UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   Form 10-KSB

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(Mark one)

[X]      Annual Report Under Section 13 or 15(d) of The Securities  Exchange Act
         of 1934

         For the fiscal year ended December 31, 2003

[ ]      Transition Report Under Section 13 or 15(d) of The Securities  Exchange
         Act of 1934

         For the transition period from ______________ to _____________

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                         Commission File Number: 0-12536

                           Boulder Acquisitions, Inc.
        (Exact name of small business issuer as specified in its charter)

        Nevada                                                 84-0820212
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(State of incorporation)                                (IRS Employer ID Number)

                  211 West Wall Street, Midland, TX 70701-4556
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                    (Address of principal executive offices)

                                 (432) 682-1761
                                 --------------
                           (Issuer's telephone number)

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      Securities registered under Section 12 (b) of the Exchange Act: None

         Securities registered under Section 12(g) of the Exchange Act:
                          Common Stock $.001 par value

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

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the best of Company's knowledge,  in definitive proxy or information  statements
incorporated  by reference  in Part III of this Form 10-KSB or any  amendment to
this Form 10-KSB. [ ]

The issuer's revenues for the fiscal year ended December 31, 2003 was $-0-

The aggregate market value of voting common equity held by  non-affiliates as of
January 14, 2003 was approximately $33,306.84.

As of January 14,  2003,  there were  558,604  shares of Common Stock issued and
outstanding.

Transitional Small Business Disclosure Format : Yes    No X
                                                   ---   ---




<PAGE>

                           Boulder Acquisitions, Inc.

                                Index to Contents

                                                                            Page
                                                                            ----
Part I

Item 1     Description of Business                                            3
Item 2     Description of Property                                           13
Item 3     Legal Proceedings                                                 13
Item 4     Submission of Matters to a Vote of Security Holders               13

Part II

Item 5     Market for Company's Equity and Related Stockholder Matters       13
Item 6     Management's Discussion and Analysis or Plan of Operation         15
Item 7     Financial Statements                                              F-1
Item 8     Changes in and Disagreements with Accountants
              on Accounting and Financial Disclosures                        19
Item 8A       Controls and Procedures                                        19

Part III

Item 9     Directors, Executive Officers, Promoters and Control Persons;
              Compliance with Section 16(a) of the Exchange Act              19
Item 10    Executive Compensation                                            21
Item 11    Security Ownership of Certain Beneficial Owners and Management
              and Related Stockholder Matters                                21
Item 12    Certain Relationships and Related Transactions                    21
Item 13    Exhibits and Reports on 8-K                                       21

Signatures                                                                   22

























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<PAGE>

                  Caution Regarding Forward-Looking Information
                  ---------------------------------------------

Certain  statements  contained  in  this  annual  filing,   including,   without
limitation, statements containing the words "believes", "anticipates", "expects"
and  words  of  similar  import,  constitute  forward-looking  statements.  Such
forward-looking  statements  involve known and unknown risks,  uncertainties and
other factors that may cause the actual results,  performance or achievements of
the Company,  or industry  results,  to be materially  different from any future
results,   performance   or   achievements   expressed   or   implied   by  such
forward-looking statements.

Such factors include, among others, the following:  international,  national and
local general economic and market conditions:  demographic  changes; the ability
of the Company to sustain,  manage or  forecast  its growth;  the ability of the
Company to successfully make and integrate acquisitions;  raw material costs and
availability;  new product  development and  introduction;  existing  government
regulations  and  changes  in,  or  the  failure  to  comply  with,   government
regulations;  adverse publicity;  competition; the loss of significant customers
or suppliers;  fluctuations  and  difficulty in forecasting  operating  results;
changes in business strategy or development  plans;  business  disruptions;  the
ability  to attract  and  retain  qualified  personnel;  the  ability to protect
technology; and other factors referenced in this and previous filings.

Given  these  uncertainties,  readers  of this Form  10-KSB  and  investors  are
cautioned not to place undue reliance on such  forward-looking  statements.  The
Company  disclaims  any  obligation  to update any such  factors or to  publicly
announce the result of any  revisions to any of the  forward-looking  statements
contained herein to reflect future events or developments.


                                     PART I

Item 1 - Description of Business

Boulder Brewing Company  (Company) was  incorporated in May 8, 1980 and operated
as a  microbrewery  of various  beers.  In 1983,  the Company  filed a Form S-18
Registration  Statement  (SEC File Number  2-84351-D)  and, in 1987,  a Form S-1
Registration Statement (SEC File Number 33-16287).

In 1984,  the Company  started to  construct a brewery  which was  substantially
completed  in  October  1984 and  opened  June 1985.  The  construction  of this
facility  along with the movement of equipment  and  personnel  interrupted  the
sales of product  and  hampered  cash  flow.  The  Company  was unable to become
profitable  within any segment of its core  business,  became  illiquid  and was
forced to divest itself of all assets.  The Company became  dormant  without any
operations or assets in the second quarter of 1990.

In September 2001, the Company changed its state of Incorporation  from Colorado
to Nevada  by means of a merger  with and into  Boulder  Acquisitions,  Inc.,  a
Nevada  corporation  formed on  September  6, 2001  solely  for the  purpose  of
effecting the  reincorporation.  The Articles of Incorporation and Bylaws of the
Nevada corporation are the Articles of Incorporation and Bylaws of the surviving
corporation.  Such Articles of  Incorporation  eliminated  the provision for the
Company to issue  preferred stock and did not make any other changes the capital
structure of the Company.

The Company intends to comply with the periodical reporting  requirements of the
Securities  Exchange Act of 1934 and to seek to complete a business  acquisition
transaction.

The Company's equity securities are traded under the symbol "BOUL" on the NASDAQ
Electronic  Bulletin Board. As such, the Company may be referred to as a trading
and reporting shell corporation.  Shell corporations have zero or nominal assets
and typically no stated or contingent liabilities.  Private companies wishing to
become  publicly  trading  may wish to merge  with a shell  (a  reverse  merger)
whereby the  shareholders  of the  private  Company  become the  majority of the
shareholders of the combined Company.  The private Company may purchase for cash
all or a portion of the common  shares of the shell  corporation  from its major
stockholders.  Typically,  the Board and officers of the private  Company become
the new Board and  officers  of the  combined  Company and often the name of the
private Company becomes the name of the combined Company.

The Company has very limited  capital,  and it is unlikely that the Company will
be able to take  advantage  of more  than one  such  business  opportunity.  The
Company intends to seek  opportunities  demonstrating the potential of long-term
growth as opposed to short-term  earnings.  However,  at the present  time,  the


                                                                               3

<PAGE>

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.

It is  anticipated  that the  Company's  officers  and  directors  will  contact
broker-dealers  and other persons with whom they are acquainted who are involved
with corporate finance matters to advise them of the Company's  existence and to
determine if any  companies or  businesses  that they  represent  have a general
interest in considering a merger or acquisition with a blind pool or blank check
or shell entity. No direct  discussions  regarding the possibility of merger are
expected to occur until after the effective date of this registration statement.
No  assurance  can be given that the Company  will be  successful  in finding or
acquiring a desirable  business  opportunity,  given the limited  funds that are
expected to be available  for  acquisitions.  Furthermore,  no assurance  can be
given  that  any  acquisition,  which  does  occur,  will be on  terms  that are
favorable to the Company or its current stockholders.

The Company's search will be directed toward small and medium-sized enterprises,
which have a desire to become public corporations. In addition these enterprises
may wish to satisfy,  either  currently or in the  reasonably  near future,  the
minimum  tangible  asset  requirement  in order to qualify shares for trading on
NASDAQ or on an exchange such as the American Stock Exchange. (See Investigation
and  Selection  of Business  Opportunities).  The Company  anticipates  that the
business  opportunities  presented  to it will (i)  either be in the  process of
formation,  or be recently organized with limited operating history or a history
of  losses  attributable  to   under-capitalization   or  other  factors;   (ii)
experiencing financial or operating  difficulties;  (iii) be in need of funds to
develop new  products or services or to expand into a new market,  or have plans
for rapid expansion through acquisition of competing  businesses;  (iv) or other
similar  characteristics.  The Company  intends to concentrate  its  acquisition
efforts on properties or businesses  that it believes to be  undervalued or that
it believes may realize a substantial  benefit from being publicly owned.  Given
the above factors,  investors  should expect that any acquisition  candidate may
have  little  or  no  operating   history,   or  a  history  of  losses  or  low
profitability.

The Company does not propose to restrict its search for investment opportunities
to any particular  geographical area or industry, and may, therefore,  engage in
essentially any business,  to the extent of its limited resources.  This include
industries such as service,  finance,  natural  resources,  manufacturing,  high
technology,  product  development,   medical,  communications  and  others.  The
Company's discretion in the selection of business opportunities is unrestricted,
subject to the  availability of such  opportunities,  economic  conditions,  and
other factors.

As a consequence of this registration of its securities,  any entity,  which has
an interest in being acquired by, or merging into the Company, is expected to be
an entity that desires to become a public Company and establish a public trading
market for its securities.  In connection with such a merger or acquisition,  it
is highly  likely  that an amount of stock  constituting  control of the Company
would either be issued by the Company or be purchased from the current principal
stockholders of the Company by the acquiring entity or its affiliates.  If stock
is purchased from the current principal stockholders,  the transaction is likely
to result in substantial gains to the current principal stockholders relative to
their  purchase  price for such stock.  In the Company's  judgment,  none of the
officers and directors would thereby become an underwriter within the meaning of
the  Section  2(11) of the  Securities  Act of 1933,  as  amended as long as the
transaction  is a  private  transaction  rather  than a public  distribution  of
securities. The sale of a controlling interest by certain principal shareholders
of the Company  would occur at a time when minority  stockholders  are unable to
sell their shares because of the lack of a public market for such shares.

Depending upon the nature of the transaction, the current officers and directors
of the Company may resign their  management and board positions with the Company
in connection with a change of control or acquisition of a business  opportunity
(See  Form of  Acquisition,  below,  and  Risk  Factors,  The  Company,  Lack of
Continuity of  Management).  In the event of such a  resignation,  the Company's
current  management  would  thereafter  have no control  over the conduct of the
Company's business.

It is  anticipated  that  business  opportunities  will  come  to the  Company's
attention from various sources,  including its officers and directors, its other
stockholders,   professional   advisors  such  as  attorneys  and   accountants,
securities  broker-  dealers,  venture  capitalists,  members  of the  financial
community,  and others who may present unsolicited proposals. The Company has no
plan,  understandings,  agreements,  or commitments with any individual for such
person to act as a finder of opportunities for the Company.

The  Company  does not foresee  that it will enter into a merger or  acquisition
transaction with any business with which its officers or directors are currently
affiliated. Should the Company determine in the future, contrary to the forgoing
expectations,  that a  transaction  with  an  affiliate  would  be in  the  best
interests  of the  Company  and its  stockholders,  the  Company is, in general,
permitted by Nevada law to enter into a transaction if: The material facts as to


                                                                               4

<PAGE>

the  relationship  or  interest  of the  affiliate  and as to  the  contract  or
transaction are disclosed or are known to the Board of Directors,  and the Board
in good faith  authorizes,  approves or ratifies the contract or  transaction by
the affirmative vote of a majority of the disinterested  directors,  even though
the disinterested directors constitute less than a quorum; or the material facts
as to the  relationship  or interest of the  affiliate and as to the contract or
transaction  are  disclosed  or are known to the  stockholders  entitled to vote
thereon, and the contract or transaction is specifically authorized, approved or
ratified  in  good  faith  by  vote  of the  stockholders;  or the  contract  or
transaction is fair as to the Company as of the time it is authorized,  approved
or ratified, by the Board of Directors or the stockholders.

