<PAGE>

================================================================================

                                  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 March 31, 2004

                                       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: 0-31040

                               ADSERO CORPORATION
             (Exact name of Registrant as specified in its charter)

             Delaware                                65-0602729
 (State or other jurisdiction of            (I.R.S. Employer Identification No.)
  incorporation or organization)

                        2085 Hurontario Street, Suite 300
                              Mississaugua, Ontario
                                     L5A 4G1
          (Address of principal executive offices, including zip code)

                                 (905) 206-1604
              (Registrant's telephone number, including area code)

         Check 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,  and (2) has been subject to such filing  requirements  for
the past 90 days. Yes [X] No [ ]

       The number of shares of the Registrant's  common stock outstanding at May
19, 2004, was 10,925,755.

       Transitional Small Business Disclosure Format:Yes [ ]  No [X]

===============================================================================



<PAGE>

                               ADSERO CORPORATION
                 MARCH 31, 2004 QUARTERLY REPORT ON FORM 10-QSB
                                TABLE OF CONTENTS


                                                                          PAGE
                                                                          ----

         Special Note Regarding Forward Looking Statements .................3

                 PART I FINANCIAL INFORMATION

Item 1.  Financial Statements ..............................................4
Item 2.  Plan of Operation.................................................14
Item 3   Controls and Procedures...........................................15

                 PART II OTHER INFORMATION

Item 2.  Changes in Securities and Use of Proceeds.........................15
Item 4.  Submission of Matters to a Vote of Security Holders...............17
Item 5.  Other Information.................................................17
Item 6.  Exhibits and Reports on Form 8-K..................................18


                                       2
<PAGE>


                SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

         To the extent that the information  presented in this Quarterly  Report
on Form  10-QSB  for the  quarter  ended  March 31,  2004,  discusses  financial
projections,  information  or  expectations  about our  products or markets,  or
otherwise   makes   statements   about  future  events,   such   statements  are
forward-looking.  We are making these forward-looking  statements in reliance on
the safe harbor  provisions of the Private  Securities  Litigation Reform Act of
1995.   Although  we  believe   that  the   expectations   reflected   in  these
forward-looking  statements  are based on  reasonable  assumptions,  there are a
number of risks and  uncertainties  that could  cause  actual  results to differ
materially from such forward-looking  statements.  These risks and uncertainties
are  described,  among  other  places  in this  Quarterly  Report,  in  "Plan of
Operation".

          In addition, we disclaim any obligations to update any forward-looking
statements to reflect events or  circumstances  after the date of this Quarterly
Report.  When considering such  forward-looking  statements,  you should keep in
mind the risks  referenced  above and the other  cautionary  statements  in this
Quarterly Report.



                                       3
<PAGE>


<TABLE>
<CAPTION>

                         PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS                                                                PAGE
                                                                                             ----
<S>                                                                                            <C>
         Consolidated Balance Sheet as of March 31, 2004 (unaudited)............................5

         Consolidated  Statements of Operations for the three months ended March
         31, 2004 and 2003 (unaudited) and for the period from
         January 1, 2004 (inception) to March 31, 2004 (unaudited)..............................6

         Consolidated  Statements of Cash Flows for the three months ended March
         31, 2004 and 2003 (unaudited) and for the period from
         January 1, 2004 (inception) to March 31, 2004 (unaudited)..............................7

         Notes to Financial Statements (unaudited)..............................................8
</TABLE>


                                       4
<PAGE>


                          ADSERO CORP. AND SUBSIDIARIES
                          (A Development Stage Company)
                      CONDENSED CONSOLIDATED BALANCE SHEET
                                 March 31, 2004
                                   (unaudited)
<TABLE>
<CAPTION>

                                    ASSETS

CURRENT ASSETS

<S>                                                                                    <C>
               Cash                                                                    $         45

                                                                                       ------------
                    TOTAL CURRENT ASSETS                                                         45
                                                                                       ============


                  LIABILITIES AND STOCKHOLDERS' DEFICIENCY

CURRENT LIABILITIES
               Accounts Payable                                                        $    136,781
               Accrued Expenses                                                              39,500
               Liabilities of Discontinued Operation                                      2,125,341
               Notes Payable - Related Party (including accrued interest of $45,300)        187,800
               Loan payable ( including interest of $6,250)                                 256,250
                                                                                       ------------
                    TOTAL CURRENT LIABILITIES                                             2,745,672
                                                                                       ------------



STOCKHOLDERS' DEFICIENCY
               Common Stock, $.001 par value, 100,000,000 shares authorized,                  1,083
                  1,082,700 shares issued and outstanding
               Additional Paid-In-Capital                                                 6,933,757
               Common stock to be issued (9,843,055 common shares)                        1,242,968
               Deficit accumulated during Development stage                                (696,173)
               Accumulated Deficit                                                      (10,227,262)
                                                                                       ------------
                    TOTAL STOCKHOLDERS' DEFICIENCY                                       (2,745,627)
                                                                                       ------------
                                                                                       $         45
                                                                                       ============
</TABLE>

