U.S. 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 June 30, 2003
-----------------------------------------------------------------------------

[ ]  Transition Report under Section 13 or 15(d)of the Exchange Act For the
     Transition Period from ________  to  ___________
-----------------------------------------------------------------------------

                         Commission File Number: 0-29087
-----------------------------------------------------------------------------

                                  NUTEK, INC.
-----------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)


             Nevada                               87-0374623
 -------------------------------   ---------------------------------------
 (State or other jurisdiction of   (I.R.S. Employer Identification Number)
  incorporation or organization)


   6330 McLeod Drive, Suite 1, Las Vegas, NV            89120
 ------------------------------------------------    -------------
    (Address of principal executive offices)          (zip code)


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


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

Check  whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d)  of  the  Exchange  Act  of 1934 during the past 12 months (or 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 [ ]

               APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                    PROCEEDING DURING THE PRECEDING FIVE YEARS

Check whether the Registrant filed all documents  and  reports  required  to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution  of
securities under a plan confirmed by a court.

                                                              Yes [ ] No [ ]

                   APPLICABLE ONLY TO CORPORATE ISSUERS

                                        1



The Registrant has 92,499,834 shares outstanding,  par value $.001 per share as
of June 30, 2003. The Registrant has 596,408 shares of Preferred Stock Series A
issued and  outstanding  and 508,500  shares of Preferred Stock Series B issued
and outstanding as of June 30, 2003.

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


                                       2



PART I.  FINANCIAL INFORMATION

Item 1.   Financial Statements.................................     4
          Balance Sheet (unaudited)............................   5-6
          Statements of Operations (unaudited).................     7
          Statements of Cash Flows (unaudited).................     8
          Notes to Financial Statements........................  9-16

Item 2.  Management's Discussion and Analysis of Plan
           of Operation........................................    17

Item 3. Controls and Procedures................................    18




PART II. OTHER INFORMATION

Item 1.   Legal Proceedings....................................    19

Item 2.   Changes in Securities and Use of Proceeds............    19

Item 3.   Defaults upon Senior Securities......................    19

Item 4.   Submission of Matters to a Vote
           of Security Holders.................................    19

Item 5.   Other Information.....................................   19

Item 6.   Exhibits and Reports on Form 8-K......................   19

Signatures......................................................   20


                                      3


                     PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS AND EXHIBITS

The unaudited financial statements of registrant  for  the  three  months ended
June  30,  2003,  follow.   As  prescribed  by item 310 of Regulation S-B,  the
independent auditor has reviewed these unaudited  interim  financial statements
of  the  registrant  for  the  six  months ended June 30, 2003.  The  financial
statements reflect all adjustments, which  are,  in  the opinion of management,
necessary to a fair statement of the results for the interim period presented.



                                  NUTEK, INC.

                               TABLE OF CONTENTS



ACCOUNTANTS' REVIEW REPORT                                              4

CONSOLIDATED FINANCIAL STATEMENTS:

      Consolidated Balance Sheet                                    5 - 6

      Consolidated Statements of Income                                 7

      Consolidated Statements of Cash Flows                             8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS                         9 - 16



To the Board of Directors of
Nutek, Inc.
Las Vegas, Nevada


We  have  reviewed  the  accompanying  balance  sheet  of Nutek, Inc. (a Nevada
corporation) as of June 30, 2003 and the related statements  of income, changes
in stockholders' equity and cash flows for the three months and six months then
ended,  in  accordance with Statements on Standards for Accounting  and  Review
Services issued by the American Institute of Certified Public Accountants.  All
information included in these financial statements is the representation of the
management of Nutek, Inc.

A review consists  principally of inquiries of Company personnel and analytical
procedures applied to  financial  data.  It is substantially less in scope than
an  audit  in  accordance  with  generally  accepted  auditing  standards,  the
objective of which is the expression  of  an  opinion  regarding  the financial
statements taken as a whole.  Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should
be  made to the accompanying financial statements in order for them  to  be  in
conformity with generally accepted accounting principles.


Gary V. Campbell, CPA, Ltd.

