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UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-QSB

(Mark One)

x QUARTERLY REPORT
  UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  For the quarterly period ended JANUARY 31, 2004

 ̈ TRANSITION REPORT
  UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
  For the transition period from _____ to _______

Commission file number: 0-50459

INVISION CAPITAL, INC.(Exact name of small business issuer in its charter)

|Nevada                                           | 98-0396733                          
|------------------------------------------------ | ------------------------------------
|(State or other jurisdiction of incorporation or | (I.R.S. Employer Identification No.)
|organization)                                    |                                     
|                                                 |                                     
|356 Taylor Way                                   |                                     
|West Vancouver, British Columbia                 | V7X 1L7                             
|(Address of principal executive offices)         | (Zip Code)                          

Issuers telephone number: (604) 657-2443

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.    Yesx     No  ̈

(APPLICABLE ONLY TO CORPORATE ISSUERS)

State the number of shares outstanding of each of the Issuer's
  classes of common stock, as of the latest practicable date. 10,397,740 common
  shares, $0.001 par value, issued and outstanding as of March 12, 2004

Transitional Small Business Format. Yes  ̈        No
  x

PART I  FINANCIAL INFORMATION

Item 1. Financial Statements

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INVISION CAPITAL, INC. 
  (An Exploration Stage Company)
  Condensed Balance Sheet
  (Unaudited)(Presented in U.S. Dollars)

January 31, 2004

|Assets                                   |   |         |  
|---------------------------------------- | - | ------- | -
|Current assets:                          |   |         |  
|Cash                                     | $ | 40,613  |  
|Prepaid expenses                         |   | 708     |  
|                                         | $ | 41,321  |  
|Liabilities and Shareholders Equity     |   |         |  
|Current liabilities:                     |   |         |  
|Accounts payable and accrued liabilities | $ | 2,910   |  
|Total current liabilities                |   | 2,910   |  
|                                         |   |         |  
|Shareholders equity:                    |   |         |  
|Common stock                             |   | 10,398  |  
|Additional paid-in capital               | . | 60,812  |  
|Accumulated deficit                      |   | (32,793 | )
|Cumulative translation adjustment        | . | (6      | )
|Total shareholders
      equity         | . | 38,411  |  
|                                         | $ | 41,321  |  

See accompanying notes to condensed financial statements

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INVISION CAPITAL, INC.
  (An Exploration Stage Company)
  Condensed Statements of Operations
  (Unaudited)(Presented in U.S. Dollars)

|                                            |              |            |             |   | January 24, |   | January 24, |          
|------------------------------------------- | ------------ | ---------- | ----------- | - | ----------- | - | ----------- | ---------
|                                            |              |            |             |   | 2003        |   | 2003        |          
|                                            | Three Months |            | Six Months  |   | (Inception) |   | (Inception) |          
|                                            | Ended        |            | Ended       |   | Through     |   | Through     |          
|                                            | January 31,  |            | January 31, |   | January 31, |   | January 31, |          
|                                            | 2004         |            | 2004        |   | 2003        |   | 2004        |          
|Expenses:                                   |              |            |             |   |             |   |             |          
|Contributed rent (Note 2)                   | $            | 300        |             | $ | 600         |   | $           |         
|Contributed administrative support (Note 2) |              | 50         |             |   | 150         |   |             |         
|Unproven mineral interest acquisition costs |              |           |             |   |            |   |             |         
|Professional fees                           |              | 1,270      |             |   | 8,245       |   |             |         
|Office                                      |              | 398        |             |   | 2,065       |   |             |         
|Other                                       |              | 39         |             |   | 93          |   |             |         
|Total expenses                              |              | 2,057      |             |   | 11,153      |   |             |         
|Loss from operations                        |              | (2,057     | )           |   | (11,153     | ) |             |         
|Income tax provision (Note 4)               |              |           |             |   |            |   |             |         
|                                            |              |            |             |   |             |   |             |          
|Net loss                                    | $            | (2,057     | )           | $ | (11,153     | ) | $           |         
|                                            |              |            |             |   |             |   |             |          
|Basic and diluted loss per share            | $            | (0.00      | )           | $ | (0.00       | ) | $           | 0.00     
|                                            |              |            |             |   |             |   |             |          
|Basic and diluted weighted average          |              |            |             |   |             |   |             |          
|common shares outstanding                   |              | 10,397,740 |             |   | 10,397,740  |   |             | 4,000,000

