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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, 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 six month period ended: **June 30, 2003** [ ] TRANSITION REPORT UNDER    SECTION 13 OR 15(d) OF THE EXCHANGE ACT 
For the transition period from _________________    to _________________ Commission file number:**000-49712****MEDINA COFFEE, INC.(Exact name of small business issuer as    specified in its charter) **Nevada(State or other jurisdiction of incorporation or    organization)**88-0442833(IRS Employer Identification No.) **P.O. Box 741, Bellevue, Washington, 98009(Address of principal executive offices) **(425) 453-0355(Issuer's telephone number) **                                                         N/A                                                            (Former name, former address and former fiscal year, if    changed since last report)**APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCYPROCEEDINGS DURING THE PRECEDING FIVE YEARS**
Check whether the registrant filed all documents and reports required to befiled by Section l2, 13 or 15(d) of the Exchange Act after the distribution ofsecurities under a plan confirmed by a court. Yes [ ] No [ ] 
**Not Applicable

APPLICABLE ONLY TO CORPORATE ISSUERS**
State the number of shares outstanding of each of the issuer's classes ofcommon equity, as of the latest practicable date: 
**1,052,600 common shares issued and outstanding as of August 14, 2003**
Transitional Small Business Disclosure Format (Check one): Yes [ ]No 

 
**Table of Contents  ** Page No.**PART I - FINANCIAL INFORMATION1 ITEM 1. FINANCIAL INFORMATION1 ITEM 2. MANAGEMENT'S    DISCUSSION AND ANALYSIS OR PLAN OF OPERATION10  General 10  Overview10  Plan of    Operations10  Results of    Operations11Revenue11  Expenses11  Loss Per    Period/General and Administrative Expenses11  Liquidity and    Capital Resources11  Recent Accounting    Pronouncements11  "Safe Harbor"    Statement under the Private Securities Litigation Reform Act of 199512 ITEM 3: QUANTITATIVE AND    QUALITATIVE DISCLOSURES ABOUT MARKET RISK 12 ITEM 4. CONTROLS AND PROCEDURES13    PART II - OTHER INFORMATION13 ITEM 1. LEGAL PROCEEDINGS13 ITEM 2. CHANGES IN    SECURITIES AND USE OF PROCEEDS 13  Changes in    Securities13  Recent Sales of    Unregistered Securities13  Recent Sales of    Registered Securities13  Use of Proceeds13 ITEM 3. DEFAULTS UPON    SENIOR SECURITIES13 ITEM 4. SUBMISSION OF    MATTERS TO A VOTE OF SECURITY HOLDERS13 ITEM 5. OTHER INFORMATION14 ITEM 6. EXHIBITS AND    REPORTS ON FORM 8-K14    SIGNATURES **PART 1 - FINANCIAL INFORMATION

ITEM 1. FINANCIALSTATEMENTS

 

The information in this report for the six months ended June 30, 2003 isunaudited but includes all adjustments (consisting only of normal recurringaccruals, unless otherwise indicated) which Medina Coffee, Inc., ("Medina" orthe "Company") considers necessary for a fair presentation of the financialposition, results of operations, changes in stockholders' equity and cash flowsfor those periods.

The condensed consolidated financial statements should be read in conjunctionwith Medina's financial statements and the notes thereto contained in Medina'sAnnual Report on Form 10-KSB for the year ended December 31, 2002.

Interim results are not necessarily indicative of results for the full fiscalyear.

 

1
** 

 

MEDINA COFFEE, INC

(A DEVELOPMENT STAGE COMPANY)

FINANCIAL STATEMENTS

JUNE 30, 2003 AND 2002

 **
2
**MEDINA COFFEE, INC****TABLE OF    CONTENTS****PAGE #**    Financial Statements           Balance Sheet  4          Statement of Operations  5          Statement of Stockholders' Equity  6          Statement of Cash Flows  7Notes of Financial    Statements 8-9
 

3
**MEDINA COFFEE, INC.(A Development Stage Company)

