U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form 10-QSB

                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended: March 31, 2004

Commission file no.: 29201

                            ELVA INTERNATIONAL, INC.
                -----------------------------------------------
                 (Name of Small Business Issuer in its Charter)

         Florida                                           65-0790761
-----------------------------------------          -----------------------------
(State or other jurisdiction of                        (I.R.S.Employer
incorporation or organization)                             Identification No.)

222 Lakeview Avenue, PMB 160-415
West Palm Beach, FL                                           33401
------------------------------------------         -----------------------------
(Address of principal executive offices)                   (Zip Code)

Issuer's telephone number:  (925) 831-0504

Securities registered under Section 12(b) of the Act:

     Title of each class                            Name of each exchange
                                                     on which registered
         None                                               None
-----------------------------------------          -----------------------------


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

                    Common Stock, $0.0001 par value per share
                -----------------------------------------------
                                (Title of class)

Copies of Communications Sent to:

                               Donald F. Mintmire
                               Mintmire & Associates
                               265 Sunrise Avenue, Suite 204
                               Palm Beach, FL 33480
                               Tel: (561) 832-5696 - Fax: (561) 659-5371






<PAGE>



     Indicate by Check  whether the issuer (1) filed all reports  required to be
filed by Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or
for such shorter  period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [_]


     As of March 31, 2004,  there were 20,857,759  shares of voting common stock
of the registrant issued and outstanding.













<PAGE>



                                     PART I


Item 1. Financial Statements



                          INDEX TO FINANCIAL STATEMENTS


Consolidated Balance Sheets..................................................F-2

Consolidated Statements of Operations and Comprehensive Income (Loss)........F-3

Consolidated Statements of Stockholders' Equity (Deficiency).................F-4

Consolidated Statements of Cash Flows........................................F-5

Notes to Consolidated Financial Statements...................................F-6









































                                       F-1

<PAGE>



<TABLE>
<CAPTION>
                            Elva International, Inc.
                           Consolidated Balance Sheets


                                                              March 31, 2004     December 31, 2003
                                                            ------------------- --------------------
                                                                (unaudited)
<S>                                                         <C>                 <C>
                        ASSETS
CURRENT ASSETS
  Cash and equivalents                                      $            23,986 $             41,495
  Accounts receivable, net of reserve of $2,199 and $2,272              189,575              205,860
  VAT tax receivable                                                     19,178               10,852
   Inventory                                                             46,755               48,308
                                                            ------------------- --------------------
          Total current assets                                          279,494              306,515
                                                            ------------------- --------------------

PROPERTY AND EQUIPMENT
  Computers and equipment                                               236,875              246,637

        Less accumulated depreciation                                  (164,533)            (164,711)
                                                            ------------------- --------------------

          Net property and equipment                                     72,342               81,926
                                                            ------------------- --------------------

OTHER ASSETS
  Deposits and other assets                                              11,920               35,917
  Income tax credit receivable                                          117,013              119,393
  Patent                                                                704,741              717,368

        Less accumulated amortization                                  (182,997)            (177,479)
                                                            ------------------- --------------------

          Net other assets                                              650,677              695,199
                                                            ------------------- --------------------
Total Assets                                                $         1,002,513 $          1,083,640
                                                            =================== ====================

    LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
CURRENT LIABILITIES
   Accounts payable                                         $           380,149  $           350,483
   Accrued Expenses
       Trade                                                            209,839              237,152
       Payroll and taxes                                                152,242              162,293
   Current portion of long-term debt                                      1,893                1,956
   Provision for litigation and forex gain/(loss)                        56,274               58,143
   Advances from shareholders                                           172,107              176,598
   Conditional government subsidy                                        80,231               82,896
                                                            ------------------- --------------------

          Total current liabilities                                   1,052,735            1,069,521
                                                            ------------------- --------------------

LONG-TERM DEBT
   Conditional government subsidy                                       162,669              168,072
                                                            ------------------- --------------------

          Total long-term debt                                          162,669              168,072
                                                            ------------------- --------------------
Total Liabilities                                                     1,215,404            1,237,593
                                                            ------------------- --------------------
Minority interest in consolidated subsidiary                                  0                    0
                                                            ------------------- --------------------

STOCKHOLDERS' EQUITY (DEFICIENCY)
   Preferred stock, $0.0001 par value, authorized
     10,000,000 shares; none issued and outstanding                           0                    0
   Common stock, $0.0001 par value, authorized
     50,000,000 shares; 20,857,759 issued and
     outstanding shares                                                   2,086                2,086
   Additional paid-in capital                                         5,031,866            5,031,866
   Accumulated comprehensive income (loss)                              (17,522)             (13,087)
   Deficit                                                           (5,229,321)          (5,174,818)
                                                            ----------------------------------------

          Total stockholders' equity (deficiency)                      (212,891)            (153,953)
                                                            ------------------- --------------------
Total Liabilities and Stockholders' Equity (Deficiency)     $         1,002,513 $          1,083,640
                                                            =================== ====================
</TABLE>


     The accompanying notes are an integral part of the financial statements


                                       F-2

<PAGE>



<TABLE>
<CAPTION>
                            Elva International, Inc.
      Consolidated Statements of Operations and Comprehensive Income (Loss)
                          Three Months Ended March 31,
                                   (unaudited)


                                                                     2004             2003
                                                               --------------   ---------------
<S>                                                            <C>              <C>
REVENUES                                                       $       61,605   $        14,713
                                                               --------------   ---------------
OPERATING EXPENSES
    Salaries                                                           39,970           148,433
    Advertising                                                             0            15,292
    Depreciation and amortization                                      16,716            11,467
    General and administrative                                         58,180            83,105
    Research and development                                                0            67,074
                                                               --------------   ---------------

          Total operating expenses                                    114,866           325,371
                                                               --------------   ---------------

 Operating Loss                                                       (53,261)         (310,658)
                                                               --------------   ---------------
OTHER INCOME (EXPENSE):
    Interest income                                                         0                66
    Interest expense                                                   (1,242)             (488)
    Foreign currency transaction gain (loss)                                0                 0
                                                               --------------   ---------------

          Total other income (expense)                                 (1,242)             (422)
                                                               --------------   ---------------

Net loss before tax credit and minority interest                      (54,503)         (311,080)

