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

                                   Form 10-QSB

(Mark One)

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

                For the quarterly period ended  September 30, 2002
                                                ------------------

       [    ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
            For the transition period from ______________ to ___________


                        Commission File Number: 33-31067


                         ITec Environmental Group, Inc.
        ----------------------------------------------------------------
        (Exact name of small business issuer as specified in it charter)

                    Delaware                             31-1705310
        ------------------------------              -------------------
       (State or other jurisdiction of                 (IRS Employer
        incorporation or organization)              Identification No.)

                       132 South Third Avenue, Oakdale, CA
                     --------------------------------------
                    (Address of principal executive offices)

                                 (209) 848-3900
                            -------------------------
                           (Issuer's telephone number)

                            BEECHPORT CAPITAL CORP.
                            -----------------------
             (Former name and address if changed since last report)


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 such shorter
period that the issuer was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
                         Yes [X]    No [  ]


APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: As of September 30, 2002, the issuer
had 26,662,493 shares of common stock, no par value, outstanding.

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



<PAGE>

                         ITec Environmental Group, Inc.
                            30 September 2002 10-QSB


                                   INDEX


PART I - FINANCIAL INFORMATION                                    Page

Item 1.  Consolidated Financial Statements (Unaudited)             3

  Review Report of Independent Certified Public Accountant         3

  Consolidated Balance Sheets                                      4-5

  Consolidated Statements of Income and Comprehensive Income
    for the three months ended September 30, 2002 and 2001         6

  Consolidated Statements of Income and Comprehensive Income
    for the nine months ended September 30, 2002 and 2001          7

  Consolidated Statements of Changes in Stockholders' Equity       8

  Consolidated Statements of Cash Flows for the nine months
    ended September 30, 2002                                       9

  Notes to Consolidated Financial Statements                      10-17

Item 2.  Management's Discussion and Analysis of Financial
              Condition and Results of Operations                 18

Item 3.  Controls and Procedures                                  18

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings                                        18

Item 2.  Changes in Securities                                    19

Item 3.  Defaults upon Senior Securities                          19

Item 4.  Submission of Matters to a Vote of Security Holders      20

Item 5.  Other Information                                        20

Item 6.  Exhibits and Reports on Form 8-K                         20


SIGNATURES                                                        21

CERTIFICATIONS                                                    22



                                   2
<PAGE>

PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements


            REVIEW REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT


The Shareholders and Board of Directors
BEECHPORT CAPITAL CORP. AND SUBSIDIARY
(A Development -Stage Company)

I have reviewed the accompanying consolidated balance sheet of BEECHPORT CAPITAL
CORP. for the nine months ending September 30, 2002 and the related consolidated
statements of income and changes in stockholders' equity, and cash flows for the
period ended September 30, 2002. These financial statements are the
responsibility of management. My responsibility is to express an opinion on
these financial statements based on my review.

I conducted my review in accordance with generally accepted accounting
standards.

In my opinion, the consolidated financial statements referred to above present
fairly, the consolidated financial position of BEECHPORT CAPITAL CORP., a
development stage company, for the date indicated above and the results of its
consolidated operations, stockholders' equity and cash flows for the year then
ended in conformity with generally accepted accounting principles consistently
applied.

The accompanying consolidated financial statements have been prepared assuming
that the company will continue as a going concern. As discussed in the Notes to
the consolidated financial statements, the Company has sustained losses from
initial startup costs and has a lack of substantial capital that raises doubt
about its ability to continue as a going concern. The consolidated financial
statements do not include any adjustments that might result from the outcome of
this uncertainty.


Henry Schiffer, CPA
An Accountancy Corporation
Beverly Hills, California
October 28, 2002

                                       3
<PAGE>


                Beechport Capital Corporation and Subsidiaries
                         Consolidated Balance Sheets
                                   (Unaudited)



                                                                September 30,
                                                                    2002
                                                               -------------
                                      ASSETS
Current Assets
              Cash and cash equivalents                            $ 50,922
              Accounts Receivable                                    38,876
              Inventory                                              55,966
              Other                                                  46,824
                                                               -------------
                          Total current assets                      192,588
Fixed Assets
              Furniture and equipment net of                         15,917
                  Depreciation of $3,998
              Equipment Recycling                                    56,714
                                                               -------------
                          Total fixed assets                         72,631
Other Assets
              License Fee                                            63,000
              Investments                                            40,000
              Note Receivable                                       254,763
              Allowance Doubtful Accounts                          (168,815)
                                                               -------------
                          Total other assets                        188,948
                                                               -------------

                          Total Assets                              454,167
                                                               =============






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

                                       4
<PAGE>


                Beechport Capital Corporation and Subsidiaries
                         Consolidated Balance Sheets, (Continued)
                                   (Unaudited)

