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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-KSB


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

For year ended December 31, 2002                     Commission File No. 0-31091

                                  EQUICAP, INC.
              ----------------------------------------------------
             (Exact name of registrant as specified in its charter)

           CALIFORNIA                                    33-0652593
 -----------------------------               ----------------------------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
 incorporation or organization)

       12373 East Cornell Avenue
        Aurora, Colorado 80014                              (303) 337-3384
 ----------------------------------------             --------------------------
(Address of Principal's Executive Offices)           (Registrant's Telephone No.
                                                            incl. area code)

Securities registered pursuant to
 Section 12(b) of the Act:                       NONE

Securities registered pursuant to
 Section 12(g) of the Act:                       Common stock, no par value

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 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 at least the past 90 days.

     Yes  X  No
        -----  -----

     Indicate by check mark if no disclosure of delinquent filers in response to
Item 405 of Regulation S-B is contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB.

     Yes  X  No
        -----  -----

     The registrant's revenues for its most recent fiscal year were $-0-.

     The aggregate market value of the 90,100 shares of common stock of the
registrant held by non-affiliates on December 31, 2002, was not determinable.

     At February 28, 2003, a total of 390,100 shares of common stock were
outstanding.

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                                TABLE OF CONTENTS


                                     PART I

Item 1.  Description of Business..........................................     3

Item 2.  Description of Property..........................................    12

Item 3.  Legal Proceedings................................................    12

Item 4.  Submission of Matters to a Vote of Security Holders..............    12

                                     PART II

Item 5.  Market for the Registrant's Common Equity and Related
           Stockholder Matters............................................    12

Item 6.  Management's Discussion and Analysis or Plan of
           Operation......................................................    13

Item 7.  Financial Statements.............................................    15

Item 8.  Changes in and Disagreements with Accountants on
           Accounting and Financial Disclosure............................    15

                                    PART III

Item 9.  Directors, Executive Officers, Promoters and Control
           Persons; Compliance with Section 16(a) of the
           Exchange Act...................................................    15

Item 10. Executive Compensation...........................................    18

Item 11. Security Ownership of Certain Beneficial Owners
          and Management..................................................    19

Item 12. Certain Relationships and Related Transactions...................    20

Item 13. Exhibits and Reports on Form 8-K.................................    20

         Index to Financial Statements....................................    21

         Financial Statements.............................................   F-1

         Signatures.......................................................    22


                                       2

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                           FORWARD-LOOKING STATEMENTS

     This report contains certain forward-looking statements and information
relating to EQUICAP, INC. ("EQUICAP" or "Company") that are based on the beliefs
of its management as well as assumptions made by and information currently
available to its management. When used in this report, the words "anticipate",
"believe", "estimate", "expect", "intend", "plan" and similar expressions, as
they relate to EQUICAP or its management, are intended to identify
forward-looking statements. These statements reflect management's current view
of EQUICAP concerning future events and are subject to certain risks,
uncertainties and assumptions, including among many others: a general economic
downturn; a downturn in the securities markets; a general lack of interest for
any reason in going public by means of transactions involving public blank check
companies; federal or state laws or regulations having an adverse effect on
blank check companies, Securities and Exchange Commission regulations which
affect trading in the securities of "penny stocks," and other risks and
uncertainties. Should any of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those described in this report as anticipated, estimated or expected. Readers
should realize that EQUICAP, with only very limited assets, and that for EQUICAP
to succeed requires that it either originate a successful business (for which it
lacks the funds) or acquire a successful business. EQUICAP's realization of its
business aims as stated herein will depend in the near future principally on the
successful completion of its acquisition of a business, as discussed below.

                                     PART I

Item 1. DESCRIPTION OF BUSINESS.

BACKGROUND

     EQUICAP was incorporated under the laws of the State of California on March
1, 1995, under the name of VWR Acquisition Company, Inc. ("VWR"); the name was
later changed to EQUICAP, INC. EQUICAP is authorized to issue 100,000,000 shares
of common stock without par value and 10,000,000 shares of preferred stock
without par value. EQUICAP's business activities prior to July 1996 were that of
an investment banking and consulting firm whose business plan was to assist its
clients by infusing capital into them and utilizing its experience to assist its
client companies in getting their products or services to market and becoming
profitable. EQUICAP thus anticipated "incubating" client companies. EQUICAP has
not had operations since July 1996, has no significant assets and only modest
liabilities.

     EQUICAP issued 5,500,000 shares of its common stock in March 1995, to its
founders in consideration of cash and services rendered. In March 1995, 200,000
shares of its common stock were issued to an investor for approximately $137,000
in cash. All such shares were treated as "restricted securities", meaning that
they were shares issued in transactions not involving any public offering, stop
transfer orders were entered into the stock books as to such shares, and all
certificates evidencing these shares bore a customary form of investment legend.
Then in October 1995, approximately 4,022,115 common shares were voluntarily
cancelled by the shareholders, reducing the number of outstanding shares to
1,677,885.

     On December 29, 1995, BBU Systems Inc. ("BBU") was merged with and into
EQUICAP as the surviving entity pursuant to an Agreement and Plan of Merger. In
the merger EQUICAP issued 1,273,415 shares of its common stock and acquired all
of the issued and outstanding common shares of BBU. The merger was effected in
reliance upon the exemption from registration provided by Regulation D, Rule
504. In connection with the merger, an additional 509,295 shares were
voluntarily cancelled by the holders, reducing the number of outstanding shares
to 2,442,005. EQUICAP became dormant in July 1996 when the Company's board of
directors determined that its original business plan could not be executed, and
that the business of BBU could not be developed, due to lack of operating
capital and the lack of prospects to raise adequate funding.

                                       3

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     On June 19, 1998, EQUICAP issued 5,000,000 shares of its common stock to
Stephen M. Siedow, President of the Company, for services and costs advanced on
behalf of EQUICAP that were valued at $5,000 in the aggregate. These shares were
also treated as "restricted securities." Mr. Siedow has informed the Company
that he will not sell these shares in the public markets until they have been
registered for resale under the Securities Act of 1933, as amended (the "Act")
or otherwise in compliance with applicable law.

     On July 31, 1998, EQUICAP's common stock underwent a reverse split in which
each 100 of the issued and outstanding shares were changed into one share, which
decreased the number of issued and outstanding shares from 7,442,005 to 74,732.
On December 29, 1999, EQUICAP issued 100,000 shares of its common stock to Mr.
Siedow for services and fees and costs advanced on behalf of EQUICAP that were
valued at $10,000 in the aggregate, which also were treated as "restricted
securities." Mr. Siedow has informed the Company that he will not sell these
shares in the public markets until they have been registered for resale under
the Act or otherwise in compliance with applicable law. On January 18, 2000,
EQUICAP's common stock underwent a reverse and forward split of the common
shares in which (i) each 50 of the issued and outstanding shares were changed
into one share, with each fraction being rounded up to a whole share, and (ii)
immediately following the reverse split, each resulting share was changed into
100 shares. Upon conclusion of this recapitalization, EQUICAP had 390,100 common
shares issued and outstanding.

     The Company incorporated Equicap, Inc., a Nevada corporation, on March 13,
2002 for the specific purpose of redomiciling the Company from the state of
California to the state of Nevada. The Plan of Merger and the Articles of Merger
require the approval of the Company's respective shareholders.

     EQUICAP owns no real estate and has no full time employees, and it will
have no operations of its own unless and until it engages in one or more of the
activities described below under this ITEM 1. EQUICAP is a blank check company
which intends to enter into a business combination with one or more as yet
unidentified privately held businesses.

EXCHANGE ACT REGISTRATION

     EQUICAP has voluntarily filed a registration statement on Form 10-SB with
the Securities and Exchange Commission ("SEC" or "Commission") in order to
register EQUICAP's common stock under Section 12(g) of the Securities Exchange
Act of 1934, as amended ("Exchange Act"). EQUICAP is required to file quarterly,
annual and other reports and other information with the SEC as required by the
Exchange Act. If EQUICAP's duty to file reports under the Exchange Act is
suspended, EQUICAP intends to nonetheless continue filing reports on a voluntary
basis if it is able to do so.

PROPOSED BUSINESS

     EQUICAP intends to enter into a business combination with one or more as
yet unidentified privately held businesses. Management believes that EQUICAP
will be attractive to privately held companies interested in becoming publicly
traded by means of a business combination with EQUICAP, without offering their
own securities to the public. EQUICAP will not be restricted in its search for
business combination candidates to any particular geographical area, industry or
industry segment, and may enter into a combination with a private business
engaged in any line of business. Management's discretion is, as a practical
matter, unlimited in the selection of a combination candidate. EQUICAP has not
entered into any agreement, arrangement or understanding of any kind with any
person regarding a business combination.

     Depending upon the nature of the transaction, the current officers and
directors of EQUICAP probably will resign their directorship and officer
positions with EQUICAP in connection with EQUICAP's consummation of a business
combination. See "Form of Acquisition" below. EQUICAP's current management will
not have any control over the conduct of EQUICAP's business following EQUICAP's
completion of a business combination.

     It is anticipated that business opportunities will come to EQUICAP's
attention from various sources, including its management, its other
stockholders, professional advisors such as attorneys and accountants,
securities broker-dealers, venture capitalists, members of the financial

                                       4

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community, and others who may present unsolicited proposals. EQUICAP has no
plans, understandings, agreements, or commitments with any individual or entity
to act as a finder of or as a business consultant in regard to any business
opportunities for EQUICAP. There are no plans to use advertisements, notices or
any general solicitation in the search for combination candidates.