      See notes to condensed consolidated financial statements

                                       5
<PAGE>
                          ADSERO CORP. AND SUBSIDIARIES
                          (A Development Stage Company)
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (unaudited)

<TABLE>
<CAPTION>

                                                Three Months Ended             Cumulative from
                                              March 31,      March 31,   January 1, 2004 (inception)
                                               2004           2003         through March 31, 2004
                                            -----------    -----------  ----------------------------------
<S>                                         <C>            <C>          <C>
REVENUES                                    $        --    $        --  $                               -

COST OF GOODS SOLD                                   --             --                                  -
                                            -----------    -----------  ----------------------------------
      GROSS PROFIT                                   --             --                                  -
                                            -----------    -----------  ----------------------------------

OPERATING EXPENSES
      Selling, general and administrative        55,023        150,778                             55,023
      Conversion of debt expense                627,340             --                            627,340
      Depreciation and amortization                  --          4,000                                  -
                                            -----------    -----------  ----------------------------------
      TOTAL OPERATING EXPENSES                  682,363        154,778                             682,363
                                            -----------    -----------  ----------------------------------

LOSS FROM OPERATIONS                           (682,363)      (154,778)                          (682,363)

      INTEREST EXPENSE                           13,810         33,493                             13,810
                                            -----------    -----------  ----------------------------------

LOSS FROM CONTINUING OPERATIONS                (696,173)      (188,271)                          (696,173)

LOSS FROM DISCONTINUED OPERATIONS                    --        (38,389)                                 -
                                            -----------    -----------  ----------------------------------

NET LOSS                                    $  (696,173)   $  (226,660) $                         (696,173)
                                            ===========    ===========  ==================================

PER SHARE INFORMATION

NET LOSS FROM CONTINUING
OPERATIONS                                  $     (0.16)   $     (0.17)

NET LOSS FROM DISCONTINUED
OPERATIONS                                           --          (0.04)
                                            -----------    -----------

NET LOSS PER SHARE,
      BASIC AND DILUTED                     $     (0.16)   $     (0.21)
                                            ===========    ===========

WEIGHTED AVERAGE NUMBER OF
      SHARES USED IN  COMPUTATION             4,473,086      1,082,643
                                            ===========    ===========
</TABLE>

See notes to condensed consolidated financial statements

                                       6
<PAGE>

                          ADSERO CORP. AND SUBSIDIARIES
                          (A Development Stage Company)
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (unaudited)
<TABLE>
<CAPTION>
                                                                    Three Months Ended           Cumulative from
                                                                  March 31,     March 31,  January 1, 2004 (inception)
                                                                   2004           2003       through March 31, 2004
                                                                  ---------    ---------  ------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                <C>          <C>
                  Loss from Continuing operations                 $(696,173)   $(188,271) $                    (696,173)
                  Loss from Discontinued operations                      --      (38,389)                             -
                                                                  ---------    ---------  ------------------------------

                  Net Loss                                         (696,173)    (226,660)                      (696,173)
                                                                  ---------    ---------  ------------------------------


               Adjustments  to reconcile  net loss to net cash
                provided used in
               operating activities:
                  Depreciation and amortization                          --        4,000                              -
                  Accrued Interest on notes payable                  13,810       15,965                         13,810
                  Conversion expense re notes payable               627,340                                     627,340
               Changes in operating assets and liabilities:
                  Accounts payable and accrued expenses             (25,376)      62,117                        (25,376)
                  Assets of discontinued operation                       --       54,546                              -
                  Liabilities of discontinued operation                          (45,679)
                                                                  ---------    ---------  ------------------------------
                        Total Adjustments                           615,774       90,949                        615,774
                                                                  ---------    ---------  ------------------------------

NET CASH USED IN OPERATING ACTIVITIES                               (80,399)    (135,711)                       (80,399)
                                                                  ---------    ---------  ------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES
                  Proceeds from issuance of notes payable            30,000      165,000                         30,000
                  Increase loan payable                              50,000                                      50,000
                                                                  ---------    ---------  ------------------------------
NET CASH PROVIDED BY FINANCING ACTIVITIES                            80,000      165,000                         80,000
                                                                  ---------    ---------  ------------------------------

NET DECREASE IN CASH                                                   (399)      29,289                           (399)

CASH AT BEGINNING OF PERIOD                                             444        6,669                            444
                                                                  ---------    ---------  ------------------------------

CASH AT END OF PERIOD                                             $      45    $  35,958  $                         45
                                                                  =========    =========  ==============================
</TABLE>
See notes to condensed consolidated financial statements

