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<FILENAME>j10k03272003fa.txt



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

                                  FORM 10-KSB

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

                  For the fiscal year ended December 31, 2002

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

           For the transition period from ___________ to ___________

                        Commission file number: 0-29087

                                  NUTEK INC.
                 --------------------------------------------
                (Name of small business issuer in its charter)

      Nevada                          	                            87-0374623
------------------------------                                     ------------

   (State or other jurisdiction of                               (IRS Employer
 incorporation  or  organization)                         Identification  No.)

  6330 McLeod Drive, Suite 1, Las Vegas, Nevada    			  89120
------------------------------------------------------                   ------

    (Address of principal executive offices)                	     (Zip Code)

                           702-262-2061 (Telephone)
                              702-262-0033 (Fax)
                            ----------------------
                          (Issuer's telephone number)

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

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

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

                         Common Stock, par value $.001
                         -----------------------------
                               (Title of 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.Yes [X] No []


     Check if no disclosure of delinquent  filers  in  response  to Item 405 of
Regulation S-B is 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. [ ]


      The issuer had revenues of $6,594,154 for the fiscal year ended  December
31, 2002.


     Based  on  the average of the closing bid and asked prices of the issuer's
common stock on December  31,  2002,  the  aggregate market value of the voting
stock held by non-affiliates of the registrant on that date was $6,161,090.


     As of December 31, 2002, the issuer had  88,015,577 shares of common stock
outstanding.


                      DOCUMENTS INCORPORATED BY REFERENCE


The Company's report on Form 8-K dated March 26, 2003
The Company's report on Form S-8 dated March 10, 2003

The Company's report on Form 8-K dated December 13, 2002
The Company's report on Form 8-K dated December 10, 2002
The Company's report on Form 8-K dated December 2, 2002
The Company's report on Form 8-K dated October 30, 2002
The Company's report on Form 8-K dated August 14, 2002
The Company's report on Form 8-K dated May 29, 2002
The Company's report on Form 8-K dated May 14, 2002
The Company's report on Form 8-K dated January 7, 2002


     Transitional Small Business Disclosure Format (check one): Yes [ ] No [X]


                           Forward-Looking Statements

This report contains forward-looking statements. The forward-looking statements
include  all  statements  that  are not statements  of  historical  fact.   The
forward-looking statements are often identifiable by their use of words such as
"may," "expect," "believe," "anticipate,"  "intend,"  "could,"  "estimate,"  or
"continue,"  "Plans" or the negative or other variations of those or comparable
terms.  Our actual results could differ materially from the anticipated results
described in the  forward-looking  statements.   Factors  that could affect our
results  include,  but  are  not  limited  to,  those  discussed  in   Item  6,
"Management's  Discussion  and  Analysis  or  Plan  of  Operation" and included
elsewhere in this report.


                                    CONTENTS

                                                                   PAGE
PART I

    Item 1.  Description of Business					4
    Item 2.  Description of Property					22
    Item 3.  Legal Proceedings						23
    Item 4.  Submission of Matters to a Vote of Security Holders 	23

PART II

    Item 5.  Market for Common Equity and Related Stockholder Matters   24
    Item 6.  Management's Discussion and Analysis or Plan of Operation  26
    Item 7.  Financial Statements					30
    Item 8.  Changes in and Disagreements with Accountants on
                Accounting and Financial Disclosure			52

PART III

    Item 9.  Directors, Executive Officers, Promoters and Control
                Persons; Compliance with Section 16(a) of the
                Exchange Act 						53
    Item 10. Executive Compensation 					56
    Item 11. Security Ownership of Certain Beneficial Owners and
		Management						56
    Item 12. Certain Relationships and Related	Transactions		58
    Item 13. Exhibits and Reports on Form 8-K   			59

SIGNATURES								62



                                     PART I

ITEM 1.  DESCRIPTION OF BUSINESS.

A.  Business Development, Organization and Acquisition Activities

The Company was incorporated under the laws of the State  of  Nevada, on August
23,  1991, under the name Swiss Technique, Inc.  The original Articles  of  the
Company  authorized the issuance of fifty million (50,000,000) shares of common
stock with  a  par  value  of $0.001.  On or about August 23, 1991, pursuant to
Section 78.486, Nevada Revised  Statutes as amended, the Company filed with the
Nevada Secretary of State Articles  of  Merger, whereby the Company merged with
Sun Investments, Inc., a Utah corporation.  On  or  about  April  10, 1992, the
Issuer,  with  majority  shareholder  vote filed Articles of Amendment  to  the
Articles of Incorporation with the Secretary  of  State  of Nevada, authorizing
five million (5,000,000) shares of Preferred Stock each have  a  par  value  of
$0.001, with such rights, preferences and designations and to be issued in such
series as determined by the Board of Directors of the Corporation.  The Company
in accordance with Section 78.250 of the Nevada Revised Statues and as a result
of  the  majority  consent  of  shareholders executed on or about March 3, 1995
changed the name of the Company from Swiss Technique, Inc., to Nutek, Inc.  The
Company filed a Certificate of Amendment  of Articles of Incorporation with the
Secretary of State of Nevada to change its  name.   On  or  about September 20,
1997,  the  Company  filed  with  the  Nevada  Secretary  of  State a  Plan  of
Reorganization and Agreement between itself and International Licensing  Group,
Inc., a Delaware Corporation.

On  December 31, 2000, there were 45,188,132 outstanding shares of Common Stock
issued  and  outstanding  and  793,500  shares  of  Preferred  Stock  issued or
outstanding.   The  approval  of the Articles of Amendment requires the written
consent of the holders of a majority  of  the  outstanding shares of the Common
Stock, and each share of the Common Stock was entitled to one vote with respect
of  the  approval  of  the  Certificate  of  Amendment   of   the  Articles  of
Incorporation.   By  written  consent  in  lieu  of a meeting, stockholders  of
22,842,754 shares of the Common Stock approved the corporate actions.

The Certificate of Amendment of the Articles of Incorporation  was  approved by
written  consent  on  January  9, 2001, at a special Company board of directors
meeting, and the Certificate of  Amendment of the Articles of Incorporation was
filed and accepted by the Nevada Secretary  of  State  not  to become effective
until February 19, 2001.

On February 19, 2001, deleting the existing ARTICLE IV and replacing  it in its
entirety with the following amendments amended the Articles of Incorporation:

     "ARTICLE  4:  Authorized Shares: The aggregate number of shares which  the
     corporation shall  have  authority  to  issue shall consist of two hundred
     million (200,000,000) shares of Common Stock having a $.001 par value, and
     twenty million (20,000,000) shares of Preferred  Stock  having a $.001 par
     value.   The Common and/or Preferred Stock of the Company  may  be  issued
     from time  to time without prior approval by the stockholders.  The Common
     and/or Preferred  Stock  may  be  issued  for such consideration as may be
     fixed from time to time by the board of directors.  The Board of Directors
     may  issue such share of Common and/or Preferred  Stock  in  one  or  more
     series,  with  such voting powers, designations, preferences and rights or
     qualifications,  limitations or restrictions thereof as shall be stated in
     the resolution or resolutions."

This amendment to the Articles  of  incorporation  has been duly adopted, filed
and  accepted  by  the  Nevada  Secretary of State in accordance  with  General
Corporation Law of the State of Nevada.

Swiss Technique Inc. was the former  name  of  Nutek  Inc,  and  at the time it
operated  under  Swiss Technique, the nature of its business according  to  the
Articles of Incorporation are:

The purpose or purposes for which this corporation is engaged are:

(a) To engage in the specific business of looking for business acquisitions and
related items; also  the  business of making investments, including investments
in, purchase and ownership  of  any  and  all  kinds  of  property,  assets  or
business,  whether  alone  or  in  conjunction with others.   Also, to acquire,
develop, explore and otherwise deal  in and with all kinds of real and personal
property and all related activities, and for any and all other lawful purposes.

(b)  To  acquire  by  purchase,  exchange,   gift,  bequest,  subscription,  or
otherwise;  and  to  hold,  own, mortgage pledge,  hypothecate,  sell,  assign,
transfer, exchange, or otherwise  dispose  of  or  deal  in  or  with  its  own
corporate   securities   or   stock  or  other  securities  including,  without
limitations, any shares of stock, bonds, debentures, notes, mortgages, or other
obligations, and any certificates,  receipts  or other instruments representing
rights or interests therein on any property or  assets created or issued by any
person,  firm, associate, or corporation, instrumentalities  thereof;  to  make
payment therefore  in  any  lawful manner or to issue in exchange therefore its
unreserved earned surplus for  the  purchase of its own shares, and to exercise
as  owner  or  holder  of any securities,  any  and  all  rights,  powers,  and
privileges in respect thereof.

(c)  To  do  each  and  everything  necessary,  suitable,  or  proper  for  the
accomplishment of any of  the  purposes or the attainment of any one or more of
the subjects herein enumerated,  or which may, at any time, appear conducive to
or expedient for the protection or  benefit of this corporation, and to do said
acts as fully and to the same extent  as  natural persons might, or could do in
any part of the world as principals, agents,  partners, trustees, or otherwise,
either  alone  or  in  conjunction  with  any  other  person,   association  or
corporation.

(d)  The foregoing clauses shall be construed both as purposes and  powers  and
shall  not be held to limit or restrict in any manner the general powers of the
Corporation,  and  the enjoyment and exercise thereof, as conferred by the laws
of the State of Nevada;  and  it  is the intention that the purposes and powers
specified in each of the paragraphs  of  this  Article III shall be regarded as
independent purposes and powers.

The  Company  is  engaged  in  multiple  business activities,  which  currently
include:

(A) Datascension Inc., which conducts telephone  market  research  and provides
data entry services for third parties;
(B) Nutek Oil Inc, which owns the rights to oil leases in Texas;
(C)  Kristi  & Co., Inc., which designs, manufactures and sells woman's  resort
wear clothing;
(D) Century Clocks Inc., which produces plastic wall clocks;
(E) SRC International Inc., which produces plastic coverings for metal rails;
(F) Other consumer/industrial products which include: a patented safety product
that replaces  standard  light  switch  cover plates that automatically provide
illumination in the event of a power failure;  and  a  patented  plastic buffet
plate that allows the user to hold both a plate and cup in one hand.

Note:
The  Registrant  is currently engaged in or pursuing the sale of the  following
business activities;
(C) Kristi & Co.,  Inc.,  which  designs, manufactures and sells woman's resort
wear clothing;
(D) Century Clocks Inc., which produces plastic wall clocks;
(E) SRC International Inc., which produces plastic coverings for metal rails;

The Company's mailing address is: 6330 McLeod Drive, Suite 1, Las Vegas, Nevada
89120, phone number: 702-262-2061.  The  Company's  websites  can  be found at:
www.nutk.com; www.tekplate.com; www.nutekoil.com and www.datascension.com

B. Business of Issuer

1) Principal Products, Services and Principal Markets.

(A) Datascension Inc.

On  July  2,  2001,  the Registrant acquired 100% of the issued and outstanding
stock of Datascension,  for  the  sum  of  $2,200,000.   (See Exhibit 8-K filed
September 27, 2001)

Datascension,  is  a  premier  data  solutions  company. It embodies  a  unique
expertise in the collection, storage, processing  and  interpretation  of data.
Datascension's management team boasts over 30 years of successful experience in
developing  and  implementing  client  solutions.  It  has an extensive list of
satisfied customers (including the hospitality, entertainment,  and  automotive
sectors)  with  emphasis  and  commitment to absolute customer service, quality
assurance and on-time project management.

Services
Telephone Interviewing (CATI or Paper)
Currently, Datascension's CATI telephone  facility  employs  approximately  400
part-  and  full-time  telephone  interviewers,  many  of whom are bilingual in
Spanish  and  English.  Datascension and other leading research  agencies  have
found  that streamlining their  systems  with  integrated  CATI  and  automatic
dialing  capabilities  have  resulted  in  quicker  turnaround, lower costs and
increased  field capacity for phone research projects.  Datascension's  current
client base will enable it to conduct more than 500,000 interviews in 2003 with
consumers, retailers, businesses, and executive-level interviews.

Internet Data Collection
Datascension  has  a  full-time  programming staff experienced in designing all
types of web surveys, web panels, and data collection sites.

Database Engineering
Datascension has the expertise to  create databases from very small to the most
complex fully relational database. Its database software allows the end-user to
connect to Datascension's system via the Internet and run reports and pull data
with relatively no training.

Data Storage
Datascension  employs  large disk storage  hardware  for  short  and  long-term
document and file archive and retrieval.

Document Processing
Datascension has developed  an  expertise  in  data value ensuring the greatest
care in document processing services including clerical  handling of documents,
coding, data entry, scanning and storage.

Data Reporting & Mining
Datascension  staff  can  program banners using the latest version  of  Quantum
(SPSS) tabulation software.  They  have  extensive  experience of handling most
types of data including ASCII, flat file, CSV, XML and many other formats.

In-bound Customer Service
Datascension's  expertise  in handling customer service  calls  covers  a  wide
spectrum of industries from  the  automotives to the garbage disposal industry.
Activities  include  on-line order booking  to  technical  support  for  client
products and services.

Bilingual Interviewing
At Datascension, we recognize the need to provide an accurate representation of
the  audiences  we  are surveying  and  are  committed  to  ensuring  that  our
interviewers are able to deliver.

People of Hispanic or  Latino  descent  comprise  12.5%  of  the US population,
according to 2000 US Census figures. Datascension has recognized the importance
of surveying this population. Datascension has begun a more concerted effort to
target the Hispanic community and garner their input as a separate  and  unique
segment of our society.

To  that  end, we employ a number of bilingual interviewers who are skilled  in
conducting research in both Spanish and English.

(B) Nutek Oil Inc.

The Registrant,  on  or  about  November  1,  1999 signed a Letter of Intent to
purchase the mineral acres, equipment, and part  of the corporate assets, which
operates the production of twenty (20) oil leases,  consisting  of  ninety-four
(94) oil wells, in Texas, one geographic area, in the continental United States
from  Clipper  Operating  Co.,  Inc.  The Company acquired these assets of  the
Clipper Operating Co. on February 22, 2000 through a newly established Business
segment, Nutek Oil Inc.  The Company  purchased  some  of  the  fixed assets of
Clipper  Operating Co. valued at approximately $1.3 million, as well  as,  some
leases, farm-outs  and  interests  of  Clipper Operating Co. (See Exhibit 10.9,
Letter of Intent - Mineral Acres.)

Nutek Oil, acquired a 100 percent working  interest  in  all  property  held by
Clipper  Operating  Co.  in the Big Foot and Koyote fields of Frio and Atascosa
Counties, Texas.  These wells  had  been  shut down for the past two (2) years,
and  had generated no income during that time.   They  had  started  generating
nominal income as of August, 1999.

The highlights  of  the  purchase  agreement  of Clipper Operating Co., Inc.'s,
assets within the Letter of Intent includes the following terms:

A.   Purchase part of the corporate assets of Clipper Operating Co., Inc. for a
price of seventeen thousand three hundred thirty  dollars  ($17,330.00) paid to
the sole shareholder, P R. Maupin.

B.  Purchase  of  all  mineral  acreage  at  a  price  of  one hundred  dollars
($100.00)per  acre. Total price will be four hundred fifty four  thousand  nine
hundred and fifty nine dollars ($454,959.00).

C.  Purchase of  all  equipment  will  be at market value.  Total price will be
seven hundred ninety three thousand three  hundred  and  sixty  six  and no/100
dollars ($793,366.00).

D.   Purchase of pipeline will be at market value.  Total price will be  thirty
six thousand seven hundred twenty and no/100 dollars ($36,720.00).

E.  Method of payment was, one-half in the stock of Nutek, Inc. and one-half in
cash.   Half  of  this  was  paid for by issuing Nutek Restricted stock for the
traded value on 02/22/00 being $0.31.

(i) General Business - Oil Producing Activities, Acreage, Productive Wells

In view of the current economic  conditions  within  the  industry in which the
Registrant  participates, the Registrant anticipates that cash  flow  from  oil
operations for  fiscal  2003  will  be sufficient to satisfy all of its general
working capital requirements.  However,  the  registrant  does  not  anticipate
sufficient  cash  flow  from operations to meet the requirements for additional
drilling and exploration activities, necessitating additional capital infusions
either from affiliates or  from  sales  of  assets,  borrowed  funds and equity
participations.

