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

                                   FORM 10-QSB

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

               FOR THE QUARTERLY PERIOD ENDED: September 30, 2004

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

                        For the transition period from To

                         Commission file number 0-25853

                           Electronic Game Card, Inc.

        (Exact name of small business issuer as specified in its charter)


            Nevada                                         87-0570975
--------------------------------------------------------------------------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
 Incorporation or organization)


                 19th Floor, 712 5th Avenue, New York, NY 10019
                    (Address of Principal Executive Offices)

                                 (646) 723-8946
                           (Issuer's telephone number)

                      APPLICABLE ONLY TO CORPORATE ISSUERS

    State the number of shares outstanding of each of the issuer's classes of
   common equity, as of the latest practical date: October 29, 2004 21,715,953

   Transitional Small Business Disclosure Format (check one). Yes [_]; No [X]

<PAGE>

PART I

Item 1.  Financial Statements

                           ELECTRONIC GAME CARD, INC.
                          (A Development Stage Company)
                           CONSOLIDATED BALANCE SHEETS




                                                    (Unaudited)
                                                  September 30,   December 31,
                                                           2004           2003
                                                    -----------    -----------

ASSETS:

CURRENT ASSETS:
     Cash & Cash Equivalents                        $ 1,662,696    $     6,732
     Accounts Receivable                                 80,250             --
     Raw Materials Inventory                             33,430             --
     Prepaid Expense                                     91,178          6,873
     Value Added Tax Receivable                          24,053          7,868
     Related Party Receivable                           134,647             --
     Note Receivable                                     77,277         42,270
                                                    -----------    -----------
          Total Current Assets                        2,103,531         63,743
                                                    -----------    -----------

PROPERTY AND EQUIPMENT:
     Plant and Machinery Equipment                        6,776          6,015
     Office Equipment                                    57,361          8,598
     Furniture & Fixtures                                   345             --
     Less: Accumulated Depreciation                     (20,497)        (6,177)
                                                    -----------    -----------
          Net Fixed Assets                               43,985          8,436
                                                    -----------    -----------

Net Assets of Discontinued Operations                    50,040         50,040
                                                    -----------    -----------

TOTAL ASSETS                                        $ 2,197,556    $   122,219
                                                    ===========    ===========

<PAGE>

ELECTRONIC GAME CARD, INC.
(A Development Stage Company)
CONSOLIDATED BALANCE SHEETS
(Continued)

                                                    (Unaudited)
                                                   September 30,    December 31,
                                                           2004            2003
                                                    -----------     -----------

LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT)

CURRENT LIABILITIES:
     Accounts Payable                               $   243,404     $   297,357
     Accrued Payroll Liabilities                         83,742         101,388
                                                    -----------     -----------
          Total Current Liabilities                     327,146         398,745
                                                    -----------     -----------

NON-CURRENT LIABILITIES:
     Long Term Note Payable                                  --         912,205
                                                    -----------     -----------
          Total Non-Current Liabilities                      --         912,205
                                                    -----------     -----------

Net Liabilities of Discontinued Operations               13,713           6,785
                                                    -----------     -----------

     TOTAL LIABILITIES                                  340,859       1,317,735
                                                    -----------     -----------

STOCKHOLDERS' EQUITY
     Common Stock, Par Value $.001,
     Authorized 100,000,000 shares
     Issued 20,676,812 and 13,823,062 shares at
     September 30, 2004 and December 31, 2003            20,667          13,823
Paid-In Capital                                       6,103,413              --
Currency Translation Adjustment                        (542,640)       (118,441)
Retained Deficit                                       (157,495)       (157,495)
Deficit Accumulated During the Development Stage     (3,567,248)       (933,403)
                                                    -----------     -----------

     TOTAL STOCKHOLDERS'S EQUITY                      1,856,697      (1,195,516)
                                                    -----------     -----------

TOTAL LIABILITIES AND STOCKHOLDERS'S EQUITY         $ 2,197,556     $   122,219
                                                    ===========     ===========


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


                                       2
<PAGE>

                           ELECTRONIC GAME CARD, INC.
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                                                       Cumulative
                                                                                                                         Since
                                                                                                                     April 6, 2000
                                                          For the Three Months Ended     For the Nine Months Ended    Inception of
                                                                 September 30,                  September 30,         Development
                                                                 2004           2003           2004           2003       Stage
                                                          -----------    -----------    -----------    -----------    -----------
<S>                                                            <C>            <C>        <C>                <C>        <C>
Revenue:                                                       $              $         $    80,250         $         $    88,567
Cost of Good Sold                                                  --             --             --             --         13,452
                                                          -----------    -----------    -----------    -----------    -----------
Gross Profit (Loss)                                                --             --         80,250             --         75,115
                                                          -----------    -----------    -----------    -----------    -----------