                                                                September 30,
                                                                    2002
                                                               -------------

                     LIABILITIES & STOCKHOLDERS' (DEFICIT)
Current Liabilities
              Accounts Payable                                      493,586
              Accrued Liabilities                                   101,310
              Accrued Payroll                                        59,258
              Payroll/Sales tax Liabilities                          14,598
                                                               -------------
                          Total Current Liabilities                 668,752
Other Liabilities
              Note Payable G M A                                  1,100,000
              Notes Payable                                         815,230
              Deferred Revenue                                      129,875
                                                               -------------
                          Total Other Liabilities                 2,045,105
                          Total Liabilities                       2,713,857
                                                               =============

Stockholders' (Deficit)
              Preferred Stock, no par value,                              -
                10,000,000 shares authorized none
                issued & outstanding
              Common Stock, no par value,
                750,000.000 shares authorized, 26,662,493
                shares issued & outstanding at 9/30/02              212,608
              Paid In Capital Reg S Offering                      3,406,938
              Accum deficit current period                       (2,076,412)
              (Deficit) accumulated during                       (3,802,823)
                                                               -------------
                Development stage
                          Total Stockholders'( Deficit)          (2,259,690)
                                                               -------------

                          Total Liabilities & Stockholders'
                          Equity (Deficit)                           454,167
                                                               =============





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


                                       5
<PAGE>
                 Beechport Capital Corporation and Subsidiaries
                        Consolidated Statement of Income
                            And Comprehensive Income
                                   (Unaudited)

                                                     Three Months Ended
                                               --------------------------------
                                               September 30,       September 30,
                                                   2002                2001
                                               ------------        ------------

Revenues                                       $         -         $         -
        Total Income                                     -                   -
                                               ------------        ------------
                                                         -                   -
Operating Expenses
    Consulting Fees                                 44,700             977,844
    Payroll-wages and payroll tax                  130,126              45,995
    Italian Expenses                                38,125              32,377
    Professional Fees                               37,243              12,679
    Research and Development                         1,200                   -
    Travel and Entertainment                        15,167              29,523
    Engineering                                     97,038                   -
    Freight & Delivery                                 108                   -
    Public Relations/Advertising                     2,945                   -
    Stock Commissions and Expenses                  36,055                   -
    Telephone/Communication                         10,633                   -
    Insurance                                        6,784               8,132
    Rent                                             4,821               2,700
    Allowance for doubtful account                       -                   -
    Other-(Misc.)                                   (1,346)             29,757
    Repairs                                            150                   -
    Contract Labor                                     250
    Dues and Subscriptions                             551
    Office Supplies                                  2,620
    Equipment Lease                                 (8,567)
    Postage                                          2,002
    Trade Shows and printing                           960                   -
                                               ------------        ------------
        Total Operating Expenses                   421,565           1,139,007
                                               ------------        ------------

Other income (expense
    Depreciation expense                            (2,042)
    Interest Expense                               (18,746)            (31,646)
    Other Income-Pallets                             1,895
     Pallet expense                                 (1,100)
     Rounding                                           (1)
    Currency Conversion Net Loss                         -              (2,981)
    Interest income                                                       731
                                               ------------        ------------

         Total Net Income (Loss)               $  (441,559)        $(1,172,903)
                                               ============        ============

The accompanying notes are an integral part of the financial statements

                                       6
<PAGE>

                 Beechport Capital Corporation and Subsidiaries
                        Consolidated Statement of Income
                            And Comprehensive Income
                                   (Unaudited)

                                                       Nine Months Ended
                                               --------------------------------
                                               September 30,       September 30,
                                                   2002                2001
                                               ------------        ------------

Revenues                                                 -                   -
        Total Income                                     -                   -
                                               ------------        ------------
                                                         -                   -
Operating Expenses
    Consulting Fees                                891,700           1,369,184
    Payroll                                        394,249             192,385
    Italian Expenses                               103,049             161,095
    Professional Fees                              130,146              83,938
    Research and Development                        12,740              60,000
    Travel and Entertainment                        61,256              74,743
    Engineering                                    124,213                   -
    Freight & Delivery                               9,694                   -
    Public Relations                                 7,715                   -
    Stock Commissions and Expenses                 180,886                   -
    Telephone                                       24,288                   -
    Insurance                                        6,695              23,838
    Rent                                            10,221              20,139
    Allowance for doubtful account                       -             105,109
    Other-(Misc.)                                    5,298              79,397
    Repairs                                          3,172                   -
    Contract Labor                                   2,966
    Dues and Subscriptions                           6,332
    Office Supplies                                  9,412
    Equipment Lease                                     79
    Postage                                          5,868
    Trade Shows and printing                         4,955                   -
                                               ------------        ------------
        Total Operating Expenses                 1,994,934           2,169,828
                                               ------------        ------------
Other income (expense)
    Depreciation expense                            (6,040)
    Interest Expense                               (76,232)            (74,670)
    Other Income-Pallets                             1,895
     Pallet expense                                 (1,100)
     Rounding                                           (1)
    Currency Conversion Net Loss                         -              (5,954)
    Interest income                                      -               1,332
                                               ------------        ------------