(Unaudited) Balance Sheet**Assets
June 30,    2003
June 30,    2002
December31,     2002
December 31,     2001      Cash
$
991
$
9,580
$
4,119
$
20      Total    Current Assets 
991 
9,580 
4,119 
20Property & Equipment 
3,420 
0 
3,420 
0 
TOTAL ASSETS
$
4,411
$
9,580
$
7,539
$
20         Liabilities and Stockholders'    Equity        Current Liabilities                Officers Advances (Note #6)
$
8,145
$
3,980
$
3,980
$
3,780        Officers Notes Payable (Note #7) 
0 
0 
0 
0        Accounts Payable
$
2,091
$
2,000 
592 
2,000 
Total Current Liabilities 
10,236 
5,980 
4,572 
5,780         Stockholders' Equity: Common    Stock, $.001 par value, authorized 100,000,000 shares; shares issued and    outstanding 1,052,600 at 6/30/03; at 6/30/02; 902,100 at 12/31/02 and    902,100 at 12/31/01    
Additional paid in capital

Deficit accumulated during the development stage 
    1,050

16,000

(22,875) 
    1,050

16,000

(13,450) 
    1,050

16,000

(14,083) 
    900

1,100

(7,760) 
Total Stockholders' Equity (Deficit) 
(5,825) 
(13,450) 
(2,967) 
(5,760)         TOTAL LIABILITIES AND    STOCKHOLDERS' EQUITY (DEFICIT)
    $
    4,411
    $
    9,580
    $
    7,539
    $
    20 
See accompanying notes 

4
**MEDINA COFFEE, INC.(A Development Stage Company)

(Unaudited) Statement of Operations** 
Six months     Ended June 30,     2003
Six months     Ended June 30,     2002
Year Ended     Dec 31,    2002
Year Ended     Dec 31,     2001 Income             Revenue    
$
25,027
$
-
$
4,720 
$
-        Cost of Goods Sold 
18,742
-
3,754
-        Gross Profit
6,555
-
966
-Expenses     General    and Administrative 
10,436 
(5,690)  
(7,289) 
(3,275)      Total    Expenses 
10,436 
(5,690)  
(7,289)  
(3,275)     Net Loss
    $
    (3,881)
    $
    (5,690)
    $
    (6,323)
    $
    (3,275) Net Loss Per Share     Basic and Diluted 
($0.0039) 
($0.0056) 
($0.0061) 
($0.0036)         Weighted average number of     common shares outstanding 
1,013,933 
1,013,937 
900,267 
900,267 
See accompanying notes

5
**MEDINA COFFEE, INC.(A Development Stage Company)

(Unaudited) Statement of Stockholders' Equity** 
    Common Stock

 

Additional Paid-In Capital 
Deficit     accumulated     during     development s    tage
SharesAmount      Balance December 31, 2001
    902,100
    $
    900
    $
    1,100
    $
    (7,760)Net loss six months ended     June 30, 2002      
    (5,970)Balance June 30, 2002, 
1,052,600 
1,050 
16,000 
(13,450) Balance December 31, 2002
1,052,600 
1,050 
16,000 
(14,083)Issue for Cash
0
0
0
0Net loss six months ended     June 30, 2003      
(8,762)Balance June 30, 2003
1,052,600 
1,050 
16,000 
(22,845)Net loss year ended     December 31, 2002
    (6,323)Balance December 31,    2002
1,052,600
1,050
16,000
(14,083)        
See accompanying notes

6
**MEDINA COFFEE, INC.(A Development Stage Company)

(Unaudited) Statement of Cash Flows** 
Six months     Ended June 30,     2003
Six months     Ended June 30,     2002
Year Ended     Dec 31,     2002
Year Ended     Dec 31,     2001 Cash Flows from Operating    Activities              Net (Loss)
$
(8,762)
$
(5,690) 
$
(6,323)
$
(3,275)      Depreciation 
- 
- 
380 
-      Adjustments to reconcile    net loss to cash          (used) in operating activities 
(3,060) 
- 
- 
-      Changes in assets and    liabilities                   Accounts Payable 
2,117 
0 
(1,408) 
0                  Officers Notes Payable 
0 
0 
0 
0Officers Advances Payable 
4,575 
200 
2,002 
2,980 Net Cash (used) in operating    results 
(1,984) 
(5,490) 
(7,151) 
(295) Cash Flows from Financing    Activities          Proceeds from issuance of    stock 
(15,050) 
15,050 
15,050 
0Cash Flows from Investing    Activities          Purchase of Property. 
0 
0 
0 
0 Net increase (decrease) in cash 
(12,309) 
9,560 
4,099 
(295)Cash at Beginning of Period 
13,300 
20 
20 
315 Cash at End of Period
$
991
$
9,580 
4,119 
20 
See accompanying notes

