, 2002. The results of the Company's operations for any
     interim period are not necessarily indicitive of the results of the
     Company's operations for any other interim period or for a full year.

     Accounting Principles
     ---------------------

     The consolidated financial statements and accompanying notes are prepared
     in accordance with accounting principles generally accepted in the United
     States of America. The Company uses the accrual method of accounting for
     book and tax reporting (see "Income Taxes"). The Company's year end is
     December 31.

     Principles of Consolidation
     ---------------------------

     The consolidated financial statements include the accounts of Centra and
     its Subsidiaries (Company). All material intercompany transactions and
     balances have been eliminated.

     Goodwill and other intangible assets
     ------------------------------------

     Goodwill represents the excess purchase price paid by the Company over the
     fair value of the tangible and intangible assets and liabilities of the
     acquired companies as of the date of acquisition. In accordance with SFAS
     No. 142, the goodwill and indefinite-lived intangibles balances are not
     being

                                       6
<PAGE>
                            RAKO CAPITAL CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


     amortized, but instead will be subject to an annual assessment of
     impairment by applying a fair value based test. Net other intangible assets
     are amortized on a straight line basis over the estimated useful lives of
     the assets.

     The Company evaluates the carrying value of goodwill and identified
     intangibles not subject to amortization in the fourth quarter of each
     fiscal year. As part of the evaluation, the Company compares the carrying
     value of each intangible asset with its fair value to determine whether
     there has been imparement. The Company assesses the ongoing recoverability
     of its intangible assets subject to amortization by determining whether the
     intangible asset balance can be recovered over the remaining amortization
     period through projected undiscounted future cash flows. If projected
     future cash flows indicate that the unamortized intangible asset balances
     will not be recovered, an adjustement is made to reduce the net intangible
     asset and charge earnings. Cash flow projections, although subject to a
     degree of uncertaintity, are based on trends of historical performance and
     management's estimate of future performance, giving consideration to
     existing and anticipated competitive and economic conditions. As of March
     31, 2003 the Company does not believe any impairment of goodwill or other
     intangible assets has occurred. The balances in accumulated amortization,
     of intangible assets subject to amortization, were $450,000 and $0 as of
     March 31, 2003 and 2002 respectivly.

     Estimates and Assumptions
     -------------------------

     Preparing financial statements 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 the reported amounts of revenues and expenses
     during the reporting period. Actual results and outcomes may differ from
     these estimates and assumptions.

     Revenue and Cost Recognition
     ----------------------------

     The Company bills customers weekly based upon the work performed, which is
     specifically identified and pursuant to the terms of contracts. Cost of
     revenue includes direct material and labor costs and those indirect costs
     related to contract performance, such as indirect labor, supplies, tools,
     repairs and depreciation. Provisions for estimated losses on uncompleted
     contracts are made in the period in which such losses are determined.
     Changes in estimated job profitability resulting from job performance, job
     conditions, contract penalty provisions, claims, change orders and
     settlements are accounted for as changes in estimates in the current
     period.

     Accounts Receivables
     --------------------

     The Company, in the normal course of business, extends credit to customers
     on an uncollateralized basis. At year-end and during the year, management
     systematically reviews outstanding accounts receivable, as well as past bad
     debt write-offs, and considers, among other factors, known troubled
     accounts, historical experience, and other currently available evidence to
     establish an allowance for doubtful accounts for uncollectible amounts.
     Activity in the allowance for doubtful accounts is as follows:

     Income Taxes
     ------------

     Income taxes are recorded in accordance with SFAS No. 109 (SFAS No. 109),
     Accounting for Income Taxes. This statement requires, among other things,
     the recognition of deferred tax assets and liabilities to reflect the
     future tax consequences of events that have been recognized in the
     Company's financial statements or tax returns. Measurement of the deferred
     items is based on enacted tax laws. In the event the future consequences of
     differences between financial reporting basis and tax basis of the
     Company's assets and liabilities result in a deferred tax asset, SFAS

                                       7
<PAGE>
                            RAKO CAPITAL CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

     No. 109 requires an evaluation of the probability of being able to realize
     the future benefits indicated by such asset. A valuation allowance related
     to a deferred tax asset is recorded when it is more likely than not that
     some portion or all of the deferred tax asset will not be realized. When
     certain items of income and expense are not reported in tax returns and
     financial statements in the same year, the tax effect of this difference is
     reported as deferred income taxes. These temporary differences relate
     principally to depreciation and the effects of accrual accounting for
     financial reporting purposes versus cash basis accounting for tax reporting
     purposes.

     Fixed Assets
     ------------

     Fixed assets are recorded at cost. Depreciation is provided principally on
     the straight-line method over the estimated useful lives of the assets,
     ranging from 5-40 years in 2003 and 2002. Upon sale or retirement, asset
     cost and its related accumulated depreciation are eliminated from the
     respective accounts and any resulting gain or loss is recognized in income.
     Additions, improvements and expenditures for repairs and maintenance that
     are material in nature and significantly add to the productivity or extend
     the economic life of assets are capitalized. Any immaterial amounts or
     amounts incurred as recurring expenditures for repairs are charged to
     expense.

     Cash and Cash Equivalents
     -------------------------

     For purposes of reporting cash flows, cash and cash equivalents include
     operating checking accounts and money market accounts at depository
     institutions.

     Fair Value of Financial Instruments
     -----------------------------------

     Substantially all of the Company's financial assets and liabilities are
     carried at fair value or contracted amounts, which approximate fair value.

     Basic (Loss) Earnings Per Common Share
     --------------------------------------

     Basic (loss) earnings per common share have been computed by dividing the
     respective numerator by the weighted average number of common shares
     outstanding during the periods.

