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 September 30, 2003

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934 for the transition period from _______ to _______


                                 XENICENT, INC.
                                 --------------
        (Exact name of small business issuer as specified in its charter)


     North Carolina                                           36-4344865
     --------------                                           ----------
(State or other jurisdiction of                             (IRS Employer
incorporation or organization)                            identification No.)


                P.O. Box 243, Chimney Rock, North Carolina 28720
                ------------------------------------------------
                    (Address of principal executive offices)

                                 (828) 625-2666
                                 --------------
                          (Issuer's telephone number)



Check  whether  the issuer (1) filed all reports required to be filed by Section
13  or  15(d) of the Exchange Act during the past 12 months (or for such shorter
period  that the registrant was required to file such reports), and (2) has been
subject  to  such  filing  requirements  for  the  past  90 days. Yes [x] No [ ]

Number of shares of common stock outstanding as of
December 3, 2003: 10,562,000

Number of shares of preferred stock outstanding as of
December 3, 2003: -0-




                              INDEX TO FORM 10-QSB

                                                                     Page No.
                                                                     --------
PART I
------

Item 1.   Financial Statements

          Balance Sheet - September 30, 2003                              3-4

          Statements of Operations - Three and Nine Months Ended
          September 30, 2003 and 2002                                       5

          Statements of Cash Flows - Nine Months Ended
          September 30, 2003 and 2002                                       6

          Notes to Financial Statements                                   7-8

Item 2.   Management's Discussion and Analysis of Financial Condition
          And Results of Operations                                      9-11

Item 3.   Quantitative and Qualitative Disclosures on Market Risk          12

Item 4.   Controls and Procedures                                          12

PART II
-------

Item 1.   Legal Proceedings                                                13

Item 2.   Changes in Securities                                            13

Item 3.   Defaults Upon Senior Securities                                  13

Item 4.   Submission of Matters to a Vote of Security Holders              13

Item 5.   Other Information                                                13

Item 6.   Exhibits                                                         14








<TABLE>
<CAPTION>


                          XENICENT, INC. & SUBSIDIARY
                           CONSOLIDATED BALANCE SHEET
                               SEPTEMBER 30, 2003
================================================================================


                                     ASSETS
                                     ------
<S>                                                                   <C>

CURRENT ASSETS:
   Cash                                                               $  106,444
   Accounts receivable, net                                              612,078
   Inventory                                                             760,574
   Note receivable                                                         3,529
   Other current assets                                                  142,064
      TOTAL CURRENT ASSETS                                             1,624,689

PROPERTY, PLANT AND EQUIPMENT:
   Property, plant and equipment, net of accumulated
    depreciation of $42,331                                              581,501

OTHER ASSETS:
   Investment in non-marketable securities,
    net of allowance of $179,000                                          76,000
   Other assets                                                           82,123
      TOTAL OTHER ASSETS                                                 158,123
                                                                      ----------

         TOTAL ASSETS                                                 $2,364,313
                                                                      ==========





    The accompanying notes are an integral part of these financial statements

</TABLE>



<TABLE>
<CAPTION>



                           XENICENT, INC. & SUBSIDIARY
                           CONSOLIDATED BALANCE SHEET
                               SEPTEMBER 30, 2003
================================================================================


                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------
<S>                                                                   <C>

CURRENT LIABILITIES:
   Short-term borrowings                                              $  782,321
   Notes payable                                                         186,481
   Accounts payable                                                      208,403
   Loan payable to stockholder                                            68,659
   Due to related parties                                                264,109
   Other current liabilities                                              26,533
      TOTAL CURRENT LIABILITIES                                        1,536,506
                                                                      ----------

