U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   ----------

                                   FORM 10-QSB


              [X] Quarterly Report Under Section 13 or 15(d) of the
                        Securities Exchange Act of 1934.

                 For the quarterly period ended: March 31, 2003

                          Commission File No. 000-31705

                                   ----------

                             I.A. Europe Group, Inc.
                           ---------------------------
        (Exact name of small business issuer as specified in its charter)


         Deleware                                               91-2007477
         --------                                               ----------
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                            Identification Number)

                       901 PONCE DE LEON BLVD., SUITE 303
                             CORAL GABLES, FL 33134
                                 (305) 476-1807
                                 --------------
                          (Address and telephone number
                         of principal executive offices)

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:

We had 3,011,300 shares of our common stock outstanding as of March 31, 2003.

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

<PAGE>


                                      INDEX

                                                                           Page
                         PART I - FINANCIAL INFORMATION

ITEM 1.         Financial Statements                                         3

ITEM 2.         Plan of Operation                                            7

                           PART II - OTHER INFORMATION

ITEM 1.         Legal Proceedings                                            7

ITEM 2.         Change in Securities                                         7

ITEM 3.         Defaults upon Senior Securities                              7

ITEM 4.         Submission of Matters to a Vote of Security Holders          8

ITEM 5.         Other Information                                            8

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



                                       2
<PAGE>

ITEM 1.     FINANCIAL INFORMATION

                     I.A. EUROPE GROUP, INC. & SUBSIDIARIES
                      (FORMERLY GENERAL TELPHONY.COM, INC.)
                          (A DEVELOPMENT STAGE COMPANY)

                                  BALANCE SHEET
<TABLE>
<CAPTION>
                                                                              (Unaudited)
                                                                                March 31,   December 31,
                                                                                  2003          2002
                                                                              -----------    -----------
                                     ASSETS
                                     ------
<S>                                                                           <C>            <C>
Assets
  Cash and cash equivalent                                                    $       348    $        --
  Accounts Receivable                                                               4,481
  Investement in Subsidiaries                                                   1,800,000             --

  Property and equipment, net of accumulated                                      114,366             --
     depreciation of $25,949 and $0
                                                                              -----------    -----------

     Total Assets                                                             $ 1,919,195    $        --
                                                                              ===========    ===========


                LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
                -------------------------------------------------

Liabilities:
  Accounts Payable and accrued expenses                                       $   480,370    $     6,250
                                                                              -----------    -----------

Subsequent Event and Other Matters                                                     --             --

Stockholders' Equity (Deficiency):
  Preferred stock, Series A, $0.001 par value: 5,000,000 shares authorized,             2              2
     2,000 shares issued and outstanding
  Preferred stock, Series B, $18,000 par value: 100 shares authorized,          1,800,000             --
     100 shares issued and outstanding
  Common stock, $0.001 par value: 95,000,000 shares authorized,                     3,011          3,011
     3,011,300 shares issued and outstanding
  Additional paid-in capital                                                       66,602         66,602
  Accumulated Deficit                                                            (430,790)       (75,865)
                                                                              -----------    -----------

  Total Stockholders' Equity                                                    1,438,825         (6,250)
                                                                              -----------    -----------

    Total Liabilities and Stockholders' Equity                                $ 1,919,195    $        --
                                                                              ===========    ===========
</TABLE>


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


                                       3
<PAGE>
                     I.A. EUROPE GROUP, INC. & SUBSIDIARIES
                      (FORMERLY GENERAL TELPHONY.COM, INC.)
                          (A DEVELOPMENT STAGE COMPANY)

                            STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>

                                                                          November 12, 1999
                                                 For the QTR Ended          (Inception) to
                                                      March 31                March 31
                                               2003             2002             2003
                                           -----------      -----------      -----------
<S>                                        <C>              <C>              <C>
Revenue                                    $    13,325      $        --      $    18,274
Cost of Goods Sold                               1,293               --            7,260
                                           -----------      -----------      -----------