Registrant's  subsidiary, Nutek Oil, Inc., anticipates offering,  initially  to
existing shareholders,  a  Convertible Preferred equity participation placement
of up to $1 million dollars  in  2003  to  meet the requirements for additional
drilling and exploration activities.

OIL STRATEGY

The Company's oil and future gas exploration  and  development  operations  are
currently  focused  entirely  on  its  activities  in  Texas.   The oil and gas
exploration and development operations are conducted through Nutek Oil Inc. The
Registrant  acquired  selected  assets  of  the  Clipper  Operating Company  on
02/23/2000.

The  Company  serves  as  operator  with  respect to these properties  acquired
pursuant to association contracts in which  the  Company  obtains a controlling
interest or holds the largest ownership interest; however,  it  is  anticipated
that  the  Company  will  also  participate  in  the  development of properties
operated by third parties and in some cases may delegate  operations to a third
party.  The Company also intends to pursue natural gas gathering  opportunities
within Texas. The Company's business strategy includes:

     Establishing  production, cash flow and reserve value by exploring for and
     developing and  purchasing  producing  oil  and  gas properties within the
     United States;

     Further developing and/or purchasing gas storage facilities  and pipelines
     within the United States;

     Building  the Company's base of operations by initially concentrating  its
     development activities on existing wells within Texas;

     Acquiring additional properties with potential for development drilling to
     establish and  maintain  a  significant inventory of undeveloped prospects
     and to establish and enhance the Company's foundation for future growth;

     Continuing  to  serve  as operator  of  its  wells,  to  ensure  technical
     performance and reduce costs;

     Establish relationships  with  other  energy  companies  to  access  their
     undeveloped properties, geological data and financial resources;

     Managing financial risk and mitigating technical risk by drilling in known
     productive  trends  with multi-geologic potential, diversifying investment
     over the interests in  the  Company's  primary operating areas, developing
     properties that provide a balance between  short  and  long term reserves,
     and establishing and maintaining a balance among the company's oil and gas
     generation activities; and

         Maintaining low general and administrative expenses.

The Company's oil and gas revenue, profitability and future rate  of growth are
substantially dependent upon prevailing prices for natural gas and  oil,  which
are  dependent  upon  numerous  factors  beyond  the Company's control, such as
economic,  political  and regulatory developments and  competition  from  other
sources of energy.  The  energy markets have historically been highly volatile,
and future decreases in natural  gas  and  oil  prices could have a material or
diverse effect on the Company's financial position,  results  of operations and
quantities of natural gas and oil reserves that may be economically produced.

Oil and gas exploration and development is a speculative business  and involves
a  high  degree  of  risk.   The  Company  is subject to all the risks normally
incident to drilling for and producing oil and  gas  including  hazards such as
high-pressured  formations,  blowouts,  cratering, fires, spills, cave-ins,  or
other hazards or conditions, any of which  could result in damage to or loss of
life or property.  These risks are not all insurable.

The Company has expended and plans to continue to expend significant amounts of
capital on the acquisition and exploration of  its oil and gas interests.  Even
if  the  results  of  such  activities are favorable,  subsequent  drilling  at
significant costs must be conducted  on  a  property to determine if commercial
development of the property is feasible.  Oil  and  gas  drilling,  may involve
unprofitable  efforts,  not  only  from  dry  holes  but  from  wells  that are
productive but do not produce sufficient net revenues to return a profit  after
operating and other costs. It is difficult to project the costs of implementing
an  exploratory  drilling program due to the inherent uncertainties of drilling
in  unknown  formations,   the   costs  associated  with  encountering  various
conditions, such as high-pressured  zones  and  tools  lost  in  the  hole, and
changes in drilling plans and locations as a result of prior exploratory  wells
or  additional  seismic  data and interpretations thereof. The marketability of
oil and gas which may be acquired or discovered by the Company will be affected
by the quality of the production  and  by  numerous factors beyond its control,
including  market fluctuations, the proximity  and  capacity  of  oil  and  gas
pipelines  and   processing   equipment,   government   regulations,  including
regulations  relating to prices, taxes, royalties, land tenure,  importing  and
exporting of oil  and  gas  and  environmental  protection.   There  can  be no
assurance  the Company will be able to discover, develop and produce sufficient
reserves in  Texas  or  elsewhere to recover the costs and expenses incurred in
connection  with  the acquisition,  exploration  and  development  thereof  and
achieve profitability.

(C) Kristi & Co., Inc.

Kristi and Co., was  acquired  01/06/2000  for  250,000 shares of the Company's
stock in exchange for the outstanding common stock  of  Kristi  and  Co., and a
note  payable  in  the  amount  of  $50,000.00  payable  within 18 months at an
interest  rate  of  7%  per annum.  Kristi and Co., has the rights  to  certain
woman's resort wear clothing  designs and design groups.  Kristi and Co., plans
to market these items and to continue  creating  new  designs.  Kristi and Co.,
was incorporated September 13, 1999.  Kristi and Co., reported  the  rights and
assets purchased from Kristi Hough at their historical cost of zero in a manner
similar  to a pooling of interest due to the common control of management,  per
APB Opinion 16.  When Nutek Inc., purchased Kristi and Co., the acquisition was
booked at  the  estimated  fair  market  value of those rights and assets which
Kristi  and Co., owned under the purchase method  of  accounting  for  business
combinations  per  APB  16  as  there  was  not a common control issue for this
transaction.  Accordingly, these designs and  client  lists  were  restated  at
their  estimated  fair  market  values  per  the  best  judgment of management.
Management based its evaluation on the fact that these customer  lists, designs
and patterns had previously generated revenues of approximately $1,500,000  for
a  company  in  a  similar  line  of business over a period of approximately 18
months.  Nutek, Inc. estimated the  customer list at $50,000.00 and the designs
and patterns at $50,000.00. Recorded  sales  and cash flows of Kristi and Co.'s
line indicate that the valuation was accurate.

(D) Century Clocks Inc.

Century Clocks, Inc. (a Nevada Corporation) was  incorporated  on  January  15,
1999  by Nutek, Inc.  On April 30, 1999, clock molds valued at $257,800.00 were
acquired.   Shares  in the amount of 1,315,000 with a fair market value of $.12
totaling $157,800.00  plus notes payable in the amount of $100,000 was given in
exchange for the clock molds.

The Company markets the  clocks  in  various  ways;  the  principle  method  is
targeted  at  the  premium  promotional  clock  market  through  members of the
Advertising Specialties Institute.  These are companies that offer  advertising
and  promotional  items to companies. Century Clocks is registered supplier  to
the Advertising Industry Institute and is identified as supplier asi/44459.

(E) SRC International Inc.

The Company purchased  the  rights  and assets to produce this product from SRC
International,  Lombard,  IL.   (See  Exhibit   10.6,  "Plan  of  Purchase  and
Agreement.")

SRC International Inc., manufacturers the Super Glide,  a  patented product for
the  dry cleaning garment industry. Super Glide is a rail covering  made  of  a
durable, slick polymer designed to reduce friction between rails and hangers in
the dry cleaning and garment industry.  Super Glide's lack of friction prevents
finished  garments from being crushed as they move across the Super Glide rail.
Super Glide  negates  the  need  for  sprays  and  waxes  in use currently, and
eliminates  rust  and dirt and keeps operator's hands and fingers  clean.   The
glides are available  for a variety of both flat and round rails.  This product
is unique and patented  and  is already selling in the dry-cleaning and garment
industries.

(F) Other products.

Management's strategy is to source  other  growth  opportunities  and potential
acquisitions  of  businesses  and/or  the  acquisition of exclusive proprietary
rights in consumer/commercial products similar  or complementary to that of the
Company, but there can be no assurance that such  opportunities  will  arise or
will   be   profitable  to  the  Company.   The  pursuit  of  any  such  growth
opportunities  will  require  a  significant investment of funds and management
attention.  Any such growth opportunities  will  be subject to all of the risks
inherent  in  the  establishment  of  a  new  product  or   service,  including
competition, lack of sufficient customer demand, unavailability  of experienced
management, unforeseen complications, delays and cost increases.   The  Company
may  incur  costs in connection with pursuing new growth opportunities that  it
cannot recover,  and  the  Company  may be required to expense certain of these
costs, which may negatively impact the Company's reported operating performance
for the periods during which such costs  are  incurred.  Please refer "Forward-
Looking Statements and Cautionary Notice Regarding Forward Looking Statements."

Some of the products it has acquired include the following:

(i) TekPlate

An  Electrostatic Switch Cover plate providing automatic  illumination  in  the
event of a power failure.

Registrant  purchased the worldwide rights and launched the Tekplate product in
the market under patent numbers US5473517, US5713655 and US6010228.

TekPlate is a  specialty  line of patented switch plate covers and outlet plate
covers specifically designed  to  light  up automatically when the power fails.
Blackouts can be experienced if an electric utility can't generate enough power
during peak demand. Or electricity could fail during a fire, a thunderstorm, or
an ice storm. No matter what the cause of  failure, TekPlate will automatically
illuminate in the event of power loss.

TekPlate is :
A Patented product.
Powered by 4 AA batteries.
A solution to various types of power outages.
Designed to satisfy corporate and individual consumers.
Installing TekPlate is easy. All that is needed,  is  to  unscrew  the existing
light  switch  cover  and  screw  the  new safety cover plate on. NO WIRING  IS
REQUIRED.

TekPlate's electrostatic sensors will immediately  activate the light diodes in
its cover plate when the power fails. TekPlate will  produce  enough  light  to
illuminate an average size room for several hours.

Safety  and visibility are crucial during a power outage. An individual will be
able to see  where  they  are going if they replace their cover plates and wall
outlets with TekPlates.

TekPlate comes in two models,  one  with  amber  lights  for interior rooms and
hallways, the other with red lights to illuminate the exits.  It  is  available
for  duplex  wall  outlets and for single and double switch configurations  and
fits both decora and standard cover plates.

TekPlate's sleek design  complements the decor of any school, business or home.
Its exclusive color blends  in  with most interior colors. TekPlate is the only
switch plate or outlet plate currently available that illuminates a room during
a power outage. It is the only plate  cover  that  could  help  guide  a person
through  a smoke filled room during a fire. Its reliability during an emergency
can give one  the  peace  of  mind  that  no  ordinary plate cover can provide.
TekPlate is a simple solution to providing emergency  illumination during power
outages.

The  TekPlate  product is protected under patent #'s US5473517,  US5713655  and
US6010228. Additionally, the TekPlate is ETL approved.

(ii) Handi-Plate

Nutek's FULL SERVICE(tm)  handi-plate  is a unique, dish washer safe, versatile
plastic buffet plate which has a multitude  of uses including social gatherings
such as back yard barbecues, buffets, picnics,  tailgate  and  parties  of  any
kind.

The  FULL  SERVICE(tm)  system is a unique newly patented versatile product for
holding food and beverage  together  on  one plate with one hand.  This product
incorporates both the plate and cup into one  unit, making it easy to hold with
one hand.  This unique plate offers the convenience  of carrying any meal and a
beverage with one hand, while leaving the other hand free.   Additionally,  the
FULL  SERVICE(tm)  system  is  suited  for  sales  promotions,  utilizing  logo
identification of brand products and companies.

This  product  was  acquired  in  September  1997 for (300,000) shares of Nutek
common stock and an additional One hundred and  Thirty  Five  Thousand  dollars
($135,000.00)  was spent producing the molds to produce the product.  This  was
paid in part by  issuing the mold manufacturer one million one hundred thousand
(1,100,000) shares of Nutek common stock at $0.123 per share.

Handi-Plate royalty
As part of acquiring the patents for this product, Nutek Inc. is to provide the
inventor a 2.5% royalty interest on the gross sales of this product.

2) Important Events and Accomplishments

Some events have occurred  over the past year, which Nutek believes will have a
positive effect on Nutek's business.  These favorable events are the following:

April 10, 2002 - Registrant  reported  that  the  Tekplate(TM) product has been
selected  for  testing  and evaluation by a portion of  the  HandyMan  Club  of
America's 900,000 readership,  publisher  of  HANDY Magazine. Tekplate(TM) will
receive  HandyMan's  Seal of Approval based on receiving  a  greater  than  66%
"recommended" rating by the impartial responding testers.

May 14, 2002 - Registrant  announced the expansion of operations to a new state
of the art 300 seat call center  in  Costa  Rica,  Central  America.  This  new
facility, Datascension Costa Rica S.A., commenced operations Monday, May 13th.

May  16,  2002  - Registrant announced another one million dollars in contracts
for  its  Datascension   division,   bringing   the  total  under  contract  to
approximately  $10,000,000.  Registrant also announces  news  coverage  of  the
Tekplate in Oklahoma City.

June 17, 2002 -  Registrant  announced another two million dollars in contracts
for  its  Datascension  division,   bringing   the   total  under  contract  to
approximately $12,000,000; and the approval of the TekPlate{trademark}  product
by the Handyman Club of America reviewers.

June   26,  2002  -  Registrant  announced  that  Brookside  Home  Builders  of
Louisville,  Kentucky will be the first home builder in the nation to offer the
Tekplate product.

July 22, 2002  - Registrant announced an additional $1.2 million in commitments
from one of the largest research groups for the entertainment industry.

September 16, 2002  -  Registrant  announced  they have received final approval
from the NASD to commence trading Nutek Oil, Inc., as a separate public entity.

September 26, 2002 - Registrant announced an additional $600,000 in revenue for
its Datascension division.

3) Competition and Risk Factors

(i) Risks Associated With New Services, Features and Functions

There  can  be  no  assurance that the Company would  be  able  to  expand  its
operations in a cost-effective  or timely manner or that any such efforts would
maintain or increase overall market  acceptance.  Furthermore, any new business
launched  by  the Company that is not favorably  received  by  consumers  could
damage the Company's reputation and diminish the value of its brand name.

Expansion of the  Company's  operations  in  this  manner  would  also  require
significant  additional  expenses and development, operations, training of  the
Company's management, financial  and operational resources.  The lack of market
acceptance of the Company's products would result in the Company's inability to
generate satisfactory revenues and  its  inability  to offset their costs could
have a material adverse effect on the Company's business, results of operations
and financial condition.

(ii) Risks Associated with Acquisitions

If  appropriate  opportunities present themselves, the  Company  would  acquire
businesses, technologies,  services or product(s) that the Company believes are
strategic.

There can be no assurance that  the Company will be able to identify, negotiate
or finance future acquisitions successfully,  or to integrate such acquisitions
with its current business.  The process of integrating  an  acquired  business,
technology,  service  or  product(s)  into the Company may result in unforeseen
operating difficulties and expenditures  and  may absorb significant management
attention  that would otherwise be available for  ongoing  development  of  the
Company's business.   Moreover,  there can be no assurance that the anticipated
benefits of any acquisition will be  realized. Future acquisitions could result
in potentially dilutive issuances of equity securities, the incurrence of debt,
contingent liabilities and/or amortization  expenses  related  to  goodwill and
other intangible assets, which could materially adversely affect the  Company's
business,   results   of   operations  and  financial  condition.   Any  future
acquisitions of other businesses,  technologies,  services  or product(s) might
require the Company to obtain additional equity or debt financing,  which might
not  be  available  on  terms  favorable  to  the  Company, or at all, and such
financing, if available, might be dilutive.

(iii) General Risks

(a) Customers

The  Company believes that establishing and maintaining  brand  identity  is  a
critical  aspect  of  its efforts to attract new customers. In order to attract
new customers, advertisers and commerce vendors, and in response to competitive
pressures, the Company  intends  to  make  a  commitment  to  the  creation and
maintenance  of  brand  loyalty  among  these  groups.   The  Company plans  to
accomplish  this,  although not exclusively, through advertising  its  products
through its Web site  through  the  various  search  engines, through other Web
sites, marketing its site to businesses/customers through e-mail, online media,
and other marketing and promotional efforts.

There can be no assurance that brand promotion activities  will yield increased
revenues or that any such revenues would offset the expenses  incurred  by  the
Company  in  building  its brands. If the Company fails to promote and maintain
its brand or incurs substantial  expenses in an attempt to promote and maintain
its brand or if the Company's existing  or  future strategic relationships fail
to  promote  the  Company's brand or increase brand  awareness,  the  Company's
business, results of  operations  and  financial  condition would be materially
adversely affected.

(b) Potential Fluctuations in Operating Results; Quarterly Fluctuations

The Company's operating results may fluctuate significantly  in the future as a
result  of  a  variety  of  factors,  many  of which are outside the  Company's
control.  As a strategic response to changes  in  the  competitive environment,
the Company may from time to time make certain pricing,  marketing decisions or
acquisitions that could have a material short-term or long-term  adverse effect
on the company's business, results of operations and financial condition.

