```

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 FOR THE QUARTER ENDED March 31, 2003

                         Commission file number: 0-29751

                           WINMAX TRADING GROUP, INC.
        (Exact name of small business issuer as specified in its charter)

            FLORIDA                                       65-070-2554
   State or other jurisdiction                I.R.S. Employer Identification No.
of incorporation or organization

                          5920 Macleod Trail, Suite 208
                         Calgary, Alberta Canada T2H 0K2
                     (Address of principal executive office)

                                 (877) 693-3130
                 (Issuer's telephone number including area code)

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 for such shorter period that the registrant was
required to file such reports), and (2) has been subject to filing requirements
for the past 90 days. Yes [X] No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS
As of May 29, 2003 we had 10,788,090 shares of our common stock outstanding.

Transitional Small Business Disclosure Format (Check one): Yes [ ]  No [X]

                          PART I-FINANCIAL INFORMATION

Item 1. Financial Statements.

                           Winmax Trading Group, Inc.
                           Consolidated Balance Sheet
                                 March 31, 2003
                                   (Unaudited)

                                     Assets

Current assets
  Cash                                                       $      6,743
  Accounts receivable, net                                          9,814
  Other current assets                                             24,754
                                                             ------------
      Total current assets                                         41,311
                                                             ------------

Property and equipment, net                                        84,619
                                                             ------------

Other assets                                                       68,159
                                                             ------------

                                                             $    194,089
                                                             ============

                     Liabilities and Stockholders' (Deficit)

Current liabilities
  Due to shareholders                                        $    260,572
  Accrued expenses                                                320,002
  Accounts payable                                                112,881
                                                             ------------
      Total current liabilities                                   693,455
                                                             ------------

Stockholders' (equity)
  Preferred stock, $1.00 par value, 1,000,000
   shares authorized, no shares issued or outstanding                   -
  Common stock, $.001 par value, 750,000,000
   shares authorized, 10,438,090 shares issued
   and outstanding                                                 10,438
  Additional paid-in capital                                   11,073,766
  Accumulated (deficit)                                       (11,571,218)
                                                             ------------
                                                                 (487,014)
                                                             ------------
Other comprehensive (loss):
  Currency translation adjustment                                 (12,352)
                                                             ------------
                                                                 (499,366)
                                                             ------------

                                                             $    194,089
                                                             ============

      See the accompanying notes to the consolidated financial statements.

                           Winmax Trading Group, Inc.
                      Consolidated Statements of Operations
                          Three Months Ended March 31,
                                   (Unaudited)

                                                    2002           2003
                                                -----------    -----------
Revenue:
   Sales                                        $         -    $    38,650
   Sales to affiliate                               168,000              -
                                                -----------    -----------
                                                    168,000         38,650
                                                -----------    -----------

Operating Costs and Expenses:
  Cost of sales                                      33,600          8,000
  Non cash stock compensation                     3,954,700         10,000
  Amortization                                       54,000              -
  General and administrative                        124,665         89,846
                                                -----------    -----------
                                                  4,166,965        107,846
                                                -----------    -----------

(Loss) from operations                           (3,998,965)       (69,196)

Other income (expense):
  Other income                                        3,220              -
                                                -----------    -----------

Net (loss)                                       (3,995,745)       (69,196)

Other comprehensive income:
  Foreign currency translation adjustment               183         (5,634)
                                                -----------    -----------

Comprehensive (loss)                            $(3,995,562)    $  (74,830)
                                                ===========     ==========

Per Share Information - basic and fully diluted:

Weighted average common shares outstanding        1,285,508     10,358,090
                                                ===========     ==========

(Loss) per share                                $     (3.11)    $    (0.01)
                                                ===========     ==========

      See the accompanying notes to the consolidated financial statements.

                           Winmax Trading Group, Inc.
                      Consolidated Statements of Cash Flows
                          Three Months Ended March 31,
                                   (Unaudited)

                                                   2002           2003
                                                 --------       --------
Cash flows from operating activities:
  Net cash provided by operating activities      $ 24,854       $  6,700
                                                 --------       --------

Cash flows from investing activities:
Net cash (used in) investing activities           (24,854)             -
                                                 --------       --------

Cash flows from financing activities:
  Net cash provided by financing activities             -              -
                                                 --------       --------

Increase in cash and cash equivalents                   -          6,700

Cash and cash equivalents, beginning of period          -             43
                                                 --------       --------

Cash and cash equivalents, end of period         $      -       $  6,743
                                                 ========       ========

      See the accompanying notes to the consolidated financial statements.