MINORITY INTEREST IN SUBSIDIARY                                          628,564

STOCKHOLDERS' EQUITY:
   Preferred stock ($.001 par value, 5,000,000 shares authorized:
    none issued and outstanding)                                             -0-
   Common stock ($.001 par value, 50,000,000 shares authorized:
    10,562,000 issued and outstanding)                                    10,562
   Additional paid-in-capital                                          1,275,830
   Retained deficit                                                   (1,018,609)
   Accumulated other comprehensive loss, foreign currency
    translation adjustment                                               (68,540)
      TOTAL STOCKHOLDERS' EQUITY                                         199,243
                                                                      ----------

         TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                   $2,364,313
                                                                      ==========





    The accompanying notes are an integral part of these financial statements

</TABLE>




<TABLE>
<CAPTION>



                          XENICENT, INC. & SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF OPERATIONS
        FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
==================================================================================
<S>                           <C>          <C>            <C>           <C>
                                Three months ended           Nine months ended
                                    September 30                September 30
                                 2003         2002           2003          2002
                              ----------   ----------     ----------    ----------

REVENUE AND COST OF SALES:
   Sales                      $  485,914   $  237,296     $1,460,817    $  237,296
   Cost of sales                (304,538)    (138,410)      (940,928)     (138,410)
                              ----------   ----------     ----------    ----------
      Gross Profit               181,376       98,886        519,889        98,886
                              ----------   ----------     ----------    ----------

OPERATING EXPENSES:
   Selling, general and
    administrative               144,615      241,519        498,418       339,864
                              ----------   ----------     ----------    ----------
      TOTAL EXPENSES             144,615      241,519        498,418       339,864
                              ----------   ----------     ----------    ----------

         OPERATING INCOME (LOSS)  36,761     (142,633)        21,471      (240,978)
                              ----------   ----------     ----------    ----------

OTHER  INCOME (EXPENSE):
   Interest income                    87          294            238           294
   Interest expense               (7,519)      (7,035)       (23,267)       (7,145)
   Foreign exchange adjustment      (634)           -           (112)            -
   Other income (expense)          3,774        2,712          5,084         2,712
                              ----------   ----------     ----------    ----------
      TOTAL OTHER (EXPENSE)       (4,292)      (4,029)       (18,057)       (4,139)

      NET INCOME (LOSS) BEFORE
       MINORITY INTEREST          32,469     (146,662)         3,414      (245,117)

      MINORITY INTEREST IN
       LOSS (INCOME) OF
       SUBSIDIARY                (20,188)      10,670        (42,429)       10,670
                              ----------   ----------     ----------    ----------

      NET INCOME (LOSS)       $   12,281   $ (135,992)    $  (39,015)   $ (234,447)
                              ==========   ==========     ==========    ==========

   Net income (loss) per common share
    Basic & fully diluted             **   $    (0.01)            **    $    (0.03)
                              ==========   ==========     ==========    ==========

   Weighted average common
    shares outstanding        10,552,000   10,152,000     10,355,000     9,280,667
                              ==========   ==========     ==========    ==========

**Less than $.01



    The accompanying notes are an integral part of these financial statements

</TABLE>





<TABLE>
<CAPTION>



                           XENICENT, INC. & SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
================================================================================

<S>                                                <C>                <C>
                                                      2003               2002
                                                   ----------         ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net loss                                        $  (39,015)        $ (234,447)
   Adjustments to reconcile net loss to net
    cash used in operating activities:
      Minority interests                              221,857             10,670
      Depreciation                                     30,574              2,759
      Common stock issued for services                105,500             85,675
      Interest accrual                                      -                270
     (Increase) decrease in operating assets:
         Accounts receivable                         (321,552)          (122,600)
         Inventory                                   (269,988)            49,572
         Prepaid expenses                                   -             43,570
         Deposits                                           -            (63,066)
         Other current assets                        (103,546)                 -
         Notes receivable                                (649)                 -
         Other assets                                 (32,397)           (67,674)
      Increase (decrease) in operating liabilities:
         Accounts payable and accrued expenses        143,105             38,122
         Other current liabilities                    (42,035)                 -
                                                   ----------         ----------
         NET CASH PROVIDED BY (USED IN)
          OPERATING ACTIVITIES                       (308,146)          (257,149)
                                                   ----------         ----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchase of subsidiary cash assets                       -             43,476
   Acquisitions of property, plant and equipment      (32,841)            (5,713)
                                                   ----------         ----------
         NET CASH USED IN INVESTING ACTIVITIES        (32,841)            37,763
                                                   ----------         ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Proceeds from short-term notes                     168,881            291,265
   Proceeds from notes payable                        103,337            (37,884)
   Proceeds from related parties                       52,228                  -
   Proceeds from stockholder loans                     27,200             35,520
                                                   ----------         ----------
         NET CASH PROVIDED BY FINANCING ACTIVITIES    351,646            288,901
                                                   ----------         ----------