See accompanying notes to condensed financial statements

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INVISION CAPITAL, INC.
  (An Exploration Stage Company)
  C ondensed Statements of Cash Flows
  (Unaudited)(Presented in U.S. Dollars)

|                                                  |             |         | January 24, |   | January 24, | 
|------------------------------------------------- | ----------- | ------- | ----------- | - | ----------- | 
|                                                  |             |         | 2003        |   | 2003        | 
|                                                  | Six Months  |         | (Inception) |   | (Inception) | 
|                                                  | Ended       |         | Through     |   | Through     | 
|                                                  | January 31, |         | January 31, |   | January 31, | 
|                                                  | 2004        |         | 2003        |   | 2004        | 
|                                                  |             |         |             |   |             | 
|Net cash used in                                  |             |         |             |   |             | 
|operating activities                              | $           | (11,601 | )           | $ |            | 
|                                                  |             |         |             |   |             | 
|Cash flows from financing activities:             |             |         |             |   |             | 
|Capital contribution by an officer                |             |        |             |   |            | 
|Proceeds from the sale of common stock (Note 2)   |             |        |             |   | 4,000       | 
|Net cash provided
      by                        |             |         |             |   |             | 
|financing activities                              |             |        |             |   | 4,000       | 
|                                                  |             |         |             |   |             | 
|Effect of exchange rate changes on cash           |             | 364     |             |   |            | 
|                                                  |             |         |             |   |             | 
|Net change in cash                                |             | (11,237 | )           |   | 4,000       | 
|                                                  |             |         |             |   |             | 
|Cash, beginning of period                         |             | 51,850  |             |   |            | 
|                                                  |             |         |             |   |             | 
|Cash, end of period                               | $           | 40,613  |             | $ | 4,000       | 
|                                                  |             |         |             |   |             | 
|Supplemental disclosure of cash flow information: |             |         |             |   |             | 
|Income taxes                                      | $           |        |             | $ |            | 
|Interest                                          | $           |        |             | $ |            | 

See accompanying notes to condensed financial statements

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INVISION CAPITAL, INC.
  (An Exploration Stage Company)
  Notes to Condensed Financial Statements
  (Unaudited)

NOTE 1: BASIS OF PRESENTATION

The condensed financial statements presented herein have been
  prepared by the Company in accordance with the accounting policies in its audited
  financial statements for the period ended July 31, 2003 and the three months
  ended October 31, 2003 as filed in its Form 10-SB, Amendment #1, and should
  be read in conjunction with the notes thereto. The Company is in the exploration
  stage in accordance with Industry Guide 7. On July 7, 2003, the Company entered
  into an Option to Purchase and Royalty Agreement to acquire an unproven mineral
  claim located in the Thunder Bay Mining Division, Ontario, Canada (see Note
  3).

In the opinion of management, all adjustments (consisting
  only of normal recurring adjustments) which are necessary to provide a fair
  presentation of operating results for the interim period presented have been
  made. The results of operations for the periods presented are not necessarily
  indicative of the results to be expected for the year.

Interim financial data presented herein are unaudited.

The Companys functional currency is the Canadian dollar;
  however, the accompanying financial statements and footnotes refer to United
  States (U.S.) dollars unless Canadian dollars are specifically designated
  with CDN.

NOTE 2: RELATED PARTY TRANSACTIONS

An officer contributed office space to the Company for all
  periods presented. The office space was valued at $100 per month based on the
  market rate in the local area and is included in the accompanying financial
  statements as contributed rent expense with a corresponding credit to additional
  paid-in capital.

Officers contributed administrative services to the Company
  from January 24, 2003 (inception) through January 31, 2004. The time and effort
  was recorded in the accompanying financial statements based on the prevailing
  rates for such services, which equaled $50 per hour based on the level of services
  performed. The services are reported as contributed administrative services
  with a corresponding credit to additional paid-in capital.

In January 2003, the Company sold 4,000,000 shares of its
  restricted common stock to an officer for $4,000 ($.001/share).

NOTE 3: OPTION ON UNPROVEN MINERAL INTERESTS

On July 7, 2003, the Company entered into an Option to Purchase
  and Royalty Agreement to acquire an unproven mineral claim located in the Thunder
  Bay Mining Division, Ontario, Canada. Under the terms of the Option Agreement,
  the Company is required to:

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INVISION CAPITAL, INC.
  (An Exploration Stage Company)
  Notes to Condensed Financial Statements
  (Unaudited)

|A. | Make cash payments and exploration expenditures as follows: |  
|-- | ----------------------------------------------------------- | -
|   |                                                             |  
|   | Cash                                                        |  
|   | Payments                                                    |  
|   | CDN                                                         | $
|   | CDN                                                         | $
|   | CDN                                                         | $
|   | CDN                                                         | $
|   | CDN                                                         | $

|B. | Make advance royalty payments of CDN$50,000
        per year, commencing January 1, 2008, until termination of the Agreement.
|-- | -----------------------------------------------------------------------------------------------------------------------------
|C. | Issue 250,000 shares of its common stock to the optionor
      upon commencement of commercial production.                   