August 8, 2003
Las Vegas, Nevada

                                       4



				       NUTEK INC.
				     BALANCE SHEETS
			  AS OF JUNE 30, 2003 AND DECEMBER 31, 2002


<TABLE>
<CAPTION>

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

                                               June 30, 2003    December 31, 2002
Current Assets:
  Cash                                              $179,031          $44,371
  Accounts receivable                              1,601,675        1,567,277
  Inventory                                          225,548          222,890
  Accrued income                                      11,200           11,200
  Prepaid expenses                                   275,561          119,408
  Note receivable, related party                     649,900          753,206
  Current portion of notes receivable                 14,420            7,500
						  ----------	   ----------
     Total current assets                         $2,957,335       $2,725,852

Property and Equipment, net of
    accumulated depreciation                       2,885,540        2,948,032

Other Assets:
  Line of credit fee, net of amortization                950                -
  Trade show booths, net of amortization                   -            5,304
  Note receivable, net of current portion                  -            5,800
  Deposits                                            46,784           30,284
  Patent rights acquired, net of amortization        561,262          561,262
  Long-term investment                                 8,000            8,000
  Website assets, net of amortization                 29,340           19,654
  Customer lists, net of amortization                 44,583           43,583
  Patterns/designs, net of amortization               43,611           44,488
  Packaging design/artwork, net of amortization       82,851           69,687
  Goodwill                                         1,692,782        1,692,782
  Trademarks                                           8,000            8,000
  Licensing fees                                      50,000           50,000
						  ----------	   ----------
     Total other assets                            2,568,163        2,538,844

Total Assets                                      $8,411,038       $8,212,728
						  ==========	   ==========
</TABLE>

<TABLE>
<CAPTION>

<S> <C>                                                        <C>           <C> <C>               <C> <C>
           LIABILITIES AND STOCKHOLDERS' EQUITY

                                                          June 30, 2003     December 31, 2002
Current Liabilities:
  Accounts payable                                             $157,462         $591,723
  Accrued expenses                                              254,009          153,233
  Line of credit                                                374,775          373,800
  Notes payable, related party                                  272,475          170,000
  Current portion of long-term notes payable                     99,490          123,418
							     ----------       ----------
     Total current liabilities                               $1,158,211       $1,412,174

Long-Term Debt:
  Long-term notes payable, net of current portion                33,845           58,173
  Bonds payable                                                 170,411          170,411
							     ----------       ----------
     Total long-term debt                                       204,256          228,584

Total Liabilities                                             1,362,467        1,640,758
							     ----------       ----------

Stockholders' Equity:
  Common stock:
    Common stock, $0.001 par value, 200,000,000
    shares authorized; 93,458,167 shares issued,
    92,499,834 outstanding at June 30, 2003                      93,458           88,974
  Preferred stock Series A:
    Preferred stock, $0.001 par value, 10,000,000
    shares authorized; 559,508 Series A shares
    issued and outstanding at June 30, 2003                         560              560
  Preferred stock Series B:
    Preferred stock, $0.001 par value, 10,000,000
    shares authorized; 508,500 Series B shares
    issued and outstanding at June 30, 2003                         509              509
  Additional paid-in capital-common stock                     7,732,025        7,555,559
  Additional paid-in capital-preferred Series A               3,021,131        3,021,132
  Additional paid-in capital-preferred Series B                 507,992          507,991
  Noncontrolling interest in subsidiary of Nutek Oil, Inc.      356,332          355,782
  Subscriptions receivable                                    (153,750)        (153,750)
  Treasury stock, at cost; 958,333 shares at June 30, 2003    (134,388)        (134,388)
  Accumulated Deficit                                       (4,375,298)      (4,670,399)
							     ----------       ----------
     Total stockholders' equity                               7,048,571        6,571,970

Total Liabilities and Stockholders' Equity                   $8,411,038       $8,212,728
							     ==========       ==========



</TABLE>

						6



				       		 NUTEK INC.
					     STATEMENT OF INCOME
		   		    FOR THE THREE MONTHS AND SIX MONTHS
					ENDED JUNE 30, 2003 AND 2002


<TABLE>
<CAPTION>

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

                                         3 Months Ended 3 Months Ended 6 Months Ended 6 Months Ended
                                         June 30, 2003  June 30, 2002  June 30, 2003  June 30, 2002

Revenue                                      $1,936,083     1,605,037     3,501,082     3,066,179

Cost of Goods Sold                            1,148,589       568,748     1,885,490     1,337,945
					      ---------	    ---------	  ---------	---------
Gross Profit                                    787,494     1,036,289     1,615,592     1,728,234

