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 March 31, 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  91,682,243  shares  of Common stock issued and 90,723,910
outstanding, par value $.001 per share as of  March  31,  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 March
31, 2002.

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........................  9-15

Item 2.  Management's Discussion and Analysis of Plan
           of Operation........................................    16

PART II. OTHER INFORMATION

Item 1.   Legal Proceedings....................................    17

Item 2.   Changes in Securities and Use of Proceeds............    17

Item 3.   Defaults upon Senior Securities......................    17

Item 4.   Submission of Matters to a Vote
           of Security Holders.................................    17

Item 5.   Other Information.....................................   17

Item 6.   Exhibits and Reports on Form 8-K......................   17

Signatures......................................................   24


                                      3


                     PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS AND EXHIBITS

The unaudited financial statements of registrant  for  the  three  months ended
March  31,  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 three months ended March 31,  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.

                                         4






                                  NUTEK, INC.

                               TABLE OF CONTENTS





ACCOUNTANTS' REVIEW REPORT                                             F1

CONSOLIDATED FINANCIAL STATEMENTS:

      Consolidated Balance Sheet                                    F2-F3

      Consolidated Statement of Income	                               F4

      Consolidated Statement of Cash Flows                             F5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS			 F6 - F15





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 March 31, 2003 and the related statements  of operations and
cash  flows for the three 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.

May 12, 2003
Las Vegas, Nevada



				- F1 -






                		             BALANCE SHEET
					CONSOLIDATED BALANCE SHEETS
				AS OF MARCH 31, 2003 AND DECEMBER 31, 2002



<TABLE>
<CAPTION>

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

                                                                                  UNAUDITED    AUDITED
                                                                                   3/31/03     12/31/02
ASSETS

CURRENT ASSETS:
Cash                                                                              $   170,301  $   44,371
Accounts receivable                                                                 1,349,370   1,567,277
Inventory                                                                             225,318     222,890
Accrued income                                                                         11,200      11,200
Notes receivable, related party                                                         3,750       7,500
Notes receivable, current portion                                                     753,263     753,206
Prepaid expenses                                                                      345,873     119,408
										   ----------  ----------
     Total current assets                                                           2,859,075   2,725,852
										   ----------  ----------

PROPERTY AND EQUIPMENT:
Property and equipment, net of depreciation                                         2,920,753   2,953,336
										   ----------  ----------
     Total Property and Equipment                                                   2,920,753   2,953,336
										   ----------  ----------

OTHER ASSETS:
Patent rights acquired, net of amortization                                           561,262     561,262
Notes receivable, net of current portion                                                1,376       5,800
Website assets, net of amortization                                                    28,340      19,654
Customer lists, net of amortization                                                    43,583      43,583
Patterns/designs, net of amortization                                                  44,488      44,488
Packaging design/artwork, net of amortization                                          74,687      69,687
Long-term investment                                                                    8,000       8,000
Deposits                                                                               40,784      30,284
Goodwill                                                                            1,692,782   1,692,782
Trademarks                                                                              8,000       8,000
Other assets                                                                            1,425           -
Licensing fees                                                                         50,000      50,000
										   ----------  ----------
     Total other assets                                                             2,554,727   2,533,540
										   ----------  ----------

TOTAL ASSETS:                                                                      $8,334,555  $8,212,728
										   ==========  ==========


						- F2 -




LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts payable                                                                     $448,070    $591,723
Accrued expenses                                                                       91,125     153,233
Line of credit                                                                        374,775     373,800
Notes payable, related party                                                          230,000     170,000
Current portion of long-term notes payable                                            126,772     123,418
										   ----------  ----------
     Total current liabilities                                                      1,270,742   1,412,174
										   ----------  ----------

LONG-TERM DEBT:
Long-term notes payable                                                                45,914      58,173
Bonds payable                                                                         170,411     170,411
										   ----------  ----------
     Total long-term debt                                                             216,325     228,584
										   ----------  ----------

TOTAL LIABILITIES:                                                                  1,487,067   1,640,758
										   ----------  ----------

STOCKHOLDERS' EQUITY
Common Stock                                                                           91,682      88,974
      Common Stock, $0.001 par value, 200,000,000 shares authorized;
      91,682,243 and 88,973,910 shares issued and
      90,723,910 and 88,015,577 shares outstanding at 3/31/03 and 12/31/02.
Preferred Stock - Series A                                                                560         560
      Preferred stock - Series A, $0.001 par value, 20,000,000 shares authorized;
      559,508 shares issued and outstanding at 3/31/03 and 12/31/02.
Preferred Stock - Series B                                                                509         509
      Preferred stock - Series B, $0.001 par value, 20,000,000 shares authorized;
      508,500 shares issued and outstanding at 3/31/03 and 12/31/02.
Additional paid-in capital - common stock                                           7,690,350   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
Stock Subscription                                                                  (153,750)   (153,750)
Treasury stock                                                                      (134,388)   (134,388)
Non-Controlling Interest in Subsidiary                                                357,251     355,782
Accumulated deficit                                                               (4,533,849) (4,670,399)
										   ----------  ----------
     Total stockholders' equity                                                     6,847,488   6,571,970
										   ----------  ----------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                         $8,334,555  $8,212,728
										   ==========  ==========
</TABLE>



			The accompanying independent accountants' review report and
				notes to financial statements should be
  			read in conjunction with these Consolidated Balance Sheets.