     Investments in Marketable Securities
     ------------------------------------

     In accordance with Statement of Financial Accounting Standards No.115 (SFAS
     No. 115), Accounting for Certain Investments in Debt and Equity Securities,
     companies are required to classify each of their investments into one of
     three categories, with different accounting for each category. At December
     31, 2002 and 2001, management has classified all of their marketable
     securities, which consist of equity securities, as trading securities,
     which are reported at fair market value, with unrealized gains and losses
     included in earnings and reported as they arise. Gains or losses on sale of
     securities are recognized on a specific identification basis.

2.   Sale Of 20% Interest In Company Office Building
     -----------------------------------------------

     On March 20, 2002, the Company sold on undivided 20% interest in the
     Company's office building in Fayetteville, AR for a total of $470,000. The
     purchase price of $470,000 was payable with $13,000 in cash, a 30 year note
     in the amount of $121,000 at 6% interest and the buyer assuming 20%
     ($336,000) of the Company's note to the Bank of Fayetteville. The buyer
     paid the cash but defaulted on his obligations to pay the notes and in
     March 2003, agreed to reconvey his 20% interest back to the Company, as if
     the transaction had not occurred. In the year 2002, the Company recorded
     the sale and the interest income on the notes. The Company also charged bad
     debts for the unpaid interest. In 2003, the Company debited the unpaid
     value of the notes to fixed assets. The Company did not

                                       8
<PAGE>
                            RAKO CAPITAL CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


     recognize any gain or loss on this transaction as the notes were
     substantially equal to the fair value of the property at the time of sale
     and the subsequent reconveyance. At the time of the reconveyance, the
     Company and the buyer agreed to record the $13,000 that was previously paid
     as rental payments.

3.   Osprey Investments, Inc. Promissory Note
     ----------------------------------------

     In December 2002, the Company lent $300,000 to Osprey Investments II, Inc.,
     the majority shareholder of RAKO Capital Corporation (RAKO) (see the
     Subsequent Events footnote, RAKO/Centra Exchange). The note is due June 30,
     2003 with interest at 1% over the prime rate of Citibank, N.A., which was
     4.25% from December 2002 through the date of this report. This note is
     unsecured.

4.   Commitments and Contingencies
     -----------------------------

     Legal Proceedings
     -----------------

     The Company is subject to legal proceedings and claims that arise in the
     ordinary course of its business. In the opinion of management, the amount
     of ultimate liability with respect to those actions will not materially
     affect the financial position of the Company.

5.   Employee Stock Option, Incentive Bonus And Employee Stock Purchase Plans
     ------------------------------------------------------------------------

     Stock Option Plan
     -----------------

     In 2002, the Company adopted a stock option plan (plan) for directors,
     officers, employees and independent contractors, which provides for
     nonqualified and incentive stock options. The Company has reserved for
     grant a maximum of 500,000 of its common shares. The Plan is to be
     administered by a committee of not less than 2 persons appointed by the
     Company's Board of Directors. The committee, subject to the provisions of
     the plan, is empowered to make the terms and conditions related to the
     options. Specifically, the committee will, among other things, determine
     the type of options, exercise price, etc. To date, the Company has not
     issued any options.

     Incentive Bonus Plan
     --------------------

     In 2002, the Company adopted an incentive bonus plan (plan) to reward
     employees for, among other things, their contributions to the success of
     the Company. The plan provides that the Company shall maintain a bonus
     reserve, calculated in accordance with the plan, for distribution in its
     sole discretion. To date, the Company has neither added any money to the
     bonus pool nor made any distributions.

     Employee Stock Purchase Plan
     ----------------------------

     In 2002, the Company adopted an employee stock purchase plan (plan),
     pursuant to which the Company may grant purchase rights to acquire up to
     500,000 shares of common stock reserved for issuance thereunder to eligible
     employees, directors and independent contractors of the Company in order to
     attract and retain such individuals. The plan is administered by a
     committee of at least two members of Company's Board of Directors. To date,
     the Company has not issued any shares.

                                       9
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

This Management's Discussion and Analysis of Financial Condition and Results of
Operations should be read in conjunction with our consolidated financial
statements and the related notes thereto included elsewhere in this Quarterly
Report on Form 10-QSB and the Company's Annual Report on Form 10-KSB for the
fiscal year ended December 31, 2002.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-QSB includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act")
and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). All
statements other than statements of historical facts contained in this report,
including statements regarding the Company's future financial position, business
strategy and plans and objectives of management for future operations are
forward looking statements. These "forward-looking statements" can be identified
by the use of terminology such as "believe," "hope," "may," "anticipate,"
"should," "intend," "plan," "will," "expect," "estimate," "project,"
"positioned," "strategy" and similar expressions. You should be aware that these
forward-looking statements are subject to risks and uncertainties that are
beyond our control. Examples of forward looking statements include statements we
make regarding future prospects of growth in cable and wireless infrastructure
markets, the level of future expenditures by companies in those markets, and
other trends in those markets, our ability to maintain or increase our market
share, our future operating results, our future capital expenditure levels and
our plans to fund our future liquidity needs. These fo ward-looking statements
included in the Quarterly Report on Form 10-QSB are not guarantees of future
performance, and actual results could differ from those contemplated in these
forward-looking statements. In light of these risks and uncertainties, there can
be no assurance that the results and events contemplated by the forward-looking
information contained in the Quarterly Report on Form 10-QSB will in fact
transpire. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of their dates.

OVERVIEW

     The Company, through its subsidiary Centra Industries, Inc. ("Centra"), a
holding company, and its operating subsidiaries, provides infrastructure design,
construction, engineering and maintenance services to the telecommunications
(cable and wireless), energy and municipal infrastructure industries. Our
primary focus is the installation, replacement and construction of underground
cable for telecommunications and cable television companies using horizontal
boring technology.