There  can be no assurance that such patterns will not have a material  adverse
effect  on   the  Company's  business,  results  of  operations  and  financial
condition.  There  can  be  no  assurance  that  the  Company  will receive any
material amount of revenue under these agreements in the future.  The foregoing
factors, in some future quarters, may lead the Company's operating  results  to
fall below the expectations.

(A) Datascension Inc.

There  is  significant competition in the market research and data entry market
segment as well  as  government  regulations,  which effect companies providing
these services.  Many of our competitors are larger,  better-financed companies
and possess greater access to necessary resources. Although  we  are attempting
to  establish  ourselves as a provider of specialized products and services  to
selected niche markets, no assurance can be given that our competitors will not
use their advantages  over  us,  and  more directly pursue the customers we are
attempting to acquire and those who we have already acquired, thereby enhancing
their respective share of the market research and data entry market.

(B) Nutek Oil Inc.

There are many companies and individuals engaged in the oil business.  Some are
very large and well established with substantial capabilities and long earnings
records.  The Registrant is at a competitive  disadvantage with other firms and
individuals  in  acquiring  and  disposing of oil properties  since  they  have
greater financial resources and larger technical staffs than the Registrant. In
addition, in recent years a number  of  small  companies have been formed which
have  objectives  similar  to  those  of  the  Registrant   and  which  present
substantial competition to the Registrant.

A number of factors, beyond the Registrant's control and the  effect  of  which
cannot  be  accurately  predicted,  affect the production and marketing of oil.
These  factors include crude oil imports,  actions  by  foreign  oil  producing
nations,  the  availability  of  adequate  pipeline  and  other  transportation
facilities, the marketing of competitive fuels and other matters affecting  the
availability of a ready market, such as fluctuating supply and demand.

The  Registrant  sells  its  oil  production  to  Texas  oil  refineries.   The
Registrant  has no written contracts with purchasers.  The Registrant can offer
no indications  that  it will be able to produce or even sell the oil should it
be successful in producing oil.

(i) Risks and Uncertainties Related to the Oil and Gas Business in General

The Registrant's operations  are  subject to all of the risks normally incident
to the exploration for and production  of  oil  and  gas,  including blow-outs,
cratering,  leaks,  pollution, fires, and theft of equipment.   Each  of  these
incidents could result  in  damage  to  or  destruction of oil and gas wells or
formations of production facilities or injury  to persons, or damage to or loss
of property. As is common in the oil and gas industry,  the  Registrant  is not
fully insured against these risks either because insurance is not available  or
because  the  Registrant  has  elected not to insure due to prohibitive premium
costs.

The Registrant's oil activities have in the past involved exploratory drilling,
which carries a significant risk  that  no  commercial  oil  production will be
found.   The  cost  of  drilling,  completing  and  operating  wells  is  often
uncertain.   Further, drilling may be curtailed or delayed as a result of  many
factors, including  title  problems,  insufficient funding, weather conditions,
delivery  delays, shortages of pipe and  equipment,  and  the  availability  of
drilling rigs.

(ii) Other Risk Factors

The oil business  is  further  subject  to  many other contingencies, which are
beyond the control of the Registrant.  Wells  may  have  to  be shut-in because
they have become uneconomical to operate due to changes in the  price  of  oil,
depletion of reserves, or deterioration of equipment.  Changes in the price  of
imported  oil,  the  discovery of new oil and gas fields and the development of
alternative energy sources have had and will continue to have a dramatic effect
on the Registrant's business.

(C) Kristi & Co., Inc.

The retailing industry is highly competitive. The Company's competitors include
foreign and domestic suppliers, and competitive companies that have established
their products with national  and  regional  chains, department stores, catalog
showrooms,  discounters,  direct  mail  suppliers,   televised   home  shopping
networks,  distributors  and  large  wholesalers,  some  of  whom  have greater
resources  than  the  Company.   The  Company believes that competition in  its
markets is based primarily on price, design, product quality and service.

(D) Century Clocks Inc.

The competition that does exist comes from products either manufactured outside
of the United States or is repackaged on  arrival  in  the  United  States. The
Company  needs  to  be  able  to  compete  against  these  products  to  remain
competitive.

(E) SRC International Inc.

The retailing industry is highly competitive. The Company's competitors include
foreign and domestic suppliers, and competitive companies that have established
their  products  with manufacturers and distributors, some of whom have greater
resources than the  Company.   The  Company  believes  that  competition in its
markets is based primarily on price, design, product quality and service.

(F) Other Products

The retailing industry is highly competitive. The Company's competitors include
foreign and domestic suppliers, and competitive companies that have established
their  products  with national and regional chains, department stores,  catalog
showrooms,  discounters,   direct   mail  suppliers,  televised  home  shopping
networks, manufacturers, distributors and large wholesalers and importers, some
of whom have greater resources than the  Company.   The  Company  believes that
competition in its markets is based primarily on price, design, product quality
and service.

4) Patents, Trademarks, Licenses, Franchises, Concessions, Royalty  Agreements,
and Labor Contracts

On July 24, 2001, Registrant purchased worldwide licensing rights to market the
Tekplate product under patent numbers US5473517, US5713655 and US6010228.

The  Company  regards  substantial  elements  of  its operations and underlying
infrastructure and technology as proprietary and attempts  to  protect  them by
relying  on  trademark,  service  mark,  copyright  and  trade  secret laws and
restrictions  on  disclosure  and  transferring  title and other methods.   The
Company  plans  to  enter  into  confidentiality  agreements  with  its  future
employees, future suppliers and future consultants  and  in connection with its
license agreements with third parties and generally seeks  to control access to
and  distribution  of  its  technology,  documentation  and  other  proprietary
information.  Despite these precautions, it may be possible for  a  third party
to  copy  or  otherwise  obtain  and  use the Company's proprietary information
without authorization or to develop similar technology independently.

With regards to the Company's future oil  production,  the  Registrant does not
hold any patents, trademarks, licenses, etc., with respect to,  nor are patents
significant  in  regard to, the Registrant's oil production activities  (for  a
discussion of the  sources  and  availability of the Registrant's oil reserves,
see "Properties").

There can be no assurance that the  steps  taken  by  the  Company will prevent
misappropriation  or infringement of its proprietary information,  which  could
have a material adverse effect on the Company's business, results of operations
and financial condition.  Litigation  may be necessary in the future to enforce
the Company's intellectual property rights,  to  protect  the  Company's  trade
secrets  or  to  determine  the validity and scope of the proprietary rights of
others.  Such litigation might  result  in  substantial  costs and diversion of
resources  and management attention.  Furthermore, there can  be  no  assurance
that the Company's  business  activities will not infringe upon the proprietary
rights of others, or that other parties will not assert infringement claims
against the Company.  Moreover,  from  time to time, the Company may be subject
to claims of alleged infringement by the  Company  or  service  marks and other
intellectual  property rights of third parties.  Such claims and any  resultant
litigation, should it occur, might subject the Company to significant liability
for damages, might  result  in invalidation of the Company's proprietary rights
and, even if not meritorious,  could  result in substantial costs and diversion
of resources and management attention and  could have a material adverse effect
on the Company's business, results of operations and financial condition.

5) Regulation

The Registrant's oil production activities are,  and any drilling operations of
the Registrant would be, subject to extensive regulation  by  numerous federal,
state   and   local  governmental  authorities,  including  state  conservation
agencies,  the  Department  of  Energy  and  the  Department  of  the  Interior
(including the Bureau  of  Indian  Affairs  and  Bureau  of  Land  Management).
Regulation  of the Registrant's production, transportation and sale of  oil  or
gas have a significant effect on the Registrant and its operating results.

State Regulation - The current production operations of the Registrant are, and
any drilling  operations  of  the Registrant would be, subject to regulation by
state conservation commissions  which  have authority to issue permits prior to
the  commencement  of  drilling  activities,   establish   allowable  rates  of
production,  control  spacing  of wells, prevent waste and protect  correlative
rights, and aid in the conservation  of  natural  gas  and  oil.  Typical state
regulations require permits to drill and produce oil, protection of fresh water
horizons, and confirmation that wells have been properly plugged and abandoned.

6) Effect of Existing or Probable Government Regulations

There  can  be  no assurance that State government will not attempt  to  impose
regulations upon  the  Company  in  the future or that such imposition will not
have a material adverse effect on the Company's business, results of operations
and financial condition.

Changes  to  existing laws or the passage  of  new  legislation,  could  create
uncertainty in  the  marketplace  that  could reduce demand for the services or
products of the Company or increase the cost  of  doing business as a result of
litigation  costs or increased manufacturing costs,  or  could  in  some  other
manner have a  material  adverse  effect  on the Company's business, results of
operations  and  financial  condition.   In  addition,  because  the  Company's
products  are accessible worldwide, and the Company  may  facilitate  sales  of
goods to users  worldwide,  other  jurisdictions  may claim that the Company is
required to qualify to do business as foreign corporation  in  particular state
or foreign country.

7) Research and Development Activities

The  Company,  among other things, plans to develop and upgrade its  technology
and information-processing  systems,  meet  the  needs  of  a  changing market,
provide  superior  customer  service,  respond to competitive developments  and
attract, integrate, and motivate qualified  personnel  provided the company can
generate sales and profits on an ongoing basis.

There can be no assurances the Company will be successful  in accomplishing any
or  all  of  its plans, and the failure to do so could have a material  adverse
effect  on  the   company's  business,  results  of  operations  and  financial
condition.

8)  Impact of Environmental Laws

Environmental Matters - Various federal and state authorities have authority to
regulate the exploration  and development of oil and gas and mineral properties
with respect to environmental matters.  Such laws and regulations, presently in
effect or as hereafter promulgated,  may  significantly  affect the cost of its
current   oil  production  and  any  exploration  and  development   activities
undertaken  by  the  Registrant  and  could  result in loss or liability to the
Registrant  in  the  event  that any such operations  are  subsequently  deemed
inadequate for purposes of any such law or regulation.

The Company is not aware of any  federal,  state  or  local environmental laws,
which would effect its other operations.

9) Pursue Strategic Acquisitions and Alliances

The  Company believes that there are numerous opportunities  to  acquire  other
businesses  with  established  bases,  compatible  operations,  experience with
additional  synergistic  aspects,  and  experienced  management.   The  Company
believes  that  these  acquisitions,  if  successful,  will  result in mutually
beneficial  opportunities,  and may increase the Company's revenue  and  income
growth.  The Company intends  to  seek  opportunities  to  acquire  businesses;
services  and/or  technologies  that  it  believes will complement its business
operations.   The  Company plans to seek opportunistic  acquisitions  that  may
provide complementary  services,  expertise  or  access to certain markets.  No
specific acquisition candidates have been identified,  and  no assurance can be
given  that  any  transactions  will  be  effected,  or  if effected,  will  be
successful.

In addition, the Company may execute strategic alliances with partners who have
established operations.  As part of these joint venture agreements, the Company
may make investments in or purchase a part ownership in these  joint  ventures.
The  Company  believes  that  these joint venture relationships, if successful,
will  result  in  synergistic  opportunities,  allowing  the  Company  to  gain
additional insight, expertise and  penetration  in  markets where joint venture
partners  already operate, and may increase the Company's  revenue  and  income
growth.  No  specific  joint  venture  agreements  have  been  signed,  and  no
assurance  can  be  given that any agreements will be effected, or if effected,
will be successful.

10) Product Liability Insurance

Although the Company  believes  its  products  are  safe,  it may be subject to
product liability claims from persons injured through the use  of the Company's
marketed  products  or services.  The Company carries direct product  liability
insurance.  There is no assurance that this insurance will adequately cover any
liability claims brought  against  the Company.  There also can be no assurance
that  the  Company will be able to maintain  its  own  liability  insurance  on
economically  feasible  terms.   The  Company's  failure  to  maintain  its own
liability  insurance could materially adversely affect its ability to sell  its
products in  the future. Although no product liability claims have been brought
against the Company  to date, if there were any such claims brought against the
Company, and the company  did not have product liability insurance, the cost of
defending against such claims and any damages paid by the Company in connection
with such claims could have  a  materially  adverse  impact  upon  the company,
including its financial position, results of operations and cash flows.

11) Employees

The Company currently has four hundred and forty-seven (447) employees of which
six  (6)  are Officers of the Company as of December 31, 2002.  As the  Company
continues to grow and develop its product lines it will need to add employees.

(i) The Company's  performance is substantially dependent on the performance of
its  President/CEO, Murray  N.  Conradie  and  COO,  David  Scott  Kincer.   In
particular,  the  Company's  success  depends  on  their  ability  to identify,
develop, acquire, design and market the company's products and services.

(ii)  The  Company  does  not  carry  key  person life insurance on any of  its
personnel. The loss of the services of any of  its  executive officers or other
key employees could have a material adverse effect on  the business, results of
operations  and  financial  condition  of  the Company.  The  Company's  future
success  also depends on its ability to retain  and  attract  highly  qualified
technical and managerial personnel.

(iii) There can be no assurance that the Company will be able to retain its key
managerial  and  technical  personnel  or  that  it will be able to attract and
retain additional highly qualified technical and managerial  personnel  in  the
future.    The  inability  to  attract  and retain the technical and managerial
personnel necessary to support the growth  of  the  Company's business, due to,
among other things, a large increase in the wages demanded  by  such personnel,
could  have a material adverse effect upon the Company's business,  results  of
operations and financial condition.

12) The Industry & Potential Effect on the Company's Plan of Operations

The  rapid  adoption  of  the  Internet  as  a  means  to  gather  information,
communicate,  interact and be entertained, combined with the vast proliferation
of Web sites, has  made  the  Internet  an  important new mass medium. With the
volume of sites and vast abundance of information  available  on  the Internet,
users  are  increasingly  seeking  an online home where they can interact  with
others  with  similar  interests and quickly  find  information,  products  and
services related to a particular interest or need.

The  Company plans to market  its  products  through  the  retail  channels  of
distribution,  the  Internet,  and  utilizing  contract  sales representatives.
Failure  by  the Company to adapt to changing market conditions  could  have  a
material adverse  effect  on  the Company's business, results of operations and
financial condition.

13) Risk Factor that the Company has no contractual restrictions to incur debt.

The Company does not currently have any contractual restrictions on its ability
to incur debt and, accordingly,  the Company could incur significant amounts of
indebtedness to finance its operations.   Any  such  indebtedness could contain
covenants,  which would restrict the Company's operations.   There  can  be  no
assurance that additional financing will be available on terms favorable to the
Company, or at  all.   If adequate funds are not available or are not available
on acceptable terms, the Company may not be able to continue in business, or to
a lesser extent not be able  to  take  advantage  of acquisition opportunities,
develop or enhance services or products or respond to competitive pressures.


ITEM 2.  DESCRIPTION OF PROPERTY.

The address of the principal office is:  6330 McLeod Drive, Suite 1, Las Vegas,
Nevada  89120.   The  Company  up until October 31, 2002  leased  approximately
28,600 square feet of office and  warehouse  space  in  Henderson,  Nevada with
aggregate monthly rent of approximately $11,268.00.  As of October 30, 2002 the
company moved to its new location of approximately 2,080 square feet and leased
a  separate  warehouse  location with an aggregate monthly rental of $2,895.00.
Additionally,  the Company  leases  23,060  square  feet  of  office  space  in
Riverside, California  with aggregate monthly rent of approximately $18,448.00.
Combined rent recorded during  2001  and  2002  respectfully  was  $189,235 and
$308,889.

As  of  March  1,  2003  the Riverside California lease has terminated and  new
premises of approximately  5,102  square  feet have been leased at 145 S. State
College  Blvd,  Suite  350  Brea  CA  92821  with  aggregate  monthly  rent  of
approximately $8,724.00.

ITEM 3.  LEGAL PROCEEDINGS.

The Company is from time to time involved in litigation incident to the conduct
of its business.  Certain litigation with third  parties and present and former
employees of the Company is routine and incidental,  such litigation can result
in large monetary awards for compensatory or punitive damages.

