<PAGE>

                    U. S. Securities and Exchange Commission
                            Washington, D. C. 20549

                                   FORM 10-QSB

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

                For the quarterly period ended September 30, 2003

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

       For the transition period from June 30, 2003 to September 30, 2003
                    -----------------------------------------

                         Commission File No. 2-76219-NY

                      VICTORY CAPITAL HOLDINGS CORPORATION
                 Fka New Environmental Technologies Corporation

                   ------------------------------------------
                 (Name of Small Business Issuer in its Charter)

           NEVADA                                            87-0564472
          --------                                           ----------
(State or Other Jurisdiction of                     (I.R.S. Employer I.D. No.)
 incorporation or organization)

                        9663 Santa Monica Blvd, Suite 806
                         Beverly Hills, California 90210
                                -----------------
                    (Address of Principal Executive Offices)

                    Issuer's Telephone Number: (866) 570-6992

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the Registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                      (1) Yes [X] No [ ] (2) Yes [X] No [ ]

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

                                 Not applicable.

                      APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the Registrant's classes of
common stock, as of the latest practicable date:

                               September 30, 2003

                                   16,110,258
                                   ----------



<PAGE>

PART I - FINANCIAL INFORMATION

Item 1.   Financial Statements.

                      VICTORY CAPITAL HOLDINGS CORPORATION
              (Formerly New Environmental Technologies Corporation)
                          (A Development Stage Company)

                              FINANCIAL STATEMENTS

                    September 30, 2003 and December 31, 2002

                                       1


<PAGE>

                      VICTORY CAPITAL HOLDINGS CORPORATION
              (FORMERLY NEW ENVIRONMENTAL TECHNOLOGIES CORPORATION)
                          (A Development Stage Company)
                                 Balance Sheets

                                     ASSETS

                                                      September 30, December 31,
                                                          2003         2002
                                                      (Unaudited)
                                                       ----------   ----------
CURRENT ASSETS

   Cash                                                $      --    $      --
                                                       ----------   ----------
     Total Current Assets                                     --           --

FIXED ASSETS, NET                                            540           --
                                                       ----------   ----------
     TOTAL ASSETS                                      $     540    $      --
                                                       ==========   ==========

                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES

   Accounts payable                                    $   6,647    $  40,590
   Accounts payable - related party                       28,181       23,311
   Accrued payroll and payroll taxes                      86,190           --
   Accrued interest payable - related party                   --        4,000
                                                       ---------    ---------
     Total Liabilities                                   121,018       67,901

STOCKHOLDERS' EQUITY (DEFICIT)

   Common stock authorized 100,000,000 shares at
    $0.001 par value; 16,110,258 and 2,620,326 shares
    issued and outstanding, respectively                  16,110        2,620
   Additional paid-in capital                            554,303      152,642
   Deferred consulting expense                                --           --
   Deficit accumulated during the development stage     (690,891)    (223,163)
                                                       ----------   ----------
     Total Stockholders' Equity (Deficit)               (120,478)     (67,901)
                                                       ----------   ----------
     TOTAL LIABILITIES AND STOCKHOLDERS'
       EQUITY (DEFICIT)                                $     540    $     --
                                                       ==========   ==========

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

                                       2



<PAGE>
<TABLE>

                                     VICTORY CAPITAL HOLDINGS CORPORATION
                            (FORMERLY NEW ENVIRONMENTAL TECHNOLOGIES CORPORATION)
                                        (A Development Stage Company)
                                           Statements of Operations
                                                 (Unaudited)
<CAPTION>

                                                                                                   From
                                                                                               Inception on
                                           For the                        For the                January 7,
                                      Three Months Ended          For the Nine Months Ended         1982
                                         September 30,                  September 30,             Through
                                -----------------------------   -----------------------------   September 30,
                                    2003            2002            2003            2002             2003
                                -------------   -------------   -------------   -------------   -------------
<S>                             <C>             <C>             <C>             <C>             <C>
REVENUES                        $         --    $         --    $         --    $         --    $         --

EXPENSES

   Consulting expense                  7,416              --         334,748              --         334,748
   General and administrative         72,706           2,075         131,080           7,694         350,243
                                -------------   -------------   -------------   -------------   -------------
     Total Expenses                   80,122           2,075         465,828           7,694        (684,991)
                                -------------   -------------   -------------   -------------   -------------