7
**MEDINA COFFEE, INC.(A DEVELOPMENT STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

June 30, 2003 and 2002

(Unaudited) 

Notes 1 - History and Organization of the Company**
The Company was organized October 4, 1999, under the laws of the State ofNevada as Medina Copy, Inc. The Company currently has no operations and, inaccordance with SFAS # 7 is considered a development stage company.

On October 4, 1999, the Company issued 900,100 shares of its $0.001 par valuecommon stock for cash of $1,800. On November 30, 2001, the Company issued 2,000shares of its $0.001 par value common stock for cash of $200. On February 25,2002, the Company issued 69,000 shares of its $0.001 par value common stock forcash of $6,900. On March 15, 2002, the Company issued 81,500 shares of its$0.001 par value common stock for cash of $8,150.

On October 6, 1999, the Company changed its name to Medina Coffee, Inc.

The Company has devoted substantially all of its present efforts to: (1)researching the espresso cart industry; (2) searching the Puget Sound Area forpotential sites to place an espresso cart; (3) developing a business plan; and(4) preparing an SB-1 prospectus offering to allow the Company to raise capitaland test the interest of investors in the espresso cart industry. The Companybegan operations with a cart in December of 2002. It assumed management of Cafe510, Bellevue Art Museum in January of 2003.
**Note 2 - Accounting Policies and Procedures**
The company has not determined its accounting policies and procedures, exceptas follows:

The company uses the accrual method of accounting.

The Company's equipment is depreciated using primarily the straight-linemethod for financial reporting purposes and amounted to $ 380 during 2002 and $0 during 2001.

Earnings per share is computed using the weighted average number of shares ofcommon stock outstanding.

The Company has not yet adopted any policy regarding payment of dividends. Nodividends have been paid since inception.

In April 1998, the American Institute of Certified Public Accountant's issuedStatement of Position 98-5 ("SOP 98-5"), Reporting on the Costs of Start-upActivities which provides guidance on the financial reporting of start-up costsand organization costs. It requires costs of start-up activities andorganization costs to be expensed as incurred. SOP 98-5 is effective for fiscalyears beginning after December 15, 1998, with initial adoption reported as thecumulative effect of a change in accounting principle.

The preparation of financial statements in conformity with generally acceptedaccounting principles requires management to make estimates and assumptions thataffect the reported amounts of assets and liabilities at the date of thefinancial statements and the reported amounts of revenue and expenses during thereporting period. Actual results could differ from those estimates. 
**Note 3 - Warrants and Options**
There are no warrants or options outstanding to issue any additional sharesof common stock of the Company. 

8
**Note 4 - Property and Equipment**
Property and Equipment consists of the following:
  
2002
 
2001 Equipment
$
3,800
$
 -0- Accumulated    Depreciation
$
380
$
-0-  
$
3,420
$
-0- 
 **Note 5 - Going Concern**
The company's financial statements are prepared using the generally acceptedaccounting principles applicable to a going concern, which contemplates therealization of assets and liquidation of liabilities in the normal course ofbusiness. However, the Company has incurred operating losses since inception.Without realization of additional capital, it would be unlikely for the Companyto continue as a going concern. It is management's plan to seek additionalcapital through further equity financing's and seeking necessary bank loans.
**Note 6 - Related Party Transactions**
The Company neither owns nor leases any real or personal property. Officeservices are provided without charge by Harry Miller, the sole officer anddirector of the Company. Such costs are immaterial to the financial statementsand accordingly, have not been reflected therein. The sole officer and directorof the Company is involved in other business activities and may, in the future,become involved in other business opportunities. If a specific businessopportunity becomes available, he may face a conflict in selecting between theCompany and his other business interests. The Company has not formulated apolicy for the resolution of such conflicts. 
**Note 7 - Officers Notes Payable**
Mr. Harry Miller loaned the Company, $1,000 on October 5, 1999, $510 on June11, 2001, $2,000 on June 18, 2001, $140 on September 14, 2001 and $1,000 onSeptember 17, 2001 to cover legal costs and filing fees associated withincorporating the Company. The loan is evidenced by way of a promissory note,the note carries no interest and is payable in five years. The balance due toMr. Miller were $0 and $0 on June 30, 2002 and 2001 respectively.
**ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OFOPERATION