     We were formed in July 2001 by the combination of our predecessor
businesses, Midwest Cable Communications of Arkansas, Inc., ("Midwest Cable")
Smithwell Directional Boring, Inc., B&B Directional Boring, Inc. and Trammell
Directional Boring, Inc., each an Arkansas corporation, through a series of
tax-free mergers, into Midwest Cable Communications of Arkansas, Inc., a
Delaware corporation and wholly-owned subsidiary of Centra. In 2002, we began to
provide wireless infrastructure services through Centra's wholly-owned
subsidiary, Centra Wireless Construction, Inc., a Delaware corporation
established in July 2001 ("Centra Wireless"). Our holding company structure and
range of service offerings allow us to offer a turnkey approach within the
infrastructure industry, as well as individual specialized services through each
of our operating subsidiaries.

     We operate from three locations in Arkansas and have the ability to operate
in the contiguous 48 states. Our principal operations to date have been
concentrated in the Oklahoma-Arkansas Region of the United States.

2003 ACQUISITIONS

     Effective January 29, 2003, we entered into a Share Exchange Agreement with
Centra and certain stockholders of Centra pursuant to which we issued 14,893,716
shares of our common stock, representing approximately 86.1% of our outstanding
common stock immediately following such issuance, to the stockholders of Centra
in exchange for 14,893,716 shares of the issued and outstanding common stock of
Centra, representing approximately 98.3% of the then issued and outstanding
shares of Centra common stock (the "RAKO/Centra Exchange"). As a result of the
RAKO/Centra Exchange, Centra became our subsidiary.

                                       10
<PAGE>

Smith & Co. Surveying Services, Inc. ("Smith & Co.")

     On January 29, 2003, Centra acquired Smith & Co., a California-based
provider of engineering, surveying, and project management services to the
telecommunications and energy sectors. Smith & Co. has established itself as a
premier engineering service provider in the western United States. Smith & Co.
utilizes the latest technology and techniques available to the industry. The
President of Smith & Co. is Gregory J. Smith.

Razorback Acquisition Corp. ("Razorback")

     On January 29, 2003, Centra acquired Razorback Acquisition Corp. d/b/a
Razorback Construction Services Company. Razorback is an aerial installer and
maintainer of fiber optic, coaxial, copper and telephone lines. Razorback
utilizes heavy duty bucket trucks, splicing vehicles and retains a sophisticated
labor force. It principally conducts its operations in Arkansas. Until its
acquisition by Centra, Razorback was independently owned.

TWS International, Inc. ("TWS")

     On February 7, 2003, Centra acquired certain assets and assumed certain
liabilities of TWS, a Georgia-based provider of engineering services focused on
providing infrastructure services to the wireless industry. TWS provides
professional and technical services required by wireless operators to design and
construct their networks on a global basis. We transferred the acquired TWS
assets into Centra Wireless in the first quarter of 2003. Luis Delahoz is the
President of CWS.

     Our aim is to become a pre-eminent provider of specialized infrastructure
services serving the telecommunications, cable television and energy industries
and municipalities on a national basis.

COMPARISON OF THREE MONTHS ENDED MARCH 31, 2003 TO THREE MONTHS ENDED MARCH 31,
2002

     Revenue. Our revenue was approximately $4.4 million for the three month
period ended March 31, 2003 compared to just over $4.8 million for the three
month period ended March 31, 2002, representing a decrease of approximately
$443,000, or 9.2%, primarily as a result of a decrease in orders from our
principal customer.

     Cost of Revenue. Our cost of revenue was approximately $3.7 million, or
85.2% of revenue, for the three month period ended March 31, 2003, compared to
$4.2 million, or 86.9% of revenue, for the three month period ended March 31,
2002. This decrease is principally attributable to a reduction in overhead
costs.

     General and administration. General and administrative expenses were
approximately $2.1 million, or 47.0% of revenue, for the three month period
ended March 31, 2003, compared to about $1.6 million, or 33.9% of revenue, for
the three month period ended March 31, 2002. The principal increases in these
expenses were legal and professional fees.

     Interest and dividend income. Interest and dividend income was $3,900 for
the three month period ended March 31, 2003 compared to $0 for the three month
period ended March 31, 2002.

     Other income (expense). During the three month period ended March 31, 2003,
we received rental income of $10,500 and experienced a loss on the sale of
property and equipment of approximately $800, compared to a gain on the sale of
property and equipment of approximately $22,000 and loss on sale of investments
of $300 for the three months ended March 31, 2002.

     Provision for income taxes. There were negligible tax consequences for the
three month periods ended March 31, 2003 and March 31, 2002.

Financial Condition, Liquidity and Capital Resources
----------------------------------------------------

     Our primary liquidity needs are for working capital, capital expenditures,
investments and debt service. Our primary sources of liquidity are cash flows
from operations and borrowings under revolving notes or lines of credit. We
believe we can satisfy our cash requirements over the next nine months out of
cash flow from operations and from additional third party financing.

     For the three month period ended March 31, 2003, net cash flow used by
operating activities was approximately $(101,000), compared to net cash provided
by operating activities of $591,000 for the same period ended March 31, 2002.

                                       11
<PAGE>

Such negative net cash flow used by operating activities was principally
attributable to an increase in our accounts receivable of approximately $414,000
and a decrease in our deferred revenue by approximately $396,000.

     At March 31, 2003, our total assets were approximately $26.1 million,
compared to $11.5 million at March 31, 2002, representing an increase of
approximately 127%, principally attributable to an increase in goodwill and
other intangible assets of approximately $12.0 million, an increase of
approximately $716,000 in our income tax receivable, and two notes receivable in
an aggregate principal amount of $757,000. The $12.0 million of goodwill and
other intangible assets is principally comprised of (i) $5.4 million allocated
to our acquisition of certain intangible assets from TWS, including a two-year
non-compete covenant of TWS in respect of the RF engineering business in the
United States and a two-year non-solicitation covenant and (ii) $4.0 million
allocated to goodwill from the TWS acquisition. Our total liabilities increased
during this period by $2.4 million, from $10.6 million to $13.0 million,
principally due to an increase in accounts payable and accrued expenses of $3.5
million, an increase in deferred taxes of approximately $740,000 (or .7 million)
and a decrease in total debt of approximately $1.8 million. Our stockholders'
equity increased from about $934,000 to approximately $13.1 million as a result
of the transactions entered in February 2003, and reflects $12.0 million of
goodwill arising out of such transactions. Our current liabilities increased by
just over $2.4 million to $8.8 million and our long-term liabilities increased
slightly by approximately $26,000. The major categories of increases were
accrued liabilities and accounts payable, while there were decreases in bank
lines of credit and current maturities of long-term debt.