Gross Profit/(Loss)                             12,032               --           11,014


General and Administrative Expenses            341,008               27          401,522
Depreciation                                    25,949              999           40,282
                                           -----------      -----------      -----------

Loss Before Provision for Income Taxes     $  (354,925)     $    (1,026)     $  (430,790)

Provision for Income Taxes                          --               --               --
                                           -----------      -----------      -----------

Net Loss                                   $  (354,925)     $    (1,026)     $  (430,790)
                                           ===========      ===========      ===========

Net Loss Per Share - Basic and Diluted     $     (0.12)            0.00
                                           ===========      ===========

Weighted Average Number of Common Shares     3,011,300        3,011,300
                                           ===========      ===========
</TABLE>


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


                                       4
<PAGE>
                     I.A. EUROPE GROUP, INC. & SUBSIDIARIES
                      (FORMERLY GENERAL TELPHONY.COM, INC.)
                          (A DEVELOPMENT STAGE COMPANY)

                       STATEMENTS OF STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
                                                                Preferred Stock            Preferred Stock
                                                                   Series B                   Series A
                                                                   ---------                  ---------
                                                            Shares        Amount         Shares        Amount
                                                          -----------   -----------   -----------   -----------
<S>                                                               <C>   <C>                 <C>     <C>
Balance, Nov. 12, 1999 (inception)                                 --   $        --            --   $        --
Issuance of Founder Shares for Cash, Novemeber 15, 1999            --            --            --            --
Shares Issued for Cash at $0.05 Per Share (Pursuant to             --            --            --            --
     Rule 504 Offering), December 5, 1999
Net Loss                                                           --            --            --            --
                                                          -----------   -----------   -----------   -----------

Balance, December 31, 1999                                         --            --            --            --
Shares Issued for Cash at $0.05 Per Share (Pursuant to             --            --            --            --
     Rule 504 Offering), May 31, 2000
Net Loss                                                           --            --            --            --
                                                          -----------   -----------   -----------   -----------

Balance, December 31, 2000                                         --            --            --            --
Shareholder Contribution                                           --            --            --            --
Net Loss                                                           --            --            --            --
                                                          -----------   -----------   -----------   -----------

Balance, December 31, 2001                                         --            --            --            --
Shares Issued in Lieu of Compensation                              --            --         2,000             2
Net Loss                                                           --            --            --            --
                                                          -----------   -----------   -----------   -----------

Balance December 31, 2002                                          --            --         2,000             2
Shares Issued for $18,000 per share                               100     1,800,000            --            --
     for purchase of Subsidaries
Net Loss                                                           --            --            --            --
                                                          -----------   -----------   -----------   -----------

Balance, March 31, 2003                                           100   $ 1,800,000         2,000   $         2
                                                          ===========   ===========   ===========   ===========
[RESTUBBED]
<CAPTION>
                                                                                                    Deficit
                                                                                                   Accumulated       Total
                                                                                      Additional    During the    Stockholders'
                                                               Common Stock            Paid in     Development      Equity
                                                            Shares        Amount       Capital        Stage       (Deficiency)
                                                          -----------   -----------   -----------   -----------    -----------
<S>                                                         <C>         <C>           <C>           <C>            <C>
Balance, Nov. 12, 1999 (inception)                                 --   $        --   $        --   $        --    $        --
Issuance of Founder Shares for Cash, Novemeber 15, 1999     1,800,000         1,800            --            --          1,800
Shares Issued for Cash at $0.05 Per Share (Pursuant to        840,000           840        41,160            --         42,000
     Rule 504 Offering), December 5, 1999
Net Loss                                                           --            --            --       (12,460)       (12,460)
                                                          -----------   -----------   -----------   -----------    -----------

Balance, December 31, 1999                                  2,640,000         2,640        41,160       (12,460)        31,340
Shares Issued for Cash at $0.05 Per Share (Pursuant to        371,300           371        18,194            --         18,565
     Rule 504 Offering), May 31, 2000
Net Loss                                                           --            --            --       (20,985)       (20,985)
                                                          -----------   -----------   -----------   -----------    -----------