                                       7
<PAGE>

                          ADSERO CORP. AND SUBSIDIARIES
                               FORMERLY REINK CORP
                           A DEVELOPMENT STAGE COMPANY
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2004

1. ORGANIZATION AND SIGNIFICANT EVENTS

Adsero  has ceased  operations  until  additional  funding is raised in order to
restart operations and/or acquire an existing business.  The Company has been in
various  discussions,  from time to time,  with existing  businesses  within the
Imaging consumables  segment,  with respect to possible mergers acquisitions and
other business combinations,  and plans to continue these type of discussions in
the future.  There can be no assurances  that any of these  discussions  will be
successful,  and  if  not,  then  the  Company  may  have  to  cease  operations
permanently.  Accordingly  effective  January 1, 2004 the  Company  will  report
results as a Development Stage Company.

Reink Corp. ("Reink") changed it's name to Adsero Corp. effective March 22, 2004
(the "Company" or "Adsero").

In January  2004,  the  Company's  Board of  Directors,  and a  majority  of the
shareholders  approved a  twenty-for-one  reverse  stock split of the  Company's
Common Stock,  effective March 22, 2004. All information  presented reflects the
reverse split.

The recovery of assets and continuation of future  operations are dependent upon
the Company's  ability to raise financing and restart  operations and/or acquire
an existing  business,  and its ability to generate revenues  sufficient to fund
its  operations.  There  can be no  assurances  that  the  Company  can  restart
operations  or that the Company will be  successful  in its attempts to generate
positive  cash flows or raise  sufficient  capital  essential  to its  survival.
Additionally,  even if the Company does raise operating capital, there can be no
assurances  that the net  proceeds  will be  sufficient  enough  to enable it to
develop its business to a level where it will generate profits and positive cash
flows.  These matters  raise  substantial  doubt about the Company's  ability to
continue as a going concern. However, the accompanying financial statements have
been prepared on a going concern basis,  which  contemplates  the realization of
assets and  satisfaction  of liabilities  in the normal course of business.  The
financial  statements do not include any adjustments relating to the recovery of
the  recorded  assets or the  classification  of the  liabilities  that might be
necessary should the Company be unable to continue as a going concern.


2. BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been
prepared by the  Company in  conformity  with  accounting  principles  generally
accepted in the United States of America and the instructions of Form 10-QSB. It
is  management's   opinion  that  these  statements   include  all  adjustments,
consisting of only normal recurring  adjustments necessary to make the financial
position,  results of operations,  and cash flows not misleading as of March 31,
2004 and for all periods presented.


                                       8
<PAGE>

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America requires  management to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities and disclosures 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 could differ from those estimates.

Certain  information and footnote  disclosures  normally  included in the annual
financial statements prepared in accordance with accounting principles generally
accepted in the United States of America have been  condensed or omitted.  It is
suggested  that these  condensed  consolidated  financial  statements be read in
conjunction with the consolidated  financial  statements and notes thereto as of
December  31,  2003 and for each of the two years  ended  December  31, 2003 and
December 31, 2002,  which are included in the  Company's  Annual  Report on Form
10-KSB for the year ended  December  31,  2003  filed  with the  Securities  and
Exchange Commission.

3. SELECTED SIGNIFICANT ACCOUNTING POLICIES

As   permitted    under   SFAS   No.   148,    "Accounting    for    Stock-Based
Compensation--Transition  and  Disclosure",  which  amended  SFAS No. 123 ("SFAS
123"),  "Accounting  for Stock-Based  Compensation",  the Company has elected to
continue to follow the intrinsic  value method in accounting for its stock-based
employee  compensation  arrangements as defined by Accounting  Principles  Board
Opinion ("APB") No. 25, "Accounting for Stock Issued to Employees",  and related
interpretations  including "Financial  Accounting Standards Board Interpretation
No. 44, Accounting for Certain Transactions  Involving Stock  Compensation",  an
interpretation  of APB No.  25. No  stock-based  employee  compensation  cost is
reflected  in net  income,  as all  options  granted  under  those  plans had an
exercise price equal to the market value of the  underlying  common stock on the
date of grant. No options were issued during the applicable periods.  Subsequent
to the end of the quarter the Company issued 300,000 options at $0.25 per share,
100,000 each to Anthony Pallante, Wayne Maddever and William Smith.