     As of March 31, 2002, we had lines of credit which provide for borrowings
up to an aggregate of $400,000, under which approximately $398,000 was borrowed.

     Our long-term debt (less current maturities and not including capital lease
obligations) as of March 31, 2003 was $2.7 million compared to $3.3 million as
of March 31, 2002. In general, our long-term debt consists of notes due to banks
and equipment financiers that are secured by equipment purchased with the
proceeds of those notes. Of our total long-term debt as of March 31, 2003, $1.2
million comes due in 2003, and $2.2 million comes due in 2004. In addition, we
are obligated to pay $495,000 in capitalized lease obligations in 2002, to pay
$241,000 of capitalized lease obligations in 2003 and to pay approximately
$24,000 of capitalized lease obligations in 2004. In addition, we paid $200,000
in capitalized lease obligations in the three month period ended March 31, 2003,
and are obligated to pay $152,000 of capitalized lease obligations in remainder
of 2003 and to pay approximately $44,000 of capitalized lease obligations in
2004. Additionally, the real property that we own at Two North College Avenue in
Fayetteville, Arkansas is subject to a mortgage with the Bank of Fayetteville
having an adjustable interest rate of 1% over prime. As of March 31, 2003, the
balance on this mortgage was approximately $1.6 million. We believe that the
market value of the property as of March 31, 2003 was approximately $2.4
million.

Seasonality
-----------

     Our operations have historically been slower in the first quarter of the
year. During the last two years, we have generally experienced sequential
increases in revenue following the first quarter of every year. This seasonality
is primarily the result of client budgetary constraints and preferences and the
effect of winter weather on external network activities. Some of our clients,
particularly the incumbent local exchange carriers, tend to complete budgeted
capital expenditures before the end of the year and defer additional
expenditures until the following budget year.

Impact of Inflation
-------------------

     The primary inflationary factor affecting our operations are increased
labor costs. We have not experienced significant increases in labor costs to
date. Competition for qualified personnel could increase our labor costs.

Quantitative and Qualitative Disclosures About Market Risk
----------------------------------------------------------

     Market risk is the risk of loss resulting from adverse changes in market
rates and prices. The principal market risk to which we are exposed is interest
rate risk. Although most of our credit arrangements in place as of March 31,
2003 provide for fixed interest rates, in view of the capital intensive nature
of our business, we expect to continue to enter into capital lease transactions
and credit arrangements in the future at then prevailing interest rates. If
interest rates increase significantly in the future, our exposure to interest
rate market risk will also increase.

     We invest our excess cash in short-term, interest-bearing, investment grade
instruments and in bank accounts located in the United States. These instruments
have maturities of less than one year. Due to the short-term nature of these
investments, we believe that there is no material exposure to interest rate risk
arising from our investments.

                                       12
<PAGE>

Recently Issued Accounting Standards
------------------------------------

     In June 2001, the FASB issued SFAS No. 141, Business Combinations. SFAS No.
141 requires all business combinations be accounted for using the purchase
method. This Statement also applies to all business combinations accounted for
using the purchase method for which the date of acquisition is July 1, 2001 or
later. The Company intends to apply this Statement to its acquisition of Smith &
Co. and Razorback.

     In June 2001, the FASB issued SFAS No. 142, Goodwill and Other Intangible
Assets. SFAS No. 142 no longer permits the amortization of goodwill and
indefinite-lived intangible assets. Instead, these assets must be reviewed
annually (or more frequently under certain conditions) for impairment in
accordance with this statement. Intangible assets that do not have indefinite
lives will continue to be amortized over their useful lives and reviewed for
impairment. The Company will adopt the provisions of SFAS No. 142, in its
accounting for the Smith & Co. and Razorback acquisitions.

ITEM 3. CONTROLS AND PROCEDURES

We have established disclosure controls and procedures to ensure that material
information relating to us, including our consolidated subsidiaries, is made
known to the officers who certify our financial reports and to other members of
senior management and the Board of Directors.

(a) Based on their evaluation as of a date within 90 days of the filing date of
this Quarterly Report on Form 10-QSB, our chief executive officer and chief
financial officer have concluded that our disclosure controls and procedures (as
defined in Rules 13a-14(c) and 15d-14(c) under the Securities Exchange Act of
1934 (the "Exchange Act")) are effective to ensure that information required to
be disclosed by us in reports that we file or submit under the Exchange Act is
recorded, processed, summarized and reported within the time periods specified
in Securities and Exchange Commission rules and forms.

(b) There were no significant changes in internal controls or in other factors
that could significantly affect these controls subsequent to the date of their
evaluation. Although there were no significant deficiencies or material
weaknesses, there were some areas where room for improvement was noted and
management has committed to improving in these areas. We have adopted many of
the formal and informal suggestions of our auditors, VB&H Certified Public
Accountants, LLC, and are implementing weekly and monthly checks to assure that
these disclosure controls and internal controls stay in place.

                                     PART II

ITEM 1. LEGAL PROCEEDINGS

     From time to time, we are a party to various litigation matters incidental
to the conduct of our business. There is no past, pending or, to our knowledge,
threatened litigation or administrative action (including litigation or action
involving the Company's officers, directors or other key personnel) which in our
opinion has had or is expected to have a material adverse effect upon the
Company's business, financial condition or operations.