General

The following discussion and analysis should be read in conjunction with thefinancial statements, including the notes thereto, appearing elsewhere in thisdocument.
**Overview**
Since Medina was formed on October 4, 1999, Medina has been involved inresearch and development of its espresso cart based business and it wasn't untilDecember of 2002 it actually commenced operations. Medina took over themanagement of Cafe 510 at the Bellevue Art Museum and set up its first espressocart outside the Bellevue Art Museum. Given the foregoing, there were norevenues from operations until the fourth quarter of 2002. Without revenues tooffset expenditures, Medina has reported a loss in each of quarter of existenceand continues to report a loss due to its early stage in operations.

9
**Plan of Operation**
Medina has achieved items one and two, of its original Plan of Operation.During the next six months Medina expects to continue to focus on the following:
1.Establish an operations    procedural manual to ensure that each espresso cart/cafe provides a    consistent quality product and a superior level of customer service.2.Increase the awareness of the    local community of Medina's operations through marketing and promotions.3.Continue to evaluate the    operating success of our first espresso cart and fine tune operation    procedures and future growth plans. 4.Determine the number of feasible    locations in which espresso carts will be placed. 
Given the delays experienced in establishing its first location, Medina hasscaled back its expectations in opening up additional espresso carts in theBellevue, Medina and Seattle area over the next six month period. Instead offive additional espresso cart locations Medina hopes to open at least twoadditional locations in the next six month period.

Medina anticipates the following expenditures over the next six months as itdesigns, outfits and tests its first espresso cart:
Labour for six months(1)$ 9,000Rent or lease expenses (twelve    months)(2)$ 3,000Miscellaneous$ 1,500 
Total Cost:$ 13,500**Notes:

(1) Labour costs are higher than originally anticipated as Medina anticipatesit will need three employees to operate the espresso cart and 510 Cafe. Oneemployee will be full time and two will be part time.(2) Medina does not pay a rent to the Bellevue Art Museum in connection with itsespresso cart operations. Instead, Medina has agreed to share 50% of any profitsafter expenses obtained from operating at this location.

Our operations at Cafe 510 are running loss of approximately $1,000 per monthafter off-set by the Bellevue Art Museum. The off-set provided by the BellevueArt Museum ended in June 2003 and we expect we will run at a loss ofapproximately $2,000 per month if we are unable to further increase revenues orreduce our costs. We opened up our espresso cart in front of the Bellevue ArtMuseum in June 2003. Although we believe this will eventually attract morestreet and local pedestrian traffic to our location results have been limiteddue to construction an weather.

Medina's plans over the next six months will require substantial capitalinvestment. The monies currently on hand will not be sufficient to financeMedina's operation over the next six months. Management of Medina estimates itwill need a minimum of $50,000 over the next six months to implement its revisedbusiness strategy. Medina intends to pay for its expansion using cash generatedfrom sales of operating espresso carts, capital stock, notes and/or assumptionof indebtedness. There can be no assurance, however, that sales from operationwill materialize or that Medina will be able to secure financing on termssatisfactory to Medina, if at all. Failure by Medina to obtain sufficientadditional capital in the future will limit or eliminate Medina's ability toimplement its business strategy. Future debt financings, if available, mayresult in increased****interest and****amortization expense, increasedleverage, decreased income available to fund further acquisitions and expansion,and may limit Medina's ability to withstand competitive pressures and renderMedina more vulnerable to economic downturns. Future equity financings maydilute the equity interest of existing stockholders.

10
**Results of Operations

Revenue. 