Balance, December 31, 2000                                  3,011,300         3,011        59,354       (33,445)        28,920
Shareholder Contribution                                           --            --         6,250            --          6,250
Net Loss                                                           --            --            --       (20,255)       (20,255)
                                                          -----------   -----------   -----------   -----------    -----------

Balance, December 31, 2001                                  3,011,300         3,011        65,604       (53,700)        14,915
Shares Issued in Lieu of Compensation                              --            --           998            --          1,000
Net Loss                                                           --            --            --       (22,165)       (22,165)
                                                          -----------   -----------   -----------   -----------    -----------

Balance December 31, 2002                                   3,011,300         3,011        66,602       (75,865)        (6,250)
Shares Issued for $18,000 per share                                --            --            --            --      1,800,000
     for purchase of Subsidaries
Net Loss                                                           --            --            --      (354,925)      (354,925)
                                                          -----------   -----------   -----------   -----------    -----------

Balance, March 31, 2003                                     3,011,300   $     3,011   $    66,602   $   430,790    $ 1,438,825
                                                          ===========   ===========   ===========   ===========    ===========
</TABLE>

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

                                       5

<PAGE>

                            I. A. EUROPE GROUP, INC.
                     (FORMERLY GENERAL TELEPHONY.COM, INC.)
                          (A DEVELOPMENT STAGE COMPANY)

                            STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>

                                                                                     November 12, 1999
                                                                 For the QTR Ended     (Inception) to
                                                                      March 31           March 31
                                                                2003           2002        2003
                                                               ---------    ---------    ---------
<S>                                                            <C>          <C>          <C>
Cash Flows from Operating Activities:
   Net loss                                                    $(354,925)   $     (27)   $(430,790)
   Adjustments to reconcile net loss to
      net cash used by operating activities:
         Depreciation and amortization                            25,949          999       31,616
         Issuance of preferred stock in lieu of compensation       1,000
         Impairment of long lived assets                          14,333
         (Increase) decrease in accounts receivable               (4,481)      (4,481)
         Increace (decrease) in accounts payable                 474,120       (1,104)     480,370
                                                               ---------    ---------    ---------
             Net cash used in operating activities               140,663         (132)      92,048

Cash Flows Used from Investing Activities:
   Purchase of fixed assets                                     (140,315)          --     (160,315)
                                                               ---------    ---------    ---------

Cash Flows from Financing Activities:
   Shareholder contributions                                          --           --        6,250
   Issuance of capital stock                                          --           --       62,365
                                                               ---------    ---------    ---------
            Net cash provided by financing activities           (140,315)          --       68,615
                                                               ---------    ---------    ---------

Net Change in Cash                                                   348         (132)         348

Cash - Beginning of Period                                            --          687           --
                                                               ---------    ---------    ---------


Cash - End of Period                                           $     348    $     555    $     348
                                                               =========    =========    =========


Supplement Information:
   Cash payments made for:
       Income taxes                                            $      --    $      --    $      --
                                                               =========    =========    =========
       Interest                                                $      --    $      --    $      --
                                                               =========    =========    =========
</TABLE>


    The accompanying noted are an integral part of these financial statements

                                       6
<PAGE>

Note 1 - Basis of presentation

         The  accompanying  2003  and  2002  unaudited   interim   consolidated
         financial  statements  included  herein have been prepared by  I.A.
         Europe Group, Inc. (the "Company"),  without  audit,  pursuant to the
         rules  and  regulations  of  the  Securities  and Exchange Commission.
         Certain  information  and  footnote disclosures normally  included  in
         financial statements prepared in accordance with accounting principles
         generally accepted in the United States of America have been condensed
         or  omitted  pursuant to such  rules  and  regulations.  However,  the
         Company believes  that  the  disclosures  are  adequate to prevent the
         information   presented   from   being  misleading.  These   financial
         statements should be read in conjunction with the financial statements
         and the notes thereto included in  the  Company's  Form  10-KSB, which
         contains financial information for the year ended December 31, 2002.