     On January 28, 2003 Corenet Service, Inc. and Winn Caribe Communications,
Inc. filed an action in the 98th Judicial District Court of Travis County, Texas
against Centra, Midwest Cable, Centra Wireless, Gary Fuchs, Larry Garriott and
seven other individuals alleging breach of contract, conspiracy, tortious
interference with business opportunities, misappropriation of confidential
information, fraud and breach of fiduciary duty, and defamation and business
disparagement, together with other claims relating to employment of former
employees of Corenet and/or Winn Caribe and loss of contracts with Cox
Communications. The plaintiffs seek $5.0 million in lost profits and exemplary
damages. We believe the claims set forth in the complaint to be without merit
and intend to vigorously defend against same. Centra, Centra Wireless, Gary
Fuchs, and Larry Garriott have entered a special appearance to dismiss the case
for lack of personal jurisdiction. Midwest Cable Communications of Arkansas,
Inc. has answered and interposed special exceptions and a plea in abatement.

     In January 2003, Centra, together with its subsidiary Midwest Cable and
certain stockholders of Centra, filed a complaint in the United States District
Court for the Southern District of New York against John Gioioso (a former
consultant to Centra), William A. Newman and McGuireWoods LLP (formerly counsel
to Centra), Philip Strassler, David Bukzin and Marcum & Kliegman (former
accountants and tax advisors to Centra), and Edwin Ballou (a former employee of
Global Towers, Inc., a subsidiary of Centra). The complaint alleges that Mr.
Gioioso, assisted by the other defendants, defrauded Centra and its stockholders
in the process of the formation of Centra. The complaint alleges that Mr.
Gioioso attempted to

                                       13
<PAGE>

obtain, indirectly, a substantial number of Centra shares for nominal
consideration, and was unfairly and excessively compensated, given the nature of
the fraud and the services he delivered. The complaint further alleges that, in
structuring transactions at the direction of Mr. Gioioso, the attorney and
accountant defendants committed malpractice, caused Centra to expend excessive
fees, and caused Centra to engage in transactions that rendered no benefit to
Centra, and subjected the stockholders to additional tax liability. The
complaint further alleges that Mr. Ballou defrauded Centra by purportedly
selling non-existent assets of a non-existent company (Global Towers, Inc.) to
Centra in exchange for Centra shares, and was unfairly and excessively
compensated, given the nature of the alleged fraud and the services he
delivered. Three of the defendants, McGuireWoods, LLP Marcum & Kliegman, and
Edwin Ballou, have asserted counterclaims for amounts claimed to be due them. We
believe the claims set forth in the counterclaims to be without merit and intend
to vigorously defend against same.

     In April 2002, Midwest Cable commenced a lawsuit in the U.S. District Court
for the Southern District of Florida against Jet Construction, Inc. ("Jet"), REM
Services, Inc. ("REM") and Sharewell LP ("Sharewell") to collect certain
accounts totaling $371,295 due for work performed in the Miami, Florida area,
and to resolve a disputed account owed by Midwest Cable to Sharewell. Sharewell
was recently dismissed from the case on jurisdictional grounds. MidWest Cable
offered a settlement to JET and REM. Under Florida law, if Midwest Cable obtains
a judgment equal to 120% or more of the offered amount, JET and REM must
reimburse all of Midwest Cable's legal fees and expenses incurred in such offer.
The case is set for trail in June 2003. In January 2003, Midwest Cable commenced
a lawsuit in the State Court of Florida against Sharewell alleging and seeking
monetary damages of at least $63,000.

     In October 2002, Mr. Tom Newsom, the former Chief Financial Officer of
Centra, filed a lawsuit against Centra for breach of his employment agreement.
Mr. Newsom is seeking 27 months of salary totaling $168,750, 27 months of health
insurance reimbursements totaling $12,739 and 100,000 shares of our common
stock. Centra believes that it had cause to fire Mr. Newsom pursuant to his
employment agreement and that there will be no amount due Mr. Newsom.

     Midwest Cable is appealing an adverse judgment in trial court in Texas. One
of Midwest Cable's subcontractors was sued by its subcontractor for failure to
pay even though Midwest Cable had paid in full its subcontractor. Due to a
statute under Texas law, the court found Midwest Cable responsible and handed
down a verdict directing Midwest Cable to pay approximately $51,000.

     In October, 2000, Trenchless Services, Inc. ("TSI") and Midwest Cable
entered into a contract for Midwest Cable to act as a sub-contractor for a
project of TSI in Denver, Colorado. TSI failed to pay Midwest Cable invoices
totaling $52,723. Previous counsel to Centra did not make any progress in the
collection of the matter, so it is in the process of being reopened.

ITEM 2. CHANGE IN SECURITIES

     The following transactions were issued without registration under the
Securities Act of 1933, as amended (the "Securities Act"), in reliance upon the
exemptions from registration under Section 4(2) of the Securities Act and
Regulation D during the three month period ended March 31, 2003.

     On January 29, 2003 we issued 14,893,716 shares of our common stock to LAGO
Limited Liability Company, Lisa Trammell, Bonnie Capwell Brooks, Betty Tyler,
Mike Smith, Gary Fuchs, Fuchs Family Trust, and Lee and Mary Capwell Trust in
exchange for their 14,893,716 shares of Centra common stock, pursuant to a Share
Exchange Agreement.

     On January 29, 2003, we issued 900,000 shares of our common stock to
Gregory J. Smith and 300,000 shares of our common stock to Paul K. Chavez in
exchange for their 200 shares of common stock of Smith & Co. Surveying Services,
Inc. pursuant to a Plan of Reorganization and Share Exchange Agreement.

     On January 29, 2003, we issued 10,000 shares of our common stock to Rachel
Levy in exchange for her 100 shares of common stock and 100 shares of Class A
Preferred Stock of Razorback Acquisition Corp. pursuant to a Plan of
Reorganization and Share Exchange Agreement.