Loss Per Share
Statement of Financial  Accounting  Standards  ("SFAS") No. 128,  "Earnings  per
Share",  requires  the  presentation  of basic and  diluted  earnings  per share
("EPS"). Basic EPS is computed by dividing loss available to common stockholders
by the  weighted-average  number of common  shares  outstanding  for the period.
Diluted EPS includes the potential dilution that could occur if options or other
contracts to issue  common stock were  exercised  or  converted.  The  following
equity  securities  are not  reflected in diluted loss per share  because  their
effects would be  anti-dilutive  (9,843,055  shares which the Company  agreed to
issue  during the  quarter but were  physically  issued  after the quarter  were
included  in  the  weighted   average   shares   computation  in  the  financial
statements):

                                       9
<PAGE>
                                           March 31,        March 31,
                                             2004             2003
                                           -------          -------
                        Options             37,500           37,500
                        Warrants            76,430           76,430
                        Convertible Debt         0          170,000
                                           -------          -------
                        Total              143,930          283,930
                                           =======          =======

NEW ACCOUNTING PRONOUNCEMENTS

In January 2003,  Financial  Accounting  Standards  Board  ("FASB")  issued FASB
Interpretation No. 46, "Consolidation of Variable Interest Entities" ("FIN 46"),
an  interpretation  of Accounting  Research Bulletin No. 51. FIN 46 expands upon
and  strengthens  existing  accounting  guidance that  addresses  when a company
should  include  in  its  financial  statements  the  assets,   liabilities  and
activities of another entity. A variable  interest entity is any legal structure
used for  business  purposes  that either does not have  equity  investors  with
voting rights or has equity investors that do not provide  sufficient  financial
resources for the entity to support its  activities.  FIN 46 requires a variable
interest  entity to be consolidated by a company if that company is subject to a
majority of the risk of loss from the variable interest  entity's  activities or
entitled to receive a majority of the  entity's  residual  returns or both.  The
consolidation  requirements  of FIN 46 apply  immediately  to variable  interest
entities created after January 31, 2003. The consolidation requirements apply to
older entities in the first fiscal year or interim period  beginning  after June
15, 2003.  However, in December 2003, FASB deferred the latest date by which all
public  entities,  which meet the definition of small business  issuer under SEC
Regulation  S-B,  must  apply FIN 46 to the first  interim  or annual  reporting
period ended after  December  15,  2004.  The effect of the adoption of this new
accounting  pronouncement  is not expected to have a  significant  impact on the
Company financial statements.

4. COMMITMENTS AND CONTINGENCIES

On December 31, 2002, our CEO and VP of Finance resigned.  On the same date, one
of the  production  chemists  from  our R&D  facility  also  resigned.  Prior to
resigning  these three officers  dismissed all the employees of Reink USA, which
left us with no employees. On May 7, 2003 we commenced legal proceedings against
these  three  former  officers  in the United  States  Bankruptcy  Court for the
District of New Jersey (Case Number 03-11053 (JHW)) for actions we believe to be
in  violation  of  non-competition  and  confidentiality  clauses  within  their
employment contracts.  In this action we are seeking damages and other relief in
the amount of $1,000,000. The prior officers filed a counter-suit against us for
back wages and other costs. We consider the  counter-claim  to be without merit.
On September 7, 2003 we filed a defense against the counter-claim.

In January,  2003 the three  largest  creditors of Reink USA filed a petition to
force Reink into Chapter 7 under the US Federal  Bankruptcy Act. We believe that
some of the creditors involved with the petition assisted the new business which
competed  directly  against  us and  was  founded  by our  former  CEO and VP of
Finance.  Reink  USA filed a motion to have the  petition  thrown  out since the
third  creditor  withdrew  from the filing and also  since the  counsel  for the
petitioners  withdrew.  Subsequently the remaining two creditors  provided a new
third creditor and amended the filing. This new third creditor also subsequently
withdrew and the two remaining  creditors found two other creditors and filed an
amendment.  During  March  2003,  Reink  USA's  motion to convert to a voluntary
Chapter 11 was accepted by the District of New Jersey, Federal Bankruptcy Court.
As a result of failed negotiations with our largest suppliers, on July 10, 2003,
Reink  USA  was  moved  from   Chapter  11   "Reorganization"   into  Chapter  7
"Liquidation"  and a Bankruptcy  Trustee was appointed to administer the estate.
As a result,  we lost  control of Reink USA and Reink USA is  presented  for all
period as a discontinued operation. The Company is unaware of any changes in the
status of the Bankruptcy proceedings.

                                       10
<PAGE>

The Company is unaware of any other pending material legal matters.


5. NOTES PAYABLE

On January 1, 2004 the  Company  issued a 10%,  $250,000  promissory  note to BG
Capital Group Bahamas Ltd. in consideration  of $250,000  ($197,500 was received
prior to December 31, 2003,  $50,000 was received  during the quarter)  advanced
for use as working  capital.  The Note is due January 1, 2005, or earlier in the
event that the Company consummates a business  combination with an entity having
revenues of $3,000,000 or more in its last completed fiscal year. In such latter
event,  the  Note is due  thirty  days  after  the  completion  of the  business
combination.

