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


                                   FORM 10-QSB

(Mark One)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

     For the quarterly period ended March 31, 2003

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

     For the transition period from        to
                                   --------  --------

                         Commission file number 0-32375

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

           FLORIDA                                                65-0067192
 ------------------------------                               -----------------
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation of organization)                              Identification No.)

                            2405 Southeast Dixie Hwy.
                              Stuart, Florida 34996
                     --------------------------------------
                    (Address of Principal Executive Offices)

                                 (772) 288-0666
                            -------------------------
                           (Issuer's telephone number)

                             38 East Osceola Street
                             Stuart, Florida 34994
               ---------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

         Yes  X       No
            -----       -----
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:

Class                                       Outstanding as of May 12, 2003
------                                      -------------------------------
Common Stock, no par value                            12,500,000

Transitional Small Business Disclosure Format (check one)

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

<PAGE>

PART I.  FINANCIAL INFORMATION                                                3

ITEM 1.  FINANCIAL STATEMENTS                                                 3

         BALANCE SHEETS                                                       4

         STATEMENTS OF OPERATIONS                                             5

         STATEMENTS OF STOCKHOLDERS' EQUITY                                   6

         STATEMENTS OF CASH FLOWS                                             7

         NOTES TO FINANCIAL STATEMENTS                                        8

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION            9

ITEM 3.  CONTROLS AND PROCEDURES                                             15

PART II. OTHER INFORMATION                                                   15

ITEM 1.  LEGAL PROCEEDINGS                                                   15

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS                           15

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES                                     15

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                 15

ITEM 5.  OTHER INFORMATION                                                   15

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K                                    16

SIGNATURES                                                                   16


                                        2
<PAGE>

PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
----------------------------

                              AUTEC ASSOCIATES INC.

                              FINANCIAL STATEMENTS

                      March 31, 2003 and December 31, 2002













                                       3
<PAGE>
<TABLE>
<CAPTION>

                             AUTEC ASSOCIATES, INC.
                                 Balance Sheets

                                                           March 31,  December 31,
                                                             2003        2002
                                                             ----        ----
                                                          (Unaudited)

CURRENT ASSETS
<S>                                                        <C>         <C>
   Cash                                                    $ 10,547    $ 23,102
   Inventory                                                 13,818      13,205
                                                           --------    --------

     Total Current Assets                                    24,365      36,307
                                                           --------    --------

PROPERTY AND EQUIPMENT

   Furniture and fixtures                                     2,497       2,497
   Less - accumulated depreciation                             (874)       (749)
                                                           --------    --------

     Total Property and Equipment                             1,623       1,748
                                                           --------    --------

     TOTAL ASSETS                                          $ 25,988    $ 38,055
                                                           ========    ========

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

   Accounts payable                                        $ 19,964    $ 27,501
   Accrued expenses                                           1,081       3,868
                                                           --------    --------

     Total Current Liabilities                               21,045      31,369
                                                           --------    --------

STOCKHOLDERS' EQUITY

   Common stock; 20,000,000 shares authorized of no par
    value, 12,500,000 shares issued and outstanding          20,100      20,100
   Additional paid-in capital                                42,617      38,617
   Accumulated deficit                                      (57,774)    (52,031)
                                                           --------    --------

     Total Stockholders' Equity                               4,943       6,686
                                                           --------    --------

     TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY            $ 25,988    $ 38,055
                                                           ========    ========


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

                                        4
<PAGE>

                             AUTEC ASSOCIATES, INC.
                            Statements of Operations
                                   (Unaudited)


                                                   For the Three Months Ended
                                                            March 31,
                                                --------------------------------
                                                    2003                2002
                                                ------------        ------------

REVENUE

   Net sales                                    $     50,206        $     33,529
   Cost of goods sold                                 31,359               9,031
                                                ------------        ------------

     Gross Profit                                     18,847              24,498
                                                ------------        ------------

EXPENSES

   General and administrative                         15,350              12,003
   Salaries                                            9,240               9,240
                                                ------------        ------------

     Total Expenses                                   24,590              21,243
                                                ------------        ------------

INCOME (LOSS) FROM OPERATIONS                         (5,743)              3,255

INCOME TAXES                                            --                  --
                                                ------------        ------------

NET INCOME (LOSS)                               $     (5,743)       $      3,255
                                                ============        ============

BASIC AND DILUTED INCOME (LOSS) PER SHARE       $      (0.00)       $       0.00
                                                ============        ============