In addition to the above terms, the optionor will retain a
  four percent net smelter royalty in the mineral claims.

NOTE 4: INCOME TAXES

The Company records its income taxes in accordance with SFAS
  No. 109, Accounting for Income Taxes. The Company incurred net operating
  losses during the periods shown on the condensed financial statements resulting
  in a deferred tax asset, which was fully allowed for; therefore, the net benefit
  and expense result in $-0- income taxes.

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

Cautionary Statement Regarding Forward-Looking Statements

This annual report contains forward-looking statements as
  that term is defined in the Private Securities Litigation Reform Act of 1995.
  These statements relate to future events or our future financial performance.
  Some discussions in this report may contain forward-looking statements that
  involve risk and uncertainty. A number of important factors could cause our
  actual results to differ materially from those expressed in any forward-looking
  statements made by us in this report. Forward-looking statements are often identified
  by words like: believe, expect, estimate,
  anticipate, intend, project and similar
  expressions or words which, by their nature, refer to future events.

In some cases, you can also identify forward-looking statements
  by terminology such as may, will, should,
  plans, predicts, potential or continue
  or the negative of these terms or other comparable terminology. These statements
  are only predictions and involve known and unknown risks, uncertainties and
  other factors, including the risks in the section entitled "Risk Factors", that
  may cause our or our industry's actual results, levels of activity, performance
  or achievements to be materially different from any future results, levels of
  activity, performance or achievements expressed or implied by these forward-looking
  statements.

Although we believe that the expectations reflected in the
  forward-looking statements are reasonable, we cannot guarantee future results,
  levels of activity or achievements. Except as required by applicable law, including
  the securities laws of the United States, we do not intend to update any of
  the forward-looking statements to conform these statements to actual results.

Our financial statements are stated in United States Dollars
  (US$) and are prepared in accordance with United States Generally Accepted Accounting
  Principles. All references to CA $ refer to Canadian Dollars and
  all references to "common shares" refer to the common shares in our capital
  stock.

As used in this annual report, the terms "we", "us", "our",
  and "Invision" mean Invision Capital, Inc., unless otherwise indicated.

Invision is an exploration stage company. There is no assurance
  that commercially viable mineral deposits exist on the claims that we have under
  option. Further exploration will be required before a final evaluation as to
  the economic and legal feasibility of the claims is determined.

Glossary of Exploration Terms

The following terms, when used in this report, have the respective
  meanings specified below:

|Diamond drill  | A type of rotary drill in which the cutting
      is done by abrasion rather than percussion. The cutting bit is set with
      diamonds and attached to the end of the long hollow rods through which water
      is pumped to the cutting face. The drill cuts a core of rock, which is recovered
      in long cylindrical sections.
|-------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exploration    | The prospecting, trenching, mapping, sampling,
      geochemistry, geophysics, diamond drilling and other work involved in searching
      for mineral bodies.                                                                                                                                                                         
|Mineral        | A naturally occurring inorganic element or
      compound having an orderly internal structure, characteristic chemical composition,
      crystal form & physical properties                                                                                                                                                          
|Mineralization | Rock containing an undetermined amount of minerals or metals.                                                                                                                                                                                                                                                                          

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Foreign Currency and Exchange Rates

Dollar costs of Invisions property acquisition and planned
  exploration costs are in Canadian Dollars. For purposes of consistency and to
  express United States Dollars throughout this report, Canadian Dollars have
  been converted into United States currency at the rate of US $1.00 being approximately
  equal to CA $1.33 or CA $1.00 being approximately equal to US $0.75 which is
  the approximate average exchange rate during recent months and which is consistent
  with the incorporated financial statements.

THE FOLLOWING ANALYSIS OF THE RESULTS OF OPERATIONS AND
  FINANCIAL CONDITION OF THE COMPANY FOR THE PERIOD ENDING JANUARY 31, 2004 SHOULD
  BE READ IN CONJUNCTION WITH THE COMPANYS CONSOLIDATED FINANCIAL STATEMENTS,
  INCLUDING THE NOTES THERETO CONTAINED ELSEWHERE IN THIS FORM 10-QSB

Overview

Invision Capital, Inc. was incorporated in the State of Nevada
  on January 24, 2003 and established a fiscal year end of July 31. Our statutory
  registered agent's office is located at 251 Jeanell Drive, No. 3, Carson City,
  Nevada and our business office is located at 356 Taylor Way, West Vancouver,
  British Columbia, Canada. Our telephone number is (604) 657-2443. There have
  been no material reclassifications, mergers, consolidations or purchases or
  sales of any significant amount of assets not in the ordinary course of business
  since the date of incorporation. We are a start-up, exploration stage company
  engaged in the search for gold and related minerals. There is no assurance that
  a commercially viable mineral deposit, a reserve, exists in our claims or can
  be shown to exist until sufficient and appropriate exploration is done and a
  comprehensive evaluation of such work concludes economic and legal feasibility.

