U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549



FORM 10-QSB



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



For the quarterly period ended September 30, 2003



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



For the transition period from     to



Commission File Number 000-25809



SICLONE INDUSTRIES, INC.

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



| | Delaware
(State or other jurisdiction of incorporation or organization) | 87-042699
(IRS Employer Identification No.)
| | ----------------------------------------------------------------------- | -------------------------------------------

6269 Jamestown Court, Salt Lake City, Utah 84121

(Address of principal executive offices)



801-566-6627

(Issuers telephone number)



Not Applicable

(Former name, address and fiscal year, if changed since last report)



Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ X] No [  ]



APPLICABLE ONLY TO CORPORATE ISSUERS:



State the number of shares outstanding of each of the issuers classes of common equity, as the most recent praticable date:



As of September 30, 2003 the issuer had 23,810,000 shares of common stock, $.001 par value, issued and outstanding.



Transitional Small Business Format:  Yes [   ]  No [ X ]

#





FORM 10-QSB

SICLONE INDUSTRIES, INC.

SEPTEMBER 30, 2003





INDEX

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Page                              
|-------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------
|PART I.  | Financial Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                   
|         | Item 1.  Unaudited Financial Statements

Balance Sheets September 30, 2003 and December 31, 2002

Statements of Operations (unaudited) for the Nine Months and Three Months Ended September 30, 2003 and 2002, and for the Period from Inception on November 1, 1985 through September 30, 2003

Statement of Stockholders Equity (Deficit)

Statements of Cash Flows (unaudited) for the Nine Months Ended September 30, 2003 and 2002, and from the Period from Inception on November 1, 1985 through September 30, 2003

Notes to Financial Statements

Item 2.  Managements Discussion and Analysis of Financial Condition

Item 3.  Controls and Procedures | 3

4




5

6-9



10

11


12

13
|PART II. | Other Information

Item 6.  Exhibits and Reports on Form 8-K                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 14                                
|         | Signatures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 14                                



(Inapplicable items have been omitted)



















#





PART I.

Financial Information



Item 1.  Financial Statements (unaudited)



In the opinion of management, the accompanying unaudited financial statements included in this Form 10-QSB reflect all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of operations for the periods presented.  The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year.



#









SICLONE INDUSTRIES, INC.

(A Development Stage Company)

Balance Sheets



ASSETS



September 30,

December 31,



2003

2002



(Unaudited)



CURRENT ASSETS



Cash

$

276

$

209





Total Current Assets

276

209



TOTAL ASSETS

$

276

$

209





LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)





CURRENT LIABILITIES





Accounts payable - related party

$

26,212

$

21,712





Accrued interest - related party

3,668

1,871



Total Current Liabilities

29,880

23,583



STOCKHOLDERS' EQUITY (DEFICIT)





Preferred stock: 5,000,000 shares authorized at

$0.001 par value; -0- shares issued and outstanding

-

-

Common stock: 30,000,000 shares authorized



at $0.001 par value; 23,810,000 shares issued and

outstanding

23,810

23,810

Additional paid-in capital

583,693

583,693

Deficit accumulated during the development stage

(637,107

)

(630,877

)



Total Stockholders' Equity (Deficit)

(29,604

)

(23,374

)



TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

(DEFICIT)

$

276

$

209

























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

#







SICLONE INDUSTRIES, INC.

(A Development Stage Company)

Statements of Operations

(Unaudited)







From



Inception on



November 1,



For the Nine Months Ended

For the Three Months Ended

1985 through



September 30,

September 30,

September 30,

2003

2002

2003

2002

2003





REVENUES

$

-

$

-

$

-

$

-

$

-



EXPENSES

(6,230

)

(4,544

)

(1,342

)

(1,222

)

(41,604

)



LOSS FROM DISCONTINUED

OPERATIONS

-

-

-

-

(595,503

)



NET LOSS

$

(6,230

)

$

(4,544

)

$

(1,342

)

$

(1,222

)

$

(637,107

)



BASIC LOSS PER SHARE

$

(0.00

)

$

(0.00

)

$

(0.00

)

$

(0.00

)



WEIGHTED AVERAGE NUMBER OF

SHARES OUTSTANDING

23,810,000

23,810,000

23,810,000

23,810,000







































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





SICLONE INDUSTRIES, INC.