                           WINMAX TRADING GROUP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2003
                                   (UNAUDITED)

(1) Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance
with accounting principles generally accepted in the United States of America
(GAAP) for interim financial information and Item 310(b) of Regulation SB. They
do not include all of the information and footnotes for complete financial
statements as required by GAAP. In management's opinion, all adjustments
(consisting only of normal recurring adjustments) considered necessary for a
fair presentation have been included. The results of operations for the periods
presented are not necessarily indicative of the results to be expected for the
full year. For further information, refer to the Company's financial statements
as of December 31, 2002 and for the two years then ended, including notes
thereto included in the Company's Form 10-KSB.

(2) Earnings Per Share

The Company calculates net income (loss) per share as required by SFAS 128,
"Earnings per Share." Basic earnings (loss) per share are calculated by dividing
net income (loss) by the weighted average number of common shares outstanding
for the period. Diluted earnings (loss) per share are calculated by dividing net
income (loss) by the weighted average number of common shares and dilutive
common stock equivalents outstanding. During periods when they are
anti-dilutive, common stock equivalents, if any, are not considered in the
computation.

(3) Stockholders' (Deficit)

During the period ended March 31, 2003 the Company issued 120,000 shares of
common stock for services. The shares were valued at their fair market value on
the dates it was agreed they would be issued of $10,000, which has been recorded
as non-cash stock compensation.

(4) Other-Various Lawsuits and Claims

During July 1999 the Company entered into a lease agreement for office
facilities for a five-year term commencing during December 1999. The lease
provided for an initial base rent of approximately $4,020 per month plus the
Company's proportionate share of operating expenses. In addition, the lease
provided for annual adjustments to the base rent. During December 1999 the
Company elected not to honor the terms of the new lease and the lessor retained
a $5,000 deposit as liquidated damages and the Company charged the $5,000 to
rent expense during 1999.

During 2001 the lessor filed suit against the Company and a former officer "ELO
Associates II Ltd. V. Winmax Trading Group, Inc. et al" (Case No.
CA-CE-02-004868(14))(17th Judicial District, Broward County Florida). A motion
for default judgment was filed seeking damages of $222,324. During August 2002 a
final judgment was entered in favor of the plaintiff in the approximate amount
of $313,000. This amount is included in accrued expenses at March 31, 2003.

On May 2, 2003 the Company settled the litigation in Note 8 for a payment of
$30,000 and the action against the Company was dismissed.

(5) Related Party Transactions

During the period ended March 31, 2003 affiliates of the Company provided
working capital aggregating approximately $150,000 by direct payment of certain
obligations of the Company.

All of the Company's revenue for the period ended March 31, 2002 was generated
from the sale of web sites to an affiliate/consultant who contracted with the
Company to design the sites for his third party clients.

(6) Reclassifications

Certain amounts included in the previous periods' financial statements have been
reclassified to conform to current year presentation.

(7) Going Concern

The Company's financial statements are presented on a going concern basis, which
contemplates the realization of assets and satisfaction of liabilities in the
normal course of business.

The Company has experienced significant losses from operations. For the period
ended March 31, 2003 the Company incurred a net loss of $69,196. In addition,
the Company has an accumulated deficit of $11,571,218 and a working capital
deficit of $652,144 at March 31, 2003.

The Company's ability to continue as a going concern is contingent upon its
ability to expand its service operations, generate revenues from the sales of
gemstones and secure additional financing. The Company is pursuing financing for
its operations and seeking to expand its operations. Failure to secure such
financing or expand its operations may result in the Company not being able to
continue as a going concern.

The financial statements do not include any adjustments to reflect the possible
future effects on the recoverability and classification of assets or the amounts
and classification of liabilities that may result from the possible inability of
the Company to continue as a going concern.

Item 2. Management's Discussion and Analysis.

Forward-Looking Statements
The following discussion and analysis of our operations should be read in
conjunction with our audited financial statements and notes thereto. This
discussion and analysis should be read in conjunction with "Management's
Discussion and Analysis or Plan of Operations" included in the Company's Form
10-KSB for the year ended December 31, 2002. This quarterly report on Form
10-QSB for the period ending March 31, 2003 contains forward-looking statements.
Winmax Trading Group, Inc. is referred to herein as "we" or "our." The words or
phrases "would be," "may allow," "intends to," "may likely result," "are
expected to," "may continue," "is anticipated," "estimate," "project," or
similar expressions are intended to identify "forward-looking statements". Such
statements include those concerning our expected financial performance, our
corporate strategy and operational plans. Actual results could differ materially
from those projected in the forward-looking statements as a result of a number
of risks and uncertainties, including: (a) intense competition in the web
development design, web casting, Internet solutions and e-commerce business, as
well as the gemstone business; (b) whether we are able to manage our planned
growth efficiently, including whether our management will be able to identify,
hire, train, retain, motivate and manage required personnel or that management
will be able to manage and exploit existing and potential market opportunities
successfully; (c) whether we are able to generate sufficient revenues or obtain
financing to sustain and grow our operations, including the ability to support
any possible future exploration activities; and (d) should we engage in testing
and exploration activities, we will be subject to regulatory concerns, including
those regulations pertaining to environmental permitting of operations, air
quality, water quality and wildlife monitoring, safety regulations, claim
filings and maintenance inspection and monitoring, all of which would subject us
to substantial costs (See "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and other documents we have filed with the
Securities and Exchange Commission.) Statements made herein are as of the date
of the filing of this Form 10-QSB with the Securities and Exchange Commission
and should not be relied upon as of any subsequent date. Unless otherwise
required by applicable law, we do not undertake, and we specifically disclaim
any obligation, to update any forward-looking statements to reflect occurrences,
developments, unanticipated events or circumstances after the date of such
statement.