On July 07, 2003, Invision optioned a mineral property containing
  one (1) mining claim located in the Thunder Bay Mining Division of the province
  of Ontario, Canada called the Muriel Lake Property by entering into an Option
  To Purchase And Royalty Agreement dated July 07, 2003 with Richard T. Heard
  and Nicholas G. Carter, the beneficial owners of the claim (the option
  agreement), both arms-length British Columbia, Canada residents, to acquire
  the claim through the carrying out of a three phase exploration program, making
  annual option payments commencing no later than January 01, 2007 and paying
  the vendors a royalty from production.

Under the terms of the option agreement, Messrs. Heard and
  Carter granted to Invision the sole and exclusive right and option to acquire
  100 percent of the right, title and interest of Heard and Carter in the Muriel
  Lake property, subject to the vendors receiving annual payments, a royalty interest
  and common shares of Invision, in accordance with the terms of the option agreement,
  as follows:

- Invision must pay Messrs. Heard and Carter $7,420 ($10,000 in Canadian funds)
    on the effective date of the Agreement (paid);
- Invision must incur exploration expenditures on the property of a minimum
    of $26,000 on or before June 30, 2004;
- Invision must incur exploration expenditures on the property of a minimum
    of $56,000 on or before June 30, 2005;

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- Invision must incur exploration expenditures on the property
      of a minimum of $75,000 on or before June 30, 2006;
- Invision must pay to the vendors $37,500 on or before
      January 01, 2007 as a prepayment of the net smelter royalty;
- Upon exercise of the Option, Invision is required to
      pay to the vendors, commencing January 1, 2008, the sum of $37,500 as an
      advance against the net smelter royalty, per annum for as long as Invision,
      or its assigns, holds any interest in the property; and
- Upon the commencement of commercial production from the
      property, Invision or its successor under this agreement agrees to pay to
      the Vendors, two hundred fifty thousand (250,000) shares in the capital
      of Invision or any successor corporation.

Regarding each of the above cash or share payments to the
  vendors, we must complete the phase contemplated and must decide and provide
  written notice to the vendors that we intend to proceed to the next phase before
  making the indicated payment.

Under the option agreement, the vendors, Messrs. Heard and
  Carter, retain a 4% net smelter royalty for all minerals mined from the claim.
  Net smelter returns (NSR) refers to the net proceeds received by Invision from
  any smelter or other purchaser from the sale of any ores, concentrates or minerals
  produced from the claim without encumbrances. The above noted payments are advances
  against that royalty. In the event that Invision sells or transfers its interest
  to a third party, that party will assume the obligations under the NSR provision
  of the option agreement.

The names, tenure numbers, date of recording and expiration
  date of the claim is as follows:

|Claim Name  | Claim No.  | Recorded Holder          | Expiry Date | Area Hectares | Area Acres
|----------- | ---------- | ------------------------ | ----------- | ------------- | ----------
|Muriel Lake | TB 1187566 | N.C. Carter & R.T. Heard | July 4 2004 | 16            | 40        
|            |            | TOTAL (Hectares / Acres) | 16          | 40           

To date we have not performed any work on the claim, have
  spent $0 on research and exploration activities and $7,420 on property acquisition
  costs. As part of the acquisition cost Mr. Nicholas C. Carter, Ph.D., P.Eng.,
  provided a Prospecting Report on the Muriel Lake Property dated May 23, 2003.
  It is our intention to engage the services of Mr. Carter to develop specific
  recommendations for a work program and to perform the required phase I work
  on the claim but no agreement has been entered into.

Mr. Carter is a registered Professional Geologist in good
  standing in the Association of Professional Engineers and Geoscientists of British
  Columbia, Canada. He is a graduate of the University of New Brunswick with a
  Bachelor of Science Degree (1960), a Master of Science degree in geology in
  1962 from Michigan Technological Institute and a Ph.D. degree in geology from
  the University of British Columbia in 1974. He has practiced his profession
  as a consulting exploration geologist for the past forty (40) years.

Messrs Heard and Carter hold the mining rights to the
  claim which thereby gives them or their agent, the right to mine and recover
  all of the minerals contained within the surface boundaries of the lease continued
  vertically downward. In the event Heard and Carter were to grant another deed
  which is subsequently registered prior to our deed, the third party would obtain
  good title and we would have nothing.

