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

                                 --------------

                                  FORM 10-QSB/A
(MARK ONE)

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

                For the quarterly period ended October 31, 2003

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

           For the transition period from __________ to _____________.

                         Commission file number 0-18980.

                    HQ SUSTAINABLE MARITIME INDUSTRIES, INC.
                 (Name of Small Business Issuer in Its Charter)

                             Process Equipment, Inc.
                                  (Former name)

Delaware                                                              62-1407522
(State or other jurisdiction of incorporation or              (I.R.S. Employer
organization)                                                Identification No.)


    Wall Street Center, 14 Wall Street, 20th Floor, New York, New York 10005
                    (Address of principal executive offices)

                                 (212) 618-1712
                (Issuer's telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act: None

Securities Registered Pursuant to Section 12(g) of the Act:

                    Common Stock, Par Value $0.001 Per Share
                                (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 [ ]

Indicate the number of shares of the issuer's classes of common stock, as of the
latest practicable date:

Class  Outstanding  as of  October  31,  2003:  Common  Stock,  $.001  par value
3,644,800


<PAGE>

                                Explanatory Note

This  Amendment  to the  Quarterly  Report on Form 10-QSB of Process  Equipment,
Inc., now known as HQ Sustainable Maritime  Industries,  Inc., is being filed to
amend the certifications originally filed as exhibits to our Quarterly Report on
Form 10-QSB filed with the  Commission on December 23, 2003, in compliance  with
Rule  13a-14(a)/15d-14(a)  under the Securities Exchange Act of 1934, as amended
(Exhibits  31.1 and 31.2),  and  Section 906 of the  Sarbanes-Oxley  Act of 2002
(Exhibits  32.1 and 32.2).  We do not  consider  the amended  certifications  to
represent  a  material  change to the  disclosure  previously  presented  in the
Quarterly Report as originally  filed.  This Amendment  continues to speak as of
the date of the original  filing on December 23, 2003 of the Form 10-QSB for the
quarterly  period ended  October 31, 2003,  and does not reflect any  subsequent
information  or  events  other  than  the  amendments  referred  to  above.  All
information  contained  in this  Amendment  and in the  original  Form 10-QSB is
subject to updating and  supplementing as provided in the periodic reports filed
subsequent to the original filing date.



<PAGE>

                                   SIGNATURES

         In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.



                              HQ SUSTAINABLE MARITIME INDUSTRIES, INC.

                              By: /s/ Norbert Sporns
                              --------------------------------------------------
                              Name: Norbert Sporns
                              Title: Chief Executive Officer and President

                              Date:  September 10, 2004


                              By: /s/ Lillian Wang
                              --------------------------------------------------
                              Name: Lillian Wang
                              Title: Chairman and Acting Chief Financial Officer
                              Date:  September 10, 2004