         Foreign currency translation                 (25,185)                 -
                                                   ----------         ----------

         NET INCREASE (DECREASE) IN CASH AND          (14,526)            69,515
               CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS:
         Beginning of year                            120,970             11,219
                                                   ----------         ----------

         End of period                             $  106,444         $   80,734
                                                   ==========         ==========

SUPPLEMENTAL CASH FLOW DISCLOSURES AND NON-CASH
FINANCING INFORMATION:
   Common stock issued for services                $  105,500         $  519,000
                                                   ==========         ==========

   Common stock issued in connection with
    acquisitions                                   $        -         $  226,300
                                                   ==========         ==========




    The accompanying notes are an integral part of these financial statements



</TABLE>





                          XENICENT, INC. & SUBSIDIARY
                          NOTES TO FINANCIAL STATEMENTS
                         September 30, 2003 (UNAUDITED)

ITEM 1.
-------

NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been
prepared  in  accordance  with  accounting  principles generally accepted in the
United  States  of America for interim financial information and pursuant to the
rules  and  regulations  of the Securities and Exchange Commission. Accordingly,
they  do  not include all of the information and footnotes required by generally
accepted  accounting  principles  for  complete  financial  statements.

In  the  opinion  of  management, the unaudited condensed consolidated financial
statements  contain all adjustments consisting only of normal recurring accruals
considered  necessary  to  present  fairly  the  Company's financial position at
September  30,  2003,  the  results  of  operations for the three and nine month
periods  ended  September  30, 2003 and 2002, and cash flows for the nine months
ended  September  30,  2003. The results for the period ended September 30, 2003
are  not  necessarily  indicative  of  the results to be expected for the entire
fiscal  year ending December 31, 2003. These financial statements should be read
in conjunction with the Company's annual report on Form 10-KSB as filed with the
Securities  and  Exchange  Commission.

NOTE 2 - PRO FORMA RESULTS

The  following  unaudited  pro  forma  results of operations for the nine months
ended  September  30,  2002 which follow, assume that the Giantek acquisition of
assets and business had occurred at the beginning of period.  The per share data
reflects  the  shares  issued  in  connection  with  the  acquisition.

     Revenue                                            $   682,946

     Net Income (loss) after minority interest          $  (220,742)

     Net Income (loss) per share                        $  (   0.02)

These  pro  forma  operations may not be indicative of the results that actually
would  have  occurred if the purchase had been in effect at the beginning of the
periods,  or  of  results  which  may  be  obtained  in  the  future.

NOTE 3 - COMMON STOCK ISSUANCES

During  the  three  months  ended  September 30, 2003, the Company issued 30,000
shares  of  common  stock  for  consulting services. The stock was valued at the
closing  price on the date of issuance, or $.60 per share, yielding an aggregate
value  of  $18,000. The expense of the services was charged to operations in the
accompanying  financial  statements.

NOTE 4 - COMMITMENTS

Pursuant  to  the  share  exchange  agreement,  dated  June  27,  2002  and  the
modification  to  the share exchange agreement, dated May 5, 2003, with Giantek,
the  Company  has  agreed  to  provide  $750,000 to Giantek for expansion of its
manufacturing  operations. The performance date for this capital contribution is
by  November  30,  2003.  To  date,  the Company has not provided the capital to
Giantek Technology Corporation.  The Company is also required to provide a sales
force of up to $250,000 in value to assist Giantek in marketing its products in
the  United  States  market.