     PRE-COMBINATION ACTIVITIES. EQUICAP is a "blank check" company, defined as
an inactive, publicly quoted company with nominal assets and liabilities. With
these characteristics, management believes that EQUICAP will be attractive to
privately held companies interested in becoming publicly traded by means of a
business combination with EQUICAP, without offering their own securities to the
public. The term "business combination" (or "combination") means the result of
(i) a statutory merger of a combination candidate into or its consolidation with
EQUICAP or a wholly owned subsidiary of EQUICAP formed for the purpose of the
merger or consolidation, (ii) the exchange of securities of EQUICAP for the
assets or outstanding equity securities of a privately held business, or (iii)
the sale of securities by EQUICAP for cash or other value to a business entity
or individual, and similar transactions.

     A combination may be structured in one of the foregoing ways or in any
other form which will result in the combined entity being a publicly held
corporation. It is unlikely that any proposed combination will be submitted for
the approval of EQUICAP's shareholders prior to consummation. Pending
negotiation and consummation of a combination, EQUICAP anticipates that it will
have no business activities or sources of revenues and will incur no significant
expenses or liabilities other than expenses related to ongoing filings required
by the Exchange Act, or related to the negotiation and consummation of a
combination.

     EQUICAP anticipates that the business opportunities presented to it will
(1) be recently organized with no operating history, or a history of losses
attributable to under-capitalization or other factors; (2) be experiencing
financial or operating difficulties; (3) be in need of funds to develop a new
product or service or to expand into a new market; (4) be relying upon an
untested product or marketing concept; or (5) have a combination of the
foregoing characteristics. Given the above factors, it should be expected that
any acquisition candidate may have a history of losses or low profitability.

     EQUICAP will not be restricted in its search for business combination
candidates to any particular geographical area, industry or industry segment,
and may enter into a combination with a private business engaged in any line of
business, including service, finance, mining, manufacturing, real estate, oil
and gas, distribution, transportation, medical, communications, high technology,
biotechnology or any other. Management's discretion is, as a practical matter,
unlimited in the selection of a combination candidate. Management of EQUICAP
will seek combination candidates in the United States and other countries, as
available time permits, through existing associations and by word of mouth.

     EQUICAP has not entered into any agreement or understanding of any kind
with any person regarding a business combination. There is no assurance that
EQUICAP will be successful in locating a suitable combination candidate or in
concluding a business combination on terms acceptable to EQUICAP. EQUICAP's
Board of Directors has not established a time limitation by which it must
consummate a suitable combination; however, if EQUICAP is unable to consummate a
suitable combination within a reasonable period, such period to be determined at
the discretion of EQUICAP's Board of Directors, the Board of Directors will
probably recommend its liquidation and dissolution. It is anticipated that
EQUICAP will not be able to diversify, but will essentially be limited to one
such venture because of EQUICAP's lack of capital. This lack of diversification
will not permit EQUICAP to offset potential losses from one acquisition against
profits from another, and should be considered an adverse factor affecting any
decision to purchase EQUICAP's securities.

     EQUICAP's board of directors has the authority and discretion to complete
certain combinations without submitting them to the stockholders for their prior
approval. EQUICAP's shareholders should not anticipate that they will have any
meaningful opportunity to consider or vote upon any candidate selected by
EQUICAP management for acquisition. Generally, the prior approval of EQUICAP's

                                       5

<PAGE>


shareholders will be required for any statutory merger of EQUICAP with or into
another company, but shareholder approval will not be required if the following
requirements are met: (1) EQUICAP's articles of incorporation will not change as
a result of the merger; (2) following the merger, each person who was a EQUICAP
shareholder immediately prior to the merger will on the effective date of the
merger continue to hold the same number of shares, with identical designations,
preferences, limitations and relative rights; and (3) the number of EQUICAP
voting and participating shares which are outstanding prior to the merger is not
increased more than 20% as a result of the merger, giving effect to the
conversion of convertible securities and the exercise of warrants, options and
other rights issued in the merger. It is likely, however, in management's
opinion that any combination entered into by EQUICAP that takes the form of a
merger will result in the issuance of additional shares exceeding the 20%
limitation. Shareholder approval also will not be required as to any "short-form
merger," meaning the merger into EQUICAP of a company in which EQUICAP already
owns 90% or more of the equity securities. Moreover, in the event that a
business combination occurs in the form of a stock-for-stock exchange or the
issuance of stock to purchase assets, the approval of EQUICAP's shareholders
will not be required by law so long as it is EQUICAP that acquires the shares or
assets of the other company.

     However, it is anticipated that EQUICAP's shareholders will, prior to
completion of any combination, be given information about the candidate
company's business, financial condition, management and other information
required by ITEMs 6(a), (d), (e), 7 and 8 of Schedule 14A of Regulation 14A
under the Exchange Act, which is substantially the same information as required
in a proxy statement.

     COMBINATION SUITABILITY STANDARDS. The analysis of candidate companies will
be undertaken by or under the supervision of EQUICAP's President, who is not a
professional business analyst. See "MANAGEMENT" below.

     To a large extent, a decision to participate in a specific combination may
be made upon management's analysis of the quality of the candidate company's
management and personnel, the anticipated acceptability of new products or
marketing concepts, the merit of technological changes, the perceived benefit
the candidate will derive from becoming a publicly held entity, and numerous
other factors which are difficult, if not impossible, to objectively quantify or
analyze. In many instances, it is anticipated that the historical operations of
a specific candidate may not necessarily be indicative of the potential for the
future because of the possible need to shift marketing approaches substantially,
expand significantly, change product emphasis, change or substantially augment
management, or make other changes. EQUICAP will be dependent upon the owners and
management of a candidate to identify any such problems which may exist and to
implement, or be primarily responsible for the implementation of, required
changes. Because EQUICAP may participate in a business combination with a newly
organized candidate or with a candidate which is entering a new phase of growth,
it should be emphasized that EQUICAP will incur further risks, because
management in many instances will not have proved its abilities or
effectiveness, the eventual market for the candidate's products or services will
likely not be established, and the candidate may not be profitable when
acquired.

     Otherwise, EQUICAP anticipates that it may consider, among other things,
the following factors:

     1.   Potential for growth and profitability, indicated by new technology,
          anticipated market expansion, or new products;

     2.   EQUICAP's perception of how any particular candidate will be received
          by the investment community and by EQUICAP's stockholders;

     3.   Whether, following the business combination, the financial condition
          of the candidate would be, or would have a significant prospect in the
          foreseeable future of becoming sufficient to enable the securities of
          EQUICAP to qualify for listing on an exchange or on NASDAQ, so as to
          permit the trading of such securities to be exempt from the
          requirements of the federal "penny stock" rules adopted by the SEC.

                                       6

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     4.   Capital requirements and anticipated availability of required funds,
          to be provided by EQUICAP or from operations, through the sale of
          additional securities, through joint ventures or similar arrangements,
          or from other sources;

     5.   The extent to which the candidate can be advanced;

     6.   Competitive position as compared to other companies of similar size
          and experience within the industry segment as well as within the
          industry as a whole;

     7.   Strength and diversity of existing management, or management prospects
          that are scheduled for recruitment;

     8.   The cost of participation by EQUICAP as compared to the perceived
          tangible and intangible values and potential; and

     9.   The accessibility of required management expertise, personnel, raw
          materials, services, professional assistance, and other required
          items.

     No one of the factors described above will be controlling in the selection
of a candidate. Potentially available candidates may occur in many different
industries and at various stages of development, all of which will make the task
of comparative investigation and analysis of such business opportunities
extremely difficult and complex. It should be recognized that, because of
EQUICAP's limited capital available for investigation and management's limited
experience in business analysis, EQUICAP may not discover or adequately evaluate
adverse facts about the opportunity to be acquired. EQUICAP cannot predict when
it may participate in a business combination. It expects, however, that the
analysis of specific proposals and the selection of a candidate may take several
months or more.

     Management believes that various types of potential merger or acquisition
candidates might find a business combination with EQUICAP to be attractive.
These include acquisition candidates desiring to create a public market for
their shares in order to enhance liquidity for current shareholders, acquisition
candidates which have long-term plans for raising capital through the public
sale of securities and believe that the possible prior existence of a public
market for their securities would be beneficial, and acquisition candidates
which plan to acquire additional assets through issuance of securities rather
than for cash, and believe that the possibility of development of a public
market for their securities will be of assistance in that process. Acquisition
candidates which have a need for an immediate cash infusion are not likely to
find a potential business combination with EQUICAP to be an attractive
alternative.

     Prior to consummation of any combination (other than a mere sale by EQUICAP
insiders of a controlling interest in EQUICAP's common stock) EQUICAP intends to
require that the combination candidate provide EQUICAP the financial statements
required by ITEM 310 of Regulation S-B, including at the least an audited
balance sheet as of the most recent fiscal year end and statements of
operations, changes in stockholders' equity and cash flows for the two most
recent fiscal years, audited by certified public accountants acceptable to
EQUICAP's management, and the necessary unaudited interim financial statements.
Such financial statements must be adequate to satisfy EQUICAP's reporting
obligations under Section 15(d) or 13 of the Exchange Act. If the required
audited financial statements are not available at the time of closing, EQUICAP
management must reasonably believe that the audit can be obtained in less than
60 days. This requirement to provide audited financial statements may
significantly narrow the pool of potential combination candidates available,
since most private companies are not already audited. Some private companies
will either not be able to obtain an audit or will find the audit process too
expensive. In addition, some private companies on closer examination may find
the entire process of being a reporting company after a combination with EQUICAP
too burdensome and expensive in light of the perceived potential benefits from a
combination.