         Total Net Income (Loss)                (2,076,412)         (2,249,120)
                                               ============        ============

The accompanying notes are an integral part of the financial statements

                                       7
<PAGE>
<TABLE>
<CAPTION>
                 Beechport Capital Corporation and Subsidiaries
           Consolidated Statements of Changes In Stockholders' Equity
                     For The Period Ended September 30, 2002

                                                                   Additional
                                    No. of Common     Stock         Paid-In      Accumulated      Total
                                    Stock Shares      Amount         Capital      (Deficit)
                                  --------------------------------------------------------------------------
<S>                                 <C>             <C>           <C>           <C>             <C>
Balance at March 28, 2000             6,651,987     $       -     $         -   $          -    $         -
                                          1,000         1,000               -                         1,000
                                         (1,000)                                           -              -
Net loss for the period ended                                               -     (1,209,661)    (1,209,661)
December 31,2000
Balance at December 31, 2000          6,651,987         1,000               -     (1,209,661)    (1,208,661)


Balance at December 31, 2001         12,692,000       212,608       1,090,460     (3,803,028)    (2,499,960)

Regulation S Offering                 1,979,366                       748,708                       748,708

                                  --------------------------------------------------------------------------
Net loss for the period ended
 March 31, 2002                                                                     (406,003)      (406,003)

Balance at March 31, 2002            14,671,366       212,608       1,839,168     (4,209,031)    (2,157,254)

Regulation S Offering                 3,019,166                       451,896                       451,896

Common stock issued for
    Services May, 2002                2,000,000             -         765,000                       765,000
                                                                                         205            205
Net loss for the period ended
                                  --------------------------------------------------------------------------
 June 30, 2002                                                                    (1,228,850)    (1,228,850)


Balance at June 30, 2002             19,749,913       212,608       3,056,064     (5,437,676)    (2,169,004)

Regulation S Offering                 6,412,580                       292,436                       292,436

Common Stock issued for
  Services July, 2002                   500,000                        58,438                        58,438
                                  --------------------------------------------------------------------------
                                                                                    (441,559)      (441,559)
Net loss for the period ended
  September 30, 2002

Balance at September 30, 2002        26,662,493     $ 212,608     $(3,406,938)  $ (5,879,235)   $(2,259,690)
                                  ==========================================================================
</TABLE>

The accompanying notes are an integral part of the financial statements

                                       8
<PAGE>


                     Beechport Capital Corp and Subsidiaries
                             Statement of Cash Flows
                                   (Unaudited)

                                                         Nine Months Ended
                                                   ----------------------------
                                                    September        September
                                                      2002             2001
                                                   -----------      -----------

Cash Flows From Operating Activities
    Net Income (Loss)                              ($2,076,412)     ($2,249,120)
        Adjustments to reconcile net income            (55,966)
        (loss) to net cash (used in)                      (865)
        provided by operating activities:
        Increase in accounts payable, accrued           37,859          325,454
        expenses and other                             (15,215)
        Increase in deferred revenue                   (19,715          124,848
        (Increase) decrease in prepaid assets          (38,824)          63,838
        Increase in other assets
                                                   -----------      ------------
    Net cash (used in) provided by operating
    activities                                      (2,169,138)      (1,734,980)
                                                   -----------      -----------

Cash Flows From Investing Activities
    Net cash used in investing activities             (100,671)       1,097,780
                                                   -----------      -----------

Cash Flows From Financing Activities
        Proceeds from notes payable                                     371,754
        Issuance of common stock
        Capital raised                               2,316,477                -
        Note payable GMA                                                      -
                                                   -----------      -----------

    Net cash (used in) provided by financing
    activities                                       2,316,477          371,754
                                                   -----------      -----------

    Net increase in cash                                46,669

    Net decrease in cash                                               (265,446)

    Cash, beginning of period                            4,253          284,077
                                                   -----------      -----------

    Cash, end of period                                $50,922          $18,631
                                                   ===========      ===========



The accompanying notes are an integral part of the financial statement

                                       9
<PAGE>


                     BEECHPORT CAPITAL CORP. AND SUBSIDIARY
                          (A Development-Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2002

NOTE 1 - DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

     (a)  General
          -------

Beechport Capital Corp. (the "Company") was organized as a Colorado corporation
on January 24, 1989, in order to evaluate, structure and complete a merger with
or acquisition of, prospects consisting of private companies, partnerships or
sole proprietorships.