Total revenue for the period ended June 30, 2003 was $ 25,027 compared torevenues of $0 for the period ended June 30, 2002. We had no operations in 2001.The majority of our revenues were derived from our operations at Cafe 510 andour espresso cart operations at the Bellevue Art Museum.
**Expenses.

Our expenses are directly related to the costs of goods sold was $ 18,472 forthe period year ended June 30, 2003 compared to $0 for the period ended June 30,2002. Labour formed a large part of this expense. Our general and administrativecosts for the period ended June 30, 2003 was $ 10,436 compared to general andadministrative costs of $ 5,690 for the period year ended June 30, 2002. A largeportion of these costs are related to professional and other costs associatedwith maintaining our status as a reporting issuer with the Securities andExchange Commission.
**Loss Per Period/General and Administrative Expenses

Medina's net loss for the six months ended June 30, 2003 was $ 3,881 orapproximately $ 1,709 less than recorded for the same period in 2002. Themajority of the costs and expenses Medina has incurred over the last six monthshave been related to the cost of compliance with SEC filing requirements as a12g reporting company. The majority of these costs and expenses have beencovered by the funds received from Medina's registered offering.
**Liquidity and Capital Resources**
As of June 30, 2003, Medina had $ 991 in cash, and $ 10,236 in liabilities ofwhich $ 8,145 is a promissory note to Mr. Miller. The note carries no interestand is payable in five years. Medina acquired its first coffee cart for a costof $4,006. This is the sole asset of Medina. During the quarter ended June 30,2002, Medina received $15,050 from the sales of its equity securities under aregistered offering. Medina did not sell any further securities in the quarterended June 30, 2003.
**Recent Accounting Pronouncements**
In June 1998, the FASB issued SFAS 133, "Accounting for DerivativeInstruments and Hedging Activity," which was subsequently amended by SFAS 137,"Accounting for Derivative Instruments and Hedging Activities: Deferral ofEffective Date of FASB 133" and Statement No.138, "Accounting for CertainDerivative Instruments and Certain Hedging Activities: an amendment of FASBStatement No. 133." SFAS 137 requires adoption of SFAS 133 in years beginningafter June 15, 2000. SFAS 138 establishes accounting and reporting standards forderivative instruments and addresses a limited number of issues causingimplementation difficulties for numerous entities. The Statement requires us torecognize all derivatives on the balance sheet at fair value. Derivatives thatare not hedges must be recorded at fair value through earnings. If thederivative qualifies as a hedge, depending on the nature of the exposure beinghedged, changes in the fair value of derivatives are either offset against thechange in fair value of hedged assets, liabilities, or firm commitments throughearnings or are recognized in other comprehensive income until the hedged cashflow is recognized in earnings. The ineffective portion of a derivative's changein fair value is recognized in earnings. The Statement permits early adoption asof the beginning of any fiscal quarter. SFAS 133 will become effective for ourfirst fiscal quarter of fiscal year 2002 and we do not expect adoption to have amaterial effect on our financial statements. 

In December 1999, the SEC issued SAB 101, "Revenue Recognition in FinancialStatements." SAB 101 summarizes certain aspects of the staff's views in applyinggenerally accepted accounting principles to revenue recognition in financialstatements. On March 24, 2000 and June 26, 2000, the SEC issued Staff AccountingBulletin No. 101A and No. 101B, respectively, which extend the transitionprovisions of SAB 101 until no later than the fourth quarter of fiscal yearsbeginning after December 15, 1999, which would be December 31, 2000 for us.