    Foreign income tax credit                                               0                 0
    Minority interest in consolidated subsidiary income (loss)              0                 0
                                                               --------------   ---------------

Net loss                                                              (54,503)         (311,080)

Other comprehensive income (loss):
    Foreign currency translation gain (loss)                           (4,435)           70,739
                                                               --------------   ---------------

Comprehensive loss                                             $      (58,938)  $     (240,341)
                                                               ==============   ===============

Net loss per common share                                      $        (0.01)  $         (0.02)
                                                               ==============   ===============

Weighted average number of common shares outstanding               20,857,759        16,257,759
                                                               ==============   ===============
</TABLE>










     The accompanying notes are an integral part of the financial statements


                                       F-3

<PAGE>



<TABLE>
<CAPTION>
                            Elva International, Inc.
          Consolidated Statements of Stockholders' Equity (Deficiency)

                                                                                               Accum.                    Total
                                                              Add'l.                  Stock    Comp.                 Stockholders'
                                     Number of     Common     Paid-in     Deferred    Subs.    Income                   Equity
                                       Shares       Stock     Capital      Comp.      Rec.     (Loss)      Deficit   (Deficiency)
                                     -----------  ---------  ----------  ---------  --------  --------  -----------  -----------
<S>                                  <C>          <C>        <C>         <C>        <C>       <C>       <C>          <C>
BEGINNING BALANCE,
December 31, 1998                     21,500,000  $   2,150  $  828,401  $       0  $      0  $(52,349) $  (432,606) $   345,596

Year ended December 31, 1999:
   Other comprehensive income (loss)           0          0           0          0         0    (1,176)           0       (1,176)
   Net loss                                    0          0           0          0         0         0     (723,712)    (723,712)
                                     -----------  ---------  ----------  ---------  --------  --------  -----------  -----------

BALANCE, December 31, 1999            21,500,000      2,150     828,401          0         0   (53,525)  (1,156,318)    (379,292)

Year ended December 31, 2000:
   Conversion of debt of subsidiary
        for stock                      1,720,000        172     557,305          0         0         0            0      557,477
   Shares issued for cash              3,790,000        379   1,237,500          0         0         0            0    1,237,879
   Shares issued to effect 2 for 1
        forward split                 27,010,000      2,701      (2,701)         0         0         0            0            0
   Other comprehensive income (loss)           0          0           0          0         0    25,724            0       25,724
   Net loss                                    0          0           0          0         0         0   (1,163,846)  (1,163,846)
                                     -----------  ---------  ----------  ---------  --------  --------  -----------  -----------

BALANCE, December 31, 2000            54,020,000      5,402   2,620,505          0         0   (27,801)  (2,320,164)     277,942

Year ended December 31, 2001:
   1 for 10 reverse split            (48,618,000)    (4,862)      4,862          0         0         0            0            0
   Shares issued for cash              3,293,640        329     586,354          0         0         0            0      586,683
   144 shares issued for services        646,500         65     103,375   (103,440)        0         0            0            0
   S-8 shares issued for services        135,000         14     269,986          0         0         0            0      270,000
   Conversion of debt of subsidiary
        for stock                        129,082         13      17,475          0         0         0            0       17,488
   Deferred compensation amortizatio           0          0           0     10,775         0         0            0       10,775
   Other comprehensive income (loss)           0          0           0          0         0    40,426            0       40,426
   Net loss                                    0          0           0          0         0         0   (1,378,332)  (1,378,332)
                                     -----------  ---------  ----------  ---------  --------  --------  -----------  -----------

BALANCE, December 31, 2001             9,606,222        961   3,602,557    (92,665)        0    12,625   (3,698,496)    (175,018)

Year ended December 31, 2002:
   144 shares issued for services        120,000         12      10,488          0         0         0            0       10,500
   144 shares issued for cash          6,031,537        603   1,069,331          0         0         0            0    1,069,934
   Deferred compensation amortizatio           0          0           0     92,665         0         0            0       92,665
   Other comprehensive income (loss)           0          0           0          0         0   (42,354)           0      (42,354)
   Net loss                                    0          0           0          0         0         0     (897,895)    (897,895)
                                     -----------  ---------  ----------  ---------  --------  --------  -----------  -----------

BALANCE, December 31, 2002            15,757,759      1,576   4,682,376          0         0   (29,729)  (4,596,391)      57,832

Year ended December 31, 2003
   144 shares issued for cash          5,100,000        510     349,490          0         0         0            0      350,000
   Other comprehensive income (loss)           0          0           0          0         0    16,642            0       16,642
   Net loss                                    0          0           0          0         0         0     (578,427)    (578,427)
                                     -----------  ---------  ----------  ---------  --------  --------  -----------  -----------

BALANCE, December 31, 2003            20,857,759      2,086   5,031,866          0         0   (13,087)  (5,174,818)    (153,953)

Three months ended March 31, 2004
   Other comprehensive income (loss)           0          0           0          0         0    (4,435)           0       (4,435)
   Net loss                                    0          0           0          0         0         0      (54,503)     (54,503)
                                     -----------  ---------  ----------  ---------  --------  --------  -----------  -----------

ENDING BALANCE, March 31, 2003
(unaudited)                           20,857,759  $   2,086  $5,031,866  $       0  $      0  $(17,522) $(5,229,321) $  (212,891)
                                     ===========  =========  ==========  =========  ========  ========  ===========  ===========
</TABLE>




     The accompanying notes are an integral part of the financial statements


                                       F-4

<PAGE>



<TABLE>
<CAPTION>
                            Elva International, Inc.
                      Consolidated Statements of Cash Flows
                          Three Months Ended March 31,
                                   (unaudited)