						- F3 -



				  STATEMENTS OF INCOME
			         FOR THREE MONTHS ENDED
				MARCH 31, 2003 AND 2002


<TABLE>
<CAPTION>

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



                                                 UNAUDITED
                                            Three months ended
                                             3/31/03     3/31/02

   REVENUE                                 $1,564,999 $1,461,142

   COST OF GOODS SOLD                         736,901    769,196
					    ---------  ---------

   GROSS PROFIT                               828,098    691,946

   EXPENSES:
      Selling, general and administrative     636,877    493,628
      Depreciation expense                     64,912     56,893
      Amortization expense                          -      1,761
					    ---------  ---------
          Total expenses                      701,789    552,282

   OPERATING INCOME (LOSS)                    126,309    139,664

   OTHER INCOME/(EXPENSES):
       Interest income                            402          -
       Discount on Settlement                  24,000     10,501
       Interest expense                      (15,021)   (12,289)
       Other income                             3,000          -
       Other expenses                           (671)          -
       Minority interest in earnings          (1,469)      9,901
					    ---------  ---------
          Total other income/(expenses)        10,241      8,113

   NET ORDINARY INCOME (LOSS)                $136,550   $147,777
					    =========  =========

   Basic weighted average number of
   common shares outstanding               89,026,225 71,817,535

   Diluted weighted average number of
   common shares outstanding              144,977,025 71,817,535

   Basic Net Income (Loss) per Share           $0.002     $0.002

   Diluted Net Income (Loss) per Share         $0.001     $0.002


</TABLE>

      The accompanying independent accountants' review report and
    the notes to financial statements should be read in conjunction
  with these Consolidated Statements of Income and Accumulated Deficit.

				- F4 -



		CONSOLIDATED STATEMENTS OF CASH FLOWS
	    FOR THREE MONTHS ENDED MARCH 31, 2003 AND 2003


<TABLE>
<CAPTION>

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

                                                           Three months ended
                                                          3/31/03   3/31/02
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income / (Loss) from Operations                      $  136,550 $ 147,777
Adjustments to reconcile net income
   to net cash provided
Increase in non-controlling interest in subsidiary            1,469         -
Depreciation Expense                                         64,912    56,893
Amortization Expense                                              -     1,761
(Increase) / Decrease in Other Assets                       (1,425)         -
(Increase) / Decrease in Prepaid Expenses                 (226,464)         -
(Increase) / Decrease in Notes Receivable                         -  (25,865)
(Increase) / Decrease in Accounts Receivable                217,906 (501,493)
(Increase)/ Decrease in Deposits                           (10,500)   (8,936)
(Increase) / Decrease in Inventory                          (2,428)  (30,259)
Increase / (Decrease) in Accrued Expenses                  (62,089)         -
Increase / (Decrease) in Accounts Payable                 (143,673)   160,438
							  --------- ---------
     Net cash provided by (used) by operating activities   (25,742) (199,684)
							  --------- ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
(Increase) / Decrease in Notes Receivable                     8,117         -
(Increase) / Decrease in Other Assets                             -  (46,588)
(Increase) / Decrease in Intangibles                       (13,686)         -
(Increase)/ Decrease in Property & Equipment               (32,329)         -
							  --------- ---------
      Net cash provided by (used in) investing activities  (37,898)  (46,588)
							  --------- ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of Capital Stock                                   137,500         -
Increase/(Decrease) in Short Term Loans Payable                 975         -
Increase/(Decrease) in Long Term Loans Payable               51,095   240,113
							  --------- ---------
      Net cash provided by (used in) financing activities   189,570   240,113
							  --------- ---------

Balance as at beginning of period                            44,371    60,610
Net decrease in cash                                        125,930   (6,159)
							  --------- ---------
Balance as at end of period                                $170,301   $54,451


SUPPLEMENTAL INFORMATION:
Interest Paid                                               $15,021   $12,289
Taxes Paid                                                  $     -   $     -


</TABLE>



				- F5 -




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

   Kristi  &  Co., a Nevada  corporation  doing  business  in  California,  was
   incorporated  on  September 13,  1999.   The  company markets 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.