LOSS FROM OPERATIONS                 (80,122)         (2,075)       (465,828)         (7,694)       (684,991)

INTEREST EXPENSE                          --              --          (1,900)             --          (5,900)
                                -------------   -------------   -------------   -------------   -------------
NET LOSS                        $    (80,122)   $     (2,075)   $   (467,728)   $     (7,694)   $   (690,891)
                                =============   =============   =============   =============   =============
BASIC LOSS PER SHARE
 OF COMMON STOCK                $      (0.01)   $      (0.00)   $      (0.05)   $      (0.00)
                                =============   =============   =============   =============
WEIGHTED AVERAGE
 NUMBER OF SHARES
 OUTSTANDING                      16,110,258       2,620,326      10,252,668       2,620,326
                                =============   =============   =============   =============

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

                                                      3
</TABLE>



<PAGE>
<TABLE>

                              VICTORY CAPITAL HOLDINGS CORPORATION
                      (FORMERLY NEW ENVIRONMENTAL TECHNOLOGIES CORPORATION)
                                  (A Development Stage Company)
                          Statements of Stockholders' Equity (Deficit)
<CAPTION>

                                                                                       Deficit
                                                                                     Accumulated
                                     Common Stock          Additional    Deferred     During the
                               -------------------------     Paid-in    Consulting   Development
                                 Shares        Amount        Capital      Expense       Stage
                               -----------   -----------   -----------  -----------  -----------
<S>                            <C>           <C>           <C>          <C>          <C>
Balance, January 7, 1982               --    $       --    $       --   $       --   $       --

Common stock issued for cash
 at $7.50 per share                 6,000             6        45,000           --           --

Common stock issued for cash
 at $0.39 per share               168,503           169        65,819           --           --

Net loss from inception on
 January 7, 1982 through
 December 31, 1982                     --            --            --           --      (39,597)
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 1982        174,503           175       110,819           --      (39,597)

Net loss for the year ended
 December 31, 1983                     --            --            --           --      (71,397)
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 1983        174,503           175       110,819           --     (110,994)

Common stock issued for cash
 at $25.00 per share                   57            --         1,425           --           --

Common stock issued for cash
 at $25.00 per share                    3            --            75           --           --

Common stock issued for cash
 at $0.25 per share             1,580,000         1,580        38,373           --           --

Net loss for the year ended
 December 31, 1984                     --            --            --           --           --
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 1984      1,754,563         1,755       150,692           --     (110,994)

Retired common stock,          (1,296,132)       (1,297)           --           --           --

Net loss for the year ended
 December 31, 1985                     --            --            --           --           --
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 1985        458,431           458       150,692           --     (110,994)

Net loss for the year ended
 December 31, 1986                     --            --            --           --           --
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 1986        458,431    $      458    $  150,692   $       --   $ (110,994)
                               -----------   -----------   -----------  -----------  -----------

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

                                                4



<PAGE>

                              VICTORY CAPITAL HOLDINGS CORPORATION
                      (FORMERLY NEW ENVIRONMENTAL TECHNOLOGIES CORPORATION)
                                  (A Development Stage Company)
                    Statements of Stockholders' Equity (Deficit) (Continued)

                                                                                       Deficit
                                                                                     Accumulated
                                     Common Stock          Additional    Deferred     During the
                               -------------------------     Paid-in    Consulting   Development
                                 Shares        Amount        Capital      Expense       Stage
                               -----------   -----------   -----------  -----------  -----------

Balance, December 31, 1986        458,431    $      458    $  150,692   $       --   $ (110,994)

Net loss for the year ended
 December 31, 1987                     --            --            --           --           --
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 1987        458,431           458       150,692           --     (110,994)

Net loss for the year ended
 December 31, 1988                     --            --            --           --           --
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 1988        458,431           458       150,692           --     (110,994)

Net loss for the year ended
 December 31, 1989                     --            --            --           --           --
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 1989        458,431           458       150,692           --     (110,994)

Net loss for the year ended

 December 31, 1990                     --            --            --           --           --
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 1990        458,431           458       150,692           --     (110,994)

Net loss for the year ended
 December 31, 1991                     --            --            --           --           --
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 1991        458,431           458       150,692           --     (110,994)

Net loss for the year ended
 December 31, 1992                     --            --            --           --           --
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 1992        458,431           458       150,692           --     (110,994)

