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

                                   FORM 10-QSB

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

                For the quarterly period ended September 30, 2004

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

                         For the transition period from

                          Commission File No. 000-50214

                         CAPITAL VENTURES GROUP I, INC.
        (Exact name of small business issuer as specified in its charter)

       Florida                                                 65-0968839
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                              Identification No.)

                22154 Martella Avenue, Boca Raton, Florida 33433
                    (Address of Principal Executive Offices)

                                  561-981-8210
                           (Issuer's telephone number)


      (Former name, address and fiscal year, if changed since last report)

Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for
such shorter period that the issuer was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes [ X] No [ ]


Check whether the registrant has filed all documents and reports required to be
filed by Sections 12, 13, or 15(d) of the Exchange Act subsequent to the
distribution of securities under a plan confirmed by a court. Yes [X] No [ ]

State the number of shares outstanding of each of the issuer's classes of common
equity, as of November 1, 2004: 565,000 shares of common stock.





<PAGE>

                         CAPITAL VENTURES GROUP I, INC.
                              FINANCIAL STATEMENTS

                                      INDEX


Part I-- FINANCIAL INFORMATION

  Item 1. Financial Statements

  Item 2. Management's Discussion and Analysis of Financial Condition

  Item 3. Control and Procedures

Part II-- OTHER INFORMATION

  Item 1. Legal Proceedings

  Item 2. Changes in Securities

  Item 3. Defaults Upon Senior Securities

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

  Item 5. Other Information

  Item 6. Exhibits and Reports on Form 8-K

Signature

<PAGE>


Item 1. Financial Information
-----------------------------

BASIS OF PRESENTATION

The accompanying reviewed financial statements are presented in accordance with
generally accepted accounting principles for interim financial information and
the instructions to Form 10-QSB and item 310 under subpart A of Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting only of normal
occurring accruals) considered necessary in order to make the financial
statements not misleading, have been included. Operating results for the nine
months ended September 30, 2004 are not necessarily indicative of results that
may be expected for the year ending December 31, 2004. The financial statements
are presented on the accrual basis.




                         CAPITAL VENTURES GROUP I, INC.

                         CONDENSED FINANCIAL STATEMENTS

                               September 30, 2004



                                TABLE OF CONTENTS














                                                                       Page
                                                                       ----
Condensed Balance Sheets...............................................2
Condensed Statements of Operations.....................................3
Condensed Statements of Cash Flows.....................................4
Notes to Condensed Financial Statements................................5-6






<PAGE>
<TABLE>

                                                  CAPITAL VENTURES GROUP I, INC.

                                                     CONDENSED BALANCE SHEETS

<CAPTION>

                                                                                        September 30,       December 31,
                                                                                            2004                2003
                                                                                      ------------------  -----------------
                                                                                         (Unaudited)
                                   ASSETS

<S>                                                                                        <C>                 <C>
Cash                                                                                       $          -        $         -
                                                                                      ------------------  -----------------

TOTAL ASSETS                                                                               $          -        $         -
                                                                                      ==================  =================


                    LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities                                                                        $          -        $         -
                                                                                      ------------------  -----------------
     TOTAL LIABILITIES                                                                                -                  -
                                                                                      ------------------  -----------------

SHAREHOLDERS' EQUITY
Preferred stock- $.001 par value; 10,000,000 shares authorized, none issued                           -                  -
Common Stock - $.001 par value; 100,000,000 shares authorized;
   565,000 issued and outstanding                                                                   565                565
Additionial paid-in capital                                                                       6,435              6,435
Accumulated deficit                                                                              (7,000)            (7,000)
                                                                                      ------------------  -----------------

     TOTAL SHAREHOLDERS' EQUITY                                                                       -                  -
                                                                                      ------------------  -----------------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                                 $          -        $         -
                                                                                      ==================  =================


                          The accompanying notes are an integral part of these financial statements.

                                                                F-2

</TABLE>

<PAGE>

<TABLE>

                                                  CAPITAL VENTURES GROUP I, INC.

                                                CONDENSED STATEMENTS OF OPERATIONS

<CAPTION>

                                                  Three Months Ended September 30,         Nine Months Ended September 30,
                                                ----------------------------------        ---------------------------------
                                                    2004               2003                   2004              2003
                                                --------------    ----------------        -------------    ----------------
                                                  (Unaudited)        (Unaudited)            (Unaudited)       (Unaudited)
<S>                                                <C>                <C>                    <C>               <C>
Revenues                                           $        -         $         -            $       -         $         -

Expenses                                                    -                   -                    -               7,000
                                                --------------    ----------------        -------------    ----------------

NET LOSS                                           $        -         $         -            $       -              (7,000)
                                                ==============    ================        =============    ================



Net loss per share - basic and diluted             $        -         $         -            $       -                   -
                                                ==============    ================        =============    ================

Weighted average number of shares
outstanding - basic and diluted                       565,000             565,000              565,000             565,000
                                                ==============    ================        =============    ================





                          The accompanying notes are an integral part of these financial statements.