                                        7

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     FORM OF ACQUISITION. It is impossible to predict the manner in which
EQUICAP may participate in a business opportunity. Specific business
opportunities will be reviewed as well as the respective needs and desires of
EQUICAP and the promoters of the opportunity and, upon the basis of that review
and the relative negotiating strength of EQUICAP and such promoters, the legal
structure or method deemed by management to be suitable will be selected. Such
structure may include, but is not limited to leases, purchase and sale
agreements, licenses, joint ventures and other contractual arrangements. EQUICAP
may act directly or indirectly through an interest in a partnership, corporation
or other form of organization. Implementing such structure may require the
merger, consolidation or reorganization of EQUICAP with other corporations or
forms of business organization, and although it is likely, there is no assurance
that EQUICAP would be the surviving entity. In addition, the present management
and stockholders of EQUICAP most likely will not have control of a majority of
the voting shares of EQUICAP following a reorganization transaction. As part of
such a transaction, EQUICAP's existing directors may resign and new directors
may be appointed without any vote or opportunity for approval by EQUICAP's
shareholders.

     It is likely that EQUICAP will acquire its participation in a business
opportunity through the issuance of common stock or other securities of EQUICAP.
Although the terms of any such transaction cannot be predicted, it should be
noted that in certain circumstances the criteria for determining whether or not
an acquisition is a so-called "tax free" reorganization under the Internal
Revenue Code of 1986, depends upon the issuance to the stockholders of the
acquired company of a controlling interest (i.e. 80% or more) of the common
stock of the combined entities immediately following the reorganization. If a
transaction were structured to take advantage of these provisions rather than
other "tax free" provisions provided under the Internal Revenue Code, EQUICAP's
current stockholders would retain in the aggregate 20% or less of the total
issued and outstanding shares. This could result in substantial additional
dilution in the equity of those who were stockholders of EQUICAP prior to such
reorganization. Any such issuance of additional shares might also be done
simultaneously with a sale or transfer of shares representing a controlling
interest in EQUICAP by the current officers, directors and principal
shareholders.

     It is anticipated that any new securities issued in any reorganization
would be issued in reliance upon exemptions, if any are available, from
registration under applicable federal and state securities laws. In some
circumstances, however, as a negotiated element of the transaction, EQUICAP may
agree to register such securities either at the time the transaction is
consummated, or under certain conditions or at specified times thereafter. The
issuance of substantial additional securities and their potential sale into any
trading market that might develop in EQUICAP's securities may have a depressive
effect upon such market.

     EQUICAP will participate in a business opportunity only after the
negotiation and execution of a written agreement. Although the terms of such
agreement cannot be predicted, generally such an agreement would require
specific representations and warranties by all of the parties thereto, specify
certain events of default, detail the terms of closing and the conditions which
must be satisfied by each of the parties thereto prior to such closing, outline
the manner of bearing costs if the transaction is not closed, set forth remedies
upon default, and include miscellaneous other terms.

     As a general matter, EQUICAP anticipates that it, and/or its officers and
principal shareholders will enter into a letter of intent with the management,
principals or owners of a prospective business opportunity prior to signing a
binding agreement. Such a letter of intent will set forth the terms of the
proposed acquisition but will not bind any of the parties to consummate the
transaction. Execution of a letter of intent will by no means indicate that
consummation of an acquisition is probable. Neither EQUICAP nor any of the other
parties to the letter of intent will be bound to consummate the acquisition
unless and until a definitive agreement concerning the acquisition as described
in the preceding paragraph is executed. Even after a definitive agreement is
executed, it is possible that the acquisition would not be consummated should
any party elect to exercise any right provided in the agreement to terminate it
on specified grounds.

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     It is anticipated that the investigation of specific business opportunities
and the negotiation, drafting and execution of relevant agreements, disclosure
documents and other instruments will require substantial management time and
attention and substantial costs for accountants, attorneys and others. If a
decision is made not to participate in a specific business opportunity, the
costs theretofore incurred in the related investigation would not be
recoverable. Moreover, because many providers of goods and services require
compensation at the time or soon after the goods and services are provided, the
inability of EQUICAP to pay until an indeterminate future time may make it
impossible to procure goods and services.

     POST-COMBINATION ACTIVITIES. Management anticipates that, following
consummation of a combination, control of EQUICAP will change as a result of the
issuance of additional common stock to the shareholders of the business acquired
in the combination. Once ownership control has changed, it is likely that the
new controlling shareholders will call a meeting for the purpose of replacing
the incumbent directors of EQUICAP with candidates of their own, and that the
new directors will then replace the incumbent officers with their own nominees.
Rule 14f-1 under the Exchange Act requires that, if in connection with a
business combination or sale of control of EQUICAP there should arise any
arrangement or understanding for a change in a majority of EQUICAP's directors
and the change in the board of directors is not approved in advance by EQUICAP's
shareholders at a shareholder meeting, then none of the new directors may take
office until at least ten (10) days after an information statement has been
filed with the Securities and Exchange Commission and sent to EQUICAP's
shareholders. The information statement furnished must as a practical matter
include the information required by ITEMs 6(a), (d) and (e), 7 and 8 of Schedule
14A of Regulation 14A in a proxy statement.

     Following consummation of a combination, management anticipates that
EQUICAP will file a current report on Form 8-K with the Commission which
discloses among other things the date and manner of the combination, material
terms of the definitive agreement, the assets and consideration involved, the
identity of the person or persons from whom the assets or other property was
acquired, changes in management and biographies of the new directors and
executive officers, identity of principal shareholders following the
combination, and contains the required financial statements. Such a Form 8-K
report also will be required to include all information as to the business
acquired called for by ITEM 101 of Regulation S-B.

POTENTIAL BENEFITS to INSIDERS

     In connection with a business combination, it is possible that shares of
common stock constituting control of EQUICAP may be purchased from the current
principal shareholders ("insiders") of EQUICAP by the acquiring entity or its
affiliates. If stock is purchased from the insiders, the transaction is very
likely to result in substantial gains to them relative to the price they
originally paid for the stock. In EQUICAP's judgment, none of its officers and
directors would as a result of such a sale become an "underwriter" within the
meaning of the Section 2(11) of the Securities Act of 1933, as amended. No bylaw
or charter provision EQUICAP prevents insiders from negotiating or consummating
such a sale of their shares. The sale of a controlling interest by EQUICAP
insiders could occur at a time when the other shareholders of the Company remain
subject to restrictions on the transfer of their shares, and it is unlikely that
EQUICAP shareholders generally will be given the opportunity to participate in
any such sale of shares. Moreover, EQUICAP shareholders probably will not be
afforded any opportunity to review or approve any such buyout of shares held by
an officer, director or other affiliate, should such a buyout occur.

     EQUICAP may require that a company being acquired repay all advances made
to EQUICAP by EQUICAP shareholders and management, at or prior to closing of a
combination. Otherwise, there are no conditions that any combination or
combination candidate must meet, such as buying stock from EQUICAP insiders or
paying compensation to any EQUICAP officer, director or shareholder or their
respective affiliates.

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POSSIBLE ORIGINATION of a BUSINESS

     The Board of Directors has left open the possibility that, instead of
seeking a business combination, EQUICAP may instead raise funding in order to
originate an operating business, which may be in any industry or line of
business, and could involve EQUICAP's origination of a start-up business,
purchase and development of a business already originated by third parties,
joint venture of a new or existing business, or take any other lawful form. It
is also possible that EQUICAP may engage in one or more combinations, as
discussed above, and originate a business in addition. Potential shareholders
should consider that management has the widest possible discretion in choosing a
business direction for EQUICAP.

     Any funds needed to originate and develop a business would almost certainly
be raised from the sale of EQUICAP's securities, since EQUICAP lacks the
creditworthiness to obtain a loan. Management does not believe that the
principal shareholders, directors or executive officers of EQUICAP would be
willing to guarantee any debt taken on, and obtaining a loan without personal
guarantees is unlikely. Capital could possibly be raised from the sale of debt
instruments convertible into common stock upon the occurrence of certain defined
events, but no such funding has been offered. EQUICAP has no current plans to
offer or sell its securities, but would be agreeable do so if a worthy business
opportunity presents itself and adequate funding then appears to be available.

USE OF CONSULTANTS and FINDERS

     Although there are no current plans to do so, EQUICAP management might hire
and pay an outside consultant to assist in the investigation and selection of
candidates, and might pay a finder's fee to a person who introduces a candidate
with which EQUICAP completes a combination. Since EQUICAP management has no
current plans to use any outside consultants or finders to assist in the
investigation and selection of candidates, no policies have been adopted
regarding use of consultants or finders, the criteria to be used in selecting
such consultants or finders, the services to be provided, the term of service,
or the structure or amount of fees that may be paid to them. However, because of
the limited resources of EQUICAP, it is likely that any such fee EQUICAP agrees
to pay would be paid in stock and not in cash. EQUICAP has had no discussions,
and has entered into no arrangements or understandings, with any consultant or
finder. EQUICAP's officers and directors have not in the past used any
particular consultant or finder on a regular basis and have no plan to either
use any consultant or recommend that any particular consultant be engaged by
EQUICAP on any basis.

     It is possible that compensation in the form of common stock, options,
warrants or other securities of EQUICAP, cash or any combination thereof, may be
paid to outside consultants or finders. No securities of EQUICAP will be paid to
officers, directors or promoters of EQUICAP nor any of their respective
affiliates. Any payments of cash to a consultant or finder would be made by the
business acquired or persons affiliated or associated with it, and not by
EQUICAP. It is possible that the payment of such compensation may become a
factor in any negotiations for EQUICAP's acquisition of a business opportunity.
Any such negotiations and compensation may present conflicts of interest between
the interests of persons seeking compensation and those of EQUICAP's
shareholders, and there is no assurance that any such conflicts will be resolved
in favor of EQUICAP's shareholders.