   Datascension, Inc. and related assets were purchased on September  27,  2001
   for  $2,200,000  using  company  shares at fair market value.  Datascension,
   Inc. is a premier data solutions company  representing a unique expertise in
   the  collecting, storage, processing, and interpretation  of  data.   During
   2002,  Datascension, Inc. expanded operations into Costa Rica purchasing Sin
   Fronteras, Inc.

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.

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


				- F6 -

   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 three months ended March
   31, 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.

   INTANGIBLE ASSETS
   The  Company  has  adopted  SFAS  No. 142, "Goodwill  and  Other  Intangible
   Assets", which requires that goodwill  and other indefinite lived intangible
   assets are no longer amortized, but renewed  annually,  or  sooner if deemed
   necessary, for impairment.  Under guidance from SFAS No. 142, management has
   determined  that  as  the major intangible asset, the value of the  electric
   light switch, purchased  late  in  1999, has not significantly decreased and
   there has been no reduction in the usefulness  of  the asset as of March 31,
   2003.


				- F7 -


   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 March 31,
   2003:  clothing  patterns  and  designs,  artwork, customer lists, packaging
   designs, patents, and trademarks.

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

   Diluted earnings 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.  Therefore, the  amount of compensation
   is not reasonably estimable.

   ADVERTISING
   Advertising costs are expensed when incurred.  There were  no  amounts  paid
   for advertising for the three months ended March 31, 2003.

   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 March 31, 2003:

      Drilling equipment                        $     138,220
      Factory equipment                                 1,381
      Equipment and machinery                       1,780,372
      Molds and tooling                               758,065
      Office equipment                                386,146
      Trade show booths                                 6,150
      Leasehold improvements                          514,545
      Accumulated depreciation                      (664,126)
						-------------
                                                $   2,920,753



				- F8 -


NOTE 4 - STOCKHOLDERS' EQUITY

During  the first  quarter  of 2003, the  Company  issued 1,250,000  shares  of
restricted stock to private investors and  issued 1,458,333 shares for services
for the period ended March 31, 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 March 31, 2003:

   Note payable to Investor; no specific
   repayment terms, interest at 12% annually through February
   2004.  The loan is secured by stock in Nutek Oil, Inc.  $       84,750

   Note payable to R.L. Polk, no specific repayments terms
   and no stated interest rate.  Secured by assets.                45,000

   Note payable to Vendor, monthly payments of $348
   inclusive of 7% annual interest through September 2006,
   secured by equipment.                                           12,557

   Note payable to Vendor, monthly payments of $906,
   inclusive of 12% annual interest through February 2006.
   Secured by equipment.                                           30,379
                                                                  172,686
   Less current portion                                         (126,772)
                                                           $       45,914
   Principal maturities are as follows:

         Twelve months ended March 31,
         2004                                   $     126,772
	 2005     				       28,362
	 2006  					       15,964
         2007                                           1,588
						-------------
                                                $     172,686




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:

         Depreciation and amortization                 $     (77,624)
         Net operating loss carry forward                    124,051
         Valuation allowance                                 (46,427)
						       --------------
                                                       $          -


   The components of the net deferred tax  asset  at  March 31, 2003 under SFAS
   109 are as follows:

         Depreciation and amortization                 $   (786,209)
         Net operating loss carry forward                   917,862
         Valuation allowance                               (131,653)
						       --------------
                                                       $          -

   Reconciliations between the actual tax expense and the  amount  computed  by
   applying  the  U.S.  Federal  Income  Tax rate to income before taxes are as
   follows:
                                                             Percent of
                                                               Pretax
                                                   Amount      Income
         Expected                                $ 46,427        34%
         Valuation allowance                       46,427)      (34%)
						 ---------      -----
         Actual expense                          $    -           0%



				- F9 -


NOTE 7 - LINE OF CREDIT

   The Company has a line of credit agreement with a financial institution that
   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 the company assets and receivables.


NOTE 8 - RELATED PARTY TRANSACTIONS

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

   The Company holds a note payable to 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  a related party,  in  the
   amount of $10,000.  This payable has no stated interest rate and no specific
   repayment terms.

   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 to be converted to company stock.

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


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.

     At March 31, 2003, aggregate future minimum payments under  these  leases,
   are as follows:

          Twelve months ended March 31,
        2004                                             $     148,988
        2005   						       139,601
        2006                                                   141,341
        2007 						       104,693
        2008                                                   104,693
        Thereafter                                             290,302
						         -------------
        Total minimum lease payments                     $     929,618



				- F10 -


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  ahs  been accounted
for under the  pooling  of  interest method.