WEIGHTED AVERAGE NUMBER OF
 SHARES OUTSTANDING                               12,500,000          12,500,000
                                                ============        ============


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

                                       5
<PAGE>

                                AUTEC ASSOCIATES, INC.
                          Statements of Stockholders' Equity



                                           Common Stock         Additional
                                      -----------------------    Paid-In     Accumulated
                                        Shares       Amount      Capital       Deficit
                                      ----------   ----------   ----------   ----------

Balance, December 31, 2001            12,500,000   $   20,100   $   30,510   $  (34,835)

Contributed capital                         --           --          8,107         --

Net loss for the year ended
 December 31, 2002                          --           --           --        (17,196)
                                      ----------   ----------   ----------   ----------

Balance, December 31, 2002            12,500,000       20,100       38,617      (52,031)

Contributed capital (unaudited)             --           --          4,000         --

Net loss for the three months
 ended March 31, 2003 (unaudited)           --           --           --         (5,743)
                                      ----------   ----------   ----------   ----------

Balance, March 31, 2003 (unaudited)   12,500,000   $   20,100   $   42,617   $  (57,774)
                                      ==========   ==========   ==========   ==========



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

                                           6
<PAGE>

                               AUTEC ASSOCIATES, INC.
                              Statements of Cash Flows
                                     (Unaudited)


                                                              For the Three Months Ended
                                                                       March 31,
                                                              --------------------------
                                                                   2003        2002
                                                                 --------    --------

CASH FLOWS FROM OPERATING ACTIVITIES

   Net income (loss)                                             $ (5,743)   $  3,255
   Adjustments to reconcile net income (loss) to net cash used
     by operating activities:
     Depreciation                                                     125         125
   Changes in operating assets and liabilities:
     Decrease in inventory                                           (613)       --
     Decrease in accounts payable                                  (7,537)    (30,259)
     Decrease in accrued expenses                                  (2,787)        (52)
                                                                 --------    --------

       Net Cash Used by Operating Activities                      (16,555)    (26,931)
                                                                 --------    --------

CASH FLOWS FROM INVESTING ACTIVITIES                                 --          --
                                                                 --------    --------

CASH FLOWS FROM FINANCING ACTIVITIES

   Contributed capital                                              4,000        --
                                                                 --------    --------

       Net Cash Provided by Financing Activities                    4,000        --
                                                                 --------    --------

NET DECREASE IN CASH                                              (12,555)    (26,931)

CASH AT BEGINNING OF PERIOD                                        23,102      43,947
                                                                 --------    --------

CASH AT END OF PERIOD                                            $ 10,547    $ 17,016
                                                                 ========    ========

CASH PAID FOR:

   Interest                                                      $   --      $   --
   Income taxes                                                  $   --      $   --




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

                                          7
</TABLE>
<PAGE>

                             AUTEC ASSOCIATES, INC.
                        Notes to the Financial Statements
                             March 31, 2002 and 2001


NOTE 1 - CONDENSED FINANCIAL STATEMENTS

     The accompanying financial statements have been prepared by the Company
     without audit. In the opinion of management, all adjustments (which include
     only normal recurring adjustments) necessary to present fairly the
     financial position, results of operations and cash flows at March 31, 2003
     and 2002 and for all periods presented have been made.

     Certain information and footnote disclosures normally included in financial
     statements prepared in accordance with accounting principles generally
     accepted in the United States of America have been condensed or omitted. It
     is suggested that these condensed financial statements be read in
     conjunction with the financial statements and notes thereto included in the
     Company's December 31, 2002 audited financial statements. The results of
     operations for the periods ended March 31, 2003 and 2002 are not
     necessarily indicative of the operating results for the full years.

NOTE 2 - EQUITY TRANSACTIONS

     During the quarter ended March 31, 2003, the Company recorded contributed
     capital of $4,000 for expenses paid by a shareholder on behalf of the
     Company.



                                       8
<PAGE>

     Statements made in this Form 10-QSB that are not historical or current
facts are "forward-looking statements" made pursuant to the safe harbor
provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section
21E of the Securities Exchange Act of 1934. These statements often can be
identified by the use of terms such as "may," "will," "expect," "believe,"
"anticipate," "estimate," "approximate" or "continue," or the negative thereof.
The Company intends that such forward-looking statements be subject to the safe
harbors for such statements. The Company wishes to caution readers not to place
undue reliance on any such forward-looking statements, which speak only as of
the date made. Any forward-looking statements represent management's best
judgment as to what may occur in the future. However, forward-looking statements
are subject to risks, uncertainties and important factors beyond the control of
the Company that could cause actual results and events to differ materially from
historical results of operations and events and those presently anticipated or
projected. The Company disclaims any obligation subsequently to revise any
forward-looking statements to reflect events or circumstances after the date of
such statement or to reflect the occurrence of anticipated or unanticipated
events.