The  Company was in litigation with two separate lawsuits  during  2002.   They
were:

After  numerous delays by the inventor of the Electrostatic Light Switch patent
number 5833350  to  provide  Nutek  the  information,  continuation patents and
schematics  which  Nutek  purchased,  Nutek  acquired world wide  rights  to  a
significantly  enhanced  patent  and  returned the  rights  to  Electro  Static
Solutions LLC for patent number 5833350.   Electro  Static  Solutions  and  its
members are now involved in litigation with Nutek for the return of $150,000.00
in  cash  and  $180,000.00  in  Nutek  stock  paid to Electro Static Solutions.
Electro Static Solutions is claiming the balance  of  the purchase price.  This
lawsuit was settled in late 2002.

The previous facility leased by Registrant in Henderson  Nevada  was leased for
the  purpose  of consolidating all the operations into one location.   A  prior
tenant of the premises  had vacated the premises leaving fixtures that occupied
approximately 50% of the floor space in the warehouse.  The landlord had agreed
to have this equipment removed within 90 days.  This did not occur and after 14
months, when the equipment  had  not been removed from the premises; a decision
was made to find alternate premises  and  terminate  the  lease for cause.  The
Registrant is claiming damages, and this litigation is currently active.

Subsequent Event

The Company, along with a number of individual shareholders,  filed  a  federal
lawsuit  on  March  21,  2003  in the United States District Court, District of
Nevada,  against  Ameritrade  Holding   Corp.,  E*Trade  Group  Inc.,  Fidelity
Brokerage Services LLC, Maxim Group LLC and  Charles Schwab & Company Inc., for
securities fraud, breach of contract, and negligence, among other claims.   The
plaintiff group is also demanding declaratory  and injunctive relief, including
asking for general, special and punitive financial damages; and that the matter
be taken up for jury trial in the jurisdiction of  the  United  States District
Court's Nevada District.

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

No  matters  were  submitted  to  a vote of security holders during the  fourth
quarter of the fiscal year ended December 31, 2002.


                                PART II

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

A.  Market Information

(1) The Company's common stock is listed  and  trading  on  the  NASD  Over The
Counter Bulletin Board (OTCBB) under the trading symbol NUTK.

CERTAIN MARKET INFORMATION

The  Company's  Common  Stock is traded on the OTC Bulletin Board (OTCBB) under
the  symbol "NUTK". The following  table  sets  forth  the  high  and  low  bid
quotations  for  the  Common Stock for the periods indicated.  These quotations
reflect prices between  dealers, do not include retail mark-ups, markdowns, and
commissions and may not necessarily  represent  actual  transactions. These bid
quotations have not been adjusted retroactively by any stock split.

                                 Common Stock

<TABLE>
<CAPTION>
PERIOD                       HIGH  LOW
<S>                           <C>    <C>
Calendar Year 2000
First Quarter ended 3/31/00  	$1.00 	$0.20
Second Quarter ended 6/30/00 	$0.90 	$0.25
Third Quarter ended 9/30/00  	$0.37 	$0.17
Fourth Quarter ended 12/31/00	$0.40 	$0.14

Calendar Year 2001
First Quarter ended 3/31/01  	$0.30 	$0.18
Second Quarter ended 6/30/01 	$0.34 	$0.14
Third Quarter ended 9/30/01  	$0.22 	$0.07
Fourth Quarter ended 12/31/01	$0.22 	$0.07

Calendar Year 2002
First Quarter ended 3/31/02  	$0.13 	$0.05
Second Quarter ended 6/30/02 	$0.135	$0.06
Third Quarter ended 9/30/02  	$0.12 	$0.04
Fourth Quarter ended 12/31/02	$0.10 	$0.035

</TABLE>


(2)(i)   There  is  currently no Common Stock which is subject  to  outstanding
options or warrants to  purchase, or securities convertible into, the Company's
Common Stock. The preferred  series  A are convertible into common stock at the
ratio of 1:100.

(ii) There are approximately 6,947,181  shares  of  restricted stock, which are
more than two years old that could be sold under Rule  144 under the Securities
Act of 1933, as amended.

(iii) There is currently no common equity that is being  or  is  proposed to be
publicly offered by the registrant, the offering of which could have a material
effect on the market price of the issuer's common equity.

B. Holders

As of December 31, 2002, the Company has approximately five hundred  and thirty
three
(533) stockholders of record.

C.  Dividends

The  Company  has  not  paid  any dividends to date.  In addition, it does  not
anticipate paying dividends in  the immediate foreseeable future.  The Board of
Directors of the Company will review  its  dividend policy from time to time to
determine the desirability and feasibility of  paying  dividends  after  giving
consideration   to   the   Company's  earnings,  financial  condition,  capital
requirements and such other factors as the board may deem relevant.

D. Recent Sales of Unregistered Securities

Since January 1, 2002, the Company  has sold the unregistered securities listed
below.   These  issuances  were  deemed  exempt  from  registration  under  the
Securities  Act  in  reliance  on  Section  4(2)  of  the  Securities  Act,  as
transactions not involving a public offering,  under  the  Securities  Act.  No
commissions  were  paid  to any placement agent or underwriter for any of these
issuances.

During the fiscal year ended  December  31, 2002, the Company issued securities
using  the exceptions available under the  Securities  Act  of  1933  including
unregistered  sales made pursuant to Section 4(2) of the Securities Act of 1933
and pursuant to Regulation S, as follows: (1) 13,517,240 shares of common stock
were issued for  the  purchase  of  Sin  Fronteras, Inc., (2) 967,068 shares of
restricted common stock were issued for services valued at $26,550, (4) 297,915
shares of restricted common stock was issued  to  employees  in lieu payment of
unpaid  compensation,  (5) 850,000 shares of common stock were issued  for  the
settlement of lawsuits,  this  stock  was valued at par value and (6) 1,949,152
shares of restricted common stock were sold to investors for $70,299.

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

The following is a discussion of certain factors affecting Registrant's results
of operations, liquidity and capital resources.  You  should read the following
discussion  and  analysis  in  conjunction  with the Registrant's  consolidated
financial statements and related notes that are  included  herein  under Item 7
below.

CAUTIONARY STATEMENTS FOR PURPOSES OF THE SAFE HARBOR PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995.

The statements contained in the section captioned Management's Discussion and
Analysis of Financial Condition and Results of Operations which are  historical
are  "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.  These  forward-looking statements  represent  the
Registrant's  present expectations or beliefs  concerning  future  events.  The
Registrant cautions  that  such  forward-looking  statements  involve known and
unknown  risks,  uncertainties  and  other factors which may cause  the  actual
results,  performance  or  achievements of  the  Registrant  to  be  materially
different from any future results,  performance  or  achievements  expressed or
implied  by such forward-looking statements. Such factors include, among  other
things, the uncertainty as to the Registrant's future profitability; the
uncertainty  as to the demand for Registrant's services; increasing competition
in the markets  that  Registrant conducts business; the Registrant's ability to
hire, train and retain sufficient qualified personnel; the Registrant's ability
to obtain financing on acceptable terms to finance its growth strategy; and the
Registrant's ability to develop and implement operational and financial systems
to manage its growth.

1) Plan of Operation

The  Company  is engaged  in  multiple  business  activities,  which  currently
include:

(A) Datascension  Inc.,  which  conducts telephone market research and provides
data entry services for third parties;
(B) Nutek Oil Inc, which owns the rights to oil leases in Texas;
(C) Kristi & Co., Inc., which designs,  manufactures  and  sells woman's resort
wear clothing;
(D) Century Clocks Inc., which produces plastic wall clocks;
(E) SRC International Inc., which produces plastic coverings for metal rails;
(F) Other consumer/industrial products which include: a patented safety product
that  replaces  standard  light switch cover plates that automatically  provide
illumination in the event of  a  power  failure;  and a patented plastic buffet
plate that allows the user to hold both a plate and cup in one hand.

Note:
The Registrant is currently engaged in or pursuing  the  sale  of the following
business activities;
(C)  Kristi  & Co., Inc., which designs, manufactures and sells woman's  resort
wear clothing;
(D) Century Clocks Inc., which produces plastic wall clocks;
(E) SRC International Inc., which produces plastic coverings for metal rails;

The  Company's  websites  can  be  found  at:  www.nutk.com;  www.tekplate.com;
www.nutekoil.com and www.datascension.com

(i) Short-term Objectives:

 -  Continue the expansion of Datascension.
 -  Continue market penetration and consumer awareness of the Tekplate product
 -  Make acquisitions of strategic competitors.
 -  Develop strategic Joint Venture relationships.
 -  Locate a product or company to acquire and promote.

Nutek  has  made  the decision to eliminate certain operations to focus more of
its resources on its core growth operations. The decision was based on a number
of factors including  the  performance  and  cash flow requirements of Kristi &
Co., Inc. and Century Clocks Inc., the general  slow growth projections for the
next few years, the high cost of customer acquisition  and  retention  and  the
ongoing  costs  associated  with  maintaining these operations at a competitive
level. Kristi & Co., Inc and Century  Clocks  Inc.,  did  expand their customer
base  of  customers,  however,  to maintain and continue growth  would  require
significant  additional  capital requirements.   This  capital  can  be  better
utilized in expanding Datascension  and  funding additional TekPlate inventory.
Nutek anticipates that these actions will  reduce operating expenses and at the
same time have a significant impact on increasing revenue and profits.

(ii) Long-term Objectives:

 - Expand the Tekplate penetration to both a national and international level.
 - Secure additional business opportunities for Datascension Inc.
 - Expand Datascension's Costa Rica operation.
 - Complete in-field drilling of additional oil wells.

There is a planned sale of significant equipment  and assets to include, Kristi
&  Co.,  Inc, Century Clocks Inc., and SRC International  Inc.   Excluding  any
potential  acquisition,  the  Company's  Costa  Rica  work force is expected to
increase at a rate equal to actual increases of our business operations.

Management is of the opinion that sufficient working capital  will be available
from internal operations and from outside sources during the next twelve months
thereby enabling Nutek to meet its obligations and commitments  as  they become
payable.  Historically,  Nutek  has  been  successful  in its efforts to secure
working capital from private placements of common stock  securities, bank debt,
and loans from private investors.  Currently, Mr. Conradie  and Mr. Kincer have
both  provided  significant  personal  collateral to the Company's  bankers  in
return for a substantial line of credit.

2) Results of Operations

For  the calendar year, ended December 31,  2002,  the  Company  has  generated
$6,594,154  in revenues and generated a profit of $732,164 for the same period.
This compares to $2,915,548 in revenues and a loss of $270,803 for the calendar
year ended December  31,  2001.  For the calendar year ended December 31, 2002,
the  Company  has increased its  working  capital  position  by  $602,785  from
$675,726 at December 31, 2001 to $1,278,511 at December 31, 2002.

Analysis of the  calendar year ended December 31, 2002 compared to the calendar
year ended December 31, 2001.

For the calendar year  ended  December  31,  2002,  revenues were approximately
$6,594,154  compared  to $2,915,548 for the calendar year  ended  December  31,
2001, an increase of $3,678,606.  The  increase  was  due  to  the  increase in
revenues  derived  from the continued growth of our Datascension operation  and
the increase in revenues derived from the acquisition of Sin Fronteras, Inc. in
Costa Rica.  The steady  increase  in  oil  prices benefited the oil production
with revenues recorded at gross revenue with working interest costs deducted as
a contra-revenue account.

Gross  profit was $4,032,351 for the calendar  year  ended  December  31,  2002
compared  to  $1,825,712  for  the  calendar  year  ended December 31, 2001, an
increase  of  $2,206,639.  The  increase  was due to the increase  in  revenues
derived  from  the  continued  growth  of our Datascension  operation  and  the
increase in revenues derived from the acquisition  of  Sin  Fronteras,  Inc. in
Costa  Rica.   The  steady  increase in oil prices benefited the oil production
with revenues recorded at gross revenue with working interest costs deducted as
a contra-revenue account.

SG&A expense increased to $3,164,145  for  the calendar year ended December 31,
2002 from $1,811,638 for the calendar year ended December 31, 2001, an increase
of  $1,352,507.  The  increase  in  SG&A  was due  to  the  following:  1)  the
acquisition of Sin Fronteras, Inc., in May  2002; and 2) increased expenditures
for legal fees in the lawsuits discussed in the litigation section.

Depreciation expense for the calendar year ended December 31, 2002 was $224,042
compared to $178,726 for the calendar year ended December 31, 2001, an increase
of $45,316. The increase resulted from the acquisition  of additional assets in
the Datascension and Nutek Oil divisions.

Interest  expense  for the calendar year ended December 31,  2002  was  $73,890
compared to $87,878 for the calendar year ended December 31, 2001 a decrease of
$13,988.  The resulted  from  the  company's  plan  of  paying  down the higher
interest debt, along with consolidating some of the outstanding debt.

Amortization  expense  for  the  calendar year ended December 31, 2002  was  $0
compared to $38,651 for the calendar  year  ended December 31, 2001, a decrease
of $38,651.  The company is testing the intangibles  assets  on an annual basis
and  will  impose  any  necessary  impairment,  should  one exist, rather  than
amortizing the intangibles.  See Note 2 of the financial statements.

3) Liquidity and Capital Resources

On  December  31,  2002  the  Company  had  assets  of $8,212,727  compared  to
$6,607,453 on December 31, 2001, an increase of $1,605,275,  which  is a result
of  the  acquisition  of  Sin  Fronteras Inc., in May 2002 and the increase  in
accounts receivable of $886,235.   The Company had a total stockholders' equity
of $6,571,970 on December 31, 2002 compared to $5,320,534 on December 31, 2001,
an increase in the equity of $1,251,436.

All assets are booked at historical  purchase  price  and  there is no variance
between book value and the purchase price.

On  December  31,  2002  the  Company  had  Property  and  Equipment   (net  of
depreciation) of $2,948,032 compared to $2,994,776 on December 31, 2001,  or  a
decrease  of  $46,744  which  is a result of the sale of the print shop and the
depreciation of $224,042 for the calendar year.

For the calendar year ended December  31,  2002,  the Company has increased its
working capital position by $602,785 from $675,726  at  December  31,  2001  to
$1,278,511 at December 31, 2002.

Going  Concern  -  The  Company's  financial  statements are prepared using the
generally accepted accounting principles applicable  to  a going concern, which
contemplates the realization of assets and liquidation of  liabilities  in  the
normal  course  of  business.   The  financial  statements  do  not include any
adjustments relating to the recoverability and classification of asset carrying
amounts  or the amount of liabilities that might result should the  Company  be
unable to continue as a going concern.

The Company's  consolidated  financial  statements  have  been  prepared on the
assumption  the Company will continue as a going concern.  Management  believes
that current  operations  will  continue to provide sufficient revenues to meet
operating costs and expansion.

Unclassified Balance Sheet - In accordance  with the provisions of SFAS No. 53,
the Company has elected to present an unclassified balance sheet.

Loss Per Share - The Company adopted the provisions  of  Statement of Financial
Accounting  Standards ("SFAS") No. 128, "Earnings Per Share"  that  established
standards for  the  computation,  presentation  and  disclosure of earnings per
share ("EPS"), replacing the presentation of Primary EPS with a presentation of
Basic EPS. It also requires dual presentation of Basic  EPS  and Diluted EPS on
the face of the income statement for entities with complex capital structures.

4)  Subsequent Events

Events  that  have occurred after the period ending December 31,  2002  are  as
follows:

The Company,  along with a number of individual  shareholders,  filed a federal
lawsuit on March 21, 2003 in the  United  States  District  Court,  District of
Nevada,  against  Ameritrade  Holding  Corp.,  E*Trade  Group  Inc.,   Fidelity
Brokerage Services LLC, Maxim Group LLC and Charles Schwab & Company Inc.,  for
securities fraud, breach of contract, and negligence, among other claims.   The
plaintiff group  is also demanding declaratory and injunctive relief, including
asking for general, special and punitive financial damages; and that the matter
be taken up for jury  trial  in  the jurisdiction of the United States District
Court's Nevada District.

As of March 1, 2003 the Riverside  California  lease  has  terminated  and  new
premises  of  approximately  5,000 square feet have been leased at 145 S. State
College  Blvd,  Suite  350  Brea  CA  92821  with  aggregate  monthly  rent  of
approximately $8,724.00.





ITEM 7.  FINANCIAL STATEMENTS.







				    NUTEK, INC.