A. Overview of Operations.
In June of 2001, in conjunction with the appointment of a new board of directors
and management, we adopted a new corporate strategy to engage in: (a) a web
development and Internet services business; and (b) the production, processing
and Internet marketing of precious and semi-precious gemstones and jewelry,
particularly in the colored gemstone and jewelry industry. Our business plan
also contemplates conducting testing and exploration activities.

We remain dependent upon our ability to expand our web development and Internet
services and secure additional financing.

Three Months Ended March 31, 2003 and 2002

Consolidated Statement of Operations

During 2001 and 2002 and for the three months ended March 21, 2003, our primary
business focus has been directed to our website services.

Revenues. Revenues for the three months ended March 31, 2003 decreased by 77%
to $38,650 from $168,000 for the same period in 2002. The decrease in revenues
is attributed mainly to competitive business decisions.

Cost of Sales. Cost of sales consists primarily of supplies. Cost of sales
decreased by 76% to $8,000 from $33,600 for the same period in 2002,
representing 21% and 20% of the total revenues for the three months ended March
31, 2003 and March 31, 2002, respectively. The decrease in cost of sales is
attributable to decreases in business.

Net Loss. Net Loss is total revenues less operating costs and expenses plus
other income. For the three months ended March 31, 2003 and 2002, respectively,
net loss was $69,196 and $3,995,745, which represents a 98% decrease. The
decrease in the net loss is primarily attributable to the decrease in non-cash
stock compensation from $3,954,700 for the period ending March 31, 2003 to
$10,000 for the same period in 2002.

General and Administrative Expenses. General and administrative expenses
decreased to $89,846 for the three months ended March 31, 2003, from $124,665
for the three months ended March 31,2002. As a percentage of revenues general
and administrative expenses were 232% for the three months ended March 31, 2003
and 74% for the three months ended March 31, 2002.

Loss per share

The loss per share for the three months ended March 31, 2003 was $(0.01)
compared with the loss per share of $(3.11) for the three months ended March 31,
2002. The $3.10 decrease in our loss is primarily due to the decrease in
non-cash stock compensation from $3,954,700 for the period ending March 31,
2003 to $10,000 for the same period in 2002.

Consolidated Balance Sheet

Current Assets. Current Assets amounted to $41,311 as of March 31, 2003,
compared to $166,995 as of March 31, 2002. This decrease in our current assets
is mainly attributable to: (a) an $88,209 reduction in our accounts receivable
from the three months ended March 31, 2003 to the same period in 2002; and (b)
no inventory for the period ended March 31, 2003 compared to $68,972 of
inventory for the same period in 2002.

Property and equipment, net. Property and equipment amounted to $84,619 as of
March 31, 2003 as compared with $64,502 for the same period in 2002. This
$20,117 increase in property and equipment is primarily due to the purchase of
additional equipment.

Current Liabilities. As of March 31, 2003, Current Liabilities increased by
$481,751 to $693,455, compared with $211,704 for the period ended March 31,
2002.

Liquidity and Capital Resources March 31 2003.

Net cash provided by operating activities for the three months ended March 31,
2003 was $6,700 compared with $24,854 for the same period in 2002. The decrease
in net cash provided by operating activities is primarily attributable to a
decrease in business.

Cash at March 31, 2003 amounted to $6,743, an increase of $6,743 since March
31,2002 when our cash was $0.

We have experienced significant losses from our operations. For the period ended
March 31, 2003, we incurred a net loss of $69,196. In addition, we had an
accumulated deficit of $11,571,218 and a working capital deficit of $652,144 at
March 31, 2003. Our ability to continue as a going concern is contingent upon
our ability to expand our service operations, generate revenues from the sales
of gemstones and secure additional financing. Although we are pursuing financing
to expand our operations, there are no assurances that we will be successful in
obtaining such financing. Our failure to secure financing or expand our
operations may result in our not being able to continue as a going concern.