Investigation and Selection of Business Opportunities

To a large extent, a decision to participate in a specific business  opportunity
may be made upon  management's  analysis of the  quality of the other  Company's
management  and  personnel,  the  anticipated  acceptability  of new products or
marketing concepts,  the merit of technological  changes,  the perceived benefit
the business  opportunity will derive from becoming a publicly held entity,  and
numerous  other  factors  which are  difficult,  if not  impossible,  to analyze
through the  application of any objective  criteria.  In many  instances,  it is
anticipated that the historical  operations of a specific  business  opportunity
may not  necessarily  be indicative of the potential for the future because of a
variety of factors,  including,  but not limited to, the possible need to expand
substantially,  shift marketing approaches,  change product emphasis,  change or
substantially augment management, raise capital and the like.

It is  anticipated  that the  Company  will not be able to  diversify,  but will
essentially be limited to the acquisition of one business opportunity because of
the Company's limited financing.  This lack of  diversification  will not permit
the Company to offset  potential  losses from one business  opportunity  against
profits from another,  and should be considered an adverse factor  affecting any
decision to purchase the Company's securities.

Certain types of business acquisition  transactions may be completed without any
requirement  that the Company first submit the  transaction to the  stockholders
for their approval.  In the event the proposed transaction is structured in such
a fashion that  stockholder  approval is not required,  holders of the Company's
securities (other than principal  stockholders  holding a controlling  interest)
should not anticipate  that they will be provided with  financial  statements or
any other documentation prior to the completion of the transaction.  Other types
of transactions require prior approval of the stockholders.

In the event a proposed business combination or business acquisition transaction
is  structured in such a fashion that prior  stockholder  approval is necessary,
the  Company  will be  required  to  prepare  a Proxy or  Information  Statement
describing  the proposed  transaction,  file it with the Securities and Exchange
Commission  for  review  and  approval,  and  mail a copy  of it to all  Company
stockholders  prior to holding a stockholders  meeting for purposes of voting on
the  proposal.  Minority  shareholders  that do not vote in favor of a  proposed
transaction  will then have the right,  in the event the transaction is approved
by the required number of stockholders, to exercise statutory dissenter's rights
and elect to be paid the fair value of their shares.

The  analysis  of  business  opportunities  will be  undertaken  by or under the
supervision  of  the  Company's  officers  and  directors,   none  of  whom  are
professional  business analysts (See Management).  Although there are no current
plans to do so, Company management might hire an outside consultant to assist in
the  investigation  and  selection  of business  opportunities,  and might pay a
finder's fee.  Since Company  management has no current plans to use any outside
consultants or advisors to assist in the investigation and selection of business
opportunities,  no policies have been adopted  regarding use of such consultants
or advisors,  the criteria to be used in selecting such consultants or advisors,
the  services to be provided,  the term of service,  or the total amount of fees
that may be paid.  However,  because of the limited resources of the Company, it
is likely that any such fee the Company agrees to pay would be paid in stock and
not in cash.

                                                                               5

<PAGE>

Otherwise,  in analyzing  potential business  opportunities,  Company management
anticipates that it will consider, among other things, the following factors:

     o    Potential for growth and  profitability  indicated by new  technology,
          anticipated market expansion, or new products;
     o    The Company's  perception of how any particular  business  opportunity
          will be  received by the  investment  community  and by the  Company's
          stockholders;
     o    Whether,  following the business combination,  the financial condition
          of the  business  opportunity  would be, or would  have a  significant
          prospect in the foreseeable  future of becoming,  sufficient to enable
          the securities of the Company to qualify for listing on an exchange or
          on a national automated  securities  quotation system, such as NASDAQ,
          so as to permit the trading of such  securities  to be exempt from the
          requirements  of Rule 15g-9  adopted by the  Securities  and  Exchange
          Commission (See Risk Factors The Company Regulations of Penny Stocks).
     o    Capital  requirements and anticipated  availability of required funds,
          to be provided by the Company or from operations,  through the sale of
          additional securities, through joint ventures or similar arrangements,
          or from other sources;
     o    The  extent to which  the  business  opportunity  can be  advanced;
     o    Competitive  position as compared to other  companies  of similar size
          and  experience  within  the  industry  segment  as well as within the
          industry as a whole;
     o    Strength and diversity of existing management or management  prospects
          that are scheduled for recruitment;
     o    The cost of  participation by the Company as compared to the perceived
          tangible and intangible values and potential; and
     o    The accessibility of required  management  expertise,  personnel,  raw
          materials,  services,  professional  assistance,  and  other  required
          items.

In regard to the  possibility  that the shares of the Company  would qualify for
listing on NASDAQ,  the current  standards for initial  listing  include,  among
other  requirements,  that the Company (1) have net tangible  assets of at least
$4.0 million, or a market  capitalization of $50.0 million, or net income of not
less that $0.75  million in its latest  fiscal  year or in two of the last three
fiscal  years;  (2) have a public float  (i.e.,  shares that are not held by any
officer, director or 10% stockholder) of at least 1.0 million shares; (3) have a
minimum  bid  price  of at  least  $4.00;  (4)  have  at  least  300  round  lot
stockholders (i.e., stockholders who own not less than 100 shares); and (5) have
an operating history of at least one year or have a market  capitalization of at
least $50.0 million.  Many, and perhaps most, of the business opportunities that
might be  potential  candidates  for a  combination  with the Company  would not
satisfy the NASDAQ listing criteria.

No one of the factors  described above will be controlling in the selection of a
business  opportunity,  and  management  will  attempt  to analyze  all  factors
appropriate to each  opportunity and make a determination  based upon reasonable
investigative  measures  and  available  data.  Potentially  available  business
opportunities  may occur in many  different  industries and at various stages of
development,  all of which will make the task of comparative  investigation  and
analysis  of  such  business  opportunities  extremely  difficult  and  complex.
Potential  investors  must  recognize  that,  because of the  Company's  limited
capital  available for  investigation  and  management's  limited  experience in
business analysis,  the Company may not discover or adequately  evaluate adverse
facts about the opportunity to be acquired.

The  Company  is  unable  to  predict  when  it may  participate  in a  business
opportunity.  It expects,  however,  that the analysis of specific proposals and
the selection of a business opportunity may take several months or more.

Prior to making a decision to participate in a business opportunity, the Company
will generally request that it be provided with written materials  regarding the
business  opportunity  containing  as much  relevant  information  as  possible,
including, but not limited to, such items as a description of products, services
and  Company  history;  management  resumes;  financial  information;  available
projections,  with related assumptions upon which they are based; an explanation
of proprietary products and services; evidence of existing patents,  trademarks,
or service marks, or rights thereto;  present and proposed forms of compensation
to  management;  a  description  of  transactions  between  such Company and its
affiliates  during the relevant  periods;  a description of present and required
facilities; an analysis of risks and competitive conditions; a financial plan of
operation and estimated capital requirements;  audited financial statements,  or
if  they  are not  available,  unaudited  financial  statements,  together  with
reasonable  assurance  that  audited  financial  statements  would be able to be
produced  within a  reasonable  period of time not to  exceed 60 days  following
completion of a merger or acquisition transaction; and the like.


                                                                               6

<PAGE>

As part of the Company's  investigation,  the Company's  executive  officers and
directors may meet personally  with management and key personnel,  may visit and
inspect  material  facilities,  obtain  independent  analysis or verification of
certain information provided,  check references of management and key personnel,
and take other reasonable investigative measures, to the extent of the Company's
limited financial resources and management expertise.

It is possible that the range of business  opportunities that might be available
for  consideration  by the Company  could be limited by the impact of Securities
and Exchange Commission regulations regarding purchase and sale of penny stocks.
The regulations would affect, and possibly impair, any market that might develop
in the  Company's  securities  until such time as they  qualify  for  listing on
NASDAQ or on an exchange which would make them exempt from  applicability of the
penny stock regulations. (See Risk Factors Regulation of Penny Stocks)

Company   management   believes  that  various  types  of  potential  merger  or
acquisition  candidates might find a business combination with the Company to be
attractive.  These include  acquisition  candidates  desiring to create a public
market for their shares in order to enhance liquidity for current  stockholders,
acquisition  candidates  which have long-term  plans for raising capital through
public sale of  securities  and believe that the possible  prior  existence of a
public  market  for  their  securities  would  be  beneficial,  and  acquisition
candidates  which  plan  to  acquire   additional  assets  through  issuance  of
securities rather than for cash, and believe that the possibility of development
of a public market for their  securities  will be of assistance in that process.
Acquisition  candidates,  which have a need for an immediate cash infusion,  are
not likely to find a potential  business  combination  with the Company to be an
attractive alternative.

Form of Acquisition

It is impossible to predict the manner in which the Company may participate in a
business opportunity.  Specific business  opportunities will be reviewed as well
as the  respective  needs and desires of the Company  and the  promoters  of the
opportunity  and,  upon the basis of the  review  and the  relative  negotiating
strength of the Company and such promoters, the legal structure or method deemed
by management to be suitable will be selected.  Such structure may include,  but
is not limited to leases, purchase and sale agreements, licenses, joint ventures
and other contractual  arrangements.  The Company may act directly or indirectly
through an interest in a partnership, corporation or other form of organization.
Implementing   such   structure  may  require  the  merger,   consolidation   or
reorganization  of the  Company  with other  corporations  or forms of  business
organization.  In  addition,  the present  management  and  stockholders  of the
Company  most likely will not have  control of a majority of the voting stock of
the Company following a merger or reorganization  transaction. As part of such a
transaction,  the Company's  existing directors may resign and new directors may
be appointed without any vote by stockholders.

It is likely  that the Company  will  acquire  its  participation  in a business
opportunity  through the  issuance of Common  Stock or other  securities  of the
Company.  Although the terms of any such  transaction  cannot be  predicted,  it
should be noted that in  certain  circumstances  the  criteria  for  determining
whether or not an acquisition is a so-called B tax free reorganization under the
Internal  Revenue  Code of 1986 as  amended,  depends  upon the  issuance to the
stockholders of the acquired  Company of a controlling  interest  (i.e.,  80% or
more) of the common stock of the combined  entities  immediately  following  the
reorganization.  If a transaction  were  structured  to take  advantage of these
provisions  rather than other a tax free provisions  provided under the Internal
Revenue Code, the Company's current  stockholders  would retain in the aggregate
20% or less of the total  issued and  outstanding  shares.  This could result in
substantial  additional dilution in the equity of those who were stockholders of
the Company prior to such reorganization. Any such issuance of additional shares
might also be done simultaneously with a sale or transfer of shares representing
a  controlling  interest in the Company by the current  officers,  directors and
principal stockholders.

It is anticipated that any new securities issued in any reorganization  would be
issued  in  reliance  upon  one  or  more  exemptions  from  registration  under
applicable  federal and state securities laws to the extent that such exemptions
are available.  In some  circumstances,  however, as a negotiated element of the
transaction,  the Company may agree to register  such  securities  either at the
time the  transaction is  consummated  or under certain  conditions at specified
times thereafter.  The issuance of substantial  additional  securities and their
potential  sale into any  trading  market  that might  develop in the  Company's
securities may have a depressive effect upon such market.

                                                                               7
<PAGE>

The  Company  will  participate  in  a  business   opportunity  only  after  the
negotiation  and  execution of a written  agreement.  Although the terms of such
agreement  cannot  be  predicted,  generally  such an  agreement  would  require
specific  representations and warranties by all of the parties thereto,  specify
certain events of default,  detail the terms of closing and the conditions which
must be satisfied by each of the parties thereto prior to such closing,  outline
the manner of bearing costs if the transaction is not closed, set forth remedies
upon default, and include miscellaneous other terms.

As a general  matter,  the Company  anticipates  that it,  and/or its  principal
stockholders will enter into a letter of intent with the management,  principals
or owners  of a  prospective  business  opportunity  prior to  signing a binding
agreement.  Such a letter  of intent  will set  forth the terms of the  proposed
acquisition but will not bind any of the parties to consummate the  transaction.
Execution of a letter of intent will by no means indicate that  consummation  of
an acquisition is probable.  Neither the Company nor any of the other parties to
the letter of intent  will be bound to  consummate  the  acquisition  unless and
until a definitive  agreement is executed.  Even after a definitive agreement is
executed,  it is possible that the acquisition  would not be consummated  should
any party elect to exercise any right  provided in the agreement to terminate it
on specific grounds.