In April  2004 we issued a $70,000  ($30,000  of which was  received  during the
quarter)  convertible  promissory  note  bearing  interest  at 10% per  annum to
Manchester Consolidated Corp (a related party). The note is due on demand. It is
convertible  into shares of our common stock at a conversion  price of $1.00 per
share.


Debt conversion and common stock to be issued
---------------------------------------------

The Company recorded a conversion expense of $627,340 upon conversion of a
portion of the debt at rates different than stated in the applicable notes.


All shares  outlined  below were issued during April 2004 and have been shown as
common stock to be issued in the financial statements:

Effective  January 2004, we converted an aggregate of $170,000 in Note principal
plus all interest  then due thereon into an aggregate of  18,360,000  restricted
shares of our common stock. Following the effectuation of our 20:1 reverse stock
split on March 22, 2004 these shares became  approximately  918,000 shares.  The
conversions  were made  pursuant to Note  Cancellation  and  Release  Agreements
between us and nine persons.  We have agreed to register  these shares on behalf
of the recipients thereof.

Effective  January 2004, we converted an aggregate of approximately  $196,900 in
debt into an  aggregate of  19,690,000  restricted  shares of our common  stock.
Following  the  effectuation  of our 20:1 reverse  stock split on March 22, 2004
these shares became  approximately  984,500 shares.  The  conversions  were made
pursuant to Debt Conversion and General Release  Agreements between us and three
persons.  100,000 of these  shares were issued to Wayne  Maddever in  connection
with the  conversion  by BBP  Consulting  of $20,000  of debt.  384,500 of these
shares were issued to William Smith, through Manchester Administrative Services,
in connection  with the conversion of $76,900 owed to Manchester  Administrative
Services in connection  with services  performed by William Smith prior to 2003.
500,000 of these  shares  were issued to R. World Inc.  in  connection  with the
conversion of $100,000 of debt.

                                       11
<PAGE>

In April  2004,  we issued an  aggregate  of  5,405,055  restricted  shares (the
"Interhold  Shares")  of our common  stock to  Interhold  Co. and its  designees
pursuant to a February  28, 2004 Note  Cancellation  and General  Release  under
which a  $308,000  promissory  note of  Reink  Imaging  USA,  Ltd.  in  favor of
Interhold Co., plus all interest due thereon was  cancelled.  Also cancelled was
an April 7, 2003 Guarantee and Security Agreement between Interhold and us which
had been put in place as a result of a January 2002 agreement. We have agreed to
register the Interhold shares on behalf of the recipients thereof.

In April  2004,  we issued an  aggregate  of  2,350,500  restricted  shares (the
"Manchester   Shares")  of  our  common  stock  to   designees   of   Manchester
Administrative Services Ltd. ("Manchester") pursuant to a February 28, 2004 Debt
Conversion  and General  Release under which a debt of ours to Manchester in the
approximate amount of $251,600 was cancelled. This debt was incurred pursuant to
our January 6, 2003  Consulting  Agreement  with  Manchester  and includes debts
incurred in January and February 2004. We have agreed to register the Manchester
Shares on behalf of the recipients thereof.

In April 2004, we issued an aggregate of 185,000 restricted shares (the "Stock")
to 3 persons pursuant to Note Cancellation and General Release  Agreements dated
February 25, 2004; March 29, 2004; and March 30, 2004 respectively.  Under these
agreements an aggregate of $185,000 of note principal plus all accrued  interest
due thereon was  cancelled  in  consideration  for the Stock.  We have agreed to
register these shares on behalf of the recipients thereof.


6. DISPOSAL OF SUBSIDIARY

As  discussed  in Note 1, on July 10,  2003 Reink USA was moved from  Chapter 11
"Reorganization"  into  Chapter 7  "Liquidation"  and a  Bankruptcy  Trustee was
appointed to administer and liquidate the estate. Since control of Reink USA was
lost on July 10,  2003,  the  Company  has  reported  Reink USA as  discontinued
operations.  Assets of $370,816 were written off in the year ended  December 31,
2003.  Liabilities  are shown on the balance  sheet as  discontinued  operations
until the  bankruptcy is adjudicated  by the  Bankruptcy  court.  The Company is
unaware  of  any  changes  in the  status  of the  Bankruptcy  proceedings.  The
breakdown of the remaining  liabilities  of Reink USA at the time of moving into
Chapter 7 "Liquidation" are as follows:

                                       12
<PAGE>


                                                March 31,
                                                   2004
                                               ----------
                  Accounts Payable              1,806,242
                  Accrued Expenses                319,099
                                               ----------

                  Total Liabilities            $2,125,341
                                               ==========


The following  table  represents the results of the  discontinued  operations of
Reink USA:



                                     Three months ended
                                     March 31,  March 31,
                                       2004       2003

Revenues                             $      0   $ 65,413
Cost of Goods Sold                          0     29,594
                                     --------   --------
Gross Profit                                0     35,819

Operating Expenses
Selling general and Administrative          0     70,819
Impairment of Goodwill                      0          0
Writedown of Fixed Assets                   0          0
Depreciation and amortization               0      3,390
                                     --------   --------

Loss from Operations                        0    (39,020)

Interest Expense                            0          0
                                     --------   --------

Net Loss                                    0    (39,020)
                                     ========   ========


7. SUBSEQUENT EVENT

On May 3, 2004 the Company  entered  into two related,  non-binding,  letters of
intent to purchase,  through an acquisition  subsidiary to be formed, all of the
issued and outstanding  shares of  Teckn-O-Laser  Global,  Inc.  ("Techn-O"),  a
wholesaler and recycler of  laser-printer  and ink jet cartridges.  The proposed
purchase price for Teckn-O  consists of an aggregate of  CDN$8,364,000  in cash,
6,000,000 shares of the acquisition  subsidiary which are convertible on a share
for share basis into shares of Adsero common stock,  and 300,000 stock  options,
each  excercisable  for the  purchase of one share of Adsero  common  stock at a
price of not more than US$1 per share. CDN $3,000,000 of the cash purchase price
is payable on a deferred  basis,  in 3 payments,  over a period of 3 years.  The
letters of intent are subject to further due diligence and the  preparation  and
execution of a formal,  binding agreement.  No assurance can be given,  however,
that we will  execute a formal  agreement  and  complete  and close the proposed
transaction.


                                       13
<PAGE>

ITEM 2.    PLAN OF OPERATION

The following  discussion and analysis  should be read in  conjunction  with the
consolidated  financial  statements and the notes thereto appearing elsewhere in
this Report.

We have ceased operations until additional  financing has been obtained in order
to restart operations or acquire an existing  business.  We have been in various
discussions,  from time to time,  with  existing  businesses  within the Imaging
consumables  segment,  with respect to possible mergers,  acquisitions and other
business  combinations,  and plans to continue  these type of discussions in the
future.  There  can be no  assurances  that  any of  these  discussions  will be
successful, and if not, we may have to cease operations permanently.

As a result of the  departure  of certain  former  officers,  in January 2003 we
closed down our manufacturing  facility in Pennsauken,  New Jersey and moved all
inventory and equipment to other  locations.  At December 31, 2002 we wrote down
inventories  related  to the impact  ribbons  and toner  product  lines to their
estimated fair values, and had an impairment charge on certain fixed assets as a
result of closing the manufacturing  facility.  In addition at December 31, 2002
we had an  impairment  charge on our  goodwill  relating  to the  changes to the
impact ribbon and toner product lines and wrote down the goodwill to nil.

In January,  2003 the three  largest  creditors of Reink USA filed a petition to
force Reink USA into Chapter 7 under the US Federal  Bankruptcy Code. We believe
that some of the creditors  involved with the petition  assisted a new business,
which competed  directly with us, that had been founded by the former  officers.
Reink  USA  filed a motion  to have the  petition  thrown  out  since  the third
creditor withdrew from the filing and also since the counsel for the petitioners
withdrew. Subsequently the remaining two creditors provided a new third creditor
and amended the filing.  This new third creditor also subsequently  withdrew and
the two remaining  creditors  found two other  creditors and filed an amendment.
During March 2003, the subsidiary's  motion to convert to a voluntary chapter 11
was accepted by the District of New Jersey,  Federal  Bankruptcy  Court.  Due to
failed negotiations with our largest suppliers,  on July 10, 2003, Reink USA was
moved from  Chapter  11  "Reorganization"  into  Chapter 7  "Liquidation"  and a
Bankruptcy  Trustee was appointed to administer the estate. As a result, we lost
control  of  Reink  USA  and  Reink  USA  is  presented  for  all  periods  as a
discontinued operation.

We have financed our cash requirements primarily through sales of our securities
to  accredited  investors,  operations,  and bank  borrowings.  We had a lending
facility with an asset based lender providing a $1,000,000 facility based on 80%
of accounts  receivable.  As a result of ceasing  operations we terminated  this
facility after meeting all obligations under the agreement.

As of  March  31,  2004,  we had a  working  capital  deficiency  of  $2,745,627
(including  $2,125,341  related  to the  discontinued  operation  leaving  a net
working capital deficiency of approximately $620,286).

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<PAGE>

During January  through April,  2004, we converted notes payable of $816,318 and
other  liabilities of $426,650 for a total of $1,242,968  into 9,843,055  common
shares.  We have no  further  obligations  related  to  these  notes  and  other
liabilities which were converted.