Expenses:
  Selling, general and administrative           563,061       736,193     1,199,938     1,229,821
  Depreciation                                   63,808        48,559       128,720       105,452
  Amortization                                        -        21,101             -        22,862
					      ---------	    ---------	  ---------	---------
     Total expenses                             626,869       805,853     1,328,658     1,358,135

Operating Income                                160,625       230,436       286,934       370,099

Other Income (Expense):
  Interest income                                   781             -         1,183             -
  Forgiveness of debt                            15,474             -        39,474             -
  Other income                                        -        14,953          (671)            -
  Interest expense                              (22,248)      (16,478)      (37,269)      (28,767)
  Other income                                    3,000             -         6,000        35,355
  Minority interest, Nutek Oil, Inc.                919             -         (550)             -
					      ---------	    ---------	  ---------	---------
     Total other income (expense)                (2,074)       (1,525)        8,167         6,588

Net Ordinary Income                            $158,551      $228,911      $295,101      $376,687


Basic weighted average number of  common
  shares outstanding                         91,309,379    79,223,967    90,174,109    75,541,211

Diluted weighted average number of common
  shares outstanding                        147,260,179   139,373,267   146,124,909   135,690,511

Basic Net Income Per Share                       $0.002        $0.003        $0.003        $0.005

Diluted Net Income Per Share                     $0.001        $0.002        $0.002        $0.003
</TABLE>

					7


				       NUTEK INC.
				STATEMENT OF CASH FLOWS
			FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND 2002


<TABLE>
<CAPTION>

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

                                                                 6 Months Ended
                                                          June 30, 2003    June 30, 2002

    Cash Flows From Operating Activities:
         Net income                                         $  295,101      $376,687
       Adjustments to reconcile net income to net
         cash provided by operating activities:
           Depreciation Expense                                128,720       105,452
           Amortization Expense                                      -        22,862
           Increase (Decrease) non-controlling
            interest in subsidiary                                 550             -
           Increase in accounts receivable                     (34,399)     (733,553)
           Increase in inventory                                (2,658)     (101,900)
           (Increase) Decrease in line of credit fees             (950)            -
           (Increase) Decrease in prepaid expenses            (156,152)          500
           Increase in deposits                                (16,500)         (390)
           Decrease in accounts payable                       (434,261)     (108,780)
           Increase in accrued expenses                        101,689       100,254
 							      --------	    --------
            Net cash used by operating activities             (118,860)     (338,868)

     Cash Flows From Investing Activities:
           (Increase) Decrease on notes receivable             102,186        (2,383)
           (Increase) Decrease in property and equipment       (64,575)      (34,423)
           (Increase) / Decrease in other assets                     -       (14,510)
           Purchase of intangible assets                       (20,236)            -
 							      --------	    --------
            Net cash provided by investing activities           17,375       (51,316)

     Cash Flows From Financing Activities:
           Increase (Decrease) in notes payable                 95,364       130,158
           Increase (Decrease) in notes payable                (41,144)      247,392
           Issuance of common stock                            180,950       (32,127)
           Increase (Decrease) in Treasury Stock                     -        (3,000)
           Proceeds from line of credit                            975             -
 							      --------	    --------
            Net cash provided by financing activities          236,145       342,423

 							      --------	    --------
         Net Increase in Cash                                  134,660       (47,761)
 							      --------	    --------
         Balance, Beginning                                     44,371        60,610

         Balance, Ending                                     $ 179,031       $12,849

         Interest Paid                                       $  36,211       $16,478

         Taxes Paid                                               $-            $-


   Non-Cash Investing and Financing Activities:
     The Company issued 442,591 and 1,900,924 shares of common stock for services during
     the three months and six months ended June 30, 2003 respectively.


</TABLE>

					8



                                  NUTEK, INC.

                  NOTES TO CONSOLIDATED 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.   The
   company produces clocks assembled and packaged by U.S. Veterans.

   Kristi & Co.,  a Nevada corporation, was incorporated on September 13, 1999.
   The company markets  women'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.

   Datascensions, Inc. and related assets were purchased  on September 27, 2001
   for  $2,200,000  using company shares at fair market value.   Datascensions,
   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.

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.

   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.