Expenses:
Selling and Marketing Expense                                 270,159             --        621,893         38,278        696,246
General & Administrative                                      284,092         38,730        525,207         93,771        801,010
Consulting Expenses                                           367,815             --        938,827        116,805      1,334,155
Salaries and Wages                                            166,722             --        629,260        177,609        807,293
                                                          -----------    -----------    -----------    -----------    -----------
     Total Operating Expenses                               1,088,788         38,730      2,715,187        426,463      3,638,704

     Loss from Operations                                  (1,088,788)       (38,730)    (2,634,937)      (426,463)    (3,563,589)
                                                          -----------    -----------    -----------    -----------    -----------

Other Income (Expense)
Interest, Net                                                    (801)        (1,003)         8,020         (1,804)         4,934
                                                          -----------    -----------    -----------    -----------    -----------


Net Loss from Continuing Operations before Taxes           (1,089,589)       (39,733)    (2,626,917)      (428,267)    (3,558,655)

Income Taxes                                                       --             --             --             --           (455)
                                                          -----------    -----------    -----------    -----------    -----------

     Net Loss from Continuing Operations                   (1,089,589)       (39,733)    (2,626,917)      (428,267)    (3,559,110)
</TABLE>



                                       3
<PAGE>

ELECTRONIC GAME CARD, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Continued)


<TABLE>
<CAPTION>
                                                                                                               Cumulative
                                                                                                                 Since
                                                                                                             April 6, 2000
                                                   For the Three Months Ended   For the Nine Months Ended     Inception of
                                                            September 30,                September 30,        Development
                                                       2004           2003           2004           2003         Stage
                                                 ------------   ------------   ------------    ------------   ------------
Discontinued Operations:
     Net Loss from operations of Scientific
        Energy, Inc. To be disposed, net of tax
<S>                                              <C>            <C>            <C>             <C>            <C>
        effects of $0                             $     (1,871)  $         --   $     (6,928)   $         --   $     (8,138)

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

     Net Loss                                     $ (1,091,460)  $    (39,733)  $ (2,633,845)   $   (428,267)  $ (3,567,248)
                                                  ============   ============   ============    ============   ============

Basic & Diluted Loss Per Share:
     Continuing Operations                        $      (0.05)  $         --   $      (0.14)   $      (0.03)
     Discontinued Operations                                               --             --              --
                                                  ------------   ------------   ------------    ------------
                                                  $      (0.05)       $-        $      (0.14)   $      (0.03)
                                                  ============   ============   ============    ============

Weighted Average Shares                             20,676,812     12,696,595     19,396,531      12,696,595
                                                  ============   ============   ============    ============
</TABLE>

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

                                       4
<PAGE>


                           ELECTRONIC GAME CARD, INC.
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Continued)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                                  Cumulative
                                                                                                    Since
                                                                                                April 6, 2000
                                                                  For the Nine Months Ended     Inception of
                                                                        September 30,            Development
                                                                      2004          2003           Stage
                                                                  -----------    -----------    -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                               <C>            <C>            <C>
Net Loss                                                          $(2,633,845)   $  (428,267)   $(3,567,248)

Adjustments to Reconcile Net Loss to Net
Cash Used in Operating Activities:
Depreciation                                                           14,320          1,202         20,496
Stock Issued for Expenses                                                  --             --            159
Foreign Currency Translation                                         (424,256)        10,320       (536,825)
Net Loss from Discontinued Operations                                   6,928             --          8,138

Change in Operating Assets and Liabilities:
(Increase) Decrease in Accounts Receivable                            (80,250)            --        (80,250)
(Increase) Decrease in Raw Materials Inventory                        (33,430)            --        (33,430)
(Increase) Decrease in Prepaid Expenses                               (84,305)            --        (91,178)
(Increase) Decrease in Value Added Tax Receivable                     (16,185)         7,816        (24,053)
Increase (Decrease) in Accounts Payable                               (53,953)       (44,792)       167,886
Increase (Decrease) Bank Overdraft                                         --             --             --
Increase (Decrease) in Accrued Payroll Liabilities                    (17,646)            --         83,742
                                                                  -----------    -----------    -----------
  Net Cash Used in continuing activities                           (3,322,622)      (453,721)    (4,052,563)
  Net Cash Used in discontinued activities                                 --             --         (1,250)
                                                                  -----------    -----------    -----------
  Net Cash Used in operating activities                            (3,322,622)      (453,721)    (4,053,813)
                                                                  -----------    -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
Cash Acquired in Merger                                                    --             --          3,834
Purchase of Plant and Machinery Equipment                                (761)            --         (6,776)
Purchase of Office Equipment                                          (48,763)          (439)       (57,361)
Purchase of Furniture & Fixture                                          (345)            --           (345)
                                                                  -----------    -----------    -----------
  Net cash provided by investing activities                           (49,869)          (439)       (60,648)
                                                                  -----------    -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Sale of Common Stock                                  6,110,257             --      6,110,257
Amount Loaned on Related Party Receivables                           (173,796)       (15,102)      (173,796)
Amount Loaned on Note Receivable                                      (35,007)            --        (77,277)
Proceeds From Related Party Receivable                                 39,149             --         39,149
</TABLE>