The Company's subsidiaries are, ITEC International Technologies, Inc. ("Itec")
was incorporated under the laws of the State of Delaware on March 28, 2000. ITEC
was formed for the purpose of acquiring certain patented technology and the
development of a worldwide market for its usage.

The Company's business plan is to attempt to build on the foundation of the
patented technology and proprietary equipment and to form strategic alliances
and a management team to become a worldwide supplier of oil and agricultural
chemical container recycling equipment and related systems. The Company's
initial marketing of the technology will be concentrated in Italy but is
intending to market in the future in the United States and other countries. The
Company has elected to use a stage development company since planned principal
operations have not yet commenced.

The Company's other subsidiary is, Environmental Recycling Service of America,
Inc. ("ERSA") was incorporated under the laws of the State of California on
March 6, 2002. ERSA will process and recycle plastic containers using the ECO2
system developed and sold by ITEC.


     (b)  Basis of Presentation
          ---------------------

The accompanying unaudited interim financial statements of the Company have been
prepared in accordance with accounting principles generally accepted in the
United States for interim financial information.

Accordingly, they do not include all of the information and notes required by
accounting principles generally accepted in the United States for complete
financial statements. The accompanying financial statements reflect all
adjustments (consisting of normal recurring accruals), which are, in the opinion
of management, considered necessary for a fair presentation of the results for
the interim periods presented. Operating results for the quarter ended September
30, 2002 are not necessarily indicative of the results that may be expected for
the fiscal year ending December 31, 2002. These financial statements should be
read in conjunction with the audited financial statements included in the
Company's amended Annual Report on Form 10-KSB/A for the year ended December 31,
2001.


                                       10
<PAGE>

NOTE 1 - DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES, continued

     (c)  Per Share Information
          ---------------------

Per share information is determined using the weighted average number of shares
outstanding.

     (d)  Furniture and Equipment
          -----------------------

Furniture and equipment will be carried at cost, net of accumulated
depreciation. Depreciation will be computed using straight-line methods over
estimated useful lives of the assets ranging from five to seven years.

     (e)  Revenue and Expense Recognition
          -------------------------------

As of September 30, 2002, the Company had no earned revenue, but had other
revenue of $1895 for pallets. The Company intends to recognize revenues from
sales of equipment upon delivery as per SAB 101.

The Company intends to contract with others for the manufacturing of the
equipment. General and administrative expenses and the costs of advertising are
expensed as incurred.

     (f)  Concentrations
          --------------

Financial instruments that potentially subject the company to concentrations of
credit risk consist principally of temporary cash investments and cash
equivalents and trade accounts receivables. At September 30, 2002, the Company
had no amounts of cash or cash equivalents in U.S, financial institutions in
excess of amounts insured by agencies of the U.S. Government. At September 30,
2002 the Company had no trade receivables. Initial trade receivables are
expected to be principally from customers in Italy. Since initial anticipated
customers will be from one geographic location, a concentration of credit risk
could exist due to potential changes in economic activity in that area. The
Company does not require collateral for its trade accounts receivables.

     (g)  Cash Equivalents
          ----------------

The Company considers all short-term investments in securities that mature in 90
days or less to be cash equivalents

     (h)  Allowance for Doubtful Accounts
          -------------------------------

Based on collection experience of the Company, no allowance for doubtful
accounts has been provided. Historically the Company has never had any material
amounts of uncollectible accounts. Provision for doubtful account at September
30, 2002 is for a receivable from an officer stockholder without adequate
collateral.

                                       11
<PAGE>

NOTE 1 - DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES, continued

     (i)  Use of Estimates in the Preparation of Financial Statements
          -----------------------------------------------------------

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

     (j)  Geographic Area of Operations
          -----------------------------

The Company operates its business principally in Italy. The potential for severe
financial impact can result from negative effects of economic conditions within
the markets or geographic areas. Since the Company's business is principally in
one area, this concentration of operations results in an associated risk and
uncertainty.


NOTE 2 -  BASIS OF PRESENTATION - GOING CONCERN

The accompanying financial statements have been prepared in conformity with
generally accepted accounting principles, which contemplates continuation of the
Company as a going concern. However, the Company has suffered recurring losses
from operations and has a net capital deficiency that raises substantial doubt
about the Company's ability to continue as a going concern. Management is
attempting to raise additional capital.

In view of these matters, continuing, as a going concern is dependent upon the
Company's ability to meet its financing requirements, raise additional capital,
and the success of its future operations or completion of a successful business
combination. Management believes that actions planned and presently being taken
to raise additional capital to provide the opportunity for the Company to
continue as a going concern.


NOTE 3 - COMMON STOCK

The Articles of Incorporation of ITEC authorize of a maximum of 1,000 shares of
no par value common stock. At December 31, 2001, 1,000 shares of common stock
were issued and outstanding.