It is anticipated that the investigation of specific business  opportunities and
the  negotiation,  drafting  and  execution of relevant  agreements,  disclosure
documents and other  instruments  will require  substantial  management time and
attention and  substantial  costs for  accountants,  attorneys and others.  If a
decision is made not to  participate  in a specific  business  opportunity,  the
costs incurred in the related investigation would not be recoverable.  Moreover,
because many providers of goods and services require compensation at the time or
soon after the goods and services are provided,  the inability of the Company to
pay until an  indeterminate  future time may make it impossible to produce goods
and services.

Investment Company Act and Other Regulation

The Company may participate in a business opportunity by purchasing,  trading or
selling the securities of such business.  The Company does not, however,  intend
to engage  primarily in such  activities.  Specifically,  the Company intends to
conduct its activities so as to avoid being classified as an investment  Company
under the Investment  Company Act of 1940 (the Investment Act), and therefore to
avoid  application  of  the  costly  and  restrictive   registration  and  other
provisions of the Investment Act, and the regulations promulgated thereunder.

The  Company's  plan of business may involve  changes in its capital  structure,
management,   control  and   business,   especially   if  it   consummates   the
reorganization  as  discussed  above.  Each of these areas is  regulated  by the
Investment Act, in order to protect purchasers of investment Company securities.
Since the Company will not register as an investment Company,  stockholders will
not be afforded these protections.

Competition

The  Company  expects to  encounter  substantial  competition  in its efforts to
locate attractive  business  combination  opportunities.  The competition may in
part come from business development companies,  venture capital partnerships and
corporations, small investment companies, brokerage firms, and the like. Some of
these  types of  organizations  are likely to be in a better  position  than the
Company to obtain access to attractive  business  acquisition  candidates either
because they have greater experience, resources and managerial capabilities than
the Company,  because they are able to offer immediate access to limited amounts
of cash,  or for a variety of other  reasons.  The Company also will  experience
competition from other public companies with similar business purposes,  some of
which may also have funds available for use by an acquisition candidate.

Employees

The Company currently has no employees. Management of the Company expects to use
consultants,  attorneys and accountants as necessary,  and does not anticipate a
need to engage any full-time  employees so long as it is seeking and  evaluating
business  opportunities.  The need for employees and their  availability will be
addressed  in  connection  with  the  decision  whether  or  not to  acquire  or
participate in specific business opportunities.

Risk Factors
------------

Conflicts of Interest.  Certain  conflicts of interest exist between the Company
and its officers and directors. They have other business interests to which they

                                                                               8
<PAGE>

currently devote attention,  and are expected to continue to do so. As a result,
conflicts of interest may arise that can be resolved only through their exercise
of judgement in a manner which is consistent with their fiduciary  duties to the
Company. (See Management, Conflicts of Interest.)

It is  anticipated  that  the  Company's  principal  shareholders  may  actively
negotiate  or  otherwise  consent to the  purchase of a portion of their  common
stock as a condition to, or in connection with, a proposed merger or acquisition
transaction.  In this process, the Company's principal shareholders may consider
their own  personal  pecuniary  benefit  rather than the best  interest of other
Company  shareholders.  Depending  upon the  nature of a  proposed  transaction,
Company  shareholders other than the principal  shareholders may not be afforded
the opportunity to approve or consent to a particular transaction.

Possible Need for Additional Financing.  The Company has very limited funds, and
such funds,  may not be adequate to take  advantage  of any  available  business
opportunities.  Even if the  Company's  currently  available  funds  prove to be
sufficient to pay for its operations until it is able to acquire an interest in,
or complete a transaction with, a business opportunity,  such funds will clearly
not be sufficient to enable it to exploit the  opportunity.  Thus,  the ultimate
success of the Company  will depend,  in part,  upon its  availability  to raise
additional  capital.  In the event that the Company  requires  modest amounts of
additional  capital  to fund  its  operations  until  it is able to  complete  a
business acquisition or transaction,  such funds, are expected to be provided by
the  principal  shareholders.  However,  the  Company has not  investigated  the
availability,  source,  or  terms  that  might  govern  the  acquisition  of the
additional  capital  which is  expected  to be  required  in order to  exploit a
business  opportunity,  and will not do so until it has  determined the level of
need for  such  additional  financing.  There is no  assurance  that  additional
capital  will be  available  from any  source or, if  available,  that it can be
obtained on terms  acceptable to the Company.  If not  available,  the Company's
operations  will be  limited  to those  that  can be  financed  with its  modest
capital.

Regulation of Penny Stocks. The Company's securities, when available for trading
will be subject to a Securities and Exchange Commission rule that impose special
sales practice  requirements  upon  broker-dealers  who sell such  securities to
persons other than established customers or accredited investors. For purpose of
the rule, the phrase accredited  investor means, in general terms,  institutions
with assets in excess of $5,000,000, or individuals having a net worth in excess
of $1,000,000 or having an annual  income that exceeds  $200,000 (or that,  when
combined with a spouse's income, exceeds $300,000).  For transactions covered by
the rule, the broker dealer must make special suitability  determination for the
purchaser and receive the purchasers  written agreement to the transaction prior
to the sale.  Consequently,  the rule may affect the  ability of  broker-dealers
ability of broker-dealers  to sell the Company's  securities and ability of also
may affect the ability of purchasers  of the  Company's  securities to sell such
securities in any market that might develop therefor.

In addition,  the  Securities  and Exchange  Commission  has adopted a number of
rules to  regulate  penny  stocks.  Such rules  include  Rule  3a51-1  under the
Securities Act of 1933, an Rules 15g-1,  15g-2,  15g-3, 15g-4, 15g-5, 15g-6, and
15g-7  under the  Securities  Exchange  Act of 1934,  as  amended.  Because  the
securities of the Company may constitute  penny stocks within the meaning of the
rules, the rules would apply to the Company and to its securities. The rules may
further affect the ability of the Company's shareholders to sell their shares in
any public market, which might develop.

Shareholders  should  be  aware  that,  according  to  Securities  and  Exchange
Commission  Release No.  34-29093,  the market for penny  stocks has suffered in
recent years form patterns of fraud and abuse. Such patterns include (i) control
of the market for the  security  by one or a few  broker-dealers  that are often
related  to  the  promoter  or  issuer;  (ii)  manipulation  of  prices  through
prearranged  matching  of  purchases  and sales and false and  misleading  press
releases;  (iii) boiler room practices involving high-pressure sales tactics and
unrealistic price projections by inexperienced sales persons; (iv) excessive and
undisclosed bid-ask differential and markups by selling broker-dealers;  and (v)
the wholesale  dumping of the same  securities  by promoters and broker  dealers
after prices have been manipulated to a desired level,  along with the resulting
inevitable  collapse of those prices and with consequent  investor  losses.  The
Company's  management is aware of the abuses that have occurred  historically in
the penny stock market. Although the Company does not expect to be in a position
to dictate the behavior of the market or of broker  dealers who  participate  in
the market,  management will strive within the confines of practical limitations
to prevent the  described  patterns form being  established  with respect to the
Company's securities.

No  Operating  History.  The  Company  has no  current or  meaningful  operating
history,  revenues from operations or assets. The Company faces all of the risks

                                                                               9
<PAGE>

of a  new  business  and  the  special  risks  inherent  in  the  investigation,
acquisition,  or involvement in a new business opportunity.  The Company must be
regarded  as a new  or  start-up  venture  with  all of  the  unforeseen  costs,
expenses, problems, and difficulties to which such ventures are subject.

No Assurance of Success or Profitability. There is no assurance that the Company
will acquire a favorable business opportunity. Even if the Company should become
involved in a business opportunity,  there is no assurance that it will generate
revenues  or  profits,  or that the market  price of the  Company's  outstanding
shares will be increased thereby.

Possible  Business  Not  Identified  and  Highly  Risky.  The  Company  has  not
identified and has no  commitments to enter into or acquire a specific  business
opportunity. As a result, it is only able to make general disclosures concerning
the risks and hazards of acquiring a business opportunity, rather than providing
disclosure  with respect to specific risks and hazards  relating to a particular
business opportunity.  As a general matter, prospective investors can expect any
potential business opportunity to be quite risky.

Type of Business  Acquired.  The type of business to be acquired may be one that
desires to avoid effecting its own public offering an the accompanying  expense,
delays,  uncertainties,  and federal  and state  requirements  which  purport to
protect investors.  Because of the Company's limited capital,  it is more likely
than not that any  acquisition  by the Company will involve  other parties whose
primary  interest is the  acquisition of control of a publicly  traded  Company.
Moreover,  any business  opportunity  acquired may be currently  unprofitable or
present other negative factors.

Impracticability  of Exhaustive  Investigation.  The Company's limited funds and
lack of full-time  management will make it  impracticable  to conduct a complete
and exhaustive  investigation and analysis of a business  opportunity before the
Company commits its capital or other resources  thereto.  Management  decisions,
therefore, will likely be made without detailed feasibility studies, independent
analysis,  market  surveys  and the like  which,  if the  Company had more funds
available to it, would be desirable.  The Company will be particularly dependent
in making decisions upon information provided by the promoter,  owner,  sponsor,
or  others  associated  with the  business  opportunity  seeking  the  Company's
participation.  A significant  portion of the Company's  available  funds may be
expended for  investigative  expenses and other expenses  related to preliminary
aspects of completing an  acquisition  transaction,  whether or not any business
opportunity investigated is eventually acquired.

Lack of  Diversification.  Because of the limited  financial  resources that the
Company  has, it is  unlikely  that the Company  will be able to  diversify  its
acquisitions or operations.  The Company's  probable  inability to diversify its
activities  into  more  than one area  will  subject  the  Company  to  economic
fluctuations within a particular business or industry and therefore increase the
risks associated with the Company's operations.

Need  for  Audited  Financial  Statements.  The  Company  will  require  audited
financial  statements  from any business that it proposes to acquire.  Since the
Company will be subject to the reporting  provisions of the Securities  Exchange
Act of 1934,  as amended  (the  Exchange  Act),  it will be  required to include
audited financial statements in its periodical reports for any existing business
it may acquire.  In addition,  the lack of audited  financial  statements  would
prevent the  securities  of the Company  from  becoming  eligible for listing on
NASDAQ,  the  automated   quotation  system  sponsored  by  the  Association  of
Securities Dealers, Inc., or on any existing stock exchange.  Moreover, the lack
of such  financial  statements  is  likely  to  discourage  broker-dealers  from
becoming  or  continuing  to serve as  market  makers in the  securities  of the
Company. Finally, without audited financial statements, the Company would almost
certainly be unable to offer securities under a Registration  Statement pursuant
to the  Securities  Act of 1933, and the ability of the Company to raise capital
would be significantly limited. Consequently, acquisitions prospects that do not
have, or are unable to provide  reasonable  assurances that they will be able to
obtain,  the required audited  statements would not be considered by the Company
to be appropriate for acquisition.

Other  Regulation.  An acquisition made by the Company may be of a business that
is subject to regulation or licensing by federal,  state, or local  authorities.
Compliance  with such  regulations  and  licensing can be expected to be a time-
consuming, expensive process and may limit other investment opportunities of the
Company.

Dependence upon Management;  Limited  Participation  of Management.  The Company
will be entirely  dependant upon the experience of its officers and directors in
seeking,  investigating,  and  acquiring  a  business  and in  making  decisions
regarding the Company's operations.  It is possible that, from time to time, the


                                                                              10
<PAGE>

inability  of such  persons to devote  their full time  attention to the Because
investors  will not be able to evaluate the merits of possible  future  business
acquisitions  by the  Company,  they should  critically  assess the  information
concerning the Company's officers and directors. (See Management.)