                                       5
<PAGE>

                           ELECTRONIC GAME CARD, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Continued)
(Unaudited)

<TABLE>
<CAPTION>
                                                                                                 Cumulative
                                                                                                   since
                                                                                                  April 6,
                                                                                                    2000
                                                                   For the Nine Months Ended    Inception of
                                                                          September 30,          Development
                                                                         2004           2003       Stage
                                                                  -----------    -----------    -----------

<S>                                                               <C>            <C>            <C>
Payment on Long-Term Note Payable                                 $  (932,100)   $   (32,518)   $  (969,407)
Proceeds from Long-Term Note Payable                                   19,895        516,625        848,174
                                                                  -----------    -----------    -----------
  Net Cash Provided by Financing Activities                         5,028,398        469,005      5,777,100
                                                                  -----------    -----------    -----------


Net (Decrease) Increase in Cash                                     1,655,907         14,845      1,662,639
Foreign Exchange Effect on Cash                                            57            459             57
Cash at Beginning of Period                                             6,732         13,909             --
                                                                  -----------    -----------    -----------
Cash at End of Period                                             $ 1,662,696    $    29,213    $ 1,662,696
                                                                  ===========    ===========    ===========
</TABLE>


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for:
  Interest                               $2,948       $850        $4,418
  Income taxes                           $    -        $  -         $455


SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

      On May 5, 2003, the Company acquired in a reverse acquisition of
Electronic Game Card Marketing $1,735 in cash, accounts payable of $69,646 and a
long-term note payable of $121,233, in exchange for all of the Company's
outstanding common stock.

      On December 5, 2003, the Company acquired in a reverse acquisition of
Scientific Energy, Inc. $2,099 in cash, technology valued at $50,000, accounts
payable of $5,595 and a note payable to a shareholder of $1,095.


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


                                       6
<PAGE>


                           ELECTRONIC GAME CARD, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      This summary of accounting policies for Electronic Game, Inc.(a
development stage company) is presented to assist in understanding the Company's
financial statements. The accounting policies conform to generally accepted
accounting principles and have been consistently applied in the preparation of
the financial statements.

Interim Reporting

      The unaudited financial statements as of September 30, 2004 and for the
three and nine month period then ended reflect, in the opinion of management,
all adjustments (which include only normal recurring adjustments) necessary to
fairly state the financial position and results of operations for the three and
nine months. Operating results for interim periods are not necessarily
indicative of the results which can be expected for full years.

Nature of Operations and Going Concern

      The accompanying financial statements have been prepared on the basis of
accounting principles applicable to a "going concern", which assume that the
Company will continue in operation for at least one year and will be able to
realize its assets and discharge its liabilities in the normal course of
operations.

      Several conditions and events cast doubt about the Company's ability to
continue as a "going concern". The Company has incurred net losses of
approximately $3,567,248 for the period from April 6, 2000 (inception) to
September 30, 2004.

      The Company's future capital requirements will depend on numerous factors
including, but not limited to, continued progress in developing its products,
market penetration and profitable operations from sale of its electronic game
cards.

      These financial statements do not reflect adjustments that would be
necessary if the Company were unable to continue as a "going concern". While
management believes that the actions already taken or planned, will mitigate the
adverse conditions and events which raise doubt about the validity of the "going
concern" assumption used in preparing these financial statements, there can be
no assurance that these actions will be successful.

      If the Company were unable to continue as a "going concern", then
substantial adjustments would be necessary to the carrying values of assets, the
reported amounts of its liabilities, the reported expenses, and the balance
sheet classifications used.

                                       7
<PAGE>

                           ELECTRONIC GAME CARD, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                                   (Continued)
                                   (Unaudited)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Organization and Basis of Presentation

      The Company was incorporated under the laws of the United Kingdom on April
1, 2000, under the name of Electronic Game Card, Ltd. Until 2002, the Company
remained dormant and had no operations. On May 5, 2003, the Company entered into
an agreement whereby it acquired 100% of the outstanding stock of Electronic
Game Card Marketing, a Delaware Company.