				TABLE OF CONTENTS





	Independent Auditors Report					F1

Consolidated Financial Statements:

	Consolidated Balance Sheets					F2 - F3

	Consolidated Statements of Operations				F4

	Consolidated Statements of Changes in Stockholders Equity	F5 - F6

	Consolidated Statements of Cash Flows				F7

Notes to Consolidated Financial Statements				F8 - F18






                         INDEPENDENT AUDITORS' REPORT




To the Board of Directors of
Nutek, Inc.
Henderson, Nevada


We  have  audited  the  consolidated  balance  sheet  of  Nutek, Inc. (a Nevada
corporation)  as of December 31, 2002, and the related consolidated  statements
of operations,  changes  in  stockholders'  equity, and cash flows for the year
then ended.  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.  The consolidated financial statements of Nutek,
Inc. as of December 31, 2001, before the adjustments described in Note 14, were
audited  by  other  auditors  whose  report dated April 12, 2002, expressed  an
unqualified opinion on those statements.

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 2002 financial statements referred to above present fairly,
in all material respects, the financial position of  Nutek, Inc. as of December
31, 2002, and the results of its operations and its cash  flows  for  the  year
then  ended  in conformity with accounting principles generally accepted in the
United States of America.

We also audited  the  adjustments  described  in  Note  14 that were applied to
adjust the 2001 financial statements.   In our opinion,  such  adjustments  are
appropriate and have been properly applied.




Gary V. Campbell, CPA, Ltd.

March 21, 2003
Las Vegas, Nevada





				- F1 -




<PAGE>



						Nutek Inc.
					      Balance Sheets
					    For the Years ended
					December 31, 2002 and 2001

<TABLE>
<CAPTION>

<S>                                                                                             <C> <C>         <C> <C>


                                                                                                12/31/02   12/31/01
ASSETS

CURRENT ASSETS:
Cash                                                                                               $44,371    $60,610
Accounts receivable                                                                              1,567,277    681,042
Investment in securities                                                                                 -     72,000
Inventory                                                                                          222,890    163,006
Accrued income                                                                                      11,200     11,200
Notes receivable, related party                                                                      7,500
Notes receivable                                                                                   753,206          -
Prepaid expenses                                                                                   119,408    167,609
     Total current assets                                                                        2,725,852  1,155,467

PROPERTY AND EQUIPMENT:
Property and equipment, net of depreciation                                                      2,948,032  2,994,776
     Total Property and Equipment                                                                2,948,032  2,994,776

OTHER ASSETS:
Patent rights acquired, net of amortization                                                        561,262    561,262
Notes receivable, net of current portion                                                             5,800          -
Website assets, net of amortization                                                                 19,654     12,154
Customer lists, net of amortization                                                                 43,583     43,583
Patterns/designs, net of amortization                                                               44,488     44,488
Trade show booths, net of amortization                                                               5,304      5,909
Packaging design/artwork, net of amortization                                                       69,687     67,317
Long-term investment                                                                                 8,000    188,000
Deposits                                                                                            30,284     13,715
Goodwill                                                                                         1,692,782  1,462,782
Trademarks                                                                                           8,000      8,000
Licensing fees                                                                                      50,000     50,000
     Total other assets                                                                          2,538,844  2,457,210

TOTAL ASSETS:                                                                                   $8,212,728 $6,607,453



				- F2 -

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts payable                                                                                  $591,723   $233,270
Accrued expenses                                                                                   153,233    105,867
Line of credit                                                                                     373,800          -
Notes payable, related party                                                                       170,000
Current portion of long-term notes payable                                                         123,418    140,604
     Total current liabilities                                                                   1,412,174    479,741

LONG-TERM DEBT:
Long-term notes payable                                                                             58,173    636,767
Bonds payable                                                                                      170,411    170,411
     Total long-term debt                                                                          228,584    807,178

TOTAL LIABILITIES:                                                                               1,640,758  1,286,919

STOCKHOLDERS' EQUITY
Common Stock                                                                                        88,974     71,392
Common Stock, $0.001 par value, 200,000,000 shares authorized;  88,973,910 shares issued and
88,015,577 shares outstanding at12/31/02 and 71,392,535 as of 12/31/01.
Preferred Stock - Series A                                                                             560        596
Preferred stock - Series A, $0.001 par value, 20,000,000 shares authorized;  559,508 shares
issued and outstanding at 12/31/02 and 596,408 shares as of 12/31/01.
Preferred Stock - Series B                                                                             509        794
Preferred stock - Series B, $0.001 par value, 20,000,000 shares authorized;  508,500 shares
issued and outstanding at 12/31/02 and 793,500 shares as of 12/31/01.
Additional paid-in capital - common stock                                                        7,555,559 10,505,593
Additional paid-in capital - preferred series A                                                  3,021,132          -
Additional paid-in capital - preferred series B                                                    507,991          -
Stock Subscription                                                                               (153,750)          -
Treasury stock                                                                                   (134,388)   (52,388)
Non-Controlling Interest in Subsidiary                                                             355,782          -
Accumulated deficit
                                                                                               (4,670,399)(5,205,453)
     Total stockholders' equity                                                                  6,571,970  5,320,534

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                                      $8,212,728 $6,607,453
</TABLE>


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



				- F3 -



						Nutek Inc.
					   Statements of Income
					    For the Years ended
					December 31, 2002 and 2001

<TABLE>
<CAPTION>

<S>                                  <C> <C>                <C> <C>                <C> <C> <C> <C> <C> <C> <C> <C>



                                         AUDITED              AUDITED
                                    January 1, 2002 to  January 1, 2001 to
                                    December 31, 2002   December 31, 2001

REVENUE                                     $6,594,154        $2,915,548

COST OF GOODS SOLD                           2,561,803         1,089,836

GROSS PROFIT                                 4,032,351         1,825,712

EXPENSES:
Selling, general and administrative          3,164,145         1,811,638
Depreciation expense                           224,042           178,726
Amortization expense                                 -            38,651
     Total expenses                          3,388,187         2,029,015

OPERATING INCOME (LOSS)                        644,164         (203,303)

OTHER INCOME/(EXPENSES):
Interest income                                  1,729             1,087
Forgiveness of debt                            140,227            15,000
Interest expense                              (73,890)          (87,878)
Gain (Loss) on disposition of assets             (715)             4,291
Minority Interest in Earnings                   16,818
Miscellaneous income (expenses)                  3,634                 -
     Total other income/(expenses)              87,803          (67,500)

NET ORDINARY INCOME (LOSS)                    $731,967        $(270,803)


As previously reported                     (5,205,454)       (4,576,874)
Prior Period Adjustment                      (196,912)         (357,777)

Beginning of period                        (5,402,366)       (4,934,651)

                                          $(4,670,399)      $(5,205,454)

Basic weighted average number of
common shares outstanding                   81,317,756        59,140,808

Diluted weighted average number of
common shares outstanding                  141,427,000       119,290,108

Basic Net Income (Loss) per Share               $0.009          $(0.005)

Diluted Net Income (Loss) per Share             $0.005          $(0.002)
</TABLE>



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



				- F4 -


						Nutek Inc.
				Statement of Changes in Stockholder's Equity
					    For the Years ended
					December 31, 2002 and 2001

<TABLE>
<CAPTION>

<S>               <C> <C>         <C> <C>        <C> <C>          <C> <C>        <C> <C>         <C> <C>             <C> <C>
                   Common        Common   Additional    Preferred  Preferred     Preferred - A     Preferred
                    Stock        Stock     Paid-in    Stock Shares   Stock         Add. Paid      Stock Shares
                   Shares        Amount    Capital      Series A   Series A       In Capital       Series B

Balances at
December 31, 2000 45,186,132      $45,186  $7,237,329            -         $-                $-        793,500

Issuance of
common
stock for cash     6,716,594        6,717     337,960        8,408          8                 -              -

Issuance of
common
stock for          2,487,220        2,487      26,785       29,000         29                 -              -
services

Royalty Investors    179,277          179      29,821            -          -                 -              -

Issuance for debt  4,552,154        4,552     289,206      236,000        236                 -              -

Issued in
exchange for
Datascensions      6,588,889        6,589   2,193,202      209,000        209                 -              -

Issued in
exchange for
other assets       3,130,000        3,130     306,545            -          -                 -              -

Issuance for
other expenses       488,719          489         422            -          -                 -              -

Treasury Stock             -            -           -            -          -                 -              -

Issuance to        2,063,550        2,064      84,323      114,000        114                 -              -
employees

Prior period               -            -           -            -          -                 -              -
adjustment

Net Profit for
Year
Ended Dec 31,
2001

Balance at        71,392,535      $71,392 $10,505,593      596,408       $596  -             $-        793,500
December 31, 2001

Balances at
December 31, 2001 71,392,535       71,392  10,505,593      596,408        596                 -        793,500

Issuance of
common
stock for            850,000          850           -            -          -                 -              -
settlement of
lawsuit

Cancellation of            -            -         285            -          -                 -      (285,000)
Preferred Shares

Forgiveness of        53,535           54       1,284            -          -                 -              -
Debt

Stock Issued for     913,533          914      24,298            -          -                 -              -
Services

Prior period               -            -   (108,850)            -          -                 -              -
adjustment

Reversal of                -            -   (180,000)            -          -                 -              -
Electrostatic
Purch.

Purchase of Sin   13,517,240       13,517     966,483            -          -                 -              -
Fronteras

Reclassification
of Prepaid
Expense to                                          -            -          -                 -              -
Subscribed Stock

Stock Issued to      297,915          298       7,202            -          -                 -              -
Employees

Purchase of                -            -           -            -          -                 -              -
Treasury Stock

Sale of Stock      1,949,152        1,949      68,350            -          -                 -              -

Allocate APIC to           -            - (3,729,087)            -          -         3,221,095              -
Preferred Shares

Retirement of              -            -           -     (36,900)       (37)      (199,963.10)              -
Preferred

Exchange of
Subsidiary Stock
for Note Payable           -            -           -            -          -                 -              -

Allocation of
Minority Interest
In Subsidiary              -            -           -            -          -                 -              -
Earnings

Net Profit (Loss)
for Year
Ended December             -            -           -            -          -                 -              -
31, 2002

Balance at        88,973,910       88,974   7,555,559      559,508        560         3,021,132        508,500
December 31, 2002


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



						- F5 -



						Nutek Inc.
				Statement of Changes in Stockholder's Equity (cont.)
					    For the Years ended
					December 31, 2002 and 2001


                  Preferred    Preferred                                        Non-Controlling
                                  - B
                    Stock      Add. Paid   Treasury     Subscribed  Royalty       Interest In        Income         Total
                  Series B     In Capital   Stock         Stock    Interest       Subsidiary        Deficit         Equity

Balances at
December 31, 2000       $794           $-   $(49,263)            -    $30,000                 -    $(4,576,874)   $2,687,172


Issuance of
common
stock for cash             -            -           -            -          -                 -              -       344,685

Issuance of
common
stock for                  -            -           -            -          -                 -              -        29,301
services

Royalty Investors          -            -           -            -   (30,000)                 -              -           -


Issuance for debt          -            -           -            -          -                 -              -       293,994

Issued in
exchange for
Datascensions              -            -           -            -          -                 -              -     2,200,000

Issued in
exchange for
other assets               -            -           -            -          -                 -              -       309,675

Issuance for
other expenses             -            -           -            -          -                 -              -           911

Treasury Stock             -            -     (3,125)            -          -                 -              -        (3,125)

Issuance to                -            -           -            -          -                 -              -        86,501
employees

Prior period               -            -           -            -          -                 -      (357,777)      (357,777)
adjustment

Net Profit for
Year
Ended Dec 31, 2001                                                                                   (270,803)      (270,803)


Balance at              $794  -        $-   $(52,388)  -        $-         $-                $-   $(5,205,454)    $5,320,534
December 31, 2001

Balances at
December 31, 2001        794            -    (52,388)            -          -                 -    (5,205,454)     5,320,534

Issuance of
common
stock for                  -            -           -            -          -                 -              -           850
settlement of
lawsuit

Cancellation of        (285)            -           -            -          -                 -              -           -
Preferred Shares

Forgiveness of             -            -           -            -          -                 -              -         1,338
Debt

Stock Issued for           -            -           -      (3,750)          -                 -       (11,162)        10,300
Services

Prior period               -            -           -            -          -                 -      (185,750)      (294,600)
adjustment

Reversal of                -            -           -            -          -                 -              -      (180,000)
Electrostatic
Purch.

Purchase of Sin            -            -           -            -          -                 -              -       980,000
Fronteras

Reclassification
of Prepaid
Expense to                 -            -           -    (150,000)          -                 -              -      (150,000)
Subscribed Stock

Stock Issued to            -            -           -            -          -                 -              -         7,500
Employees

Purchase of                -            -    (82,000)            -          -                 -              -       (82,000)
Treasury Stock

Sale of Stock              -            -           -            -          -                 -              -        70,299

Allocate APIC to           -      507,991                        -          -                 -              -           -
Preferred Shares

Retirement of              -            -           -            -          -                 -              -      (200,000)
Preferred

Exchange of
Subsidiary Stock
for Note Payable           -            -           -            -          -           372,601              -       372,601

Allocation of
Minority Interest
In Subsidiary              -            -           -            -          -          (16,819)              -       (16,819)
Earnings

Net Profit (Loss)
for Year
Ended December             -            -           -            -          -                 -        731,967       731,967
31, 2002

Balance at               509      507,991   (134,388)    (153,750)          -           355,782    (4,670,399)     6,571,969
December 31, 2002
</TABLE>



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





						- F6 -




						Nutek Inc.
					  Statements of Cash Flow
					    For the Years ended
					December 31, 2002 and 2001



<TABLE>
<CAPTION>

<S>                                                      <C>   <C>        <C> <C>

                                                               Twelve months ended
                                                              12/31/02    12/31/01
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income / (Loss) from Operations                            $731,967 $(270,803)
Adjustments to reconcile net income
   to net cash provided
Services Received for Stock                                   (138,850)   (67,133)
Depreciation Expense                                            224,042    178,726
Amortization Expense                                                  -     38,651
Bad Debt Expense                                                  2,500          -
(Gain) / Loss on Disposition of Equipment                           715      4,251
(Increase) / Decrease in Prepaid Expenses                     (101,800)  (164,718)
(Increase) / Decrease in Accounts Receivable                  (905,773)     29,354
(Increase) / Decrease in Deposits                              (16,569)   (10,260)
(Increase) / Decrease in Investments                                  -          -
(Increase) / Decrease in Goodwill                                     -          -
(Increase) / Decrease in Inventory                             (59,884)     74,262
Increase / (Decrease) in Accrued Expenses                     (111,111)    105,867
Increase / (Decrease) in Accounts Payable                       195,104    181,631
     Net cash provided by (used in) operating activities      (179,659)     99,828

CASH FLOWS FROM INVESTING ACTIVITIES:
(Purchase)/Sale of Equipment                                  (163,538)     68,743
(Increase) / Decrease in Notes Receivable                        29,494          -
(Increase) / Decrease in Other Assets                           (9,870)    469,686
     Net cash provided by (used in) investing activities      (143,914)    538,429

CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of Capital Stock                                        70,300    344,685
Retirement of Preferred Stock                                  (50,000)
Prior Period Adjustment                                         373,800          -
Increase / (Decrease) in Long Term Loans Payable               (86,766)  (970,403)
     Net cash provided by (used in) financing activities        307,334  (625,718)

Balance as at beginning of period                                60,610     48,071
Net decrease in cash                                           (16,239)     12,539
Balance as at end of period                                     $44,371    $60,610

SUPPLEMENTAL INFORMATION:
Interest Paid                                                   $73,890    $87,878
Taxes Paid                                                           $-         $-
</TABLE>


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




				- F7 -





<PAGE>
                                  NUTEK, INC.

                         NOTES TO FINANCIAL STATEMENTS


 NOTE 1 - HISTORY AND ORGANIZATION OF THE COMPANY

   Nutek,  Inc.  was incorporated in August 1991 under the laws of the State of
   Nevada,  as  Nutek,   Inc.  (the  "Company")  and  is  engaged  in  multiple
   industries.

   SRC International, Inc.  was incorporated on June 20, 1997 in Illinois.  SRC
   International, Inc. manufactures  "Super  Glide,"  a  rail  covering made of
   extremely  durable,  super-slick  space  age  polymer,  designed  to  reduce
   friction  between  the  rails  and  hangers  in the dry cleaning and garment
   industries.

   Century Clocks, Inc. is a Nevada corporation formed  by  Nutek,  Inc. and is
   doing  business  in  California.   Century  Clocks, Inc. has a joint venture
   agreement with the Department of Veterans Industries.   The company produces
   clocks assembled and packaged by U.S. Veterans.

