UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                  FORM 10-KSB

              [X]  ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

                 For the fiscal year ended: December 31, 2003

            [  ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

                  For the transition period from          to

                       Commission file number 000-49649

                            Donar Enterprises, Inc.
                (Name of small business issuer in its charter)

          Delaware                                              23-3083371
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                              Identification No.)

2000 Hamilton Street, #520, Philadelphia, PA                      19130
(Address of principal executive offices)                        (Zip Code)

                Issuer's telephone number:    (215) 893-3662

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

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

                       Common Stock, $.001 par value
                              (Title if Class)

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. [x] Yes [ ] No

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-
KSB or any amendment to this Form 10-KSB. [x]

State issuer's revenues for its most recent fiscal year.  $14,305.

State the aggregate market value of the voting and non-voting common equity
held by non-affiliates computed by reference to the price at which the common
equity was sold, or the average bid and asked price of such common equity, as
of a specified date within the past 60 days. (See definition of affiliate in
Rule 12b-2 of the Exchange Act.)

<PAGE>

As of March 22, 2004, the aggregate market value (based on the last sale
price on such date) of Common Stock held by non-affiliates of the registrant
was $50,816. For purposes of this disclosure, we have considered each officer
and director, and each person who owns 5% or more of the outstanding Common
Stock, to be an affiliate. This determination of affiliate status is not
necessarily applicable for other purposes.

State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date.  7,443,467 shares of Common
Stock, par value $.001 per share, as of March 22, 2004.





            [The balance of this page is intentionally left blank]





<PAGE>

                       DOCUMENTS INCORPORATED BY REFERENCE

If the following documents are incorporated by reference, briefly describe them
and identify the part of the Form 10-KSB (e.g., Part I, Part II, etc. ) into
which the document is incorporated: (1) any annual report to security holders;
(2) any proxy or information statement; and (3) any prospectus filed pursuant to
Rule 424(b) or (c) of the Securities Act of 1933 (Securities Act). The listed
documents should be clearly described for identification purposes (e.g., annual
report to security holders for fiscal year ended December 24, 1990):  None


   Transitional Small Business Disclosure Format (Check one): Yes [ ] No [x]


                                   PART I
                                   ------

        Special Cautionary Notice Regarding Forward-Looking Statements
        ---------------------------------------------------------------

This report and other reports, as well as other written and oral statements
made or released by us, may contain forward looking statements.  Forward
looking statements are statements that describe, or that are based on, our
current expectations, estimates, projections and beliefs.  Forward looking
statements are based on assumptions made by us, and on information currently
available to us.  Forward-looking statements describe our expectations today of
what we believe is most likely to occur or may be reasonably achievable in the
future, but such statements do not predict or assure any future occurrence and
may turn out to be wrong.  You can identify forward-looking statements by the
fact that they do not relate strictly to historical or current facts.  The
words "believe," "anticipate," "intend," "expect," "estimate," "project",
"predict", "hope", "should", "may", and "will", other words and expressions
that have similar meanings, and variations of such words and expressions, among
others, usually are intended to help identify forward-looking statements.

Forward-looking statements are subject to both known and unknown risks and
uncertainties and can be affected by inaccurate assumptions we might make.
Risks, uncertainties and inaccurate assumptions could cause actual results to
differ materially from historical results or those currently anticipated.
Consequently, no forward-looking statement can be guaranteed.  The potential
risks and uncertainties that could affect forward looking statements include,
but are not limited to increased competition, extent of the market demand for
and supply of goods and services of the types provided by the Company,
governmental regulation, performance of information systems, and the ability of
the Company to hire, train and retain qualified employees.  In addition, other
risks, uncertainties, assumptions, and factors that could affect the Company's
results and prospects have been and may further be described in the Company's
prior and future filings with the Securities and Exchange Commission and other
written and oral statements made or released by the Company.

We caution you not to place undue reliance on any forward-looking statements,
which speak only as of the date of this document.  The information contained in
this report is current only as of its date, and we assume no obligation to
update any forward-looking statements.

<PAGE>

ITEM 1.  DESCRIPTION OF BUSINESS.

General
-------

Donar Enterprises, Inc. ("We", "Our", Us") was incorporated under the laws of
the State of Delaware on May 25, 2001.  We are engaged in the business of
converting and filing registration statements, periodic reports and other forms
of small to mid-sized public companies with the U.S. Securities and Exchange
Commission ("SEC") electronically through EDGAR.  EDGAR, the Commission's
Electronic Data Gathering, Analysis, and Retrieval system, performs automated
collection, validation, indexing, acceptance and forwarding of submissions by
companies and others who are required by law to file forms with the Commission.
We are in NO way affiliated with the U.S. Securities and Exchange Commission.
Our goal is to become the source of choice of small and mid-sized, public
companies for their EDGAR filings.

Our address is at 2000 Hamilton Street, #520, Philadelphia, PA 19130-3883.  The
telephone number of our principal executive office is (215) 893-3662.  Our web
site is located at http://www.donarenterprises.com and email at that Internet
address is info@donarenterprises.com.

About the Securities and Exchange Commission (SEC)
--------------------------------------------------

The SEC was founded in 1933 to provide safeguards to protect investors in the
American Stock Market from the kinds of practices that resulted in the crash of
1929.  Since its inception, the SEC has developed regulations for publicly held
corporations based on the premise that full disclosure, including negative
factors, of public companies' business and financial status produces a fluid
non-manipulative market.

Industry Background
-------------------

Public companies must file certain reports with the SEC.  In the beginning, SEC
filings were submitted on paper and available only by paper copy.  In the
1970's, the SEC contracted with an outside company to create and distribute
microfiche copies to designated SEC public reference rooms.  In order to obtain
copies of these documents, individuals had to either make hard copies one page
at a time or order copies from service bureaus such as Disclosure, Inc.

The SEC recognized the need to enhance the speed and efficiency of the SEC
filing process, makes corporate and financial information readily available to
investors, and generates more informed investor participation and securities
markets.  Hence, the SEC began developing an electronic disclosure system in
1983.

By fall of 1984, a pilot system was opened for volunteers filing with both the
division of corporate finance and the division of investment management.  On
July 15, 1992, the operational EDGAR system was made available to those filers,
still on a voluntary basis.

On February 23, 1993, the SEC issued four releases adopting rules, on an
interim basis, that required most documents processed by these divisions to be
done so electronically.  These releases contained phase-in schedules to bring
filers onto the EDGAR system, a process that began on April 26, 1993.

After completing the phase-in of a statutorily mandated significant test group
in December 1993, the SEC staff evaluated EDGAR's performance during a six-

<PAGE>

month test period.  The evaluation resulted in a positive assessment of the
EDGAR system and the SEC staff recommended that the SEC proceed with full
implementation of mandated electronic filing.

Since May of 1996, the SEC mandates that persons or entities filing certain
documents are required to make such filings electronically.  The SEC will no
longer accept any paper filings of most of its forms.  Today, the EDGAR
database is the definitive repository of corporate information.

In May of 1999 the EDGAR system began accepting documents in HTML, and
unofficial documents in PDF, which stands for portable document format, which
is a file that will look the same on the screen and in print, regardless of
what kind of computer or printer someone is using and regardless of what
software package was originally used to create it.  This modernization of the
EDGAR system was intended to make the system more user friendly, and give the
documents submitted a look that was closer to that of the original document.

At some point in the future, we believe the SEC will no longer accept the
traditional text documents, and HTML will become the new standard.

Our Market
----------

Most public companies securities are quoted and traded on either a national
securities exchange, such as the American or New York Stock Exchange, or on
electronic exchanges such as NASDAQ and the NASD OTC Bulletin Board.  At a
minimum, each public company must file, through the SEC's EDGAR system, an
annual report on form 10-K or form 10-KSB and three quarterly reports on form
10-Q or form 10-QSB.  Most companies make substantially more filings because of
registration statements, reorganizations, mergers and acquisitions, name
changes, material events of importance to security holders and a variety of
other reasons required by the federal securities laws.  In addition, officers
and directors of the companies as well as large and/or influential stockholders
are required to make filings on changes in their status with the companies.

We hope to capture a portion of the electronic filings made by companies and
certain individuals in this market by providing exceptional service at
competitive prices compared to our largest competitors, such as Merrill
Corporation.