                                                                                     2004            2003
                                                                                -------------    ------------
<S>                                                                             <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss                                                                        $     (54,503)   $   (311,080)
Adjustments to reconcile net loss to net cash used by operating activities:
     Minority interest in consolidated subsidiary income                                    0               0
     Depreciation and amortization                                                     16,716          11,467
     Common stock issued for services                                                       0               0
     Amortization of deferred compensation                                                  0               0
     Foreign exchange transaction gain (loss)                                               0               0
     Amortization of government subsidy                                                     0               0
     Reserve for impairment of assets                                                       0               0
Changes in operating assets and liabilities:
     (Increase) decrease in accounts receivable                                         9,888         (64,692)
     (Increase) decrease in inventory                                                       0               0
     (Increase) decrease in VAT receivable                                             (8,873)         (7,777)
     (Increase) decrease in deposits and other assets                                       0         (12,399)
     (Increase) decrease in income tax credit receivable                               (1,492)           (805)
     Increase (decrease) in accounts payable                                           41,870          67,029
     Increase (decrease) accrued expense - trade                                      (25,235)          6,251
     Increase (decrease) salaries and payroll and taxes                                (4,944)        (39,962)
     Increase (decrease) in deferred revenue                                                0               0
                                                                                -------------    ------------

Net cash  provided (used) by operating activities                                     (26,573)       (351,968)
                                                                                -------------    ------------

CASH FLOW FROM INVESTING ACTIVITIES:
     Purchase of property and equipment                                                     0               0
     Sales of property and equipment                                                    1,876               0
     Increase expenditure application patent                                          (10,674)         (4,910)
                                                                                -------------    ------------

Net cash provided (used) by investing activities                                       (8,798)         (4,910)
                                                                                -------------    ------------
CASH FLOW FROM FINANCING ACTIVITIES:
     Proceeds from bank overdraft                                                           0               0
     Repayment of bank overdraft                                                            0               0
     Shareholder advances                                                               1,213          17,087
     Shareholder advance repayments                                                         0               0
     Receipt of conditional government subsidy                                              0               0
     Proceeds of  long term debt - related party                                            0               0
     Debt payments                                                                          0               0
     Issuance of common stock for cash                                                      0         200,000
                                                                                -------------    ------------

Net cash provided by financing activities                                               1,213         217,087
                                                                                -------------    ------------

Effect of exchange rates on cash                                                       16,649          23,895
                                                                                -------------    ------------

Net increase (decrease) in cash and equivalents                                       (17,509)       (115,896)

CASH and equivalents, beginning of period                                              41,495         133,223
                                                                                -------------    ------------

CASH and equivalents, end of period                                             $      23,986    $     17,327
                                                                                =============    ============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid in cash                                                           $       1,242    $        488
                                                                                =============    ============
Non-Cash Financing Activities:
  144 common stock issued for stock subscription receivable                     $           0    $    100,000
                                                                                =============    ============
</TABLE>

     The accompanying notes are an integral part of the financial statements


                                       F-5

<PAGE>



                            Elva International, Inc.
                   Notes to Consolidated Financial Statements
               (Information with regard to the three months ended
                     March 31, 2004 and 2003 is unaudited)

(1)  SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
     The  Company  Elva  International,  Inc.,  (the  "Company"),  is a  Florida
     chartered corporation which conducts business from its offices in West Palm
     Beach,  Florida and Paris,  France.  The Company was incorporated on August
     15, 1997 as Computer Research  Technologies,  Inc., and changed its name to
     Elva, Inc. on January 25, 1999 and to Elva International,  Inc. on February
     23, 2001. The Company is principally  involved in the smart card technology
     industry  through its French  subsidiary,  ELVA,  SA. In November 2000, the
     Company formed a wholly owned  subsidiary,  Elva Asia,  PTE, Ltd. under the
     laws of Singapore,  and closed this entity in 2002. The following summarize
     the more significant accounting and reporting policies and practices of the
     Company:

     a) USE OF ESTIMATES In preparing  the  consolidated  financial  statements,
     management is required to make  estimates and  assumptions  that affect the
     reported amounts of assets and liabilities as of the date of the statements
     of financial condition,  and revenues and expenses for the year then ended.
     Actual results may differ significantly from those estimates.

     b)  SIGNIFICANT  ACQUISITION  In December 1998,  Elva  International,  Inc.
     issued  14,160,000  shares of common stock to acquire  substantially al the
     issued and  outstanding  shares of the common  stock of ELVA,  SA, a French
     corporation,   in  a  reverse   merger,   which  was  accounted  for  as  a
     reorganization  of ELVA,  SA. There  remains a  four-tenths  of one percent
     minority  interest  in  ELVA,  SA,  which  is  owned  by two  of the  major
     stockholders of Elva  International,  Inc. as a result of this acquisition.
     This minority  interest is required under French corporate law. As a result
     of this reverse  merger,  the former  stockholders  of ELVA, SA now control
     Elva International,  Inc. Prior to this reverse merger, Elva International,
     Inc. had nominal  assets and  liabilities.  Elva,  Inc.  accounted  for the
     reverse merger as an issuance of stock for the net monetary  assets of Elva
     International,   Inc.  or,  in  this  case,  as  a  capitalization  of  the
     accumulated deficit of Elva International, Inc. to the date of the merger.

     c)  PRINCIPLES  OF  CONSOLIDATION  The  consolidated  financial  statements
     include  the  accounts of Elva  International,  Inc.  and its wholly  owned
     subsidiaries. Inter-company balances and transactions have been eliminated.

     d) NET LOSS PER COMMON  SHARE Basic net loss per  weighted  average  common
     share is computed by dividing the net loss by the weighted  average  number
     of common shares outstanding during the period.

     e) PROPERTY AND  EQUIPMENT  All property and equipment are recorded at cost
     and depreciated over their estimated useful lives,  using the straight-line
     method.  Upon  sale  or  retirement,  the  costs  and  related  accumulated
     depreciation  are  eliminated  from  their  respective  accounts,  and  the
     resulting  gain or loss is included in the results of  operations.  Repairs
     and  maintenance  charges  which do not  increase  the useful  lives of the
     assets are charged to  operations as incurred.  Depreciation  expense was $
     5,235  and  $4,511  for the three  months  ended  March 31,  2004 and 2003,
     respectively.

     f) CASH AND EQUIVALENTS The company  considers  investments with an initial
     maturity of three months or less as cash equivalents.

     g) PATENTS The Company  acquired  two French  patents,  Nos.  95-15735  and
     96-01872, from the founders of ELVA, SA. The Company is amortizing the cost
     of these patents over the remaining life of the patents.  Patents in France
     have a 20 year life.  Amortization  expense  was $11,481 and $6,956 for the
     three months ended March 31, 2004 and 2003, respectively.