RISK FACTORS

     At this time the shares of EQUICAP are speculative and involve a high
degree of risk, for the reasons following. EQUICAP has no operations or
revenues, thus there are no financial results upon which anyone may base an
assessment of its potential. No combination candidate has been identified for
acquisition by management, nor has any determination been made as to any
business for EQUICAP to enter, and shareholders will have no meaningful voice in
any such determinations. There is no assurance that EQUICAP will be successful
in completing a combination or originating a business, nor that EQUICAP will be
successful or that its shares will have any value even if a combination is
completed or a business originated.

        EQUICAP's officers and directors, who serve only on a part-time basis,
have had limited experience in the business activities contemplated by EQUICAP,
yet EQUICAP will be solely dependent on them. EQUICAP lacks the funds or other

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incentive to hire full-time experienced management. Each of EQUICAP's management
members has other employment or business interests to which he devotes his
primary attention and will continue to do so, devoting time to EQUICAP only on
an as-needed basis. Moreover, members of management are involved in other
companies also seeking to engage in a combination, and conflicts of interest
could arise in the event they come across a desirable combination candidate. No
assurance exists that all or any such conflicts will be resolved in favor of
EQUICAP.

     After completion of a combination, the current shareholders of EQUICAP may
experience severe dilution of their ownership due to the issuance of shares in
the combination. Any combination effected by EQUICAP almost certainly will
require its existing management and board members to resign, thus shareholders
have no way of knowing what persons ultimately will direct EQUICAP and may not
have an effective voice in their selection.

STATE SECURITIES LAWS CONSIDERATIONS

     Section 18 of the Securities Act of 1933, as amended in 1996, provides that
no law, rule, regulation, order or administrative action of any state may
require registration or qualification of securities or securities transactions
that involve the sale of a "covered security." The term "covered security" is
defined in Section 18 to include among other things transactions by "any person
not an issuer, underwriter or dealer," (in other words, secondary transactions
in securities already outstanding) that are exempted from registration by
Section 4(1) of the Securities Act of 1933, provided the issuer of the security
is a "reporting company," meaning that it files reports with the SEC pursuant to
Section 13 or 15(d) of the Exchange Act.

     Section 18 as amended preserves the authority of the states to require
certain limited notice filings by issuers and to collect fees as to certain
categories of covered securities, specifically including Section 4(1) secondary
transactions in the securities of reporting companies. Section 18 expressly
provides, however, that a state may not "directly or indirectly prohibit, limit,
or impose conditions based on the merits of such offering or issuer, upon the
offer or sale of any (covered) security." This provision prohibits states from
requiring registration or qualification of securities of an Exchange Act
reporting company which is current in its filings with the SEC.

     The states generally are free to enact legislation or adopt rules that
prohibit secondary trading in the securities of "blank check" companies like
EQUICAP. Section 18, however, of the Act preempts state law as to covered
securities of reporting companies. Thus, while the states may require certain
limited notice filings and payment of filing fees by EQUICAP as a precondition
to secondary trading of its shares in those states, they cannot, so long as
EQUICAP is a reporting issuer, prohibit, limit or condition trading in EQUICAP's
securities based on the fact that EQUICAP is or ever was a blank check company.
EQUICAP will comply with such state limited notice filings as may be necessary
in regard to secondary trading. At this time, EQUICAP's stock is not actively
traded in any market, and an active market in its common stock is not expected
to arise, if ever, until after completion of a business combination.

NO INVESTMENT COMPANY ACT REGULATION

     Prior to completing a combination, EQUICAP will not engage in the business
of investing or reinvesting in, or owning, holding or trading in securities, or
otherwise engaging in activities which would cause it to be classified as an
"investment company" under the 1940 Act. To avoid becoming an investment
company, not more than 40% of the value of EQUICAP's assets (excluding
government securities and cash and cash equivalents) may consist of "investment
securities," which is defined to include all securities other than U.S.
government securities and securities of majority-owned subsidiaries. Because
EQUICAP will not own less than a majority of any assets or business acquired, it
will not be regulated as an investment company. EQUICAP will not pursue any
combination unless it will result in EQUICAP owning at least a majority interest
in the business acquired.

                                       11

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COMPETITION

     EQUICAP will be in direct competition with many entities in its efforts to
locate suitable business opportunities. Included in the competition will be
business development companies, venture capital partnerships and corporations,
small business investment companies, venture capital affiliates of industrial
and financial companies, broker-dealers and investment bankers, management and
management consultant firms and private individual investors. Most of these
entities will possess greater financial resources and will be able to assume
greater risks than those which EQUICAP, with its limited capital, could
consider. Many of these competing entities will also possess significantly
greater experience and contacts than EQUICAP's management. Moreover, EQUICAP
also will be competing with numerous other blank check companies for such
opportunities.

EMPLOYEES

     EQUICAP has no full-time employees, and its only employees currently are
its officers. It is not expected that EQUICAP will have additional full-time or
other employees except as a result of completing a combination.

Item 2. DESCRIPTION OF PROPERTY.

     EQUICAP neither owns nor leases any real estate or other properties.
EQUICAP's offices are located in the offices of its President, Mr. Stephen M.
Siedow, which are provided at no charge. This arrangement will continue until
EQUICAP raises funding to originate a business or completes an acquisition of an
operating business, in which latter event the offices of EQUICAP undoubtedly
will be the same as those of the acquired company.

Item 3. LEGAL PROCEEDINGS.

     There are no legal proceedings which are pending or have been threatened
against EQUICAP or any officer, director or control person of which management
is aware.

Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

     No matters were submitted to a vote or for the written consent of security
shareholders for the year ended December 31, 2002, and no meeting of
shareholders was held.

                                     PART II

Item 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
        MATTERS.

PRICE RANGE of the COMMON STOCK

     The common stock of EQUICAP is the subject of an unpriced quotation
(meaning that is quoted "name only" without bid or asked prices posted) on the
OTC Bulletin Board maintained by the National Association of Securities Dealers,
Inc. The common stock has not traded to management's knowledge, and any trading
in the common stock would occur in the over-the-counter market. No active
trading market is expected to arise (if one ever arises), unless and until
EQUICAP successfully completes a business combination. No shareholder has
entered into a lock-up or similar agreement as to his common shares.

DIVIDENDS

     EQUICAP has not declared or paid any dividends on its common stock to date.
Management anticipates that any future earnings will be retained as working
capital and used for business purposes. Accordingly, it is unlikely that EQUICAP
will declare or pay any such dividends in the foreseeable future.

                                       12

<PAGE>


SHAREHOLDERS

     EQUICAP has approximately 405 shareholders of record. EQUICAP has 390,100
common shares issued and outstanding, of which (i) 53,800 shares are
unrestricted and not held by affiliates, (ii) 36,300 shares are restricted but
subject to Rule 144 and not held by affiliates, and (iii) 300,000 shares are
restricted and held by Stephen M. Siedow, President of the Company. Mr. Siedow
has informed the Company that he will not sell these shares in the public
markets until they have been registered for resale under the Act or otherwise as
permitted by law.

PUBLIC MARKET for the COMMON SHARES

     There currently is no public market for EQUICAP's common stock, and no
assurance can be given that a market will develop or that a shareholder ever
will be able to liquidate his investment without considerable delay, if at all.
If a market should develop, the price may be highly volatile. Unless and until
EQUICAP's common shares are quoted on the NASDAQ system or listed on a national
securities exchange, it is likely that the common shares will be defined as
"penny stocks" under the Exchange Act and SEC rules thereunder. The Exchange Act
and penny stock rules generally impose additional sales practice and disclosure
requirements upon broker-dealers who sell penny stocks to persons other than
certain "accredited investors" (generally, institutions with assets in excess of
$5,000,000 or individuals with net worth in excess of $1,000,000 or annual
income exceeding $200,000, or $300,000 jointly with spouse) or in transactions
not recommended by the broker-dealer.

     For transactions covered by the penny stock rules, the broker-dealer must
make a suitability determination for each purchaser and receive the purchaser's
written agreement prior to the sale. In addition, the broker-dealer must make
certain mandated disclosures in penny stock transactions, including the actual
sale or purchase price and actual bid and offer quotations, the compensation to
be received by the broker-dealer and certain associated persons, and deliver
certain disclosures required by the SEC. So long as EQUICAP's common shares are
considered "penny stocks", many brokers will be reluctant or will refuse to
effect transactions in EQUICAP's shares, and many lending institutions will not
permit the use of penny stocks as collateral for any loans.

Item 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

PLAN of OPERATION

     EQUICAP is a blank check company whose plan of operation over the next
twelve months is to seek and, if possible, acquire an operating business or
valuable assets by entering into a business combination. EQUICAP will not be
restricted in its search for business combination candidates to any particular
geographical area, industry or industry segment, and may enter into a
combination with a private business engaged in any line of business, including
service, finance, mining, manufacturing, real estate, oil and gas, distribution,
transportation, medical, communications, high technology, biotechnology or any
other. Management's discretion is, as a practical matter, unlimited in the
selection of a combination candidate. Management of EQUICAP will seek
combination candidates in the United States and other countries, as available
time and resources permit, through existing associations and by word of mouth.
This plan of operation has been adopted in order to attempt to create value for
EQUICAP's shareholders. For further information on EQUICAP's plan of operation
and business, see PART I, Item 1 above.

     EQUICAP does not intend to do any product research or development. EQUICAP
does not expect to buy or sell any real estate, plant or equipment except as
such a purchase might occur by way of a business combination that is structured
as an asset purchase, and no such asset purchase currently is anticipated.
Similarly, EQUICAP does not expect to add additional employees or any full-time
employees except as a result of completing a business combination, and any such
employees likely will be persons already then employed by the company acquired.