                                        9


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

   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., Datascensions, 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
   of  the date of the financial statements and revenues and expenses  for  the
   period reported.  Actual results may differ from these estimates.

   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 six months ended June
   30, 2003.

   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
   statement 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 machinery      20 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.

                                        10


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

   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 reviewed 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, purchased late in 1999, has not  significantly  decreased  and
   there  has  been  no reduction in the usefulness of the asset as of June 30,
   2003.

   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 June 30,
   2003:   clothing  patterns and designs, artwork, customer  lists,  packaging
   designs, patents, and trademarks.

   NET INCOME PER SHARE
   Basic net income 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 net income per share.

   Diluted net income per share reflects  the  potential   dilution  that could
   occur  if  the  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.

   ADVERTISING
   Advertising  costs are expensed when incurred.  Advertising  for  the  three
   months and six months ended June 30, 2003 amounted to $304.

   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.

NOTE 3 - PROPERTY AND EQUIPMENT

   Property and equipment are made up of the following as of June 30, 2003:

      Drilling equipment                        $     138,220
      Factory equipment                                 1,381
      Equipment and machinery                       1,780,372


                                        11


NOTE 3 - PROPERTY AND EQUIPMENT (CONTINUED)

      Molds and tooling                         $     758,065
      Office equipment                                416,354
      Trade show booths                                 6,150
      Leasehold improvements                          516,584
      Accumulated depreciation                       (731,586)
						-------------
                                                 $  2,885,540

NOTE 4 - STOCKHOLDERS' EQUITY

   During 2003, the Company sold 1,250,000 shares of common stock for $50,000
   and 1,333,333 shares of common stock for $35,000.

   The Company also issued 1,900,924 shares of common stock for services for
   the six months ended June 30, 2003.

NOTE 5 - LONG-TERM NOTE PAYABLE

   The Company has entered into agreements for long-term notes payable.  Long-
   term notes payable consists of the following at June 30, 2003:

   Note payable to a vendor no specific repayment
   terms, interest at 12% annually through February
   2004.  The loan is secured by stock in Nutek Oil, Inc.  $       61,542

   Note payable to a vendor, no specific repayments terms
   and no stated interest rate, secured by assets.                 42,500

   Note payable to a vendor, monthly payments of $348
   inclusive of 7% annual interest through September 2006,
   secured by equipment.                                           11,793

   Note payable to a vendor, monthly payments of $906,
   inclusive of 12% annual interest through February 2006
   secured by equipment.                                           17,500
                                                                  133,335
   Less current portion                                           (99,490)
							   --------------
                                                           $       33,845
   Principal maturities are as follows:
         Twelve months ended June 30,
         2004                                  $       99,490
         2005                                          26,046
         2006                                           7,799
         2007                                              -
					       --------------
                                                $     133,335


                                        12

NOTE 6 - INCOME TAXES

   Deferred income taxes result 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:
                                              3 MONTHS          6 MONTHS
                                                ENDED             ENDED
                                            JUNE 30, 2003    JUNE 30, 2003
         Depreciation and amortization    $     (77,624)      $    47,081
         Net operating loss carryforward        124,051            53,253
         Valuation allowance                    (46,427)         (100,334)
					  -------------      ------------
                                          $        -          $       -

   The components of the net deferred tax asset at June 30, 2003 under SFAS 109
   are as follows:

         Depreciation and amortization                 $   (910,913)
         Net operating loss carryforward                    988,659
         Valuation allowance                                (77,746)
						       ------------
                                                       $         -

   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:

                                3 MONTHS     PERCENT OF   6 MONTHS   PERCENT OF
                                  ENDED       PRETAX       ENDED       PRETAX
                              JUNE 30, 2003   INCOME   JUNE 30, 2003   INCOME
         Expected               $  46,427      34%      $ 100,334       34%
         Valuation allowance      (46,427)    (34%)      (100,334)     (34%)
         Actual expense     $       -           0%      $     -          0%

NOTE 7 - 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 has no specific
   expiration date and is secured by Murray Conradie and Scott Kincer .

NOTE 8 - RELATED PARTY TRANSACTIONS

   The Company holds a note payable  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.


                                        13

NOTE 8 - RELATED PARTY TRANSACTIONS (CONTINUED)

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

   The Company holds a note payable to 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 a shareholder  in the amount of $20,000.
   This agreement has no specific repayment terms, and  10%  interest  annually
   through June 2006.  This loan is unsecured.