On April 1, 2000, Itec entered into stock subscription agreements for the
issuance of 1,000 shares at $1.00 per share.



                                       12
<PAGE>

NOTE 3 - COMMON STOCK, continued

On July 3, 2000 the Company's Board of Directors approved the Company entering
into loan/investment agreements with various Italian investors not to exceed
$875,000. The Board also authorized the payment of a 10% commission on the funds
raised by the loan/investment agreements. The term of the loans as agreed to by
the Board would be three years. Interest would be payable monthly with the total
principal due in three years. The investors would have the right to participate
in future issuances of common stock on a pro rata basis, except that this
provision shall not apply prior to a business combination transaction in which
the common stock of Itec would become publicly traded, or if Itec consummates an
initial public offering.

On July 15, 2000, the Board also authorized the issuance of up to 15% of ITEC's
common stock to the various Italian investors. In lieu of ITEC's entering into
loan/investment agreements described above, a revised agreement between ITEC's
President and the Italian investors was used which allowed participants in the
Italian GPDP Program to make loans at a rate of $5,500 per share of ITEC common
stock. Funds thus generated (approximately $815,230 at March 31, 2002) are to be
repaid when ITEC becomes a public company. Upon repayment of the advances, the
investors would retain their stock ownership. To comply with various Italian
regulations, ITEC's President personally issued shares of the Company's common
stock to the Italian investors. The funds advanced from the investors were
deposited in accounts in ITEC's President's name and the advances were to ITEC's
President. Due to the substance of the transaction over its form, the
transactions have been shown as ITEC transactions with the cash balances and
advances payable recorded on the financial statements. ITEC's President has
represented that the funds received are assets of ITEC and ITEC has assumed the
related obligations.

On May 4, 2001 the Company entered into a share exchange agreement with Itec to
acquire all the issued and outstanding shares of common stock of Itec in
exchange for 6,651,987 shares of the Company's common stock. This business
combination resulted in the shareholders of ITEC owning approximately 66.5% of
the issued and outstanding shares of the Company's common stock (10,000,000
shares were outstanding upon completion of the transaction), and the Company
holding 100% of the issued and outstanding shares of ITEC's common stock.

On May 28, 2001, the Company adopted the Beechport Capital Corp. 2001 Stock
Plan, which covers the issuance of up to 1,000,000 shares of common stock,
either directly or pursuant to options, to eligible employees, directors,
officers, consultants and advisors of the Company. The purpose of the plan is to
promote the best interest of the remuneration to selected eligible participants.
On June 7, 2001, the Company filed a registration statement on Form S-8 (File
No. 333-62520) to register the shares covered under the Plan.

In June and September of 2001 the Board authorized the issuance of up to
2,100,000 shares under S-8 filings for services performed for the Company.
1,992,000 shares were issued in early July. The Company's stock was trading in
the range of $0.50 to $0.90 with a five-day average of $0.72 pr share. The
discount allowed was set at 25% resulting in a valuation of $0.54 per share. One
hundred thousand shares were issued in late September. The Company's stock was
trading in the range of $0.28 to $0.43 with a five-day average of $0.36 pr
share. The discount allowed was set at 25% resulting in a valuation of $0.27 per
share.

                                       13
<PAGE>

NOTE 4 - NOTES PAYABLE

The Company entered into an agreement with Glenwood Marketing Associates, Inc.,
(GMA) effective April 25, 2000 whereby GMA agreed to lend $1,100,000 to the
Company. From the $1,100,000 loan the Company agreed to pay $200,000 of capital
formation fees to GMA.

The loan bears interest at 10% per annum payable in monthly interest only
payments for the 36-month term of the loan. The Company agreed to amend its
articles of incorporation so as to allow the issuance of a preemptive and
preferential right to purchase shares pursuant to Board of Director approval.
The Company agreed to promulgate a Board resolution to convey to GMA 20% of the
Company's issued and outstanding common stock and further that Board shall vest
GMA with preferential rights to acquire additional shares, at no cost to GMA,
when additional shares are issued, so as to maintain GMA's stock ownership
position at 20% of the issued and outstanding common stock. GMA's interest shall
be non-diluted, except that this provision shall not apply if the Company's
common stock becomes publicly traded.

The Company agreed, pursuant to this agreement, to pay GMA a $20,000 per month
consulting fee for 24 months, to allow GMA to appoint one member of the
Company's Board and to grant GMA a first right of refusal on leasing of all
machines built by the manufacturer of the equipment related to the license
agreement.

According to the terms of the agreement, the Company will become publicly traded
within twelve months of the loan agreement at which time all the officers and
directors of the Company will agree to a two year lock up of their Company
stock, GMA agreed to convert the debt to preferred stock upon ITEC becoming a
public company. The preferred stock will contain provisions for redemption
suitable to both parties. The Company also agreed that at least two of the
Company's Board members would approve verbally any Company expenditure of more
than $5,000.