                                       13

<PAGE>


RESULTS of OPERATIONS

     EQUICAP's business activities prior to July 1996 were that of an investment
banking and consulting firm whose business plan was to assist its clients by
infusing capital into them and utilizing its experience to assist its clients in
getting products or services to market and becoming profitable. EQUICAP thus
anticipated incubating client companies. EQUICAP has not had any operations or
revenues since July 1996. EQUICAP anticipates no operations unless and until it
completes a business combination as described above.

     Comparison of 2002 to 2001

     For the year ended December 31, 2002, EQUICAP had no revenues and incurred
a net loss of $13,090, as compared to a net loss of $1,248 for the year ended
December 31, 2001. Expenses in calendar 2002 related primarily to accounting and
legal fees, franchise taxes, miscellaneous filing fees, transfer agent fees, and
miscellaneous general and administrative fees.

     Comparison of 2001 to 2000

     For the year ended December 31, 2001, EQUICAP had no revenues and incurred
a net loss of $1,248, as compared to a net loss of $29,840 for the year ended
December 31, 2000. Expenses in calendar 2001 related primarily to accounting and
legal fees, franchise taxes, miscellaneous filing fees, transfer agent fees, and
miscellaneous general and administrative fees.

LIQUIDITY and CAPITAL RESOURCES

     EQUICAP had no cash on hand at December 31, 2002 and had no other assets to
meet ongoing expenses or debts that may accumulate. As of such date, EQUICAP has
accumulated a deficit (net loss) of $244,756. EQUICAP has debts totaling
$70,391, principally owed to its officers/directors and control shareholders for
costs advanced on its behalf.

     EQUICAP has no commitment for any capital expenditure and foresees none.
However, EQUICAP will incur routine fees and expenses incident to its reporting
duties as a public company, and it will incur expenses in finding and
investigating possible acquisitions and other fees and expenses in the event it
makes an acquisition or attempts but is unable to complete an acquisition.
EQUICAP's cash requirements for the next twelve months are relatively modest,
principally accounting expenses and other expenses relating to making filings
required under the Securities Exchange Act of 1934 (the "Exchange Act"), which
should not exceed $10,000 in the fiscal year ending December 31, 2003. Any
travel, lodging or other expenses which may arise related to finding,
investigating and attempting to complete a combination with one or more
potential acquisitions could also amount to thousands of dollars.

     EQUICAP's current management and its counsel have informally agreed to
continue rendering services to EQUICAP and to not demand payment of sums owed
unless and until EQUICAP completes an acquisition. The terms of any such payment
will have to be negotiated with the principals of any business acquired. The
existence and amounts of EQUICAP debt may make it more difficult to complete, or
prevent completion of, a desirable acquisition. In addition, offices are
provided to EQUICAP without charge.

     EQUICAP will only be able to pay its future debts and meet operating
expenses by raising additional funds, acquiring a profitable company or
otherwise generating positive cash flow. As a practical matter, EQUICAP is
unlikely to generate positive cash flow by any means other than acquiring a
company with such cash flow. EQUICAP believes that management members or
shareholders will loan funds to EQUICAP as needed for operations prior to
completion of an acquisition. Management and the shareholders are not obligated
to provide funds to EQUICAP, however, and it is not certain they will always
want or be financially able to do so. EQUICAP shareholders and management
members who advance money to EQUICAP to cover operating expenses will expect to
be reimbursed, either by EQUICAP or by the company acquired, prior to or at the
time of completing a combination. EQUICAP has no intention of borrowing money to

                                       14

<PAGE>


reimburse or pay salaries to any EQUICAP officer, director or shareholder or
their affiliates. There currently are no plans to sell additional securities of
EQUICAP to raise capital, although sales of securities may be necessary to
obtain needed funds. EQUICAP's current management and its counsel have agreed to
continue their services to EQUICAP and to accrue sums owed them for services and
expenses and expect payment reimbursement only.

     Should existing management or shareholders refuse to advance needed funds,
however, EQUICAP would be forced to turn to outside parties to either loan money
to EQUICAP or buy EQUICAP securities. There is no assurance whatever that
EQUICAP will be able at need to raise necessary funds from outside sources. Such
a lack of funds could result in severe consequences to EQUICAP, including among
others:

     1.   failure to make timely filings with the SEC as required by the
          Exchange Act, which also probably would result in suspension of
          trading or quotation in EQUICAP's stock and could result in fines and
          penalties to EQUICAP under the Exchange Act;

     2.   curtailing or eliminating EQUICAP's ability to locate and perform
          suitable investigations of potential acquisitions; or

     3.   inability to complete a desirable acquisition due to lack of funds to
          pay legal and accounting fees and acquisition-related expenses.

     EQUICAP hopes to require potential candidate companies to deposit funds
with EQUICAP that it can use to defray professional fees and travel, lodging and
other due diligence expenses incurred by EQUICAP's management related to finding
and investigating a candidate company and negotiating and consummating a
business combination. There is no assurance that any potential candidate will
agree to make such a deposit.

Item 7. FINANCIAL STATEMENTS.

     See the index to EQUICAP's financial statements on page 21.

Item 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURE.

        None.

                                    PART III

Item 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
        COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT.

IDENTIFICATION OF CURRENT DIRECTORS and EXECUTIVE OFFICERS

     The persons who have served as directors and executive officers of EQUICAP
since May 15, 1998, their ages and positions held in EQUICAP, are listed below.
Each director will serve until the next annual meeting of shareholders, or until
their respective successors have been elected and duly qualified. Directors
serve one-year terms. Officers hold office at the pleasure of the Board of
Directors, absent any employment agreement, of which none currently exist or are
contemplated. There are no family relationships between any director or
executive officer.

                                       15

<PAGE>


            Name                Age                   Position
            ----                ---                   --------

     Stephen M. Siedow          52          Chief Executive Officer, President
                                            and Chief Financial Officer

BIOGRAPHICAL INFORMATION

     The following is a brief account of the business experience during at least
the past five years of each person who is a director and executive officer at
the time of filing this report, indicating the principal occupation and
employment during that period, and the name and principal business of the
organization in which such occupation and employment were carried out. None of
such persons has ever devoted full time or any significant time to EQUICAP's
business. These persons have agreed to devote only such time to EQUICAP's
business as seems reasonable and necessary from time to time.

     STEPHEN M. SIEDOW. Mr. Siedow is president and sole shareholder of Stephen
M. Siedow, P.C., a professional accounting firm providing auditing, management
consulting, tax services and write-up services to corporations, partnerships and
individuals since 1982. Mr. Siedow specializes in public and SEC accounting and
has experience in industries including mining (gold and coal), oil and gas,
construction, and mergers/acquisitions/liquidations. Prior to that, he was with
the audit department of Ernst & Young, Certified Public Accountants in Denver,
Colorado, for eight years. Mr. Siedow is a member of the American Institute of
Certified Public Accountants and the Colorado Society of Certified Public
Accountants. Mr. Siedow also is a director, executive officer and significant
shareholder of the following companies, all of which are blank check companies:

     o    BIONET TECHNOLOGIES, INC., a Nevada corporation.
     o    MNS EAGLE EQUITY GROUP, INC., a Nevada corporation.
     o    MNS EAGLE EQUITY GROUP III, INC., a Nevada corporation.
     o    VIZARIO, INC., a Nevada corporation.

POTENTIAL CONFLICTS of INTEREST

     EQUICAP's officers and directors are now and may in the future be
affiliated with other blank check companies having a similar business plan to
that of EQUICAP ("Affiliated Companies") which may compete directly or
indirectly with EQUICAP. EQUICAP has not identified a specific business area,
industry or industry segment in which it will seek combination candidates.
EQUICAP has made a determination that it will not concentrate its search for
combination candidates in any particular business, industry or industry segment,
since any such determination is potentially limiting and confers no advantage to
EQUICAP or its shareholders. Certain specific conflicts of interest may include
those discussed below.

     1. The interests of any Affiliated Companies from time to time may be
inconsistent in some respects with the interests of EQUICAP. The nature of these
conflicts of interest may vary. There may be circumstances in which an
Affiliated Company may take advantage of an opportunity that might be suitable
for EQUICAP. Although there can be no assurance that conflicts of interest will
not arise or that resolutions of any such conflicts will be made in a manner
most favorable to EQUICAP and its shareholders, the officers and directors of
EQUICAP have a fiduciary responsibility to EQUICAP and its shareholders and,
therefore, must adhere to a standard of good faith and integrity in their
dealings with and for EQUICAP and its shareholders.

     2. The officers and directors of EQUICAP serve as officers or directors of
one or more Affiliated Companies and may serve as officers and directors of
other Affiliated Companies in the future. EQUICAP's officers and directors are
required to devote only so much of their time to EQUICAP's affairs as they deem
appropriate, in their sole discretion. As a result, EQUICAP's officers and
directors may have conflicts of interest in allocating their management time,

                                       16

<PAGE>


services, and functions among EQUICAP and any current and future Affiliated
Companies which they may serve, as well as any other business ventures in which
they are now or may later become involved.

     3. The Affiliated Companies may compete directly or indirectly with that of
EQUICAP for the acquisition of available, desirable combination candidates.
There may be factors unique to EQUICAP or an Affiliated Company which
respectively makes it more or less desirable to a potential combination
candidate, such as age of the company, name, capitalization, state of
incorporation, contents of the articles of incorporation, etc. However, any such
direct conflicts are not expected to be resolved through arm's-length
negotiation, but rather in the discretion of management. While any such
resolution will be made with due regard to the fiduciary duty owed to EQUICAP
and its shareholders, there can be no assurance that all potential conflicts can
be resolved in a manner most favorable to EQUICAP as if no conflicts existed.
Members of EQUICAP's management who also are members of management of another
Affiliated Company will also owe the same fiduciary duty to the shareholders of
each other Affiliated Company.