In addition, the Company guarantees that the combined value of Giantek's 600,000
shares  issued and outstanding will reach a minimum value of $4,500,000 within a
24  month  period from the time Giantek receives its first capital contribution.
Such guaranty is effective as long as Giantek reaches minimum sales goals during
2004  of  $7,000,000  and  net  income  of  $1,000,000.

In  the  event that the guaranteed minimum value for Giantek's shares is not met
within  the said 24 month period, the Company agrees to either 1) pay in cash or
stock  to  the  minority shareholders, and any difference between the actual and
guaranteed value measured as of the end of such 24 month period or 2) return the
Giantek  shares  to the minority shareholders and the minority shareholders keep
the  Company's stock issued and any capital contributions received in connection
with  the  agreement.


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

With  the  exception of historical facts stated herein, the matters discussed in
this  report  are  "forward  looking"  statements  that  involve  risks  and
uncertainties  that  could  cause  actual  results  to  differ  materially  from
projected  results.  Such  "forward  looking"  statements  include,  but are not
necessarily  limited  to,  statements  regarding  anticipated  levels  of future
revenues and earnings from operations of the Company. Readers of this report are
cautioned  not to put undue reliance on "forward looking" statements, which are,
by  their  nature,  uncertain  as reliable indicators of future performance. The
Company  disclaims  any  intent  or obligation to publicly update these "forward
looking"  statements,  whether as a result of new information, future events, or
otherwise.  In  addition  the  uncertainties  include,  but  are not limited to,
competitive  conditions  involving  the  Company's  markets.

GENERAL DESCRIPTION OF BUSINESS
-------------------------------

Business Development.

We  were  incorporated  in  North  Carolina  on  July  26,  1996.  Since  our
incorporation,  we  have  engaged  in the business of real estate consulting and
purchasing  and reselling vacant tracts of land, primarily in the North Carolina
area.  On  June  30,  2002 we acquired a majority interest in Giantek Technology
Corporation "Giantek", a Taiwanese corporation that manufactures and distributes
Light  Emitting  Diode (LED) display systems. Information on this acquisition is
contained  in  this  report  and  in  Form  8-K  filed  on  July  15,  2002.

GIANTEK TECHNOLOGY CORPORATION
------------------------------

Giantek Technology Corporation, Inc. (the "Company") is a supplier of electronic
display  boards, computer-programmable display systems, and large video displays
for sport, business, and transportation applications. Its focus is on supporting
customers  with  superior  products and services that provide dynamic, reliable,
and  often  unique,  visual  communication  solutions.  Its  products  include a
complete  line  of  large  display  products,  from  small  indoor  and  outdoor
scoreboards and displays, to large, multi-million dollar, video display systems.
It  is  recognized  worldwide  as  a  technical  leader with the capabilities to
design,  manufacture,  install  and  service  complete  integrated  systems that
display  real-time  data,  graphics,  animation  and  video. Giantek maintains a
website  profiling  its  background  and  products  at  www.giantek-led.com.

RESULTS OF OPERATIONS
---------------------

Net Income / Loss

The Company had a net income of $12,281, or less than $.01 per common share, for
the  three  months  ended  September 30, 2003, versus a net loss of $135,992, or
$.01  for  the  same period ended in 2002. The change in net loss from the prior
year  was  primarily  due  to  an increase in sales from our Giantek subsidiary.

The  Company  had a net loss of $39,015, or less than $.01 per common share, for
the nine months ended September 30, 2003, versus a net loss of $234,447, or $.03
per  common  share,  for the same period ended in 2002. The decrease in expenses
for  this  period was also attributable to sales generated during the first nine
months  of  2003  by  our  Giantek  subsidiary.

