March 31, 2004
 
        000-50762
 
  CALIFORNIA NEWS TECH
    NEVADA 88-0417389
  
  San Francisco, California 94102
  
 415-861-3421
  
   
 
  
  
 2,506,333 shares of common stock   as of May 14, 2004
 
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 PART I - FINANCIAL INFORMATION
 
 Item 1. Financial Statements.
 
  
     
 
   2 California News Tech
 Balance Sheet Prev Year Comparison
 As of March 31, 2004


**Mar 31, 04**


**Mar 31, 03**ASSETSCurrent AssetsChecking/Savings1000 · Bank of America Checking

5,242


30,563Total Checking/Savings

5,242


30,563Total Current Assets

5,242


30,563Fixed Assets1510 · Equipment & Computers

9,099


9,0991750 · Accumulated Depreciation

(7,637)


(4,812)Total Fixed Assets

1,462


4,287Other Assets1800 · Other Assets1810 · Investment-Stra. Inf. Tec-USA

55,000


55,0001820 · Investment-Product Development

213,739


213,7391830 · Website Development

31,860


31,860Total 1800 · Other Assets

300,599


300,599Total Other Assets

300,599


300,599TOTAL ASSETS

**307,303**


**335,448**LIABILITIES & EQUITYLiabilitiesCurrent LiabilitiesAccounts Payable2000 · Accounts Payable-Trade2020 · Accounts Payable

46,419


3,716Total 2000 · Accounts Payable-Trade

46,419


3,716Total Accounts Payable

46,419


3,716Other Current Liabilities2500 · Notes Payable

43,500


67,440Total Other Current Liabilities

43,500


67,440Total Current Liabilities

89,919


71,156Long Term Liabilities2700 · LT Notes Payable

77,140


0Total Long Term Liabilities

77,140


0Total Liabilities

167,059


71,156Equity3000 · Capital Stock

7,519


7,5193030 · Additional Paid-In Capital

889,606


889,6063040 · Stock Registration Costs

(155,350)


(155,350)3100 · Retained Earnings

(590,743)


(456,679)Net Income

(10,788)


(20,804)Total Equity

140,244


264,292TOTAL LIABILITIES & EQUITY

**307,303**


**335,448**
 
 
 F1
California News Tech
Profit & Loss w/ Prior Year Comparison
 January through March 2004
****




**Jan - Mar 04**


**Jan - Mar 03**Ordinary Income/ExpenseIncome4000 · Revenue

0


0Total Income

0


0Gross Profit

0


0Ordinary Income/ExpenseExpense4500 · Website Development Costs

0


4,0405050 · Postage and Delivery

41


265060 · Office Expense

0


65070 · Office Supplies

65


4275080 · Telephone

722


8045110 · Legal & Professional Fees

8,086


5,0005117 · Professional /Dues

95


05120 · Consulting Fees

0


9,0005130 · Interest Expense

105


1055150 · Travel & Ent

20


05158 · Business Meeting Expenses

0


1305160 · Travel

73


675170 · Company Automobile Expense

306


05180 · Repairs

101


05200 · Bank Service Charges

120


1957010 · State Taxes (FTB)

1,055


1,005Total Expense

10,788


20,804Net Ordinary Income (Loss)

(10,788)


(20,804)Net Income (Loss)

**(10,788**
)

**(20,804)**








F2
California News Tech


Statement of Cash Flows w/Prior Year Comparison








**Jan - Mar 04**


**Jan - Mar 03**OPERATING ACTIVITIESNet Income

(10,788)


(20,804)Adjustments to reconcile Net Incometo net cash provided by operations:2000 · Accounts Payable-Trade:2020 · Accounts Payable

7,506


(6,507)2500 · Notes Payable

0


(1,000)Net cash provided by Operating Activities

(3,283)


(28,311)FINANCING ACTIVITIES3000 · Capital Stock

0


1503030 · Additional Paid-In Capital

0


9,850Net cash provided by Financing Activities

0


10,000Net cash increase for period

(3,283)


(18,311)Cash at beginning of period

8,524


48,874Cash at end of period

**5,242**


**30,563**








F3


California News Tech


Notes to Financial Statements


As of March 31, 2003








Note 1.     Going Concern Uncertainty and Liquidity







Note 2.     Material Events




Note 3.      Stock Options Plans











Grant Date
Exercise Price
Options Outstanding
Options Exercisable2001
$0.20
0
02001-2002
$0.80
328,900
328,9002002
$1.00
60,500
60,5002003
$1.00
179,200
179,2002004
$1.00
56,000
56,000




Note 4      Net Loss per Common Share




YTD 3/3/04
Y/E 12/31/03Shares issuable under stock options
624,600
568,600Shares issuable pursuant to warrants
0
0






F4
 Item 2. Managements Discussion and Analysis or Plan of Operation.





Overview









Forward-Looking Statements









Product and Technology









3























4


































Plan of Operation










5




Plan of Operation for Marketing Plan:




















Plan of Operations for Product Development














































- Position our company as a finely focused informational service provider, and

6




- Commence marketing of DNAshare by the end of the fourth quarter 2004











































Results of Operations for the Period Ending March 31, 2004










7














Liquidity and Capital Resources



















8




Item 3. Controls and Procedures.















Limitations on the Effectiveness of Internal Controls










PART II  OTHER INFORMATION





Item 1. Legal Proceedings









Item 2. Changes in Securities










9




Item 3. Defaults upon Senior Securities








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






































Item 5. Other Information








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









Exhibit Number
Description3.1
Articles of Incorporation 13.2
Articles of Incorporation as Amended 13.3
Bylaws 131.1
Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant
to Section 302 of the Sarbanes-Oxley Act of 200231.2
Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant
to Section 302 of the Sarbanes-Oxley Act of 200232.
Certification of Chief Executive Officer 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






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1














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SIGNATURES

















/s/ Marian Munz












/s/ Robert C. Jaspar









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