We provide EDGAR filing services primarily to small public corporations traded
on the over-the-counter market and certain individuals by marketing our
services to these groups directly or through legal and accounting firms
specializing in securities practices.

Future Growth Strategy
----------------------

The current marketplace of established EDGAR filing service providers is highly
fragmented, with literally dozens of EDGAR filing service providers located
throughout the country.  As such, we believe that there is an opportunity for a
publicly traded EDGAR filing Service Company to acquire several, smaller and
more established EDGAR filing service providers.

Our Services
------------

We are a full-service EDGAR filing service provider that files EDGAR reports on
behalf of public companies and certain individuals.  The scope of work
undertaken by a full-service EDGAR filing service provider includes the

<PAGE>

following:

1.  Filing For EDGAR Access Codes. Before filers can use the EDGAR system, they
    ------------------------------
must be registered on the EDGAR system as filers.  We assist our clients in
submitting their application to the SEC EDGAR office for registration.  When
the completed form is received by the SEC, account information such as filing
codes are mailed or faxed to us and we forward a copy to our client.

2.  Conversion Of Documents To EDGAR Acceptable Format.  Most documents are
    ---------------------------------------------------
created on popular word processing software such as Microsoft Word or
WordPerfect.  We convert these documents in their original format to the EDGAR
format in order to file on the EDGAR system.

3.  Client Approval Of The Document To Be Filed With The SEC.  After we have
    ---------------------------------------------------------
converted our client's document to the EDGAR format, we will email or fax them
a copy for proof-reading.

4.  Electronic Filing Or Transmission Of The Document On The EDGAR System.
    ----------------------------------------------------------------------
Once the formatted document is proof-read and final approval is obtained from
the client, we will file the document to the EDGAR system on the client's
behalf by electronic transmission over the Internet.

Document Preparation and Filing Services
----------------------------------------

We offer EDGAR filing services utilizing the traditional text filing format.
Our turnaround time for text based files is expected to be 36 hours for
documents submitted to us by email, diskette or any other digital format, and
72 hours for hard copy or hand-keyed documents.

Our services include creating a new client account with us, making a client's
SEC required filings "EDGAR-ready", obtaining client approval of filing
documents, editing client changes, transmitting filing documents utilizing the
EDGAR system and forwarding final filing documents and SEC notifications of
acceptance to our clients.

To make our client's filing "EDGAR-ready", we convert word processing documents
that have been prepared by the client into text, HTML or PDF formats.
Additionally, we insert required information, such as submission header and
document data.  The documents are then run through computer based validation
program to check certain required information and conformity to the EDGAR
acceptable format.

Upon client approval of a final draft, complete with required information, we
will "Test" file the document.  Upon written authorization from client, the
document will be filed "Live" on the EDGAR system.  We require that written
authorizations are provided to us at least two hours before the document is to
be filed or transmitted live on the EDGAR system.  Shortly after a document is
filed or transmitted, the SEC confirms the acceptance of the document via
email.  This confirmation is sent directly to us and we forward such
confirmation to our clients, by email, fax or otherwise.

Most documents will be delivered to us from our clients either by email or
computer disk.  For additional charges, we will also provide typing and data
entry services for documents delivered to us in paper format.  However, we do
not provide any form of legal or accounting advice or editing services beyond
corrections explicitly requested by our clients.

<PAGE>

We currently charge fees based upon the number of pages being filed, the number
of tables required, such as in financial statements, in a document, the
deadlines imposed by the filer and the amount of editing required.

Distribution and Marketing Plan
-------------------------------

We currently deliver our EDGAR filing services through our web site.  Our fully
functional web site can be found at www.donarenterprises.com.  This web site is
currently being hosted and maintained by our president at no charge to us.

Initially, we will focus on targeting smaller public companies that are not
large enough to require a full-time or even part-time employee to handle their
filings and who would thereby benefit from outsourcing such services to us.  As
we grow, hire and train additional personnel and can benefit from certain
economies of scale, we will seek to target larger companies for the purposes of
replacing their in-house EDGAR filing staff.

Because of the nature of our business and the improvements in technology, we do
not foresee geographical barriers to our market.  Most of our business can be
managed by mail, fax or email and does not require much travel.

We do not believe that we will be affected by seasonal factors.  However, many
companies file reports on a calendar year-end basis.  As a result, we believe
that a greater percentage of our business will occur around the deadlines set
forth by the SEC for companies filing on a calendar year-end basis.  Such
deadlines are traditionally forty-five days after the end of each quarter, and
ninety-days after a company's year-end.

There can be no assurance that we will be able to develop our marketing plan.

Sources and Availability of Raw Materials
-----------------------------------------

We are in the service business, and thus we do not use raw materials or have
any significant suppliers.

Customer Base
-------------

We have established relationships with a limited number of clients.  We plan on
increasing our client base through advertising campaigns on the Internet.

Research and Development Activities
-----------------------------------

Although our industry relies on the technical knowledge of computers and
software, our operations will not require research and development in the
traditional sense.  Other than initial web site development at
www.donarenterprises.com, we have not undergone any research and development
activity.  Our president has training in formatting and filing EDGAR documents
and will be responsible for all of our service offerings at the present time.

Intellectual Property
---------------------

We do not have any trademarks, patents, licenses, royalty agreements, or other
proprietary interest.  We own the domain name, www.donarenterprises.com.

<PAGE>

Competitive Business Conditions
-------------------------------

Many filers or issuers file disclosure reports, prospectuses, registration
statements, and other documents with the SEC in-house without utilizing the
services of an outside EDGAR filing service provider.  As a result, we compete
in this segment of the market by offering savings in cost, time and logistics
to such companies.

Other filers utilize the services of law firms or outside EDGAR filing service
providers who provide services similar to ours.  We compete in this segment of
the market by providing exceptional service, fast turnaround, and at
competitive prices.

A majority of our competition comes from law firms and outside EDGAR filing
service providers who have substantially greater experience, financial and
other resources than we do.  Additionally, there is no assurance that we will
be able to respond favorably to competitive pressures from these competitors.

Some of our competitors include:

- dozens of national financial printing firms such as Bowne, CCH, Donnelly and
St. Ives Burrups;

- and scores of regional financial printing firms such as Pacific Financial
Printing in California, Imperial Financial in Arizona and Capital Printing in
New York.

Many of these businesses have longer operating histories and significantly
greater financial, technical, marketing and managerial resources than we do.
There are relatively low barriers to entry into our business.  We have no
patented or other proprietary technology that would preclude or inhibit
competitors from entering the EDGARizing service.  We must rely on the skill of
our personnel and the quality of our client service.  We expect that we will
continue to face additional competition from new entrants into the market in
the future.

Technology and Regulations
--------------------------

The SEC has stated that since June of 1999, filers have been able to submit
most filings in either HTML or ASCII format.  They have further stated that
they expect that HTML will eventually replace ASCII for most filings.  Unlike
ASCII documents, HTML and PDF documents have the potential to include graphics,
varied fonts, and other visual displays that filers use when they create
Internet presentations or material for distribution to shareholders.  Sections
I.B. and C. of SEC Release No. 33-7855 (April 24, 2000) discuss the use of
HTML.

The SEC has not yet proposed to require the use of HTML for filings, but did
note both in 1999 and 2000 that they expect to require HTML for most filings in
the future.  They have also recognized that many of those professionals who
have commented on their proposals have suggested that there are evolving
alternative formats that should be considered, including XML.  The SEC has not
yet set the timing for mandating the use of HTML, but has indicated a direction
away from ASCII format.

We have intentionally chosen not to invest in HTML capabilities at this time
since it is not currently required by the SEC and would generally be more

<PAGE>

expensive to clients.  Instead, our intent is to penetrate the market via our
affordable pricing structure.  We will consider enhancements to HTML, XML, or
alternative formats when mandated or otherwise practical.  We do not feel that
it would be wise to shift to HTML and then have to shift again to a more
advanced technology that may be available or required in the near future.

Governmental Regulations
------------------------

Other than maintaining our good standing in the State of Delaware, complying
with applicable local business licensing requirements, complying with all state
and federal tax requirements, preparing our periodic reports under the
Securities Exchange Act of 1934, and complying with other applicable securities
laws, rules and regulations, we do not believe that existing or probable
governmental regulations will have a material effect on our operations.