(A Development Stage Company)

Statements of Stockholders Equity (Deficit)



Deficit



Accumulated



Additional

During the



Common Stock

Paid-in

Development



Shares

Amount

Capital

Stage





Balance, November 1, 1985

-

$

-

$

-

$

-



Issuance of 500,000 shares of

common stock to Officers and

Directors for cash on

November 1, 1985 at

$0.02 per share

500,000

500

9,500

-



Cancellation of 140,000 shares

on February 7, 1986

(140,000

)

(140

)

140

-



Cancellation of 300,000 shares

on October 1, 1986

(300,000

)

(300

)

300

-



Issuance of 1,000,000 shares

of common stock to the public

offered March 26, 1986 at

$0.10 per share

1,000,000

1,000

99,000

-



Deferred offering costs offset

against additional paid-in capital

-

-

(18,678

)

-



Issuance of 10,700,000 shares

of common stock October 10,

1986 at $0.05 per share

10,700,000

10,700

483,251

-



Issuance of 50,000 shares

for promotional services at

$0.001 per share

50,000

50

-

-



Accumulated losses from

formation on November 1, 1985

through December 31, 1987

-

-

-

(502,196

)



Balance, December 31, 1987

11,810,000

$

11,810

$

573,513

$

(502,196

)















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









SICLONE INDUSTRIES, INC.

(A Development Stage Company)

Statements of Stockholders Equity (Deficit) (Continued)





Deficit



Accumulated



Additional

During the



Common Stock

Paid-in

Development



Shares

Amount

Capital

Stage





Balance, December 31, 1987

11,810,000

$

11,810

$

573,513

$

(502,196

)



Net loss for the year ended

December 31, 1988

-

-

-

(92,783

)



Balance, December 31, 1988

11,810,000

11,810

573,513

(594,979

)



Cash contributed to additional

paid-in capital

-

-

10,180

-



Net loss for the year ended

December 31, 1989

-

-

-

(524

)



Balance, December 31, 1989

11,810,000

11,810

583,693

(595,503

)



Net loss for the year ended

December 31, 1990

-

-

-

-



Balance, December 31, 1990

11,810,000

11,810

583,693

(595,503

)



Net loss for the year ended

December 31, 1991

-

-

-

(758

)



Balance, December 31, 1991

11,810,000

$

11,810

$

583,693

$

(596,261

)



Net loss for the year ended

December 31, 1992

-

-

-

(651

)



Balance, December 31, 1992

11,810,000

11,810

583,693

(596,912

)



Issuance of 1,000,000 shares

of common stock to officer for

cash September 7, 1993 at $0.001

per share

1,000,000

1,000

-

-



Net loss for the year ended

December 31, 1993

-

-

-

(2,513

)



Balance, December 31, 1993

12,810,000

12,810

583,693

(599,425

)









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





SICLONE INDUSTRIES, INC.

(A Development Stage Company)

Statements of Stockholders Equity (Deficit) (Continued)





Deficit



Accumulated



Additional

During the



Common Stock

Paid-in

Development



Shares

Amount

Capital

Stage





Balance, December 31, 1993

12,810,000

$

12,810

$

583,693

$

(599,425

)



Net loss for the year ended

December 31, 1994

-

-

-

-



Balance, December 31, 1994

12,810,000

12,810

583,693

(599,425

)



Issuance of 11,000,000 shares

of common stock to officer for

cash at $0.001 per share

11,000,000

11,000

-

-



Net loss for the year ended

December 31, 1995

-

-

-

(438

)



Balance, December 31, 1995

23,810,000

23,810

583,693

(599,863

)



Net loss for the year ended

December 31, 1996

-

-

-

(1,256

)



Balance, December 31, 1996

23,810,000

23,810

583,693

(601,119

)



Net loss for the year ended

December 31, 1997

-

-

-

(1,373

)



Balance, December 31, 1997

23,810,000

23,810

583,693

(602,492

)



Net loss for the year ended

December 31, 1998

-

-

-

(770

)



Balance, December 31, 1998

23,810,000

23,810

583,693

(603,262

)



Net loss for the year ended

December 31, 1999

-

-

-

(9,343

)



Balance, December 31, 1999

23,810,000

23,810

583,693

(612,605

)



Net loss for the year ended

December 31, 2000

-

-

-

(5,451

)



Balance, December 31, 2000

23,810,000

$

23,810

$

583,693

$

(618,056

)







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

SICLONE INDUSTRIES, INC.