     On February 7, 2003, we issued 4,416,924 shares of our common stock to TWS
pursuant to an Asset Purchase Agreement.

     On February 7, 2003, we issued 210,330 shares of our common stock and
210,330 warrants to purchase common stock to Stanford Venture Capital Holdings,
Inc. in exchange for gross proceeds of $500,000, pursuant to a Securities
Purchase Agreement.

                                       14
<PAGE>

     On February 10, 2003, we issued 210,330 shares of our common stock and
210,329 warrants to purchase common stock to Stanford Venture Capital Holdings
in exchange for gross proceeds of $500,000, pursuant to a Securities Purchase
Agreement.

     In March 2003, we consummated the sale of an aggregate of 38,382 shares of
Common Stock resulting in aggregate cash proceeds of $69,352 and equity valued
at approximately $25,000 to 42 persons who are employed by or affiliated with
the Company, and who acquired the shares for investment purposes pursuant to
subscription agreements entered between July 2002 and March 2003.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.

ITEM 5. OTHER INFORMATION

     On April 1, 2003, we issued 210,330 shares of our common stock and 210,330
warrants to purchase common stock to Stanford Venture Capital Holdings in
exchange for $500,000, pursuant to a Securities Purchase Agreement.

     On April 8, 2003, we issued 210,329 shares of common stock and 210,329
warrants to purchase common stock to Stanford Venture Capital Holdings in
exchange for $500,000, pursuant to a Securities Purchase Agreement.

     In January 2003, Centra Wireless entered into a license agreement with Aero
Solutions LLC, pursuant to which Centra Wireless has licensed the right to sell
and install a reinforcement product that utilizes patented technology for use in
the reinforcement of existing telecommunications towers.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a)  The exhibits to this report are listed in the Exhibit Index at the end of
     this report.

(b)  During the quarter ended March 31, 2003, we filed the following reports on
     Form 8-K:

     (i)       a report on Form 8-K on February 5, 2003 containing information
               under Item 4 relating to a change in accountants;

     (ii)      a report on Form 8-K on February 6, 2003 containing information
               under items 1, 2, 5 and 7, relating to the change in control of
               the Registrant as a result of the share exchange with Centra, the
               acquisition of assets of TWS, the acquisition of Smith & Co. and
               Razorback through share purchases and the sale of shares to
               Stanford;

     (iii)     a report on Amendment No. 1 to Form 8-K, on February 26, 2003
               containing information under item 7, amending the Form 8-K filed
               on February 5, 2003; and

     (iv)      a report on Amendment No. 1 to Form 8-K, on February 27, 2003
               containing information under item 7, amending the Form 8-K filed
               on February 6, 2003.

                                       15
<PAGE>

                                   SIGNATURES

     In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                                       RAKO CAPITAL CORPORATION


Date: May 19, 2003                    By: /s/ Lisa A. Trammell
                                         ---------------------------------------
                                      Lisa A. Trammell
                                      Chief Financial Officer, Chief Operating
                                      Officer, Secretary and Director




                                       16
<PAGE>

                            CERTIFICATION PURSUANT TO
                                18 U.S.C. ss.1350
                             AS ADOPTED PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Gary M. Fuchs, Chief Executive Officer and director,
hereby certify that:

1. I have reviewed this quarterly report on Form 10-QSB of RAKO Capital
Corporation;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The Chief Financial Officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-14 and 15d-14) for the registrant and have:

     a.  designed such disclosure controls and procedures to ensure that
         material information relating to the registrant, including its
         consolidated subsidiaries, is made known to us by others within those
         entities, particularly during the period in which this quarterly report
         is being prepared;

     b.  evaluated the effectiveness of the registrant's disclosure controls and
         procedures as of a date within 90 days prior to the filing date of this
         quarterly report (the "Evaluation Date"); and

     c.  presented in this quarterly report our conclusions about the
         effectiveness of the disclosure controls and procedures based on our
         evaluation as of the Evaluation Date;

5. The Chief Financial Officer and I have disclosed, based on our most recent
evaluation, to the registrant's auditors and the registrant's board of
directors:

     a.  all significant deficiencies in the design or operation of internal
         controls which could adversely affect the registrant's ability to
         record, process, summarize and report financial data and have
         identified for the registrant's auditors any material weaknesses in
         internal controls; and

     b.  any fraud, whether or not material, that involves management or other
         employees who have a significant role in the registrant's internal
         controls; and

6. The Chief Financial Officer and I have indicated in this quartertly report
whether or not there were significant changes in internal controls or in other
factors that could significantly affect internal controls subsequent to the date
of our most recent evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.

May 19, 2003


By: /s/ Gary M. Fuchs
    --------------------------------------
    Gary M. Fuchs
    Chief Executive Officer and Director



                                       17
<PAGE>

                            CERTIFICATION PURSUANT TO
                                18 U.S.C. ss.1350
                             AS ADOPTED PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lisa A. Trammell, Chief Financial Officer, Chief Operating
Officer, Secretary and Director, hereby certify that:

7. I have reviewed this quarterly report on Form 10-QSB of RAKO Capital
Corporation;

8. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

9. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

10. The Chief Executive Officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-14 and 15d-14) for the registrant and have:

     d.  designed such disclosure controls and procedures to ensure that
         material information relating to the registrant, including its
         consolidated subsidiaries, is made known to us by others within those
         entities, particularly during the period in which this quarterly report
         is being prepared;

     e.  evaluated the effectiveness of the registrant's disclosure controls and
         procedures as of a date within 90 days prior to the filing date of this
         quarterly report (the "Evaluation Date"); and

     f.  presented in this quarterly report our conclusions about the
         effectiveness of the disclosure controls and procedures based on our
         evaluation as of the Evaluation Date;

11. The Chief Executive Officer and I have disclosed, based on our most recent
evaluation, to the registrant's auditors and the registrant's board of
directors:

     c.  all significant deficiencies in the design or operation of internal
         controls which could adversely affect the registrant's ability to
         record, process, summarize and report financial data and have
         identified for the registrant's auditors any material weaknesses in
         internal controls; and

     d.  any fraud, whether or not material, that involves management or other
         employees who have a significant role in the registrant's internal
         controls; and

12. The Chief Executive Officer and I have indicated in this quarterly report
whether or not there were significant changes in internal controls or in other
factors that could significantly affect internal controls subsequent to the date
of our most recent evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.

