<PAGE>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 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 March 31, 2003.


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

      For the transition period from _________________ to _________________


                         Commission File Number 811-3584

                               INDIGO ENERGY, INC.
                 (Name of small business issuer in its charter)

                 DELAWARE                                13-4105842
     (State or other jurisdiction of                  (I.R.S. Employer
      incorporation or organization)                 Identification No.)

                               535 WESTGATE DRIVE
                                    NAPA, CA
                    (address of principal executive offices)

                                      94558
                                   (Zip Code)

                    Issuer's telephone number (707) 254-9302

         ---------------------------------------------------------------
         (Former Name, Former Address and Former Fiscal year, if Changed
                               Since Last Report)




As of May 14, 2003, 12,013,262 shares of the issuer's common stock, par value
$0.001 per share, were outstanding.

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



<PAGE>


TABLE OF CONTENTS

PART 1 - FINANCIAL INFORMATION                                               3
       Item 1     FINANCIAL STATEMENTS (UNAUDITED)                           3
       Item 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION  8
       Item 3.    CONTROLS AND PROCEDURES                                    9

PART II - OTHER INFORMATION                                                  9
       Item 1.    LEGAL PROCEEDINGS                                          9
       Item 5.    OTHER INFORMATION                                          9
       Item 6.    EXHIBITS AND REPORTS ON FORM 8-K                           9

SIGNATURES                                                                   10
CERTIFICATIONS                                                               11


                                                                               2

<PAGE>


                               INDIGO ENERGY, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                              FINANCIAL STATEMENTS
                      FOR THE QUARTER ENDED MARCH 31, 2003


PART 1.     FINANCIAL INFORMATION

            ITEM 1.     FINANCIAL STATEMENTS

                        BALANCE SHEET AS OF MARCH 31, 2003

                        INTERIM STATEMENTS OF OPERATIONS FOR THE THREE MONTHS
                        ENDED MARCH 31, 2003 AND MARCH 31, 2002 AND CUMULATIVE
                        FOR THE PERIOD FROM MARCH 8, 2000 (INCEPTION) TO MARCH
                        31, 2003

                        INTERIM STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS
                        ENDED MARCH 31, 2003 AND MARCH 31, 2002 AND CUMULATIVE
                        FOR THE PERIOD FROM MARCH 8, 2000 (INCEPTION) TO MARCH
                        31, 2003

                        NOTES TO INTERIM FINANCIAL STATEMENTS FOR THE THREE
                        MONTHS ENDED MARCH 31, 2003




                                                                               3

<PAGE>


INDIGO ENERGY, INC.
(A DEVELOPMENT STAGE COMPANY)

BALANCE SHEET
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                      March 31, 2003
                                                                      --------------
<S>                                                                   <C>
Assets

Current assets:
         Cash                                                           $        83
                                                                        -----------
                           Total current assets                                  83

Equipment, net                                                                   --
                                                                        -----------
Other assets:
         Patent application costs                                                --
                                                                        -----------
                           Total other assets                                    --
                                                                        -----------
                           Total assets                                 $        83
                                                                        -----------
Liabilities and Stockholders' Deficit

Current liabilities:
         Accounts payable                                                   250,021
         Advances from officers and stockholders                             20,061
         Advances from consulting firm                                       10,900
                  Total current liabilities                                 280,982

Stockholders' deficit
         Preferred stock, $0.001 par value, 10,000,000
                  shares authorized, no shares issued and outstanding            --
         Common stock, $0.001 par value, 90,000,000 shares authorized,
                  12,013,262 shares issued and outstanding                   12,013
         Additional paid-in capital                                       1,062,191
         Deficit accumulated during the development stage                (1,315,103)
         Notes receivable from officers and stockholders                    (40,000)
                                                                        -----------
                  Total stockholders' deficit                              (280,899)
                                                                        -----------
                  Total liabilities and stockholders' deficit           $        83
                                                                        ===========
</TABLE>


See accompanying notes to financial statements.