Employees
---------

As of the date of this report, we have two part-time employees.  We expect to
contract the services of a data entry operator on an as needed basis at times
of peak business.  We do not anticipate hiring any additional employees until
such time as additional staff is required to support our operations.

ITEM 2.  DESCRIPTION OF PROPERTY.

We have no property and enjoy the non-exclusive use of office, computer and
telephone of our officer during the year 2003.  During 2003 our officer made
use of his personal computers, not owned by us.  We do not have any written
agreement regarding our office space.  We anticipate this situation will be
maintained for at least the next twelve months.  The facility meets our current
needs, however should we expand in the future, we may have to relocate.  If we
have to relocate, we will seek office space at or below then prevailing rates.

ITEM 3.  LEGAL PROCEEDINGS.

We are not a party to any pending legal proceeding.  To the knowledge of our
management, no federal, state or local governmental agency is presently
contemplating any proceeding against us.  No director, executive officer or
affiliate of our Company or owner of record or beneficially of more than five
percent of our Company's common stock is a party adverse to our Company or has
a material interest adverse to our Company in any proceeding.

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

No matter was submitted during the fourth quarter of the fiscal year ended
December 31, 2003, covered by this report, to a vote of our shareholders,
through our solicitation of proxies or otherwise.



                                    PART II
                                    -------

ITEM 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

Market Information
------------------

Our common stock is traded on the Over-the-Counter Bulletin Board ("OTC-BB")
under the symbol "DNRE."  Our common stock has been traded on the OTC-BB since
January 7, 2003.

<PAGE>

The following table sets forth the range of high and low closing bid quotations
of our common stock for each fiscal quarter since we have been publicly traded:

BID OR TRADE PRICES

2003 FISCAL YEAR                       HIGH   LOW

Quarter Ending 03/31/03.............. $0.38  $0.03

Quarter Ending 06/30/03.............. $0.10  $0.02

Quarter Ending 09/30/03.............. $0.20  $0.03

Quarter Ending 12/31/03.............. $0.09  $0.05

Such market quotations reflect the high bid and low prices as reflected by the
OTC-BB or by prices, without retail mark-up, markdown or commissions and may
not necessarily represent actual transactions.  Some of the companies who serve
as market makers for our common stock include Brokerage America, LLC, Crown
Financial Group, Inc., WM. V. Frankel & Co., Incorporated, Hill Thompson Magid
& Co., Inc., Knight Equity Markets, L.P., Schwab Capital Markets L.P., Seaboard
Securities, Inc. and Wien Securities Corp.

Limited Market for Common Stock
-------------------------------

There is currently a limited trading market for our shares of common stock, and
there can be no assurance that a more substantial market will ever develop or
be maintained.  Any market price for our shares of common stock is likely to be
very volatile, and numerous factors beyond our control may have a significant
adverse effect.  In addition, the stock markets generally have experienced, and
continue to experience, extreme price and volume fluctuations which have
affected the market price of many small capital companies and which have often
been unrelated to the operating performance of these companies.  These broad
market fluctuations, as well as general economic and political conditions, may
also adversely affect the market price of our common stock.  Further, there is
no correlation between the present limited market price of our common stock and
our revenues, book value, assets or other established criteria of value.  The
present limited quotations of our common stock should not be considered
indicative of the actual value of Donar Enterprises, Inc. or our common stock.

Risks of "Penny Stock"
----------------------

Donar Enterprises, Inc.'s common stock (OTC-BB: DNRE) is deemed to be "penny
stock" as that term is defined in Rule 3a51-1 of the Securities and Exchange
Commission.  Penny stocks are stocks (i) with a price of less than $5.00 per
share; (ii) that are not traded on a "recognized" national exchange; (iii)
whose prices are not quoted on the NASDAQ automated quotation system (NASDAQ-
listed stocks must still meet requirement (i) above); or (iv) in issuers with
net tangible assets less than $2,000,000 (if the issuer has been in continuous
operation for at least three years) or $5,000,000 (if in continuous operation
for less than three years), or with average sales of less than $6,000,000 for
the last three years.  Until recently, there had been no "established public
market" for our common stock during the last five years.  While our stock has
traded between $0.38 and $0.02 per share over the past year, there is no
assurance that this price level will continue, as there has thus far been low
volume, and our stock may be deemed to be penny stock at any time.  Section

<PAGE>

15(g) of the Securities Exchange Act of 1934, as amended, and Rule 15g-2 of the
Securities and Exchange Commission require broker/dealers dealing in penny
stocks to provide potential investors with a document disclosing the risks of
penny stocks and to obtain a manually signed and dated written receipt of the
document before effecting any transaction in a penny stock for the investor's
account.  Potential investors in our common stock are urged to obtain and read
such disclosure carefully before purchasing any shares that are deemed to be a
"penny stock."

Moreover, Rule 15g-9 of the Securities and Exchange Commission requires
broker/dealers in penny stocks to approve the account of any investor for
transactions in such stocks before selling any penny stocks to that investor.
This procedure requires the broker/dealer to (i) obtain from the investor
information concerning his or her financial situation, investment experience
and investment objectives; (ii) reasonably determine, based on that
information, that transactions in penny stocks are suitable for the investor
and that the investor has sufficient knowledge and experience as to be
reasonably capable of evaluating the risks of penny stock transactions; (iii)
provide the investor with a written statement setting forth the basis on which
the broker/dealer made the determination in (ii) above; and (iv) receive a
signed and dated copy of such statement from the investor, confirming that it
accurately reflects the investor's financial situation, investment experience
and investment objectives.  Compliance with these requirements may make it more
difficult for investors in our common stock to resell their shares to third
parties or to otherwise dispose of them.

Outstanding Options, Conversions, and Planned Issuance of Common Stock
----------------------------------------------------------------------

As of the date of this report, there are no warrants or options outstanding to
acquire any additional shares of common stock.

Holders
-------

The number of record holders of our common stock as of the date of this report
is approximately 23.  Within the holders of record of our common stock are
depositories such as Cede & Co., a nominee for The Depository Trust Company (or
DTC), that hold shares of stock for brokerage firms which, in turn, hold shares
of stock for one or more beneficial owners.  Accordingly, we believe there are
many more beneficial owners of our common stock whose shares are held in
"street name", not in the name of the individual shareholder.

Preferred Stock
---------------

Shares of preferred stock may be issued by the Company from time to time in one
or more series with such designations, voting powers, if any, preferences and
relative, participating, optional or other special rights, and such
qualifications, limitations and restrictions, as are determined by resolution
of our Board of Directors. The issuance of preferred stock may have the effect
of delaying, deferring or preventing a change in control of our company without
further action by stockholders and could adversely affect the rights and
powers, including voting rights, of holders of common stock, with the Company
acting in accordance with its corporate charter, articles and by-laws. In
certain circumstances, the issuance of preferred stock could depress the market
price of the common stock. There are no shares of preferred stock outstanding.

Dividends
---------

We have not declared any cash dividends on our common stock since our inception
and do not anticipate paying such dividends in the foreseeable future.  We plan
to retain any future earnings for use towards our business plan.  Any decisions
as to future payment of dividends will depend on our earnings and financial
position and such other factors, as the board of directors deems relevant.

<PAGE>

Transfer Agent and Registrar
----------------------------

Our transfer agent is:  Holladay Stock Transfer, Inc., 2939 N. 67th Place,
Scottsdale, AZ 85251; Tel: (480) 481-3940; Fax: (480) 481-3941.

CUSIP Number:  Our CUSIP number is 257674 10 1.

Sales of "Unregistered" and "Restricted" Securities Over The Past Three Years.
------------------------------------------------------------------------------

We have issued no unregistered securities within the period covered by this
report which have not been previously reported on Form 10-QSB.

ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

The following discussion and analysis should be read in conjunction with the
Company's financial statements, including the notes thereto, appearing
elsewhere in this Report.