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

   KRISTI & CO.
   This  company  was  acquired  January  6,  2000  for 250,000 shares  of  the
   Company's stock in exchange for the outstanding common  stock  of  Kristi  &
   Co., and a note payable in the amount $50,000 which has been paid in full as
   of  March  31,  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.


				- F11 -


   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.

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

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



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  $1,469.  This amount represents the  22.82%  interest  owned  by
   various individuals other then Nutek, Inc.





				- F12 -






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

(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
 - Continue the expansion of Datascension
 - Expand Datascension to have International operations
 - 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.,  and  the entire print
shop.  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  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  First Quarter ended March 31, 2003 the Company had a net profit
of $136,550 from operations against revenues of $1,564,999 as compared to a net
profit from operations  of $147,777 against revenues of $1,461,142 for the same
quarter  last  year.   The Company  has  increased  its  selling,  general  and
administration costs from  $493,628  for  the same period last year to $636,877
for the First Quarter this year.  Depreciation costs for the First Quarter this
year were $64,912 as compared to $56,893 for the same period last year.

As of March 31, 2003, the Company has ninety one million six hundred eighty two
thousand two hundred forty three (91,682,243)  shares  of  its $0.001 par value
common  voting  stock  issued  and  ninety million seven hundred  twenty  three
thousand  nine  hundred  ten  (90,723,910)   outstanding   which  are  held  by
approximately  six  hundred fifty (650) 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 March
31, 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 March 31, 2003.

2) Results of Operations

For  the  First  Quarter,  ended  March  31,  2003,  the  Company has generated
$1,461,142 in revenues and generated a profit of $147,777 for  the same period.
This compares to revenues of $1,461,142 and a profit of $147,777  for  the same
period  last  year.  The Company has increased its working capital position  by
$274,655 from a  positive  $1,313,678  at  December  31,  2002  to  a  positive
$1,588,333 on March 31, 2003.

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

Ending this first quarter of 2003 the company has accomplished more than 90% of
the cost cutting strategies  implemented  almost  12  months ago as part of our
overall internal restructuring and cost cutting measures.

Our revenues would have been higher this first quarter, but during the month of
February  and  into late March we moved our Datascension  operations  from  the
Riverside facility  to new state of the art premises in Brea, California.  This
will result in significant  long-term  savings as we have decreased the size of
the  facilities in California from over 22,000  sq.ft  to  approximately  8,000
sq.ft.    Additionally,  with  this  move,  approximately  125  employees  were
terminated  from  the  Riverside  facility  and replacements were hired and are
being trained at our Costa Rican facilities.

As is the case in major moves and adjustments  like  this,  we  had to plan for
service interruptions and scheduled the available production hours  around this
move  so  none  of  our  clients  would  receive  any disruption in the quality
services we offer them.

Since  this move is now completed, we will now focus  on  expanding  our  Costa
Rican operations  to  keep  up  with  the  level of demand for our Datascension
services.

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

The Company's subsidiary  Nutek Oil is currently raising $1 million by offering
a Preferred Stock that offers  an 8% annual interest.  This is being undertaken
so as not to dilute the common shares  in  that  company  while  operations are
increased in an attempt to increase the revenues and results of that company.


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 on going 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  three  hundred  twenty  three  (323)
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.

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

                                        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   Form10-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



                           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.



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

Exh. 99-1

                                   FORM 8-K

                                CURRENT REPORT


ITEM 5. OTHER ITEMS

a.) CANCELLATION OF S-8 ISSUANCE

      The legal services  agreement  ("Services Agreement") commencing 27th day
of  January 2003, by and between James  W.  Christian  of  Christian,  Smith  &
Jewell,  L.L.P.,  of Houston, Texas and Nutek Inc. has been concluded.  All S-8
stock issued to James  W. Christian and held in a third party escrow account as
a retainer to guarantee  payment  will be returned to the company and cancelled
by the transfer agent.

b.) CHANGE OF ADDRESS

      The new address for the Company  is 6330 McLeod Drive, Suite 1, Las Vegas
Nevada 89120.  The Company previously moved  to  6340  McLeod,  as  our current
space  was  not  available.  The telephone number for the business remains  the
same.


SIGNATURES

Pursuant to the requirements  of  the  Securities and Exchange Act of 1934, the
registrant has duly caused this Report to  be  signed  on  its  behalf  by  the
undersigned hereunto duly authorized.

Date:  February 24, 2003



Exh. 99-2

                                   FORM 8-K

                                CURRENT REPORT

ITEM 5. OTHER ITEMS

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.


SIGNATURES

Pursuant to the requirements  of  the  Securities and Exchange Act of 1934, the
registrant has duly caused this Report to  be  signed  on  its  behalf  by  the
undersigned hereunto duly authorized.

Date:  March 26, 2003


                                         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: May 14, 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:  May 14, 2003