                                                                               4

<PAGE>


INDIGO ENERGY, INC.
(A DEVELOPMENT STAGE COMPANY)

INTERIM STATEMENTS OF OPERATIONS
(with cumulative figures from inception)
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                                               Cumulative for
                                                                                              the period from
                                                   For the Three          For the Three        March 8, 2000
                                                    Months Ended           Months Ended        (inception) to
                                                   March 31, 2003         March 31, 2002       March 31, 2003
                                                 -----------------       ----------------    ------------------
<S>                                                  <C>                  <C>                 <C>
Revenue                                              $        --          $        --          $        --

Expenses:
         Research and development expenses                    --                9,417              397,115
         General and administrative expenses              13,794              121,872              677,703
         Interest expense                                     --                  600               68,071
         Depreciation                                         --                  199                1,762
         Forgiveness of notes receivable
                  from officers and stockholders              --                   --               57,027
         Write-off patent costs                               --                   --              112,952
         Impairment of fixed assets                           --                   --                3,498
                                                     -----------          -----------          -----------
                  Total expenses                          13,794              132,088            1,318,128

Interest income                                               --                2,100                3,025
                                                     -----------          -----------          -----------
                  Net loss                               (13,794)            (129,988)          (1,315,103)
                                                     -----------          -----------          -----------
Basic net loss per common share                      $     (0.00)         $     (0.01)
                                                     -----------          -----------
Weighted average common
         shares outstanding                           12,013,262           11,824,253
                                                     -----------          -----------
</TABLE>





See accompanying notes to financial statements.


                                                                               5

<PAGE>

INDIGO ENERGY, INC.
(A DEVELOPMENT STAGE COMPANY)

INTERIM STATEMENTS OF CASH FLOWS
(with cumulative figures from inception)
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                                                                Cumulative for
                                                                                                                the period from
                                                               For The Three              For The Three          March 8, 2000
                                                                Months Ended               Months Ended          (inception) to
                                                               March 31, 2003             March 31, 2002         March 31, 2003
                                                               --------------             --------------         --------------
<S>                                                             <C>                        <C>                    <C>
Cash flows from operating activities:
     Net loss                                                    $  (13,794)                (129,988)              (1,315,103)
     Adjustments to reconcile net loss to net cash
        used in operating activities:
           Depreciation of equipment                                     --                      199                    1,762
           Write-off patent costs                                        --                       --                  112,952
           Impairment of fixed assets                                    --                       --                    3,498
           Forgiveness of notes receivables
             from officers and stockholders                              --                       --                   57,027
           Value of services contributed to the
             Company by certain executive officers                       --                   22,500                  187,500
           Consulting fee paid by issuance of
             common stock                                                --                   79,000                   79,000
           Receivable - interest due from officer                        --                       --                   (2,100)
           Interest expense paid by issuance of
             common stock                                                --                       --                   60,000
           Receivable - shared research cost                             --                       --                       --
           Increase in accounts payable                               3,385                   29,778                  377,474
                                                                 ----------               ----------               ----------

                  Net cash used in operating
                    activities                                      (10,409)                   1,489                 (437,990)

Cash flows used in investing activities:
     Purchase of equipment                                               --                       --                   (5,260)
     Payments of patent application costs                                --                  (29,366)                (112,952)
                                                                 ----------               ----------               ----------
     Advances to officers and stockholders                               --                                          (116,599)
                  Net cash used in investing
                    activities                                           --                  (29,366)                (234,811)

Cash flows from financing activities:                                                             --
     Proceeds from issuance of common stock, net                         --                       --                  621,106
     Proceeds from convertible note payable                              --                       --                  100,000
     Advances from consulting firm                                       --                       --                   10,900
     Advances from officers and stockholders                          9,077                   33,127                   41,733
     Payments for expenses public offering                               --                       --                 (100,855)
                                                                 ----------               ----------               ----------

                  Net cash provided by financing
                    activities                                        9,077                   33,127                  672,884
                                                                 ----------               ----------               ----------

                  Net increase (decrease) in cash                    (1,332)                                               83

Cash, at beginning of period                                          1,415                      (82)                      --
                                                                 ----------               ----------               ----------

Cash, at end of period                                                   83                    5,168                       83
                                                                 ----------               ----------               ----------
Supplemental information about cash payments is as
  follows:
     Cash payments of interest                                   $       --                       --                      600
                                                                 ----------               ----------               ----------
Supplemental schedule of non-cash financing
  activities:
     Conversion of convertible notes and accrued
       interest to common stock                                  $       --                       --                  160,000
                                                                 ----------               ----------               ----------
     Conversion of accounts payable to common stock              $       --                       --                  127,453
                                                                 ----------               ----------               ----------
</TABLE>



See accompanying notes to financial statements.