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Heard and Carter have granted an option to Invision to allow
  Invision to explore, mine and recover any minerals on the claim. As with the
  preceding, if Heard and Carter were to grant an option to another party, that
  party would be able to enter the claim, carry out certain work commitments and
  earn right and title to the claim; we would have little recourse as we would
  be harmed, will not own any claim and would have to cease operations. However,
  in either event, Heard and Carter would be liable to us for monetary damages
  for breach of the option agreement. The extent of that liability would be for
  our out of pocket costs for expenditures on the claim, if any, in addition to
  any lost opportunity costs if the claim proved to be of value in the future.

Under Ontario law, if the ownership of the claim were to be
  passed to us and the deed of ownership were to be recorded in our name, we would
  have to pay a minimum of $1,000 and file other documents since we are a foreign
  company in Canada. We would also be required to form an Ontario company that
  contains a board of directors, a majority of which would have to be Ontario
  residents and obtain audited financial statements for that company. We have
  decided that if gold is discovered on the claim and it appears it might be economical
  to remove the gold, we will record the deed of ownership, pay the additional
  tax and file as a foreign Company or establish a corporate subsidiary in Ontario.
  The decision to record or not record is solely within our province.

The claim is unencumbered and there are no competitive conditions
  which affect the claim. Further, there is no insurance covering the claim and
  we believe that no insurance is necessary since the claim is unimproved and
  contains no buildings or improvements.

Invision is an exploration stage company. There is no assurance
  that a commercially viable mineral deposit exists on the claim that we have
  optioned. Further exploration will be required before a final evaluation as
  to the economic and legal feasibility of the claim is determined.

Only one of the directors or officers has professional or
  technical accreditation in the exploration, development or operations of metal
  mines, that being Mr. David Duval. During the past year, Mr. Frank Rigney has
  spent approximately 15% of his time (approximately 9 hours per week) on the
  affairs of Invision. Those ratios and hours are expected to continue at that
  same level into the foreseeable future. Mr. Duval joined the Board of Directors
  on January 28, 2004. He is an independent consultant to the mining industry,
  has been employed as a technical advisor to the United Nations, mine planner,
  production supervisor, technical service representative and was responsible
  for the development of a 500 ton-per-day copper mine in Quebec. It is expected
  that he will spend approximately 5% (2 to 3 hours per week) of his time on the
  affairs of Invision for the foreseeable future.

Employees

Initially, we are using the services of subcontractors for
  manual labour exploration work on our properties and Mr. N.C. Carter, P. Eng.
  to manage the exploration program as outlined in his report. Mr. Carter is not
  a consultant to Invision; rather he is the author of the report on the claim.

We intend to hire geologists, engineers and excavation subcontractors
  on an as needed basis. We have not entered into negotiations or contracts with
  any of them.

At present, we have no employees, other than Messrs. Rigney
  and Duval, our officers and directors. Messrs. Rigney and Duval do not have
  employment agreements with us. We presently do not have pension, health, annuity,
  insurance, stock options, profit sharing or similar benefit

---

plans; however, we may adopt such plans in the future. There
  are presently no personal benefits available to any employees.

Offices

Our offices are located at 356 Taylor Way, West Vancouver,
  B.C. Canada. Currently, these facilities are provided to us by Frank J. Rigney,
  one of our directors and our President, without charge, but such arrangement
  may be cancelled at anytime without notice. As our business activities continue,
  we anticipate that we will be required to pay a pro rata share of the rent incurred
  for the facilities that we occupy. Specific direct expenses incurred such as
  telephone and secretarial services will be charged back to Invision at cost
  on a periodic basis.

Risks

At present we do not know whether or not the claim contains
  commercially exploitable reserves of gold or any other valuable mineral. Additionally,
  the proposed expenditures to be made by us in the exploration of the claim may
  not result in the discovery of commercial quantities of ore. Problems such as
  unusual or unexpected formations and other conditions involved in mineral exploration
  often result in unsuccessful exploration efforts. In such a case, we would be
  unable to complete our business plan.

We currently have sufficient financial resources to complete
  the first phase of our proposed exploration plan. However, in order to complete
  all phases of our proposed exploration program we will need to raise additional
  funding. Even if the first phase of our exploration program is successful there
  is no guarantee that we will be able to raise any additional capital in order
  to finance the second or third phases. Should we be unable to raise additional
  funding to complete the second and third phases of our exploration plan, we
  would have to cease business operations.

Finally, even if our exploration program is successful we
  may not be able to obtain commercial production. If our exploration program
  is successful and commercial quantities of ore are discovered we will require
  significant amounts additional funds to place the claim into commercial production.
  Should we be unable to raise additional funds to put the claim into production
  we would be unable to see the claim evolve into an operating mine and we would
  have to cease business operations.