Sales

Sales  for  the  three  months ended September 30, 2003 were $485,914 which were
exclusively  from the sales of LED display systems from Giantek Technology Corp,
versus  sales  of $237,296 for the same period ended in 2002. Sales for the nine
months  ended  September  30, 2003 were $1,460,817, versus sales of $237,296 for
the  same  period  ended in 2002. Sales were 105% higher than the same period in
2002  due  to increasing demand for our products. Average dollar volume per sale
also  increase due to several large projects being delivered during the quarter.
Sales were primarily from unrelated international entities. We also received our
first  domestic  order  during  2003 from a South Carolina government entity. We
will  attempt  to  further  increase  domestic  sales  in  subsequent  quarters.

Expenses

Operating  expenses  for  the three months ended September 30, 2003 decreased to
$144,615  from $241,519 in the same period in 2002. In comparison with the three
month  period  ended  September  30,  2003,  selling, general and administrative
expenses  decreased  due  to operating efficiencies of Giantek. The Company also
issued 30,000 shares of common stock for consulting services rendered. The stock
was  valued  at  the  closing  price on the date of issuance, or $.60 per share,
yielding  an  aggregate value of $18,000. This amount is included under selling,
general  and  administrative.

Liquidity  and  Capital  Resources

On  September  30, 2003, the Company had cash of $106,444 and an $88,183 surplus
in  working  capital.  This  compares with cash of $80,734 and a working capital
surplus of $251,362 at September 30, 2002. The change in working capital was due
primarily  to  the  acquisition and consolidation of our new subsidiary, Giantek
Technology  Corporation.  In  addition,  our  accounts  receivable and inventory
sharply  increased during the nine month ended September 30, 2003 due to several
large orders being shipped as well as numerous pending orders during the period.

Net  cash  flows  used in operating activities were $308,146 for the nine months
ended  September 30, 2003 as compared with net cash used in operating activities
of $257,149 for the same period in 2002. The increase in cash used in operations
was  primarily  attributable to a increase in inventory, accounts receivable and
other  assets.

Net  cash  flows  used  in  investing activities was $32,841 for the nine months
ended  September  30,  2003  as  compared  with  net  cash provided by investing
activities  of  $37,763  in  the  comparable  period in 2002. Cash flows used in
investing  activities  for both periods were from the purchases of fixed assets.
Cash  flows  provided  by  investing activities for 2002 were also in connection
with  our  acquisition  of  Giantek.

Net cash flows provided by financing activities was $351,646 for the nine months
ended  September  30,  2003  as  compared  with  net  cash provided by financing
activities of $288,901 in the comparable period in 2002. The cash flows provided
by  financing  activities  were  primarily  due  to  $272,218 in loan repayments
partially  and  $79,428  in loans from related parties used to finance materials
purchases  that  will  be  used  in  our  products.

The  shareholder  loan from Duane Bennett, President and majority shareholder is
not  evidenced  by a written promissory note and bears simple interest at 6% per
annum.

     Overall, we have funded our cash needs from inception through September 30,
2003  with  a  series  of  debt  and  equity  transactions, primarily with Duane
Bennett,  our  President  and  majority stockholder. If we are unable to receive
additional  cash from our majority stockholder, we may need to rely on financing
from  outside  sources  through  debt  or equity transactions.  Our President is
under  no  legal  obligation  to  provide  us with capital infusions. Failure to
obtain  such  financing  could  have a material adverse effect on operations and
financial  condition.

     We  will  substantially  rely on the existence of revenue from our combined
businesses;  we  believe  our  current  cash  position,  along  with current and
projected revenues or capital reserves, can sustain our business for the next 12
months.  However,  we  may  need  to obtain additional capital through equity or
debt  financing  to  sustain  operations  for  an  additional  year.  A  lack of
significant  revenues  beginning  in  the  first half of 2003 will significantly
affect  our  cash  position  and move us towards a position where the raising of
additional  funds  through  equity  or  debt  financing  will  be  necessary. In
addition,  modifications  to  our  business  plans  or  additional  property
acquisitions  may  require additional capital for us to operate. There can be no
assurance  that  additional  capital  will  be  available  to  us when needed or
available  on  terms  favorable  to  the  Company.