                                                                F-3
</TABLE>

<PAGE>


<TABLE>

                                                  CAPITAL VENTURES GROUP I, INC.

                                                CONDENSED STATEMENTS OF CASH FLOWS

<CAPTION>

                                                                             Nine Months Ended September 30,
                                                                       ---------------------------------------------
                                                                             2004                     2003
                                                                       -----------------      ----------------------


Cash Flows from Operating Activities
<S>                                                                        <C>                      <C>
   Net loss                                                                $          -             $        (7,000)
                                                                       -----------------      ----------------------
   Net cash flows used by operating activities                                        -                      (7,000)
                                                                       -----------------      ----------------------

Cash Flows from Investing Activities
   Net cash used by investing activities                                              -                           -
                                                                       -----------------      ----------------------

Cash Flows from Financing Activities
   Net cash used by financing activities                                              -                           -
                                                                       -----------------      ----------------------

Change in Cash                                                                        -                      (7,000)
Cash - Beginning of period                                                 $          -             $         7,000
                                                                       -----------------      ----------------------
Cash - Ending of period                                                    $          -             $             -
                                                                       =================      ======================


                          The accompanying notes are an integral part of these financial statements.

                                                                F-4
</TABLE>

<PAGE>
                         CAPITAL VENTURES GROUP I, INC.

                     NOTES TO CONDENSED FINANCIAL STATEMENTS

                               September 30, 2004



NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization
------------

The Company was incorporated in Florida on December 17, 1999 and has been
inactive since inception. The Company intends to serve as a vehicle to effect an
asset acquisition, merger, exchange of capital stock or other business
combination with a domestic or foreign business.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Interim Financial Statements
----------------------------

The accompanying interim unaudited financial information has been prepared
pursuant to the rules and regulations of the Securities and Exchange Commission.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with accounting principles generally accepted
in the United States of America have been condensed or omitted pursuant to such
rules and regulations, although management believes that the disclosures are
adequate to make the information presented not misleading. In the opinion of
management, all adjustments, consisting only of normal recurring adjustments,
necessary to present fairly the financial position of the Company as of
September 30, 2004 and the related operating results and cash flows for the
interim period presented have been made. The results of operations of such
interim period are not necessarily indicative of the results of the full year.

Use of Estimates
----------------

Use of estimates and assumptions by management is required in the preparation of
financial statements in conformity with generally accepted accounting
principles. Actual results could differ from those estimates and assumptions.

Earnings Per Share
------------------

Basic earnings per share ("EPS") is computed by dividing earnings available to
common shareholders by the weighted-average number of common shares outstanding
for the period as required by the Financial Accounting Standards Board (FASB)
under Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings per
Shares". Diluted EPS reflects the potential dilution of securities that could
share in the earnings.

                                      F-5

<PAGE>


                         CAPITAL VENTURES GROUP I, INC.

                     NOTES TO CONDENSED FINANCIAL STATEMENTS

                               September 30, 2004



NOTE 3 - INCOME TAXES

At September 30, 2004, there are no items that give rise to deferred income
taxes.

NOTE 4 - COMMON STOCK

In December 2002, the Company began a private placement offering of 200,000
shares of its common stock at $.10 per share. As of September 30, 2004, there
were 65,000 shares sold at $.10 per share. The stock was sold pursuant to Rule
506 of Regulation D under the United States Securities Act of 1933.


                                      F-6

<PAGE>


Item 2. Management's Discussion and Analysis or Plan of Operation
-----------------------------------------------------------------

General

The Company is considered a development stage company with limited assets or
capital, and with no operations or income. The costs and expenses associated
with the preparation and filing of this registration statement and other
operations of the Company have been paid for by a shareholder, specifically
Peter Goldstein. Peter Goldstein has agreed to pay future costs associated with
filing future reports under Exchange Act of 1934 if the Company is unable to do
so. It is anticipated that the Company will require only nominal capital to
maintain the corporate viability of the Company and any additional needed funds
will most likely be provided by the Company's existing shareholders or its sole
officer and director in the immediate future. Current shareholders have not
agreed upon the terms and conditions of future financing and such undertaking
will be subject to future negotiations, except for the express commitment of
Peter Goldstein to fund required 1934 Act filings. Repayment of any such funding
will also be subject to such negotiations. However, unless the Company is able
to facilitate an acquisition of or merger with an operating business or is able
to obtain significant outside financing, there is substantial doubt about its
ability to continue as a going concern.

Management plans may but do not currently provide for experts to secure a
successful acquisition or merger partner so that it will be able to continue as
a going concern. In the event such efforts are unsuccessful, contingent plans
have been arranged to provide that the current Director of the Company is to
fund required future filings under the 1934 Act, and existing shareholders have
expressed an interest in additional funding if necessary to continue the Company
as a going concern.