Results of Operations

Invision was incorporated on January 24, 2003. Comparative
  periods for the three and six month periods ended January 31, 2004 are presented
  in the following discussion.

COMMON SHARES: Since inception, we have used our common stock
  to raise money for our optioned acquisition, for corporate expenses and to repay
  outstanding indebtedness. Net cash provided by financing activities from inception
  on January 24, 2003 to January 31, 2004 was $69,661 as a result of proceeds
  received from sales of our common stock. No shares were issued in the most recent
  quarter or nine month period.

REVENUE: Invision did not generate any revenues from operations
  for the quarter or six months ended January 31, 2004 nor for the period January
  24, 2003 (inception) through January 31, 2004.

---

EXPENSES: During the quarter ended January 31, 2004, Invision
  incurred operating expenses of $2,057 for the quarter, $11,153 for the six month
  period and $32,793 since inception. The costs can be subdivided into the following
  categories.

RESEARCH AND DEVELOPMENT: Invision has not incurred any expenses
  for research and development either during the quarter or six months ended January
  31, 2004 and none have been incurred since inception on January 24, 2003.

CONTRIBUTED EXPENSES: $350 in contributed expenses (for contributed
  rent and administrative costs) were incurred for the quarter and $750 were incurred
  in total for the six months ended January 31, 2004. For the period January 24,
  2003 (inception) through January 31, 2004, $1,450 was incurred. All contributed
  expenses are reported as contributed costs with a corresponding credit to additional
  paid-in capital.

UNPROVEN MINERAL ACQUISITION COSTS: No such costs were incurred
  in either the quarter or six months ended January 31, 2004. For the period January
  24, 2003 (inception) through January 31, 2004, $7,420 was recorded in acquiring
  our optioned claim.

PROFESSIONAL FEES: Invision incurred $1,270 in professional
  fees for the quarter and $8,245 for the six month period. Since inception, we
  have incurred $18,728 in professional fees mainly spent on legal and accounting
  matters.

COMPENSATION: No compensation costs were incurred either during
  the quarter or six months ended January 31, 2004 and none have been incurred
  since inception on January 24, 2003.

OFFICE EXPENSES: $398 was expended on general office expenses
  for the current quarter and $2,065 was incurred for the six months ended January
  31, 2004. For the period January 24, 2003 (inception) through January 31, 2004
  a total of $4,024 has been spent on office expenses.

OTHER COSTS: $39 in other costs were incurred in the quarter
  and $93 was incurred for the six month period. For the period January 24, 2003
  (inception) through January 31, 2004, Invision has spent $1,171 on other (miscellaneous)
  expenses.

NET CASH USED IN OPERATING ACTIVITIES: For the six months
  ended January 31, 2004, $11,601 in net cash was used and a total of $29,141
  has been used from Inception on January 24, 2003 to January 31, 2004.

INTEREST INCOME / EXPENSES: Invision has neither received
  nor paid interest since its inception on January 24, 2003.

INCOME TAX PROVISION: As a result of operating losses, there
  has been no provision for the payment of income taxes to date in 2003 or from
  the date of inception.

During the quarter, Invision did not sell any shares of its
  common stock. As of the date of this report Invision has 10,397,740 common shares
  issued and outstanding.

Invision continues to carefully control its expenses and overall
  costs as it moves forward with the development of its business plan. The first
  phase of the exploration program on our optioned claim is expected to be completed
  during the fourth quarter of the current fiscal year and a report on the work
  accomplished is expected to be received prior to the end of October, 2004. Invision

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does not have any employees and engages personnel through
  outside consulting contracts or agreements or other such arrangements, including
  for legal, accounting and technical consultants.

Plan of Operation

For the balance of the current fiscal year (third and fourth
  quarters) we will concentrate our efforts on completion of an SB-2 registration
  statement as filed and currently under review with the SEC. The planned phase
  I exploration program on our optioned claim is scheduled to be commenced prior
  to July 04, 2004. If the planned first phase of the exploration program is successful,
  we will shift activities to prepare for proceeding with phase II in the summer
  of 2005. Following industry trends and demands, we are also considering the
  acquisition of other properties to conduct exploration works for gold. In either
  situation, a new public offering might be needed to be completed.

Invision believes it can satisfy its cash requirements through
  the fiscal year end of July 31, 2004, from the private placements of $69,661
  received in early 2003. As of January 31, 2004, we had $38,411 in working capital.