                                       F-6

<PAGE>



                            Elva International, Inc.
                   Notes to Consolidated Financial Statements

(1)  SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (CONTINUED)
     h) REVENUE  RECOGNITION  The Company's sole source of revenue has been from
     licensing its patented technology.  The Company records revenue when earned
     under  its  licensing  agreement.   The  Company  intends  to  license  its
     technology to others as well,  rather than to manufacture the VOCALID cards
     for sale. The Company believes that it would be prohibitively expensive for
     it to  establish  its  own  manufacturing  facilities  and  to do so  would
     distract  it from its  efforts at getting  its  technology  accepted as the
     world standard.  The Company is negotiating with an independent third party
     to manufacture  the cards and the Company will either sell them directly or
     through a distributor network.

     i)  FOREIGN  CURRENCY   TRANSACTION  AND  TRANSLATION  GAINS  (LOSSES)  The
     principal operating entity of the Company is its subsidiary, ELVA,SA, which
     is located in France.  The  functional  currency of ELVA,  SA, is the Euro.
     ELVA,  SA has only one customer  which is located in the US. ELVA, SA bills
     this  customer in Euros and is paid US Dollars,  (USD).  ELVA, SA records a
     transaction  gain or loss at the time of receipt of payment  consisting  of
     the  difference  between the amount of Euros billed and the amount of Euros
     the USD payment is converted into. On a consolidated  basis,  the Company's
     reporting  currency  is the US Dollar.  The Company  translated  the income
     statement items using the average  exchange rate for the period and balance
     sheet items using the end of period exchange rate, except for equity items,
     which are translated at historical rates, in accordance with SFAS 52.

     j) RESEARCH & DEVELOPMENT Research and development expenses are expensed in
     the period incurred.

     k) SOFTWARE DEVELOPMENT COSTS The software developed by the Company is used
     exclusively by licensors of the Company's technology.  As such, the Company
     is not selling the software. Costs incurred in developing the software have
     been expensed in the period in which incurred.

     l) VAT TAX RECEIVABLE In France the  government  charges a Value Added Tax,
     (VAT),  that is  similar  to sales tax in the US.  There  are  three  major
     differences.  First is that VAT is charged at each point of sale. Second is
     that there are no  exemptions  from the  collection of VAT.  Finally,  each
     company files a VAT return with the government monthly reflecting the gross
     VAT  collected  and VAT paid.  If the VAT paid is  greater  than the amount
     collected,  the Company receives a refund from the government approximately
     five months later.

     m) INTERIM  FINANCIAL  INFORMATION  The financial  statements for the three
     months  ended  March  31,  2004 and  2003 are  unaudited  and  include  all
     adjustments  which in the  opinion of  management  are  necessary  for fair
     presentation,  and such  adjustments are of a normal and recurring  nature.
     The results for the three months are not indicative of a full year results.

(2)  STOCKHOLDERS'  EQUITY  The  Company  has  authorized  50,000,000  shares of
     $0.0001 par value common stock and  10,000,000  shares of $0.0001 par value
     preferred  stock.  Rights and  privileges of the preferred  stock are to be
     determined  by the Board of Directors  prior to  issuance.  The Company had
     21,500,000  shares of common stock issued and  outstanding  at December 31,
     1998 and  September  30,  1999.  In  September  1997,  the  Company  issued
     9,000,000 shares to its founder for services rendered to the Company valued
     at $9,000.  In April 1998,  the Company  completed a  Regulation D Rule 504
     Placement for 1,757,376 shares in exchange for $17,574 cash. In April 1998,
     a majority  shareholder  donated  9,000,000  shares of common  stock to the
     Company.  In June 1998,  9,000,000  shares were issued for $32,500 in cash.
     During the third quarter of 1998,  the Company issued  2,700,000  shares of
     common stock for $54,000 in cash. In December 1998,  9,557,376  shares were
     donated to the Company.  In December 1998,  the Company  issued  14,160,000
     shares for 26,326 of the 26,336 shares issued and  outstanding of ELVA, SA,
     a French corporation.  Additionally,  in conjunction with this acquisition,
     the Company  issued  3,440,000  shares to a third party in  settlement of a
     $204,550 loan the third party had made to ELVA,  SA. As the common stock of
     the Company was not listed at the date of acquisition,

                                       F-7

<PAGE>



                            Elva International, Inc.
                   Notes to Consolidated Financial Statements

(2)  STOCKHOLDERS'  EQUITY  (Continued)  the fair  value of the stock  issued to
     settle this debt was not  determinable  and the Company  elected to use the
     loan amount outstanding to value this transaction.

     In July  2000,  the  Company  sold  3,490,000  shares of common  stock to a
     British  Virgin  Islands  investment  company in exchange for $1,139,893 in
     cash. In July 2000,  the Company sold 300,000  shares of common stock to an
     individual  in  exchange  for  $97,985 in cash.  In July 2000,  the Company
     agreed  to  exchange  1,720,000  shares of common  stock  for  $557,477  of
     existing  long-term debt. All three of these transactions were concluded at
     $0.3266  per share.  On October 5, 2000,  the  stockholders  of the Company
     voted to  increase  the number of  authorized  shares of common  stock from
     50,000,000 to 100,000,000  with no change in par value. In conjunction with
     the increase in the authorized shares, the Company issued 27,010,000 shares
     of common  stock to effect a two for one  forward  split of the then issued
     and outstanding shares.

     In June 2001, the Company  completed a 1 for 10 reverse split of its shares
     of common stock.  5,402,000  shares were issued and  outstanding  following
     this action.  In May 2001, the Company sold 1,250,000  shares of restricted
     common stock to a company  controlled  by the new  President of the Company
     for $200,000 in cash, or $0.16 per share.  In June 2001,  the new President
     of the  Company  was  issued  646,500  restricted  common  shares  as  sole
     compensation  for the four-year  term of his  employment  agreement.  These
     shares were valued at $0.16 per share, at the same price per share as those
     he purchased for cash, or a total of $103,440.  In August 2001, the Company
     issued 135,000 shares for services valued at $270,000,  or $2.00 per share.
     In November 2001,  the Company  issued 129,082 shares of restricted  common
     stock to convert $17,488 of debt of ELVA, SA. In November and December, the
     Company issued 3,168,640 shares of restricted  common stock in exchange for
     $386,683 in cash.