   The  Company  holds  an  outstanding  note  payable to a shareholder, in the
   amount of $50,000.  This payable accrues interest  at  10%  annually through
   January  2004.   All  principal  and interest is due in full on January  24,
   2004.

   The Company has an  outstanding note  payable  to  Murray  Conradie  in  the
   amount of $14,475.  This payable has no stated interest rate and no specific
   repayment terms.

   The Company has an outstanding note payable to Scott Kincer in the amount of
   $38,000.   This  payable accrues interest at 1% monthly due on the first day
   of each month.

   The Company holds  bonds  payable  in  the  amount  of  $170,411  to various
   individuals with no specified repayment terms and no stated interest  rates.
   Amounts are expected to be converted to company stock in the near term.

   The  Company has an outstanding receivable from a shareholder, in the amount
   of $3,750.   This  receivable  has  no  stated interest rate and no specific
   repayment terms.

   The Company has an outstanding receivable from a shareholder, related to the
   purchase of Sin Fronteras, Inc., in the amount of $646,150.  This receivable
   has no stated interest rate due in full on or before April 30, 2004.

NOTE 9 - 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.


                                        14


NOTE 9 - CONTINGENCIES AND COMMITMENTS (CONTINUED)

   At June 30, 2003, aggregate future minimum  payments under these leases, are
   as follows:

        Twelve months ended June 30,
        2004                                             $     181,223
        2005                                                   174,509
        2006                                                   177,989
        2007                                                   104,693
        2008                                                   105,917
        Thereafter                                             255,100
							 -------------
        Total minimum lease payments                     $     999,431

NOTE 10 - 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.

   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.


                                        15


NOTE 10 - ACQUISITIONS (CONTINUED)

   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 of $50,000 which has been paid in full
   as  of June 30, 2003.  Kristi & Co. has the rights to certain women'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.

   Current  sales  and  cash  flows of Kristi & Co.'s line  indicate  that  the
   valuation was accurate.  The  Company  anticipates selling these items since
   Kristi & Co. is no longer in business.

   DATASCENSIONS, 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
   Datascensions, 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.    Datascensions,   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.  The transaction was accounted
   for by the purchase method of accounting for business combinations.


                                        16

NOTE 11 - 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 12 - MINORITY INTEREST IN SUBSIDIARIES

   The Company has accounted for minority  interest  in  Nutek Oil, Inc. in the
   amount  of  $(549)  for  the  six months ended June 30, 2003.   This  amount
   represents the 22.82% interest  owned  by  various  individuals  other  then
   Nutek, Inc.




Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF PLAN OF OPERATIONS

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 1
above.

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.

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

(i) Short-term Objectives:


The Company plans to accomplish the following:

 - Introduce an audit committee
 - Introduce a compensation committee comprised of a majority of
   independent members
 - Invest in automatic predictive dialers for our Costa Rica facilities, which
   will further increase productivity by 20-30%.
 - Further expand Datascension's International operations into additional
   countries.
 - Continue market penetration and consumer awareness of the Tekplate product
 - Make acquisitions of strategic competitors.
 - Develop strategic Joint Venture relationships.


(ii) Long-term Objectives:

 - Expand the Tekplate penetration to both a national and international level.
 - Secure significant business opportunities for Datascension Inc.
 - Complete in-field drilling of 20 additional oil wells.

There is a planned sale of significant equipment and assets to include,  Kristi
&   Co.,  Inc,  Century  Clocks  Inc.,  SRC  International  Inc.   The  company
anticipates  a  significant  capital infusion into the company from the sale of
these  assets,  which will provide  additional  capital  for  the  purchase  of
Tekplate  inventory   and  the  further  expansion  of  Datascension  into  the
International markets.  Excluding any potential acquisition, the Company's work
force is expected to increase  at  a  rate  equal  to  actual  increases of our
business operations.

1)  During the Second Quarter ended June 30, 2003 the Company had  a net profit
of $158,551 from operations against revenues of $1,936,083 as compared to a net
profit from operations of $228,911 against revenues of $1,605,037 for  the same
quarter  last  year.   The  Company  has  decreased  its  selling,  general and
administration  costs  from  $736,193 for the same period last year to $563,061
for the Second Quarter this year.   Depreciation  costs  for the Second Quarter
this year were $63,808 as compared to $48,559 for the same period last year.