   Kristi  &  Co.,  a  Nevada  corporation  doing  business in California,  was
   incorporated  on  September 13, 1999.  The Company  markets  woman's  resort
   wear.  The Company  purchased  clothing designs and design groups on January
   6, 2000.

   Nutek Oil, Inc. was incorporated on December 3, 1998.  The company is in the
   oil  producing  business and purchased  selected  equipment  and  assets  on
   February 23, 2000  from  Clipper Operating Company.  During 2001, Nutek Oil,
   Inc. began operations as a separate company.

   Datascension, Inc. and related  assets  were purchased on September 27, 2001
   for  $2,200,000 using company shares at fair  market  value.   Datascension,
   Inc. is  a premier data solutions company representing a unique expertise in
   the collecting,  storage,  processing,  and  interpretation of data.  During
   2002, Datascension, Inc. expanded operations into  Costa Rica purchasing Sin
   Fronteras,  Inc.  for $980,000 using company shares at  fair  market  value.
   This transaction created  $230,000 of goodwill, which is being accounted for
   under the guidance of FASB  142.   Its fair value will be assessed each year
   for possible impairment.

   The transaction was accounted for by  the  purchase method of accounting for
   business combinations.  The results of operations  of the subsidiary for the
   period  from  May  13  through  December  31,  2002  are  included   in  the
   consolidated statement of operations for the year ended December 31, 2002.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   BASIS OF ACCOUNTING
   The  Company's  policy is to prepare the financial statements on the accrual
   basis of accounting.  The fiscal year end is December 31.

   CASH AND CASH EQUIVALENTS
   Cash  and  cash  equivalents  consist  of  highly  liquid  investments  with
   maturities of three months or less when purchased.



				- F8 -



<PAGE>


   NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

   INVESTMENTS AND MARKETABLE SECURITIES
   The Company has adopted  FASB  No. 115.  Equity securities are classified as
   available for sale and reported at fair value.

   Investments are recorded at the  lower of cost or market.  Any reductions in
   market value below cost are shown  as  unrealized losses in the consolidated
   statement of operations.

   CONSOLIDATION POLICY
   The accompanying consolidated financial  statements  include the accounts of
   Nutek, Inc. and its different business segments:  SRC  International,  Inc.,
   Century  Clocks, Inc., Kristi & Co., Datascension, Inc., and Nutek Oil, Inc.
   All  significant   inter-company   balances   and   transactions  have  been
   eliminated.

   INVENTORY VALUATION
   Inventories are stated at the lower of cost or market, cost being determined
   on the first in, first out (FIFO) basis.

   USE OF ESTIMATES
   The  preparation  of  financial  statements  in  conformity  with  generally
   accepted accounting principles requires that management  make  estimates and
   assumptions  which affect the reported amounts of assets and liabilities  as
   at the date of  the  financial  statements and revenues and expenses for the
   period reported.  Actual results may differ from these estimates.

   DIVIDEND POLICY
   The Company has not yet adopted any  policy  regarding payment of dividends.
   The Company has authorized 20,000,000 shares of  preferred  stock with a par
   value of $0.001.  508,500 and 793,500 shares have been issued  as  Series  B
   shares   for  cash  at  $1.00  a  share  at  December  31,  2002  and  2001,
   respectively.   559,508  and  596,408  shares  have  been issued as Series A
   shares, as of December 31, 2002 and 2001, respectively.

   Preferred shares have the same voting rights as the common  shares  but have
   priority  in  the  event of company liquidation.  All of the Series B shares
   outstanding were to  be redeemed at $1.00 a share plus all accrued dividends
   prior to December 31,  1993.   This  has  been extended by mutual agreement.
   Series B shares have annual dividends of $.15  per  share  that  are payable
   quarterly.  They are convertible to common shares on a one-for-one  basis at
   the holders' option.

   COMPREHENSIVE INCOME
   Statements   of   Financial   Accounting   Standards   No.   130,  Reporting
   Comprehensive Income (SFAS 130), requires that total comprehensive income be
   reported in the financial statements.  The Company does not have  any  items
   considered to be other comprehensive income for the years ended December 31,
   2002 and 2001.



				- F9 -


<PAGE>


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

   FIXED ASSETS
   Fixed assets are stated at cost.  Expenditures that materially increase  the
   life  of  the  assets are capitalized.  Ordinary maintenance and repairs are
   charged to expense  as incurred.  When assets are sold or otherwise disposed
   of, the cost and the  related  accumulated depreciation and amortization are
   removed from the accounts and any  resulting  gain  or loss is recognized at
   that time.  Depreciation is computed primarily on the  straight-line  method
   for financial statements purposes over the following estimated useful lives:
                              Computer equipment      5 years
                              Drilling equipment     20 years
                              Factory equipment       7 years
                              Furniture and fixtures  7 years
                              Office equipment        5 years
                              Equipment and machinery20 years
                              Molds and tooling      20 years

   All  assets are booked at historical purchase price and there is no variance
   between book value and the purchase price.

   INTANGIBLE ASSETS
   The Company  has  adopted  SFAS  No.  142,  "Goodwill  and  Other Intangible
   Assets", which requires that goodwill and other indefinite lived  intangible
   assets  are  no longer amortized, but renewed annually, or sooner if  deemed
   necessary, for impairment.  Under guidance from SFAS No. 142, management has
   determined that  as  the  major  intangible asset, the value of the electric
   light  switch,  has  not significantly  decreased  and  there  has  been  no
   reduction in the usefulness of the asset as of December 31, 2002.

   The following intangible  assets have also been assessed under guidance from
   SFAS No. 142, and concluded  that  they have not significantly decreased and
   there has been no reduction in the usefulness  of  the assets as of December
   31, 2002:  clothing patterns and designs, artwork, customer lists, packaging
   designs, patents, and trademarks.

   EARNINGS PER SHARE
   Basic earnings per share are computed using the weighted  average  number of
   shares  of  common  stock  outstanding  for  the period end.  The net income
   (loss)  for  the  period end is divided by the weighted  average  number  of
   shares outstanding for that period to arrive at earnings per share.

   Diluted EPS reflects  the  potential dilution that could occur if securities
   or other contracts to issue  common  stock  were exercised or converted into
   common stock.

   COMPENSATED ABSENCES
   The Company has made no accrual for vacation or sick pay because the Company
   does not provide for these benefits.  Therefore,  the amount of compensation
   is not reasonably estimable.



				- F10 -


<PAGE>


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

   INCOME TAXES
   The Company experienced losses during the previous fiscal tax year reported.
   The  Company  will review its need for a provision for  federal  income  tax
   after each operating  quarter.   The  Company  has  adopted FASB No. 109, as
   discussed in Note 7.

   ADVERTISING
   Advertising  costs  are  expensed  when incurred.  Advertising  expense  was
   $24,871 and $35,230 for 2002 and 2001, respectively.

   DEPLETION
   Oil well leases are depleted over the  units  of  production,  or  12 years,
   whichever is shorter.

   RESEARCH AND DEVELOPMENT
   The Company expenses its research and development in the periods incurred.

   RECLASSIFICATIONS
   Certain reclassifications have been made to the December 31, 2001 amounts to
   conform  to  the  December  31, 2002 financial statement presentation.   The
   reclassifications had no effect on net income.


NOTE 3 - SUMMARY OF NON-CASH TRANSACTIONS

   The Company acquired $82,000  in  treasury  stock in exchange for marketable
   securities with a fair market value of $72,000  and  legal  expense  in  the
   amount of $10,000 in 2002.

   During  the year ended December 31, 2002 the Company issued subscribed stock
   in exchange for prepaid expenses in the amount of $150,000.

   Office equipment  in  the amount of $52,730 was acquired during 2002 through
   the use of long-term notes payable.

   Sin Fronteras, Inc. was acquired on May 13, 2002 in exchange for outstanding
   common stock.  The company recorded goodwill in the amount of $230,000 and a
   note  receivable  in  the   amount   of  $750,000  in  connection  with  the
   acquisition.



NOTE 3 - SUMMARY OF NON-CASH TRANSACTIONS (CONTINUED)

   During  the  year  ended  December  31,  2002   the   Company  reversed  the
   Electrostatic Solutions, Inc. purchase, reducing long-term  investments  and
   additional paid in capital by $180,000.

   A  note  payable  in  the amount of $372,600 was converted into common stock
   during 2002.

   Assets and leases of the Clipper Operating Company were acquired on February
   23, 2000 with 2,064,348  shares  of  Nutek, Inc. stock at the current market
   price of $0.31 representing $639,948.   A  note  for $639,948 was issued for
   the balance of the purchase price.

   Kristi  &  Co.  was acquired on January 6, 2000 for 250,000  shares  of  the
   company stock in  exchange  for the outstanding common stock of Kristi & Co.
   at the current market price of  $0.20,  and  a  note for $50,000 with annual
   interest  of 7% was issued for the balance of the  purchase  price,  payable
   within 18 months.

   Datascension, Inc. was acquired on September 27, 2001 for 27,500,000 shares,
   valued at $2,200,000.  The value was determined by the average closing price
   of the stock  over  5  previous  days  the  stock  traded.   Of this amount,
   20,911,111  has been converted to 209,111 shares of the Series  A  preferred
   stock.  As part  of  this  acquisition,  the  Company  received  $650,000 of
   accounts receivable and $472,500 of property and equipment.


NOTE 4 - PROPERTY AND EQUIPMENT

   Property and equipment are made up of the following:
                                                        2002        2001

      Drilling equipment                        $     138,220  $  138,219
      Factory equipment                                 1,381       1,381
      Equipment and machinery                       1,779,144   1,819,150
      Molds and tooling                               758,065     758,064
      Office equipment                                380,800     195,701
      Trade show booths                                 6,150       6,150
      Leasehold improvements                          488,789     460,182
      Accumulated depreciation                      (599,213)    (378,162)
                                                 $  2,953,336  $3,000,685



				- F11 -


<PAGE>


NOTE 5 - STOCKHOLDERS' EQUITY

   The Articles of Incorporation were amended by deleting the existing  ARTICLE
   IV and replacing it in its entirety with the following amendment:

          "ARTICLE 4:  Authorized Shares:  The aggregate number of shares
          which  the  corporation  shall  have  authority  to issue shall
          consist of two hundred million (200,000,000) shares  of  common
          stock having a $.001 par value, and twenty million (20,000,000)
          shares of preferred stock having a $.001 par value.  The common
          and/or  preferred  stock of the Company may be issued from time
          to time without prior approval by the stockholders.  The common
          and/or preferred stock  may be issued for such consideration as
          may be fixed from time to  time by the Board of Directors.  The
          Board  of  Directors may issue  such  share  of  common  and/or
          preferred stock in one or more series, with such voting powers,
          designations,   preferences   and   rights  or  qualifications,
          limitations, or restrictions thereof  as shall be stated in the
          resolution or resolutions."

   This  amendment  to the Articles of Incorporation  has  been  duly  adopted,
   filed, and accepted  by  the  Nevada  Secretary  of State in accordance with
   General Corporation Law of the State of Nevada.

   On  December  27, 2001, an agreement was reached with  three  affiliates  to
   exchange notes  and common stock, including accrued and unpaid interest, for
   Series A preferred  stock  at  $5.42  per  share.   The exchange for 596,408
   Series A preferred stock was completed in December 2001.

   The Series A preferred stock are convertible at any time  into  a  number of
   shares  of  common  stock  determined  by the greater of $5.42 per share  of
   Series A preferred stock, plus any accrued  and  unpaid dividends thereon or
   one  hundred  (100) shares of common stock for one (1)  share  of  Series  A
   preferred stock plus any accrued and unpaid dividends thereon.  Dividends on
   the Series A preferred  stock  are  cumulative  and  payable quarterly at an
   annual  dividend  rate of 5%.  The Company, at its option,  may  redeem  the
   Series A preferred  stock, in whole or in part, at any time and from time to
   time, at a redemption  price  of $5.42 per share plus any accrued and unpaid
   dividends thereon.  Upon liquidation,  holders  of  the  Series  A preferred
   stock will be entitled to repayment of the greater $5.42 per share of Series
   A  preferred  stock,  plus  any accrued and unpaid dividends thereon or  one
   hundred (100) shares of common stock for one (1) share of Series A preferred
   stock  plus  any  accrued  and  unpaid   dividends  thereon,  prior  to  any
   distributions to holders of common stock.  The Series A preferred stock does
   not have any voting rights except as required  by law or as set forth in the
   exhibits in the resolution by the Board of Directors.

   On  December  27,  2001,  the  Company issued 596,408  shares  of  Series  A
   preferred  stock  of  the  Company's   Class  B  preferred  stock  to  three
   affiliates.  The conversion consideration  was  determined by the historical
   value of the common shares converted into the Series  A  preferred stock and
   the value of the notes converted into the Series A preferred  stock  of  the
   Company based on the value of the common stock at the time of conversion.



				- F12 -


<PAGE>


NOTE 5 - STOCKHOLDERS' EQUITY (CONTINUED)

   The  Class B Series preferred shares are convertible into a number of shares
   of common  stock,  determined  by  the  greater  of one hundred (100) common
   shares per one (1) share of Series A preferred stock  plus  all  accrued and
   unpaid dividends thereon, or the Series A preferred stock having a  value of
   $5.42  per  share  plus all accrued and unpaid dividends thereon subject  to
   adjustment as provided  in  the  exhibits  in the resolution by the Board of
   Directors.

   On September 27, 2001, the Company issued 27,500,000  shares in exchange for
   100% of the stock of Datascension, Inc.  Based on the average  closing stock
   price  over  the five previous days, the purchase price was $2,200,000.   Of
   this 20,911,111 shares have been converted to 209,111 shares of the Series A
   preferred stock.

   The Company issued  2,063,550  shares, valued at $86,501 to employees during
   2001 and an additional 297,915 shares valued at $7,500 during 2002.

   The Company issued 2,487,220 shares  to  various  vendors during 2001 and an
   additional 913,533 shares during 2002.

   During 2001, 3,000,000 shares of stock given to an  employee  were cancelled
   upon that employee leaving the Company.  An additional 200,000  shares  were
   cancelled  during  2001,  which were originally given as the collateral when
   the  Company  bought the print  shop  and  a  further  125,000  shares  were
   cancelled which  had  been  previously  issued  to  Mr. Helvenston  for  the
   purchase of Elite Fitness.

   The Company issued 1,000,000 shares of stock, valued at $180,000 in exchange
   for   5,000   shares,  representing  one-third  ownership  of  Electrostatic
   Solutions, Inc. stock in 2001.  These shares were cancelled during 2002 with
   a value of $180,000.

   In May 2002, the  Company issued 13,517,240 shares of common stock valued at
   $980,000 in exchange for 100% of the stock of Sin Fronteras, Inc. and a note
   receivable for $750,000 was acquired.

   During 2002, the Company  issued  850,000 shares for settlement of a lawsuit
   and 53,535 shares valued at $1,338 in lieu of debt.

   During 2002, treasury stock in the  amount  of  $82,000  was  reacquired  in
   exchange for marketable securities and other previously issued shares.

   During  2002,  the Company discounted and retired 36,900 shares of preferred
   stock Series A that had a value of $200,000.