Plan of Operation
-----------------

Donar Enterprises, Inc. is a service company, which provides electronic filing
services for clients that need to electronically file reports, prospectuses,
registration statements, and other documents with the U.S. Securities and
Exchange Commission ("SEC") through the SEC's electronic system - Electronic
Data Gathering Analysis and Retrieval ("EDGAR").  This program requires
participants or their agents to file disclosure information with the SEC in an
electronic format rather than by the traditional paper filing package.  This
electronic format, usually in ASCII, includes additional submission information
and coding "tags" within the document for aid in the SEC's analysis of the
document and retrieval by the public.  This electronic format is delivered by
direct telecommunications.  EDGAR allows registrants to file, and the public to
retrieve, disclosure information electronically.  EDGAR(R) is a federally
registered trademark of the U.S. Securities and Exchange Commission.  We and
our web site are NOT affiliated with or approved by the U.S. Securities and
Exchange Commission.

We have established relationships with a limited number of clients.  We plan on
increasing our client base through advertising campaigns on the Internet.

We may attempt to employ additional personnel if we are able to generate
sufficient revenues.  However, there is no assurance that the services of such
persons will be available or that they can be obtained upon terms favorable to
us.  If and when we are successful in achieving a positive cash flow, it is
likely that we will consider expanding, which will also increase costs.
Management expects that we will continue generating small amounts of revenue
from our current clients during the first quarter of 2004.  As we attract more
clientele, revenues are expected to increase.

Results of Operations
---------------------

At December 31, 2003, we have $55,071 in assets.  See the Index to Financial
Statements, Item 7 of this Report.

<PAGE>

During the period ended December 31, 2003, we had a net loss of ($134,848).  We
have received $14,305 in revenues in the period ended December 31, 2003.  See
the Index to Financial Statements, Item 7 of this Report.

Liquidity and Capital Resources
-------------------------------

As of December 31, 2003, the Company has $54,194 in cash with which to satisfy
any future cash requirements.  We will need a minimum of $95,000 to satisfy our
cash requirements for the next twelve months.  We may not be able to operate if
we do not obtain additional equity and/or debt financing.  We depend upon
capital to be derived from future financing activities such as subsequent
offerings of our common stock or loans or contributions from our sole officer
and director.  There can be no assurance that we will be successful in raising
such capital or financing and thus, be able to satisfy our cash requirements.
We currently have no arrangements or commitments for accounts and accounts
receivable financing.  There can be no assurance that any such financing can be
obtained or, if obtained, that it will be on reasonable terms.

ITEM 7.  FINANCIAL STATEMENTS.

The Financial Statements of Donar Enterprises, Inc., the Notes to Financial
Statements and the Independent Auditors' Report of Mantyla McReynolds, LLC,
independent certified public accountant, required by this Item 7 commence on
page F-1 and are incorporated in this report by this reference.  The Financial
Statements filed as part of this report are listed in the Index to Financial
Statements below:


<PAGE>
                            Donar Enterprises, Inc.
                         [A Development Stage Company]

                             FINANCIAL STATEMENTS

                               December 31, 2003

                      [WITH INDEPENDENT AUDITORS' REPORT]



<PAGE>


                            Donar Enterprises, Inc.
                         [A Development Stage Company]

                               Table of Contents


                                                                       Page
                                                                       ----

Independent Auditors' Report........................................     1

Balance Sheet - December 31, 2003...................................     2

Statements of Stockholders' Equity/(Deficit) for the Period from
Inception [May 25, 2001] through December 31, 2003..................     3

Statements of Operations for the Years Ended December 31, 2003 and
2002, and for the Period from Inception [May 25, 2001] through
December 31, 2003...................................................     4

Statements of Cash Flows for the Years Ended December 31, 2003 and
2002, and for the Period from Inception [May 25, 2001] through
December 31, 2003...................................................     5

Notes to Financial Statements.......................................   6-10

<PAGE>

                         INDEPENDENT AUDITORS' REPORT


Board of Directors and Stockholders
DONAR ENTERPRISES, INC.
Philadelphia, PA

We have audited the accompanying balance sheet of Donar Enterprises, Inc. [a
development stage company] as of December 31, 2003, and the related statements
of stockholders' equity/(deficit), operations, and cash flows for the years
ended December 3l, 2003 and 2002, and for the period from inception [May 25,
2001] through December 31, 2003. These financial statements are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Donar Enterprises, Inc. as of
December 31, 2003, and the results of operations and cash flows for the years
ended December 31, 2003 and 2002, and for the period from inception [May 25,
2001] through December 31, 2003, in conformity with accounting principles
generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that Donar
Enterprises, Inc. will continue as a going concern. As discussed in Note B to
the financial statements, the Company has accumulated losses and is still
developing its planned operations. These issues raise substantial doubt about
its ability to continue as a going concern. Management's plans in regard to
these matters are also described in Note B. The financial statements do not
include any adjustment that might result from the outcome of this uncertainty.


                                        Mantyla McReynolds

March 20, 2004
Salt Lake City, Utah

<PAGE>
<TABLE>
<CAPTION>
                            DONAR ENTERPRISES, INC.
                         [A Development Stage Company]
                                 Balance Sheet
                               December 31, 2003

<S>                                                            <C>
ASSETS

  Current Assets

    Cash                                                       $      54,194

    Accounts Receivable - Net of allowance for
      doubtful accounts.                                                 877
                                                               --------------
        Total Current Assets                                          55,071
                                                               --------------
   TOTAL ASSETS                                                $      55,071
                                                               ==============

LIABILITIES AND STOCKHOLDERS' DEFICIT

  Current Liabilities

    Accounts payable                                           $       1,350

    Due to stockholder                                                 7,012

    Officer's salary payable                                          63,750
                                                               --------------
        Total Current Liabilities                                     72,112
                                                               --------------
          Total Liabilities                                           72,112

  Stockholders' Equity - Note C

    Preferred stock: $.001 par value;
      authorized 20,000,000 shares;
      none issued or outstanding                                           -

    Common stock, $.001 par value;
      authorized 100,000,000 shares; issued
      and outstanding 7,122,667                                        7,123

    Additional paid-in capital                                       349,010

    Deficit accumulated during development stage                    (373,174)
                                                               --------------
        Total Stockholders' Deficit                                  (17,041)
                                                               --------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                    $      55,071
                                                               ==============


                See accompanying notes to financial statements

                                       2
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                            DONAR ENTERPRISES, INC.
                         [A Development Stage Company]
                 Statements of Stockholders' Equity/(Deficit)
    For the Period from Inception [May 25, 2001] through December 31, 2003

                                                                                    Deficit
                                                                                  Accumulated
                                                                   Additional       During            Total
                                     Number of        Common        Paid-in       Development     Stockholders'
                                      Shares          Stock         Capital          Stage       Equity/(Deficit)
                                    -----------     -----------    -----------    -----------    ----------------
<S>                                 <C>             <C>            <C>            <C>            <C>
Balance, May 25, 2001 (date of
incorporation)                                0     $         0    $         0    $         0      $         0

Shares issued to founder for
organization costs and services
at $.05 per share                     4,750,000           4,750        232,750              -          237,500

Net loss for the period May 25,
2001 (date of incorporation)
through December 31, 2001                     -               -              -       (145,316)        (145,316)
                                    -----------     -----------    -----------    -----------    ----------------
Balance, December 31, 2001            4,750,000           4,750        232,750       (145,316)          92,184

Issuance of shares at $.05 per
share for cash                          656,000             656         32,144              -           32,800

Net loss for 2002                                                                     (93,010)         (93,010)
                                    -----------     -----------    -----------    -----------    ----------------
Balance, December 31, 2002            5,406,000           5,406        264,894       (238,326)          31,974

Issuance of shares at $.05 per
share for services                    1,616,667           1,617         79,216              -           80,833

Issuance of shares at $.05 per
share for cash                          100,000             100          4,900              -            5,000

Net loss for 2003                                                                    (134,848)        (134,848)
                                    -----------     -----------    -----------    -----------    ----------------
Balance, December 31, 2003            7,122,667     $     7,123    $   349,010    $  (373,174)     $   (17,041)
                                    ===========     ===========    ===========    ===========    ================


                See accompanying notes to financial statements

                                       3
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                            DONAR ENTERPRISES, INC.
                         [A Development Stage Company]
                           Statements of Operations
    For the Years Ended December 31, 2003 and 2002, and for the Period from
              Inception [May 25, 2001] through December 31, 2003