                                                                               6
<PAGE>



INDIGO ENERGY, INC.
(A DEVELOPMENT STAGE COMPANY)

NOTES TO INTERIM FINANCIAL STATEMENTS

MARCH 31, 2003


NOTE 1.  STATEMENT OF INFORMATION FURNISHED

The accompanying unaudited condensed financial statements as of March 31, 2003
and for the three months ended March 31, 2003 and 2002 and cumulative from March
8, 2000 (Inception) to March 31, 2003 have been prepared in accordance with
accounting principles generally accepted in the United States of America for
interim financial information and pursuant with the rules and regulations of the
Securities and Exchange Commission for Form 10-QSB. Accordingly, the condensed
financial statements do not include all the information and notes to the
financial statements required by accounting principles generally accepted in the
United States of America for complete financial statements. In the opinion of
management, the accompanying unaudited condensed financial statements contain
all adjustments (consisting of only normal recurring adjustments) considered
necessary for a fair presentation of Indigo Energy, Inc.'s financial position,
results of operations, and cash flows for the periods presented. These results
have been determined on the basis of accounting principles generally accepted in
the United States of America and applied consistently with those used in the
preparation of the Company's 2002 financial statements.

The results of operations for the interim periods ended March 31, 2003 and 2002
are not necessarily indicative of the results to be expected for the full year.
These interim financial statements should be read in conjunction with the
December 31, 2002 financial statements and related notes included in the
Company's Annual Report on Form 10-KSB for the year ended December 31, 2002.

NOTE 2.  GOING CONCERN

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. The Company is dependent upon raising
additional capital and/or obtaining financing to continue its development stage
operations. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty. It is management's plan to raise
additional funds through private placements.

NOTE 3.  NET LOSS PER SHARE

Net loss per common share was calculated under SFAS No. 128, "Earnings per
Share". Basic net loss per share is computed by dividing the net loss by the
weighted average outstanding shares of 12,013,262 and 11,824,253 as of March 31,
2003 and 2002, respectively during the periods. Inasmuch as the Company has
incurred losses, the effect of dilutive securities have been excluded from the
computation, as they are antidilutive.

                                                                               7

<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Indigo Energy, Inc. no longer intends to design, develop, manufacture and market
reliable electrical backup power supplies primarily for the telecommunication
industry. The Company lacks the capital, human and working, to build a range of
uninterruptible power supply systems in the power quality and reliability
industry.

The Company's current business plan is to seek, investigate, and, if warranted,
acquire one or more properties or businesses, and to pursue other related
activities intended to enhance shareholder value. The acquisition of a business
opportunity may be made by purchase, merger, exchange of stock, or otherwise,
and may encompass assets or a business entity, such as a corporation, joint
venture, or partnership.

At the present time, the Company has not identified any business opportunity
that it plans to pursue, nor has the Company reached any agreement or definitive
understanding with any person concerning an acquisition.

The Company had limited activity during Q1 2003 resulting from the Company
discontinuing its intent to design, develop, manufacture and market reliable
electrical backup power supplies. Q1 2003 expenses primarily consisted of
$10,400 of legal and accounting fees related to the filing of the 2002 10-KSB.
In addition, in fiscal 2002, the Company wrote-off capitalized patent costs and
fixed assets due to the Company discontinuing its intent which resulting in the
recording of no depreciation expense during Q1 2003.

The Company is seeking additional financing through bank borrowings, private or
public debt, equity financing or otherwise. There can be no assurance that any
such financing will be available to the Company on acceptable terms, or at all.
The Company's inability to obtain necessary additional financing would have a
material adverse effect on the Company's operations. In addition, the failure to
obtain additional financing raises substantial doubt about the Company's ability
to continue as a going concern, and in such event the Company will most likely
have to curtail or discontinue its operations.

The Company does not have the capital, human and working, to protect and further
pursue its intellectual property. The Company retains ownership of its
intellectual property but the Company intends to license or sell the
intellectual property. There is no assurance the Company will successfully
license or sell the intellectual property, or if the Company succeeds in doing
so, that the licensing or sale of the intellectual property will produce revenue
or profits.

Currently, the Company does not have any employees, except for our current
officers. All of the officers are employed on a part time basis, and none are
currently paid a salary, accruing salaries, or represented by a collective
bargaining agreement.

