UNITED STATES
                       Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form 10-QSB
(Mark One)
(X)   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

      For the quarterly period ended JUNE 30, 2004

                                       OR

(  )  TRANSITION  REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

      For the transition period from _______ to ________.

      Commission File Number 0-31357

                            SAN JUAN FINANCIAL, INC.
                          ___________________________

      Colorado                                        94-3363969
----------------------                          --------------------
State or other jurisdiction                (I.R.S.) Employer Identification No.
 of incorporation

                               4410 Newton Street
                                Denver, CO 80211
                           -------------------------
                     Address of principal executive offices


                                 (720)434-1194
                          ----------------------------
               Registrant's telephone number, including area code

                                       N/A
                          ---------------------------
                  Former address of principal executive offices

Indicate by check mark whether the Registrant (1) has files all reports required
to be filed  by  Section  13 or 15 (d) of the  Securities  Exchange  Act of 1934
during the preceding 12 months (or for such shorter  period that the  Registrant
was  required  to file such  reports)  and (2) had been  subject to such  filing
requirements for the past 90 days.

            Yes           X                     No
                  ------------------               ------------



      As of August 11, 2004 the Company had 63,000 outstanding shares of common
stock.


<PAGE>


                            SAN JUAN FINANCIAL, INC.
                          (A Development Stage Company)


                              FINANCIAL STATEMENTS
                                  June 30, 2004



<PAGE>



3



                                TABLE OF CONTENTS



                                                                    Page

Balance Sheet                                                         F-1

Statements of Operations and Accumulated Deficit                      F-2

Statements of Cash Flows                                              F-3

Notes to Financial Statements                                         F-4


<PAGE>


                            SAN JUAN FINANCIAL, INC.
                          (A Development Stage Company)

                                  BALANCE SHEET
                                  June 30, 2004
                                   (Unaudited)



                                     ASSETS

CURRENT ASSETS
   Cash and cash equivalents                               $          --
                                                           -------------

      Total current assets                                            --
                                                           -------------

   TOTAL ASSETS                                                       --
                                                           =============


                      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES                                        $          --

STOCKHOLDERS' EQUITY
   Preferred stock, no par value; 10,000,000 shares
      authorized; no shares issued and outstanding                    --
   Common stock, no par value; 750,000,000 shares
      authorized; 63,000 shares issued and outstanding
      at June 30, 2004                                            63,000
   Deficit accumulated during the development stage              (63,000)
                                                            ------------

      Total shareholders' equity                                      --
                                                            ------------
   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY               $         --
                                                            ============








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

                                       F-1

<PAGE>


                            SAN JUAN FINANCIAL, INC.
                          (A Development Stage Company)

                      STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
                                   (Unaudited)



                                                                 For the period
                              For the three        For the six   from inception
                               months ended       months ended  (April 10, 2000)
                                 June 30,           June 30,      to June 30,
                              --------------     --------------
                               2004     2003     2004      2003       2004
                              -----     ----     ----      ----  --------------

REVENUES                   $    --     $  --    $   --    $   --     $     --

EXPENSES
   Bank service charges         --        --        --        --          148
   Filing fees                  --        --        --        --        5,811
   Internet expenses            --        --        --        --          982
   Licenses and permits         --        --        --        --          173
   Office supplies              --        --        --        --           99
   Postage and delivery         --        --        --        --          146
   Professional fees            --        --        --        --       48,675
   Travel expenses              --        --        --        --        6,966
                           -------    ------    ------    ------      -------

      Total expenses            --        --        --        --       63,000
                           -------    ------    ------    ------      -------

NET LOSS                        --        --        --        --      (63,000)

Accumulated deficit
   Balance, beginning
     of period             (63,000)  (63,000)  (63,000)  (63,000)          --
                            -------  -------  --------    ------     --------
   Balance, end of period $(63,000) $(63,000) $(63,000) $(63,000)   $ (63,000)
                           ======== ========  ========  ========    =========

NET LOSS PER SHARE        $   (NIL) $   (NIL) $   (NIL) $   (NIL)   $   (1.00)
                          ========  ========  ========  ========    =========