     In March 2002, the Company issued 20,000 shares of restricted  common stock
     to a former  employee for services.  These shares were valued at 50% of the
     then market value, or $0.175 per share, for a total value of $3,500. In May
     2002,  the Company sold  1,831,538  shares of  restricted  common stock for
     $270,000  in cash,  or $0.147 per share.  In July 2002,  the  Company  sold
     3,333,333 shares of restricted  common stock for $500,000 in cash, or $0.15
     per  share.  In  September  2002,  the  Company  issued  100,000  shares of
     restricted  common  stock  for  services,  valued at $0.15  per  share.  In
     November 2002,  the Company sold 666,666 shares of restricted  common stock
     in exchange for $200,000 in cash, or $0.30 per share. In December 2002, the
     Company  sold  200,000  shares of  restricted  common stock in exchange for
     $100,000 in cash,  or $0.50 per share.  The cash  purchaser in November and
     December was the same entity.

     In  January  and  February  2003,  the  Company  sold  1,000,000  shares of
     restricted  common  stock  in  exchange  for  $200,000  in cash and a stock
     subscription  of $100,000,  or $0.30 per share,  to the same investor as in
     the fourth quarter.  In April 2003, the Company received the $100,000 stock
     subscription receivable in cash.

(3)  INCOME TAXES  Deferred  income taxes  (benefits)  are provided for certain
     income and expenses which are  recognized in different  periods for tax and
     financial  reporting  purposes.  The Company had net operating  loss carry-
     forwards for income tax purposes of approximately $5,229,300,  which expire
     $68,000 on December  31, 2011,  $132,000 on December 31, 2117,  $232,000 on
     December 31, 2118,  $724,000 on December 31, 2119,  $1,164,000  on December
     31, 2020,  $1,378,300 on December 31, 2021,  $897,900 on December 31, 2022,
     $578,400 on December 31, 2023 and $54,500 on December 31, 2024.

     The amount  recorded as deferred tax asset  cumulative as of March 31, 2004
     is approximately  $2,091,700 which represents the amount of tax benefits of
     the loss carry-forwards.  The Company has established a valuation allowance
     for this deferred tax asset of $2,091,700, as the Company has no history of
     profitable operations


                                       F-8

<PAGE>



                            Elva International, Inc.
                   Notes to Consolidated Financial Statements

(3)  INCOME TAXES (Continued) The significant  components net deferred tax asset
     as of March 31, 2004 are:


Net operating losses                     $       2,091,700
Valuation allowance                             (2,091,700)
                                         -----------------
Net deferred tax asset                   $               0
                                         =================

     The Company's  subsidiary,  ELVA, SA, applied for research and  development
     income tax credits with the French  government for the years ended December
     31, 2001, 2000, 1999 and 1998. The credits are applied for on the Company's
     annual income tax return in mid-1999,  2000 and 2001.  The amounts  applied
     for were approximately $88,600, $104,500,  $94,800, $15,300 and $94,400 for
     2001, 2000, 1999, 1998 and 1997, respectively.  In the 4th quarter of 1999,
     2000 and 2001,  ELVA,  SA was  notified  by the  French  government  of the
     approval of the application for 1997, 1998 and 1999, respectively, and that
     payment by the  government  would occur in late 2002 and 2003.  The Company
     sold the 1997  receivable to its bank on a  non-recourse  basis in exchange
     for cash in the amount of $94,400.  The Company received the 2000 credit in
     2003 in the amount of  approximately  $100,000 It is now expected  that the
     government  will  approve  the 2001  credit.  They are  expected to be paid
     $117,000 in 2004.  In 1996,  ELVA,  SA entered its  technology in an annual
     technology competition. This competition is administered by ANVAR, a French
     quasi-governmental  agency  established  to reward  technology  advances by
     French commercial  enterprises.  Elva received one of the awards from ANVAR
     for its technology.  The Company believes, based on the foregoing,  that is
     more  likely  than not that the  Company  will  receive  these  ongoing tax
     credits from the French  government.  These  credits  reduce the income tax
     benefit of its net operating loss  carry-forwards for the French subsidiary
     on a one-for-one basis.

(4)  GOING  CONCERN  As  shown  in  the  accompanying   consolidated   financial
     statements,  the Company incurred net losses totaling $54,500 for the three
     months  ended  March 31,  2004,  and  reflects a  stockholders'  deficit of
     approximately  $212,900  as of  March  31,  2004.  These  conditions  raise
     substantial  doubt as to the  ability of the Company to continue as a going
     concern.  The  ability of the  Company to  continue  as a going  concern is
     dependent  upon  increasing  sales and  obtaining  additional  capital  and
     financing.  The Company has  retained a registered  broker/dealer  to raise
     additional  funds  for the  Company  in an  amount  up to  $2,000,000.  The
     financial statements do not include any adjustments that might be necessary
     if the Company is unable to continue as a going concern.

(5)  RELATED PARTY TRANSACTIONS
     (a) PATENTS The Company  acquired  two French  patents,  Nos.  95-15735 and
     96-01872,  from the founders of ELVA,  SA for 21,069 shares of common stock
     of ELVA,  SA  valued  at  $320,700,  based on their  historical  cost,  and
     approximately  $3,333  per month  for the life of the  patents  as  royalty
     payments,  beginning in March 1997.  These ELVA, SA shares were part of the
     original  issue  shares of ELVA,  SA and,  accordingly,  had no fair market
     value at that time. After  approximately 8 months, the principals  realized
     that  the  Company  did not  have the  cash  flow to  continue  to make the
     payments  to them  and  continue  to  develop  the  marketing  efforts  and
     suspended  the  payments.  In February  1999,  the Company and the founders
     entered into a new agreement which called for total  additional  payment of
     approximately  $116,700,  with an initial payment of approximately $25,000,
     and quarterly payments of approximately  $11,500,  beginning on February 1,
     2000.  This  new  agreement  also  encompassed  the  international   patent
     application  filed with the World  Organization of  Intellectual  Property,
     principally for the US, Canada,  Europe and Japan. It also  encompasses the
     trademark "VOCALID", No. 96-605347, registered at INPI January 11, 1996.