The auditor's report on our financial statements included in our Annual Report
for the year ended December 31, 2003 contains an explanatory paragraph about our
ability to continue as a going concern. We expect that to restart operations it
will require capital infusions of a minimum of $2,000,000 necessary to fund the
purchase of inventory and to meet our working capital needs.

Except as provided above, we have no present commitment that is likely to result
in our  liquidity  increasing  or  decreasing  in any material way. In addition,
except  as  noted  above,  we know of no  trend,  additional  demand,  event  or
uncertainty that will result in, or that are reasonably likely to result in, our
liquidity  increasing  or  decreasing  in any material  way. We have no material
commitments for capital expenditures.  We know of no material trends,  favorable
or  unfavorable,  in our capital  resources.  We do not presently  engage in any
product  research or development  and have no plans to do so in the  foreseeable
future.  We do not own any plant or  significant  equipment.  We have no present
plans to add  employees  although we may do so in the  foreseeable  future if we
engage in any merger or acquisition transactions.

ITEM 3.  CONTROLS AND PROCEDURES

Our principal  executive  officer and principal  financial officer evaluated the
effectiveness  of our  disclosure  controls and  procedures  (as defined in Rule
13a-14(c) under the Securities  Exchange Act of 1934) as of the end of the first
quarter of 2004. Based on this evaluation,  our principal  executive officer and
principal  financial officer have concluded that our controls and procedures are
effective in providing  reasonable assurance that the information required to be
disclosed  in this  report  is  accurate  and  complete  and has been  recorded,
processed,  summarized  and  reported  within the time period  required  for the
filing of this report. Subsequent to the date of this evaluation, there have not
been any significant  changes in our internal controls or, to our knowledge,  in
other factors that could significantly affect our internal controls.

                           PART II--OTHER INFORMATION

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

Effective  January 2004, we converted an aggregate of approximately  $196,900 in
debt into an  aggregate of  19,690,000  restricted  shares of our common  stock.
Following  the  effectuation  of our 20:1 reverse  stock split on March 22, 2004
these shares became  approximately  984,500 shares.  The  conversions  were made
pursuant to Debt Conversion and General Release  Agreements between us and three
persons.  The issuance of these  shares was made in reliance on  Regulation S of
the Securities Act of 1933, as amended.  We have agreed to register these shares
on behalf of the recipients thereof.

Effective January 1, 2004 we issued a 10%, $250,000 promissory note to BG
Capital Group Bahamas Ltd. in consideration of $250,000 advanced to us for use
as working capital. $197,500 of this amount was advanced to us prior to December
31, 2003. The Note is due January 1, 2005, or earlier in the event that we
consummate a business combination with an entity having revenues of $3,000,000
or more in its last completed fiscal year. In such latter event, the Note is due
thirty days after the completion of the business combination. The issuance of
the Note was made in reliance on Section 4(2) of the Securities Act of 1933, as
amended.

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<PAGE>

Effective  January 2004, we converted an aggregate of $170,000 in Note principal
plus all interest  then due thereon into an aggregate of  18,360,000  restricted
shares of our common stock. Following the effectuation of our 20:1 reverse stock
split on March 22, 2004 these shares became  approximately  918,000 shares.  The
conversions  were made  pursuant to Note  Cancellation  and  Release  Agreements
between us and nine  persons.  The issuance of these shares was made in reliance
on Regulation S of the  Securities  Act of 1933,  as amended.  We have agreed to
register these shares on behalf of the recipients thereof.

In April  2004,  we issued an  aggregate  of  5,405,055  restricted  shares (the
"Interhold  Shares")  of our common  stock to  Interhold  Co. and its  designees
pursuant to a February  28, 2004 Note  Cancellation  and General  Release  under
which a  $308,000  promissory  note of  Reink  Imaging  USA,  Ltd.  in  favor of
Interhold Co., plus all interest due thereon was  cancelled.  Also cancelled was
an April 7, 2003 Guarantee and Security Agreement between Interhold and us which
had been put in place as a result of a January 2002  agreement.  The issuance of
these  stocks was made in reliance on Section  4(2) of the Security Act of 1933,
as amended.  We have agreed to register  the  Interhold  shares on behalf of the
recipients thereof.

In April  2004,  we issued an  aggregate  of  2,350,500  restricted  shares (the
"Manchester   Shares")  of  our  common  stock  to   designees   of   Manchester
Administrative Services Ltd. ("Manchester") pursuant to a February 28, 2004 Debt
Conversion  and General  Release under which a debt of ours to Manchester in the
approximate amount of $251,600 was cancelled. This debt was incurred pursuant to
our January 6, 2003  Consulting  Agreement  with  Manchester  and includes debts
incurred in January and February  2004. The issuance of these shares was made in
reliance on Section  4(2) of the  Securities  Act of 1933,  as amended.  We have
agreed to register the Manchester Shares on behalf of the recipients thereof.