(A Development Stage Company)

Statements of Stockholders Equity (Deficit) (Continued)





Deficit



Accumulated



Additional

During the



Common Stock

Paid-in

Development



Shares

Amount

Capital

Stage





Balance, December 31, 2000

23,810,000

$

23,810

$

583,693

$

(618,056

)



Net loss for the year ended

December 31, 2001

-

-

-

(4,959

)



Balance, December 31, 2001

23,810,000

23,810

583,693

(623,015

)



Net loss for the year ended

December 31, 2002

-

-

-

(7,862

)



Balance, December 31, 2002

23,810,000

23,810

583,693

(630,877

)



Net loss for the nine months

ended September 30, 2003

(unaudited)

-

-

-

(6,230

)



Balance, September 30, 2003

(unaudited)

23,810,000

$

23,810

$

583,693

$

(637,107

)















































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





SICLONE INDUSTRIES, INC.

(A Development Stage Company)

Statements of Cash Flows

(Unaudited)





From



Inception on



November 1,



For the Nine Months Ended

1985 through



September 30,

September 30,

2003

2002

2003





CASH FLOWS FROM OPERATING

ACTIVITIES:





Net loss

$

(6,230

)

$

(4,544

)

$

(637,107

)

Adjustments to reconcile net loss to net

cash provided used by operating activities:

Shares issued for services

-

-

50

Changes in operating assets and liabilities:



Increase (decrease) in accounts payable

-

1,084

-

Increase in accrued interest related party

1,797

-

3,668





Net Cash Used by Operating Activities

(4,433

)

(3,460

)

(633,389

)



CASH FLOWS FROM INVESTING

ACTIVITIES:

-

-

-



CASH FLOWS FROM FINANCING ACTIVITIES:



Proceeds from related parties

4,500

3,500

26,212

Additional capital contributed

-

-

10,180

Stock offering costs

-

-

(18,678

)

Issuance of common stock for cash

-

-

615,951





Net Cash Provided by Financing Activities

4,500

3,500

633,665





INCREASE (DECREASE) IN CASH

67

40

276



CASH AT BEGINNING OF PERIOD

209

347

-



CASH AT END OF PERIOD

$

276

$

387

$

276





CASH PAID FOR

Interest

$

-

$

-

$

-

Income taxes

$

-

$

-

$

-



SUPPLEMENTAL SCHEDULE OF

NON-CASH FINANCING ACTIVITIES:



Common stock issued for services

$

-

$

-

$

50





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







SICLONE INDUSTRIES, INC.

(A Development Stage Company)

Notes to the Financial Statements

September 30, 2003 and December 31, 2002





NOTE 1 -

BASIS OF FINANCIAL STATEMENT PRESENTATION



The accompanying unaudited financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted in accordance with such rules and regulations.  The information furnished in the interim financial statements include normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements.  Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim financial statements be read in conjunction with the Companys most recent audited financial statements and notes thereto included in its December 31, 2002 Annual Report on Form 10-KSB.  Operating results for the nine months ended September 30, 2003 are not necessarily indicative of the results that may be expected for the year ending December 31, 2003.



NOTE 2 -

GOING CONCERN



The Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business.  However, the Company has little cash and has experienced losses from inception.  Without realization of additional adequate financing, it would be unlikely for the Company to pursue and realize its objectives.  The Company intends to seek a merger with an existing operating company. In the interim, an officer of the Company has committed to meeting its operating expenses.







#



Item 2.  MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR PLAN OF OPERATION



Forward-Looking Statement Notice



When used in this report, the words may, will, expect, anticipate, continue, estimate, project, intend, and similar expressions are intended to identify forward-looking statements within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934 regarding events, conditions, and financial trends that may affect the Companys future plans of operations, business strategy, operating results, and financial position.  Persons reviewing this report are cautioned that any forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties and that actual results may differ materially from those included within the forward-looking statements as a result of various factors.  Such factors are discussed under the Managements Discussion and Analysis of Financial Condition or Plan of Operation, and also include general economic factors and conditions that may directly or indirectly impact the Companys financial condition or results of operations.



Description of Business.



Siclone Industries, Inc., originally incorporated in Delaware on November 1, 1985 as McKinnely Investments, Inc.  The company changed its name to Accoline Industries, Inc. on November 5, 1986 and again changed its name to Siclone Industries, Inc. on May 24, 1988.