				- F13 -


<PAGE>


NOTE 6 - LONG-TERM NOTE PAYABLE

   The Company has entered into agreements for long-term notes payable.  Long-
   term notes payable consists of the following terms at December 31, 2002:

   Note payable to Venture Capital Resources, LLC;
   no specific repayment terms, interest at 12% annually
   through February 2003.  Secured by Nutek Oil stock.       $     82,500

   Note payable to R.L. Polk, no specific repayments terms
   and no stated interest rate.  Secured by assets through 2003.   55,000

   Note payable to Skipco Leasing, monthly payments of $348
   inclusive of 7% annual interest through September 2006,
   secured by equipment.                                           13,711

   Note payable to GE Capital, monthly payments of $906,
   inclusive of 12% annual interest through February 2006,
   secured by equipment.                                           30,379
                                                                  181,590
   Less current portion                                          (123,418)
                                                             $     58,172

   Principal maturities at December 31, 2002, are as follows

            2003                                $     123,418
            2004                                       37,185
            2005                                       13,537
            2006                                        7,450
                                                $     181,590


NOTE 7 - INCOME TAXES

   Deferred  income   tax  expense  results  from  timing  differences  in  the
   recognition of expense for tax and financial statement purposes.  Statements
   of Financial Accounting  Standards  No.  109  "Accounting for Income Taxes",
   (SFAS 109) requires deferred tax liabilities or  assets  at  the end of each
   period  to  be  determined using the tax rate expected to be in effect  when
   taxes  are  actually  paid  or  recovered.   The  sources  of  those  timing
   differences and the current tax effect of each were as follows:
                                                 2002        2001
         Depreciation and amortization     $  (863,833)  $ (658,851)
         Net operating loss carryforward     1,041,913    1,081,532
         Valuation allowance                  (178,080)    (422,681)
                                           $       -     $      -



				- F14 -

<PAGE>

NOTE 7 - INCOME TAXES (CONTINUED)

   The components of the net deferred tax asset at December 31, 2002 under SFAS
   109 are as follows:

                                                 2002        2001
         Depreciation and amortization    $   (863,833) $  (658,851)
         Net operating loss carryforward     1,041,913    1,081,532
         Valuation allowance                  (178,080)    (422,681)
                                          $        -    $       -

   Reconciliations  between  the  actual tax expense and the amount computed by
   applying the U.S. Federal Income  Tax  rate  to  income  before taxes are as
   follows:
                                                  Percent of          Percent of
                                                    Pretax              Pretax
                                          Amount    Income     Amount   Income
         Expected                    $    248,869    34%    $(155,228)  (34%)
         Valuation allowance             (248,869)  (34%)     155,228    34%
         Actual expense              $        -       0%    $     -       0%


NOTE 8 - LINE OF CREDIT

   The  Company  has  a line of credit agreement with a financial  institution,
   which provides maximum  borrowing  of  $375,000.   Interest  on  outstanding
   balances  accrues  at  7%  and  is  payable monthly.  The line is due within
   twelve months and is secured by Murray Conradie (CEO) and Scott Kincer (COO)
   personally.

NOTE 9 - RELATED PARTY TRANSACTIONS

   The Company holds a note payable to Joanne  Hough,  a  shareholder,  in  the
   amount  of  $45,000.  This agreement has no specific repayment terms, and 3%
   interest annually through June 2004.  This loan is unsecured.

   The Company holds a note payable to Jeff Frank, a shareholder, in the amount
   of $55,000.   This  agreement has no specific repayment terms, and no annual
   interest and no defined maturity date.  This loan is unsecured.

   The Company holds a note  payable  to Gertrude Madich, a shareholder, in the
   amount of $50,000.  This agreement has  no specific repayment terms, and 10%
   interest annually through June 2003.  This loan is unsecured.

   The  Company  holds a note payable to Theressa  Lindert  in  the  amount  of
   $20,000.  This  agreement  has no specific repayment terms, and 10% interest
   annually through June 2002.  This loan is unsecured.



				- F15 -

<PAGE>


NOTE 9 - RELATED PARTY TRANSACTIONS (CONTINUED)

   The Company holds bonds payable  to  various  individuals  with no specified
   repayment  terms,  no  stated  maturity date, and no stated interest  rates.
   Amounts to be converted to company stock.

   The Company has an outstanding receivable  from a shareholder, in the amount
   of  $7,500.  This receivable has no stated interest  rate  and  no  specific
   repayment terms.


NOTE 10 - CONTINGENCIES AND COMMITMENTS

   SUBSCRIPTIONS RECEIVABLE
   The Company  has  received  common  stock  subscriptions  in  the  amount of
   $153,750.  The Company reported this as part of a shareholder's equity.

   LEASES
   The  Company is committed under several non-cancelable lease agreements  for
   office space with various termination dates through 2011.

   At December  31,  2002, aggregate future minimum payments under these leases
   are as follows:

     Year ended December 31,
        2003                                             $     148,988
        2004                                                   139,601
        2005                                                   141,341
        2006                                                   104,693
        2007                                                   104,693
        Thereafter                                             290,302
        Total minimum lease payments                     $     929,618


NOTE 11 - ACQUISITIONS

   All assets are booked  at historical purchase price and there is no variance
   between book value and the purchase price.

   Patent rights for an electro  static  light  switch were acquired August 27,
   1999,  for the fair market price of $1,000,000  from  a  non-related  party.
   Payment was made by issuing 600,000 shares of restricted common stock valued
   at $.30 per share.  Another $150,000 was to be paid in cash with the balance
   of $670,000  to  be paid by increasing the royalty payment from seven to ten
   percent until the  balance  is  paid  off.   After  numerous  delays  by the
   inventor  of the Electrostatic Light Switch Patent Number 5833350 to provide
   Nutek, Inc.  the  information,  continuation  patents,  and schematics which
   Nutek,  Inc.  purchased,  Nutek,  Inc.  acquired  world  wide  rights  to  a
   significantly  enhanced  patent  and  returned the rights to Electro  Static
   Solutions, LLC for Patent Number 5833350.



				- F16 -

<PAGE>

NOTE 11 - ACQUISITIONS (CONTINUED)

   NUTEK OIL, INC.
   Some of the assets and leases of the Clipper Operating Company were acquired
   on February 23, 2000 with 2,064,348 shares  of  Nutek,  Inc.  stock  at  the
   current  market price of $.31 representing $639,948; a note for $639,948 was
   issued for  the  balance  of  the  purchase  price.   The  purchase price of
   $1,279,896 was made up of mineral acreage for $454,959; equipment  at market
   value $788,217, and gas pipeline at market value $36,720.

   SRC INTERNATIONAL, INC.
   This Company was acquired for 1,000,000 shares of the Company's common stock
   for  all  the  outstanding stock of SRC International, Inc. in a transaction
   consummated on April  1,  1998.  SRC International, Inc. manufactures "Super
   Glide," a rail covering made of an extremely durable, super-slick, space age
   polymer designed to reduce  friction  between  rails  and hangers in the dry
   cleaning  and  garment  industries.   The  business  combination   has  been
   accounted for under the pooling of interest method.

   CENTURY CLOCKS, INC.
   This  Company was incorporated in Nevada on January 15, 1999 by Nutek,  Inc.
   On April  30, 1999, clock molds valued at $257,800 were acquired.  Shares in
   the amount  of  1,315,000 with a fair market value of $.12 totaling $157,800
   plus notes payable  in  the amount of $100,000 was given in exchange for the
   clock molds.

   KRISTI & CO.
   This  Company was acquired  January  6,  2000  for  250,000  shares  of  the
   Company's  stock  in  exchange  for the outstanding common stock of Kristi &
   Co., and a note payable in the amount $50,000 which has been paid in full as
   of December 31, 2002.  Kristi & Co. has the rights to certain woman's resort
   wear clothing designs and design groups.  Kristi & Co. plans to market these
   items and to continue creating new  designs.   Kristi & Co. was incorporated
   September 13, 1999.  Kristi & Co. reported the rights  and  assets purchased
   from Kristi Hough at their historical cost of zero in a manner  similar to a
   pooling of interest due to the common control of management, per APB Opinion
   16.  When Nutek, Inc. purchased Kristi & Co., the acquisition was  booked at
   the  estimated  fair  market  value  of those rights and assets which Kristi
   owned under the purchase method of accounting  for business combinations per
   APB  16  as  there  was  not  a common control issue for  this  transaction.
   Accordingly, these designs and client lists were restated at their estimated
   fair market values per the best  judgment  of  management.  Management based
   its evaluation on the fact that these customer lists,  designs, and patterns
   had previously generated revenues of approximately 18 months.   Nutek,  Inc.
   estimated  the  customer  list  at  $50,000  and the designs and patterns at
   $50,000.

   Recorded  sales  and cash flows of Kristi & Co.'s  line  indicate  that  the
   valuation was accurate.   The  Company anticipates selling these items since
   Kristi & Co.




				- F17 -

<PAGE>


NOTE 11 - ACQUISITIONS (CONTINUED)

   DATASCENSION, INC.
   This Company was acquired on July  2,  2001  for $2,000,000 of Nutek, Inc.'s
   restricted  common  stock in exchange for the outstanding  common  stock  of
   Datascension, Inc.  There  were  27,500,000  shares issued.  Of this amount,
   20,911,111 has been converted to 209,111 shares  of  the  Series A preferred
   stock.  Datascension, Inc. is a premiere data solutions company representing
   unique  expertise in collection, storage, processing, and interpretation  of
   data.

   Sin Fronteras, Inc., a Costa Rican company, was acquired on May 13, 2002 for
   13,517,241  shares  of  Nutek,  Inc.'s  common  stock  in  exchange  for the
   outstanding common stock of Sin Fronteras, Inc. at the fair market value  of
   the  average  trading price of Nutek, Inc.'s stock for the five trading days
   prior to May 13,  2002  at  the price of $0.0725.  This acquisition entitled
   Nutek, Inc. to assume $750,000 of note receivable due to Sin Fronteras, Inc.
   No other assets or liabilities were assumed.


NOTE 12 - WARRANTS AND OPTIONS

   The Company does not currently  have  any stock options issued.  The Company
   has adopted FASB No. 123 and will account  for stock issued for services and
   stock options under the fair value method.


NOTE 13 - MINORITY INTEREST IN SUBSIDIARIES

   The Company has accounted for minority interest  in  Nutek  Oil, Inc. in the
   amount  of  $16,818.   This amount represents the 22.82% interest  owned  by
   various individuals other then Nutek, Inc.


NOTE 14 - PRIOR PERIOD ADJUSTMENT

   During the year ended December  31, 2002, the Company discovered errors made
   in  the  prior  year  in recording accounts  receivable,  accounts  payable,
   accrued expenses and notes  payable.   The  errors were corrected this year,
   resulting in the following changes to additional  paid  in  capital  and the
   deficit as of December 31, 2001 and the related statement of operations  for
   the year then ended.

   There  was a $50,000 note that was previously recorded as additional paid in
   capital that should have been recorded as a note payable.  There was $35,906
   previously recorded as additional paid in capital, where $19,538 was accrued
   as income, when it had inadvertently been recorded as a sale as well.  There
   was $72,875  of  expenses  that  should  have  been  accrued during the 2001
   calendar year, but were not identified until the 2002-year.   There  were an
   additional  $104,499  in accounts payable and $58,850 in additional paid  in
   capital, which should have  been  recognized  in  2001.   These  adjustments
   appear  as  one  line  item  "prior  period adjustment" in the statement  of
   changes in stockholder's equity.  The  balance  sheets  are also adjusted to
   reflect these changes.




				- F18 -








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

Effective December 12, 2002, the Registrant engaged Gary V. Campbell, CPA, Ltd.
as its independent  accountants  for  the  fiscal year ended December 31, 2002.
The decision to change accountants was approved  by  the Audit Committee of the
registrant.  During the most recent two fiscal years and  during the portion of
2002 preceding the Board's decision, neither the Company nor  anyone engaged on
its behalf has consulted with Gary V. Campbell, CPA, Ltd. regarding: (i) either
the  application  of  accounting principles to a specified transaction,  either
completed or proposed;  or  the type of audit opinion that might be rendered on
the Company's financial statements;  or  (ii)  any  matter  that was either the
subject of a disagreement (as defined in Item 304(a)(1)(iv) of  Regulation S-K)
or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K).

During the period of December 27, 2001, through December 11, 2002,  there  were
no  disagreements  with  Chavez  &  Koch,  CPA's  on  any  matter of accounting
principles or practices, financial statement disclosure, or  auditing  scope or
procedure,  which  disagreement(s),  if  not  resolved  to Chavez & Koch, CPA's
satisfaction,  would  have caused them to refer to the subject  matter  of  the
disagreement(s) in connection  with their report; and there were no "reportable
events"  as  defined  in Item 304 (a)(1)(v)  of  the  Securities  and  Exchange
Commission's Regulation  S-K.   Neither  of the reports of Chavez & Koch, CPA's
for the period ending December 31, 2001, and  the  subsequent  interim  periods
through December 11, 2002, contain an adverse opinion or disclaimer of opinion,
nor  was  either  qualified  or  modified  as  to  uncertainty, audit scope, or
accounting principles.

                                    PART III

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

The names, ages and positions of the Company's directors and executive officers
are as follows:

<TABLE>
<CAPTION>
Name              	Age		Position
<S>                <C> <C>
Murray N. Conradie	37 		President, CEO and Director
Kristi Conradie   	38 		Vice President and Director
David Scott Kincer	37 		COO and Director
Jason F. Griffith 	27 		CFO
Joseph Harmon       	36 		VP Datascension
</TABLE>


B.  Family relationships

Murray Conradie and Kristi Conradie are married.

C.  Work Experience

Murray N. Conradie

April 1999 - Present, Nutek Inc.
President/CEO, Director and Chairman of the Board.

1998 - Dec, 1999, Nutek, Inc.
CFO, Director

Mr. Conradie has several years of experience in creating and developing
start-up enterprises.

EDUCATION:
1983-1985, University of Natal at Durban, South Africa. B.A., Studied Business
Law for 2 1/2 years

1985-1988, Technikon Natal at Durban, South Africa.  Accounting Degree
specializing in Auditing.

1999 Selected for Strathmore's Who's Who in Finance
1999 Selected for Marquis Who's Who in Finance Millennium Edition

Kristi L. Conradie (Resigned as Officer and Director December 9, 2002)

1999 - Present, Nutek Inc.
Vice-President and Director.

1999 - Present, Kristi & Co., Inc., President/CEO Director and designer.
Women's resort clothing line.  Started company with a vision to help veterans
by employing them and helping with their goals through work.

Mrs. Conradie has several years of experience in creating and developing,
working with and managing start-up enterprises.

EDUCATION:
University of California at Los Angeles, March 1986, B.A., Psychology and
Computer Science with concentration in Business Administration

California Paramedical and Technical College, Long Beach, CA, April 1992
C.A.D.C.  (Certified Alcohol and Drug Counselor)
N.A.ID.C. (National Alcohol and Drug Counselor)

David Scott Kincer

Currently  Datascension's  president,  Scott  Kincer  joined Nutek as  COO  and
Director in September 2001, Scott Kincer has over twenty  years  experience  in
collecting,  storing  an analyzing consumer data.  He also has fifteen years of
experience managing data  collection centers, including six years of experience
in Costa Rica.  He co-founded Datascension in 1999 and became COO of Nutek with
the successful acquisition  of  Datascension  in 2001.  Mr. Kincer oversees the
operations of Datascension from its main facility in Riverside, California.

Jason F. Griffith (Elected as Director December 9, 2002)

In June of 2002, Jason Griffith took over as the CFO and corporate secretary of
Nutek.  He has previously worked for Arthur Andersen  and  for  Dean Witter and
was  previously  the  lead  auditor  for  Nutek's 2001 audit.  He received  his
undergraduate degree from Rhodes College in Memphis, Tennessee in economics and
business administration, along with receiving  his  Masters  in Accounting from
their  graduate  school. Mr. Griffith is a licensed CPA in both  the  state  of
Nevada and Tennessee.  Professionally, Mr. Griffith is a member of the American
Institute  of  Certified   Public  Accountants,  The  Institute  of  Management
Accountants, along with being  a  member  of  the  Nevada  and  Tennessee State
Society of CPAs.  He heads the entire accounting department for Nutek  and  its
subsidiaries.

Joseph Harmon (Elected as Director December 9, 2002)

After  attending  California State University, Mr. Harmon started his career in
1992 at The Verity  Group, a full service market research company in Fullerton,
CA. At the Verity Group, Mr. Harmon worked his way up to Director of Operations
and managed a 300-employee  operation.  He  helped  grow  the  company  to a 12
million  dollar  business  and  was a key player in the acquisition to The Polk
Company in 1997. He then went to Diagnostic Research where he managed Telephone
Research. In 1998 The Polk Company  brought  Mr.  Harmon  back  in  as  a Sales
Manager to help increase sales in the Market Research division. After Polk, Mr.
Harmon helped start Datascension and became Vice President.

D.  Conflicts of Interest

The  officers and directors of the Company are now and may in the future become
shareholders,  officers  or directors of other companies that may be engaged in
business activities similar  to  those  conducted  by the Company. Accordingly,
additional direct conflicts of interest may arise in the future with respect to
such individuals acting on behalf of the Company or  other  entities. Moreover,
additional conflicts of interest may arise with respect to opportunities  which
come to the attention of such individuals in the performance of their duties or
otherwise.  The  Company  does  not  currently  have  a  right of first refusal
pertaining to opportunities that come to management's attention insofar as such
opportunities may relate to the Company's proposed business operations.