                                                                           From
                                                                         Inception
                                                                         [5/25/01]
                                                                          through
                                              2003           2002         12/31/03
                                          ------------   ------------   ------------
<S>                                       <C>            <C>            <C>
Revenues                                  $     14,067   $      7,186   $     21,253

Interest Income                                    238             82            320
                                          ------------   ------------   ------------
  Total Income                                  14,305          7,268         21,573


General and Administrative Expenses            149,153        100,278        394,747
                                          ------------   ------------   ------------
Net Loss from Operations                      (134,848)       (93,010)      (373,174)



                                          ------------   ------------   ------------
      Net Loss Before Income Taxes            (134,848)       (93,010)      (373,174)


Provision for Income Taxes - Notes A&C               -              -              -
                                          ------------   ------------   ------------

Net Loss                                  $   (134,848)  $    (93,010)  $   (373,174)
                                          ============   ============   ============
Loss Per Share                            $       (.02)  $       (.02)  $      (0.07)
                                          ============   ============   ============


Weighted Average Shares Outstanding          6,361,202      4,923,238      5,435,601
                                          ============   ============   ============



                See accompanying notes to financial statements

                                       4
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                            DONAR ENTERPRISES, INC.
                         [A Development Stage Company]
                           Statements of Cash Flows
    For the Years Ended December 31, 2003 and 2002, and for the Period from
              Inception [May 25, 2001] through December 31, 2003

                                                                                               From
                                                                                             Inception
                                                                                             [5/25/01]
                                                                                              through
                                                                  2003           2002         12/31/03
                                                              ------------   ------------   ------------
<S>                                                           <C>            <C>            <C>
Cash Flows Provided by/(Used for) Operating Activities
------------------------------------------------------

Net Loss                                                      $   (134,848)  $    (93,010)  $   (373,174)

Adjustments to reconcile net (loss) to net cash provided by
operating activities:

  Issuance of stock for services rendered                           80,833              -        318,333
  Amortization of deferred offering costs                                -          6,208              -
  Increase in deferred offering costs                                    -         (2,728)             -
  Amortization of deferred officer's compensation                        -         92,708              -

Decrease (increase) in assets:

  Increase in accounts receivable                                     (526)          (351)          (877)

Increase (decrease) in liabilities:

  Accrued liabilities                                                 (511)             -              -
  Accounts payable                                                       -          1,350          1,350
  Officer's salary payable                                          63,750              -         63,750
                                                              ------------   ------------   ------------

    Net Cash Provided by/(Used for) in Operating Activities          8,698          4,177          9,382


Cash Flows Provided by Investing Activities
-------------------------------------------

  Purchase of equipment                                                  0              0              0
                                                              ------------   ------------   ------------
    Net Cash Used by Investing Activities                                0              0              0

Cash Flows Provided by Financing Activities
-------------------------------------------

  Proceeds from issuance of common stock                             5,000         32,800         37,800
  Advances from stockholder                                          1,414          2,105          7,012
                                                              ------------   ------------   ------------
    Net Cash Provided by Financing Activities                        6,414         34,905         44,812

          Net Increase (decrease) in Cash                           15,112         39,082         54,194

Beginning Cash Balance                                              39,082              0              0
                                                              ------------   ------------   ------------

Ending Cash Balance                                           $     54,194   $     39,082   $     54,194
                                                              ============   ============   ============

Supplemental Disclosure Information:

  Cash paid during the year for interest                      $          -   $          -   $          -
  Cash paid for income taxes                                             -              -              -



                See accompanying notes to financial statements

                                       5
</TABLE>
<PAGE>

                            DONAR ENTERPRISES, INC.
                         Notes to Financial Statements
                               December 31, 2003

NOTE A       Summary of Significant Accounting Policies
             ------------------------------------------

Company Background
------------------

Donar Enterprises, Inc. ("Donar" or "the Company") was incorporated under the
laws of the State of Delaware on May 25, 2001. The Corporation is organized to
engage in any lawful act or activity for which a corporation may be organized
under the General Corporation Law of the State of Delaware including, without
limitation, to provide document formatting and electronic filing services to
public corporations and individuals.

Donar has been in the development stage since its formation on May 25, 2001.
Planned principal operations have only recently commenced, but Donar has not
generated significant revenue.

The financial statements of the Company have been prepared in accordance with
U. S. generally accepted accounting principles. The following summarizes the
more significant of such policies:

Cash & Cash Equivalents
-----------------------

For purposes of balance sheet classification and the statements of cash flows,
the Company considers all highly liquid investments purchased with an original
maturity of three months or less to be cash equivalents.

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

The Company applies Statement of Financial Accounting Standard (SFAS) No. 109,
"Accounting for Income Taxes," which requires the asset and liability method of
accounting for income taxes. The asset and liability method requires that the
current or deferred tax consequences of all events recognized in the financial
statements are measured by applying the provisions of enacted tax laws to
determine the amount of taxes payable or refundable currently or in future
years. See Note D below.

Net Loss Per Common Share
-------------------------

The Company follows Statement of Financial Accounting Standards No. 128,
"Earnings Per Share" (SFAS No. 128"). Basic earnings (loss) per common share
("EPS") calculations are determined by dividing net income (loss) by the
weighted average number of shares of common stock outstanding during the year.
Diluted earnings (loss) per common share calculations are determined by
dividing net income (loss) by the weighted average number of common shares and
dilutive common share equivalents outstanding. Common stock equivalents were
not considered during the periods presented, as their effect would be anti-
dilutive. There are no common stock equivalants.





                                       6
<PAGE>

                            DONAR ENTERPRISES, INC.
                         Notes to Financial Statements
                               December 31, 2003

NOTE A       Summary of Significant Accounting Policies [continued]
             ------------------------------------------------------

Revenue Recognition
-------------------

Revenues from document formatting and electronic filing services are recognized
at the time the services are provided and products are delivered to the
customer.

The Company records accounts receivable for revenue earned but has not been
collected.  It deems receivables to be uncollectible when they have made
reasonable efforts to collect the amounts owed. The Company has set up an
allowance for doubtful accounts in the amount of $1,929.

Use of Estimates in Preparation of Financial Statements
-------------------------------------------------------

The preparation of financial statements in conformity with U. S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.

Segment Information
-------------------

The Company follows SFAS No. 131, "Disclosure about Segments of an Enterprise
and Related Information". Certain information is disclosed, per SFAS No. 131,
based on the way management organizes financial information for making
operating decisions and assessing performance. The Company currently operates
in one business segment and will evaluate additional segment disclosure
requirements as it expands operations.

Comprehensive Income
--------------------

There have been no items of comprehensive income since the Company's inception
on May 25, 2001.

Impairment of Long-Lived Assets
-------------------------------

The Company periodically reviews the carrying amount of property, plant and
equipment and its identifiable intangible assets to determine whether current
events or circumstances warrant adjustments to such carrying amounts. If an
impairment adjustment is deemed necessary, such loss is measured by the amount
that the carrying value of such assets exceeds their fair value. Considerable
management judgement is necessary to estimate the fair value of assets,
accordingly, actual results could vary significantly from such estimates.
Assets to be disposed of are carried at the lower of their financial statement
carrying amount or fair value less costs to sell. As of December 31, 2003,
management does not believe there is any impairment of the carrying amounts of
assets.


                                       7
<PAGE>

                            DONAR ENTERPRISES, INC.
                         Notes to Financial Statements
                               December 31, 2003

NOTE A       Summary of Significant Accounting Policies [continued]
             ------------------------------------------------------

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

Fair value estimates discussed herein are based upon certain market assumptions
and pertinent information available to management as of December 31, 2003. The
respective carrying value of certain on-balance-sheet financial instruments
approximated their fair values. These financial instruments included cash,
accounts payable and accrued expenses, and notes payable. Fair values were
assumed to approximate carrying values for these financial instruments because
they are short term in nature, their carrying amounts approximate fair values,
or they are receivable or payable on demand.

Deferred Offering Costs
-----------------------

The Company defers costs associated with the raising of capital until such time
as the offering is completed, at which time the costs are charged against the
capital raised.  Should the offering be terminated, the costs are charged to
operations during the period when the offering is terminated. There are not
deferred changes outstanding at December 31, 2003.