Special Note Regarding Forward-Looking Statements
-------------------------------------------------

The Private Securities Litigation Reform Act of 1995 (the "Reform Act") provides
a safe harbor for forward-looking statements made by or on behalf of the
Company. The Company and its representatives may, from time to time, make
written or verbal forward-looking statements, including statements contained in
the Company's filings with the Securities and Exchange Commission and in its
reports to stockholders. Generally, the inclusion of the words "believe",
"expect", "intend", "estimate", "anticipate", "will", and similar expressions
identify statements that constitute "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 and that are intended to come within the safe
harbor protection provided by those sections.

All statements addressing events or developments that the Company expects or
anticipates will occur in the future, including statements expressing optimism
or pessimism about future results (in particular, statements under Part I, Item
2, Management's Discussion and Analysis or Results of Plan), contain
forward-looking statements within the meaning of the Reform Act. The
forward-looking statements are and will be based upon management's then-current
views and assumptions regarding future events and operating performance, and are
applicable only as of the dates of such statements but there can be no assurance
that the statement of expectation or belief will result or be achieved or
accomplished. In addition, the Company undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events, or otherwise. By their nature, all forward-looking statements
involve risk and uncertainties. Actual results may differ materially from those
contemplated by the forward-looking statements for a number of reasons,
including but not limited: competitive prices pressures, changes in market
demand, changing technology, and general economic, financial and business
conditions.


                                                                               8

<PAGE>


ITEM 3. CONTROLS AND PROCEDURES

The Company maintains controls and procedures designed to ensure that
information required to be disclosed in the reports that the Company files or
submits under the Securities Exchange Act of 1934 is recorded, processed,
summarized and reported within the time periods specified in the rules and forms
of the Securities and Exchange Commission. Based upon their evaluation of those
controls and procedures performed within 90 days of the filing date of this
report, the Chief Executive and Chief Financial Officers of the Company
concluded that the Company's disclosure controls and procedures were adequate.

The Company made no significant changes in its internal controls or in other
factors that could significantly affect these controls subsequent to the date of
the evaluation of those controls by the Chief Executive and Chief Financial
Officers.


PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Indigo Energy, Inc. is not a party to any pending legal proceeding nor is its
property the subject of a pending legal proceeding.


ITEM 5. OTHER INFORMATION

On or about February, 28, 2003, Indigo Energy, Inc. was informed by counsel for
Innovative Magnetic Technologies, Inc. dba CalNetix that Indigo Energy was in
material breach of the Product Purchase Agreement with CalNetix dated May 24,
2000. By reason of Indigo Energy's breach, all rights of Indigo Energy under the
Agreement were terminated.


ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(b) Reports on Form 8-K filed during the quarter ended March 31, 2003:

     (1)  Report dated January 30, 2003 announcing the resignations of Dr. Rick
          Campbell as director and Vice President of Indigo Energy, Inc. and
          Christopher Gabrys as director and President. Joel K. Bloomer,
          Chairman of the Board, assumed the role of President.

                                                                               9

<PAGE>


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.


                              INDIGO ENERGY, INC.


     Date: May 14, 2003       /s/ Joel K. Bloomer
                              ---------------------------
                              Joel K. Bloomer
                              Chairman of the Board, President & Chief
                              Executive Officer


     Date: May 14, 2003       /s/ Scott Kostiuk
                              ---------------------------
                              Scott Kostiuk
                              Secretary & Treasurer and Chief Financial Officer



                                                                              10
<PAGE>


CERTIFICATIONS

I, Joel K. Bloomer, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Indigo Energy, 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 the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

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

       b) evaluated the effectiveness of the registrant's disclosure controls
       and procedures as of a date within 90 days prior to the filing date of
       this 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. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):

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

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

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not 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 14, 2003

/s/ Joel K. Bloomer
--------------------
Chairman of the Board, President and Chief Executive Officer


                                                                              11

<PAGE>




I, Scott Kostiuk, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Indigo Energy, 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 the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

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

       b) evaluated the effectiveness of the registrant's disclosure controls
       and procedures as of a date within 90 days prior to the filing date of
       this 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. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):

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

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

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not 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 14, 2003

/s/ Scott Kostiuk
------------------
Secretary & Treasurer and Chief Financial Officer


                                                                              12