Net loss for the year ended
 December 31, 1993                     --            --            --           --           --
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 1993        458,431           458       150,692           --     (110,994)

Canceled common stock            (316,000)         (316)           --           --           --

Net loss for the year ended
 December 31, 1994                    --             --            --           --       (6,656)
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 1994        142,431    $      142    $  150,692   $       --   $ (117,650)
                               -----------   -----------   -----------  -----------  -----------

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

                                                5



<PAGE>

                              VICTORY CAPITAL HOLDINGS CORPORATION
                      (FORMERLY NEW ENVIRONMENTAL TECHNOLOGIES CORPORATION)
                                  (A Development Stage Company)
                    Statements of Stockholders' Equity (Deficit) (Continued)

                                                                                       Deficit
                                                                                     Accumulated
                                     Common Stock          Additional    Deferred     During the
                               -------------------------     Paid-in    Consulting   Development
                                 Shares        Amount        Capital      Expense       Stage
                               -----------   -----------   -----------  -----------  -----------

Balance, December 31, 1994        142,431    $      142    $  150,692   $       --  $ (117,650)

Common stock issued for
 services at $0.001 per share     160,000           160            --           --           --

Common stock issued for
 services at $0.001 per share   2,197,895         2,198            --           --           --

Net loss for the year ended
 December 31, 1995                     --            --            --           --      (49,097)
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 1995      2,500,326         2,500       150,692           --     (166,747)

Common stock issued for
 services at $0.001 per share     120,000           120            --           --           --

Net loss for the year ended
 December 31, 1996                     --            --            --           --       (1,681)
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 1996      2,620,326         2,620       150,692           --     (168,428)

Net loss for the year ended
 December 31, 1997                     --            --            --           --       (3,517)
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 1997      2,620,326         2,620       150,692           --     (171,945)

Net loss for the year ended
 December 31, 1998                     --            --            --           --       (2,479)
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 1998      2,620,326         2,620       150,692           --     (174,424)

Net loss for the year ended
 December 31, 1999                     --            --            --           --       (6,307)
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 1999      2,620,326         2,620       150,692           --     (180,731)

Net loss for the year ended
 December 31, 2000                     --            --            --           --       (9,011)
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 2000      2,620,326    $    2,620    $  150,692   $       --   $ (189,742)
                               -----------   -----------   -----------  -----------  -----------

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

                                                6



<PAGE>

                              VICTORY CAPITAL HOLDINGS CORPORATION
                      (FORMERLY NEW ENVIRONMENTAL TECHNOLOGIES CORPORATION)
                                  (A Development Stage Company)
                    Statements of Stockholders' Equity (Deficit) (Continued)

                                                                                       Deficit
                                                                                     Accumulated
                                     Common Stock          Additional    Deferred     During the
                               -------------------------     Paid-in    Consulting   Development
                                 Shares        Amount        Capital      Expense       Stage
                               -----------   -----------   -----------  -----------  -----------

Balance, December 31, 2000      2,620,326    $    2,620    $  150,692   $       --   $ (189,742)

Net loss for the year ended
 December 31, 2001                     --            --            --           --      (19,461)
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 2001      2,620,326         2,620       150,692           --     (209,203)

Contributed capital for rent
 and officer compensation              --            --         1,950           --           --

Net loss for the year ended
 December 31, 2002                     --            --            --           --      (13,960)
                               -----------   -----------   -----------  -----------  -----------
Balance, December 31, 2002      2,620,326         2,620       152,642           --     (223,163)

Contributed capital for rent
 and officer compensation
 (unaudited)                           --            --           488           --           --

Capital contributed by
 shareholders through
 forgiveness of accounts
 payable and interest
 (unaudited)                           --            --        77,415           --           --

Issued 12,500,000 shares to
 consultants and advisors for
 services rendered at $0.025
 per share (unaudited)         12,600,000        12,600       302,400           --           --

Issued 899,932 shares of
 common stock for prepaid
 consulting services at $0.025
 per share (unaudited)            889,932           890        21,358      (22,248)          --

Amortization of deferred
 consulting expense as of
 September 30, 2003 (unaudited)        --            --            --       22,248           --