Recent Pronouncements
---------------------

In July, 2001, the Financial Accounting Standards Board (FASB issued Statement
of Financial Accounting Standards (SFAS 141, Business Combinations, and SFAS
142, Goodwill and Intangible Assets. SFAS 141 is effective for all business
combinations completed after June 30, 2001. SFAS 142 is effective for the year
beginning January 1, 2002; however certain provisions of the Statement apply to
goodwill and other intangible assets acquired between July 1, 2001, and the
effective date of SFAS 142. The Company does not believe the adoption of these
standards will have a material impact on the Company's financial statements.

In July 2001, the Financial Accounting standards Board (FASB) issued Statement
of Financial Accounting Standards (SFAS No. 143, Accounting for Asset
Retirement Obligations. This statement addresses financial accounting and
reporting for obligations associated with the retirement of tangible long-lived
assets and the associated asset retirement costs. This Statement applies to all
entities. It applies to legal obligations associated with the retirement of
long-lived assets that result from the acquisition, construction, development
and (or) the normal operation of a long-lived asset, except for certain
obligations of lessees. This Statement is effective for financial statements
issued for fiscal years beginning after June 15, 2002. The Company has no long-
lived assets as of December 31, 2003.

In August 2001, the FASB issued SFAS No. 144, Accounting for the Impairment or
Disposal of Long-Lived Assets. This statement addresses financial accounting
and





                                       8
<PAGE>

                            DONAR ENTERPRISES, INC.
                         Notes to Financial Statements
                               December 31, 2003

NOTE A       Summary of Significant Accounting Policies [continued]
             ------------------------------------------------------

reporting for the impairment or disposal of long-lived assets and supersedes
FASB Statement No. 121, Accounting for the Impairment of Long-Lived Assets and
for Long-Lived Assets to Be Disposed Of. The provisions of the statement are
effective for financial statements issued for fiscal years beginning after
December 15, 2001.

NOTE B       Going Concern
             -------------

The accompanying financial statements have been prepared in conformity with
accounting principles generally accepted in the United States of America, which
contemplates continuation of the Company as a going concern. The Company has
generated losses since its inception on May 25, 2001, aggregating $373,174
through December 31, 2003. Additionally, the Company was recently formed, and
has not been able to establish operations since the date of inception. The
Management's plans include the development of the Company's operations to a
commercial level and pursuing additional equity financing.

The financial statements do not include any adjustments to reflect the possible
future effects on the recoverability and classification of assets or the
amounts and classification of liabilities that may result from the possible
inability of the Company to continue as a going concern.

NOTE C       Issuance of Common Shares
             -------------------------

On May 25, 2001, the Company issued 4,750,000 shares of unregistered common
stock to a related party for services rendered as President, Secretary and
Treasurer. The shares were valued at the expected offering price per share of
$.05 or $237,500.

In July 2002, the Company issued 162,000 shares of common stock to individuals
for cash at $.05 per share.

In September 2002, the Company issued an additional 356,000 shares of common
stock to individuals for cash at $.05 per share.

In December 2002, the Company issued an additional 138,000 shares of common
stock to individuals for cash at $.05.

In January 2003, the Company issued 200,000 shares of common stock to a
consultant, in exchange for services rendered. On December 2, 2003 the Company
issued 1,416,667 shares of common stock to a related party for services valued
at $.05 per share.

In February 2003, the Company issued 100,000 shares of common stock to
individuals for cash at $.05 per share.




                                       9
<PAGE>

                            DONAR ENTERPRISES, INC.
                         Notes to Financial Statements
                               December 31, 2003

NOTE C       Accounting for Income Taxes
             ---------------------------

The types of temporary differences between the tax basis of assets and their
financial reporting amounts that give rise to a significant portion of the
deferred tax asset are approximately as follows:

Deferred tax assets                      Balance       Tax       Rate
--------------------------------------------------------------------------
  Federal Loss carryforwards
   (expires through 2023)                $373,174    $126,879     34%

  Valuation allowance                                (126,879)
                                                     --------
     Deferred tax assets                             $      0
                                                     ========

The allowance has increased $46,325 from $80,554 as of December 31, 2002. The
deferred tax asset has been fully reserved at December 31, 2003.

NOTE E       Stockholder Loan/Related Party Transactions
             -------------------------------------------

The Company issued 4,750,000 shares of unregistered common stock for $237,500,
based on the Company's expected offering price of $0.05 per share, to its
President in exchange for services as President, Secretary, and Treasurer.
These shares were issued under Section 4(2) of the Securities act of 1933, as
amended, and are subject to the resale provisions of Rule 144 and may not be
sold or transferred without registration except in accordance with Rule 144.
Certificates representing the securities bear such a legend.

The sole director of the Company has agreed to loan the Company up to $25,000.
The advance bears an interest rate of 10% per annum, due and payable on demand.
As of December 31, 2003, the Company owed the sole director a balance of
$7,012, which includes accrued interest.

















                                      10
<PAGE>

ITEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.

There were no changes in or disagreements with accountants on accounting and
financial disclosure for the period covered by this report on Form 10-KSB.

ITEM 8A. CONTROLS AND PROCEDURES.

As required by Rule 13a-15 under the Exchange Act, within the 90 days prior to
the filing date of this report, the Company carried out an evaluation of the
effectiveness of the design and operation of the Company's disclosure controls
and procedures.  This evaluation was carried out under the supervision and with
the participation of the Company's management, including the Company's
President, Chief Executive Officer and Chief Financial Officer.  Based upon
that evaluation, the Company's President, Chief Executive Officer and Chief
Financial Officer concluded that the Company's disclosure controls and
procedures are effective.  There have been no significant changes in the
Company's internal controls or in other factors, which could significantly
affect internal controls subsequent to the date the Company carried out its
evaluation.

Disclosure controls and procedures are controls and other procedures that are
designed to ensure that information required to be disclosed in Company reports
filed or submitted under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Securities and Exchange
Commission's rules and forms. Disclosure controls and procedures include,
without limitation, controls and procedures designed to ensure that information
required to be disclosed in Company reports filed under the Exchange Act is
accumulated and communicated to management, including the Company's Chief
Executive Officer and Chief Financial Officer as appropriate, to allow timely
decisions regarding required disclosure.





            [The balance of this page is intentionally left blank.]





<PAGE>
                                   PART III
                                   --------

ITEM 9.  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT.

Directors and Executive Officers
--------------------------------

Set forth below is the name, age, position with Donar Enterprises, Inc. and
business experience of our directors and executive officers.

Name               Age     Position(s) Held
----               ---     ----------------

William Tay        32      President, Chief Executive Officer, Secretary,
                           Treasurer, Chief Financial and Accounting Officer
                           and Director

There are no other persons nominated or chosen to become directors or executive
officers nor do we have any employees other than above.

Biographical Information
------------------------

William Tay, age 32.  Mr. Tay has served as the secretary of Donar Enterprises,
Inc. (OTC-BB: DNRE) since December 2002, as Donar Enterprises, Inc. chief
executive officer, chief financial officer, president, treasurer and director
since inception on May 25, 2001.  He is also currently a director, vice
president and secretary of Legend International Holdings, Inc. (OTC-BB: LGDI).
For the past five years, Mr. Tay has been a business consultant, specializing
in corporate and securities consulting, and has served on the board of
directors and as an officer for several private and public companies, including
Global Energy Group, Inc., F/K/A 1StopSale.com Holdings, Inc. (OTC-BB: GENG)
and Jeremy's Microbatch Ice Creams, Inc. (OTC: JMIC).  In late 2003, he started
Heritage Capital Group, Inc., a private equity firm specializing in business
acquisitions.  His goal is to build a diversified public holding company
through multiple acquisitions.  His investment philosophy is to be patient and
conservative, with the primary objective of enhancing shareholder value.  He is
also active in assisting others in all areas of corporate development and
corporate finance.  Prior to that, Mr. Tay was a licensed National Association
of Securities Dealers (NASD) Series 7 Registered Representative or stockbroker.