The Company has also conveyed a covenant, so long as GMA acts in accordance with
the terms of the agreement, to hold GMA harmless from any and all claims that
may accrue and to indemnify and hold GMA harmless from any and all losses,
claims, liabilities and expenses, including reasonable costs of investigation,
counsel fees and disbursements, which may be imposed upon or incurred by GMA
with the conduct of its own business with the Company.

NOTE 5 - LEASES

Effective November 1, 2000 the Company entered into a sub-lease agreement for
office facilities in Ohio. The Company is no longer using this office facility.
Under the terms of the sub-lease, the Company agreed to pay monthly sub-lease
payments of approximately $2,300 for the first 22 months and approximately
$2,430 per month for the remaining 24 months of the sub-lease term.

Effective April 2001 the Company entered into a lease agreement for office
facilities in California. Under terms of the lease, the Company agreed to pay
monthly lease payments of $900 for 36 months.

                                       14
<PAGE>

NOTE 5 - LEASES, continued

Future minimum rentals under this operating sub-lease are as follows:

                    Year Ending December 31,
                            2002                       $      2,700
                            2003                             10,800
                            2004                              3,600
                                                       ------------
                            Total                      $     17,100
                                                       ============

NOTE 6 - TECHNOLOGY LICENSE

Effective June 30, 2000, the Company entered into a five-year patent license
agreement with Honeywell International, Inc. (Honeywell) whereby the Company
obtained a non-exclusive, nontransferable worldwide license to practice the
methods and to make, use, and sell, the products and/or covered by the
proprietary rights limited to the field of use of separating and recovering
motor oil from high density polyethylene plastic. Under the terms of the
agreement the Company agreed to pay a $50,000 non-refundable initial license fee
and an additional minimum annual royalty commencing upon delivery of the first
equipment to an ITEC customer, of the greater of $50,000 or 5% of the gross
sales of all products sold and services sold in the United States and 3% of the
products or services sold in countries other than the United States. The initial
license fee of $50,000 is not creditable toward the minimum annual royalty and
was payable in three equal installments. The first was due upon the execution of
the contract, the second on December 1, 2001 and the third on April 1, 2001. At
March 31, 2002, $33,333 was accrued as a liability.

On April 25, 2001, Honeywell revised the payment schedule to reflect the updated
delivery schedule so that the previous December 1, 2001 payment is now due May
30, 2001 and the final payment due September 30, 2001. As of March 31, 2002, the
$16,667 paid and the additional $33,333 accrued have been accounted for as
prepaid expenses based upon the revised agreement whereby these amounts apply
only upon shipment of the first equipment systems. The amounts are not
refundable and will be expensed upon shipment. This agreement shall
automatically renew for additional one-year periods after the end of the initial
five-year term unless written notice is given by either party of its intent to
terminate the agreement. Honeywell may terminate this agreement in the event of
bankruptcy or insolvency of the Company, an assignment for the benefit of
creditors of the Company, the nationalization of the industry which encompasses
any products or services, any suspension of payments under the terms of the
agreement by government regulation, the Company's failure to commence
manufacture of the agreement, a substantial change in ownership of the Company
(whether resulting from merger, acquisition, consolidation or otherwise),
another company or person acquiring control of the Company, or the existence of
a state of war between the United States and any country where the Company has a
license to manufacture products of services. In addition, if either party to the
agreement defaults for any reason in any of the obligations under the terms of
the agreement, the other party will have the right to terminate the agreement by
giving at least 60 days written notice.

                                       15
<PAGE>

NOTE 6 - TECHNOLOGY LICENSE, continued

There are no rights to sub-license granted under the terms of this agreement.
The Company has agreed to invest in the commercial development of the technology
and market for the product by committing resources at minimum in accordance with
various requirements as set forth in the commercialization plan provided by the
Company for consideration to Honeywell when the Company applied for the license.
The terms of the agreement require the Company to observe all applicable United
States and foreign laws, regulations, rules, and decrees with respect to the
transfer of the proprietary rights and related technical data to foreign
countries and failure to conform to such laws, regulations, rules and decrees
may result in criminal liability.

The $50,000 license fee is recorded as a prepaid expense and will be recorded as
an intangible asset when production begins. The intangible asset cost is being
amortized over the five-year initial term of the license agreement on a
straight-line basis. Management's policy with respect to long-lived assets,
including intangible assets, is to periodically review the carrying amounts, at
least annually, to determine if there is any impairment in the carrying value.
As of September 30, 2002, management believes that there is no impairment in the
carrying value of any of its long-lived assets.