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

GENERAL

     Autec Associates, Inc. was formed on June 30, 1988 as a corporation under
the laws of the State of Florida (the "Company"), and currently trades on the
Over-the-Counter Bulletin Board under the symbol "AUTC". Since its inception in
1988, the Company is engaged in the design, manufacturing, marketing,
distribution and repair of stone-set jewelry using diamonds and other precious
gemstones, such as rubies, sapphires and emeralds. The Company also manufactures
and designes numerous modern styles of stone-set jewelry, including necklaces,
earrings, rings, bracelets, and other ornaments.

     The Company's principal executive office is located at 2405 Southeast Dixie
Hwy., Stuart, Florida 34996. Its telephone number is (772) 288-0666, its
facsimile number is (772) 288-0666, and its e-mail address is autec@hotmail.com.

     The Company currently maintains a retail outlet for the sale of its jewelry
products to the public in Stuart, Florida. The Company intends to broaden its
customer base by selling its jewelry products within the United State and
Canada. Customers for the jewelry products are primarily consumers. The
Company's current market concentration is in southeastern United States, which
is primarily due to long-term existing relationships with certain clients.

     Net sales for the three-month period ended March 31, 2003 and for fiscal
year ended December 31, 2002 were $50,206 and $171,995, respectively, resulting
primarily from the sale of its jewelry products. However, the Company realized a
net loss for the three-month period ended March 31, 2003 and for fiscal year
ended December 31, 2002 ($5,743) and ($17,196), respectively.

PRODUCTS AND SERVICES

Jewelry

     The Company designs, manufactures, markets and repairs jewelry using
diamonds and other precious gemstones, such as rubies, sapphires and emeralds.
The Company designs and manufactures virtually all modern kinds of jewelry,
including necklaces, earrings, rings, bracelets, and other ornaments, and
markets these items principally as fashion accessories with an average sales
price of approximately $200 per item.

                                       9
<PAGE>

     The Company primarily uses the diamond in its design and production of
jewelry products because of its special optical properties. Its high refractive
index, or light-bending ability, enables it to throw back almost all the light
that enters a well-cut diamond. This gives rise to the diamond's brilliant
luster. Second, the diamond exhibits strong dispersion, or the ability to
separate the various colors of the spectrum. This causes the diamond to throw
back the bright flashes of separate colors for which it is particularly noted.
Approximately ninety percent (90%) of the Company's capital available for
purchase of precious gemstones is used to purchase diamonds.

     The Company employs the services of a third-generation goldsmith who
designs the jewelry and sets precious stones. The Company intends to maintain a
broad mix of its designed jewelry so that it can meet the varying needs of its
customers. This enables the Company to supply each individual customer with a
number of unique, creative and different styles of jewelry. The Company attempts
to provide its customers with rings and other jewelry products that also
incorporate traditional styles and designs. Additionally, the Company can create
specially designed products in response to requests or pictures submitted to the
Company by its customers. This variety and flexibility in the design and
manufacture of the Company's jewelry allows the Company to meet a wide variety
of jewelry needs. Management of the Company believes that the Company is
recognized nationwide and throughout Canada for its innovation and high quality
in the design and manufacture of jewelry products.

     Management of the Company believes that its metallurgist has combined
certain processes and developed a new and unique process for the casting and
fabrication of metals, and that the process distinguishes the Company's
creations and designs from others on the market. The casting process combines
modern technology, mechanization and hand craftsmanship to produce unique,
innovative and fashionable jewelry. Management of the Company believes that its
casting process is therefore a superior process because of the simultaneous
utilization of the centrifugal device and vacuum. Management believes that it
thus obtains maximum benefits and eliminates the commonly found porosity voids
and inconsistent densities. As a result, the developed process provides for the
manufacture of high-quality rights, earrings, pendants and bracelets which are
consistent in density with little or no porosity or voids. After the casting
process, the jewelry undergoes a series of cleaning and polishing stages before
being labeled for sale.