Involvement in Certain Legal Proceedings
----------------------------------------

During the past five years, no present or former director, executive officer or
person nominated to become a director or an executive officer of our Company:

(1) was a general partner or executive officer of any business against which
any bankruptcy petition was filed, either at the time of the bankruptcy or two
years prior to that time;

(2) was convicted in a criminal proceeding or named subject to a pending
criminal proceeding (excluding traffic violations and other minor offenses);

(3) was subject to any order, judgment or decree, not subsequently reversed,
suspended or vacated, of any court of competent jurisdiction, permanently or
temporarily enjoining, barring, suspending or otherwise limiting his
involvement in any type of business, securities or banking activities; or

(4) was found by a court of competent jurisdiction (in a civil action), the
Commission or the Commodity Futures Trading Commission to have violated a
federal or state securities or commodities law, and the judgment has not been

<PAGE>

reversed, suspended or vacated.

Compliance with Section 16(a) of the Securities Exchange Act of 1934
--------------------------------------------------------------------

Section 16(a) of the Securities and Exchange Act of 1934 requires our executive
officers and directors and persons who own more than 10% of a registered class
of our equity securities, to file with the Securities and Exchange Commission
initial statements of beneficial ownership on Form 3, reports of changes in
ownership on Form 4 and annual reports concerning their ownership on Form 5.
Executive officers, directors and greater than 10% shareholders are required by
the Securities and Exchange Commission regulations to furnish us with copies of
all Section 16(a) reports they file.

To the best of our knowledge, during the fiscal year ended December 31, 2003,
all executive officers, directors and greater than 10% shareholders filed the
required reports in a timely manner.

Audit Committee
---------------

At December 31, 2003, the Company had not formed an audit committee or adopted
an audit committee charter. In lieu of an audit committee, the Company's board
of directors assumes the responsibilities that would normally be those of an
audit committee.

Code of Ethics
--------------

Not recognizing the current desirability to have a code of ethics, we have not
yet adopted a code of ethics.

ITEM 10.  EXECUTIVE COMPENSATION.

There was no officer whose salary and bonus for the period exceeded $100,000.

Mr. William Tay is currently employed by us at an annual base salary of $85,000
per annum according to a written employment agreement signed in March of 2003.
His employment agreement provides for reimbursement of business related
expenses, two weeks of vacation per calendar year, medical and disability
benefits, additional benefits as offered by us and bonus entitlement.  Until
there is an independent board member, Mr. Tay has agreed not to receive any
bonus from us.  The employment contract also contains standard non-compete,
termination, confidentiality and other clauses.  In addition, under the terms
of the agreement, unpaid salary shall accrue without interest in the event we
are not in a position, due to our then- current financial situation, to make
any salary payment(s) to Mr. Tay.  The employment agreement expires on January
1, 2006.

                           SUMMARY COMPENSATION TABLE

NAME AND PRINCIPAL POSITION              ANNUAL COMPENSATION

                                  Year        Salary         Bonus
                                  ----        -------        -----

William Tay,                      2003        $85,000         -0-
President, CEO, Secretary         2002          -0-           -0-
and Treasurer                     2001          -0-           -0-

<PAGE>

The CEO's compensation for the year 2003 was deferred.

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

We do not presently have a stock option plan but intend to develop an incentive
based stock option plan for our officers and directors in the future and may
reserve up to ten percent of our outstanding shares of common stock for that
purpose.

Compensation of Directors
-------------------------

Directors were not separately compensated for their services in the year ended
December 31, 2003.

Conflict of Interest - Management's Fiduciary Duties
----------------------------------------------------

Our director and officer is or may become, in his individual capacity, officer,
director, controlling shareholder and/or partner of other entities engaged in a
variety of businesses.  There exist potential conflicts of interest including
allocation of time between Donar Enterprises, Inc. and his other business
activities.

Compensation Committee
----------------------

We do not have a formal Compensation Committee. William Tay, our sole director,
performs some of the functions of a Compensation Committee.  Due to the lack of
revenues, our lack of payment of any executive compensation and our development
stage status, we deemed a Compensation Committee to not be necessary at this
time.

ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
AND RELATED STOCKHOLDER MATTERS.

The following table sets forth certain information with respect to the
beneficial ownership of our common stock, with respect to each of our named
director and executive officer, each person known to us to be the beneficial
owner of more than five percent (5%) of said securities, and all of our
directors and executive officers as a group.  Except as noted, each person has
sole voting and investment power with respect to the shares shown.

                                             COMMON
                                             SHARES          PERCENTAGE
        NAME AND ADDRESS OF               BENEFICIALLY           OF
         BENEFICIAL OWNER                   OWNED (1)        CLASS (1)
         ----------------                   ---------        ----------

William Tay (2)(3)                          6,808,267           91.5%
2000 Hamilton Street, #520
Philadelphia, PA 19130

All directors and executive officers        6,808,267           91.5%
as a group (1 person)

---------------------
(1) Represents the number of shares of common stock owned of record and
beneficially by each named person or group, expressed as a percentage of
7,443,467 shares of our common stock outstanding as of March 22, 2004.

(2) Our president, chief executive and financial officer, secretary, treasurer
and director.

(3) The beneficial ownership includes all shares owned by Mr. William Tay, as
well as all shares members of his direct family or affiliates thereof. Mr.
Tay's shares include 6,484,467 held in his own name, 320,800 shares held by
his father, and 3,000 shares held by a company controlled by his father.

<PAGE>

ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

In connection with our organization, on May 25, 2001, William Tay, our
president, was issued 4,750,000 shares of our restricted common stock for his
first year of services and in exchange for organizational costs, the
development of our business plan, the web site and Internet domain name.

Our sole director, Mr. Tay, acquired his shares with the intent to hold the
shares for investment purposes and not with a view to further resale or
distribution, except as permitted under exemptions from registration
requirements under applicable securities laws.  That means that he may not sell
such securities unless they are either registered with the SEC and comparable
agencies in the states or other jurisdictions where the purchasers reside, or
are exempted from registration.  The most widely used exemption from
registration requirements is provided by SEC Rule 144, which requires a one
year holding period prior to resale, and limits the quantities of securities
that can be sold during any 90 day periods.

The certificate has been issued with a restrictive legend required with respect
to issuance of securities pursuant to exemptions from registration requirements
under the Securities Act and the recipient acknowledged his understanding that
the shares are restricted from resale unless they were either registered under
the Securities Act and comparable state laws, or the transaction was effected
in compliance with available exemptions from such registration requirements.

On November 1, 2001, Mr. Tay, signed a loan agreement, as amended, to lend us
$25,000 on a promissory note after the closing of our initial public offering
of our common stock.

On March 31, 2003, we entered into an employment agreement with Mr. Tay, who
will be compensated at the rate of $85,000 per year and various fringe benefits
(as defined in the agreement).  Under the terms of the agreement, unpaid salary
shall accrue without interest in the event we are not in a position, due to our
then- current financial situation, to make any salary payment(s) to Mr. Tay.
The employment contract also contains standard non-compete, termination,
confidentiality and other clauses.  The employment agreement expires on January
1, 2006.

During the period ended June 30, 2003, our Board of Directors authorized the
issuance of 1,416,667 restricted shares of our $.001 par value common stock to
Mr. Tay for his past services rendered aggregating $70,833.33 (or $0.05 per
share).  These securities were sold under the exemptions from registration
provided by Section 4(2) of the Securities Act of 1933, as amended (the "Act"),
for "transactions by an issuer not involving a public offering."  Neither we

<PAGE>

nor any person acting on our behalf offered or sold the securities by means of
any form of general solicitation or general advertising.  Mr. Tay represented
in writing that he acquired the securities for his own account.  A legend was
placed on the certificates stating that the securities have not been registered
under the Act and cannot be sold or otherwise transferred without an effective
registration or an applicable exemption.

It is contemplated that we may enter into certain transactions with our sole
director, Mr. Tay, or affiliates which may involve conflicts of interest in
that they will not be arms' length transactions.  These transactions include
the following:

We presently have no office facilities but for the time being we will use as
our business address the office of Mr. Tay on a rent free basis, until such
time as our business operations may require more extensive facilities and we
have the financial ability to rent commercial office space.  There is presently
no formal written agreement for the use of such facilities, and no assurance
that such facilities will be available to us on such a basis for any specific
length of time.

ITEM 13.  EXHIBITS AND REPORTS ON FORM 8-K.