Siclone has not had active business operations since its inception and is considered a development stage company.  In 1993, we entered into an agreement with Bradley S. Shepherd in which Mr. Shepherd agreed to become our sole officer and director and use his best efforts to organize and update our books and records and to seek business opportunities for potential acquisition or participation.



Siclone intends to seek, investigate, and if warranted, acquire an interest in a business opportunity.  We do not propose to restrict our search for a business opportunity to any particular industry or geographical area and may, therefore, engage in essentially any business in any industry.  Our management has unrestricted discretion in seeking and participating in a business opportunity, subject to the availability of such opportunities, economic conditions and other factors.



The selection of a business opportunity in which to participate is complex and extremely risky and will be made by management in the exercise of its business judgment.  There is no assurance that we will be able to identify and acquire any business opportunity which will ultimately prove to be beneficial to our company and shareholders.



Our activities are subject to several significant risks which arise primarily because we have no specific business and may acquire or participate in a business opportunity based solely on the decision of management.  Our management will, in all probability, act without the consent, vote, or approval of our shareholders.



Three and Nine Month Periods Ended September 30, 2003 and 2002



Siclone had no operations and did not generate any revenue during the three month and nine month periods ended September 30, 2003 and 2002.



Expenses for the three months ended September 30, 2003 were $1,342 compared to expenses of $1,222 during the comparable period in 2002.  Expenses during both periods consisted of general corporate administration, legal and professional expenses, and accounting and auditing costs.  As a result of the foregoing factors, Siclone realized a net loss of $1,342 for the three months ended September 30, 2003 and a net loss of $1,222 for the three months ended September 30, 2002.



During the nine months ended September 30, 2003, expenses were $6,230 compared to expenses of $4,544 during the nine months ended September 30, 2002.  Expenses during both periods consisted of general and administrative expenses including legal, accounting and auditing costs.  Increased expenses during 2003 were the result of increases in accounting and professional fees.  As a result of these factors, Siclone realized net losses of $6,230 for the nine months ended September 30, 2003 and $4,544 for the comparable period in 2002.  Cumulative net loss from inception through September 30, 2003 was $637,107 including $595,503 in loss from discontinued operations.



Liquidity and Capital Resources



At September 30, 2003, total assets consisted of $276 in cash compared to assets of $209 in cash at December 31, 2002.  Total current liabilities at September 30, 2003 were $29,880 consisting of $26,212 in accounts payable to our sole officer and director and $3,668 in accrued interest.  Liabilities at December 31, 2002 were $25,583 consisting of $21,712 in related party accounts payable and $1,871 in accrued interest.



In the past, Siclone has primarily relied on advances from officers and directors to cover operating costs.  Management anticipates that Siclone will receive sufficient advances from its current president to meet its operating needs through the next 12 months.  However, there are no formal agreements or understandings to that effect.  Our need for capital may change dramatically if we acquire an interest in a business opportunity during the coming months.  Should we require additional capital, we may seek additional advances from officers or directors, sell Siclone common equity or find other forms of debt financing.



Our current operating plan is to handle our administrative and reporting requirements as a public company, and continue searching for potential businesses, products, technologies and companies for acquisition.  At present, we have no understandings, commitments or agreements with respect to the acquisition of any business venture, and there can be no assurance that we will identify a business venture suitable for acquisition in the future.  Further, there can be no assurance that we will be successful in consummating any acquisition on favorable terms or that we will be able to profitably manage any business venture we acquire.



Item 3.  Controls and Procedures



Within the 90-day period prior to the date of this report, under the supervision of our sole executive officer and director, we evaluated the effectiveness and operation of our disclosure controls and procedures pursuant to Rule 13a-14 of the Securities Exchange Act of 1934.  Based on that evaluation, our sole executive officer and director concluded that our information disclosure controls and reporting procedures are effective.  There have been no significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date we carried out our evaluation.



PART II.  OTHER INFORMATION



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



|Exhibit
Number | Title                                                                                                                          | Location
|-------------- | ------------------------------------------------------------------------------------------------------------------------------ | --------
|31.1           | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Attached
|32.1           | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Attached



Reports on Form 8-K:



No reports on Form 8-K were filed by the Company during the quarter ended September 30, 2003.







SIGNATURES



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



SICLONE INDUSTRIES, INC.





Date: November 7, 2003

By: /s/Bradley S. Shepherd

Bradley S. Shepherd

Chief Executive Officer

Chief Financial Officer