Lack of  Continuity  in  Management.  The  Company  does not have an  employment
agreement  with any of its officers or directors,  and as a result,  there is no
assurance  that they will  continue  to manage  the  Company in the  future.  In
connection with acquisition of a business opportunity,  it is likely the current
officers and  directors of the Company may resign.  A decision to resign will be
based  upon the  identity  of the  business  opportunity  and the  nature of the
transaction,  and is  likely  to  occur  without  the  vote  or  consent  of the
stockholders of the Company.

Indemnification of Officers and Directors. The Company's By-Laws provide for the
indemnification  of its,  directors,  officers,  employees,  and  agents,  under
certain  circumstances,  against  attorney's fees and other expenses incurred by
them in any  litigation  to  which  they  become  a  party  arising  from  their
association  with or activities on behalf of the Company.  The Company will also
bear  the  expenses  of  such  litigation  for any of its  directors,  officers,
employees, or agents, upon such persons promise to repay the Company therefor if
it is ultimately determined that any such person shall not have been entitled to
indemnification.   This  indemnification  policy  could  result  in  substantial
expenditures by the Company, which it may be unable to recoup.

Dependence upon Outside Advisors.  To supplement the business  experience of its
officers  and  directors,  the Company  may be  required to employ  accountants,
technical experts, appraisers,  attorneys, or other consultants or advisors. The
selection of any such advisors will, be made by the Company's officers,  without
any input by shareholders.  Furthermore, it is anticipated that such persons may
be  engaged  on an as needed  basis  without  a  continuing  fiduciary  or other
obligation to the Company.  In the event the officers of the Company consider it
necessary  to hire  outside  advisors,  they may elect to hire  persons  who are
affiliates, if those affiliates are able to provide the required services.

Leveraged  Transactions.  There  is a  possibility  that  any  acquisition  of a
business  opportunity  by the Company  may be  leveraged,  i.e.  the Company may
finance the  acquisition of the business  opportunity  by borrowing  against the
assets of the  business  opportunity  to be acquired,  or against the  projected
future revenues or profits of the business opportunity.  This could increase the
Company's exposure to larger losses. A business  opportunity  acquired through a
leveraged  transaction  is profitable  only if it generates  enough  revenues to
cover the  related  debt and  expenses.  Failure  to make  payments  on the debt
incurred to purchase  the  business  opportunity  could  result in the loss of a
portion or all of the assets  acquired.  There is no assurance that any business
opportunity  acquired through a leveraged  transaction will generate  sufficient
revenues to cover the related debt and expenses.

Competition.  The search for potentially  profitable  business  opportunities is
intensely  competitive.  The  Company  expects  to  be  at a  disadvantage  when
competing  with  many  firms  that  have  substantially  greater  financial  and
management  resources  and  capabilities  than the  Company.  These  competitive
conditions  will  exist  in  any  industry  in  which  the  Company  may  become
interested.

No Foreseeable Dividends. The Company has not paid dividends on its Common Stock
and does not anticipate paying such dividends in the foreseeable future.

Loss of Control by Present  Management and  Stockholders.  In  conjunction  with
completion of a business  acquisition,  it is anticipated  that the Company will
issue an amount of the  Company's  authorized  but  unissued  Common  Stock that
represents  the greater  majority of the voting power and equity of the Company.
In  conjunction  with  such  a  transaction,  the  Company's  current  Officers,
Directors,  and  principal  shareholders  could also sell all, or a portion,  of
their controlling block of stock to the acquired Company's stockholders.  Such a
transaction  would result in a greatly  reduced  percentage  of ownership of the
Company  by its  current  shareholders.  As a  result,  the  acquired  Company's
stockholders would control the Company, and it is likely that they would replace
the Company's management with persons who are unknown at this time.

No Public Market Exists.  While the Company's  equity  securities are listed for
trading on the NASDAQ Electronic Bulletin Board under the trading symbol "BOUL",
there is no  significant  or consistent  public market for the Company's  common
stock,  and no  assurance  can be given  that a market  will  develop  or that a
shareholder will ever be able to liquidate his investment  without  considerable
delay, if at all. If a market should develop,  the price may be highly volatile.


                                                                              11
<PAGE>

Factors  such as  those  discussed  in this  Risk  Factors  section  may  have a
significant impact upon the market price of the securities offered hereby. Owing
to the low price of the  securities,  many brokerage firms may not be willing to
effect  transactions  in the  securities.  Even if a  purchasers  finds a broker
willing  to  effect a  transaction  in theses  securities,  the  combination  of
brokerage commissions, state transfer taxes, if any, and any other selling costs
may exceed the selling price. Further, many leading institutions will not permit
the use of such securities as collateral for any loans.

Rule 144 Sales.  Of the 558,604  presently  outstanding  shares of the Company's
stock, 400,000 shares are "restricted securities" within the meaning of Rule 144
under the Securities Act of 1933, as amended. As restricted shares, these shares
may be resold only pursuant to an effective  registration statement or under the
requirements  of Rule 144 or other  applicable  state  securities  law. Rule 144
provides  in essence  that a person  who has held  restricted  securities  for a
prescribed  period,  may under certain  conditions,  sell every three months, in
brokerage  transactions,  a number of shares that does not exceed the greater of
1.0% of a  company's  outstanding  common  stock or the average  weekly  trading
volume  during the four calendar  weeks prior to sale.  There is no limit on the
amount of restricted  securities that may be sold by a  non-affiliate  after the
restricted  securities have been held by the owner, for a period of at least two
years.  A sale  under Rule 144,  or under an other  exemption  from the Act,  if
available,  or pursuant to subsequent  registrations  of common stock of present
shareholders, may have a depressive effect upon the price of the Common Stock in
may market that may develop. As of the date hereof, the current owners have held
100.0% of the total  issued and  outstanding  shares of the common  stock of the
Company  thereof for a period of more than two years.  Accordingly,  such shares
are currently  available for resale in  accordance  with the  provisions of Rule
144.

Blue Sky  Consideration.  Because the securities  registered  hereunder have not
been registered for resale under the Blue Sky laws of any state,  the holders of
such shares and persons who desire to purchase  them in any trading  market that
might  develop in the  future,  should be aware,  that there may be  significant
state  Blue Sky law  restrictions  upon the  ability  of  investors  to sell the
securities and of purchasers to purchase the securities.  Accordingly, investors
should  consider  the  secondary  market for the  Company's  securities  to be a
limited one.

























                                                                              12

<PAGE>

Item 2 - Description of Property

The  Company has no  property,  either  owned or leased,  and  maintains  only a
mailing address at 211 West Wall, Midland,  Texas 79701. The Company's telephone
number there is (915)  682-1761.  The Company does not  anticipate  the need for
maintaining office facilities at any time in the foreseeable future. The Company
pays no rent or other fees for the use of the mailing  address as these  offices
are used virtually full-time by other businesses of the Company's President.

It is  likely  that  the  Company  will not  establish  an  office  until it has
completed a business acquisition transaction,  but it is not possible to predict
what   arrangements  will  actually  be  made  with  respect  to  future  office
facilities.


Item 3 - Legal Proceedings

The  Company  is not a  party  to any  pending  legal  proceedings,  and no such
proceedings are known to be contemplated.


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

The Company has not conducted any meetings of shareholders  during the preceding
quarter or periods subsequent thereto.


                                     PART II

Item 5 - Market for Common Equity and Related Stockholder Matters

Reverse Stock Splits

During the August 24, 2001 Special Meeting of  Shareholders,  a one (1) for five
(5) reverse stock split on the issued and outstanding shares of common stock was
approved.  This  action  was  subsequently  enacted  by the  Company's  Board of
Directors  and  caused  the  issued  and  outstanding  shares to  decrease  from
118,953,529 to 23,790,700.

During the second quarter of 2003, the Company's Board of Directors  unanimously
adopted  a  resolution  seeking  shareholder  approval  to  grant  the  Board of
Directors  authority  to amend the  Company's  Articles  of  Incorporation  (the
"Articles")  to effect a reverse stock split of the then issued and  outstanding
common  stock.  Holders of a majority of our common  stock  approved the Boards'
recommendation  of amending the Articles to effect a  one-for-150  reverse stock
split by consent in lieu of Special Meeting on April 30, 2003.

This reverse stock split, effected on or about June 10, 2003, did not change the
number of  authorized  shares of common stock or the par value of the  Company's
common stock.  Except for any changes as a result of the treatment of fractional
shares,  each  shareholder  will  hold  the  same  percentage  of  common  stock
outstanding  immediately  following the reverse stock split as such  shareholder
did immediately prior to the reverse stock split.

No scrip or fractional  certificates were issued in connection with the June 10,
2003  reverse  stock  split.  Shareholders  who  otherwise  would be entitled to
receive  fractional  shares  because they hold a number of Old Shares not evenly
divisible will have the number of new shares to which they are entitled  rounded
down to the  nearest  whole  number.  Holders  of  less  than  150  Old  Shares,
regardless  of the actual  number  held,  will be  entitled,  upon  surrender of
certificate(s)  representing  such  shares,  to a cash  payment  of $.05 in lieu
thereof. The ownership of a fractional interest will not give the holder thereof
any voting,  dividend or other  rights  except to receive  payment  therefore as
described  herein.  There have been no  requests  for  payment of the $0.05 cash
payment received by management through December 31, 2003 or subsequent thereto.

This action caused the issued and outstanding shares to decrease from 83,790,700
to 558,604.

The effect of both of these actions are reflected in our accompanying  financial
statements as of the first day of the first period presented.


                                                                              13

<PAGE>

Market for Trading

As of January 12,  2003,  there were  558,604  shares of $0.001 par value common
stock (the "Common Stock") of the Company outstanding and owned by approximately
3,033 shareholders of record.

During 2001,  the Company filed a request for clearance of quotations on the OTC
Bulletin Board under SEC Rule 15c2-11,  Subsection  (a)(5) with NASD  Regulation
Inc. A Clearance Letter was issued to Boulder Acquisitions, Inc. in October 2001
and the Company was issued its trading symbol "BOUL". The Company's first posted
trade was  conducted  on  October  23,  2001.  The quoted  market  prices of the
Company's common stock on the NASDAQ Electronic  Bulletin Board, per data listed
by National  Quotation  Bureau,  Inc.,  as adjusted  for the one for 150 reverse
stock split in June 2003, are as follows:

                                                     High               Low
                                                 ------------      -------------

     Fourth quarter 2001                             $3.75             $1.20

     First quarter 2002                              $1.50             $1.50
     Second quarter 2002                             $1.50             $1.50
     Third quarter 2002                              $1.50             $0.15
     Fourth quarter 2002                             $1.50             $0.15

     First quarter 2003                              $0.15             $0.15
     Second quarter 2003                             $0.75             $0.15
     Third quarter 2003                              $0.21             $0.21
     Fourth quarter 2003                             $0.21             $0.21

Common Stock

The Company's  Articles of  Incorporation  authorize the issuance of 160,000,000
shares of $0.001 par value Common  Stock.  Each record holder of Common Stock is
entitled to one vote for each share held on all matters  properly  submitted  to
the  stockholders  for their vote. The Articles of  Incorporation  do not permit
cumulative voting for the election of directors.

Holders of outstanding  shares of Common Stock are entitled to such dividends as
may be  declared  from time to time by the  Board of  Directors  out of  legally
available funds; and, in the event of liquidation,  dissolution or winding up of
the affairs of the Company,  holders are entitled to receive,  ratably,  the net
assets of the Company  available to stockholders  after  distribution is made to
the  preferred  stockholders,  if  any,  who are  given  preferred  rights  upon
liquidation.  Holders of outstanding  shares of Common Stock have no preemptive,
conversion or redemptive  rights.  All of the issued and  outstanding  shares of
Common Stock are,  and all  unissued  shares when offered and sold will be, duly
authorized,  validly issued, fully paid, and non- assessable. To the extent that
additional  shares of the  Company's  Common  Stock  are  issued,  the  relative
interests of then existing stockholders may be diluted.

Preferred Stock

The  Company's  Articles of  Incorporation  authorize the issuance of 30,000,000
shares of $0.001 par value Preferred  Stock. As of December 31, 2003 and through
the date of this filing, the Company has no shares of Preferred Stock issued and
outstanding.