In April 2004, we issued an aggregate of 185,000 restricted shares (the "Stock")
to 3 persons pursuant to Note Cancellation and General Release  Agreements dated
February 25, 2004; March 29, 2004; and March 30, 2004 respectively.  Under these
agreements an aggregate of $185,000 of note principal plus all accrued  interest
due thereon was cancelled in consideration  for the Stock. The issuance of these
shares was made in reliance on Section 4(2) of the  Securities  Act of 1933,  as
amended.  We have agreed to register  these  shares on behalf of the  recipients
thereof.

In April 2004, we issued a $70,000 convertible  promissory note bearing interest
at 10% per annum to Manchester  Consolidated Corp. The note is due on demand. It
is  convertible  into shares of our common stock at a conversion  price of $1.00
per share.  The issuance of the Note was made in reliance on Section 4(2) of the
Securities Act of 1933, as amended.

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<PAGE>

On April 15, 2004 we granted 100,000 stock options, with an exercise price of
$.25 per share, to each of Wayne Maddever, William Smith and Anthony Pallante in
consideration of services rendered in connection with our corporate
reorganization and services related to Reink USA's bankruptcy. These options
vest over a three year period commencing on the first anniversary of the
issuance date and are exercisable for a period of ten years from issuance. The
issuance of these options was made in reliance on Section 4(2) of the Securities
Act of 1933, as amended.

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

Stockholders holding 44,595,625  (approximately 74.7%) of our outstanding voting
shares on  January  22,  2004  executed  shareholder  consents  authorizing  the
adoption of amendments to our  Certificate of  Incorporation  to change our name
from Reink Corp to Adsero  Corp.;  authorize  20,000,000  shares of blank  check
preferred  stock;  provide  for  maximum  indemnification  of our  officers  and
directors;  and effect a 20:1 reverse stock split.  The Certificate of Amendment
was filed with the Delaware Secretary of State on March 19, 2004.

ITEM 5.    OTHER INFORMATION

On May 3, 2004 we entered  into two related,  non-binding,  letters of intent to
purchase,  through an acquisition subsidiary to be formed, all of the issued and
outstanding shares of Teckn-O-Laser Global, Inc.  ("Techn-O"),  a wholesaler and
recycler of laser-printer  and ink jet cartridges.  The proposed  purchase price
for Teckn-O consists of an aggregate of CDN$8,364,000 in cash,  6,000,000 shares
of the acquisition  subsidiary  which are convertible on a share for share basis
into shares of our common stock,  and 300,000 stock options,  each  excercisable
for the  purchase  of one share of our common  stock at a price of not more than
US$1 per share. As part of the transaction, we have further agreed to enter into
three year management contracts, on terms to be negotiated, with two key members
of Techn-O management.  CDN$3,000,000 of the cash purchase price is payable on a
deferred  basis,  in 3  payments,  over a period of 3 years.  The  amount of the
deferred payments are subject to downward adjustment in the event that Techn-O's
EBITDA (Earnings Before Interest,  Taxes, Depreciation and Amortization) for the
12 months ended April 30, 2004 is less than  CDN$2,000,000.  In such event,  the
CDN$3,000,000  payment  obligation will be reduced by an amount equal to 3 times
the shortfall below CDN$2,000,000.  The letters of intent are subject to further
due diligence and the preparation and execution of a formal,  binding agreement.
Closing of the transaction is expected to take place on or before July 31, 2004,
with a  targeted  closing  date of June 30,  2004.  No  assurance  can be given,
however,  that we will  execute a formal  agreement  and  complete and close the
proposed transaction.

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<PAGE>

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

(a)      Exhibits

The following exhibits are filed as a part of this report on Form 10-QSB:

Exhibit No.  Description

2.1         Letters of Intent dated May 3, 2004 Respecting the Purchase
            of Teckn-O-Laser Global Inc.
31.1        Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal
            Executive Officer
31.2        Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal
            Financial Officer
32.1        Rule 1350 Certification of Chief Executive Officer
32.2        Rule 1350 Certification of Chief Financial Officer


(b) Reports on Form 8-K

No reports on Form 8K were filed by us during the quarter ended March 31, 2004.

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<PAGE>

                                   SIGNATURES

         Pursuant to the  requirements  of Section 13 or 15(d) of the Securities
Exchange  Act of 1934,  the  Registrant  has duly  caused this Form 10-QSB to be
signed on its behalf by the undersigned, thereunto duly authorized.

Dated: May 21, 2004                         Adsero Corporation

                                            By: /s/ Wayne Maddever
                                               --------------------------------
                                            Wayne Maddever
                                            President, Chief Executive Officer


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