Net loss for the nine months
 ended September 30, 2003
 (unaudited)                           --            -             --           --     (467,728)
                               -----------   -----------   -----------  -----------  -----------
Balance, September 30, 2003    16,110,258    $   16,110    $  554,303   $       --   $ (690,891)
                               ===========   ===========   ===========  ===========  ===========

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

                                                7
</TABLE>



<PAGE>

<TABLE>

                              VICTORY CAPITAL HOLDINGS CORPORATION
                      (FORMERLY NEW ENVIRONMENTAL TECHNOLOGIES CORPORATION)
                                   (A Development Stage Company)
                                     Statements of Cash Flows
                                            (Unaudited)

<CAPTION>

                                                                                       From
                                                             For the               Inception on
                                                         Nine Months Ended         January 7,
                                                           September 30,           1982 Through
                                                   -----------------------------   September 30,
                                                       2003            2002            2003
                                                   -------------   -------------   -------------
<S>                                                <C>             <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:

   Net loss                                        $   (467,728)   $     (7,694)   $   (690,891)
   Adjustments to reconcile net loss to net cash
    provided (used) by operating activities:
     Stock issued for services                          337,248              --         339,786
     Contributed capital for rent and officer
      compensation                                          488              --           2,438
     Depreciation                                            60              --              60
   Changes in assets and liabilities:
     Increase in accounts payable
      and accounts payable - related party               48,342           7,694         116,244
     Increase in accrued liabilities                     82,190              --          82,190
                                                   -------------   -------------   -------------
       Net Cash Provided (Used) by Operating
        Activities                                          600              --        (150,173)
                                                   -------------   -------------   -------------
CASH FLOWS FROM INVESTING ACTIVITIES:

   Purchase of fixed assets                                (600)             --            (600)
                                                   -------------   -------------   -------------
       Net Cash Used by Investing Activities               (600)             --            (600)
                                                   -------------   -------------   -------------
CASH FLOWS FROM FINANCING ACTIVITIES:

   Issuance of common stock for cash                         --              --         150,773
                                                   -------------   -------------   -------------
     Net Cash Provided by Financing Activities               --              --         150,773
                                                   -------------   -------------   -------------
NET DECREASE IN CASH                                         --              --              --

CASH AT BEGINNING OF PERIOD                                  --              --              --
                                                   -------------   -------------   -------------
CASH AT END OF PERIOD                              $         --    $         --    $         --
                                                   =============   =============   =============

CASH PAID FOR:

   Interest                                        $         --    $         --    $         --
   Income taxes                                    $         --    $         --    $         --

SCHEDULE OF NON CASH
   FINANCING ACTIVITIES

   Stock issued for services                       $    337,248    $         --    $    339,786
   Contributed capital for rent and officer
    compensation                                   $        488    $         --    $      2,438

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

                                               8
</TABLE>



<PAGE>
                               VICTORY CAPITAL HOLDINGS CORPORATION
                      (FORMERLY NEW ENVIRONMENTAL TECHNOLOGIES CORPORATION)
                                  (A Development Stage Company)
                              Notes to the Financial Statements
                        September 30, 2003 30, 2003 and December 31, 2002


NOTE 1 - CONDENSED FINANCIAL STATEMENTS

         The accompanying financial statements have been prepared by the Company
         without audit. In the opinion of management, all adjustments (which
         include only normal recurring adjustments) necessary to present fairly
         the financial position, results of operations and cash flows at
         September 30, 2003 and 2002 and for all periods presented have been
         made.

         Certain information and footnote disclosures normally included in
         financial statements prepared in accordance with accounting principles
         generally accepted in the United States of America have been condensed
         or omitted. It is suggested that these condensed financial statements
         be read in conjunction with the financial statements and notes thereto
         included in the Company's December 31, 2002 audited financial
         statements. The results of operations for the nine months ended
         September 30, 2003 are not necessarily indicative of the operating
         results for the years ended December 31, 2003.

NOTE 2 - GOING CONCERN

         The Company's financial statements are prepared using generally
         accepted accounting principles applicable to a going concern which
         contemplates the realization of assets and liquidation of liabilities
         in the normal course of business. The Company has not yet established
         an ongoing source of revenues sufficient to cover its operating costs
         and allow it to continue as a going concern. The ability of the Company
         to continue as a going concern is dependent on the Company obtaining
         adequate capital to fund operating losses until it becomes profitable.
         If the Company is unable to obtain adequate capital, it could be forced
         to cease operations.