Transfer Agent

Our independent  stock transfer agent is United Stock Transfer,  Inc. located in
Englewood,  Colorado.  Their address and  telephone  number is: 3615 South Huron
St., # 104; Englewood CO 80110; (303) 783-9055.

Reports to Stockholders

The Company  plans to furnish its  stockholders  with an annual  report for each
fiscal year ending December 31 containing  financial  statements  audited by its
independent certified public accountants. In the event the Company enters into a


                                                                              14

<PAGE>

business  combination  with  another  Company,  it is the present  intention  of
management to continue furnishing annual reports to stockholders.  Additionally,
the Company  may, in its sole  discretion,  issue  unaudited  quarterly or other
interim  reports to its  stockholders  when it deems  appropriate.  The  Company
intends to comply with the periodic  reporting  requirements  of the  Securities
Exchange Act of 1934.

Dividend policy

No dividends  have been paid to date and the Company's  Board of Directors  does
not anticipate  paying  dividends in the foreseeable  future.  It is the current
policy to retain all earnings, if any, to support future growth and expansion.

Item 6 - Management's Discussion and Analysis or Plan of Operation

General

Boulder  Acquisitions,  Inc.  (Company) was  incorporated  under the laws of the
State of  Colorado  in 1980 as Boulder  Brewing  Company.  The  Company  was the
successor to a general partnership formed in 1979.

In September 2001, the Company changed its state of Incorporation  from Colorado
to Nevada  by means of a merger  with and into  Boulder  Acquisitions,  Inc.,  a
Nevada  corporation  formed on  September  6, 2001  solely  for the  purpose  of
effecting the  reincorporation.  The Articles of Incorporation and Bylaws of the
Nevada corporation are the Articles of Incorporation and Bylaws of the surviving
corporation.  Such Articles of  Incorporation  eliminated  the provision for the
Company to issue  preferred stock and did not make any other changes the capital
structure of the Company.

From the initial inception of the original partnership through 1990, the Company
was in the business of operating a microbrewery  (generally defined as a brewery
which produces less than 15,000 barrels per year) in Boulder,  Colorado.  During
1990, as a result of various debt defaults, the Company's assets were foreclosed
upon and the Company ceased all business operations. The Company has effectively
had no operations,  assets or  liabilities  since its fiscal year ended December
31, 1990.

Results of Operations

The Company had no operating  revenue  during the years ended  December 31, 2003
and 2002, respectively.

General and  administrative  expenses for the years ended  December 31, 2003 and
2002  were  approximately  $-0- and $-0-,  respectively.  The  Company  received
interest income of approximately $5 and $17 during 2003 and 2002,  respectively,
as a result of invested  working  capital funds.  Net income for the years ended
December 31, 2003 and 2002 was  approximately $5 and $17. Earnings per share for
the years ended December 31, 2003 and 2002 was $0.00 and $0.00 on the respective
weighted-average shares issued and outstanding.

The  Company  does not  expect  to  generate  any  meaningful  revenue  or incur
operating  expenses for purposes  other than  fulfilling  the  obligations  of a
reporting  company  under The  Securities  Exchange Act of 1934 unless and until
such time that the Company's operating subsidiary begins meaningful operations.

At December 31, 2003 and 2002, respectively,  the Company had working capital of
approximately $1,900, respectively.

It  is  the  intent  of  management  and  significant  stockholders  to  provide
sufficient  working  capital  necessary to support and preserve the integrity of
the  corporate  entity.  However,  there  is  no  legal  obligation  for  either
management or significant  stockholders  to provide  additional  future funding.
Should this pledge fail to provide financing, the Company has not identified any
alternative  sources.  Consequently,   there  is  substantial  doubt  about  the
Company's ability to continue as a going concern.

The  Company's  need for  capital  may  change  dramatically  as a result of any
business acquisition or combination transaction.  There can be no assurance that
the Company will  identify any such  business,  product,  technology  or company
suitable for acquisition in the future.  Further, there can be no assurance that
the Company would be successful in  consummating  any  acquisition  on favorable
terms  or that it will be able  to  profitably  manage  the  business,  product,
technology or company it acquires.


                                                                              15

<PAGE>

The current  management  group intends to actively to seek,  investigate and, if
warranted,  acquire  an  interest  in  one or  more  business  opportunities  or
ventures.  As of the  date  hereof,  the  Company  has  divested  itself  of all
operating   assets  and  has  no  business   opportunities   or  ventures  under
contemplation   for   acquisition   but   proposes  to   investigate   potential
opportunities in the form of investors or entrepreneurs with a concept which has
not yet been placed in operation,  or in the form of firms which are  developing
companies in need of limited additional funds for expansion into new products or
services, and which are seeking to develop a new product or service. The Company
may also seek out established  businesses which may be experiencing financial or
operational  difficulties and are in need of the limited  additional capital the
Company could provide.  The Company  anticipates that it will seek to merge with
an  existing  business.  After the  merger,  the  surviving  entity  will be the
Company;  however,  management  from the acquired  entity will in all likelihood
operate the Company.  There is, however,  a remote  possibility that the Company
may seek to acquire and operate an ongoing business,  in which case the existing
management  might be  retained.  Due to the  absence  of capital  available  for
investment by the Company, the types of businesses seeking to be acquired by the
Company  will no  doubt be  smaller  and  higher  risks  of  businesses.  In all
likelihood,  a business  opportunity  will involve the  acquisition of or merger
with a  corporation  which does not need  additional  cash but which  desires to
establish  a public  trading  market  for its  Common  Stock.  Accordingly,  the
Company's ability to acquire any business of substance may be extremely limited.

Operation of the Company

The Company  intends to search  throughout the United States,  Canada and Europe
for a  merger/acquisition  candidate,  however,  because of lack of capital, the
Company  believes  that  the  merger/acquisition  candidate  will be  conducting
business within a limited geographical area. In the event of a consummation of a
merger or acquisition with a suitable candidate,  it is highly probable that the
Company's  principal  offices will be  relocated  to the existing  office of the
merger or  acquisition  candidate.  Further the Company may also have offices at
such other places as the Board of Directors  may from time to time  determine or
the future  business,  subsequent to the consummation of a merger or acquisition
of the Company may require.

The Officers and Directors will  personally seek  acquisition/merger  candidates
and/or orally contact individuals or broker(s)/dealer(s)  and advise them of the
availability  of the Company as an  acquisition  candidate.  The  Officers  will
review material furnished them by the proposed merger/acquisition  candidate and
decide if a  merger/acquisition  is in the best interests of the Company and its
shareholders.  The  proposed  merger/acquisition  will then be  submitted to all
stockholders for approval if required by Nevada statue.

The Company may also employ outside  consultants,  however,  no such consultants
will be engaged  until a  merger/acquisition  candidate has been targeted by the
Company.  Management  believes  that it is  impossible  to consider the specific
criteria that will be used to hire consultants; however, several of the criteria
may include the consultant's  relevant experience,  the services to be provided,
the term of service  required  by the  Company.  Management  cannot  predict the
probability that management will recommend any specific consultant(s) for future
use. As of the filing of this document,  the Company has not had any discussions
with or executed agreements with any outside consultants.

Other than  disclosed  herein,  there are no other plans for  accomplishing  the
business purpose of the Company.

Selection of Opportunities

The analysis of new business  opportunities  will be  undertaken by or under the
supervision  of the  Officers and  Directors  of the Company,  none of whom is a
professional  business  analyst  and have  limited  training  or  experience  in
business analysis. Inasmuch as the Company will have no funds available to it in
its search for business opportunities and ventures, the Company will not be able
to expend  significant funds on a complete and exhaustive  investigation of such
business  opportunity.  The Company will,  however,  investigate,  to the extent
believed  reasonable by Management,  such potential  business  opportunities  or
ventures.

As a part of the  Company's  investigation,  the Officers and Directors may meet
personally with management and key personnel of the firm sponsoring the business
opportunity,  may visit and inspect plants and  facilities,  obtain  independent
analysis or verification of certain  information  provided,  check references of
management and key personnel, and conduct other reasonable arrangements,  to the
extent of the Company's limited financial resources and management and technical
expertise.

Prior to making a decision  to  recommend  to  shareholders  participation  in a
business  opportunity or venture,  the Company will generally request that it be
provided with written materials  regarding the business  opportunity  containing


                                                                              16

<PAGE>

such  items  as  a  description  of  products,  services  and  company  history;
management resumes;  financial  information;  available  projections with elated
assumptions upon which the projections were based; evidence of existing patents,
trademarks or service  marks or rights  thereto;  present and proposed  forms of
compensation  to  management;   a  description  of   transactions   between  the
prospective  entity and its affiliates during relevant periods; a description of
resent and required facilities; an analysis of risks and competitive conditions;
and, other information deemed relevant.

It is anticipated that the investigation of specific business  opportunities and
the  negotiation,  drafting,  and execution of relevant  agreements,  disclosure
documents and other  instruments  will require  substantial  management time and
attention and costs for accountants, attorneys and others. If a decision is made
not to participate in a specific  business  opportunity,  the costs  theretofore
incurred in the related  investigation  would not be  recoverable.  Furthermore,
even if an agreement  is reached for the  participation  in a specific  business
opportunity,  the failure to consummate that  transaction may result in the loss
to the Company of the costs incurred.

The  Company  will  have  unlimited  flexibility  in  seeking,   analyzing,  and
participating  in business  opportunities.  In its  efforts,  the  Company  will
consider the following kinds of factors:



     a)   Potential for growth, indicated by new technology,  anticipated market
          expansion or new products,
     b)   Competitive  position as  compared  to other firms  engaged in similar
          activities;
     c)   Strength of the merger/acquisition candidate's management;
     d)   Capital  requirements  and anticipated  availability of required funds
          from future  operations,  through the sale of  additional  securities,
          through joint ventures or similar  arrangements or from other sources;
          and
     e)   Other relevant factors.

Potentially  available  business  opportunities  may  occur  in  many  different
industries and at various stages of development, all of which will make the task
of  comparative  investigation  and  analysis  of  such  business  opportunities
extremely difficult and complex.  Potential investors must recognize that due to
the Company's  limited  capital  available for  investigation  and  management's
limited  experience  in  business  analysis,  the  Company  may not  discover or
adequately evaluate adverse facts about the opportunity to be acquired.

The  Company  has not had any  substantive  conversations  and is not  currently
engaged in substantive  discussions  related to a proposed merger or acquisition
and,  further,  is unable to predict  when it may identify or  participate  in a
business  opportunity.  It  expects,  however,  that the  analysis  of  specific
proposals and the selection of a business opportunity may take several months or
more.

As of December 31, 2003,  management  has not  identified  any entity in which a
current  officer,  director or significant  shareholder has a direct or indirect
ownership  interest as a potential  merger or  acquisition  candidate.  Existing
corporate  policy is  silent to this  situation;  however,  it is the  intent of
management  to seek  candidates  in which  current  directors,  officers  and/or
significant shareholders do not have direct or indirect ownership interests.

Further, the consummation of a merger or acquisition  transaction may or may not
involve  the sale of  shares  of  common  stock  currently  held by  members  of
management,  directors or  significant  shareholders.  The terms and  conditions
related to any potential  sale of these shares may or may not be made  available
to other minority or non-controlling existing shareholders of the Company.

Prior to the consummation of any merger or acquisition, the Company will request
the  approval  of the  existing  shareholders  if  required  by  Nevada  statue.
Accordingly,  all shareholders  will be provided with the pertinent  information
related to the  proposed  merger or  acquisition,  including  audited  financial
statements, concerning the proposed target company of the merger or acquisition.

Additionally,  the  Company  will be subject  to all  disclosure  and  reporting
requirements  of The  Securities  and Exchange  Commission,  including,  but not
limited to, the filing of a Form 8-K Current  Report for the  disclosure  of any
pending  merger  or  acquisition  and the  dissemination  of  audited  financial
statements of the merger or acquisition candidate upon consummation.