      On December 5, 2003, the Company acquired 100% of the outstanding stock of
the Electronic Game Card, Inc. (Nevada) in a reverse acquisition. At this time,
a new reporting entity was created and the name of the Company was changed to
Electronic Game Card, Inc.

      As of September 30, 2004, the Company is in the development stage and has
not begun planned principal operations.

Principals of Consolidation

      The consolidated financial statements include the accounts of the
following companies:


o     Electronic Game Card, Inc. ( Nevada Corporation)

o     Electronic Game Card, Ltd. (United Kingdom Corporation)

o     Electronic Game Card Marketing (A Delaware Corporation)

o     Scientific Energy, Inc. (Utah Corporation)

      The results of subsidiaries acquired during the year are consolidated from
their effective dates of acquisition. All significant intercompany accounts and
transactions have been eliminated.

Nature of Business

      The Company plans to engage in the development, marketing, sale and
distribution of recreational electronic software which primarily targeted
towards lottery and sales promotion markets through its Great Britain
subsidiary.

                                       8
<PAGE>


                           ELECTRONIC GAME CARD, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                                   (Continued)
                                   (Unaudited)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Concentration of Credit Risk

      The Company has no significant off-balance-sheet concentrations of credit
risk such as foreign exchange contracts, options contracts or other foreign
hedging arrangements.

Cash and Cash Equivalents

      For purposes of the statement of cash flows, the Company considers all
highly liquid debt instruments purchased with a maturity of three months or less
to be cash equivalents to the extent the funds are not being held for investment
purposes.

Depreciation

      Fixed assets are stated at cost. Depreciation is calculated on a
straight-line basis over the estimated useful lives of the assets as follows:

                            Asset                              Rate
       ------------------------------------------------ -------------------

       Plant and Machinery Equipment                               3 years
       Office Equipment                                            3 years
       Furniture & Fixtures                                        7 years

      Maintenance and repairs are charged to operations; betterments are
capitalized. The cost of property sold or otherwise disposed of and the
accumulated depreciation thereon are eliminated from the property and related
accumulated depreciation accounts, and any resulting gain or loss is credited or
charged to income.

      Depreciation Expense for the nine months ending September 30, 2004 and
2003 were $14,320 and $1,120.

Advertising Costs

      Advertising costs are expensed as incurred. For the nine months ended
September 30, 2004 and 2003, advertising costs were $621,893 and $38,278,

                                       9
<PAGE>

                           ELECTRONIC GAME CARD, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                                   (Continued)
                                   (Unaudited)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Revenue recognition

      Revenue is recognized from sales of product at the time of shipment to
customers.

Inventory

      Raw materials inventory is stated at a lower of cost and fair market
value.

Foreign Currency Translation

      The Company's functional currency is the British Pound and the reporting
currency is the U.S. Dollar. All elements of financial statements are translated
using a current exchange rate. For assets and liabilities, the exchange rate at
the balance sheet date is used. Stockholders' Equity is translated using the
historical rate. For revenues, expenses, gains and losses the weighted average
exchange rate for the period is used. Translation gains and losses are included
as a separate component of stockholders' equity. Gain and losses resulting from
foreign currency transactions are included in net income.

Pervasiveness of Estimates

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

Loss per Share

      Basic loss per share has been computed by dividing the loss for the year
applicable to the common stockholders by the weighted average number of common
shares outstanding during the years. As of September 30, 2004, the Company had
4,098,875 warrants outstanding to purchase 4,098,875 shares of common stock.
However, the effect of the Company's common stock equivalents would be
anti-dilutive for September 30, 2004 and 2003 and are thus not considered.


                                       10
<PAGE>

                           ELECTRONIC GAME CARD, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                                   (Continued)
                                   (Unaudited)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Income Taxes

      The Company accounts for income taxes under the provisions of SFAS No.
109, "Accounting for Income Taxes." SFAS No.109 requires recognition of deferred
income tax assets and liabilities for the expected future income tax
consequences, based on enacted tax laws, of temporary differences between the
financial reporting and tax bases of assets and liabilities.

Stock Compensation for Non-Employees

      The Company accounts for the fair value of its stock compensation grants
for non-employees in accordance with FASB Statement 123. The fair value of each
grant is equal to the market price of the Company's stock on the date of grant
if an active market exists or at a value determined in an arms length
negotiation between the Company and the non-employee.

NOTE 2 - INCOME TAXES

      The Company is subject to income taxes in the United States of America,
United Kingdom, and the state of New York. As of December 31, 2003, the Company
had a net operating loss carryforward for income tax reporting purposes of
approximately $312,000 in the United States and $931,000 in the United Kingdom
that may be offset against future taxable income through 2023. Current tax laws
limit the amount of loss available to be offset against future taxable income
when a substantial change in ownership occurs. Therefore, the amount available
to offset future taxable income may be limited. No tax benefit has been reported
in the financial statements, because the Company believes there is a 50% or
greater chance the carry-forwards will expire unused. Accordingly, the potential
tax benefits of the loss carry-forwards are offset by a valuation allowance of
the same amount.