WEIGHTED AVERAGE NUMBER
   OF SHARES OUTSTANDING    63,000    63,000    63,000    63,000       63,000
                            ======    ======    ======    ======    =========

    The accompanying notes are an integral part of the financial statements.
                                       F-2

<PAGE>

                            SAN JUAN FINANCIAL, INC.
                          (A Development Stage Company)

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)


                                                                 For the period
                                                                 from inception
                                   For the six     For the six  (April 10, 2000)
                                   months ended    months ended         to
                                  June 30, 2004   June 30, 2003   June 30, 2004
                                  -------------   -------------   --------------
CASH FLOWS FROM OPERATING
ACTIVITIES
  Net loss                        $      --         $    --       $  (63,000)
    Adjustments to reconcile
       net loss to net cash
       flows from operating
       activities                        --              --
                                   --------         -------

  Net cash flows from operating
  activities                             --              --          (63,000)

CASH FLOWS FROM INVESTING
   ACTIVITIES                            --              --               --

CASH FLOWS FROM FINANCING ACTIVITIES
  Proceeds from the issuance of
  common stock                           --              --           63,000
                                  ---------         -------        ---------

NET INCREASE (DECREASE) IN CASH
 AND CASH EQUIVALENTS                    --              --               --

CASH AND CASH EQUIVALENTS,
 BEGINNING OF PERIOD                     --              --
                                 ----------         -------        ---------
CASH AND CASH EQUIVALENTS,
  END OF PERIOD                 $        --        $     --        $      --
                                ===========        ========        =========

    The accompanying notes are an integral part of the financial statements.
                                       F-3

<PAGE>


                            SAN JUAN FINANCIAL, INC.
                          (A Development Stage Company)

                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2004
                                   (Unaudited)


1.   Management's Representation of Interim Financial Information

     The  accompanying  financial  statements  have  been  prepared  by San Juan
     Financial,  Inc. 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  generally  accepted   accounting   principles  have  been
     condensed  or  omitted  as  allowed  by such  rules  and  regulations,  and
     management   believes  that  the  disclosures  are  adequate  to  make  the
     information  presented not misleading.  These financial  statements include
     all of the adjustments  which, in the opinion of management,  are necessary
     to a fair presentation of financial position and results of operations. All
     such  adjustments  are of a normal and recurring  nature.  These  financial
     statements  should  be read  in  conjunction  with  the  audited  financial
     statements at December 31, 2003.





















<PAGE>


ITEM 2.  MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND PLAN OF
         OPERATION

     The  Company has never  generated  any  revenues.  The Company has not been
active for the past two-and-half  years. The Company does not have any available
credit, bank financing or other external sources of liquidity.

     During the year  ending  December  31,  2004 the  Company  will  attempt to
acquire another business.

Item 3.  Controls And Procedures

     Based on the evaluation of the Company's disclosure controls and procedures
by Troy Fullmer, the Company's Chief Executive and Financial Officer, as of June
30, 2004 such officer has concluded that the Company's  disclosure  controls and
procedures  were  effective  as of June 30,  2004 in ensuring  that  information
required to be  disclosed by the Company in the reports that it files or submits
under  the  Securities  and  Exchange  Act of 1934,  as  amended,  is  recorded,
processed,  summarized  and  reported,  within the time period  specified by the
Securities and Exchange Commission's rules and forms.

     There were no significant  changes in the Company's internal controls or in
other  factors   during  the  three  months  ended  June  30,  2004  that  could
significantly  affect these controls subsequent to the date of their evaluation,
including any  corrective  actions with regard to significant  deficiencies  and
material weaknesses.



<PAGE>


                                     PART II
                                OTHER INFORMATION


Item 6. Exhibits and Reports on Form 8-K

(a)   Exhibits

      Number        Exhibit
      ------        -------

        31          Rule 13a-14(a) Certifications

        32          Section 1350 Certifications

(b) Reports on Form 8-K

        The Company did not file any reports on Form 8-K during the quarter
        ended June 30, 2004.













<PAGE>


                                   SIGNATURES


      In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized on August 12th 2004.

                                          SAN JUAN FINANCIAL, Inc.



                                          By: /s/ Troy Fullmer
                                              ------------------------------
                                              Troy Fullmer, Chief Executive and
                                              Principal Financial Officer