     On  a long-term basis, liquidity is dependent on continuation and expansion
of operations, receipt of revenues, and additional infusions of capital and debt
financing.  If  necessary,  we  will  raise needed capital through an additional
stock offering.  The funds raised from this offering will be used to develop our
business  as  well  as  expand  operations  and  contribute  to working capital.
However,  there  can  be  no assurance that we will be able to obtain additional
equity  or  debt  financing in the future, if at all.  If we are unable to raise
additional  capital, our growth potential will be adversely affected and we will
have  to  significantly  modify  our  plans.

     Demand  for  our product and services depend on, among other things, market
acceptance  of  our products and general economic conditions, which are cyclical
in  nature.  Inasmuch  as  a  major  portion of our activities is the receipt of
revenues  from  sales,  our business operations may be adversely affected by our
competitors  and  prolonged  recession  periods.

Our  success  will be dependent upon implementing our plan of operations and the
risks  associated  with  our business plans. We operate an international display
systems  sales  business.  We  also provide land development and land consulting
services to various unrelated developers and builders. We plan to strengthen our
position  in  these  markets.  We  plan  to  expand  our  operations through our
acquisition  and/or  development  of  land  parcels.

ITEM 3.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
-------

We  do  not  have  any material risk with respect to changes in foreign currency
exchange  rates, commodities prices or interest rates. We do not believe that we
have  any  other relevant market risk with respect to the categories intended to
be  discussed  in  this  item  of  this  report.

ITEM 4.     CONTROLS AND PROCEDURES
-------

(a)  On September 30, 2003, we made an evaluation of our disclosure controls and
     procedures. In our opinion, the disclosure controls and procedures are
     adequate because the systems of controls and procedures are designed to
     assure, among other items, that 1) recorded transactions are valid; 2)
     valid transactions are recorded; and 3) transactions are recorded in the
     proper period in a timely manner to produce financial statements which
     present fairly the financial condition, results of operations and cash
     flows for the respective periods being presented. Moreover, the evaluation
     did not reveal any significant deficiencies or material weaknesses in our
     disclosure controls and procedures.

(b)  There have been no significant changes in our internal controls or in other
     factors that could significantly affect these controls since the last
     evaluation.

PART II.    OTHER INFORMATION
--------

Item 1.     Legal Proceedings

None.

Item 2.     Changes in Securities

During  the  quarter  ended  September 30, 2003, we issued 30,000 for consulting
services.  The  shares were valued at the closing price at the date of issuance,
or $.60 per share yielding an aggregate market value of $18,000. This expense is
included  in  the  accompanying  financial  statements.

Item 3.     Defaults Upon Senior Securities

None.

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

None.

Item 5.     Other Information

On  December  4, 2003, we signed a letter of intent to acquire EMAX net, Inc., a
Florida corporation. The terms of the acquisition include a change in control of
our  company.  We expect this acquisition to significantly impact our operations
during 2004. Disclosure information is being prepared and will be filed with the
Securities  and Exchange Commission on Form 8-K within 15 days of the closing of
the  acquisition  which  is  expected  to  be  on  or  about  December 16, 2003.

Item 6.     Exhibits and Reports on Form 8-K

(a)  Exhibits

     3. Articles of Incorporation with amendments and bylaws are incorporated by
     reference to Exhibit No. 1 of Form SB-2 as amended filed April 2001. 99
     Certification of Chief Executive Officer


(b)  Reports on Form 8-K

     None.






                                   SIGNATURES
                                   ----------

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                        XENICENT, INC.
                                        --------------
                                       (Registrant)


                                        /S/ Duane Bennett, President
Date:  December 4, 2003                 ----------------------------
                                        Duane Bennett, President