                                                                              17

<PAGE>

Form of Acquisition

The manner in which the Company  participates in an opportunity will depend upon
the nature of the  opportunity,  the respective needs and desires of the Company
and the promoters of the opportunity,  and the relative  negotiating strength of
the Company and such  promoters.  The exact form or structure  of the  Company's
participation  in a business  opportunity  or venture will be dependent upon the
needs of the particular situation. The Company's participation may be structured
as an asset  purchase,  a lease, a license,  a joint venture,  a partnership,  a
merger or the acquisition of securities.

As set forth  above,  the Company may  acquire its  participation  in a business
opportunity  through the  issuance of Common  Stock or other  securities  in the
Company.  Although the terms of any such  transaction  cannot be  predicted,  it
should be noted that,  in certain  circumstances,  the criteria for  determining
whether or not an  acquisition is a so-called  "tax free"  reorganization  under
Section  368(a)(1) of the Internal Revenue Code of 1976, as amended,  may depend
upon the issuance to the  shareholders of the acquired company of at least 80.0%
of  the  Common  Stock  of  the  combined  entities  immediately  following  the
reorganization.  If a transaction  were  structured  to take  advantage of these
provisions  rather than other "tax free" provisions  provided under the Internal
Revenue Code, all prior shareholders may, in such circumstances, retain 20.0% or
less of the total issued and  outstanding  Common  Stock.  If such a transaction
were  available  to the  Company,  it will be  necessary  to obtain  shareholder
approval to effectuate a reverse stock split or to authorize  additional  shares
of Common  Stock prior to  completing  such  acquisition.  This could  result in
substantial  additional dilution to the equity of those who were shareholders of
the Company prior to such  reorganization.  Further,  extreme  caution should be
exercised by any investor relying upon any tax benefits in light of any existing
tax laws or any proposed  changes  thereto.  It is possible that no tax benefits
will exist at all.  Prospective  investors,  if any,  should  consult  their own
legal, financial and other business advisors.

In conjunction with a merger with or acquisition of a  privately-owned  company,
there  exists a  probability  that a  change  in  control  will  occur  upon the
consummation of the merger or  acquisition.  In order to make such a transaction
feasible,  it is  highly  probable  that  management  will  offer a  controlling
interest in the Company to any identified merger or acquisition candidate.

The present management and the current  shareholders of the Company may not have
control  of a  majority  of  the  voting  shares  of  the  Company  following  a
reorganization transaction. As part of such a transaction,  all or a majority of
the Company's  Directors  may resign and new Directors may be appointed  without
any vote by shareholders.

Present  shareholders  have not agreed to vote their respective shares of Common
Stock in accordance with the vote of the majority of all  non-affiliated  future
shareholders of the Company with respect to any business combination.

Not an "Investment Advisor"

The Company is not an "investment advisor" under the Federal Investment Advisers
Act  of  1940,  which   classification   would  involve  a  number  of  negative
considerations.  Accordingly, the Company will not furnish or distribute advise,
counsel,  publications,  writings, analysis or reports to anyone relating to the
purchase or sale of any  securities  within the language,  meaning and intent of
Section 2(a)(11) of the Investment Advisers Act of 1940, 15USC 80b2(a)(11).

Not an "Investment Company"

The Company may become involved in a business  opportunity through purchasing or
exchanging  the  securities  of such  business.  The  Company  does not  intend,
however,  to engage  primarily in such  activities  and is not  registered as an
"investment  company"  under the Federal  Investment  Company  Act of 1940.  The
Company believes such registration is not required.

The Company must conduct its  activities so as to avoid  becoming  inadvertently
classified  as a transient  "investment  company"  under the Federal  Investment
Company Act of 1940, which  classification would affect the Company adversely in
a number of respects.  Section 3(a) of the  Investment  Company Act provides the
definition of an  "investment  company"  which excludes an entity which does not
engage  primarily  in the  business  of  investing,  reinvesting  or  trading in
securities,  or which  does not engage in the  business  of  investing,  owning,
holding or trading  "investment  securities"  (defined as "all securities  other
than  United  States  government  securities  or  securities  of  majority-owned
subsidiaries")  the value of which  exceeds  forty  (40.0%)  of the value of its
total assets (excluding government securities,  cash or cash items). The Company
intends to  implement  its  business  plan in a manner  which will result in the
availability of this exemption from the definition of "investment company".  The
Company proposes to engage solely in seeking an interest in one or more business
opportunities or ventures.


                                                                              18

<PAGE>

Effective January 14, 1981, the U. S. Securities and Exchange Commission adopted
Rule  3a-2  which  deems  that an  issuer  is not  engaged  in the  business  of
investing, reinvesting, owning, holding or trading in securities for purposes of
Section  3(a)(1),  cited above,  if,  during a period of time not  exceeding one
year, the issuer has a bona fide intent to be engaged  primarily,  or as soon as
reasonably  possible  (in any event by the  termination  of a one year period of
time), in a business other that of investing,  reinvesting,  owning,  holding or
trading in  securities  and such intent is evidenced by the  Company's  business
activities and  appropriate  resolution of the Company's Board of Directors duly
adopted and duly recorded in the minute book of the Company. The Rule 3a-2 "safe
harbor" may not be relied on more than a single  time.  The  Company  expects to
have invested or committed  all, or  substantially  all, of the proceeds of this
public  offering  in  the  investigation   and/or   acquisition  of  a  business
opportunity  acquisition  within a year after  completion  of the  offering  and
thereafter to not encounter the  possibility of being  classified as a transient
investment company.


Item 7 - Financial Statements

The required financial statements begin on page F-1 of this document.


Item 8 -  Changes  in and  Disagreements  with  Accountants  on  Accounting  and
Financial Disclosures

None


Item 8A - Controls and Procedures

As of December  31,  2003,  evaluation  of the  effectiveness  of the design and
operation of Boulder Acqusitions,  Inc.'s disclosure controls and procedures was
carried out under the  supervision  and with the  participation  of  management,
including our Chief Executive and Financial Officer. Based upon that evaluation,
our  Chief  Executive  and  Financial   Officer  concluded  that  the  Company's
disclosure controls and procedures are effective. There have been no significant
changes in our internal  controls or in other  factors that could  significantly
affect internal controls subsequent to the date we carried out the evaluation.


                                    PART III

Item  9  -  Directors,   Executive  Officers,  Promoters  and  Control  Persons;
Compliance with Section 16(a) of the Exchange Act

The directors and executive officers serving the Company are as follows:

         Name               Age                   Position Held and Tenure
         ----               ---                   ------------------------

     Glenn Little           50              President, Chief Executive Officer
                                            Chief Financial Officer and Director
     Matthew Blair          48              Secretary, Treasurer and Director

The  directors  named  above will  serve  until the next  annual  meeting of the
Company's  stockholders  or until  their  successors  are duly  elected and have
qualified.   Directors  will  be  elected  for  one-year  terms  at  the  annual
stockholders meeting.  Officers will hold their positions at the pleasure of the
board of directors,  absent any  employment  agreement,  of which none currently
exists or is contemplated.  There is no arrangement or understanding between any
of the  directors  or officers of the Company and any other  person  pursuant to
which any director or officer was or is to be selected as a director or officer,
and there is no arrangement,  plan or understanding as to whether non-management
shareholders  will exercise their voting rights to continue to elect the current
directors to the Company's board. There are also no arrangements,  agreements or
understandings  between   non-management   shareholders  that  may  directly  or
indirectly participate in or influence the management of the Company's affairs.



                                                                              19

<PAGE>

The directors and officers will devote their time to the Company's affairs on an
as needed  basis,  which,  depending  on the  circumstances,  could amount to as
little as two hours per month, or more than forty hours per month, but more than
likely  encompass  less than ten hours per  month.  There are no  agreements  or
understandings  for any  officer or director to resign at the request of another
person,  and none of the officers or directors  are acting on behalf of, or will
act at the direction of, any other person.

Biographical Information

Glenn A.  Little,  is a  graduate  of The  University  of  Florida,  Gainesville
(Bachelor  of Science in  Business  Administration)  and the  American  Graduate
School  of  International   Management  (Master  of  Business  Administration  -
International  Management)  and has been the  principal  of Little  and  Company
Investment  Securities  (LITCO),  a  Securities  Broker/Dealer  with  offices in
Midland,  Texas  since  1979.  Mr.  Little  currently  serves as an officer  and
director of other inactive public  corporations having the same business purpose
as the Company.

Before founding LITCO Mr. Little was a stockbroker with Howard,  Weil, Labouisse
Friedrich in New Orleans and Midland and worked for the First  National  Bank of
Commerce in New Orleans, Louisiana.

Matthew Blair was formerly a solo  practitioner of law in Midland,  Texas and is
presently  a Title IV-D  Master in Midland  County  Texas.  Before  opening  his
practice  he served in the Legal  Department  of the Federal  Deposit  Insurance
Corporation  (FDIC),  Midland,  Texas  where he  gained  exposure  to  corporate
structures and debt workouts.  His employment  before the FDIC  appointment  was
with Texas American Energy and Exxon Corporation.  Mr. Blair received a Bachelor
of Arts in  Government  from The  University of Texas at Austin (1975) and Juris
Doctor from Texas Tech University  School of Law (1979). He is licensed in every
state court in Texas,  United  States  District  Court (Texas) and in The United
States Supreme Court.

Indemnification of Officers and Directors.

The  Company's  By-Laws  provide  for the  indemnification  of  its,  directors,
officers, employees, and agents, under certain circumstances, against attorney's
fees and other expenses  incurred by them in any litigation to which they become
a party  arising  from their  association  with or  activities  on behalf of the
Company.  The Company will also bear the expenses of such  litigation for any of
its directors,  officers,  employees,  or agents,  upon such persons  promise to
repay the Company  therefor if it is ultimately  determined that any such person
shall not have been entitled to  indemnification.  This  indemnification  policy
could result in substantial  expenditures by the Company, which it may be unable
to recoup.

Conflicts of Interest

None of the  officers  of the Company  will devote more than a small  portion of
their  respective  time to the affairs of the  Company.  There will be occasions
when the time  requirements of the Company's  business conflict with the demands
of the officers'  other business and investment  activities.  Such conflicts may
require that the Company  attempt to employ  additional  personnel.  There is no
assurance  that the  services of such persons will be available or that they can
be obtained upon terms favorable to the Company.

The officers,  directors and principal  shareholders of the Company may actively
negotiate for the purchase of a portion of their common stock as a condition to,
or in  connection  with, a proposed  merger or  acquisition  transaction.  It is
anticipated  that  a  substantial  premium  may be  paid  by  the  purchaser  in
conjunction  with any sale of shares by the  Company's  officers,  directors and
principal shareholders made as a condition to, or in connection with, a proposed
merger or acquisition  transaction.  The fact that a substantial  premium may be
paid to members of Company management to acquire their shares creates a conflict
of interest for them and may compromise  their state law fiduciary duties to the
Company's  other  shareholders.  In making  any such  sale,  members  of Company
management  may consider  their own personal  pecuniary  benefit rather than the
best  interests of the Company and the  Company's  other  shareholders,  and the
other shareholders are not expected to be afforded the opportunity to approve or
consent to any particular buy-out  transaction  involving shares held by members
of Company management.

The Company has adopted a policy under which any  consulting or finders fee that
may be paid to a third party for  consulting  services to assist  management  in
evaluating a prospective business opportunity would be paid in stock rather than


                                                                              20

<PAGE>

in  cash.  Any  such  issuance  of  stock  would  be  made  on an ad hoc  basis.
Accordingly,  the Company is unable to predict whether,  or in what amount, such
stock issuance might be made.

It is not currently anticipated that any salary,  consulting fee, or finders fee
shall be paid to any of the Company's directors or executive officers, or to any
other affiliate of the Company except as described under Executive  Compensation
above.