     (b) LONG-TERM DEBT In 1998, ELVA, SA received approximately $204,500 from a
     third party as a loan.  In December  1998,  as part of the reverse  merger,
     Elva,  Inc. issued  3,440,000  shares of common stock in settlement of this
     debt.  In March,  May and  September  1999 and March  and July  2000,  ELVA
     received  additional  traunches of this loan from the now related  party in
     the total amount of approximately $650,000.

                                       F-9

<PAGE>


                            Elva International, Inc.
                   Notes to Consolidated Financial Statements

(5)  RELATED PARTY TRANSACTIONS (Continued)
     (b) LONG-TERM  DEBT,  (continued) In July 2000, the Company entered into an
     agreement  with the holder of its related party  long-term debt to exchange
     1,720,000  shares of common stock for  $557,477 of the  existing  long-term
     debt, and paid off the remaining balance of approximately  $90,000 in cash.
     The Company  also  received a $16,000  conditional  loan from an  unrelated
     company  under which the Company  would not be liable for  repayment if the
     Company hired at least one former technical  employee of the other company.
     The Company  has not done so and is repaying  this loan at a rate of $3,000
     per year. The repayment schedule is per the original agreement.

(6)  COMMITMENTS  The  Company is  committed  under an  operating  lease for its
     office  space.  The  Company is  obligated  under this lease for its office
     space for  payments  of $33,000 in 2004.  The  Company  can, at its option,
     elect to extend this lease for up to one additional three-year period.

(7)  CONCENTRATION OF CUSTOMERS The Company's sole source of revenue to date has
     been one customer, a US based company. Accordingly, its revenue and related
     accounts receivable at all periods presented are all related to this single
     source. The Company is endeavoring to expand its customer base.

(8)  PATENT LICENSE In 1997, the Company  entered into a  non-exclusive  license
     with a US company,  Atmel  Corp.,  to license  the  Company's  patent.  The
     Company  received an initial  license fee of $100,000,  and will receive an
     additional  $50,000 fee once the 10  millionth  unit is delivered by Atmel.
     The Company also receives a royalty per total units sold:

<TABLE>
<CAPTION>
             Quantity             First 1 mm     To 10 mm    To 100 mm    Over 100 mm
                                 ------------   ----------  -----------  ------------
<S>                                  <C>          <C>         <C>          <C>
Unit price less than $0.51           $0.02        $0.015      $0.01        $0.0005
Unit price greater than $0.50        $0.025       $0.02       $0.015       $0.01
</TABLE>

(9)  CONDITIONAL   GOVERNMENT   Subsidies  The  Company  has  received   several
     government grants which are conditional as to repayment.  The grants are to
     be applied as  reductions  of  salaries  and  employment  taxes paid to new
     employees.  They are  intended by the  government  to induce  increases  in
     employment,  as France has experienced high  unemployment over the last few
     years. The Company had been increasing  employment and applying accumulated
     grants as offsets to salary  expense and, at present,  is not yet obligated
     to repay any of these  grants.  Even though the Company  decreased  overall
     employment  in 2003,  the  employee  category  for which  these  grants are
     intended  has not been  decreased.  The  Company  does not expect to have a
     repay any of the grant amounts.  These grants, if required to be repaid, do
     not  require  the  payment of  interest.  The term for adding the  required
     employees under these grants is three years.


                                       F-10

<PAGE>


Item 2. Management's Plan of Operation

12 Month Plan of Operations

Certain  statements  contained  in this  quarterly  filing,  including,  without
limitation, statements containing the words "believes", "anticipates", "expects"
and  words  of  similar  import,  constitute  forward-looking  statements.  Such
forward-looking  statements  involve known and unknown risks,  uncertainties and
other factors that may cause the actual results,  performance or achievements of
the Company,  or industry  results,  to be materially  different from any future
results,   performance   or   achievements   expressed   or   implied   by  such
forward-looking  statements.  Such factors include, among others, the following:
international,  national  and local  general  economic  and  market  conditions:
demographic changes;  the ability of the Company to sustain,  manage or forecast
its  growth;  the  ability of the  Company to  successfully  make and  integrate
acquisitions;  raw material costs and availability;  new product development and
introduction;  existing government regulations and changes in, or the failure to
comply with, government regulations; adverse publicity; competition; the loss of
significant  customers or suppliers;  fluctuations and difficulty in forecasting
operating results;  changes in business strategy or development plans;  business
disruptions;  the ability to attract and retain qualified personnel; the ability
to  protect  technology;  and  other  factors  referenced  in this and  previous
filings.

Given  these  uncertainties,  readers  of this Form  10-QSB  and  investors  are
cautioned not to place undue reliance on such  forward-looking  statements.  The
Company  disclaims  any  obligation  to update any such  factors or to  publicly
announce the result of any  revisions to any of the  forward-looking  statements
contained herein to reflect future events or developments.

The Company's  Board of Directors has decreased  cash burn rate and attempted to
conclude  important  VocaliD-based  contracts  that should bring about  mid-term
significant VocaliD card sales- based revenues in key markets.

The setting up of the VocaliD-based European transactional  plat-form that began
in May  2002  has  been  finished.  The  platform  is  available  and  has  been
successfully  tested.  It  will  now  stand  at  the  center  of a  co  business
development  strategy that will be carried out along with the Company's European
partners.  We remind that this platform called  "iProved" for European  Platform
Relying on VocaliD  Engineering  and  Deployment was conceived and introduced by
Elva in 2001 to the European Commission.

The concept of a VocaliD  smart card  External  Acoustic  Module  (EAM) has been
entirely  validated by the Company  together  with  partners  and  distributors.
Therefore,  the VocaliD  technology has reached a new maturity  through products
that are strongly recognized as reliable and cost effective.

The manpower has been reduced  again down to 5 people:  3 managers,  1 Sales and
Marketing  and 1 R&D -  technical  support.  In  addition  to the  person who is
specifically in charge of sales.

The Company  has  achieved  the  restructuring  phase  aiming at  improving  its
financial  situation  and at preparing the setting up of a new plan of operation
and development:

     1.  Although  human  resources  and related  sales  efforts  are  obviously
limited,  the Board of  Directors  considers  that they are  sufficient  for the
achievement of the mid-term main  objective.  Break even point has been attained
and has to be maintained on regular basis. Debt has been  significantly  reduced
and must decrease again in order to ensure safety to the Company's subsidiary.