     Should a potential acquisition be equally available to and desirable for
both EQUICAP and the Affiliated Companies, no guideline exists for determining
which company would make the acquisition. This poses a risk to EQUICAP
shareholders that a desirable acquisition available to EQUICAP may be made by an
Affiliated Company, whose shareholders would instead reap the rewards of the
acquisition. An Affiliated Company's shareholders of course face exactly the
same risk. Any persons who are officers and directors of both EQUICAP and an
Affiliated Company do not have the sole power (nor the power through stock
ownership) to determine which company would acquire a particular acquisition. No
time limit exists in which an acquisition may or must be made by EQUICAP, and
there is no assurance when - or if - an acquisition ever will be completed.

     4. Certain conflicts of interest exist and will continue to exist between
EQUICAP and its officers and directors due to the fact that each has other
employment or business interests to which he devotes his primary attention. Each
officer and director is expected to continue to do so in order to make a living,
notwithstanding the fact that management time should be devoted to EQUICAP's
affairs. EQUICAP has not established policies or procedures for the resolution
of current or potential conflicts of interest between EQUICAP and its
management.

     As a practical matter, such potential conflicts could be alleviated only if
the Affiliated Companies either are not seeking a combination candidate at the
same time as EQUICAP, have already identified a combination candidate, are
seeking a combination candidate in a specifically identified business area, or
are seeking a combination candidate that would not otherwise meet EQUICAP's
selection criteria. It is likely, however, that the combination criteria of
EQUICAP and any Affiliated Companies will be substantially identical.
Ultimately, EQUICAP's shareholders ultimately must rely on the fiduciary
responsibility owed to them by EQUICAP's officers and directors.

     There can be no assurance that members of management will resolve all
conflicts of interest in EQUICAP's favor. The officers and directors are
accountable to EQUICAP and its shareholders as fiduciaries, which means that
they are legally obligated to exercise good faith and integrity in handling
EQUICAP's affairs and in their dealings with EQUICAP. Failure by them to conduct
EQUICAP's business in its best interests may result in liability to them. The
area of fiduciary responsibility is a rapidly developing area of law, and
persons who have questions concerning the duties of the officers and directors
to EQUICAP should consult their counsel.

EXCLUSION of DIRECTOR LIABILITY

     Pursuant to the General Corporation Law of California, EQUICAP's
Certificate of Incorporation excludes personal liability on the part of its
directors to EQUICAP for monetary damages based upon any violation of their
fiduciary duties as directors, except as to liability for any acts or omissions
which involve intentional misconduct, fraud or a knowing violation of law or for
improper payment of dividends. This exclusion of liability does not limit any
right which a director may have to be indemnified and does not affect any
director's liability under federal or applicable state securities laws.

                                       17

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SIGNIFICANT EMPLOYEES

     None, other than officers of the Company listed above.

Item 10. EXECUTIVE COMPENSATION.

CASH and OTHER COMPENSATION

     For the years ended December 31, 2002 and 2001 and through the date of this
report, EQUICAP has not paid any executive officer or director any cash or cash
equivalent compensation. EQUICAP has no other agreement or understanding,
express or implied, with any director or executive officer concerning employment
or cash or other compensation for services. EQUICAP will undoubtedly pay
compensation to officers and other employees should it succeed in acquiring a
business and funds exist for compensation.

COMPENSATION PURSUANT to PLANS

     For the years ended December 31, 2002 and 2001 and through the date of this
report, no director or executive officer has received compensation from EQUICAP
pursuant to any compensatory or benefit plan. There is no plan or understanding,
express or implied, to pay any compensation to any director or executive officer
pursuant to any compensatory or benefit plan of EQUICAP, although EQUICAP
anticipates that it will compensate its officers and directors for services to
EQUICAP with stock or options to purchase stock, in lieu of cash.

     EQUICAP currently has in place an employee stock compensation plan and
compensatory stock option plan. EQUICAP has no long-term incentive plans, as
that term is defined in the rules and regulations of the Securities and Exchange
Commission. There are no other compensatory or benefit plans, such as retirement
or pension plans, in effect or anticipated to be adopted, although other plans
may be adopted by new management following completion of a business combination.

EMPLOYEE STOCK COMPENSATION PLAN

     EQUICAP has adopted the 2000 Employee Stock Compensation Plan for
employees, officers, directors of EQUICAP and advisors to EQUICAP (the "ESC
Plan"). EQUICAP has reserved a maximum of 2,000,000 common shares to be issued
upon the grant of awards under the ESC Plan. Employees will recognize taxable
income upon the grant of common stock equal to the fair market value of the
common stock on the date of the grant and EQUICAP will recognize a compensating
deduction for compensation expense at such time. The ESC Plan will be
administered by the Board of Directors or a committee of directors. No shares
have been awarded or currently are anticipated to be awarded under the ESC Plan.

COMPENSATORY STOCK OPTION PLAN

     EQUICAP has adopted the 2000 Compensatory Stock Option Plan for officers,
employees, directors and advisors (the "CSO Plan"). EQUICAP has reserved a
maximum of 3,000,000 common shares to be issued upon the exercise of options
granted under the CSO Plan. The CSO Plan will not qualify as an "incentive stock
option" plan under Section 422 of the Internal Revenue Code of 1986, as amended.
Options will be granted under the CSO Plan at exercise prices to be determined
by the Board of Directors or other CSO Plan administrator. With respect to
options granted pursuant to the CSO Plan, optionees will not recognize taxable
income upon the grant of options granted at or in excess of fair market value.
However, optionees will realize income at the time of exercising an option to
the extent the market price of the common stock at that time exceeds the option
exercise price, and EQUICAP must recognize a compensation expense in an amount
equal to any taxable income realized by an optionee as a result of exercising
the option. The CSO Plan will be administered by the Board of Directors or a
committee of directors. No options have been granted or currently are
anticipated to granted under the CSO Plan.

                                       18

<PAGE>


COMPENSATION OF DIRECTORS

     EQUICAP has no standard arrangements in place or currently contemplated to
compensate EQUICAP directors for their service as directors or as members of any
committee of directors.

EMPLOYMENT CONTRACTS

     No person has entered into any employment or similar contract with EQUICAP.
It is not anticipated that EQUICAP will enter into any employment or similar
contract unless in conjunction with or following completion of a business
combination.

Item 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

BENEFICIAL OWNERSHIP

     The following table sets forth, as of the date of this report, the stock
ownership of each executive officer and director of EQUICAP, of all executive
officers and directors of EQUICAP as a group, and of each person known by
EQUICAP to be a beneficial owner of 5% or more of its common stock. Except as
otherwise noted, each person listed below is the sole beneficial owner of the
shares and has sole investment and voting power as such shares. No person listed
below has any option, warrant or other right to acquire additional securities of
EQUICAP, except as may be otherwise noted.

         Name and Address                    Amount & Nature
          of Beneficial                       of Beneficial            Percent
              Owner                             Ownership              of Class
              -----                             ---------              --------

     *Stephen M. Siedow                           300,000                76.9%
      13047 W. Iliff Drive
      Lakewood, Colorado 80228

      Paul J. Abbondante                           20,400                 5.2%
      700 East Lake Drive, Suite 50
      Orange, California 92866

     *All directors & officers                    300,000                76.9%
      as a group (1 person)

     Despite not having received any compensation and not having otherwise
engaged in any transactions involving the acquisition or disposition of assets
with EQUICAP, the current officers and directors of EQUICAP may be deemed to be
"promoters" and "founders" of EQUICAP.

CHANGES in CONTROL

     A change of control of EQUICAP probably will occur upon consummation of a
business combination, which is anticipated to involve significant change in
ownership of EQUICAP and in the membership of the board of directors. The extent
of any such change of control in ownership or board composition cannot be
predicted at this time.

                                       19

<PAGE>


Item 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

     At December 31, 2002 and 2001, EQUICAP was indebted to its officers,
directors and control shareholders for services and fees and costs advanced on
behalf of EQUICAP in the amount of $54,709 and $44,379, respectively. EQUICAP
has no understanding with its officers, directors or shareholders, pursuant to
which such persons are required to contribute capital to EQUICAP, loan money or
otherwise provide funds to EQUICAP, although management expects that one or more
of such persons may make funds available to EQUICAP in the event of need to
cover operating expenses.

     No officer, director or employee of EQUICAP received a salary of $60,000 or
more in 2002 or 2001. There were no transactions, or series of transactions, for
the years ended December 31, 2002 or 2001, nor are there any currently proposed
transactions, or series of transactions, to which EQUICAP is (or EQUICAP was) a
party, in which the amount exceeds $60,000, and in which to the knowledge of
EQUICAP any director, executive officer, nominee, five percent or greater
shareholder, or any member of the immediate family of any of the foregoing
persons, have or will have any direct or indirect material interest.

Item 13. EXHIBITS AND REPORTS ON FORM 8-K.

     (a) Exhibits. The following exhibits are filed with this report, except
those indicated as having previously been filed with the Securities and Exchange
Commission and are incorporated by reference to another report, registration
statement or form. As to any shareholder of record requesting a copy of this
report, EQUICAP will furnish any exhibit indicated in the list below as filed
with this report upon payment to EQUICAP of its expenses in furnishing the
information. Any references to "EQUICAP" mean EQUICAP, INC.