NOTE 3 - DEVELOPMENT STAGE COMPANY

      As is common with a development stage company, the Company has had
recurring losses during its development stage. The Company's financial
statements are prepared using generally accepted accounting principles
applicable to a going concern which contemplates the realization of assets and
liquidation of liabilities in the normal course of business. However, as of
December 31, 2003, the Company did not have significant cash or other material
assets, nor did it have an established source of revenues sufficient to cover
its operating costs and to allow it to continue as a going concern.

                                       11
<PAGE>

                           ELECTRONIC GAME CARD, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                                   (Continued)
                                   (Unaudited)

NOTE 4 - NOTES RECEIVABLE

      As of September 30, 2004 and December 31, 2003, the following amounts were
owed to the Company:

<TABLE>
<CAPTION>
                                                            September 30,          December 31,
                                                                2004                   2003
                                                        ---------------------- ---------------------

Note Receivable, Interest equal to LIBOR, due upon
<S>                                                     <C>                    <C>
   demand                                               $66,435                $31,602

Note Receivable, no interest, due upon demand           10,842                 10,668
                                                        ---------------------- ---------------------

Total Note Receivable                                   $77,277                $42,270
                                                        ====================== =====================
</TABLE>

NOTE 5 - LONG-TERM NOTES PAYABLE

      As of September 30, 2004 and December 31, 2003, the Company has the
following amounts due:

<TABLE>
<CAPTION>
                                                                      September 30,          December 31,
                                                                          2004                   2003
                                                                  ---------------------- ---------------------

Note Payable to related party, Interest equal to LIBOR,
due within 14 days of Company initiating public offering
<S>                                                               <C>                    <C>
or due on demand, secured by all assets of the Company.           $       -              $883,402


Note Payable to related party, Interest equal to LIBOR,
due November 2, 2004 or 14 days of Company initiating
public offering, secured by assets of the Company                 -                      28,803
                                                                  ---------------------- ---------------------

Total Long-Term Debt                                              $       -              $912,205
                                                                  ====================== =====================
</TABLE>


                                       12
<PAGE>

ELECTRONIC GAME CARD, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                                   (Continued)
                                   (Unaudited)

NOTE 6 - RELATED PARTY TRANSACTIONS

      During the nine months ending September 30, 2004 and 2003, a former
officer of the Company received $120,419 (66,530 UK) and $3,280 (2,000UK) and
the president received $174,426 (96,368UK) and $0 for providing consulting
services.

      During the nine months ended September 30, 2004, the Company loaned
$173,796 to certain related businesses. The receivables are due on demand and
are non-interest bearing. In previous years, the Company and its subsidiaries
had borrowed from the same companies in excess of $1 million with little or no
interest, see long-term notes payable, Note 5. As of September 30, 2004,
$134,647 is still owed to the Company.

NOTE 7- COMMON STOCK TRANSACTIONS

      On August 2, 2002, the Company issued 99 shares at 1.00 British Pound or
the equivalent of $1.60, these shares were later forward split to 12,696,595
shares in connection with the acquisition of Scientific Energy and it was
recorded by $12,539 credit to common stock of and a debit to retained earnings
of $12,539. All references to stock reflect the stock split.

      On December 5, 2003, an additional 1,126,467 shares were issued to the
previous owners of Scientific Energy, Inc. and for the conversion of a note
payable of $31,344.

      On February 20, 2004, the Company issued 6,853,750 common shares and
3,426,875 warrants for $1.00 per share.

NOTE 8 - WARRANTS

      In connection with the private placement on February 20, 2004, the Company
issued 3,426,875 warrants. Each warrant is exercisable for a period of five
years at a price of $1.00 for one share of common stock. The warrants were
determined to have no value at the time of their issuance.

      In addition, on February 20, 2004, the Company issued additional warrants
as consideration for assistance in placing the common stock. The warrants were
issued as follows: 1) Warrants to purchase up to 353,750 shares of common stock
at an exercise price of $1.00 per share were granted to Middlebury Capital LLC.
These were granted as compensation for placement agents for the common stock.
These are exercisable through February 20, 2009. 2) Warrants to purchase up to
32,000 shares of common stock at an exercise price of $1.00 per share were
granted to National Securities, Inc. These were granted as compensation for
placement agents for the common stock.