Item 3. Controls and Procedures

Our Chief Executive Officer/Chief Financial Officer/Principal Accounting Officer
evaluated our disclosure controls and procedures within the 90 days preceding
the filing date of this annual report. Based upon this evaluation, the Chief
Executive Officer/Chief Financial Officer/Principal Accounting Officer concluded
that our disclosure controls and procedures are effective in ensuring that
material information required to be disclosed is included in the reports that we
file with the Securities and Exchange Commission.

There were no significant changes in our internal controls or, to the knowledge
of our management, in other factors that could significantly affect these
controls subsequent to the evaluation date.

                            PART II-OTHER INFORMATION

Item 1. Legal Proceedings.

Not applicable.

Item 2. Changes in Securities.

Not Applicable.

Item 3. Defaults Upon Senior Securities.

Not Applicable.

Item 4. Submissions of Matters to a Vote of Security Holders.

Not Applicable.

Item 5. Other Information.

Not Applicable.

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

A. EXHIBITS

Exhibit No.    Description
 3.1.1         Articles of Incorporation of Winmax Trading Group, Inc., dated
               September 26, 1996*
 3.1.2         Amendment to the Articles of Incorporation of Winmax Trading
               Group, Inc. dated January 27, 1997*
 3.1.3         Amendment to the Articles of Incorporation of Winmax Trading
               Group, Inc. dated October 6, 1999*
 3.1.4         Amendment to the Articles of Incorporation of Winmax Trading
               Group, Inc., dated October 18, 2002*
 3.2           Bylaws of Winmax Trading Group, Inc. and Amendment*
10.1           Limited Partnership Agreement Between Winmax Trading Group, Inc.
               as General Partner and the Limited Partners in the Winmax Alpha
               Fund Limited Partnership*
10.2           Assignment Agreement with Stone and Woods Corporation s.a.r.l.*
10.3           Share Purchase Agreement from Global Gemstone & Jewelry Inc.*
10.4           Agreement with Thomas Meeks*
99.1           Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
               Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002
* Denotes previously filed exhibits hereby incorporated by reference.

We hereby incorporate the following documents by reference:
i) Our Annual Report on Form 10-KSB for the year ended December 31, 2002 which
was filed with the Commission on May 8, 2003;
ii) Our Annual Report on Form 10-KSB for the year ended December 31, 2001 which
was filed with the Commission on May 9, 2002;
iii) Our Quarterly Reports on Form 10-QSB, as filed with the Securities and
Exchange Commission, for the quarters ended: (a) September 30, 2002, filed on
November 19, 2002 and amended on November 25, 2002; (b) June 30, 2002, filed on
September 16, 2002 and amended on November 19, 2002 and November 25, 2002; (c)
March 31, 2002, filed on May 24, 2002; (d) September 30, 2001, filed on November
20, 2001 and amended on February 28, 2002 and June 18, 2002; (e) June 30, 2001,
filed on August 3, 2001 and amended on April 16, 2002; and (f) March 31, 2001,
filed on May 17, 2001;
iv) Our Report on Form 8-K/A which was filed with the Securities and Exchange
Commission on March 12, 2002;
v) Our Report on Form 8-K which was filed with the Securities and Exchange
Commission on March 11, 2002;
vi) Our Report on Form 8-K which was filed with the Securities and Exchange
Commission on October 28, 2002; and
vii) Our Schedule 14A Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 which was filed with the Securities and Exchange
Commission on September 27, 2002.

B. REPORTS ON FORM 8-K.

Not Applicable.

                                   SIGNATURES

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

Date: May 29, 2003

By:/s/ Gerald E. Sklar
Gerald E. Sklar, President, Chief Executive Officer, Chief Financial Officer
and Principal Accounting Officer

   CERTIFICATION ACCOMPANYING PERIODIC REPORT PURSUANT TO SECTION 302 OF THE
                           SARBANES-OXLEY ACT OF 2002

I, Gerald E. Sklar, certify that:

1.   I have reviewed this quarterly report on Form 10-QSB of Winmax Trading
Group, Inc.;

2.   Based on my knowledge, this quarterly 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 quarterly
report;

3.   Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of Winmax
Trading Group, Inc. as of, and for, the periods presented in this quarterly
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 Winmax
Trading Group, Inc. and have:
a) designed such disclosure controls and procedures to ensure that material
information relating to Winmax Trading Group, Inc., including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this quarterly report is being prepared;
b) evaluated the effectiveness of Winmax Trading Group, Inc.'s disclosure
controls and procedures as of a date within 90 days prior to the filing date of
this quarterly report (the "Evaluation Date"); and
c) presented in this quarterly 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 Winmax Trading
Group, Inc.'s auditors and the audit committee of Winmax Trading Group, Inc.,
Inc.'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 Winmax Trading Group, Inc.'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 Winmax Trading Group, Inc.'s
internal controls; and

6.   I have indicated in this quarterly 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: May 29, 2003
/s/ Gerald E. Sklar
    Gerald E. Sklar
Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer
```