     3.1  Articles of Incorporation of VWR ACQUISITION
           COMPANY, INC. as filed with the California
           Secretary of State on March 1, 1995......................    2

     3.2  Certificate of Amendment of Articles of Incorporation
           changing name to EQUICAP, INC. as filed with the
           California Secretary of State on November 15, 1995.......    2

     3.3  Bylaws of EQUICAP.........................................    2

     4.1  Specimen common stock certificate.........................    2

     10.1 2000 Compensatory Stock Option Plan of EQUICAP............    3

     10.2 2000 Employee Stock Compensation Plan of EQUICAP..........    4

     99.1 Certificate of Chief Executive Officer, President and
          Chief Financial officer pursuant to 18 U.S.C. Section
          1350, as adopted pursuant to Section 906 of the Sarbanes-
          Oxley Act of 2002 .......................................     1

          1  -   Filed herewith as an exhibit.

          2  -   Incorporated by reference to registration statement on Form
                 10SB-12G, filed on July 20, 2000, SEC file number 0-31091.

          3  -   Incorporated by reference to registration statement on Form
                 S-8, filed on October 27, 2000, SEC file number 333-48784.

          4  -   Incorporated by reference to registration statement on Form
                 S-8, filed on October 27, 2000, SEC file number 333-48786.

     (b) Reports on Form 8-K. None were filed by EQUICAP during the fourth
     quarter ended December 31, 2002.

                                       20

<PAGE>


INDEX TO FINANCIAL STATEMENTS.

Independent Auditor's Report..............................................   F-1

Balance Sheets as of December 31, 2002 and 2001...........................   F-2

Statements of Operations for the years ended
 December 31, 2002 and 2001 ..............................................   F-3

Statements of Stockholder's Deficit for the years ended
 December 31, 2002 and 2001...............................................   F-4

Statements of Cash Flows for years ended
 December 31, 2002 and 2001 ..............................................   F-5

Notes to Financial Statements.............................................   F-6


                                       21

<PAGE>



                           Larry O'Donnell, CPA, P.C.
Telephone (303) 745-4545                                2228 South Fraser Street
                                                                          Unit 1
                                                         Aurora, Colorado  80014



                          INDEPENDENT AUDITOR'S REPORT


Board of Directors and Stockholders
Equicap, Inc.

I have audited the accompanying balance sheets of Equicap, Inc. as of December
31, 2002 and 2001 and the related statements of operations, changes in
stockholders' deficit and cash flows for the years then ended. These financial
statements are the responsibility of the Company's management. My responsibility
is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards
in the United States of America. Those standards require that I plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audits provide a reasonable basis for
my opinion.

In my opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of Equicap, Inc. as of December 31,
2002 and 2001 and the results of its operations and their cash flows for the
years then ended in conformity with generally accepted accounting principles in
the United States of America.


Larry O'Donnell, CPA, P.C.

January 25, 2003




                                      F-1
<PAGE>



                                  EQUICAP, INC.
                                 Balance Sheets


                                     ASSETS


                                                               December 31,
                                                            2002         2001
                                                         ---------    ---------

Total assets                                             $    --      $    --
                                                         =========    =========


                     LIABILITIES AND STOCKHOLDERS' DEFICIT


Current liabilities:
   Accounts payable                                      $   9,982    $   8,722
   Franchise taxes                                           5,700        4,200
   Due to an officer/stockholder                            54,709       44,379
                                                         ---------    ---------
                                                            70,391       57,301
                                                         ---------    ---------

Stockholders' deficit:
   Preferred stock; no par value; authorized -
      10,000,000 shares; issued - none                        --           --
   Common stock; no par value; authorized -
      100,000,000 shares; issued and outstanding -
      390,100 shares                                       167,685      167,685
   Contributed capital                                       6,680        6,680
   Retained earnings (deficit)                            (244,756)    (231,666)
                                                         ---------    ---------
        Total stockholders' deficit                        (70,391)     (57,301)
                                                         ---------    ---------

                                                         $    --      $    --
                                                         =========    =========


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


                                       F-2

<PAGE>



                                  EQUICAP, INC.
                            Statements of Operations



                                                        Year ended December 31,
                                                        -----------------------
                                                          2002           2001
                                                        --------      ---------

Costs and expenses:
   General and administrative                          $  13,090      $   1,248
                                                       ---------      ---------

Net loss applicable to common shareholders             $ (13,090)     $  (1,248)
                                                       =========      =========

Basic and diluted loss per common share                $    (.03)     $   (.003)
                                                       =========      =========

Weighted average number of
   common shares outstanding                             390,100        390,100
                                                       =========      =========


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


                                       F-3

<PAGE>
<TABLE>
<CAPTION>



                                              EQUICAP, INC.
                               Statements of Changes in Stockholders' Deficit




                                                Common Stock                                  Retained
                                       ------------------------------      Contributed        Earnings
                                           Shares           Amount            Capital         (Deficit)
                                       ------------      ------------     -------------     -------------

<S>                                     <C>               <C>                <C>             <C>
Balances, December 31, 2000                390,100     $     167,685    $       6,680     $     (230,418)
   Net loss                                                                                       (1,248)
                                       -----------       -----------      -----------       ------------
Balances, December 31, 2001                390,100           167,685            6,680           (231,666)
   Net loss                                                                                      (13,090)
                                       -----------       -----------      -----------       ------------
Balances, December 31, 2002                390,100     $     167,685    $       6,680     $     (244,756)
                                       ===========      ============     ============      =============



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


                                                     F-4

</TABLE>

<PAGE>



                                  EQUICAP, INC.
                            Statements of Cash Flows



                                                         Year ended December 31,
                                                         -----------------------
                                                             2002        2001
                                                          --------     --------

Cash flows from operating activities:
   Net loss                                               $(13,090)    $ (1,248)
   Adjustments to reconcile net loss to net
      cash provided by operating activities:
      Common stock issued for services                        --           --
      Changes in assets and liabilities:
       Increase (decrease) in accounts payable               1,260       (8,500)
       Increase (decrease) in franchise taxes                1,500        1,300
       Increase (decrease) in amounts
           due to an officer/stockholder                    10,330        8,448
                                                          --------     --------
       Net cash used in operating activities                  --           --
                                                          --------     --------

Cash flows from investing activities:
   Organization costs                                         --           --
                                                          --------     --------
       Net cash used in investing activities                  --           --
                                                          --------     --------

Cash flows from financing activities:
   Proceeds from sale of common stock                         --           --
                                                          --------     --------
       Net cash provided by financing activities              --           --
                                                          --------     --------

Net increase (decrease) in cash                               --           --
Cash at beginning of year                                     --           --
                                                          --------     --------
Cash at end of year                                       $   --       $   --
                                                          ========     ========




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


                                       F-5
<PAGE>



                                  EQUICAP, INC.
                          Notes to Financial Statements



Note 1 - Organization and Summary of Significant Accounting Policies

Organization of Business
------------------------

The financial statements presented are those of Equicap, Inc. (the "Company").
The Company was incorporated under the laws of the State of California on March
1, 1995. Prior to July 1996, the Company operated as a business development
company and since that time, the Company has been inactive.

The Company incorporated Equciap, Inc., a Nevada corporation, on March 13, 2002
for the specific purpose of redomiciling the Company from the state of
California to the state of Nevada. The Plan of Merger and the Articles of Merger
require the approval of the Company's respective shareholders.

The Company has been exploring sources to obtain additional equity or debt
financing. The Company has also indicated its intention to participate in one or
more as yet unidentified business ventures, which management will select after
reviewing the business opportunities for their profit or growth potential.

Use of Estimates
----------------

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reporting 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 periods. Actual results could differ from those estimates.

Fair Value of Financial Instruments
-----------------------------------

The fair value of the Company's payables due to an officer/stockholder is not
practicable to estimate due to the related party nature of the underlying
transactions and the indefinite payment terms.

Stock-Based Compensation
------------------------

Statement of Financial Accounting Standards (the "SFAS") No. 123, Accounting For
Stock-Based Compensation, defines a fair-value based method of accounting for
stock-based employee compensation plans and transactions in which an entity
issues its equity instruments to acquire goods or services from non-employees,
and encourages but does not require companies to record compensation cost for
stock-based employee compensation plans at fair value. The Company has chosen to
continue to account for stock-based compensation using the intrinsic value
method prescribed in Accounting Principles Board Opinion No. 25, Accounting for
Stock Issued to Employees and related interpretations. Accordingly, compensation
cost for stock options is measured as the excess, if any, of the quoted market
price of the Company's stock at the date of the grant over the amount an
employee must pay to acquire the stock.

                                      F-6

<PAGE>



                                  EQUICAP, INC.
                          Notes to Financial Statements



Comprehensive Income (Loss)
---------------------------

SFAS No. 130 Reporting Comprehensive Income, establishes requirements for
disclosure of comprehensive income which includes certain items previously not
included in the statements of operations, including pension liability
adjustments and foreign currency translation adjustments, among others. The
Company had no components of comprehensive income.

Loss Per Common Share
---------------------

SFAS No. 128 Earnings per Share, requires dual presentation of basic and diluted
earnings or loss per share ("EPS") for all entities with complex capital
structures and requires a reconciliation of the numerator and denominator of the
basic EPS computation to the numerator and denominator of the diluted EPS
computation. Basic EPS excludes dilution; diluted EPS reflects the potential
dilution that could occur if securities or other contracts to issue common stock
were exercised or converted into common stock or resulted in the issuance of
common stock that then shared in the earnings of the entity.

Basic loss per share is computed by dividing net loss applicable to common
shareholders by the weighted average number of common shares outstanding during
the period. The Company had no potential common stock instruments which would
result in a diluted loss per share.