                                       13
<PAGE>

                           ELECTRONIC GAME CARD, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                                   (Continued)
                                   (Unaudited)

NOTE 8 - WARRANTS (Continued)

These are exercisable through February 20, 2009. 3) Warrants to purchase up to
200,000 shares of common stock at an exercise price of $1.00 per share were
granted to First Securities USA, Inc. These were granted as compensation for
placement agents for the common stock. These are exercisable through February
20, 2009. 4) Warrants to purchase up to 86,250 shares of common stock at an
exercise price of $1.00 per share were granted to IQ Ventures. These were
granted as compensation for placement agents for the common stock. These are
exercisable through February 20, 2009. These warrants were issued for issuance
costs and recorded in paid in capital.

      The following table sets forth the warrants outstanding as of September
30, 2004. There were no options or warrants were outstanding as of September 30,
2003.


<TABLE>
<CAPTION>
                                                                                            Weighted
                                                                          Option /          Average          Weighted
                                                                          Warrants          Exercise         Average
                                                                           Shares            Price          Fair Value
                                                                       ---------------    -------------    -------------
<S>                            <C> <C>                                                    <C>
Warrants outstanding, December 31, 2003                                -                  $          -

Granted, Exercise price more than fair value                           -                             -
Granted, Exercise price less than fair value                           4,098,875          1.00             1.95
Expired                                                                -
                                                                                                     -
Exercised                                                              -                             -
                                                                       ---------------

Warrants outstanding, September 30, 2004                               4,098,875          $1.00
                                                                       ===============    =============
</TABLE>

      Exercise prices for warrants outstanding as of September 30, 2004 was
$1.00. A summary of these options by range of exercise prices is shown as
follows:


                                       14
<PAGE>

<TABLE>
<CAPTION>
                                                                                   Weighted-            Weighted-
                                            Weighted-          Shares/              Average              Average
                          Shares /           Average           Warrants          Exercise Price        Contractual
     Exercise             Warrants           Exercise         Currently            Currently            Remaining
      Price              Outstanding          Price          Exercisable          Exercisable              Life
-------------------    ----------------    -------------    ---------------    -------------------    ---------------

<S>                          <C>           <C>                   <C>           <C>                       <C>
$             1.00           4,098,875     $       1.00          4,098,875     $             1.00        5 years
</TABLE>


                                       15
<PAGE>


                           ELECTRONIC GAME CARD, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                                   (Continued)
                                   (Unaudited)

NOTE 9 - DISCONTINUED OPERATIONS

      On December 5, 2003, the Company entered into an agreement with Scientific
Energy, Inc. (Utah), that upon completion, 100% (20,000,000 shares) of the
Scientific Energy's shares would be returned, and the Company would cease to be
a wholly owned subsidiary of Electronic Game Card, Inc. As of the date of this
report, the transaction has not been completed.

      The assets and liabilities of Scientific Energy, Inc. (Utah) to be
disposed of consisted of the following:

                                     September 30,          December 31,
                                         2004                   2003
                                 ---------------------- ---------------------

Cash                             $40                    $40
Intangibles                      50,000                 50,000
                                 ---------------------- ---------------------
Total Assets                     50,040                 50,040
                                 ---------------------- ---------------------

Accounts Payable                 11,978                 5,595
Income Tax Payable               100                    100
Shareholder Loan                 1,635                  1,090
                                 ---------------------- ---------------------
Total Liabilities                13,713                 6,785
                                 ---------------------- ---------------------

Net Assets to be Disposed of     $36,327                $43,255
                                 ====================== =====================

      Net assets and liabilities to be disposed of have been separately
classified in the accompanying consolidated balance sheet at September 30, 2004
and December 31, 2003.

      Operating results of this discontinued operation for the three months
ended September 30, 2004 are shown separately in the accompanying consolidated
statement of operations. The statement of operations for the three and nine
months ended September 30, 2003, have not been restated as the Company did not
own Scientific Energy at this time. The operating results of the discontinued
operations for the three and nine months ended September 30, 2004 consist of:

                                             3 months            9 months
                                        ------------------- -------------------
General and Administrative Expenses     $1,423              $5,915
Interest Expense                        448                 1,013
                                        ------------------- -------------------

Net Loss                                $(1,871)            $(6,928)
                                        =================== ===================

                                       16
<PAGE>

                           ELECTRONIC GAME CARD, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                                   (Continued)
                                   (Unaudited)

NOTE 10 - COMMITMENTS

      In connection with a distribution agreement the company entered into with
Scientific Games International, Inc.(SGI) the Company issued the right to
purchase up to ten percent of the issued and outstanding shares of EGC, Inc. on
a fully diluted basis at anytime until an Electronic Game Card initial public
offering. SGI has the right to purchase the common equity at a price per share
equal to the lesser of (a) $0.75 per share of common equity, or (b) 50% of the
price of any common equity sold by either Electronic Game Card, Ltd. Or
Electronic Game Card, Inc. after May 2, 2003 in the most recent prior offered or
proposed offering of their securities, whether public, private or through a
business combination transaction.