CUSTOMERS AND MARKETING

Customers

     Management of the Company believes that its business strategy is enabling
the Company to become well-recognized and reputable for its creative and unique
designs in the value-price, stone-set jewelry industry. Management believes that
its business strategy has allowed the Company to leverage the expertise and
customer base the Company has established in the southeastern United States
market to potentially increase sales in the much larger markets of the United
States. The Company's business strategy focuses on the following: (i) capitalize
on the Company's manufacturing process; (ii) extend customer base and utilize
non-traditional distribution lines such as the Internet; and (iii) develop and
maintain a broad product mix.

                                       10
<PAGE>

Marketing Strategy

     The Company maintains a sales office in Stuart, Florida. The Company
promotes its jewelry products to a wide range of customers via existing
relationships, trade shows and product presentations. Management believes that
the Company's manufacturing process allows the Company to provide its customers
with uniquely designed jewelry competitively priced.

     Management emphasizes maintaining and building upon the Company's
relationships with existing customers. The Company is currently creating a
service which would allow the customer to "trade-up" the diamond or precious
gemstone originally purchased from the Company for a diamond or precious
gemstone of a larger size or higher quality. The Company would offset the
purchase price of the upgraded diamond or precious gemstone with the original
purchase price of the lower valued diamond or precious gemstone.

     Management of the Company is currently addressing and formulating a market
strategy for the sale and distribution of its products. Management intends that
a principal component of the Company's marketing strategy will involve the
creation and establishment of a website on the Internet. The Company intends to
create a diamond and precious gemstone database from which the consumer would
potentially be able to select a diamond or gemstone of their choice. Such a data
base would allow the consumer to interact with the webpage and provide the
Company with the consumer's criteria for their respective selection, such as
size, shape, color, clarity, and price range. The consumer would also be able to
review all grading report data on diamonds and other precious gemstones that
have been graded by laboratories such as European Gem Laboratories in Los
Angeles, California ("EGL-LA"), European Gem Laboratories in New York, New York
("EGL-NY") and Gemlogical Institute of America in New York, New York ("GIA").

     Management further believes that creation and establishment of a webpage on
the Internet would set the Company apart from the typical mass production and
manufacturing of jewelry. The customer would be able to personally interact with
the jeweler throughout the creation of his/her jewelry, which would ultimately
result in a very unique and specialized product. The Company's design department
is being expanded to feature unique and modern designs and, together with the
website page, would provide the customer with a very different and
individualized experience in the purchase of jewelry. The website pages would
also include photographs of finished jewelry, design information and ordering
information.

     The Company intends to market its jewelry products through the use of joint
ventures, direct sales and independent commissioned representatives. To aid in
the marketing of the Company's products, the Company intends to utilize several
marketing approaches including advertising in trade publications, press releases
and advertising promotional tools, such as CD-ROMs, catalogs and participation
in trade shows. Management intends to direct a significant portion of its
marketing efforts toward further market penetration in the United States and
Canada.

     The Company has established and maintains contacts with diamond cutting
houses located in South Africa, Belgium, India, Israel and Russia. Management
intends to work closely with representatives of these diamond cutting houses in
order to acquire a large selection of high quality diamonds and other gemstones
featuring various popular cuts and carat weights.

                                       11
<PAGE>

     The Company purchases its diamonds and other precious stones from such
wholesalers at prices based on certain discounts suggested by Rapaport Report.
Prices are generally set based upon the cost of the stone, materials, labor
involved, and a general mark-up of approximately 50%.

RESULTS OF OPERATION

Three-Month Period Ended March 31, 2003 Compared to Three-Month Period Ended
March 31, 2002

     The Company's net loss during the three-month period ended March 31, 2003
was approximately ($5,743) compared to net income of approximately $3,255 during
the three-month period ended March 31, 2002 (an increase of $8,998).

     Net sales for the three-month periods ended March 31, 2003 and 2002 were
$50,206 and $33,529, respectively (an increase of $18,677 during the three-month
period ended March 31, 2003 compared to the three-month period ended March 31,
2002). The increase in net sales during the three-month period ended March 31,
2003 was primarily due to change in sales volume. Prices for the Company's
jewelry products have been and continue to be consistent as a percentage of
costs. Therefore, any fluctuations in sales revenue would be derived from
changes in sales volume.

     Gross profit for the three-month periods ended March 31, 2003 and 2002
amounted to $18,847 and $24,498, respectively (a decrease of $5,651 during the
three-month period ended March 31, 2003 compared to the three-month period ended
March 31, 2002). Although net sales increased during the three-month period
ended March 31, 2003, the decrease in net profit was primarily a result of an
increase in cost of goods sold.