Although  management  has no current  plans to cause the Company to do so, it is
possible  that the  Company  may enter  into an  agreement  with an  acquisition
candidate requiring the sale of all or a portion of the Common Stock held by the
Company's  current  stockholders  to the  acquisition  candidate  or  principals
thereof,  or to other individuals or business entities,  or requiring some other
form of payment to the Company's current  stockholders,  or requiring the future
employment  of specified  officers  and payment of salaries to them.  It is more
likely  than  not  that  any  sale  of  securities  by  the  Company's   current
stockholders  to an  acquisition  candidate  would  be at a price  substantially
higher than that  originally paid by such  stockholders.  Any payment to current
stockholders  in the context of an  acquisition  involving  the Company would be
determined  entirely by the largely  unforeseeable  terms of a future  agreement
with an unidentified business entity.

Item 10 - Executive Compensation

There was no  executive  compensation  paid  during  either  of the years  ended
December 31, 2003 and 2002, respectively.

Currently,  management  of the  Company  requires  less  than five (5) hours per
month.  Accordingly,  no officer or director has received any compensation  from
the  Company.   Until  the  Company  acquires  additional  capital,  it  is  not
anticipated  that any officer or director  will  receive  compensation  from the
Company other than  reimbursement for out-of-pocket  expenses incurred on behalf
of the Company. See Certain Relationships and Related Transactions.

The Company has no stock option, retirement, pension, or profit-sharing programs
for the benefit of directors, officers or other employees, but the Board of
Directors may recommend adoption of one or more such programs in the future.


Item 11 - Security  Ownership of Certain  Beneficial  Owners and  Management and
Related Stockholder Matters

The following table sets forth, as of the date of this  Registration  Statement,
the  number of  shares of Common  Stock  owned of  record  and  beneficially  by
executive officers, directors and persons who hold 5% or more of the outstanding
Common Stock of the Company.  Also included are the shares held by all executive
officers and directors as a group.
                                                                  % of Class
     Name and address               Number of Shares          Beneficially Owned
     ----------------               ----------------          ------------------

Glenn A. Little                          400,000                     71.61%
211 West Wall
Midland, Texas 79701

Matthew Blair                                  0                      0.00%
200 West Wall, Suite 104
Midland, Texas 79701

All Directors and                        400,000                     71.61%
Executive Officers (2 persons)


Item 12 - Certain Relationships and Related Transactions

The Company  currently  maintains a mailing  address at 211 West Wall,  Midland,
Texas  79701.  The  Company's  telephone  number there is (915)  682-1761.  This
address  is  maintained  and  controlled  by  Glenn  A.  Little,  the  Company's
President.  Other than this  mailing  address,  the Company  does not  currently
maintain  any other  office  facilities,  and does not  anticipate  the need for
maintaining office facilities at any time in the foreseeable future. The Company
pays no rent or other fees for the use of the mailing  address as these  offices
are used virtually full-time by other businesses of the Company's President.

Item 13 - Exhibits and Reports on Form 8-K

Exhibits
--------

31.1     Certification pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
32.1     Certification pursuant to Section 906 of Sarbanes-Oxley Act of 2002.

Reports on Form 8-K
-------------------

None

                                                                              21

<PAGE>

                                   SIGNATURES

In accord with Section 13 or 15(d) of the  Securities  Act of 1933,  as amended,
the Company  caused  this report to be signed on its behalf by the  undersigned,
thereto duly authorized.

                                                      Boulder Acquisitions, Inc.


Dated: January 12, 2004                       By:     /s/ Glenn A. Little
       ----------------                          -------------------------------
                                                                 Glenn A. Little
                                                        Chief Executive Officer,
                                                         Chief Financial Officer
                                                                    and Director


In accordance with the Securities Exchange Act of 1934, as amended,  this report
has been signed below by the  following  persons on behalf of the Company and in
the capacities and on the date as indicated.


Dated: January 12, 2004                       By:     /s/ Glenn A. Little
       ----------------                          -------------------------------
                                                                 Glenn A. Little
                                             President, Chief Executive Officer,
                                            Chief Financial Officer and Director


Dated: January 12, 2004                       By:     /s/ Matthew Blair
       ----------------                          -------------------------------
                                                                   Matthew Blair
                                                                        Director
































                                                                              22

<PAGE>

                           Boulder Acquisitions, Inc.

                                    Contents

                                                                            Page
                                                                            ----

Report of Independent Certified Public Accountants                           F-2

Financial Statements

   Balance Sheets
     as of December 31, 2003 and 2002                                        F-3

   Statements of Operations and Comprehensive Income
     for the years ended December 31, 2003 and 2002                          F-4

   Statement of Changes in Shareholders' Equity
     for the years ended December 31, 2003 and 2002                          F-5

   Statements of Cash Flows
     for the years ended December 31, 2003 and 2002                          F-6

   Notes to Financial Statements                                             F-7






























                                                                             F-1

<PAGE>

               REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS


Board of Directors and Stockholders
Boulder Acquisitions, Inc.

We have audited the accompanying balance sheets of Boulder Acquisitions, Inc. (a
Nevada  corporation) as of December 31, 2003 and 2002 and the related statements
of operations and comprehensive income, changes in shareholders' equity and cash
flows for the each of the two years then ended.  These financial  statements are
the responsibility of the Company's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audit in accordance with auditing standards  generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain  reasonable  assurance  about  whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the financial position of Boulder Acquisitions,  Inc. as
of December 31, 2003 and 2002 and the results of its  operations  and cash flows
for the each of the two years then ended, in conformity with generally  accepted
accounting principles generally accepted in the United States of America.

The  accompanying  financial  statements  have been  prepared  assuming that the
Company  will  continue  as a  going  concern.  As  discussed  in  Note C to the
financial statements, the Company has no viable operations or significant assets
and is dependent upon  significant  shareholders to provide  sufficient  working
capital to maintain the integrity of the corporate entity.  These  circumstances
create  substantial  doubt  about the  Company's  ability to continue as a going
concern and are discussed in Note C. The financial statements do not contain any
adjustments that might result from the outcome of these uncertainties.



                                                    S. W. HATFIELD, CPA
Dallas, Texas
January 12, 2004























                                                                             F-2

<PAGE>
<TABLE>
<CAPTION>

                           Boulder Acquisitions, Inc.
                                 Balance Sheets
                           December 31, 2003 and 2002


                                                             December 31,    December 31,
                                                                 2003            2002
                                                             ------------    ------------
<S>                                                          <C>             <C>
                                     ASSETS
                                     ------
Current Assets
   Cash on hand and in bank                                  $      1,932    $      1,927
                                                             ------------    ------------

   Total Current Assets                                             1,932           1,927
                                                             ------------    ------------

Total Assets                                                 $      1,932    $      1,927
                                                             ============    ============


                      LIABILITIES AND SHAREHOLDERS' EQUITY
                      ------------------------------------
Liabilities
   Current Liabilities
     Accounts payable - trade                                $       --      $       --
                                                             ------------    ------------

   Total Current Liabilities                                         --              --
                                                             ------------    ------------


Commitments and Contingencies


Shareholders' Equity
   Preferred stock - $0.001 par value
     30,000,000 shares authorized
     None issued and outstanding                                     --              --
   Common stock - $0.001 par value
     160,000,000 shares authorized
     558,604 shares issued and outstanding, respectively              559             559
   Additional paid-in capital                                   2,963,347       2,963,347
   Accumulated deficit                                         (2,961,974)     (2,961,979)
                                                             ------------    ------------

   Total Shareholders' Equity                                       1,932           1,927
                                                             ------------    ------------

   Total Liabilities and Shareholders' Equity                $      1,932    $      1,927
                                                             ============    ============
</TABLE>




























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

<PAGE>

                           Boulder Acquisitions, Inc.
                Statements of Operations and Comprehensive Income
                     Years ended December 31, 2003 and 2002


                                                      Year ended     Year ended
                                                     December 31,   December 31,
                                                         2003           2002
                                                     ------------   ------------

Revenues                                             $       --     $       --
                                                     ------------   ------------

Expenses
   General and administrative expenses                       --             --
                                                     ------------   ------------

     Total operating expenses                                --             --
                                                     ------------   ------------

Income (Loss) from operations                                --             --

Other income
   Interest income                                              5             17
                                                     ------------   ------------

Net Income (Loss) before Provision for
   Income Taxes and Extraordinary Item                          5             17

Provision for income taxes                                   --             --
                                                     ------------   ------------

Net Income (Loss) before Extraordinary Item                     5             17
Extraordinary Item
   Forgiveness of trade accounts payable
     at settlement, net of income taxes                      --             --
                                                     ------------   ------------

Net Income                                                      5             17

Other Comprehensive Income                                   --             --
                                                     ------------   ------------

Comprehensive Income                                 $          5   $         17
                                                     ============   ============


Earnings per share of common stock
   outstanding computed on net income
   (loss), principally from discontinued
     operations - basic and fully diluted                     nil            nil
                                                     ============   ============

Weighted-average number of shares
   outstanding - basic and fully diluted                  558,604        558,604
                                                     ============   ============












The accompanying notes are an integral part of these financial statements.
                                                                             F-4

<PAGE>
<TABLE>
<CAPTION>

                           Boulder Acquisitions, Inc.
                  Statement of Changes in Shareholders' Equity
                     Years ended December 31, 2003 and 2002



                                   Common Stock            Additional
                                   ------------              paid-in     Accumulated
                               Shares         Amount         capital       deficit         Total
                             -----------    -----------    -----------   -----------    -----------
<S>                           <C>           <C>            <C>           <C>            <C>
Balances at
   January 1, 2002,
   as originally presented    83,790,700    $    83,791    $ 2,880,115   $(2,961,996)   $     1,910

Effect of June 10, 2003
   1 for 150 reverse
   stock split               (83,232,096)       (83,232)        83,232          --             --
                             -----------    -----------    -----------   -----------    -----------

Balances at
   January 1, 2002,
   as restated                   558,604            559      2,963,347    (2,961,996)         1,910

Net income for the year             --             --             --              17             17
                             -----------    -----------    -----------   -----------    -----------

Balances at
   December 31, 2002             558,604            559      2,963,347    (2,961,979)         1,927

Net income for the year             --             --             --               5              5
                             -----------    -----------    -----------   -----------    -----------
Balances at
   December 31, 2003             558,604    $       559    $ 2,963,347   $(2,961,974)   $     1,932
                             ===========    ===========    ===========   ===========    ===========
</TABLE>





























The accompanying notes are an integral part of these financial statements.
                                                                             F-5

<PAGE>
<TABLE>
<CAPTION>

                           Boulder Acquisitions, Inc.
                            Statements of Cash Flows
                     Years ended December 31, 2003 and 2002


                                                              Year ended     Year ended
                                                             December 31,   December 31,
                                                                 2003           2002
                                                             ------------   ------------
<S>                                                          <C>            <C>
Cash Flows from Operating Activities
   Net Income                                                $          5   $         17
   Adjustments to reconcile net income to net cash
     provided by operating activities
       Forgiveness of trade accounts payable at settlement           --             --
       Increase (Decrease) in Accounts payable - trade               --             --
                                                             ------------   ------------

Net cash used in operating activities                                   5             17
                                                             ------------   ------------


Cash Flows from Investing Activities                                 --             --
                                                             ------------   ------------


Cash Flows from Financing Activities
   Proceeds from private placement of common stock                   --             --
   Proceeds from loan from shareholder                               --             --
                                                             ------------   ------------

Net cash provided by financing activities                            --             --
                                                             ------------   ------------

Increase (Decrease) in Cash and Cash Equivalents                        5             17

Cash and cash equivalents at beginning of period                    1,927          1,910
                                                             ------------   ------------

Cash and cash equivalents at end of period                   $      1,932   $      1,927
                                                             ============   ============

Supplemental Disclosures of Interest and Income Taxes Paid
   Interest paid during the period                           $       --     $       --
                                                             ============   ============
   Income taxes paid (refunded)                              $       --     $       --
                                                             ============   ============
</TABLE>





The accompanying notes are an integral part of these financial statements.
                                                                             F-6

<PAGE>

                           Boulder Acquisitions, Inc.