      The Company leases office space in London on a month-to-month agreement.
The termsfor the agreement required a deposit of $5,490 (3,000UK) and monthly
rent of $5,520 (3,000UK).


16 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS


The following information should be read in conjunction with the consolidated
financial statements and notes thereto appearing elsewhere in this Form 10-QSB.

GENERAL

Electronic Game Card, Inc., is a supplier of innovative gaming devices to the
lottery and promotional industry worldwide. Our lead product is the EGC
GameCard, a revolutionary credit card-sized pocket game combining interactive
capability with "instant win" excitement. We are a development stage company, we
had revenues of $88,567 from the sale of game cards for market research and
sales trials, and we expect to generate further revenues in the near future. For
the nine months ended September 30, 2004, we incurred net losses of $2.6million.


                                       17
<PAGE>

Between December 11, 2003, and February 20, 2004, the Company sold an aggregate
total of 6,833,750 shares of common stock. The Company issued a press release on
February 23, 2004 announcing the closing of this private equity financing. All
of these sales were made in reliance upon exemptions from registration under the
Securities Act of 1933, as amended (the "Act"). We sold all of these common
stock shares for $1.00 per share. For every two common stock shares sold the
purchaser of those shares received a warrant to purchase an additional common
stock share at an exercise price of $1.00 each. Accordingly, 3,416,875 warrants
in total were issued. In addition to selling those shares, we issued warrants to
purchase up to 683,375 shares of our common stock to various investment advisors
and consultants. These warrants are exercisable at the price of $1.25 per share.

THE COMPANY

Electronic Game Card, Inc. (referred to as "EGC", "us", "we" or "Company") is a
supplier of innovative gaming devices to the lottery and promotional industry
worldwide. Our lead product is the EGC GameCard, a revolutionary credit
card-sized pocket game combining interactive capability with "instant win"
excitement.

The EGC GameCard was designed by us to be rich in functionality, customizable,
extremely portable, and relatively inexpensive. Each EGC GameCard includes a
microprocessor, LCD, and long life power source, as well as state of the art
security features protecting both the consumer and the promoter. Our EGC
GameCard weighs in at just less than one half an ounce and is only 3mm thick. We
have two distinct markets for our GameCard product: the Lottery market and the
Sales Promotion market.


LOTTERY MARKET

Lottery operators currently make use of paper scratch cards to give players an
"instant" win or lose reward experience. This "instant" market currently
attracts approximately $30 billion (22%) of the total worldwide lottery gaming
market estimated at $140 billion. Over the last several years, scratch cards
have become increasingly large and complex to accommodate consumer demand for
multiple plays and multiple chances to win. Consumers currently pay as much as
$30.00 per scratch card for this type of player experience. We believe our EGC
GameCard is the next evolution of the scratch card, offering multiple plays and
multiple chances to win in a credit card-sized medium that is within the pricing
parameters of state lottery operators.


                                       18
<PAGE>

To access the lottery market in the most expeditious manner possible, we
originally signed an exclusive distributorship agreement with Scientific Games
International, Inc (NASDAQ:SGMS). in May 2003., This relationship has now
evolved into a Joint Venture company with Scientific Games in an agreement
signed on the October 5, 2004. Scientific Games is the largest printer and
wholesaler of "instant" win scratch cards to the worldwide lottery market and
provide this global distribution network for lottery products to the joint
venture. Scientific Games are in a unique position within this sector as they
supply over 70% of the scratch card needs to the worldwide lottery market and,
equally important, is intimately involved in bringing new innovative products to
the state lotteries.

The agreement with Scientific Games has already resulted in the first sales and
the first consumer launch of the games cards to the Iowa State lottery. The Iowa
Lottery Quarter Play game card was launched on the 4th October, 2004 and the
Iowa lottery and Scientific Games are pleased with the sales level and consumer
reaction.


SALES PROMOTION MARKET

The sales promotion market consists broadly of "giveaways" by corporations for
use in loyalty programs, incentive programs, advertising, promotions, marketing,
competitions and the like. The market for promotional items is extremely large
and is estimated at $100 billion worldwide. Newspapers, magazines and direct
mail solicitations offer rewards, frequently using scratchcards, coupons and
other forms of entry to engage consumers in promotional competitions. While our
EGC GameCard can be applied to a broad range of potential promotional
opportunities, we have focused our efforts initially on sales promotions and
direct mail solicitations.