Exhibits
--------

The following exhibits are filed as part of this report (exhibits marked with
an asterisk have been previously filed with the Commission as indicated and are
incorporated herein by this reference):

Exhibit No.   Description
-----------   -----------

   3.1*       Certificate of Incorporation (1)

   3.2*       By-Laws (1)

  10.1*       Employment agreement (2)

  31.1        Certification of Chief Executive Officer Pursuant to 18 U.S.C.
              Section 1350, as Adopted Pursuant to Section 302 of the
              Sarbanes-Oxley Act of 2002 (3)

  31.2        Certification of Chief Financial Officer Pursuant to 18 U.S.C.
              Section 1350, as Adopted Pursuant to Section 302 of the
              Sarbanes-Oxley Act of 2002 (3)

  32.1        Certification of Chief Executive Officer and Chief Financial
              Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant
              to Section 906 of the Sarbanes-Oxley Act of 2002 (3)

 Footnotes:

   (1)  Incorporated herein by reference to our Registration Statement on Form
        SB-2, filed on August 30, 2001, File No. 333-68702, and the amendments
        thereto.

   (2)  Incorporated herein by reference to the same-numbered exhibit to our
        Quarterly Report on Form 10-QSB for the quarter ended March 31, 2003,
        as originally filed on April 14, 2003.

   (3)  Filed herewith.

<PAGE>

Upon written request to Investor Relations, Donar Enterprises, Inc., 2000
Hamilton Street, #520, Philadelphia, Pennsylvania 19130-3883, we will furnish

stockholders with a copy of any Exhibit to this Form 10-KSB upon payment of
$.10 per page, which represents our reasonable expenses in furnishing Exhibits.

Reports on Form 8-K
-------------------

We filed a Form 8-K on February 6, 2003 to report that our common stock has
been cleared for trading on the Over-The-Counter Bulletin Board service of the
NASD under the symbol DNRE.

ITEM 14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES.

                                                    2003        2002
                                                 ---------    ---------
A. Audit Fees
Stan J.H. Lee, CPA                               $1,000.00
Stark Winter Schenkein & Co., LLP                             $4,517.50
B. Audit Related Fees                               None        None
C. Tax Fees                                         None        None
D. All Other Fees                                   None        None



                                  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.

Date: March 22, 2004                   DONAR ENTERPRISES, INC.


                                       By:  /s/ William Tay
                                           --------------------------------
                                           William Tay, President
                                           (Principal Executive Officer and
                                           Principal Financial Officer)


In accordance with the Exchange Act, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

SIGNATURE                TITLE                               DATE

/s/ William Tay          President, Secretary, Treasurer,    March 22, 2004
---------------------    Chief Executive and Accounting
William Tay              Officer and Director

<PAGE>
                                                                   Exhibit 31.1

                                 CERTIFICATION
                                 -------------

I, William Tay, the Chief Executive Officer of Donar Enterprises, Inc., certify
that:

(1) I have reviewed this annual report on Form 10-KSB of Donar Enterprises,
Inc.

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

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

(4) The small business issuer's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-
15(f)) for the small business issuer and have:

       (a) Designed such disclosure controls and procedures, or caused such
       disclosure controls and procedures to be designed under our supervision,
       to ensure that material information relating to the small business
       issuer, including its consolidated subsidiaries, is made known to us by
       others within those entities, particularly during the period in which
       this report is being prepared;

       (b) Designed such internal control over financial reporting, or caused
       such internal control over financial reporting to be designed under our
       supervision, to provide reasonable assurance regarding the reliability
       of financial reporting and the preparation of financial statements for
       external purposes in accordance with generally accepted accounting
       principles;

       (c) Evaluated the effectiveness of the small business issuer's
       disclosure controls and procedures and presented in this report our
       conclusions about the effectiveness of the disclosure controls and
       procedures, as of the end of the period covered by this report based on
       such evaluation; and

       (d) Disclosed in this report any change in the small business issuer's
       internal control over financial reporting that occurred during the small
       business issuer's most recent fiscal quarter (the small business
       issuer's fourth fiscal quarter in the case of an annual report) that has
       materially affected, or is reasonably likely to materially affect, the
       small business issuer's internal control over financial reporting; and

(5) The small business issuer's other certifying officer(s) and I have
disclosed, based on our most recent evaluation of internal control over
financial reporting, to the small business issuer's auditors and the audit
committee of the small business issuer's board of directors (or persons
performing the equivalent functions):

       (a) All significant deficiencies and material weaknesses in the design
       or operation of internal control over financial reporting which are
       reasonably likely to adversely affect the small business issuer's
       ability to record, process, summarize and report financial information;
       and

       (b) Any fraud, whether or not material, that involves management or
       other employees who have a significant role in the small business
       issuer's internal control over financial reporting.


Date: March 22, 2004

/s/ William Tay
------------------------------------
William Tay, Chief Executive Officer

<PAGE>
                                                                   Exhibit 31.2

                                 CERTIFICATION
                                 -------------

I, William Tay, the Chief Financial Officer of Donar Enterprises, Inc., certify
that:

(1) I have reviewed this annual report on Form 10-KSB of Donar Enterprises,
Inc.

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

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

(4) The small business issuer's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-
15(f)) for the small business issuer and have:

       (a) Designed such disclosure controls and procedures, or caused such
       disclosure controls and procedures to be designed under our supervision,
       to ensure that material information relating to the small business
       issuer, including its consolidated subsidiaries, is made known to us by
       others within those entities, particularly during the period in which
       this report is being prepared;

       (b) Designed such internal control over financial reporting, or caused
       such internal control over financial reporting to be designed under our
       supervision, to provide reasonable assurance regarding the reliability
       of financial reporting and the preparation of financial statements for
       external purposes in accordance with generally accepted accounting
       principles;

       (c) Evaluated the effectiveness of the small business issuer's
       disclosure controls and procedures and presented in this report our
       conclusions about the effectiveness of the disclosure controls and
       procedures, as of the end of the period covered by this report based on
       such evaluation; and

       (d) Disclosed in this report any change in the small business issuer's
       internal control over financial reporting that occurred during the small
       business issuer's most recent fiscal quarter (the small business
       issuer's fourth fiscal quarter in the case of an annual report) that has
       materially affected, or is reasonably likely to materially affect, the
       small business issuer's internal control over financial reporting; and

(5) The small business issuer's other certifying officer(s) and I have
disclosed, based on our most recent evaluation of internal control over
financial reporting, to the small business issuer's auditors and the audit
committee of the small business issuer's board of directors (or persons
performing the equivalent functions):

       (a) All significant deficiencies and material weaknesses in the design
       or operation of internal control over financial reporting which are
       reasonably likely to adversely affect the small business issuer's
       ability to record, process, summarize and report financial information;
       and

       (b) Any fraud, whether or not material, that involves management or
       other employees who have a significant role in the small business
       issuer's internal control over financial reporting.


Date: March 22, 2004

/s/ William Tay
------------------------------------
William Tay, Chief Financial Officer

<PAGE>
                                                                   Exhibit 32.1

                   CERTIFICATION OF CHIEF EXECUTIVE OFFICER
                          AND CHIEF FINANCIAL OFFICER
                      PURSUANT TO 18 U.S.C. SECTION 1350,
                            AS ADOPTED PURSUANT TO
                 SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

       In connection with the Annual Report of Donar Enterprises, Inc. (the
"Company") on Form 10-KSB for the period ending December 31, 2003 as filed with
the Securities and Exchange Commission on the date hereof (the "Report"), I,
William Tay, Chief Executive Officer and Chief Financial Officer of Donar
Enterprises, Inc., certify pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

   (i)    the Report fully complies with the requirements of Section 13(a) or
          15(d) of the Securities Exchange Act of 1934; and

   (ii)   the information contained in the Report fairly presents, in all
          material respects, the financial condition and result of operations
          of the Company.

Date: March 22, 2004

/s/ William Tay
------------------------------------
William Tay, Chief Executive Officer
 and Chief Financial Officer


A signed original of this written statement required by Section 906, or other
document authenticating, acknowledging, or otherwise adopting the signature
that appears in typed form within the electronic version of this written
statement required by Section 906, has been provided to Donar Enterprises, Inc.
and will be retained by Donar Enterprises, Inc. and furnished to the Securities
and Exchange Commission or its staff upon request.