As of June 30, 2003, the Company has ninety three million  four  hundred  fifty
eight  thousand  one hundred thirty four  (93,458,167) shares of its $0.001 par
value common voting  stock  issued  and  ninety two million four hundred ninety
nine thousand eight hundred thirty four (92,499,834) outstanding which are held
by  approximately six hundred and eighty nine  (689)  shareholders  of  record.
The Company  also  has  five  hundred and eight thousand five hundred (508,500)
shares of its $0.001 par value Preferred Stock Series B issued and outstanding,
as of June 30, 2002. All Series  B  Preferred  shares,  which have been issued,
were issued for cash at $1.00 a share.  Series B Preferred shares have the same
voting rights as the common shares but have priority in the  event  of  Company
liquidation.   All  of  the  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 a
share payable quarterly.  They are convertible to common shares  on  a  one for
one  basis  at  the  holders'  option.   The  Company also has five hundred and
ninety-six thousand four hundred and eight (596,408)  shares  of its $0.001 par
value Preferred Stock Series A issued and outstanding, as of June 30, 2003.

2) Results of Operations

For  the  Second  Quarter,  ended  June  30,  2003,  the  Company has generated
$1,936,083 in revenues and generated a profit of $158,551 for  the same period.
This compares to revenues of $1,605,037 and a profit of $228,911  for  the same
period  last  year.  The Company has increased its working capital position  by
$485,446 from a  positive  $1,313,678  at  December  31,  2002  to  a  positive
$1,799,124 on June 30, 2003.

Revenues  have  increased  from  the  same  period  in 2002 with the net income
percentage increasing at a slower rate.  The reason for  this  is two fold, (1)
to keep in line with our growth strategy of continually obtaining clients, thus
the  need to forgo larger margins in the short term to lock the client  in  for
the long  term  and (2) our workforce has increased 30% during the last quarter
and as a result we  do  not  see  the  benefit of the increased workforce while
their three week training phase is being completed.

The majority of the Company's expenses for  the  quarter  included  payroll and
administrative costs.

Ending  this  second quarter of 2003 the company has accomplished most  of  the
cost cutting strategies implemented almost 12 months ago as part of our overall
internal restructuring and cost cutting measures.

TekPlate has undergone a complete repositioning under Mr. Silverman's direction
in terms of packaging,  literature  and  the  www.tekplate.com website has been
updated to reflect the new positioning of this  product.  The online store will
be re-opening in late August and a password-protected  store  will be available
allowing vendors to place orders directly online.

3) Liquidity and Capital Resources

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 and the commitment  to  fund  purchase
orders for the Tekplate product from major wholesalers.

As an ongoing  concern, if the Company needs to raise additional funds in order
to fund expansion,  develop  new  or  enhanced services or products, respond to
competitive  pressures  or  acquire  complementary   products,   businesses  or
technologies,  any  additional funds raised through the issuance of  equity  or
convertible debt securities,  the  percentage  ownership of the stockholders of
the  Company will be reduced, stockholders may experience  additional  dilution
and such  securities may have rights, preferences or privileges senior to those
of the Company's  Common  Stock.    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.

The Company currently has  approximately four hundred thirty (430) employees of
which six (6) are Officers of  the  Company.   As the Company continues to grow
and develop its product lines it will need to add employees.

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.

Earnings  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.

                                        18

Forward-Looking Statements

This Form 10-QSB includes "forward-looking  statements"  within  the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section  21E  of the
Securities  Exchange  Act  of  1934,  as  amended.   All statements, other than
statements of historical facts, included or incorporated  by  reference in this
Form 10-QSB which address activities, events or developments which  the Company
expects  or anticipates will or may occur in the future, including such  things
as future  capital  expenditures  (including  the  amount  and nature thereof),
finding suitable merger or acquisition candidates, expansion  and growth of the
Company's  business  and operations, and other such matters are forward-looking
statements.

These statements are based  on  certain  assumptions  and  analyses made by the
Company  in  light  of its experience and its perception of historical  trends,
current conditions and expected future developments as well as other factors it
believes are appropriate in the circumstances.  However, whether actual results
or developments will conform with the Company's expectations and predictions is
subject to a number of  risks  and  uncertainties,  general economic market and
business conditions; the business opportunities (or lack  thereof)  that may be
presented  to  and  pursued by the Company; changes in laws or regulation;  and
other factors, most of which are beyond the control of the Company.