     2. The Company has achieved the first cycle of its technological investment
program which leads to the  availability  of a reliable  smart card  product,  a
valuable  technological  asset and a whole  transactional  platform based on its
technology.




                                       13
<PAGE>



     3. Therefore the Company had stabilized its technological asset and product
range  and  reliability.  Pure R&D  efforts  have  been  stopped  and  should be
relaunched  after  significant  sales of  Vocalid  cards and  market  demand for
specific  acoustic  chips.  Now that  restructuring  phase has been achieved the
Board  of  Directors  has  to  focus  on  the  combination  of  two  short  term
achievements:

*    Elva S.A the  Company's  subsidiary  has to get out of debt and continue to
     ensure the financing of its  operations  by  maintaining  break even.  Elva
     S.A's debt must be reduced in order to put the Company's  subsidiary out of
     danger and release  financial  pressure.  This specific issue will probably
     require additional private placements within the next few weeks.

*    Achieve VocaliD cards-based significant purchase orders and deployments and
     value on key market segments.

The short term plan of  operation  that should be  achieved  within the next six
months is the following:

     1. To refund the main part of Elva S.A's debt while  making the  subsidiary
profitable.

     2. To achieve at least two  strategic  contracts  related to  VocaliD-based
sales

     3. To assess a new R&D strategy.

     4.  To  launch  iProved  platform-business  phase  together  with  European
partners

     5. To prepare and issue by the end the year a new  strategy for the Company
including  structure growth and organization,  R&D program,  product development
plan, sales and marketing plan.

The Company's  global business  strategy remains to develop its VocaliD(R) Smart
Card system to provide  consumers  with  versatile  high  quality,  easy to use,
personal  and secure  communications.  The Company  believes the ease of use and
versatility of its online Smart Card system will differentiate  itself among the
array of off line smart card options and that this differentiation strategy will
allow it to carve out a profitable  market niche. The Company  continues to seek
out strategic alliances; joint venture partners and business partners with other
high-technology  firms in which  shared resources of such could provide enhanced
shareholder  value.  The Company plans to continually  scan the  environment for
such  partnering  opportunities.  Particular  attention  will  be  paid  to  the
possibilities  of  developing   international   corporate  strategic  alliances,
partnering  with successful U.S.  technology  start-ups,  and finding merger and
acquisition  candidates  or  counter-parties  with firms  operating  in the U.S.
and/or abroad.

Results of Operations-For the Three Months Ended March 31, 2004 and 2003

Financial Condition, Capital Resources and Liquidity

For the  first  quarter  ended  March  31,  2004 and 2003 the  Company  recorded
revenues of $61,605 and $14,713, respectively.

For the first  quarter  ended  March 31,  2004 and 2003 the  Company  had salary
expense of $39,970 and $148,433, respectively.

For the first  quarter  ended  March 31,  2004 and 2003,  the  Company  had on a
consolidated unaudited basis general and administrative  expenses of $58,180 and
$83,105, respectively.

For the first  quarter  ended  March 31,  2004 and 2003,  the  Company  had on a
consolidated  unaudited basis total operating expenses of $114,866 and $325,371,
respectively.




                                       14
<PAGE>



Net Losses

For the first  quarter  ended  March 31,  2004 and March 31,  2003,  the Company
reported a net loss from operations  excluding  foreign currency  translation of
$54,503 and $311,080 respectively.

The ability of the Company to continue as a going concern is dependent  upon its
ability to obtain clients who will utilize the Company's  VocaliD(R) product and
whether  the Company  can  attract an  adequate  number of clients.  The Company
believes  that in order to be able to expand its initial  operations in terms of
sales and marketing,  it must establish new offices in the USA and abroad,  hire
staff and acquire  through  purchase or lease  computer and office  equipment to
maintain accurate financial accounting and client data.

To implement such plan,  also during this initial phase,  the Company intends to
initiate a self- directed private placement under Rule 506 in order to raise the
funds required by its development among which the financial means related to new
staff,  equipment and offices.  No underwriters have been contacted and no known
investors have been  contacted  with respect to such fund raising.  In the event
such placement is successful,  the Company believes that it will have sufficient
operating  capital to meet the initial expansion goals and operating costs for a
period of one year.

Employees

The manpower has been reduced to 5 people: 3 managers, 1 Sales and Marketing and
1 R&D - technical support.  Our future  performance  depends in significant part
upon the continued  service of our key technical and management  personnel,  and
our  continuing  ability to attract and retain  highly  qualified  and motivated
personnel  in all areas of our  operations.  Competition  for such  personnel is
intense. We provide no assurance that we can retain key managerial and technical
employees or that we can attract,  assimilate  or retain other highly  qualified
personnel in the future.  Our employees are not represented by a labor union. We
have not experienced  any work stoppages and consider our employee  relations to
be good.

The  Company  will  attempt  to  maintain  diversity  within  its  customer  and
advertising base in order to decrease its exposure to downturns or volatility in
any particular market segment. As part of this selection  strategy,  the Company
intends to offer its services to those  consumers and strategic  partners  which
have  a  reputation  for  reputable  dealings  and,  eliminating  customers  and
advertisers that it believes  present a higher credit risk. Where feasible,  the
Company will evaluate  beforehand each customer,  supplier,  partner,  strategic
partner, and advertiser for their creditworthiness.

Research and Development Plans

The Company has temporarily  reduced its investments in research and development
while refining its R&D strategy

Forward-Looking Statements

This Form 10-QSB  includes  "forward-looking  statements"  within the meaning of
Section 27A of the  Securities  Act of 1933, as amended,  and Section 21E of the
Securities  Exchange  Act of  1934,  as  amended.  All  statements,  other  than
statements of historical  facts,  included or  incorporated by reference in this
Form 10-QSB which address  activities,  events or developments which the Company
expects or anticipates will or may occur in the future, including such things as
future capital expenditures  (including the amount and nature thereof),  finding
suitable merger or acquisition candidates, expansion and growth of the Company's
business and operations, and other such matters are forward-looking  statements.