May 19, 2003


By: /s/ Lisa A. Trammell
    ------------------------------------------------------
    Lisa A. Trammell
    Chief Financial Officer, Chief Operating Officer, Secretary and Director



                                       18
<PAGE>

                                  EXHIBIT INDEX

  Exhibit Number     Description

     3               Articles of Incorporation and By-Laws.

     3.1             Articles of Incorporation.(1)

     3.2             By-Laws, as amended. (4)

     10              Material Contracts:

     Exhibit 10.1    Share Exchange Agreement, dated as of January 29, 2003 by
                     and among, RAKO Capital Corporation, a Nevada corporation,
                     Centra Industries, Inc., a Delaware corporation ("Centra")
                     and the stockholders of Centra.(2)

     Exhibit 10.2    Letter Agreement, dated as of December 30, 2003, between
                     Rako Capital Corporation, a Nevada corporation, and Osprey
                     Investments II, Inc., a Florida corporation(2)

     Exhibit 10.3    Plan of Reorganization and Share Exchange Agreement, dated
                     as of January 29, 2003, by and among, Centra, Gregory J.
                     Smith and Paul K. Chavez, and Smith & Co. Surveying
                     Services, Inc., a California corporation(2)

     Exhibit 10.4    Asset Purchase Agreement, dated as of January 30, 2003,
                     between Centra and TWS International, Inc., a Delaware
                     corporation ("TWS")(2)

     Exhibit 10.5    Employment Agreement, dated as of January 1, 2002, between
                     Centra and Larry Garriott(2)

     Exhibit 10.6    Employment Agreement, dated as of January 1, 2002, between
                     Centra and Gary Fuchs(2)

     Exhibit 10.7    Amendment to Employment Agreement, dated as of January 1,
                     2003 between Centra and Mr. Fuchs(2)

     Exhibit 10.8    Employment Agreement, dated as of January 1, 2002, between
                     Centra and Lisa Trammell (formerly Lisa Rodriguez)(2)

     Exhibit 10.9    Employment Agreement, dated as of January 1, 2002, between
                     Centra and Randall Carney(2)

     Exhibit 10.10   Employment Agreement, dated as of July 9, 2002, between
                     Centra and Larry Otterstein(2)

     Exhibit 10.11   Amendment to Employment Agreement, dated as of January 1,
                     2003, between Centra and Mr. Otterstein(2)

     Exhibit 10.12   Centra Industries, Inc. 2002 Stock Option Plan(2)

     Exhibit 10.13   Centra Industries, Inc. 2002 Employee Stock Purchase
                     Plan(2)

     Exhibit 10.14   Centra Industries, Inc. Incentive Bonus Plan(2)

     Exhibit 10.15   Consulting Agreement, dated May 2, 2002, between Centra and
                     DCD Consulting LLC(2)

     Exhibit 10.16   General Lease dated as of May 1, 2002, between L&B
                     Investments and Midwest

                                       19
<PAGE>


                     Cable Communications of Arkansas, Inc.(2)


     Exhibit 10.17   Secured Promissory Note in the aggregate principal amount
                     of $110,141.66 issued to Trammel Directional Boring, Inc.
                     ("TDB") by The First National Bank of Springdale ("FNB of
                     Springdale"), dated December 29, 2000(3)

     Exhibit 10.18   Security Agreement, dated December 29, 2000, between TDB
                     and FNB of Springdale(3)

     Exhibit 10.19   Guaranty by Ms. Trammell to FNB of Springdale, dated
                     December 29, 2000(3)

     Exhibit 10.20   Commercial Loan and Security Agreement, dated as of
                     November 4, 1999, between Midwest Cable and First Financial
                     Bank ("FFB")(3)

     Exhibit 10.21   Guaranty by Bonnie Capwell to FFB, dated November 4,
                     1999(3)

     Exhibit 10.22   Promissory Note in the aggregate principal amount of
                     $25,401.00 issued to FFB by Midwest Cable, dated November
                     4, 1999(3)

     Exhibit 10.23   Promissory Note in the aggregate principal amount of
                     $475,103.57 issued to Regions Bank ("Regions") by Smithwell
                     Directional Boring, Inc. ("Smithwell"), dated April 5,
                     2001(3)

     Exhibit 10.24   Commercial Security Agreement, dated as of April 5, 2001,
                     between Regions and Smithwell(3)

     Exhibit 10.25   Business Loan Agreement, dated as of April 25, 2001,
                     between Smithwell and Regions(3)

     Exhibit 10.26   Multipurpose Note and Security Agreement, dated October 26,
                     2001, by and among, Centra, Larry Garriott and The Bank of
                     Fayetteville ("Bank of Fayetteville")(3)

     Exhibit 10.27   Loan Agreement, by and among Centra, Mr. Garriott and Bank
                     of Fayatteville(3)

     Exhibit 10.28   Promissory Note in the aggregate principal amount of
                     $296,138.75 issued to First Security Bank ("First
                     Security") by Midwest Cable on August 23, 2000(3)

     Exhibit 10.29   Guaranty by Bonnie Capwell to First Security, dated August
                     23, 2000(3)

     Exhibit 10.30   Security Agreement, dated as of August 23, 2000, between
                     First Security and Midwest Cable(3)