         In order to continue as a going concern, develop a reliable source of
         revenues, and achieve a profitable level of operations the Company will
         need, among other things, additional capital resources. Management's
         plans to continue as a going concern include seeking capital that will
         allow it to acquire existing operating companies and to make equity or
         debt investments in existing operating companies. In the interim, the
         shareholders of the Company will cover all operating expenses.
         Management cannot provide any assurances that the Company will be
         successful in accomplishing any of its plans.

         The ability of the Company to continue as a going concern is dependent
         upon its ability to successfully accomplish the plans described in the
         preceding paragraph and eventually secure other sources of financing
         and attain profitable operations. The accompanying financial statements
         do not include any adjustments that might be necessary if the Company
         is unable to continue as a going concern.

NOTE 3 - SIGNIFICANT EVENTS

         On April 14, 2003, the Company reached an agreement with a shareholder
         to satisfy outstanding bills for legal services, of $22,278, in
         exchange for a cash payment of $12,881. The difference has been
         recorded as a contribution of additional paid-in capital occurring in
         the three months ended June 30, 2003.

                                       9


<PAGE>

                               VICTORY CAPITAL HOLDINGS CORPORATION
                      (FORMERLY NEW ENVIRONMENTAL TECHNOLOGIES CORPORATION)
                                  (A Development Stage Company)
                              Notes to the Financial Statements
                        September 30, 2003 30, 2003 and December 31, 2002


NOTE 3 - SIGNIFICANT EVENTS (Continued)

         On April 14, 2003, the Company's president and CEO paid $37,938 towards
         the satisfaction of certain company accounts payable. This resulted in
         the reclassification of accounts payable to accounts payable - related
         party for $37,938 during the three months ended June 30, 2003.

         On April 14, 2003, shareholders accounting for 2,279,077 shares, or 87%
         of the Company's outstanding common stock, entered into a share
         purchase agreement whereby all of the common stock held by the
         aforementioned shareholders was exchanged in consideration for
         $275,000. As a result, the purchasers have established a controlling
         interest in the Company.

         On April 14, 2003, the Company accepted the resignation of its
         president and CEO, David C. Merrell. In his place, the Company has
         appointed Harold Gregg as interim president and CEO.

         On April 28, 2003, the Company's shareholders voted on and approved an
         amendment to the Company's articles of incorporation that changed the
         name of the Company to Victory Capital Holdings Corporation.

         On May 2, 2003, the Company reached an agreement with the Company's
         former president and CEO to satisfy outstanding obligations and accrued
         interest related to cash advances made to the Company, of $68,018. As
         the former president and CEO continues to own a significant number of
         shares of the Company's common stock, the amount has been recorded as a
         contribution of additional paid-in capital occurring in the three
         months ended June 30, 2003.

         On May 30, 2003, the Company appointed Richard Zinman as the President
         and CEO. Mr. Zinman was awarded a three-year employment agreement with
         a base salary of $240,000 per year plus certain opportunities for
         performance and tenure based bonuses. As of September 30, 2003, the
         Company has accrued $21,600 in payroll and estimated payroll tax
         liabilities. Mr. Zinman resigned on October 7, 2003. The Company
         accrued an additional $60,000 in the third quarter plus payroll taxes
         bringing the total payroll and payroll taxes payable of $86,190.

         On August 16, 2003, the Company entered into preliminary discussions to
         acquire a majority interest in CEC Industries, Inc. (CEC), a public
         company involved in the debit card/stored value card industry. On
         September 14, 2003, the Company determined it to be in the best
         interest of its shareholders to terminate the acquisition negotiations
         with CEC and to seek out more beneficial acquisition opportunities.

NOTE 4 - SUBSEQUENT EVENTS

         Subsequent to September 30, 2003. The company formed a wholly owned
         subsidiary named Papadog, Inc. Papadog since changed its name to Global
         Card Services, Inc., and then to Global Card Incorporated (Global).
         Global entered into an employment agreement with an individual to serve
         as its Chief Executive Officer. The annual salary is to be $96,000 per
         annum beginning October 7, 2003. Additionally, the Company is to

                                       10


<PAGE>
                                VICTORY CAPITAL HOLDINGS CORPORATION
                      (FORMERLY NEW ENVIRONMENTAL TECHNOLOGIES CORPORATION)
                                  (A Development Stage Company)
                              Notes to the Financial Statements
                        September 30, 2003 30, 2003 and December 31, 2002