NOTE 7 -  EXCLUSIVE SUPPLY CONTRACT

On August 30, 2000 the Company entered into an exclusive five-year supply
contract with Fedegari Autoclavi S.P.A. (Fedegari), an Italian equipment
manufacturer. Under the terms of the agreement, the Company and Fedegari agreed
that Fedegari would be the exclusive supplier of the equipment used to implement
the technology licensed from Honeywell and that the Company would be the
exclusive buyer of this equipment supplied by Fedegari. The Company agreed to
pay Fedegari a $50,000 design fee, of which $25,000 was paid as of December 31,
2000 with the remaining $25,000 payable upon completion of the prototype. In
addition, the Company has agreed to pay Fedegari $150,000 for the initial
prototype model of the equipment. As of March 31, 2002, the prototype had not
been completed but the company has advanced $60,000 of the $150,000. Therefore,
no liability has been provided for in the accompanying financial statements. A
material commitment exists with respect to this matter.

Future prices of the equipment, according to the terms of the contract, shall be
agreed upon by the parties each year during the delivery schedule preparation
process, with all future increases or decreases mutually agreed upon based upon
market factors, such as equipment and material costs, competition and related
matters. The exclusive provisions are subject to various performance
requirements. According to contract, the five-year term will be subsequently
renewed for successive periods as mutually agreed by the parties, unless a
request of termination is sent by one party to the other not less than twelve
months prior to the current expiration date. If the Company terminates the
contract without twelve months prior notice and it decides not to continue
marketing the technology system, the Company agreed to allow Fedegari the right
to take over the rights to manufacture and sell the system independently.


                                       16
<PAGE>

NOTE 7 -  EXCLUSIVE SUPPLY CONTRACT, continued

Since the Honeywell license is non-transferable this provision may not be
binding and may be a misrepresentation in the contract. Contingencies exist with
respect to this matter, the ultimate resolution of which cannot presently be
determined.

According to the terms of the contract, the contract shall be governed by the
laws of Switzerland, without reference to principals of conflict of laws, except
that the United Nations Convention or Contracts for Sale of Goods shall not
apply. Both parties have agreed that the exclusive jurisdiction over any legal
action arising out of or in connection with the contract shall only be brought
in International Court in Geneva, Switzerland.


NOTE 8 -  RECEIVABLE RELATED PARTY

On July 5, 2001 the Company's Board of Directors approved and authorized the
Company to make a loan of $250,000 to the Company's President. The loan,
according to the minutes of the Board meeting, is interest only for ten years
with the total principal due at the end of ten years. Interest has been waived
in the years ended December 31, 2000 and 2001 by the board of directors. As of
September 30, 2002, $236,973 was advanced on the loan. On April 5, 2001 the
company advanced Intermode (an Italian company) $36,951 in connection with
product development.


NOTE 9 - AGREEMENT

The Company has entered into an agreement with Cesmet Laboratories SRL, an
Italian company for a cooperative effort in development of the General Plastic
Development Program (GPDP) and the oversight of ITEC's Italian operations. The
fees for this agreement are on a time and expense basis billed monthly.


NOTE 10 - SUBSIDIARY

On April 11, 2001, ITEC formed a wholly owned subsidiary and incorporated it as
a Delaware corporation known as EC02 Environmental Systems. The only activity to
date was the registration of a trademark for EC02.


NOTE 11 - SUBSEQUENT EVENTS

At a special September 27, 2002 meeting of the shareholders of Beechport Capital
Corp., the Company authorized changing its name by merging into its wholly-owned
subsidiary Itec Environmental Group, Inc. thus changing the domicile of the
Company from Colorado to Delaware.

The Secretary of State for the State of Delaware received, accepted and posted
the proposed changes on October 11, 2002.


                                       17
<PAGE>


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

The Company's plans for the next twelve months are two-fold. The first is to
continue marketing and selling the ECO2 cleaning system through its subsidiary,
Itec International Technologies, Inc. The second is opening a plastic recycling
plant in Stanislaus County, California by its subsidiary, Environmental
Recycling Services of America, Inc. ("ERSA").

As of September 30, 2002 the Company does not have sufficient cash or lines of
credit for the next twelve months but is in the process of raising funds through
a second round of a Regulation S offering. The first round was completed in
early June and the second round is expected to be completed by late October
2002. Through this offering the Company expects to have sufficient cash or lines
of credit to satisfy its needs for the twelve months ending September 30, 2003.

Manufacture and delivery of ECO2 systems continue on schedule and are expected
to meet Company goals.

The Company, through its ERSA subsidiary, has purchased or leased all equipment
necessary for the plastic recycling plant in California and with the opening of
this plant the Company is expected to increase its employee base significantly.
The Company is also entering into a long-term lease of a building for this
project.


ITEM 3.  Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer (the "Certifying
Officers") are responsible for establishing and maintaining disclosure controls
and procedures for the Company.

The Certifying Officers have designed such disclosure controls and procedures to
ensure that material information is made known to them, particularly during the
period in which this report was prepared.