     Exhibit 10.31   Security Agreement - Conditional Sale Contract, dated
                     August 16, 1999, between Midwest Cable and Vemeer Sales and
                     Services, Inc.(3)

     Exhibit 10.32   Master Lease Agreement, by and between Sierracities.com,
                     Inc. ("Sierra cities.com"), and GTS/HDD, Inc. ("GTS/HDD")
                     and Master Lease Schedule(3)

     Exhibit 10.33   Personal Guaranty by Bonnie Capwell and Larry Garriott to
                     Sierracities.com(3)

     Exhibit 10.34   Corporate Guaranty by Midwest Cable to Sierracities.com(3)

     Exhibit 10.35   Promissory Note issued to Regions by GTS/HDD in the
                     aggregate principal amount of $250,000, dated on December
                     28, 2000(3)

     Exhibit 10.36   Commercial Security Agreement, dated December 28, 2000,
                     between Regions

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<PAGE>

                     and GTS/HDD(3)

     Exhibit 10.37   Promissory Note issued to Regions by Midwest Cable in the
                     aggregate principal amount of $116,235, dated March 13,
                     2002(3)

     Exhibit 10.38   Commercial Security Agreement, dated March 13, 2001,
                     between Midwest Cable and Regions(3)

     Exhibit 10.39   Commercial Guaranty by Bonnie Capwell to Regions(3)

     Exhibit 10.40   Business Loan Agreement, dated March 13, 2001, between
                     Midwest Cable and Regions(3)

     Exhibit 10.41   Master Construction Agreement, dated as of October 1, 2000,
                     between TCA Cable d/b/a Cox Communications and Midwest
                     Cable(3)

     Exhibit 10.42   Master Construction Service Agreement, dated as of December
                     13, 2002, between NIFTI, LLC, a Nevada LLC ("NIFTI") and
                     Midwest Cable(3)

     Exhibit 10.43   Subcontract Agreement, dated as of December 9, 2002 by and
                     between Midwest Cable and Vision Splicing(3)

     Exhibit 10.44   Subcontract Agreement, dated as of September 16, 2002 by
                     and between Midwest Cable and All Terraine Directional
                     Borinq, Inc.(3)

     Exhibit 10.45   Subcontract Agreement, dated as of September 16, 2002 by
                     and between Midwest Cable and Razorback Boars, LLC(3)

     Exhibit 10.46   Subcontract Agreement, dated as of September 18, 2002 by
                     and between Midwest Cable and Central U.S. Underground
                     Utilities(3)

     Exhibit 10.47   Subcontract Agreement, dated as of September 17, 2002 by
                     and between Midwest Cable and Tria's Communication, Inc.(3)

     Exhibit 10.48   Subcontract Agreement, dated as of September 17, 2002 by
                     and between Midwest Cable and Nelson Utility Construction,
                     Inc.(3)

     Exhibit 10.49   Securities Purchase Agreement, dated as of February 5,
                     2003, by and among Registrant, Centra and Stanford Venture
                     Capital Holdings, Inc., a Delaware Corporation ("SVCH")(2)

     Exhibit 10.50   Stockholders Agreement, dated as of February 7, 2003,
                     between Registrant and TWS(4)

     Exhibit 10.51   Registration Rights Agreement, dated as of February 7,
                     2003, between Registrant and TWS(4)

     Exhibit 10.52   Registration Rights Agreement, dated as of February 7,
                     2003, between Registrant and SVCH(4)

     Exhibit 10.53   Warrant to purchase 210,330 shares of Common Stock issued
                     to SVCH on February 7, 2003(4)

     Exhibit 10.54   Warrant to purchase 210,329 shares of Common Stock issued
                     to SVCH on February 10, 2003(4)

     Exhibit 10.55   Warrant to purchase 210,330 shares of Common Stock issued
                     to SVCH on April 1, 2003

     Exhibit 10.56   Warrant to purchase 210,329 shares of Common Stock issued
                     to SVCH on April 8, 2003

     21              Subsidiaries of the Registrant.

                     Centra Industries, Inc., a Delaware corporation, is a
                     subsidiary of RAKO Capital Corporation.

                     Midwest Cable of Arkansas, Inc., a Delaware corporation, is
                     a subsidiary of Centra Industries, Inc.

                     Razorback Acquisition Corp., a Delaware corporation, is a
                     subsidiary of Centra Industries, Inc.

                                       21
<PAGE>

                     Centra Wireless Construction, Inc., a Delaware corporation,
                     is a subsidiary of Centra Industries, Inc.

                     Smith & Co. Surveying Services, Inc., a California
                     corporation, is a subsidiary of Centra Industries, Inc.

                     Centra Wireless Solutions, Inc., a Delaware corporation, is
                     a subsidiary of Centra Industries, Inc.

                     Centra Leasing, Inc., a Delaware corporation, is a
                     subsidiary of Centra Industries, Inc.

                     Centra Aviation, Inc., a Delaware corporation is a
                     subsidiary of Centra Industries, Inc.

     23              Consent of Independent Certified Public Accountant.

     99.1            Section 906 CEO Certification.

     99.2            Section 906 CFO Certification.

     (1)             Previously filed and incorporated herein by reference to
                     our Current Report on Form 10-KSB for the Fiscal Year ended
                     December 31, 2001, filed with the Securities and Exchange
                     Commission on March 22, 2002.

     (2)             Previously filed and incorporated herein by reference to
                     our Current Report on Form 8-K, filed with the Securities
                     and Exchange Commission on February 6, 2003.

     (3)             Previously filed and incorporated herein by reference to
                     our Current Report on Amendment No. 1 to Form 8-K, filed
                     with the Securities and Exchange Commission on February 27,
                     2003.

     (4)             Previously filed and incorporated herein by reference to
                     our Current Report on Form 10-KSB for the Fiscal Year ended
                     December 31, 2002, filed with the Securities and Exchange
                     Commission on March 31, 2003.

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