                         Notes to Financial Statements


Note A - Organization and Description of Business

Boulder  Acquisitions,  Inc.  (Company) was  incorporated  under the laws of the
State of  Colorado  in 1980 as Boulder  Brewing  Company.  The  Company  was the
successor to a general partnership formed in 1979.

In September 2001, the Company changed its state of Incorporation  from Colorado
to Nevada  by means of a merger  with and into  Boulder  Acquisitions,  Inc.,  a
Nevada  corporation  formed on  September  6, 2001  solely  for the  purpose  of
effecting the  reincorporation.  The Articles of Incorporation and Bylaws of the
Nevada corporation are the Articles of Incorporation and Bylaws of the surviving
corporation.  Such Articles of  Incorporation  eliminated  the provision for the
Company to issue  preferred stock and did not make any other changes the capital
structure of the Company.

From the initial inception of the original partnership through 1990, the Company
was in the business of operating a microbrewery  (generally defined as a brewery
which produces less than 15,000 barrels per year) in Boulder,  Colorado.  During
1990, as a result of various debt defaults, the Company's assets were foreclosed
upon and the Company ceased all business operations.

The Company has effectively had no operations,  assets or liabilities  since its
fiscal year ended December 31, 1990.


Note B - Preparation of Financial Statements

The  Company  follows  the  accrual  basis  of  accounting  in  accordance  with
accounting principles generally accepted in the United States of America and has
a year-end of December 31.

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America requires  management to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities  and disclosure of contingent  assets and liabilities at the date of
the  financial  statements  and the  reported  amounts of revenues  and expenses
during the reporting period. Actual results could differ from those estimates.

Management further acknowledges that it is solely responsible for adopting sound
accounting  practices,   establishing  and  maintaining  a  system  of  internal
accounting  control and preventing and detecting  fraud. The Company's system of
internal  accounting  control is 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 of the  Company  for the  respective  periods  being
presented


Note C - Going Concern Uncertainty

From the initial inception of the original partnership through 1990, the Company
was in the business of operating a microbrewery  (generally defined as a brewery
which produces less than 15,000 barrels per year) in Boulder,  Colorado.  During
1990, as a result of various debt defaults, the Company's assets were foreclosed
upon and the Company ceased all business operations.


                                                                             F-7

<PAGE>

                           Boulder Acquisitions, Inc.

                    Notes to Financial Statements - Continued


Note C - Going Concern Uncertainty - Continued

The Company has effectively had no operations,  assets or liabilities  since its
fiscal year ended December 31, 1990. Accordingly,  the Company is dependent upon
management and/or significant shareholders to provide sufficient working capital
to preserve the integrity of the corporate entity at this time.

The  Company's  continued  existence is  dependent  upon its ability to generate
sufficient cash flows from operations to support its daily operations as well as
provide sufficient resources to retire existing liabilities and obligations on a
timely basis.

The Company  anticipates  offering future sales of equity  securities.  However,
there is no assurance that the Company will be able to obtain additional funding
through the sales of additional  equity  securities  or, that such  funding,  if
available, will be obtained on terms favorable to or affordable by the Company.

If no additional  operating  capital is received  during the next twelve months,
the  Company  will be  forced  to rely on  existing  cash in the  bank  and upon
additional  funds  loaned  by  management  and/or  significant  stockholders  to
preserve the integrity of the corporate  entity at this time. In the event,  the
Company  is  unable to  acquire  advances  from  management  and/or  significant
stockholders, the Company's ongoing operations would be negatively impacted.

It  is  the  intent  of  management  and  significant  stockholders  to  provide
sufficient  working  capital  necessary to support and preserve the integrity of
the corporate entity.  However, no formal commitments or arrangements to advance
or loan funds to the Company or repay any such advances or loans exist. There is
no legal obligation for either management or significant stockholders to provide
additional future funding.

While the Company is of the opinion that good faith  estimates of the  Company's
ability to secure additional  capital in the future to reach our goals have been
made, there is no guarantee that the Company will receive  sufficient funding to
sustain operations or implement any future business plan steps.


Note D - Summary of Significant Accounting Policies

1.   Cash and cash equivalents
     -------------------------

     For  Statement of Cash Flows  purposes,  the Company  considers all cash on
     hand  and  in  banks,  including  accounts  in  book  overdraft  positions,
     certificates of deposit and other highly-liquid investments with maturities
     of three months or less, when purchased, to be cash and cash equivalents.

2.   Income Taxes
     ------------

     The Company uses the asset and liability  method of  accounting  for income
     taxes. At December 31, 2003 and 2002, respectively,  the deferred tax asset
     and deferred  tax  liability  accounts,  as recorded  when  material to the
     financial  statements,  are entirely  the result of temporary  differences.
     Temporary  differences  represent  differences in the recognition of assets
     and  liabilities  for  tax  and  financial  reporting  purposes,  primarily
     accumulated depreciation and amortization,  allowance for doubtful accounts
     and vacation accruals.


                                                                             F-8

<PAGE>

                           Boulder Acquisitions, Inc.

                    Notes to Financial Statements - Continued


Note D - Summary of Significant Accounting Policies - Continued

2.   Income Taxes - continued
     ------------------------

     As of December 31, 2003 and 2002, the deferred tax asset related to the
     Company's net operating loss carryforward is fully reserved. Due to the
     provisions of Internal Revenue Code Section 338, the Company may have no
     net operating loss carryforwards available to offset financial statement or
     tax return taxable income in future periods as a result of a change in
     control involving 50 percentage points or more of the issued and
     outstanding securities of the Company.

3.   Income (Loss) per share
     -----------------------

     Basic  earnings  (loss) per share is computed  by  dividing  the net income
     (loss) by the weighted-average  number of shares of common stock and common
     stock  equivalents  (primarily  outstanding  options and warrants).  Common
     stock equivalents  represent the dilutive effect of the assumed exercise of
     the  outstanding  stock  options and  warrants,  using the  treasury  stock
     method.  The calculation of fully diluted earnings (loss) per share assumes
     the dilutive effect of the exercise of outstanding  options and warrants at
     either the  beginning  of the  respective  period  presented or the date of
     issuance,   whichever  is  later.   As  of  December  31,  2003  and  2002,
     respectively,  the Company has no outstanding  stock  warrants,  options or
     convertible  securities  which could be considered as dilutive for purposes
     of the loss per share calculation.


Note E - Fair Value of Financial Instruments

The carrying amount of cash,  accounts  receivable,  accounts  payable and notes
payable, as applicable,  approximates fair value due to the short term nature of
these items  and/or the current  interest  rates  payable in relation to current
market conditions.

Interest  rate risk is the risk  that the  Company's  earnings  are  subject  to
fluctuations  in interest  rates on either  investments  or on debt and is fully
dependent  upon  the  volatility  of  these  rates.  The  Company  does  not use
derivative instruments to moderate its exposure to interest rate risk, if any.

Financial  risk  is  the  risk  that  the  Company's  earnings  are  subject  to
fluctuations in interest rates or foreign exchange rates and are fully dependent
upon the  volatility  of  these  rates.  The  company  does  not use  derivative
instruments to moderate its exposure to financial risk, if any.





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                                                                             F-9

<PAGE>
<TABLE>
<CAPTION>

                           Boulder Acquisitions, Inc.

                    Notes to Financial Statements - Continued


Note F -Income Taxes

The  components  of income tax  (benefit)  expense  for each of the years  ended
December 31, 2003 and 2002, respectively, are as follows:

                                                      Year ended     Year ended
                                                     December 31,   December 31,
                                                         2003           2002
                                                     ------------   ------------
     Federal:
       Current                                       $       --     $       --
       Deferred                                              --             --
                                                     ------------   ------------
                                                             --             --
                                                     ------------   ------------
     State:
       Current                                               --             --
       Deferred                                              --             --
                                                     ------------   ------------
                                                             --             --
                                                     ------------   ------------

       Total                                         $       --     $       --
                                                     ============   ============

As of December  31, 2003,  as a result of a January 2001 change in control,  the
Company has a net operating loss carryforward of approximately $18,000 to offset
future taxable income.  Subject to current  regulations,  this carryforward will
begin to expire in 2021. The amount and  availability  of the net operating loss
carryforwards  may be subject to limitations  set forth by the Internal  Revenue
Code. Factors such as the number of shares ultimately issued within a three year
look-back  period;  whether  there is a deemed  more than 50  percent  change in
control; the applicable long-term tax exempt bond rate; continuity of historical
business;  and  subsequent  income  of the  Company  all enter  into the  annual
computation of allowable annual utilization of the carryforwards.

The Company's  income tax expense for each of the years ended  December 31, 2003
and 2002,  respectively,  differed from the statutory federal rate of 34 percent
as follows:

                                                             Year ended      Year ended
                                                            December 31,    December 31,
                                                                2003            2002
                                                            ------------    ------------
<S>                                                         <C>             <C>
Statutory rate applied to income before income taxes        $          2    $          6
Increase (decrease) in income taxes resulting from:
     State income taxes                                             --              --
     Other, including reserve for deferred tax asset
       and application of net operating loss carryforward             (2)             (6)
                                                            ------------    ------------

       Income tax expense                                   $       --      $         --
                                                            ============    ============
</TABLE>



                                                                            F-10

<PAGE>

                           Boulder Acquisitions, Inc.

                    Notes to Financial Statements - Continued


Note F - Income Taxes - Continued

Temporary  differences,  consisting primarily of statutory deferrals of expenses
for organizational costs and statutory  differences in the depreciable lives for
property and equipment, between the financial statement carrying amounts and tax
bases of assets and liabilities give rise to deferred tax assets and liabilities
as of December 31, 2003 and 2002, respectively:

                                                   December 31,    December 31,
                                                       2003            2002
                                                   ------------    ------------
     Deferred tax assets
       Net operating loss carryforwards            $      6,200    $      6,200
       Less valuation allowance                          (6,200)         (6,200)
                                                   ------------    ------------

     Net Deferred Tax Asset                        $       --      $       --
                                                   ============    ============

During each of the years ended  December 31, 2003 and 2002,  the reserve for the
deferred   current  tax  asset  increased  by   approximately   $-0-  and  $-0-,
respectively.


Note G - Common Stock Transactions

During the second quarter of 2003, the Company's Board of Directors  unanimously
adopted  a  resolution  seeking  shareholder  approval  to  grant  the  Board of
Directors  authority  to amend the  Company's  Articles  of  Incorporation  (the
"Articles")  to effect a reverse stock split of the then issued and  outstanding
common  stock.  Holders of a majority of our common  stock  approved the Boards'
recommendation  of amending the Articles to effect a one-for- 150 reverse  stock
split by consent in lieu of Special Meeting on April 30, 2003.

The reverse stock split,  effected on or about June 10, 2003, did not change the
number of  authorized  shares of common stock or the par value of the  Company's
common stock.  Except for any changes as a result of the treatment of fractional
shares,  each shareholder  holds the same percentage of common stock outstanding
immediately   following  the  reverse  stock  split  as  such   shareholder  did
immediately prior to the reverse stock split.

No scrip or fractional  certificates  were issued in connection with the reverse
stock split.  Shareholders who otherwise would be entitled to receive fractional
shares  because they hold a number of Old Shares not evenly  divisible will have
the number of new shares to which they are entitled  rounded down to the nearest
whole  number.  Holders of less than 150 Old  Shares,  regardless  of the actual
number held,  will be entitled,  upon surrender of  certificate(s)  representing
such  shares,  to a cash  payment of $.05 in lieu  thereof.  The  ownership of a
fractional  interest  will not give the holder  thereof any voting,  dividend or
other rights except to receive payment therefore as described herein. There have
been no requests  for payment of the $0.05 cash payment  received by  management
through December 31, 2003 or subsequent thereto.

This action caused the issued and outstanding shares to decrease from 83,790,700
to 558,604. The effect of this action is reflected in the accompanying financial
statements as of the first day of the first period presented.




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                                                                            F-11