The Certifying Officers have evaluated the effectiveness of the Company's
disclosure controls and procedures within 90 days of the date of this report and
believe that the Company's disclosure controls and procedures are effective
based on the required evaluation. There have been no significant changes in
internal controls or in other factors that could significantly affect internal
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


                                     PART II

Item 1.  Legal Proceedings  (None)


                                       18
<PAGE>

Item 2.  Changes in Securities and Use of Proceeds

RECENT SALES OF UNREGISTERED SECURITIES.  Pursuant to a Regulation S Stock
Purchase Agreement dated December 20, 2001 (the  "Agreement"), between the
Company and Starz Investments Limited, a Belize International Business company
("Starz"), the Company agreed to sell and Starz agreed to use its best efforts
to purchase up to 5,000,000 shares of the Company's common stock, at a purchase
price equal to 35% of the bid price of the Company's shares as quoted on the OTC
Bulletin Board for the five consecutive trading days immediately preceding the
date of a purchase order received by the Company.

As of September 30, 2002 foreign designees of Starz had purchased an aggregate
of 5,015,040 shares under the Agreement and the Company had received net
proceeds of $1,194,446 or $.24 per share. Under the terms of the Agreement,
Starz has the right to require the Company to include the shares in any
registration statement under the Act filed by the Company after a period of one
year from the date of purchase of such shares. All costs in connection with such
registration are to be paid by the Company. The Company claims the exemption
from registration of this transaction afforded by Regulation S under the Act in
that all sales of the shares were made in "off-shore transactions" to persons
who are not U.S. persons. No "directed selling efforts" were engaged in by
either the Company or Starz and Starz made other representations and entered
into other agreements consistent with the provisions of Regulation S.

Pursuant to a Regulation S Stock Purchase Agreement dated March 28, 2002 (the
"Agreement"), between the Company and Starz Investments Limited, a Belize
International Business company ("Starz"), the Company agreed to sell and Starz
agreed to use its best efforts to purchase up to 7,500,000 shares of the
Company's common stock, at a purchase price equal to 35% of the bid price of the
Company's shares as quoted on the OTC Bulletin Board for the five consecutive
trading days immediately preceding the date of a purchase order received by the
Company.

As of September 30, 2002 foreign designees of Starz had purchased an aggregate
of 6,377,716 shares under the Agreement and the Company had received net
proceeds of $ 289,263 or $.05 per share. Under the terms of the Agreement, Starz
has the right to require the Company to include the shares in any registration
statement under the Act filed by the Company after a period of one year from the
date of purchase of such shares. All costs in connection with such registration
are to be paid by the Company. The Company claims the exemption from
registration of this transaction afforded by Regulation S under the Act in that
all sales of the shares were made in "off-shore transactions" to persons who are
not U.S. persons. No "direct selling efforts" were engaged in by either the
Company or Starz and Starz made other representations and entered into other
agreements consistent with the provisions of Regulation S.


Item 3.  Defaults Upon Senior Securities     (None)


                                       19
<PAGE>

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

At a special September 27, 2002 meeting of the shareholders of Beechport Capital
Corp. the Company authorized changing its name by merging into its wholly-owned
subsidiary ITec Environmental Group, Inc. thus changing the domicile of the
Company from Colorado to Delaware.

The Secretary of State for the State of Delaware received, accepted and posted
the proposed changes on October 11, 2002.


Item 5.  Other Information


Item 6.  Exhibits and Reports on Form 8-K

   (a)   Reports on Form 8-K


     Form 8-K filed September 27, 2002 to report the change of name and
domicile, and incorporated by reference herein.









                                       20
<PAGE>



                                   SIGNATURES

     In accordance with the requirements of the Exchange Act, the Company caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


Dated:  November 14, 2002            ITEC ENVIRONMENTAL GROUP, INC.
                                     (Registrant)


                                 BY  /s/ Gary M. De Laurentiis
                                     -------------------------
                                     Gary M. De Laurentiis
                                     Chief Executive Officer


                                 BY  /s/ Michael E. Hofmann
                                     -------------------------
                                     Michael E. Hofmann
                                     Chief Financial Officer



                                       21
<PAGE>
CERTIFICATION

I, Gary M. De Laurentiis, Chief Executive Officer, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Itec Environmental
Group;

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

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

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: November 14, 2002

                                 BY  /s/ Gary M. De Laurentiis
                                     -------------------------
                                     Gary M. De Laurentiis
                                     Chief Executive Officer

                                       22
<PAGE>
CERTIFICATION

I, Michael E. Hofmann, Chief Executive Officer, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Itec Environmental
Group;

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

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

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: November 14, 2002

                                 BY  /s/ Michael E. Hofmann
                                     -------------------------
                                     Michael E. Hofmann
                                     Chief Financial Officer

                                       23