The officers and directors are, so long as they are officers  or  directors  of
the  Company, subject to the restriction that all opportunities contemplated by
the Company's  plan  of  operation which come to their attention, either in the
performance  of their duties  or  in  any  other  manner,  will  be  considered
opportunities  of,  and be made available to the Company and the companies that
they are affiliated with  on  an equal basis. A breach of this requirement will
be a breach of the fiduciary duties  of the officer or director. If the Company
or the companies in which the officers  and  directors are affiliated with both
desire to take advantage of an opportunity, then  said  officers  and directors
would  abstain  from negotiating and voting upon the opportunity. However,  all
directors may still individually take advantage of opportunities if the Company
should decline to do so. Except as set forth above, the Company has not adopted
any other conflict of interest policy with respect to such transactions.

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 16(a) of the Securities Exchange Act of 1934 requires our directors and
executive officers, and persons who beneficially own more than ten percent of a
registered class of our equity securities (referred to as "reporting persons"),
to  file  with the  Securities  and  Exchange  Commission  initial  reports  of
ownership and  reports  of changes in ownership of common stock and other Nutek
Inc.  equity  securities.    Reporting   persons  are  required  by  Commission
regulations to furnish us with copies of all Section 16(a) forms they file.

ITEM 10.  EXECUTIVE COMPENSATION.

Compensation of Executive Officers 2002


<TABLE>
<CAPTION>
Name              Title                  Salary             Bonus  Common Stock
<S>                <C>                     <C>                 <C>   <C>
Murray Conradie   President/CEO          $75,000 (1)(2)     None 	None
David Scott KincerCOO/Director           $75,000 (1)(2)     None 	None
Kristi Conradie   Vice President/Director$   -   (1)(2)	    None 	None
Jason F. Griffith CFO/Director           $35,000 (1)        None    122,915 (3)
</TABLE>


All Executive Officers as a Group (4 persons)

(1) Per a Board Resolution, Murray N. Conradie, President, CEO and Director and
David  Scott  Kincer,  President  of  Datascension   and   Nutek  COO  received
remuneration of $75,000 for the year. The employment contacts  of  Mr. Conradie
and  Mr.  Kincer are for $150,000 annually.  They accepted reduced compensation
for 2002 to  assist  the  company's cash flow and fund growth. Kristi Conradie,
vice President and Director  received  no compensation for the year 2002. Jason
F. Griffith received $35,000.00 for the period May through December 2002.

(2) Compensation of Directors

There were no arrangements pursuant to which  any  director  of the Company was
compensated through December 31, 2002 for any service provided  as  a director.
In addition, no such arrangement is contemplated for the foreseeable future, as
the Company's only directors are its current executive officers.

(3) Common Stock

The  Officers  have  not  received  any  common stock in compensation for their
services, other than the unpaid salary they  have  converted  to  common stock.
The only officer to receive stock for unpaid compensation in 2002 was  Jason F.
Griffith.  Mr. Griffith received 122,915 shares of common restricted stock  for
the period May through December 2002.


ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

A.  Security Ownership of Management and Certain Beneficial Owners

The  following table sets forth information as of the date of this Registration
Statement  certain  information with respect to the beneficial ownership of the
Common Stock of the Company  concerning  stock  ownership by (i) each director,
(ii) each executive officer, (iii) the directors and officers of the Company as
a group, (iv) and each person known by the Company  to  own  beneficially  more
than  five  (5%)  of  the Common Stock.  Unless otherwise indicated, the owners
have sole voting and investment power with respect to their respective shares.


<TABLE>
<CAPTION>
Title of Class     Name of Beneficial     Position   Amount of Shares Held Percent
		   Owner of Shares
<S>                <C>                                <C>             <C>         <C>
Common             Murray N. Conradie (1) CEO / Chairman  1,375,561   1.56%
Series A Preferred Murray N. Conradie (5) CEO / Chairman    251,716  44.99%
Common             Kristi L. Conradie (2) VP / Director     413,334   0.47%
Series A Preferred Kristi L. Conradie (5) VP / Director      54,200   9.69%
Common             David Scott Kincer     COO / Director          0      0%
Series A Preferred David Scott Kincer (5) COO / Director    253,592  45.32%
Common             Jason F. Griffith (3)  CFO               122,915   0.14%
Common             Joseph Harmon (4)      VP Datascension 2,005,556   2.28%
</TABLE>


All Executive Officers and
    Directors as a Group  (5  persons) Common  Stock    3,917,366  4.45%

All Executive Officers and
     Directors as a Group (4 persons) Series A Preferred Stock 559,508   100%


Company address for all Officers is c/o Nutek, Inc. 6330 McLeod Drive, Suite 1,
Las Vegas, NV 89120

(1) Murray N. Conradie, received  1,050,000  shares  of  common  stock  for the
Century  Clock  Mold  purchase.  He also received 150,861 shares as outstanding
compensation for 1999.   The  stock for the clock molds was priced at $0.12 per
share totaling $126,000.00 The  compensation  of 150,861 was for $2,500 a month
compensation for April 1, 1999 through December 31, 1999.  The stock each month
was calculated by taking the close of each trading  day  and dividing it by the
number of days to get the average.  The stock for both transactions  was issued
January 6, 2000.

Murray Conradie received 175,000 shares of the company's common stock valued at
$26,250.00 for unpaid compensation during the first six months of 2000.

(2)  Kristi  Conradie,  resigned  as an officer and Director of the Company  on
December 9, 2002 received 250,000 restricted  shares for the purchase of Kristi
and  Company, patterns, client list and designs.  (See  Exhibit  10.1  Purchase
agreement)   Kristi  Conradie  received  163,334 shares of the company's common
stock valued at $24,500.00 for unpaid compensation  during the first six months
of 2000.

(3)  Jason F. Griffith, Nutek CFO, was elected to the  Board  of  Directors  on
December 9, 2002, and has received 122,915 shares of the company's common stock
valued  at  $5,000  for unpaid compensation for the period May through December
2002.

(4) Joseph Harmon, VP  Datascension  Inc, was elected to the Board of Directors
on December 9, 2002, has received 2,005,556  restricted  shares  as a result of
the purchase of Datascension Inc, in 2001.

(5)   The  Series  A  Preferred  Stock are held by the affiliates as follows  :
Murray N. Conradie, President/CEO/Director  251,716  shares;  Kristi  Conradie,
Vice  President/Director  54,200  shares  and  David  Scott Kincer COO/Director
253,592 shares.


B.  Persons Sharing Ownership of Control of Shares

No person owns or shares the power to vote ten percent  (10%)  or  more  of the
Company's  common  stock  securities.   Should  the Series A preferred stock be
converted to common stock, these affiliates would  have  the  power to vote ten
percent (10%) or more of the Company's securities.

C.  Non-voting Securities and Principal Holders Thereof

The Company has not issued any non-voting securities.  The shares  of  Series A
Preferred Stock shall have no voting rights except as required by law or as set
forth in attached Exhibit 10.21.

D.  Options, Warrants and Rights

There are no options, warrants or rights to purchase securities of the Company.

E.  Parents of Issuer

Under the definition of parent, as including any person or business entity  who
controls  substantially all (more than 80%) of the issuers of common stock, the
Company has no parents.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

From 1987 through  1994,  Murray  N.  Conradie, current President/CEO of Nutek,
held the position of President and Director of Century Clocks in South Africa.

In 1999, as President of Nutek, Inc., he  negotiated  a purchase agreement with
Century Clocks of South Africa, where he received 1,050,000  common  shares  of
restricted stock from Nutek, Inc.

Kristi  Conradie,  VP  and  Director of the Company, entered into a Preliminary
agreement with the Company to purchase Kristi & Co., Inc.  She is President/CEO
and Director of Kristi & Co.,  Inc.,  a  women's  resort  clothing  line.  Upon
consummation of this agreement, she received 250,000 restricted shares  for the
purchase  of  Kristi and Company, the patterns, client list and designs.  These
shares were issued in January 2000.

Through a Board Resolution, the Company hired the professional services of Gary
V. Campbell, CPA, Ltd., to perform audited financials for the Company.  Gary V.
Campbell, CPA,  Ltd.  owns  no stock in the Company.  The company has no formal
contracts with its accountants;  they are paid on a fee for service basis.  The
fees paid to date were paid in cash.


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


(a)  EXHIBITS.

The following documents are included or incorporated by reference as exhibits
to this report:

(2)  a)  Plan of Acquisition, Reorganization, Arrangement, Liquidation, or
         Succession.

     2.1  Plan and Articles of Merger, filed 8/23/91(1)

     2.2 Plan of Reorganization and Agreement, dated 9/20/97(1)

(3)  Articles of Incorporation & By-Laws

     3.1 Articles of Incorporation of the Company Filed August 23, 1991(1)

     3.2 Articles of Amendment filed on April 10, 1992(1)

     3.3 Certificate of Amendment of Articles of Incorporation filed on
        3/3/95(1)

     3.4 By-Laws of the Company adopted August 24, 1991(1)

(4)  Instruments Defining the Rights of Security Holders

     4.1 Those included in exhibit 3, and sample of Stock Certificate (1)
     4.2 Preferred Stock (1)

(10) Material Contracts

     10.1  Purchase Agreement - Kristi and Co dated 1/6/00 (1)
     10.2  Agreement for Promotion and Revenue Sharing Plan, dated 9/2/99 (1)
     10.3  Purchase Agreement - Elite Fitness, dated 10/4/99 (1)
     10.4  Purchase Agreement - Patent #5833350, dated 9/15/99 (1)
     10.5  Purchase Agreement - Clock Mold, dated 4/30/99 (1)
     10.6  Plan of Purchase and Agreement, dated 11/30/97 (1)
     10.7  Transitional Employer Agreement (1)
     10.8  Lease, dated October 15, 1999 (1)
     10.9  Letter of Intent - Mineral Acres, dated 11/1/99 (1)
     10.10 Compensation Plan (1)
     10.11 Key Employees Incentive Stock Option Plan (1)
     10.12 Purchase Agreement - Kristi & Company (2)
     10.13 Blank
     10.14 Purchase Agreement - Printing Equipment (3)
     10.15 Blank
     10.16 Employment Agreement Murray N. Conradie (4)
     10.17 Employment Agreement Donald L. Hejmanowski (4)
     10.18 Employment Agreement Kristi L. Conradie (4)
     10.19 Purchase Agreement - Datascension Inc. (5)
     10.20 Employment Agreement David Scott Kincer (5)
     10.21 Certificate of Preference Rights.
     10.22 Purchase Agreement - Sin Fronteras Inc
     10.23 Press Release dated May 29, 2002

(23) Consent of Experts and Counsel

     23.1 Statement from Gary V. Campbell, CPA, Ltd.

(27) Financial Data Schedule

     27.1 Financial Data Schedule

(1)  Previously filed as an exhibit  to the Company's Form 10-SB, filed January
24, 2000.
(2) Previously filed as an exhibit to the Company's Number 1 Amendment to Form
10-SB, filed May 22, 2000.
(3) Previously filed as an exhibit to  the  company's  quarterly report for the
period ended March 31, 2001
(4) Previously filed as an exhibit to the company's quarterly  report  for  the
period ended June 30, 2001
(5) Previously filed as an exhibit to the company's 8-K report dated September
27, 2001
(6) Previously filed as an exhibit to the company's 8-K report dated May 14,
2002



99       Additional Exhibits

           (i)   Certification  of  Chief  Executive  Officer  pursuant  to  18
U.S.C.ss.1850  as  adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.

         (ii)  Certification  of  Principal  Financial  Officer  pursuant to 18
U.S.C.ss.1850 as adopted pursuant to Section 906 of the Sarbanes-Oxley  Act  of
2002.


<TABLE>
<CAPTION>
(b)  REPORTS ON FORM 8-K
<S>                      <C>
</TABLE>

On  March  26, 2003, Registrant filed a Current Report on Form 8-K, relating to
the Company,  along  with a number of individual shareholders, filing a federal
lawsuit on March 21, 2003  in  the  United  States  District Court, District of
Nevada,  against  Ameritrade  Holding  Corp.,  E*Trade  Group   Inc.,  Fidelity
Brokerage Services LLC, Maxim Group LLC and Charles Schwab & Company  Inc., for
securities fraud, breach of contract, and negligence, among other claims.   The
plaintiff  group is also demanding declaratory and injunctive relief, including
asking for general, special and punitive financial damages; and that the matter
be taken up  for  jury  trial in the jurisdiction of the United States District
Court's Nevada District.

On December 13, 2002, Registrant  filed  a Current Report on Form 8-K, relating
to  the  selection  of  Gary  V.  Campbell, CPA,  Ltd.  as  the  company's  new
independent auditor for the coming year.  The passage of the Sarbanes-Oxley Act
required  the  Company  to  switch auditors  as  the  Company's  current  Chief
Financial Officer previously served as a manager at Chavez & Koch, CPA's.

On December 10, 2002, Registrant  filed  a Current Report on Form 8-K, relating
to a December 9, 2002, special meeting of the board of directors where Mr. Joey
Harmon, vice president of Datascension and  Mr.  Jason F. Griffith, Nutek chief
financial officer were elected to the board of directors.  Mrs. Kristi Conradie
resigned as a member of the board.

On December 2, 2002, Registrant filed a Current Report on Form 8-K, relating to
Nutek  exiting  the  Depository Trust and Clearing Corp.  (DTCC)  and  Canadian
Depository for Securities  Limited  (CDS)  post-trading settlement and clearing
systems.

On November 30, 2002, Registrant filed a Current  Report  on Form 8-K, relating
to the headquarters of the Company moving from the Henderson,  Nevada  location
to  the  Las Vegas, Nevada address.  The Registrant occupied 6340 McLeod Drive,
Suite 3, Las  Vegas, Nevada 89120 for approximately one month and then upon the
space being ready  for  move,  the  Registrant moved to the current location of
6330 McLeod Drive, Suite 1, Las Vegas, Nevada 89120.

On August 14, 2002, Registrant filed  a Current Report on Form 8-K, relating to
Murray N. Conradie, President and Chief  Executive  Officer  of Nutek, Inc. and
Jason  F.  Griffith,  Chief Financial Officer of the Company, furnishing  their
certification of the financial  statements for the period ending June 30, 2002,
pursuant to 18 U.S.C. Section 1350.

On May 29, 2002, Registrant filed  a  Current Report on Form 8-K, related to an
open conference call the Company was to  hold  on June 4th, 2002 at 1.30pm PST.
All callers were given a free number to call and participate.

On May 14, 2002, Registrant filed a Current Report on Form 8-K, relating to the
May 13, 2002 purchase of Sin Fronteras, Inc. in  Costa  Rica.   Registrant  and
seller accepted the purchase price of $980,000, paid in stock.

On  January 7, 2002, Registrant filed a Current Report on Form 8-K, relating to
the December  27, 2001 determination to switch independent auditors to Chavez &
Koch, CPA's, Ltd.  as  its  independent  accountants for the fiscal year ending
December 31, 2001.


SIGNATURES

Pursuant to the requirements of Section 12  of  the  Securities Exchange Act of
1934, the registrant has duly caused this report to be  signed on its behalf by
the undersigned, thereunto duly authorized.

Nutek, Inc.

/s/ Murray N. Conradie
- -------------------
Murray N. Conradie,
President and Chairman

/s/ Jason F. Griffith, CPA
- -------------------
Jason F. Griffith, CPA,
Chief Financial Officer and Director


Date: March 28, 2003



Pursuant  to  the  requirements  of the Securities Exchange Act  of  1934,  the
following persons on behalf of the  registrant and in the capacities and on the
dates indicated have signed this report below.

Nutek, Inc.

/s/  Jason F. Griffith, CPA
- ------------------------
Jason F. Griffith, CPA, Secretary
Date:  March 28, 2003





             CONSENTS OF EXPERTS AND COUNSEL


Gary V. Campbell, CPA, Ltd.
Certified Public Accountants
7440 West Sahara Avenue
Las Vegas, NV 89117

INDEPENDENT AUDITORS' REPORT
Board of Directors

Nutek, Inc. (The Company)
6330 McLeod Drive, Suite 1
Las Vegas, Nevada 89120

March 28, 2003

To Whom It May Concern:

Gary V. Campbell, CPA, Ltd., consents  to  the inclusion of our report of March
21, 2003 on the Financial Statements of Nutek Inc., as of December 31, 2002 and
2001, in any filings that are necessary now or in the near future with the U.S.
Securities and Exchange Commission.

Very Truly yours,

/s/  Gary V. Campbell, CPA, Ltd.
- --------------------------------
Gary V. Campbell, CPA, Ltd.