                                       15
<PAGE>



These  statements  are based on certain  assumptions  and  analyses  made by the
Company in light of its  experience  and its  perception of  historical  trends,
current conditions and expected future  developments as well as other factors it
believes are appropriate in the circumstances.  However,  whether actual results
or developments will conform with the Company's  expectations and predictions is
subject  to a number of risks and  uncertainties,  general  economic  market and
business  conditions;  the business  opportunities (or lack thereof) that may be
presented  to and pursued by the  Company;  changes in laws or  regulation;  and
other   factors,   most  of  which  are  beyond  the  control  of  the  Company.
Consequently, all of the forward-looking statements made in this Form 10-QSB are
qualified by these cautionary  statements and there can be no assurance that the
actual results or  developments  anticipated by the Company will be realized or,
even if substantially  realized, that they will have the expected consequence to
or effects on the Company or its business or operations.  The Company assumes no
obligations to update any such forward-looking statements.


Item 3. Controls and Procedures

The  Company's  Chief  Executive   Officer  and  Chief  Financial  Officer  have
concluded,  based on an evaluation  conducted within 90 days prior to the filing
date of this  Quarterly  Report on Form 10-QSB,  that the  Company's  disclosure
controls and  procedures  have  functioned  effectively  so as to provide  those
officers the information necessary whether:

     (i) this Quarterly Report on Form 10-QSB contains any untrue statement of a
material fact or omits 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 on Form
10-QSB, and

     (ii) the financial statements,  and other financial information included in
this Quarterly  Report on Form 10-QSB,  fairly present in all material  respects
the financial condition,  results of operations and cash flows of the Company as
of, and for, the periods presented in this Quarterly Report on Form 10-QSB.

There have been no significant  changes in the Company's internal controls or in
other  factors  since  the  date of the  Chief  Executive  Officer's  and  Chief
Financial Officer's  evaluation that could  significantly  affect these internal
controls,   including  any  corrective   actions  with  regards  to  significant
deficiencies and material weaknesses.



                                     PART II


Item 1. Legal Proceedings.

From time to time, we may be involved in litigation  relating to claims  arising
out of our  operations  in the normal  course of  business.  The  Company is not
currently a party to any legal proceedings.

The French court has decided that ELVA S.A,  which is the Company's  subsidiary,
must refund Mr. Cedric Colnot's current account.


Item 2. Changes in Securities and Use of Proceeds

None


Item 3. Defaults in Senior Securities

None





                                       16
<PAGE>



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

No matter was submitted,  during the quarter  ending March 31, 2004,  covered by
this report, to a vote of the Company's  shareholders,  through the solicitation
of proxies or otherwise.


Item 5. Other Information

None.


Item 6. Exhibits and Reports on Form 8-K

     (a) The exhibits  required to be filed  herewith by Item 601 of  Regulation
S-B, as described in the following index of exhibits, are incorporated herein by
reference, as follows:

Exhibit no.       Descriptions
---------         -----------------------

3(i).1   [1]   Articles of Incorporation effective August 15, 1997.

3(i).2   [1]   Amended Articles of Incorporation filed January 29, 1999.

3(i).3   [2]   Amended Articles of Incorporation filed November 2000.

3(i).4   [2]   Amended Articles of Incorporation filed March 2001.

3(i).5   [2]   Articles of  Association  of ELVA ASIA PTE LTD effective  October
               30, 2000.

3(ii).1  [1]   Bylaws.

5.1      [3]   Opinion of Mintmire &Associates.

10.1     [1]   Letter of Intent between the Company and ELVA, SA. Dated December
               19, 1998.

10.2     [2]   Lease Agreement for California.

10.3     [2]   Lease Agreement for Asian office for ELVA ASIA PTE LTD.

10.4     [3]   Elva  International,  Inc.  Year 2001  Employee/Consultant  Stock
               Compensation Plan (formerly Exhibit 10.1 and Exhibit 10.6).

10.5     [4]   Perrot, Ltd. Services Agreement dated May 1, 2001 (formerly filed
               as Exhibit 10.4).

10.6     [4]   Perrot, Ltd.  Supplemental  Agreement dated May 1, 2001 (formerly
               filed as Exhibit 10.5).

10.7     [5]   Non-Exclusive  Manufacturing Agreement dated December 6, 2001 (in
               French).

10.8     [6]   I-PROVED Agreement dated May 5, 2003.

10.9     [7]   Consulting  Agreement with Matthews Morris  &Company,  Inc. dated
               January 2, 2003.

23.1     [3]   Consent of Durland &Company, CPAs, P.A.

23.2     [3]   Consent of Mintmire  &Associates  (contained in the opinion filed
               as Exhibit 5.1).





                                       17
<PAGE>



31.1      *    Section 302 Certification.

32.1      *    Section 906 Certification pursuant to 18 U.S.C. 1350.
-------------------------------------------------

*    Filed herewith.

[1]  Previously filed as an exhibit to the Company's  Registration  Statement on
     Form 10-SB January 27, 2000.

[2]  Previously  filed as an  exhibit  to the  Company's  Annual  Report on Form
     10-KSB filed April 16, 2001.

[3]  Previously filed as an exhibit to the Company's  Registration  Statement on
     Form S-8 July 13, 2001.

[4]  Previously  filed as an exhibit to the Company's  Quarterly  Report on Form
     10-QSB filed August 14, 2001.

[5]  Previously  filed as an  exhibit  to the  Company's  Annual  Report on Form
     10-KSB filed April 15, 2002.

[6]  Previously  filed as an  exhibit  to the  Company's  Annual  Report on Form
     10-KSB filed April 15, 2003.

[7]  Previously  filed as an exhibit to the Company's  Quarterly  Report on Form
     10-QSB filed May 20, 2003.

*    Filed herewith

     (b) No Reports on Form 8-K have been filed.







                [Balance of this page intentionally left blank.]












                                       18
<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.

                            Elva International, Inc.
                               ------------------
                                  (Registrant)


Date:    May 17, 2004             /s/ Eric Danon
                                 --------------------------------------
                                 Eric Danon, President, CEO & Director

                                 /s/ Serge Parienti
                                 --------------------------------------
                                 Serge Parienti, VP and Director

                                 /s/ Patrick Misko
                                 --------------------------------------
                                 Patrick Misko, VP and Director















                                       19