         The  information  provided in these financial statements reflects  all
         adjustments (consisting solely of normal recurring accruals) that are,
         in the opinion of management,  necessary to present fairly the results
         of operations for this period. The  results  for  this  period are not
         necessarily  indicative  of  the results to be expected for  the  full
         year.

Note 2 - Control of the Company

         There was a change  in  control  of  the  Company  that
         occurred  on  July  12,  2002.   For  details regarding this change of
         control, see the Form 8-K filed by the Company on July 17, 2002.

ITEM 2.  PLAN OF OPERATION

         The following discussion should be read in conjunction with the
         information contained in the financial statements of the Company and
         the Notes thereto appearing elsewhere herein.

                           PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         None.

ITEM 2.  CHANGES IN SECURITIES

         None.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         None.



                                       7
<PAGE>


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         None.

ITEM 5.  OTHER INFORMATION

         None.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

         (a) Exhibits

         Exhibit
         Number        Description
         -------       -----------

         99.1          Section 906 Certification of CEO
         99.2          Section 906 Certification of CFO

         (b) Reports on Form 8-K

         The Company filed a Current Report dated March 4, 2003 Pursuant to
         Items 2,5 and 7 entitled "Acquisition or Disposition of Assets", "Other
         Events and Regulation FD Discloser" and "Financial Statements and
         Exhibits" respectively.

                                       8
<PAGE>

                                SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, the
registrant caused this report to be signed on its behalf on June 5, 2003 by
the undersigned, thereunto duly authorized.


                                    I.A. Europe Group, INC.


                                    /s/ John McAuliffe
                                    -----------------------
                                    John McAuliffe
                                    Chief Financial Officer


                                       9
<PAGE>

                                 CERTIFICATION


         I, Victor Minca, certify pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 that:

         1.       I have reviewed this report on Form 10-QSB of I.A. Europe
                  Group, Inc.

         2.       Based on my knowledge, this 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 report.

         3.       Based on my knowledge, the financial statements, and other
                  financial information included in this 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 report.

         4.       The registrant's other certifying officer 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 know to us by others within those entities,
                           particularly during the period in which this 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
                           report (the "Evaluation Date"); and

                  c)       presented in this 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 officer 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
                  function);

                  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.

         6.       The registrant's other certifying officer and I have indicated
                  in this report whether or not there were significant changes
                  in internal controls or in other factors that could
                  significantly affect internal controls or in other factors
                  that could significantly affect internal controls subsequent
                  to the date or our most recent evaluation, including any
                  corrective actions with regard to significant deficiencies and
                  material weaknesses.


Dated:  June 5, 2003                       /s/ Victor Minca
                                           --------------------------------
                                               Victor Minca
                                               President
                                               (the Chief Executive Officer
                                               of the Company)

                                       10
<PAGE>

                                 CERTIFICATION

         I, John McAuliffe, certify pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002 that:

         1.       I have reviewed this report on Form 10-QSB of I.A. Europe
                  Group, Inc.

         2.       Based on my knowledge, this 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 report.

         3.       Based on my knowledge, the financial statements, and other
                  financial information included in this 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 report.

         4.       The registrant's other certifying officer 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 know to us by others within those entities,
                           particularly during the period in which this 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
                           report (the "Evaluation Date"); and

                  c)       presented in this 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 officer 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
                  function);

                  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.

         6.       The registrant's other certifying officer and I have indicated
                  in this report whether or not there were significant changes
                  in internal controls or in other factors that could
                  significantly affect internal controls or in other factors
                  that could significantly affect internal controls subsequent
                  to the date or our most recent evaluation, including any
                  corrective actions with regard to significant deficiencies and
                  material weaknesses.

Dated:  June 5, 2003                       /s/ John McAuliffe
                                           ---------------------------
                                               John McAuliffe
                                               Chief Financial Officer


                                       11