     During the three-month period ended March 31, 2003, the Company recorded
operating expenses of $24,590 compared to $21,243 of operating expenses recorded
during the three-month period ended March 31, 2002 (an increase of $3,347). The
operating expenses incurred during the three-month period ended March 31, 2003
consisted primarily of the following: (i) general and administrative expenses of
approximately $15,350 compared to $12,003 in general and administrative expenses
incurred during the three-month period ended March 31, 2002; and (ii) salary
expense of approximately $9,240 compared to $9,240 in salary expense incurred
during the three-month period ended March 31, 2002. The increase in operating
expenses during the three-month period ended March 31, 2003 was primarily due to
the Company incurring more costs associated with its inventory acquisition and
professional fees. General and administrative expenses generally include
corporate overhead, shipping and warehousing costs, selling expenses and
professional fees.

     A net loss was realized during the three-month period ended March 31, 2003
increased compared to net income during the three-month period ended March 31,
2002, which was primarily due to the increase in cost of goods sold reducing
gross profit during the three-month period ended March 31, 2003. The Company's
net loss during the three-month period ended March 31, 2003 was approximately
($5,743) compared to net income of approximately $3,255 during the three-month
period ended March 31, 2002. The weighted average of common shares outstanding
were 12,500,000 for the three-month periods ended March 31, 2003 and 2002,
respectively.

                                       12
<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

For the Three-Month Period Ended March 31, 2003

     As of the three-month period ended March 31, 2003, the Company's current
assets were $24,365 and its current liabilities were $21,045, which resulted in
a working capital surplus of $3,320.

     As of the three-month period ended March 31, 2003, the Company's total
assets were $25,988 compared to total assets of $38,055 for fiscal year ended
December 31, 2002. This decrease in total assets from fiscal year ended December
31, 2002 was due primarily to a decrease in cash. As of the three-month period
ended March 31, 2003, the Company's total assets consisted of: (i) $24,365 in
current assets; and (ii) $1,623 in valuation of furniture and equipment (less
accumulated depreciation).

     As of the three-month period ended March 31, 2003, the Company's total
liabilities were $21,045 compared to total liabilities of $31,369 for fiscal
year ended December 31, 2002. This decrease in total liabilities from fiscal
year ended December 31, 2002 was due primarily to a decrease in accounts
payable. As of the three-month period ended March 31, 2003, the Company's total
liabilities consisted of: (i) $19,964 in accounts payable; and (ii) $1,081 in
accrued expenses.

     As of the three-month period ended March 31, 2003, the Company's total
assets exceeded its total liabilities by $4,943.

     As of the three-month period ended March 31, 2003, the Company's
stockholders' equity decreased from $6,686 for fiscal year ended December 31,
2002 to $4,943 for the three-month period ended March 31, 2003.

     The Company has not generated positive cash flow from operating activities.
For the three-month period ended March 31, 2003, the net cash used by operating
activities was ($16,555) compared to net cash used by operating activities of
($26,931) for the three-month period ended March 31, 2002. The decrease in net
cash used by operating activities during the three-month period ended March 31,
2003 compared to the three-month period ended March 31, 2002 resulted from: (i)
a net loss of ($5,743) incurred during the three-month period ended March 31,
2003 compared to net income of $3,255 realized during the three-month period
ended March 31, 2002; (ii) a decrease in accounts payable to ($7,537) during the
three-month period ended March 31, 2003 compared to ($30,259) during the
three-month period ended March 31, 2002; and (iii) a decrease in accrued
expenses to ($2,787) during the three-month period ended March 31, 2003 compared
to ($52) during the three-month period ended March 31, 2002.

     The Company's cash flows from investing activities was $-0- during the
three-month periods ended March 31, 2003 and 2002.

     Cash flows provided by financing activities was $4,000 during the
three-month period ended March 31, 2003 compared to $-0- in cash flows provided
by financing activities during the three-month period ended March 31, 2002,
which resulted from contributed capital.

                                       13
<PAGE>

PLAN OF OPERATION

     The Company has only recently generated sufficient cash flow to partially
fund its operations and activities. The Company may experience a liquidity
crisis and be required to raise additional capital. Historically, the Company
has relied upon internally generated funds and funds from the sale of shares of
stock, capital contributions from its shareholders, and loans from its
shareholders and private investors to finance its operations and growth.