11

In March 2000, the FASB issued FIN 44, Accounting for Certain TransactionsInvolving Stock Compensation - an Interpretation of APB No. 25, Accounting forStock Issued to Employees". This Interpretation clarifies (a) the definition ofemployee for purposes of applying Opinion 25, (b) the criteria for determiningwhether a plan qualifies as a non-compensatory plan, (c) the accountingconsequences of various modifications to the terms of a previously fixed stockoption or award, and (d) the accounting for an exchange of stock compensationawards in a business combination. This Interpretation is effective July 1, 2000,but certain conclusions in this Interpretation cover specific events that occurafter either December 15, 1998, or January 12, 2000. To the extent that thisInterpretation covers events occurring during the period after December 15,1998, or January 12, 2000, but before the effective date of July 1, 2000, theeffects of applying this Interpretation are recognized on a prospective basisfrom July 1, 2000.
**"Safe Harbor" Statement under the Private Securities Litigation Reform Act of1995**
This Form 10-QSB report may contain certain "forward-looking" statements assuch term is defined in the Private Securities Litigation Reform Act of 1995 orby the Securities and Exchange Commission in its rules, regulations and/orreleases, which represent our expectations or beliefs, including but not limitedto, statements concerning our economic performance, financial condition, growthand marketing strategies, availability of additional capital, ability to attractsuitable personal and future operational plans. For this purpose, any statementscontained herein that are not statements of historical fact may be deemed to beforward-looking statements. Without limiting the generality of the foregoing,words such as "may," "will," "expect," "believe," "anticipate," "intend,""could," "estimate," "might," or "continue" or the negative or other variationsthereof or comparable terminology are intended to identify forward-lookingstatements. These statements by their nature involve substantial risks anduncertainties, certain of which are beyond our control, and actual results maydiffer materially depending on a variety of important facts, including but notlimited to those risk factors Company's Amended Registration Statement on FormSB-1 filed with the Securities and Exchange Commission on January 8, 2002.
**ITEM 3: QUANTITATIVE ANDQUALITATIVE DISCLOSURES ABOUT MARKET RISK**
Medina's primary market risk exposure is that of interest rate risk onborrowings under our credit lines, which are subject to interest rates based onthe banks' prime rate, and a change in the applicable interest rate that wouldaffect the rate at which we could borrow funds or finance equipment purchases.
**ITEM 4: CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures.

Our Chief Executive Officer and Chief Financial Officer have evaluated theeffectiveness of our disclosure controls and procedures (as defined in Rules13a-14 and 15d-14 of the Securities Exchange Act of 1934, as amended) as of adate within ninety days of the filing date of this annual report on Form 10-KSB.Based upon their evaluation, the Chief Executive Officer and Chief FinancialOfficer have concluded that our disclosure controls and procedures areeffective. 
**Changes in internal controls. 

There were no significant changes in Medina's internal controls or in anyfactors that could significantly affect internal controls subsequent to the dateof the Chief Executive Officer and the Chief Financial Officer's evaluation.

 

12

**PART II - OTHERINFORMATION
ITEM 1. LEGAL PROCEEDINGS**
To Medina's knowledge, no lawsuits were commenced against Medina during thequarter ended June 30, 2003, nor did Medina Commence any lawsuits during thesame period. 
**ITEM 2.CHANGES IN SECURITIES AND USE OF PROCEEDS 

Changes in Securities**
None.
**Recent Sales of Unregistered Securities**
None.
**Recent Sales of Registered Securities**
None.
**Use of Proceeds**
Not applicable.
**ITEM 3.DEFAULTS UPON SENIOR SECURITIES**
Not applicable.

 
**ITEM 4.SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**
Not applicable.
**ITEM 5. OTHER INFORMATION

Not applicable.

13

**ITEM6. EXHIBITS AND REPORTS ON FORM 8-K
A.  Exhibits.**Exhibit Number****Exhibit Title**3.1Articles of Incorporation as    Amended (incorporated by reference from our Form SB-1 Registration    Statement, filed July 10, 2000)3.2Articles of Amendment    (incorporated by reference from our Form SB-1 Registration Statement, filed    July 10, 2000)3.2Bylaws (incorporated by    reference from our Form SB-1 Registration Statement, filed July 10, 2000)31    Certificate of CEO/CFO as Required by Rule 13a-14(a)/15d-1432    Certificate of CEO/CFO as Required by Rule Rule 13a-14(b) and Rule 15d-14(b)    (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the    United States Code**b.  Reports of Form 8-K.

None.

 

**SIGNATURES**
Pursuant to the requirements of the Securities Exchange Act of 1934, theregistrant has duly caused this report to be signed on its behalf by theundersigned thereunto duly authorized.
 **MEDINA COFFEE, INC.**Date: **August 14, 2003** 
          /s/ Harry Miller      By:_____________________________      Harry Miller, Chief Executive Officer, President, Secretary and Director
 

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