We anticipate that phase I of the recommended geological exploration
  program will cost $26,000 based on the report and is a reflection of local costs
  for the specified type of work. Phase I will involve examination of the claim
  through complete mapping of the claim (a map upon which the known or observed
  geological information is plotted  it may show folds, faults, minerals
  deposits and so on as well as a distribution of the adjacent formations), the
  collection and analysis of samples and the production of a database of previous
  work completed on the site of the claim as well as adjacent areas. Samples simply
  involve the gathering of a certain volume or weight of surficial clay, sand,
  gravel and rocks and then having the mineral components of those samples chemically
  analyzed for composition. Phase I may take up to 3 months in total, including
  preparation of a report on the work completed with further recommendations

Phase II will be directed towards a continuation of the exploration
  and prospecting program and will include an indeterminate amount of diamond
  drilling. A diamond drill is a drilling machine with a rotating, hollow, diamond
  studded bit that cuts a circular core which can be recovered in lengths to provide
  a continuous sample of the column of rock penetrated. The core is then split
  in half, crushed and analyzed for the various minerals it may contain. It is
  anticipated that some additional geological mapping, prospecting and some geochemical
  sampling will take place as the drilling progresses. Geochemistry is the study
  of the relative and absolute occurrences of various elements and their atomic
  species in the earths crust. It can be defined very broadly to include
  all the parts of the study of geology that involve chemical changes or it may
  be focussed on the distribution of the elements. Here we are interested in determining
  what the broad chemical makeup of the earth looks like and what changes have
  taken place over geologic time. The second phase may take up to three months
  to complete and will have an estimated cost of $56,000, again based on the minimum
  requirements of the option agreement and a reflection of local costs for the
  specified type of work.

We do not expect any changes or more hiring of employees since
  contracts are given to consultants and sub-contractor specialists in specific
  fields of expertise for the exploration works.

On November 03, 2003 Invision filed a Form 10-SB registration
  statement with the Securities and Exchange Commission. As a result, Invision
  became a reporting issuer under the Securities Exchange Act of 1934 on January
  02, 2004 and is now subject to the reporting requirements of the Exchange Act.

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Liquidity and Capital Resources

As of end of the first quarter on January 31, 2004, we have
  yet to generate any revenues from our business operations.

Since inception, we have used our common stock to raise money
  for our optioned acquisition, for corporate expenses and to repay outstanding
  indebtedness. Net cash provided by financing activities from inception on January
  24, 2003 to January 31, 2004 was $69,661 as a result of proceeds received from
  sales of our common stock.

We issued 4,000,000 shares of common stock through a Section
  4(2) offering in January 2003 for cash consideration of $4,000.

We issued 6,000,000 shares of common stock through a Regulation
  S offering in March, 2003 for cash consideration of $6,000.

We issued 397,740 shares of common stock through a Regulation
  S offering in May and June, 2003 for cash consideration of $59,661.

As of January 31, 2004, our total assets which consist entirely
  of cash and prepaid expenses amounted to $41,321, and our total liabilities
  were $2,910. Working capital stood at $38,411.

For the quarter ended January 31, 2004, the net loss was $2,057
  ($0.0002 per share). The loss per share was based on a weighted average of 10,397,740
  common shares outstanding. For the six month period the comparative numbers
  were a net loss of $11,153 and a loss per share of $0.001. For the period from
  inception on January 24, 2003 through January 31, 2004, the cumulative net loss
  was $32,793.

For the current quarter and the balance of the fiscal year
  from to July 31, 2004 we plan on competing phase I of the planned exploration
  program at an estimated cost of $26,000 based on the report by N. C. Carter
  which reflects local costs for the specified type of work and finalizing the
  submission of our 10-SB registration statement.

If phase I is not successful we will terminate the Option
  on the claim and cease exploration. If phase I is successful we would then proceed
  to phase II in 2004 at an estimated cost of $56,000 also based on the recommendations
  of Mr. Carters report, which costs are again a reflection of local costs
  for the type of work program planned. We will proceed to phase II only if we
  are also successful in being able to secure the capital funding required to
  complete phase II. Similarly, if phase II is not successful, we will terminate
  the Option on the claim.

If we decide to proceed to phase II we will try to raise additional
  funds from a second public offering, a private placement, loans or the establishment
  of a joint venture whereby a third party would pay the costs associated with
  the phase II and we would retain a carried interest. At the present time, we
  have not made any plans to raise additional money and there is no assurance
  that we would be able to raise additional money in the future. If we need additional
  money and can't raise it, we will have to suspend or cease business operations.

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Inflation / Currency Fluctuations

Inflation has not been a factor during the recent quarter ended
  January 31, 2004. Inflation is moderately higher than it was during 2002 but
  the actual rate of inflation is not material and is not considered a factor
  in our contemplated capital expenditure program.