     Management of the Company anticipates an increase in operating expenses
over the next three years to pay expenses associated with its operational
activities. Based upon these operational requirements, the Company must raise
additional funds. The Company may finance these expenses by raising additional
capital through future public or private offerings of its stock or through loans
from private investors, although there can be no assurance that the Company will
be able to obtain such financing. The Company's future success and viability are
primarily dependent upon the ability of the Company's current management to (i)
strengthen and increase its customer base by enhancing the marketability of its
products, (ii) increase the number of customers and expand into additional
markets, (iii) control inventory costs; and (iv) increase the manufacture rate.
Management is optimistic that the Company will be successful in its capital
raising efforts. There can be no assurance, however, that the Company will be
able to continue to successfully distribute and market its jewelry products and
to raise additional capital. If adequate funds are not available or are not
available on acceptable terms, the Company may not be able to continue to
conduct its business operations successfully, which could significantly and
materially restrict or delay the Company's overall business operations.

Material Commitments/Funding

     As of the date of this Quarterly Report, the Company does not have any
material commitments for fiscal year 2003.

     Based upon a twelve-month plan proposed by management, it is anticipated
that the Company's operational work plan will require approximately $200,000 of
financing designed to fund the general business operations. As of the date of
this Annual Report, the Company does not have any material commitments nor does
management anticipate any material commitments within the next twelve months. It
is anticipated that any expenditures to be incurred by the Company will be
operational. Management anticipates that a substantial portion of the initial
budget of $200,000 for the twelve-month work plan, which includes such
expenditures, will be funded pursuant to revenues generated from the sale of the
Company's jewelry products, or pursuant to public or private offerings of its
debt or equity securities, or future advancements. The Company may not be able
to raise such funds and, therefore, the successful marketing of its products may
not be accomplished.

     From the date of this Quarterly Report, management believes that the
Company can satisfy its cash requirements for approximately the next six months
based on its ability to generate revenues or obtain advances from certain
investors and related parties. In the event the Company is unable to generate
such cash, management believes that the Company can satisfy its cash
requirements for approximately the next three months from its liquid assets.

                                       14
<PAGE>

OFF-BALANCE BALANCE SHEET ARRANGEMENTS

     As of the date of this Quarterly Report, the Company does not have any
off-balance sheet arrangements that have or are reasonably like to have a
current or future effect on the Company's financial condition, changes in
financial condition, revenues or expenses, results of operations, liquidity,
capital expenditures or capital resources that are material to investors. The
term "off-balance sheet arrangement" generally means any transaction, agreement
or other contractual arrangement to which an entity unconsolidated with the
Company is a party, under which the Company has (i) any obligation arising under
a guarantee contract, derivative instrument or variable interest; or (ii) a
retained or contingent interest in assets transferred to such entity or similar
arrangement that serves as credit, liquidity or market risk support for such
assets.

ITEM III. CONTROLS AND PROCEDURES

     (a) The Company, under the supervision of the President, has conducted an
evaluation of the effectiveness of the design and operation of the Company's
disclosure controls and procedures within ninety (90) days of the filing date of
this Quarterly Report. Based upon the results of this evaluation, the Company
believes that they maintain proper procedures for gathering, analyzing and
disclosing all information in a timely fashion that is required to be disclosed
in its reports under the Securities Exchange Act of 1934, as amended. There have
been no significant changes in the Company's controls subsequent to the
evaluation date.

     (b) There were no significant changes in the Company's internal control or
in other factors that could significantly affect the Company's internal controls
subsequent to the evaluation date.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

     Management is not aware of any legal proceedings contemplated by any
governmental authority or other party involving the Company or its properties.
No director, officer or affiliate of the Company is (i) a party adverse to the
Company in any legal proceedings, or (ii) has an adverse interest to the Company
in any legal proceedings. Management is not aware of any legal proceedings
pending or that have been threatened against the Company or its properties.

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

     No report required.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

     No report required.

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

     No report required.

ITEM 5. OTHER INFORMATION

     No report required.

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<PAGE>

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     99.1 Certification Pursuant to 18 U.S.C. Section 1350, as adopted, pursuant
          to Section 906 of the Sarbanes-Oxley Act.

     99.2 Certification Pursuant to 18 U.S.C. Section 1350, as adopted, pursuant
          to Section 906 of the Sarbanes-Oxley Act.

SIGNATURES

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

                                            AUTEC ASSOCIATES, INC.

Dated: May 20, 2003                         By: /s/ Arthur Garrison
                                            -------------------------
                                            Arthur Garrison,
                                            President/Chief Executive Officer


Dated: May 20, 2003                         By: /s/ Luther Jefferies
                                            -------------------------
                                            Luther Jefferies, Secretary/
                                            Chief Financial Officer



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