Recently Issued Accounting Pronouncements
-----------------------------------------

The Financial Accounting Standards Board (the "FASB") has recently issued SFAS
No. 141, Business Combinations, SFAS No. 142, Goodwill and Other Intangible
Assets, SFAS No. 143, Accounting for Asset Retirement Obligations, SFAS No. 144,
Accounting for the Impairment or Disposal of Long-Lived Assets and SFAS No. 145,
Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No.
13, and Technical Corrections.

SFAS No. 141, Business Combinations, requires the use of the purchase method of
accounting for all business combinations initiated after June 30, 2001. SFAS No.
142, Goodwill and Other Intangible Assets, addresses accounting for the
acquisition of intangible assets and accounting for goodwill and other
intangible assets after they have been initially recognized in the financial
statements, which is effective for fiscal years beginning after December 15,
2001; however, certain provisions of this Statement apply to goodwill and other
intangible assets acquired between July 1, 2001 and the effective date of SFAS
142.

Major provisions of these Statements and their effective dates for the Company
are as follows:

                                      F-7
<PAGE>



                                  EQUICAP, INC.
                          Notes to Financial Statements



      o   All business combinations initiated after June 30, 2001 must use the
          purchase method of accounting, with the pooling of interest method of
          accounting prohibited.
      o   Intangible assets acquired in a business combination must be recorded
          separately from goodwill if they arise from contractual or other legal
          rights or are separable from the acquired entity.
      o   Goodwill, as well as intangible assets with indefinite lives, acquired
          after June 30, 2001, will not be amortized. In the year of adoption,
          all previously recognized goodwill and intangible assets with
          indefinite lives will no longer be subject to amortization.
      o   Goodwill, tested by business segment and intangible assets with
          indefinite lives will be tested for impairment annually and whenever
          there is an impairment indicator.

SFAS No. 143, Accounting for Asset Retirement Obligations, addresses accounting
and reporting for obligations associated with the retirement of tangible
long-lived assets and the associated asset retirement costs. SFAS No. 143 will
be effective for the Company for the fiscal year beginning January 1, 2003 and
early adoption is encouraged. SFAS No. 143 requires that the fair value of a
liability for an asset's retirement obligation be recorded in the period in
which it is incurred and the corresponding cost capitalized by increasing the
carrying amount of the related long-lived asset. The Company estimates that the
new standard will not have a material impact on its financial statements.

SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, is
effective for the Company on January 1, 2003, and addresses accounting and
reporting for the impairment or disposal of long-lived assets. SFAS No. 144
supersedes SFAS No. 121, Accounting for the Impairment of Long-Lived Assets and
for Long-Lived Assets to Be Disposed Of and APB Opinion No. 30, Reporting the
Results of Operations-Reporting the Effects of Disposal of a Segment of a
Business. SFAS No. 144 retains the fundamental provisions of SFAS No. 121 and
expands the reporting of discontinued operations to include all components of an
entity with operations that can be distinguished from the rest of the entity and
that will be eliminated from the ongoing operations of the entity in a disposal
transaction. The Company estimates that the new standard will not have a
material impact on its financial statements.

SFAS No. 145, Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB
Statement No. 13, and Technical Corrections rescinds FASB Statement No. 4,
Reporting Gains and Losses from Extinguishment of Debt, and an amendment of that
Statement, FASB Statement No. 64, Extinguishments of Debt Made to Satisfy
Sinking-Fund Requirements. This Statement also rescinds FASB Statement No. 44,
Accounting for Intangible Assets of Motor Carriers. This Statement Amends FASB
Statement No. 13, Accounting for Leases, to eliminate an inconsistency between
the required accounting for sale-leaseback transactions and the required
accounting for certain lease modifications that have economic effects that are
similar to sale-leaseback transactions. The Statement also amends other existing
authoritative pronouncements to make various technical corrections, clarify
meanings, or describe their applicability under changes conditions. The Company
estimates that the new standard will not have a material impact on its financial
statements.

                                      F-8

<PAGE>



                                  EQUICAP, INC.
                          Notes to Financial Statements



Note 2 - Stockholders' Deficit

Common Stock
------------

Dividends may be paid on outstanding shares as declared by the Board of
Directors. Each share of common stock is entitled to one vote.

Preferred Stock
---------------

No shares of preferred stock have been issued or are outstanding. Dividends,
voting rights and other terms, rights and preferences of the preferred shares
have not been designated but may be designated by the Board of Directors from
time to time.

2000 Stock Option Plan
----------------------

The Company has adopted a compensation stock option plan (the "CSO Plan") which
allows for the issuance of options to purchase up to 3,000,000 shares of stock
to employees, officers, directors and consultants of the Company. The CSO Plan
is not intended to qualify as an "incentive stock option plan" under Section 422
of the Internal Revenue Code. Options will be granted under the CSO Plan at
exercise prices to be determined by the Board of Directors or other CSO Plan
administrator. The Company will incur compensation expense to the extent that
the market value of the stock at date of grant exceeds the amount the grantee is
required to pay for the options. No options have been granted under the CSO Plan
to date.

2000 Employee Stock Compensation Plan
-------------------------------------

The Company has adopted an employee stock compensation plan (the "ESC Plan")
which allows for the issuance of up to 2,000,000 shares of stock to employees,
officers, directors and consultants of the Company. The Company will incur
compensation expense to the extent the market value of the stock at date of
grant exceeds the amount the employee is required to pay for the stock (if any).
The ESC Plan will be administered by the Board of Directors or a committee of
directors. No stock has been awarded under the ESC Plan to date.

Note 3 - Income Taxes

Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax
bases. Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary
differences are expected to reverse. The effect on deferred tax assets and
liabilities of a change in tax rates is recognized in the statement of
operations in the period that includes the enactment date.

                                      F-9

<PAGE>



                                  EQUICAP, INC.
                          Notes to Financial Statements



There is no provision for income taxes since the Company has incurred net
operating losses.

Income taxes at the federal statutory rate is reconciled to the Company's actual
income taxes as follows:

<TABLE>
<CAPTION>

                                                                     December 31,
                                                                 2002            2001
                                                             -----------     -----------

<S>                                                          <C>             <C>
    Federal income tax benefit at statutory rate (15%)       $    (1,964)    $      (187)
    State income tax benefit net of federal tax effect              --              --
    Deferred income tax valuation allowance                        1,964             187
                                                               ---------      ----------
                                                             $      --       $      --
                                                              ==========      ==========

The Company's deferred tax assets are as follows:

    Accrued expenses                                         $     5,947     $     4,784
    Net operating loss carryforward                               46,830          46,029
    Valuation allowance                                          (52,777)        (50,813)
                                                              -----------     ----------
                                                             $      --       $        --
                                                              ==========      ==========
</TABLE>

At December 31, 2002, the Company has net operating loss carryforwards of
$190,111 which may be available to offset future taxable income through 2022.

Note 4 - Related Party Transactions

The Company is indebted to an officer/stockholder for accounting fees and
expenses advanced on behalf of the Company, in the amount of $54,709 and $44,379
at December 31, 2002 and 2001, respectively.

The Company utilizes office space provided by the President of the Company at no
charge.


                                      F-10


<PAGE>



                                   SIGNATURES

     In accordance with section 13 or 15(d) of the Securities Exchange Act of
1934, the Registrant caused this Report on Form 10-KSB to be signed on its
behalf by the undersigned, thereto duly authorized individual.

Date: March 14, 2003

                                            EQUICAP, INC.

                                            By:  /s/  Stephen M. Siedow
                                               --------------------------------
                                                      Stephen M.  Siedow,
                                                      Chief Executive Officer,
                                                      President, and Chief
                                                      Financial Officer

    In accordance with the Securities Exchange Act of 1934, this report has
been signed below by the following persons on behalf of the Registrant and in
the capacities and on the dates indicated.


        Name                             Title                      Date
        ----                             -----                      ----

/s/  Stephen M. Siedow             Sole Director, Chief         March 14, 2003
-----------------------------      Executive Officer,
     Stephen M. Siedow             President, and Chief
                                   Financial Officer


                                       22


<PAGE>



CERTIFICATIONS - Principal Executive and Financial Officer
----------------------------------------------------------

I, Stephen M. Siedow, Chief Executive Officer, President and Chief Financial
Officer of Equicap, Inc., certify that:


1. I have reviewed this annual report on Form 10-KSB of Equicap, Inc.;


2. Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this annual
report;


3. Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;


4. I am responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the
registrant and have:


     a) designed such disclosure controls and procedures to ensure that material
     information relating to the registrant, including its consolidated
     subsidiaries, is made known to us by others within those entities,
     particularly during the period in which this annual report is being
     prepared;


     b) evaluated the effectiveness of the registrant's disclosure controls and
     procedures as of a date within 90 days prior to the filing date of this
     annual report (the "Evaluation Date"); and


     c) presented in this annual report our conclusions about the effectiveness
     of the disclosure controls and procedures based on our evaluation as of the
     Evaluation Date;


5. I have disclosed, based on my most recent evaluation, to the registrant's
auditors and the audit committee of registrant's board of directors (or persons
performing the equivalent functions):


     a) all significant deficiencies in the design or operation of internal
     controls which could adversely affect the registrant's ability to record,
     process, summarize and report financial data and have identified for the
     registrant's auditors any material weaknesses in internal controls; and


     b) any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal
     controls; and


6. I have indicated in this annual report whether there were significant changes
in internal controls or in other factors that could significantly affect
internal controls subsequent to the date of our most recent evaluation,
including any corrective actions with regard to significant deficiencies and
material weaknesses.


Date:  March 14, 2003                   /s/  Stephen M. Siedow
                                        ----------------------------------------
                                             Stephen M. Siedow, Chief Executive
                                             Officer, President  and Chief
                                             Financial Officer
                                             (principal executive and
                                             financial officer)