This  Form  10-QSB  contains   statements   that   constitute  "forward-looking
statements." These forward-looking statements can be  identified  by the use of
predictive,  future-tense  or  forward-looking terminology, such as "believes,"
"anticipates,"  "expects," "estimates,"  "plans,"  "may,"  "will,"  or  similar
terms. These statements  appear  in a number of places in this Registration and
include statements regarding the intent,  belief or current expectations of the
Company, its directors or its officers with respect to, among other things: (i)
trends affecting the Company's financial condition or results of operations for
its limited history; (ii) the Company's business  and  growth strategies; (iii)
the  Internet and Internet commerce; and, (iv) the Company's  financing  plans.
Investors  are  cautioned  that  any  such  forward-looking  statements are not
guarantees   of   future   performance   and  involve  significant  risks   and
uncertainties,  and  that  actual  results may  differ  materially  from  those
projected in the forward-looking statements  as  a  result  of various factors.
Factors  that  could  adversely affect actual results and performance  include,
among others, the Company's  limited operating history, dependence on continued
growth  in  the  use  of the Internet,  the  Company's  inexperience  with  the
Internet, potential fluctuations  in  quarterly operating results and expenses,
security  risks  of  transmitting information  over  the  Internet,  government
regulation, technological change and competition.

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


                                       19



Item 3. Controls and Procedures

Within 90 days prior to  the  date  of this quarterly report on Form 10-QSB for
the second quarter ended June 30, 2003,  the Company carried out an evaluation,
under the supervision and with the participation  of  the Company's management,
including the Company's Chief Executive Officer and Chief Financial Officer, of
the  effectiveness  of  the  design  and operation of the Company's  disclosure
controls and procedures pursuant to Rule  13a-14 of the Securities Exchange Act
of 1934. Based upon that evaluation, these  principal  executive  officers  and
principal  financial  officer  concluded that the Company's disclosure controls
and procedures are effective in  timely  alerting  them to material information
relating to the Company, including its consolidated  subsidiaries,  required to
be  included  in  the  Company's  periodic  SEC  filings.   There have been  no
significant  changes  in  internal  controls  or in other  factors  that  could
significantly affect internal controls subsequent  to  the  date  of  our  most
recent evaluation.




                           PART II OTHER INFORMATION

ITEM 1.  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 is currently involved in the following litigation:

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.

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.

UPDATE

The attorneys representing the plaintiffs in the federal lawsuit filed on March
21, 2003 in the United States District Court, District of Nevada, have received
communication from the attorneys representing several of the defendants.  These
defendants have requested  a  desire  to  settle this lawsuit if the shares are
delivered immediately.   Plaintiffs and their  attorneys  will be reviewing the
terms of the proposed settlement once they are received.

Although  some  of the plaintiffs had agreed to settle the failed  delivery  of
certificates to shareholders  if the shares were delivered by July 2, 2003, the
settlement proposed by the brokerages  was  not  carried  out  as  agreed.  The
company has now retained additional counsel and will be filing further lawsuits
against  the  plaintiffs seeking defaults against these brokerages firms.   The
company and shareholders  will  be  amending  the current complaints to include
additional shareholders which have since run into  the  same  problems  and the
company has requested injunctions against these firms for immediate delivery of
the certificates to shareholders.

ITEM 2.  Changes in Securities and Use of Proceeds

None.

ITEM 3.  Defaults upon Senior Securities

None.

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

None

ITEM 5.  Other Information

None

ITEM 6.  Exhibits and Reports on Form 8-K

None


                                         20

                                     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.
                                               ------------
                                             (Registrant)
/s/ Murray N. Conradie
-----------------------------------
Murray N. Conradie, President and Chairman of the Board
Date: August 12, 2003


Pursuant to the requirements  of  the  Securities  Exchange  Act  of 1934, this
report  has  been  signed  below  by  the following person(s) on behalf of  the
registrant and in the capacities and on the dates indicated.
Nutek, Inc.

/s/ Jason F. Griffith, CPA
-----------------------------------
Jason F. Griffith, CFO and Corporate Secretary
Date:  August 12, 2003