Item 3. Controls and Procedures

The registrant's certifying officers are responsible for establishing
  and maintaining disclosure controls and procedures (as defined in Exchange Act
  Rules 13a-14 and 15d-14) for the registrant and the Companys Chief Executive
  Officer and Chief Financial Officer have:

| | a) | designed such disclosure controls and procedures
        to ensure that material information relating to the registrant, including
        its consolidated subsidiaries, is made known to us by others within those
        entities, particularly during the period in which this quarterly report
        is being prepared;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | b) | evaluated the effectiveness of the our disclosure
        controls and procedures as of a date within 90 days prior to the filing
        date of this quarterly report (the "Evaluation Date"); and                                                                                                                           
| | c) | presented in this quarterly report our conclusions
        about the effectiveness of the disclosure controls and procedures based
        on our evaluation as of the Evaluation Date;                                                                                                                                        

There have been no significant changes in the our internal
  controls or in other factors that could significantly affect these controls
  subsequent to the date of their evaluation, including any corrective actions
  with regard to significant deficiencies and material weaknesses.

PART II  OTHER INFORMATION

Item 1. Legal Proceedings

The Corporation is and has not been party to any legal proceedings
  in the preceeding quarter.

Item 2. Changes in Securities

Invision had 10,397,740 shares of common stock issued and
  outstanding as of January 31, 2004. Of these shares, 4,000,000 shares are held
  by an affiliate of Invision and none of those shares can be resold in compliance
  with the limitations of Rule 144 as adopted by the Securities Act of 1933, as
  amended (the Securities Act).

In general, under Rule 144, a person who has beneficially
  owned shares privately acquired directly or indirectly from us or from one of
  our affiliates, for at least one year, or who is an affiliate, is entitled to
  sell, within any three-month period, a number of shares that do not exceed the
  greater of 1% of the then outstanding shares or the average weekly trading volume
  in our shares during the four calendar weeks immediately preceding such sale.
  Sales under Rule 144 are also subject to certain manner of sale provisions,
  notice requirements and the availability of current public information about
  us. A person who is not deemed to have been an affiliate at any time during
  the 90 days preceding the sale, and who has beneficially owned restricted shares
  for at least two years, is entitled to sell all such shares under Rule 144 without
  regard to the volume limitations, current public information requirements, manner
  of sale provisions or notice requirements.

The issuances discussed under this section are exempted from
  registration under Rule 504 or Regulation S or Section 4 (2) of the Securities
  Act, as provided. All purchasers of Invisions securities acquired the
  shares for investment purposes only and all stock certificates reflect the appropriate
  legends. No underwriters were involved in connection with the sale of securities
  referred to in this report.

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Item 3. Defaults Upon Senior Securities

The have been no defaults upon Invisions senior or other
  securities in the preceeding quarter.

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

No matter has been submitted to a vote of security holders
  during the preceeding quarter.

Item 5. Other Information

Use of Proceeds

Net cash provided by financing activities from inception on
  January 24, 2003 to January 31, 2004 was $69,661 as a result of proceeds received
  from sales of our common stock. During the period January 24, 2003 to January
  31, 2004, the following table indicates how the use of those proceeds have been
  spent to date:

|Unproven Mineral Interest Acquisition Costs | $7,420 
|------------------------------------------- | -------
|Professional Fees                           | 18,728 
|Office Expenses                             | 4,024  
|Other Costs                                 | 1,171  
|Total Use of Proceeds to January 31, 2004   | $31,343

Common Stock

During the three- and six-month periods ended January 31,
  2004 no shares of common stock were issued. As of January 31, 2004, there were
  10,397,740 shares issued and outstanding and as of March 10, 2004 there were
  10,397,740 shares outstanding.

Options

No options were granted during the three-month period ending
  January 31, 2004

Item 6. Exhibits and Reports on Form 8-K

The following reports on Form 8-K were filed during the quarter
  ended January 31, 2004: NIL

Exhibits

|31.1 | Certification of Chief Executive Officer and
      Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant
      to Section 302 of the Sarbanes-Oxley Act of 2002.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                           
|32.1 | Certification of Chief Executive Officer Pursuant
      to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
      Act of 2002.                            
|     |                                                                                                                                                                                           
|32.2 | Certification of Chief Financial Officer Pursuant
      to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
      Act of 2002.                            

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Invision Capital, Inc. 
  (Registrant)

Date: March 12, 2004

BY:     /s/ Frank J. Rigney

Frank J. Rigney 
  President, Chief Executive Officer, Principal Executive Officer, 
  Treasurer, Chief Financial Officer, Principal Financial Officer Director

BY:     /s/ David K. Duval

David K. Duval 
  Director

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