Each EGC GameCard is developed by us with direct input from our clients on the
style and functionality of the card. The GameCard`s are produced in China
through an exclusive manufacturing agreement with a large Chinese manufacturer.
We hold international patents on our technology and have applied for patent
protection in the United States.

The Company owns 100% of the share capital of Electronic Game Card, Ltd., a
company incorporated under the laws of England, through its wholly owned U.S.
subsidiary Electronic Game Card Marketing, Inc. (Delaware). Electronic Game Card
Marketing Inc., is the marketing and sales operating division of Electronic Game
Card Inc.


                                       19
<PAGE>

BUSINESS STRATEGY

During the first half of 2003 the Company was successful in establishing the
mass production of the EGC GameCard. This necessitated the identification of
manufacturing sources, quality control assessors and insurance agents. The
Company is now marketing the EGC GameCard to buyers and has a joint venture with
Scientific Games International, Inc., for the exclusive, global distribution of
EGC GameCard's to the lottery industry. We intend to establish additional
distribution agreements in the future to supplement the planned growth of our
own sales and marketing resources.

In January 2004 we opened a New York sales office to deal directly with
specialist agencies in the sales promotion market in the United States. The
Company maintains its European headquarters at Savannah House, 5th Floor,
Charles II Street, London, SW1Y 4QU, United Kingdom. It is the Company's
intention to staff each of these offices with sufficient sales and marketing
personnel to address their respective markets. Staff will be responsible for
liaising with the distributors of the EGC GameCard and ensuring that product is
delivered to clients via the centralized production process.

We believe that we have the opportunity to become a leading business providing
an innovative gaming, platform technology servicing the sales promotion and
lottery markets in the next five years if we successfully execute our growth
strategy.

In June 2004 Electronic Game Card Marketing Inc, a subsidiary of the Company,
unveiled its new XOGO GameCard product line at the Promax 2004 Conference in New
York. XOGO has been designed to address the specific needs of the $48.1 billion
annual prize rewards and competitions sector of the American sales and promotion
industry. The launch of the XOGO product line coincided with the expansion of
the company's US sales team in New York, Las Vegas and Chicago.

The XOGO multi-play GameCard is supported by the EGC Sales Marketing and Games
Design teams in the US and in Europe, who work with brands or agencies to
customize the many XOGO GameCard applications to each brand's individual goals.
The teams advise on the most appropriate means of promotion from the XOGO games
portfolio.

We intend to sell our products through an internal sales team as well as through
licensing agreements with certain third parties. Our internal sales team
consists of 7 individuals. We currently have sales offices in London, New York,
Las Vegas and Chicago. Our sales team has relevant experience in their
appropriate markets. We also intend to utilize a customer relationship
management system to allow our staff to share information directly with sales
agents.


                                       20
<PAGE>

In addition to our current and planned sales team, we are also working closely
with strategic partners to distribute our products. We typically enter into
exclusive contracts with our strategic partners for a specific market and
geography.

SUBSEQUENT EVENT

On October 12,2004 the Company entered into a Subscription Agreement and
Registration Rights Agreement with Scientific Games Corporation in which the
Company sold Two Million One Hundred Seventy-One Thousand Five Hundred
Ninety-Four (2,171,594) shares of newly-issued common stock of the Company for
an aggregate purchase price of One Million Eighty-Five Thousand Seven Hundred
Ninety-Seven Dollars ($1,085,797.00), a subscription price of Fifty Cents
($0.50) per share, to Scientific Games Corporation, such amount of shares
representing one share less than 10% of its outstanding common stock of
21,715,950 shares of common stock on October 15, 2004. The Registration Rights
agreement entered into by the Parties provides Scientific Games Corporation
certain rights regarding the registration of these shares.


                           PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None

ITEM 2. CHANGES IN SECURITIES

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

                                       20

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) The following exhibits are included as part of this report:


Exhibit
Number      Title of Document


                                       21
<PAGE>

31.1        Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of
            2002.
31.2        Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of
            2002.
32.1        Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of
            2002.
32.2        Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of
            2002.

       (b)


Reports on Form 8-K filed.

On June 3, 2004, the Company filed a current report under Item 5 announcing that
the Company had been verbally informed by the Securities and Exchange Commission
that the effective date for the SB-2 Registration Statement filed on May13, 2004
is May 27, 2004 at 5.00pm.

                                   SIGNATURES

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

                              ELECTRONIC GAME CARD


Date: September 15, 2004             By:   /s/ John  R  Bentley
                                  --------------------------------
                                               John R Bentley
                                               President and Chief Executive
                                               Officer
                                              (Principal Executive Officer)


Date: September 15, 2004             By:   /s/ Linden Boyne
                                  --------------------------------
                                               Linden Boyne
                                               Secretary / Treasurer
                                               (Principal Financial Officer)


                                       21