Plan of Operation

During the next twelve months, the Company will actively seek out and
investigate possible business opportunities with the intent to acquire or merge
with one or more business ventures. In its search for business opportunities,
management will follow the procedures outlined in Item 1 above. Because the
Company has limited funds, it may be necessary for the sole officer and director
to either advance funds to the Company or to accrue expenses until such time as
a successful business consolidation can be made. The Company will not be make it
a condition that the target company must repay funds advanced by its officers
and directors. Management intends to hold expenses to a minimum and to obtain
services on a contingency basis when possible. Further, the Company's directors
will defer any compensation until such time as an acquisition or merger can be
accomplished and will strive to have the business opportunity provide their
remuneration. However, if the Company engages outside advisors or consultants in
its search for business opportunities, it may be necessary for the Company to
attempt to raise additional funds. As of the date hereof, the Company has not
made any arrangements or definitive agreements to use outside advisors or
consultants or to raise any capital. In the event the Company does need to raise
capital most likely the only method available to the Company would be the
private sale of its securities. Because of the nature of the Company as a
development stage company, it is unlikely that it could make a public sale of
securities or be able to borrow any significant sum from either a commercial or
private lender. There can be no assurance that the Company will able to obtain
additional funding when and if needed, or that such funding, if available, can
be obtained on terms acceptable to the Company.

The Company does not intend to use any employees, with the possible exception of
part-time clerical assistance on an as-needed basis. Outside advisors or
consultants will be used only if they can be obtained for minimal cost or on a
deferred payment basis. Management is convinced that it will be able to operate
in this manner and to continue its search for business opportunities during the
next twelve months.

<PAGE>

Forward-Looking Statements

This Form 10-QSB includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements, other than
statements of historical facts, included or incorporated by reference in this
Form 10-QSB which address activities, events or developments which the Company
expects or anticipates will or may occur in the future, including such things as
future capital expenditures (including the amount and nature thereof), finding
suitable merger or acquisition candidates, expansion and growth of the Company's
business and operations, and other such matters are forward-looking statements.
These statements are based on certain assumptions and analyses made by the
Company in light of its experience and its perception of historical trends,
current conditions and expected future developments as well as other factors it
believes are appropriate in the circumstances. However, whether actual results
or developments will conform with the Company's expectations and predictions is
subject to a number of risks and uncertainties, general economic market and
business conditions; the business opportunities (or lack thereof) that may be
presented to and pursued by the Company; changes in laws or regulation; and
other factors, most of which are beyond the control of the Company.

Consequently, all of the forward-looking statements made in this Form 10-QSB are
qualified by these cautionary statements and there can be no assurance that the
actual results or developments anticipated by the Company will be realized or,
even if substantially realized, that they will have the expected consequence to
or effects on the Company or its business or operations. The Company assumes no
obligations to update any such forward-looking statements.

Item 3. Controls and Procedures
-------------------------------

(a) Evaluation of disclosure controls and procedures.

Our Chief Executive Officer and Chief Financial Officer (collectively the
"Certifying Officers") maintain a system of disclosure controls and procedures
that is designed to provide reasonable assurance that information, which is
required to be disclosed, is accumulated and communicated to management timely.
Under the supervision and with the participation of management, the Certifying
Officers evaluated the effectiveness of the design and operation of our
disclosure controls and procedures (as defined in Rule [13a-14(c)/15d-14(c)]
under the Exchange Act) within 90 days prior to the filing date of this report.
Based upon that evaluation, the Certifying Officers concluded that our
disclosure controls and procedures are effective in timely alerting them to
material information relative to our company required to be disclosed in our
periodic filings with the SEC.

(b) Changes in internal controls.

Our Certifying Officer has indicated that there were no significant changes in
our internal controls or other factors that could significantly affect such
controls subsequent to the date of his evaluation, and there were no such
control actions with regard to significant deficiencies and material weaknesses.


<PAGE>

                           PART II - OTHER INFORMATION



Item 1.   Legal Proceedings.

          The Company is currently not a party to any pending legal proceedings
          and no such action by, or to the best of its knowledge, against the
          Company has been threatened.

Item 2.   Changes in Securities.

          None


Item 3.   Defaults Upon Senior Securities.

          None

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

          No matter was submitted during the quarter ending September 30, 2004,
          covered by this report to a vote of the Company's shareholders,
          through the solicitation of proxies or otherwise.

Item 5.   Other Information.

          None

Item 6.   Exhibits and Reports of Form 8-K.

          (a)  Exhibits

          31.1 Certification pursuant to Section 302 of Sarbanes Oxley Act
               of 2002

          32.1 Certification pursuant to Section 906 of Sarbanes Oxley Act
               of 2002


          (b)  Reports of Form 8-K

               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, there unto
duly authorized.

                                           CAPITAL VENTURES GROUP I, INC.
                                           Registrant


Date: November 3, 2004                     By: /s/ Peter Goldstein
                                           -------------------------
                                           Peter Goldstein
                                           President