NOTE 4 - SUBSEQUENT EVENTS (continued)

         issue the CEO 1,000,000 free trading shares of the Company's common
         stock on the date of six months from when employment commences. In
         addition the CEO was granted options to purchase 1,000,000 freely
         traded shares at an exercise price of $0.50 per share on a date that is
         12 months from the date that employment commences and options to
         purchase 1,000,000 freely trades shares at an exercise price of $1.00
         per share 18 months after employment commences. Global will grant to
         the CEO common stock equal to 5% of the outstanding shares of Global
         with said shares to be vested 12 months from the date the employment
         commences, additionally Global will grant to the CEO, options to
         purchase as additional 5% of the outstanding shares of Global at an
         exercise price of $0.10 per share. These options vest 18 months after
         the employment commences.

                                       11


<PAGE>

ITEM 2. PLAN OF OPERATIONS

         Safe Harbor Statement

         This Form 10-QSB contains certain forward-looking statements. For this
         purpose any statements contained in this Form 10-QSB that are not
         statements of historical fact may be deemed to be forward-looking
         statements. Without limiting the foregoing, words such as "may,"
         "will," "expect," "believe," "anticipate," "estimate" or "continue" or
         comparable terminology are intended to identify forward-looking
         statements. These statements by their nature involve substantial risks
         and uncertainties, and actual results may differ materially depending
         on a variety of factors.

         Plan of Operation.
         ------------------

         Our Company has not engaged in any material operations during the
         quarter ending September 30, 2003.

         Our Company's plan of operation for the next quarter is to execute our
         business plan that positions the company to form subsidiary companies
         in the following industry sectors: (a) Technology, (b) Finance, and (c)
         Media. The Company's intention is that these subsidiaries will be
         incubated from their initial stages to maturity and ultimately their
         independence.

         Our Company's foreseeable cash requirements during the next
         quarter will relate only to maintaining our Company in good standing in
         the State of Nevada, as well as legal fees, accounting fees, and
         general and administrative expenses in connection with the adoption of
         it's business plan. Management does anticipate that our Company may
         raise additional funds during the next quarter.

         The Company may raise capital through the sale of its common stock
         under Rule 144 in anticipation of the need to raise additional funds,
         if necessary.

ITEM 3.  Controls and Procedures

         Evaluation of Disclosure Controls and Procedures. Based on an
         evaluation under the supervision and with the participation of the our
         management as of a date within 90 days of the filing date of this
         Quarterly Report on Form 10-QSB, our principal executive officer and
         principal financial officer have concluded that our disclosure controls
         and procedures (as defined in Rules 13a-14(c) and 15d-14(c) under the
         Securities Exchange Act of 1934, are effective to ensure that
         information required to be disclosed in reports that we file or submit
         under the Exchange Act is recorded, processed, summarized and reported
         within the time periods specified in SEC rules and forms.

         Changes in Internal Controls. There were no significant changes in our
         internal controls or in other factors that could significantly affect
         these controls subsequent to the date of their evaluation. There were
         no significant deficiencies or material weaknesses, and therefore there
         were no corrective actions taken. However, the design of any system of
         controls is based in part upon certain assumptions about the likelihood
         of future events and there is no certainty that any design will succeed
         in achieving its stated goal under all potential future considerations,
         regardless of how remote.

                                       12



<PAGE>

PART II - OTHER INFORMATION

Item 1.   Legal Proceedings.
----------------------------

          None; not applicable.

Item 2.   Changes in Securities.
--------------------------------

          None; not applicable.

Item 3.   Defaults Upon Senior Securities.
------------------------------------------

          None; not applicable.

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

          None; not applicable.

Item 5.   Other Information.
----------------------------

          None; not applicable.

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

          (a)  Exhibits.

               31.1 Certification of Principal Executive
               32.1 Certification of Section 906

          (b) Reports on Form 8-K.

               None.

                                       13



<PAGE>

                                   SIGNATURES

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

                                 Victory Capital Holdings Corporation
                                 fka New Environmental Technologies Corporation

Date: 11/11/03                   By: /s/Harold Gregg
     --------------                  -------------------------------------
                                     Harold Gregg
                                     Director and CEO
                                     Secretary and Treasurer

                                       14